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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-22375

PIMCO Equity Series

(Exact name of registrant as specified in charter)

650 Newport Center Drive, Newport Beach, CA 92660

(Address of principal executive office)

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: December 31, 2023

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 REALPATH® Blend Income 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 2065 Fund

• PIMCO RAE US Fund

• PIMCO RAE US Small Fund

• PIMCO RAE Emerging Markets Fund

• PIMCO RAE International Fund

• PIMCO RAE Global ex-US Fund

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

• PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF

• PIMCO RAFI Dynamic Multi-Factor International Equity ETF

• PIMCO RAFI ESG U.S. ETF

PIMCO EQUITY SERIES^®

Semiannual Report

December 31, 2023

PIMCO Dividend and Income Fund

Table of Contents

	Page
Market Insights		2
Important Information About the PIMCO Dividend and Income Fund		3
Fund Summary		8
Expense Example		12
Financial Highlights		14
Statement of Assets and Liabilities		16
Statement of Operations		18
Statements of Changes in Net Assets		19
Schedule of Investments		20
Notes to Financial Statements		51
Glossary		85
Distribution Information		86
Approval of Investment Advisory Contract and Other Agreements		87

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.

Market Insights

Dear Shareholder,

This semiannual report covers the six-month reporting period ended December 31, 2023 (the “reporting period”). On the subsequent pages, you will find details regarding investment results and a discussion of certain factors that affected performance during the reporting period.

The global economy continued to grow despite inflation that remains elevated, interest rate increases, tighter credit conditions, and geopolitical concerns affecting many countries. This resilience was particularly evident in the United States (“U.S.”). Some European economies experienced slower growth and generally continued to expand over the reporting period.

Central banks slowed interest rate hikes

Inflation eased over the reporting period, and several bank officials suggested that central banks may slow aggressive interest-rate hikes. From March 2022 through July 2023, the U.S. Federal Reserve (the “Fed”) raised the federal funds rate a total of 5.25 percentage points. In September, November and December 2023, the Fed did not increase interest rates. In December 2023, Fed communications conveyed a belief that the policy rate may be likely at or near its peak for the tightening cycle. From July 2022 through September 2023, the European Central Bank (“ECB”) raised its deposit facility overnight rate a total of 4.50 percentage points and then held rates steady at its October and December 2023 meetings. Meanwhile, from December 2019 through July 2023, the Bank of England (“BoE”) raised its Bank Rate a total of 5.15 percentage points and then held rates steady in September, November and December 2023. Both the ECB and BoE acknowledged the possibility of rate cuts in 2024.

Mixed financial market returns

The yield on the benchmark 10-year U.S. Treasury increased during the reporting period. In many other developed markets, yields on 10-year government bonds fluctuated. Overall, the global bond market rallied toward the end of 2023, bolstered by central bank officials’ policy pronouncements signaling a possible end to monetary tightening. During the reporting period, lower-rated bonds generally outperformed their higher-rated counterparts. Global equities and commodities rose amid market volatility. The U.S. dollar weakened relative to the euro, British pound and Japanese yen.

We continue to work diligently to navigate dynamic global markets and manage the assets that you have entrusted with us. We encourage you to speak with your financial advisor about your goals and visit global.pimco.com for our latest insights.

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

Total Returns of Certain Asset Classes for the Period Ended December 31, 2023
Asset Class (as measured by, currency)	Six-Month
U.S. large cap equities (S&P 500 Index, USD)	8.04%
Global equities (MSCI World Index, USD)	7.56%
European equities (MSCI Europe Index, EUR)	4.24%
Emerging market equities (MSCI Emerging Markets Index, EUR)	4.71%
Japanese equities (Nikkei 225 Index, JPY)	1.74%
Emerging market local bonds (JPMorgan Government Bond Index-Emerging Markets Global Diversified Index, USD Unhedged)	4.55%
Emerging market external debt (JPMorgan Emerging Markets Bond Index (EMBI) Global, USD Hedged)	6.40%
Below investment grade bonds (ICE BofAML Developed Markets High Yield Constrained Index, USD Hedged)	7.90%
Global investment grade credit bonds (Bloomberg Global Aggregate Credit Index, USD Hedged)	5.52%
Fixed-rate, local currency government debt of investment grade countries (Bloomberg Global Treasury Index, USD Hedged)	3.48%

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.

Statements concerning financial market trends are based on current market conditions, which will fluctuate. There is no guarantee that these investment strategies will work under all market conditions or are appropriate for all investors and each investor should evaluate their ability to invest for the long-term, especially during periods of downturn in the market. Outlook and strategies are subject to change without notice.

2 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.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that have provided material aid to Russia’s aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures have had and may continue to have an adverse effect on the Russian, Belarusian and other securities and economies, which may, in turn, negatively impact a Fund. The extent, duration and impact of Russia’s military action in

SEMIANNUAL REPORT DECEMBER 31, 2023 3

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

Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, a Fund may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause a Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that a Fund may no longer seek to hold. PIMCO will continue to actively manage these positions in the best interests of a Fund and its shareholders.

The United States’ enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities (and/or portfolio securities of Underlying PIMCO Funds or Acquired Funds, as applicable). The United States’ enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government’s response, may also negatively impact securities and instruments that are economically tied to Russia.

The Fund may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate (“LIBOR”). LIBOR was traditionally 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. Although the transition process away from LIBOR for many instruments has been completed, some LIBOR use is continuing and there are potential effects related to the transition away from LIBOR or continued use of LIBOR on the Fund, or on certain instruments in which the Fund invests, which can be difficult to ascertain, and may vary depending on factors that include, but are not limited to: (i) existing fallback or termination provisions in individual contracts and (ii) whether, how and when industry participants adopt new reference rates for affected instruments. The transition of investments from LIBOR to a replacement rate as a result of amendment, application of existing fallbacks, statutory requirements or otherwise 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. In addition, an instrument’s transition to a replacement rate could result in variations in the reported yields of the Fund that holds such instrument. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Fund.

U.S. and global markets recently have experienced increased volatility, including as a result of the recent failures of certain U.S. and non-U.S. banks, which could be harmful to the Funds and issuers in which they invest. For example, if a bank at which a Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which a Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Funds invest remain solvent, continued volatility in the banking sector

4 PIMCO EQUITY SERIES

could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Conditions in the banking sector are evolving, and the scope of any potential impacts to the Funds and issuers, both from market conditions and also potential legislative or regulatory responses, are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings, including those of U.S. and non-U.S. banks. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

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 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

SEMIANNUAL REPORT DECEMBER 31, 2023 5

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

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 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.

6 PIMCO EQUITY SERIES

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.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund (“ETF”) shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments were effective as of January 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading. As such, beginning in July 2024, the Fund must comply with certain new requirements which include, but are not limited to, making significant updates to the content of its shareholder reports and mailing paper copies of the new tailored shareholder reports to shareholders who have not opted to receive shareholder report documents electronically.

In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to mitigate dilution of shareholders’ interests in a fund by requiring the adjustment of fund net asset value per share to pass on costs stemming from shareholder purchase or redemption activity. In addition the proposed rule would amend the liquidity rule framework. The proposal’s impact on the Fund will not be known unless and until any final rulemaking is adopted.

In November 2022, the SEC adopted amendments to Form N-PX under the Investment Company Act of 1940, as amended, to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand the scope of funds’ Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for “Say on Pay” votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N-PX; and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024.

In September 2023, the SEC adopted 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 amendments expand the scope of the current rule in a number of ways that are expected to result in an increase in the types of fund names that would require the fund to adopt an 80% investment policy under the rule. Additionally, the amendments address deviations from a fund’s 80% investment policy and the use and valuation of derivatives instruments for purposes of the rule. The amendments are effective as of December 11, 2023, but the SEC is providing a 24-month compliance period following the effective date for fund groups with net assets of $1 billion or more (and a 30-month compliance period for fund groups with net assets of less than $1 billion).

  SEMIANNUAL REPORT DECEMBER 31, 2023 7

PIMCO Dividend and Income Fund

Cumulative Returns Through December 31, 2023

$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 December 31, 2023
		6 Months*		1��Year		5 Years		10 Years		Fund Inception (12/14/11)
	PIMCO Dividend and Income Fund Institutional Class		7.19%		12.18%		7.29%		4.49%		6.45%
	PIMCO Dividend and Income Fund I-2		7.13%		12.06%		7.18%		4.39%		6.36%
	PIMCO Dividend and Income Fund Class A		7.04%		11.76%		6.90%		4.12%		6.08%
	PIMCO Dividend and Income Fund Class A (adjusted)		1.17%		5.64%		5.70%		3.53%		5.59%
	PIMCO Dividend and Income Fund Class C		6.57%		10.88%		6.09%		3.34%		5.28%
	PIMCO Dividend and Income Fund Class C (adjusted)		5.57%		9.88%		6.09%		3.34%		5.28%
	MSCI ACWI High Dividend Yield Net USD±		5.42%		9.32%		7.81%		5.43%		7.51%
	50% MSCI ACWI High Dividend Yield Index / 50% Bloomberg US Aggregate Index±±		4.42%		7.50%		4.67%		3.80%		4.65%¨

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.

* Cumulative return.

^¨ Average annual total return since 11/30/2011.

8 PIMCO EQUITY SERIES  

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

^± 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.

^±± 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.

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, as stated in the Fund’s currently-effective prospectus (as of the date of this report), were 0.76% for Institutional Class shares, 0.86% for I-2 shares, 0.96% for I-3 shares, 1.11% for Class A shares and 1.86% for Class C shares. See Financial Highlights for actual expense ratios as of the end of the period covered by this report.

SEMIANNUAL REPORT DECEMBER 31, 2023 9

PIMCO Dividend and Income Fund (Cont.)

Geographic Breakdown as of December 31, 2023†§
United States	69.0	%
United Kingdom	4.3	%
Switzerland	3.3	%
Short-Term Instruments‡	2.8	%
Japan	2.7	%
France	2.3	%
Cayman Islands	2.2	%
Brazil	1.5	%
Spain	1.4	%
Taiwan	1.4	%
China	1.1	%
Italy	1.1	%
Netherlands	1.0	%
Other	5.9	%

Sector Breakdown as of December 31, 2023†§
U.S. Government Agencies	24.7	%
Asset-Backed Securities	10.6	%
U.S. Treasury Obligations	7.9	%
Non-Agency Mortgage-Backed Securities	7.0	%
Financials	6.4	%
Health Care	6.0	%
Industrials	5.7	%
Consumer Staples	5.1	%
Real Estate	4.1	%
Information Technology	3.8	%
Materials	3.0	%
Short-Term Instruments‡	2.8	%
Consumer Discretionary	2.7	%
Energy	2.6	%
Banking & Finance	2.4	%
Communication Services	1.9	%
Utilities	1.7	%
Other	1.6	%

^†  % 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.

10 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:

» Exposure to the cash interest rate in the U.S. contributed to performance, as U.S. cash rates increased.

» Long exposure to U.S. equities contributed to performance, as U.S. equities had positive returns.

» U.S. duration and curve positioning, particularly long exposure in the intermediate portion of the curve, contributed to performance, as these interest rates fell.

» Long exposure to agency mortgage-backed securities detracted from performance, as the Fund’s exposure was elevated in periods when spreads widened more than when spreads tightened.

» U.K. duration and curve positioning, particularly short exposure to the 10-year portion of the curve, detracted from performance, as these interest rates fell.

» Long exposure to Chinese equities detracted from performance, as Chinese equities had negative returns.

  SEMIANNUAL REPORT DECEMBER 31, 2023 11

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 July 1, 2023 to December 31, 2023 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 (07/01/23)		Ending Account Value (12/31/23)		Expenses Paid During Period*		Beginning Account Value (07/01/23)		Ending Account Value (12/31/23)		Expenses Paid During Period*		Net Annualized Expense Ratio**
Institutional Class	$	1,000.00	$	1,071.90	$	4.20	$	1,000.00	$	1,020.95	$	4.09		0.81	%
I-2		1,000.00		1,071.30		4.71		1,000.00		1,020.45		4.60		0.91
Class A		1,000.00		1,070.40		6.00		1,000.00		1,019.20		5.86		1.16
Class C		1,000.00		1,065.70		9.86		1,000.00		1,015.45		9.62		1.91

* 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 183/366 (to reflect the one-half year period).

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

12 PIMCO EQUITY SERIES  

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  SEMIANNUAL REPORT DECEMBER 31, 2023 13

Financial Highlights PIMCO Dividend and Income Fund

				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
Institutional Class
07/01/2023 - 12/31/2023+		$	11.57		$	0.22		$	0.60			$	0.82			$	(0.35	)		$	0.00		$	(0.35	)
06/30/2023			11.35			0.46			0.51				0.97				(0.75	)			0.00			(0.75	)
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	)
I-2
07/01/2023 - 12/31/2023+			11.59			0.22			0.60				0.82				(0.35	)			0.00			(0.35	)
06/30/2023			11.37			0.45			0.50				0.95				(0.73	)			0.00			(0.73	)
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	)
Class A
07/01/2023 - 12/31/2023+			11.54			0.20			0.60				0.80				(0.33	)			0.00			(0.33	)
06/30/2023			11.33			0.42			0.50				0.92				(0.71	)			0.00			(0.71	)
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	)
Class C
07/01/2023 - 12/31/2023+			11.53			0.16			0.60				0.76				(0.29	)			0.00			(0.29	)
06/30/2023			11.32			0.33			0.51				0.84				(0.63	)			0.00			(0.63	)
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	)

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

+ Unaudited

* 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 Fund.

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

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

^(d)  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%.

14 PIMCO EQUITY SERIES See Accompanying Notes

						Ratios/Supplemental Data
									Ratios to Average Net Assets
Net Asset Value End of Year or Period(a)			Total Return(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
	$	12.04		7.19	%		$	16,881		0.81	%*		0.82	%*		0.70	%*		0.71	%*		3.83	%*		203	%
		11.57		8.81				18,032		0.75			0.76			0.69			0.70			4.05			344
		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
		12.06		7.13				16,420		0.91	*		0.92	*		0.80	*		0.81	*		3.75	*		203
		11.59		8.68				15,876		0.85			0.86			0.79			0.80			3.88			344
		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
		12.01		7.04				130,377		1.16	*		1.17	*		1.05	*		1.06	*		3.50	*		203
		11.54		8.37				122,269		1.10			1.11			1.04			1.05			3.65			344
		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
		12.00		6.66				11,842		1.91	*		1.92	*		1.80	*		1.81	*		2.75	*		203
		11.53		7.63				13,403		1.85			1.86			1.79			1.80			2.88			344
		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

SEMIANNUAL REPORT DECEMBER 31, 2023 15

Statement of Assets and Liabilities PIMCO Dividend and Income Fund

(Amounts in thousands†, except per share amounts)
Assets:
Investments, at value
Investments in securities*	$	226,439
Investments in Affiliates		940
Financial Derivative Instruments
Exchange-traded or centrally cleared		90
Over the counter		263
Cash		117
Deposits with counterparty		1,902
Foreign currency, at value		512
Receivable for investments sold		19
Receivable for investments sold on a delayed-delivery basis		15
Receivable for TBA investments sold		68,223
Receivable for Fund shares sold		101
Interest and/or dividends receivable		1,210
Dividends receivable from Affiliates		8
Reimbursement receivable from PIMCO		3
Total Assets		299,842
Liabilities:
Borrowings & Other Financing Transactions
Payable for short sales	$	6,001
Financial Derivative Instruments
Exchange-traded or centrally cleared		63
Over the counter		416
Payable for investments purchased		1
Payable for investments in Affiliates purchased		8
Payable for TBA investments purchased		115,871
Deposits from counterparty		1,720
Payable for Fund shares redeemed		85
Accrued investment advisory fees		67
Accrued supervisory and administrative fees		51
Accrued distribution fees		8
Accrued servicing fees		31
Total Liabilities		124,322
Commitments and contingent liabilities^
Net Assets	$	175,520
Net Assets Consist of:
Paid in capital	$	258,839
Distributable earnings (accumulated loss)		(83,319	)
Net Assets	$	175,520
Cost of investments in securities	$	219,983
Cost of investments in Affiliates	$	939
Cost of foreign currency held	$	514
Proceeds received on short sales	$	5,984
Cost or premiums of financial derivative instruments, net	$	(383	)
* Includes repurchase agreements of:	$	1,596

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

^{^}  See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

16 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2023 (Unaudited)

Net Assets:
Institutional Class	$	16,881
I-2		16,420
Class A		130,377
Class C		11,842
Shares Issued and Outstanding:
Institutional Class		1,402
I-2		1,361
Class A		10,855
Class C		987
Net Asset Value Per Share Outstanding(a):
Institutional Class	$	12.04
I-2		12.06
Class A		12.01
Class C		12.00

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

SEMIANNUAL REPORT DECEMBER 31, 2023 17

Statement of Operations PIMCO Dividend and Income Fund

Six Months Ended December 31, 2023 (Unaudited)
(Amounts in thousands†)
Investment Income:
Interest	$	1,939
Dividends, net of foreign taxes*		1,746
Dividends from Investments in Affiliates		215
Total Income		3,900
Expenses:
Investment advisory fees		368
Supervisory and administrative fees		285
Distribution and/or servicing fees - Class A		154
Distribution and/or servicing fees - Class C		61
Trustee fees		6
Interest expense		90
Miscellaneous expense		9
Total Expenses		973
Waiver and/or Reimbursement by PIMCO		(6	)
Net Expenses		967
Net Investment Income (Loss)		2,933
Net Realized Gain (Loss):
Investments in securities		1,256
Investments in Affiliates		17
Exchange-traded or centrally cleared financial derivative instruments		27
Over the counter financial derivative instruments		152
Foreign currency		38
Net Realized Gain (Loss)		1,490
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		6,835
Investments in Affiliates		(16	)
Exchange-traded or centrally cleared financial derivative instruments		451
Over the counter financial derivative instruments		(137	)
Foreign currency assets and liabilities		(23	)
Net Change in Unrealized Appreciation (Depreciation)		7,110
Net Increase (Decrease) in Net Assets Resulting from Operations	$	11,533
* Foreign tax withholdings - Dividends	$	77

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

18 PIMCO EQUITY SERIES See Accompanying Notes

Statements of Changes in Net Assets PIMCO Dividend and Income Fund

(Amounts in thousands†)	Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	2,933		$	6,017
Net realized gain (loss)		1,490			(4,038	)
Net change in unrealized appreciation (depreciation)		7,110			11,263
Net Increase (Decrease) in Net Assets Resulting from Operations		11,533			13,242
Distributions to Shareholders:
From net investment income and/or net realized capital gains
Institutional Class		(478	)		(909	)
I-2		(475	)		(1,004	)
Class A		(3,573	)		(7,378	)
Class C		(294	)		(820	)
Total Distributions(a)		(4,820	)		(10,111	)
Fund Share Transactions:
Net increase (decrease) resulting from Fund share transactions*		(773	)		603
Total Increase (Decrease) in Net Assets		5,940			3,734
Net Assets:
Beginning of period		169,580			165,846
End of period	$	175,520		$	169,580

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

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

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

SEMIANNUAL REPORT DECEMBER 31, 2023 19

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 129.0%
ASSET-BACKED SECURITIES 13.7%
CAYMAN ISLANDS 2.8%
AGL CLO Ltd.
6.877% due 07/20/2034	$		400	$		400
Bain Capital Credit CLO
6.764% due 10/17/2032			800			801
Ballyrock CLO Ltd.
6.807% due 07/20/2034			400			400
CIFC Funding Ltd.
6.795% due 07/15/2036			400			399
Magnetite Ltd.
6.935% due 10/25/2033			400			401
Newark BSL CLO Ltd.
6.610% due 07/25/2030 •			339			338
Palmer Square CLO Ltd.
6.736% due 04/20/2035			800			795
Trinitas CLO Ltd.
6.797% due 01/20/2032			400			400
TruPS Financials Note Securitization Ltd.
7.202% due 09/20/2039 •			210			205
Voya CLO Ltd.
6.744% due 10/17/2032			800			801
Total Cayman Islands						4,940
IRELAND 0.1%
Palmer Square European Loan Funding DAC
5.472% due 05/15/2033	EUR		250			275
Total Ireland						275
UNITED STATES 10.8%
Avis Budget Rental Car Funding AESOP LLC
3.350% due 09/22/2025	$		400			395
Bear Stearns Asset-Backed Securities Trust
5.823% due 12/25/2034 •			855			840
Carvana Auto Receivables Trust
5.820% due 08/10/2028			400			405
6.160% due 10/10/2028			400			408
Citigroup Mortgage Loan Trust, Inc.
6.100% due 02/25/2035 •			952			871
Credit Suisse First Boston Mortgage Securities Corp.
5.077% due 01/25/2032 •			436			419
ECMC Group Student Loan Trust
6.602% due 11/25/2069 •			767			765
EMC Mortgage Loan Trust
6.770% due 02/25/2041 «•			21			20
Ent Auto Receivables Trust
6.240% due 01/16/2029			392			400

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
FBR Securitization Trust
6.175% due 11/25/2035 •	$		705	$		687
First Investors Auto Owner Trust
6.440% due 10/16/2028			374			378
GLS Auto Select Receivables Trust
6.370% due 06/15/2028			400			404
Home Equity Asset Trust
6.175% due 01/25/2036 •			120			112
LCCM Trust
6.926% due 11/15/2038 ~			1,000			993
Morgan Stanley Home Equity Loan Trust
5.570% due 12/25/2036 ~			1,325			643
Navient Private Education Refi Loan Trust
1.330% due 04/15/2069			209			188
Navient Student Loan Trust
6.352% due 08/26/2069			713			705
6.502% due 12/27/2066 •			359			358
Nelnet Student Loan Trust
5.910% due 09/27/2066			639			637
Option One Mortgage Loan Trust
5.690% due 04/25/2037 •			1,830			1,280
Pagaya AI Debt Selection Trust
7.128% due 06/16/2031			380			381
7.600% due 12/16/2030			280			282
PRET LLC
8.232% due 09/25/2053 þ			733			749
Research-Driven Pagaya Motor Asset Trust
7.130% due 01/26/2032			790			795
Residential Asset Mortgage Products Trust
6.535% due 05/25/2035 •			1,000			945
Residential Asset Securities Corp. Trust
6.355% due 01/25/2034 •			208			208
SLM Private Credit Student Loan Trust
5.976% due 06/15/2039 •			738			715
SLM Student Loan Trust
6.252% due 03/25/2026			765			757
SMB Private Education Loan Trust
6.788% due 02/16/2055 •			649			648
Soundview Home Loan Trust
5.875% due 12/25/2036 •			867			845
6.470% due 09/25/2037 •			1,819			1,265
Structured Asset Investment Loan Trust
5.620% due 09/25/2036 •			329			321
Upstart Securitization Trust
1.310% due 11/20/2031			83			82
Total United States						18,901
Total Asset-Backed Securities (Cost $24,963)						24,116

20 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2023

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
LOAN PARTICIPATIONS AND ASSIGNMENTS 0.8%
UNITED KINGDOM 0.2%
Softbank Vision Fund
5.000% due 12/21/2025 «	$		282	$		269
Total United Kingdom						269
UNITED STATES 0.6%
Amsurg
TBD% due 11/03/2026 «			124			124
TBD% due 09/15/2028 «			448			448
Emerald TopCo, Inc.
8.970% due 07/24/2026			3			3
Lealand Finance Co. BV
8.470% due 06/28/2024			1			1
Lealand Finance Co. BV (6.431% Cash and 3.000% PIK)
9.431% due 06/30/2025 (b)			3			1
PUG LLC
8.970% due 02/12/2027			4			4
Sotera Health Holdings LLC
8.395% due 12/11/2026			525			525
Syniverse Holdings, Inc.
12.348% due 05/13/2027			8			7
U.S. Renal Care, Inc.
10.470% due 06/20/2028			13			10
Westmoreland Mining Holdings LLC
8.000% due 03/15/2029			2			2
Total United States						1,125
Total Loan Participations and Assignments (Cost $1,395)						1,394
		SHARES
COMMON STOCKS 46.6%
AUSTRALIA 1.1%
CONSUMER STAPLES 0.1%
Coles Group Ltd.			20,582			226
MATERIALS 1.0%
BHP Group Ltd.			25,218			862
Fortescue Ltd.			41,889			826
						1,688
Total Australia						1,914

	SHARES			MARKET VALUE (000S)
AUSTRIA 0.2%
FINANCIALS 0.2%
Erste Group Bank AG		8,430	$		341
Total Austria					341
BELGIUM 0.1%
FINANCIALS 0.1%
Ageas SA		5,217			227
Total Belgium					227
BRAZIL 1.3%
CONSUMER STAPLES 0.2%
Ambev SA		115,800			326
ENERGY 0.4%
Petroleo Brasileiro SA		92,100			735
FINANCIALS 0.2%
Banco do Brasil SA		20,700			236
BB Seguridade Participacoes SA		17,300			120
					356
MATERIALS 0.5%
Vale SA		57,000			903
Total Brazil					2,320
CANADA 0.2%
FINANCIALS 0.2%
Manulife Financial Corp.		17,897			395
Total Canada					395
CHILE 0.1%
FINANCIALS 0.1%
Banco de Chile		1,066,885			125
Total Chile					125
CHINA 1.5%
ENERGY 0.2%
China Shenhua Energy Co. Ltd. ‘H’		81,500			280

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2023 21

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

	SHARES			MARKET VALUE (000S)
Yankuang Energy Group Co. Ltd. ‘H’		57,000	$		108
					388
FINANCIALS 1.2%
China Construction Bank Corp. ‘H’		2,013,000			1,197
China Merchants Bank Co. Ltd. ‘H’		35,000			122
China Pacific Insurance Group Co. Ltd. ‘A’		63,000			127
Industrial & Commercial Bank of China Ltd. ‘H’		777,000			379
PICC Property & Casualty Co. Ltd. ‘H’		168,000			200
					2,025
HEALTH CARE 0.1%
CSPC Pharmaceutical Group Ltd.		214,000			199
Total China					2,612
CZECH REPUBLIC 0.1%
UTILITIES 0.1%
CEZ AS		3,869			166
Total Czech Republic					166
DENMARK 0.2%
INDUSTRIALS 0.2%
AP Moller - Maersk AS ‘A’		73			130
AP Moller - Maersk AS ‘B’		117			210
					340
Total Denmark					340
FINLAND 0.1%
UTILITIES 0.1%
Fortum Oyj		10,695			154
Total Finland					154
FRANCE 2.4%
FINANCIALS 0.9%
Amundi SA		1,733			118
AXA SA		44,578			1,456
					1,574

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 1.1%
Cie de Saint-Gobain SA		11,262	$		831
Eiffage SA		1,762			189
Thales SA		1,419			210
Vinci SA		5,597			704
					1,934
UTILITIES 0.4%
Engie SA		39,765			701
Total France					4,209
GERMANY 0.8%
CONSUMER DISCRETIONARY 0.2%
Bayerische Motoren Werke AG		2,681			298
INDUSTRIALS 0.3%
Deutsche Post AG		5,528			274
GEA Group AG		3,585			149
Siemens AG		757			142
					565
MATERIALS 0.2%
HeidelbergCement AG		3,451			308
UTILITIES 0.1%
E.ON SE		14,934			201
Total Germany					1,372
INDONESIA 0.3%
COMMUNICATION SERVICES 0.2%
Telkom Indonesia Persero Tbk PT		1,223,200			314
INDUSTRIALS 0.1%
Astra International Tbk PT		482,600			177
Total Indonesia					491
IRELAND 0.5%
MATERIALS 0.5%
CRH PLC		12,091			836
Total Ireland					836

22 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2023

	SHARES			MARKET VALUE (000S)
ITALY 1.3%
FINANCIALS 0.7%
Assicurazioni Generali SpA		24,876	$		526
Intesa Sanpaolo SpA		158,053			462
Mediobanca SpA		13,152			163
Poste Italiane SpA		12,422			141
					1,292
UTILITIES 0.6%
Enel SpA		129,502			964
Total Italy					2,256
JAPAN 3.0%
COMMUNICATION SERVICES 0.8%
Nintendo Co. Ltd.		25,700			1,337
CONSUMER DISCRETIONARY 0.4%
Honda Motor Co. Ltd.		51,000			526
Subaru Corp.		14,900			272
					798
CONSUMER STAPLES 0.5%
Japan Tobacco, Inc.		29,500			762
MEIJI Holdings Co. Ltd.		5,800			138
					900
FINANCIALS 0.2%
Sompo Holdings, Inc.		7,300			357
HEALTH CARE 0.1%
Kyowa Kirin Co. Ltd.		6,600			111
INDUSTRIALS 1.0%
Mitsubishi Corp.		42,000			669
Mitsui & Co. Ltd.		9,400			352
Mitsui OSK Lines Ltd.		8,300			265
Nippon Yusen KK		11,800			365
Obayashi Corp.		15,900			137
					1,788
Total Japan					5,291

	SHARES			MARKET VALUE (000S)
LUXEMBOURG 0.2%
ENERGY 0.1%
Tenaris SA		11,314	$		197
FINANCIALS 0.1%
Intelsat Emergence SA «(d)(j)		2,890			82
INDUSTRIALS 0.0%
Drillco Holding Lux SA «(d)		1,980			49
Forsea Holding SA «(d)		220			6
					55
Total Luxembourg					334
MEXICO 0.3%
CONSUMER DISCRETIONARY 0.0%
Desarrolladora Homex SAB de CV (d)		41,996			0
CONSUMER STAPLES 0.1%
Arca Continental SAB de CV		12,300			135
MATERIALS 0.2%
Grupo Mexico SAB de CV ‘B’		76,300			423
Total Mexico					558
NETHERLANDS 1.3%
COMMUNICATION SERVICES 0.1%
Koninklijke KPN NV		38,777			134
CONSUMER DISCRETIONARY 0.7%
Stellantis NV		54,669			1,281
FINANCIALS 0.2%
ABN AMRO Bank NV		8,052			121
NN Group NV		6,059			239
					360
INFORMATION TECHNOLOGY 0.3%
NXP Semiconductors NV		2,043			469
Total Netherlands					2,244

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2023 23

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

	SHARES			MARKET VALUE (000S)
POLAND 0.2%
ENERGY 0.1%
ORLEN SA		14,262	$		238
FINANCIALS 0.1%
Powszechny Zaklad Ubezpieczen SA		14,490			174
Total Poland					412
PORTUGAL 0.1%
CONSUMER STAPLES 0.1%
Jeronimo Martins SGPS SA		6,903			176
Total Portugal					176
SINGAPORE 0.1%
FINANCIALS 0.1%
Singapore Exchange Ltd.		20,400			152
Total Singapore					152
SOUTH AFRICA 0.4%
FINANCIALS 0.4%
FirstRand Ltd.		124,393			499
Nedbank Group Ltd.		10,632			126
Sanlam Ltd.		37,276			148
					773
Total South Africa					773
SOUTH KOREA 0.3%
CONSUMER DISCRETIONARY 0.2%
Kia Corp.		6,469			500
FINANCIALS 0.1%
Samsung Fire & Marine Insurance Co. Ltd.		727			148
Total South Korea					648
SPAIN 1.6%
CONSUMER DISCRETIONARY 0.4%
Industria de Diseno Textil SA		15,435			674

	SHARES			MARKET VALUE (000S)
FINANCIALS 1.0%
Banco Bilbao Vizcaya Argentaria SA		147,409	$		1,343
CaixaBank SA		97,847			403
					1,746
INDUSTRIALS 0.1%
ACS Actividades de Construccion y Servicios SA		4,570			203
UTILITIES 0.1%
Endesa SA		7,849			160
Total Spain					2,783
SWEDEN 0.1%
INDUSTRIALS 0.1%
SKF AB ‘B’		6,409			128
Total Sweden					128
SWITZERLAND 3.5%
CONSUMER DISCRETIONARY 0.1%
Garmin Ltd.		1,871			241
FINANCIALS 0.6%
Julius Baer Group Ltd.		4,482			251
Swiss Re AG		7,452			839
					1,090
HEALTH CARE 2.2%
Novartis AG		16,008			1,617
Roche Holding AG		7,601			2,210
					3,827
MATERIALS 0.6%
Holcim AG		12,878			1,011
Total Switzerland					6,169
TAIWAN 1.7%
CONSUMER STAPLES 0.1%
President Chain Store Corp.		15,000			132

24 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2023

	SHARES			MARKET VALUE (000S)
INFORMATION TECHNOLOGY 1.6%
ASE Technology Holding Co. Ltd.		75,000	$		329
Asustek Computer, Inc.		12,000			191
Lite-On Technology Corp.		49,000			186
MediaTek, Inc.		37,000			1,222
Novatek Microelectronics Corp.		14,000			235
Pegatron Corp.		49,000			139
Realtek Semiconductor Corp.		12,000			184
United Microelectronics Corp.		278,000			474
					2,960
Total Taiwan					3,092
TURKEY 0.1%
CONSUMER STAPLES 0.1%
BIM Birlesik Magazalar AS		10,091			103
Total Turkey					103
UNITED KINGDOM 2.2%
CONSUMER DISCRETIONARY 0.2%
Next PLC		2,925			302
CONSUMER STAPLES 0.7%
British American Tobacco PLC		3,291			96
Imperial Brands PLC		5,236			121
J Sainsbury PLC		38,923			150
Tesco PLC		175,769			651
Unilever PLC		2,320			113
					1,131
FINANCIALS 0.4%
3i Group PLC		23,984			738
INDUSTRIALS 0.6%
BAE Systems PLC		74,906			1,060
MATERIALS 0.3%
Rio Tinto PLC		8,108			603
Total United Kingdom					3,834

	SHARES			MARKET VALUE (000S)
UNITED STATES 21.3%
COMMUNICATION SERVICES 1.4%
Clear Channel Outdoor Holdings, Inc. (d)		29,821	$		54
Electronic Arts, Inc.		5,956			815
iHeartMedia, Inc. ‘A’ (d)		6,979			19
iHeartMedia, Inc. ‘B’ «(d)		5,486			13
Verizon Communications, Inc.		41,902			1,580
					2,481
CONSUMER DISCRETIONARY 1.2%
Best Buy Co., Inc.		1,319			103
eBay, Inc.		13,119			572
Lennar Corp. ‘A’		5,891			878
PulteGroup, Inc.		4,939			510
					2,063
CONSUMER STAPLES 4.8%
Altria Group, Inc.		42,732			1,724
Coca-Cola Co.		42,616			2,511
Kimberly-Clark Corp.		8,337			1,013
PepsiCo, Inc.		2,589			440
Philip Morris International, Inc.		7,387			695
Procter & Gamble Co.		10,663			1,563
Target Corp.		3,778			538
					8,484
ENERGY 2.0%
ConocoPhillips		4,028			468
HF Sinclair Corp.		3,566			198
Marathon Petroleum Corp.		9,022			1,338
Phillips 66		2,264			301
Valero Energy Corp.		8,705			1,132
					3,437
FINANCIALS 1.4%
Ameriprise Financial, Inc.		1,559			592
BlackRock, Inc.		247			201
Hartford Financial Services Group, Inc.		7,539			606
State Street Corp.		1,688			131
Synchrony Financial		10,309			394
T Rowe Price Group, Inc.		5,158			555
					2,479

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2023 25

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

	SHARES			MARKET VALUE (000S)
HEALTH CARE 5.4%
AbbVie, Inc.		18,570	$		2,878
Amgen, Inc.		1,276			368
Amsurg Equity «(d)(j)		4,188			215
Bristol-Myers Squibb Co.		3,331			171
Gilead Sciences, Inc.		7,909			641
Johnson & Johnson		18,058			2,830
Merck & Co., Inc.		9,387			1,023
Pfizer, Inc.		44,720			1,287
					9,413
INDUSTRIALS 1.6%
3M Co.		11,988			1,311
Caterpillar, Inc.		543			161
Lockheed Martin Corp.		1,189			539
Neiman Marcus Group Ltd. LLC «(d)(j)		1,124			168
Owens Corning		2,214			328
PACCAR, Inc.		3,943			385
Westmoreland Mining Holdings «(d)(j)		52			0
Westmoreland Mining LLC «(d)(j)		53			0
					2,892
INFORMATION TECHNOLOGY 2.9%
Apple, Inc.		6,386			1,229
Cisco Systems, Inc.		44,742			2,260
KLA Corp.		242			141
Microsoft Corp.		2,322			873
NetApp, Inc.		5,122			452
QUALCOMM, Inc.		1,300			188
					5,143
MATERIALS 0.6%
Nucor Corp.		4,053			705
Steel Dynamics, Inc.		2,633			311
					1,016
UTILITIES 0.0%
Windstream Units «(d)		40			1
Total United States					37,409
Total Common Stocks (Cost $73,195)					81,864

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
CORPORATE BONDS & NOTES 6.1%
BERMUDA 0.0%
INDUSTRIALS 0.0%
Valaris Ltd.
8.375% due 04/30/2030	$		2	$		2
Total Bermuda						2
BRAZIL 0.0%
INDUSTRIALS 0.0%
Odebrecht Oil & Gas Finance Ltd.
0.000% due 01/29/2024 (f)(i)			46			2
Total Brazil						2
CAYMAN ISLANDS 0.0%
BANKING & FINANCE 0.0%
Park Aerospace Holdings Ltd.
5.500% due 02/15/2024			3			3
Total Cayman Islands						3
FRANCE 0.6%
BANKING & FINANCE 0.6%
BPCE SA
6.714% due 10/19/2029			250			263
Societe Generale SA
6.446% due 01/10/2029 •			400			414
6.691% due 01/10/2034 •			400			423
						1,100
Total France						1,100
GERMANY 0.1%
BANKING & FINANCE 0.1%
Deutsche Bank AG
3.547% due 09/18/2031 •			200			176
Total Germany						176
IRELAND 0.2%
INDUSTRIALS 0.2%
Russian Railways Via RZD Capital PLC
7.487% due 03/25/2031 ^(c)	GBP		300			249
Total Ireland						249

26 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2023

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
ITALY 0.1%
BANKING & FINANCE 0.1%
Intesa Sanpaolo SpA
7.200% due 11/28/2033	$		200	$		213
Total Italy						213
JAPAN 0.5%
INDUSTRIALS 0.5%
Nissan Motor Co. Ltd.
4.810% due 09/17/2030			868			812
Total Japan						812
LUXEMBOURG 0.1%
INDUSTRIALS 0.1%
Intelsat Jackson Holdings SA
6.500% due 03/15/2030			208			199
UTILITIES 0.0%
FORESEA Holding SA
7.500% due 06/15/2030			27			25
Total Luxembourg						224
PERU 0.0%
BANKING & FINANCE 0.0%
Banco de Credito del Peru SA
4.650% due 09/17/2024	PEN		100			26
Total Peru						26
SPAIN 0.3%
BANKING & FINANCE 0.3%
Banco Santander SA
6.607% due 11/07/2028	$		400			426
Total Spain						426
SWITZERLAND 0.7%
BANKING & FINANCE 0.7%
UBS Group AG
5.959% due 01/12/2034 •			637			659
3.091% due 05/14/2032 •			673			574
						1,233
Total Switzerland						1,233

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
UNITED KINGDOM 1.2%
BANKING & FINANCE 1.0%
Barclays PLC
7.437% due 11/02/2033 •	$		700	$		784
HSBC Holdings PLC
5.402% due 08/11/2033 •			800			804
Nationwide Building Society
6.557% due 10/18/2027			200			207
						1,795
INDUSTRIALS 0.2%
Market Bidco Finco PLC
4.750% due 11/04/2027	EUR		100			99
Marston’s Issuer PLC
7.889% (SONIO/N + 2.669%) due 07/16/2035 ~	GBP		200			189
Mitchells & Butlers Finance PLC
5.789% (SONIO/N + 0.569%) due 12/15/2030 ~			71			84
						372
Total United Kingdom						2,167
UNITED STATES 2.3%
BANKING & FINANCE 0.3%
Credit Suisse AG AT1 Claim	$		365			43
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			19
5.250% due 06/01/2025			3			3
JPMorgan Chase & Co.
6.087% due 10/23/2029			190			200
VICI Properties LP
4.625% due 06/15/2025			237			233
						502
INDUSTRIALS 1.1%
American Airlines Pass-Through Trust
3.350% due 04/15/2031			7			6
Carvana Co. (12.000% PIK)
12.000% due 12/01/2028 (b)			82			66
Carvana Co. (13.000% PIK)
13.000% due 06/01/2030 (b)			123			98
Carvana Co. (14.000% PIK)
14.000% due 06/01/2031 (b)			147			119
CVS Pass-Through Trust
8.353% due 07/10/2031			351			379

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2023 27

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
DISH DBS Corp.
5.250% due 12/01/2026	$		490	$		421
Energy Transfer LP
4.950% due 05/15/2028			4			4
Exela Intermediate LLC (11.500% PIK)
11.500% due 04/15/2026 (b)			10			2
Prime Healthcare Services, Inc.
7.250% due 11/01/2025			408			398
RegionalCare Hospital Partners Holdings, Inc.
9.750% due 12/01/2026			230			229
Topaz Solar Farms LLC
4.875% due 09/30/2039			8			8
5.750% due 09/30/2039			64			63
U.S. Renal Care, Inc.
10.625% due 06/28/2028			2			2
Venture Global Calcasieu Pass LLC
3.875% due 08/15/2029			230			209
						2,004
UTILITIES 0.9%
Pacific Gas & Electric Co.
3.300% due 03/15/2027			20			19
3.400% due 08/15/2024			35			34
4.500% due 12/15/2041			2			2
3.750% due 08/15/2042			2			1
4.200% due 03/01/2029			200			189
3.250% due 06/01/2031			559			485
4.950% due 07/01/2050			805			689
3.750% due 07/01/2028			110			103
Sprint LLC
7.625% due 03/01/2026			7			7
						1,529
Total United States						4,035
VENEZUELA 0.0%
INDUSTRIALS 0.0%
Petroleos de Venezuela SA
6.000% due 05/16/2034			20			2
6.000% due 11/15/2036			300			35
9.750% due 05/17/2045			20			3
						40
Total Venezuela						40
Total Corporate Bonds & Notes (Cost $11,423)						10,708

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NON-AGENCY MORTGAGE-BACKED SECURITIES 9.1%
IRELAND 0.4%
Kinbane DAC
4.685% due 09/25/2062 ~	EUR		545	$		596
Total Ireland						596
UNITED KINGDOM 1.9%
Avon Finance
6.087% due 12/28/2049	GBP		666			846
Bridgegate Funding PLC
7.470% due 10/16/2062 •			1,330			1,705
Eurosail PLC
6.039% due 09/13/2045 •			258			325
6.289% due 06/13/2045 ~			52			66
6.289% due 06/13/2045 •			229			290
Grifonas Finance PLC
4.212% due 08/28/2039 •	EUR		159			171
Total United Kingdom						3,403
UNITED STATES 6.8%
Banc of America Alternative Loan Trust
6.000% due 07/25/2046	$		39			33
Banc of America Funding Trust
4.379% due 05/20/2036 «~			5			5
Banc of America Mortgage Trust
3.755% due 11/20/2046 ~			3			2
6.000% due 10/25/2036 «			9			7
Bear Stearns Mortgage Funding Trust
7.500% due 08/25/2036 «þ			7			7
Benchmark Mortgage Trust
3.509% due 09/15/2048 ~			865			762
Chase Home Lending Mortgage Trust
3.500% due 06/25/2062			1,619			1,468
Chase Mortgage Finance Trust
4.153% due 09/25/2036 «~			17			15
CIM Trust
5.000% due 05/25/2062			1,477			1,465
Countrywide Alternative Loan Trust
6.000% due 06/25/2036 «			79			43
6.000% due 02/25/2037			49			20
6.250% due 12/25/2036 •			20			8
Countrywide Home Loan Mortgage Pass-Through Trust
5.970% due 07/25/2037 «~			14			4
Credit Suisse First Boston Mortgage Securities Corp.
6.000% due 01/25/2036			28			17
Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates
6.000% due 11/25/2035			309			83

28 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2023

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Credit Suisse Mortgage Capital Certificates
3.945% due 12/29/2037 ~	$		105	$		57
Credit Suisse Mortgage Capital Trust
3.904% due 04/25/2062			1,457			1,372
DBGS Mortgage Trust
8.126% due 10/15/2036 •			900			611
First Horizon Alternative Mortgage Securities Trust
5.856% due 06/25/2036 ~			106			82
HSI Asset Loan Obligation Trust
6.000% due 06/25/2037			2			2
JP Morgan Alternative Loan Trust
5.843% due 05/26/2037 ~			37			28
JP Morgan Chase Commercial Mortgage Securities Trust
7.235% due 10/05/2040			400			411
7.991% due 11/15/2038 ~			967			940
JP Morgan Mortgage Trust
6.500% due 07/25/2036			79			30
Legacy Mortgage Asset Trust
7.221% due 01/28/2070 •			87			87
Merrill Lynch Mortgage Investors Trust
3.853% due 03/25/2036 ~			9			5
MFA Trust
4.400% due 03/25/2068 þ			1,502			1,455
Morgan Stanley Capital Trust
7.609% due 07/15/2035 •			977			956
OBX Trust
6.320% due 04/25/2048 •			12			12
Residential Accredit Loans, Inc. Trust
5.500% due 03/25/2037			205			158
6.250% due 03/25/2037			18			13
6.270% due 10/25/2045 «•			43			35
Structured Adjustable Rate Mortgage Loan Trust
4.471% due 10/25/2036 ~			1,148			625
Wells Fargo Alternative Loan Trust
5.332% due 07/25/2037 ~			376			339
Wells Fargo Commercial Mortgage Trust
3.412% due 09/15/2058			327			321
WSTN Trust
6.297% due 07/05/2037			500			510
Total United States						11,988
Total Non-Agency Mortgage-Backed Securities (Cost $16,659)						15,987
MUNICIPAL BONDS & NOTES 0.0%
ILLINOIS 0.0%
Illinois State General Obligation Bonds, (BABs), Series 2010
6.630% due 02/01/2035			14			14
7.350% due 07/01/2035			4			5
Total Illinois						19

		PRINCIPAL AMOUNT (000S)				MARKET VALUE (000S)
PUERTO RICO 0.0%
Commonwealth of Puerto Rico Bonds, Series 2022
0.000% due 11/01/2043	$		39	$			21
Puerto Rico Electric Power Authority Revenue Bonds, (BABs), Series 2010
6.125% due 07/01/2040 ^			100				25
Total Puerto Rico							46
Total Municipal Bonds & Notes (Cost $72)							65
		SHARES
PREFERRED STOCKS 0.8%
BRAZIL 0.6%
ENERGY 0.5%
Petroleo Brasileiro SA			117,900				900
INDUSTRIALS 0.1%
Gerdau SA			25,100				121
Total Brazil							1,021
GERMANY 0.1%
INDUSTRIALS 0.1%
Bayerische Motoren Werke AG			1,414				141
Total Germany							141
UNITED KINGDOM 0.1%
FINANCIALS 0.1%
Nationwide Building Society
10.250% ~			1,130		��		187
Total United Kingdom							187
Total Preferred Stocks (Cost $1,135)							1,349
REAL ESTATE INVESTMENT TRUSTS 5.3%
UNITED STATES 5.3%
REAL ESTATE 5.3%
Apartment Income REIT Corp.			12,299				427
Apple Hospitality REIT, Inc.			25,352				421
Boston Properties, Inc.			4,678				328
CareTrust REIT, Inc.			9,191				206
CBL & Associates Properties, Inc.			39				1
Cousins Properties, Inc.			8,695				212
Crown Castle, Inc.			3,189				367

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2023 29

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

		SHARES			MARKET VALUE (000S)
Digital Realty Trust, Inc.			4,252	$		572
EPR Properties			8,538			414
Equity Residential			4,330			265
Gaming & Leisure Properties, Inc.			11,964			590
Healthcare Realty Trust, Inc.			17,450			301
Healthpeak Properties, Inc.			12,547			249
Highwoods Properties, Inc.			22,270			511
Kilroy Realty Corp.			9,406			375
Macerich Co.			13,311			205
National Storage Affiliates Trust			10,426			432
Omega Healthcare Investors, Inc.			6,734			207
Park Hotels & Resorts, Inc.			39,337			602
Public Storage			781			238
Realty Income Corp.			6,082			349
Simon Property Group, Inc.			4,495			641
Uniti Group, Inc.			28			0
VICI Properties, Inc.			32,179			1,026
WP Carey, Inc.			5,178			336
						9,275
Total Real Estate Investment Trusts (Cost $8,535)						9,275
		PRINCIPAL AMOUNT (000S)
SOVEREIGN ISSUES 1.2%
ARGENTINA 0.3%
Argentina Government International Bond
0.750% due 07/09/2030 þ	$		299			118
1.000% due 07/09/2029			31			13
3.500% due 07/09/2041 þ			196			67
3.625% due 07/09/2035 þ			373			125
4.250% due 01/09/2038 þ			269			107
Provincia de Buenos Aires
129.126% due 04/12/2025	ARS		389			0
Total Argentina						430
MEXICO 0.3%
Mexico Government International Bond
2.750% due 11/27/2031 (h)	MXN		5,270			274
3.000% due 12/03/2026 (h)			4,311			236
4.000% due 11/30/2028 (h)			479			28
Total Mexico						538

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
PERU 0.0%
Peru Government International Bond
6.150% due 08/12/2032	PEN		4	$		1
6.900% due 08/12/2037			5			1
6.950% due 08/12/2031			2			1
Total Peru						3
ROMANIA 0.1%
Romania Government International Bond
5.500% due 09/18/2028	EUR		200			227
Total Romania						227
SOUTH AFRICA 0.3%
South Africa Government International Bond
10.500% due 12/21/2026	ZAR		9,600			549
Total South Africa						549
TURKEY 0.2%
Turkey Government International Bond
4.250% due 03/13/2025	$		200			197
5.250% due 03/13/2030			200			184
Total Turkey						381
VENEZUELA 0.0%
Venezuela Government International Bond
7.000% due 03/31/2038 ^(c)			2			0
7.650% due 04/21/2025 ^(c)			3			1
9.250% due 09/15/2027 ^(c)			44			8
Total Venezuela						9
Total Sovereign Issues (Cost $2,504)						2,137
U.S. GOVERNMENT AGENCIES 32.0%
UNITED STATES 32.0%
Ginnie Mae
5.500% due 07/20/2053 - 08/20/2053			396			399
Ginnie Mae, TBA
3.500% due 01/01/2054			100			93
4.500% due 02/01/2054			600			586
5.000% due 01/01/2054			300			298
Uniform Mortgage-Backed Security
3.000% due 11/01/2029 - 05/01/2052			337			298
3.500% due 02/01/2050			29			27
4.000% due 08/01/2042 - 10/01/2042			99			95

30 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2023

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Uniform Mortgage-Backed Security, TBA
3.000% due 02/01/2054	$		3,900	$		3,454
3.500% due 02/01/2054			3,100			2,847
4.000% due 01/01/2054 - 02/01/2054			13,400			12,680
4.500% due 02/01/2054			5,300			5,141
5.000% due 02/01/2054			5,800			5,741
5.500% due 02/01/2054			5,000			5,023
6.000% due 02/01/2054			9,200			9,342
6.500% due 02/01/2054			8,800			9,018
7.000% due 03/01/2054			1,000			1,030
Total U.S. Government Agencies (Cost $55,359)						56,072
U.S. TREASURY OBLIGATIONS 10.2%
UNITED STATES 10.2%
U.S. Treasury Bonds
2.875% due 11/15/2046			600			481
3.000% due 02/15/2049			1,133			923
4.375% due 08/15/2043			300			306
U.S. Treasury Inflation Protected Securities (h)
0.125% due 07/15/2024			2,177			2,140
0.125% due 10/15/2024 (m)			1,655			1,619
0.125% due 04/15/2025			387			373
0.125% due 07/15/2030			336			304
0.125% due 07/15/2031			2,445			2,175
0.125% due 02/15/2051			355			220
0.250% due 01/15/2025			357			347
0.250% due 07/15/2029 (m)			864			798
0.375% due 01/15/2027			41			39
0.375% due 07/15/2027			13			12
0.500% due 04/15/2024			988			976
0.625% due 01/15/2024			475			473
0.625% due 07/15/2032			635			581
0.750% due 07/15/2028			257			246
0.875% due 01/15/2029			423			405
1.000% due 02/15/2048			125			101
1.000% due 02/15/2049			122			98
1.375% due 07/15/2033			1,114			1,081
U.S. Treasury Notes
0.500% due 10/31/2027			100			88
0.625% due 11/30/2027			550			485
0.625% due 12/31/2027			220			193
0.750% due 01/31/2028			110			97
2.375% due 03/31/2029			2,800			2,600
4.000% due 10/31/2029			800			804
Total U.S. Treasury Obligations (Cost $19,323)						17,965

		SHARES			MARKET VALUE (000S)
WARRANTS 0.0%
LUXEMBOURG 0.0%
FINANCIALS 0.0%
Intelsat Emergence SA - Exp. 02/17/2027 «			132	$		0
Total Warrants (Cost $53)						0
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 3.2%
REPURCHASE AGREEMENTS (k) 0.9%
						1,596
SHORT-TERM NOTES 0.0%
Argentina Treasury Bond BONCER
3.750% due 05/20/2024	ARS		2,442			3
HUNGARY TREASURY BILLS 0.1%
10.900% due 01/04/2024 (f)(g)	HUF		35,000			101
JAPAN TREASURY BILLS 2.1%
(0.203)% due 01/22/2024 - 04/04/2024 (e)(f)	JPY		510,000			3,618
U.S. TREASURY BILLS 0.1%
5.392% due 02/15/2024 (f)(g)(o)	$		190			189
Total Short-Term Instruments (Cost $5,367)						5,507
Total Investments in Securities (Cost $219,983)						226,439
		SHARES
INVESTMENTS IN AFFILIATES 0.5%
SHORT-TERM INSTRUMENTS 0.5%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.5%
PIMCO Short-Term Floating NAV Portfolio III			96,614			940
Total Short-Term Instruments (Cost $939)						940
Total Investments in Affiliates (Cost $939)						940

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2023 31

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

		MARKET VALUE (000S)
Total Investments 129.5% (Cost $220,922)	$		227,379
Financial Derivative Instruments (l)(n) (0.1)% (Cost or Premiums, net $(383))			(126	)
Other Assets and Liabilities, net (29.4)%			(51,733	)
Net Assets 100.0%	$		175,520

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).

~ 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) When-issued security.

(b) Payment in-kind security.

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

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

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

(f) Zero coupon security.

(g) Coupon represents a yield to maturity.

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

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

(j)  RESTRICTED SECURITIES:

Issuer Description	Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets
Amsurg Equity		11/02/2023 - 11/06/2023	$	175	$	215		0.12	%
Intelsat Emergence SA		06/19/2017 - 07/03/2023		208		82		0.05
Neiman Marcus Group Ltd. LLC		09/25/2020		36		168		0.10
Westmoreland Mining Holdings		03/26/2019		0		0		0.00
Westmoreland Mining LLC		06/30/2023		0		0		0.00
			$	419	$	465		0.27	%

32 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2023

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(k)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received(1)
FICC		2.600	%		12/29/2023		01/02/2024	$	1,596	U.S. Treasury Notes 4.875% due 11/30/2025	$	(1,628	)	$	1,596	$	1,596
Total Repurchase Agreements											$	(1,628	)	$	1,596	$	1,596

SHORT SALES

Description	Coupon			Maturity Date		Principal Amount		Proceeds			Payable for Short Sales
U.S. Government Agencies (3.4)%
United States (3.4)%
Ginnie Mae, TBA		5.500	%		01/01/2054	$	300	$	(299	)	$	(302	)
Uniform Mortgage-Backed Security, TBA		4.000			01/01/2054		5,000		(4,736	)		(4,729	)
Uniform Mortgage-Backed Security, TBA		4.500			03/01/2054		1,000		(949	)		(970	)
Total Short Sales (3.4)%								$	(5,984	)	$	(6,001	)

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2023:

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	$	1,596	$	0	$	0	$	1,596	$	(1,628	)	$	(32	)
Total Borrowings and Other Financing Transactions	$	1,596	$	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 SEMIANNUAL REPORT DECEMBER 31, 2023 33

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

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

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)		Variation Margin
									Asset		Liability
U.S. Treasury 2-Year Note March Futures		03/2024		1	$	206	$	2	$	0	$	0
U.S. Treasury 5-Year Note March Futures		03/2024		4		435		10		1		0
U.S. Treasury 10-Year Note March Futures		03/2024		99		11,176		394		0		0
							$	406	$	1	$	0

SHORT FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
											Asset		Liability
3-Month SOFR Active Contract December Futures		03/2024		4	$	946		$	(15	)	$	0	$	0
3-Month SOFR Active Contract December Futures		03/2025		1		(241	)		4			0		0
3-Month SOFR Active Contract December Futures		03/2026		1		(242	)		2			0		0
3-Month SOFR Active Contract June Futures		09/2024		2		(477	)		11			0		0
3-Month SOFR Active Contract June Futures		09/2025		2		(484	)		5			0		(1	)
3-Month SOFR Active Contract March Futures		06/2024		3		(713	)		18			0		0
3-Month SOFR Active Contract March Futures		06/2025		1		(241	)		3			0		0
3-Month SOFR Active Contract March Futures		06/2026		1		(242	)		2			0		0
3-Month SOFR Active Contract September Futures		12/2024		2		(480	)		9			0		0
3-Month SOFR Active Contract September Futures		12/2025		1		(242	)		3			0		0
Australia Government 10-Year Bond March Futures		03/2024		18		(1,431	)		(42	)		7		(9	)
U.S. Treasury 10-Year Ultra Long-Term Bond March Futures		03/2024		14		(1,652	)		(72	)		1		0
U.S. Treasury Long-Term Bond March Futures		03/2024		9		(1,124	)		(83	)		2		0
U.S. Treasury Ultra Long-Term Bond March Futures		03/2024		4		(534	)		(46	)		2		0
								$	(201	)	$	12	$	(10	)
Total Futures Contracts								$	205		$	13	$	(10	)

SWAP AGREEMENTS:

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

Reference Entity	Fixed Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at December 31, 2023(2)			Notional Amount(3)		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value(4)		Variation Margin
																					Asset		Liability
AT&T, Inc.		1.000	%		Quarterly		06/20/2028		0.750	%	$	600	$	(5	)	$	11		$	6	$	0	$	0
Ford Motor Co.		5.000			Quarterly		06/20/2027		1.562			200		24			(2	)		22		0		0
Ford Motor Credit Co. LLC		5.000			Quarterly		06/20/2026		1.145			600		52			3			55		0		(1	)
Verizon Communications, Inc.		1.000			Quarterly		06/20/2026		0.561			500		11			(6	)		5		0		0
Verizon Communications, Inc.		1.000			Quarterly		06/20/2028		0.700			250		0			4			4		0		0
													$	82		$	10		$	92	$	0	$	(1	)

34 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2023

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		552	$	(21	)	$	18	$	(3	)	$	0	$	0
CDX.EM-40 5-Year Index		1.000		Quarterly		12/20/2028		600		(30	))		13		(17	)		0		0
CDX.HY-41 5-Year Index		5.000		Quarterly		12/20/2028		6,039		37			326		363			0		(1	)
CDX.IG-41 5-Year Index		1.000		Quarterly		12/20/2028		2,200		28			15		43			0		(1	)
									$	14		$	372	$	386		$	0	$	(2	)

INTEREST RATE SWAPS

Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
																			Asset		Liability
Pay(5)	1-Day GBP-SONIO Compounded-OIS		5.000	%	Annual		03/20/2029	GBP	2,200	$	216		$	2		$	218		$	0	$	(7	)
Receive(5)	1-Day GBP-SONIO Compounded-OIS		4.500		Annual		03/20/2034		1,200		(37	)		(123	)		(160	)		13		0
Pay	1-Day JPY-MUTKCALM Compounded-OIS		0.176		Annual		04/27/2027	JPY	30,000		0			(1	)		(1	)		0		0
Receive	1-Day JPY-MUTKCALM Compounded-OIS		0.020		Semi-Annual		09/20/2028		210,000		4			32			36			1		0
Receive	1-Day JPY-MUTKCALM Compounded-OIS		0.000		Semi-Annual		03/15/2029		641,000		46			81			127			2		0
Receive	1-Day JPY-MUTKCALM Compounded-OIS		0.400		Annual		06/15/2032		90,200		2			14			16			0		0
Receive	1-Day JPY-MUTKCALM Compounded-OIS		0.500		Annual		03/15/2042		48,000		13			28			41			2		0
Receive	1-Day JPY-MUTKCALM Compounded-OIS		0.711		Annual		04/27/2042		9,000		0			5			5			0		0
Pay	1-Day USD-SOFR Compounded-OIS		1.088		Maturity		02/03/2024	$	200		0			(2	)		(2	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		1.700		Semi-Annual		03/06/2024		400		0			(2	)		(2	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		5.100		Annual		05/22/2024		27,940		(44	)		(30	)		(74	)		0		(2	)
Pay	1-Day USD-SOFR Compounded-OIS		5.400		Annual		06/06/2024		16,380		(10	)		17			7			0		(1	)
Pay	1-Day USD-SOFR Compounded-OIS		3.950		Annual		06/20/2024		600		(3	)		(5	)		(8	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		4.040		Annual		06/20/2024		300		(2	)		(2	)		(4	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		4.060		Annual		06/20/2024		1,400		(7	)		(11	)		(18	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		4.140		Annual		06/22/2024		800		(4	)		(6	)		(10	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		2.993		Annual		10/13/2024		100		(1	)		(1	)		(2	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		2.920		Annual		10/17/2024		300		(2	)		(4	)		(6	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		3.018		Annual		10/24/2024		100		(1	)		(1	)		(2	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		3.140		Annual		10/25/2024		100		(1	)		(1	)		(2	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		3.190		Annual		10/25/2024		100		(1	)		(1	)		(2	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		3.225		Annual		10/25/2024		100		(1	)		(1	)		(2	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		2.973		Annual		10/27/2024		100		(1	)		(1	)		(2	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		2.841		Annual		10/31/2024		100		(1	)		(1	)		(2	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		3.088		Annual		11/07/2024		100		(1	)		(1	)		(2	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		3.020		Annual		11/08/2024		200		(1	)		(3	)		(4	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		2.910		Annual		11/14/2024		100		(1	)		(1	)		(2	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		2.845		Annual		11/15/2024		200		(1	)		(3	)		(4	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		3.750		Annual		11/21/2024		200		(1	)		(1	)		(2	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		3.650		Annual		11/22/2024		200		(1	)		(2	)		(3	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		3.650		Annual		12/05/2024		200		(1	)		(1	)		(2	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		3.750		Annual		12/11/2024		200		(1	)		(1	)		(2	)		0		0
Receive	1-Day USD-SOFR Compounded-OIS		2.500		Semi-Annual		12/18/2024		3,100		(113	)		193			80			1		0
Receive	1-Day USD-SOFR Compounded-OIS		2.450		Annual		12/20/2024		3,200		0			75			75			1		0
Receive(5)	1-Day USD-SOFR Compounded-OIS		2.350		Annual		01/17/2025		1,600		0			36			36			0		0
Pay	1-Day USD-SOFR Compounded-OIS		4.500		Annual		05/22/2025		14,420		(42	)		(30	)		(72	)		2		0
Pay	1-Day USD-SOFR Compounded-OIS		4.900		Annual		06/06/2025		8,480		12			18			30			1		0
Receive(5)	1-Day USD-SOFR Compounded-OIS		1.600		Annual		01/16/2026		1,200		15			40			55			0		(1	)
Receive(5)	1-Day USD-SOFR Compounded-OIS		2.300		Annual		01/17/2026		1,000		0			33			33			0		(1	)

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2023 35

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

Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
																			Asset		Liability
Receive	1-Day USD-SOFR Compounded-OIS		0.928	%	Semi-Annual		05/06/2026	$	100	$	0		$	8		$	8		$	0	$	0
Receive	1-Day USD-SOFR Compounded-OIS		0.940		Semi-Annual		06/08/2026		100		0			8			8			0		0
Receive	1-Day USD-SOFR Compounded-OIS		0.500		Semi-Annual		06/16/2026		1,000		9			79			88			0		0
Receive	1-Day USD-SOFR Compounded-OIS		3.000		Semi-Annual		06/19/2026		2,300		(188	)		254			66			0		0
Receive	1-Day USD-SOFR Compounded-OIS		3.500		Annual		06/21/2026		170		1			2			3			0		0
Receive	1-Day USD-SOFR Compounded-OIS		1.250		Semi-Annual		12/15/2026		100		(2	)		10			8			0		0
Receive	1-Day USD-SOFR Compounded-OIS		1.740		Semi-Annual		12/16/2026		100		(5	)		12			7			0		0
Pay	1-Day USD-SOFR Compounded-OIS		1.380		Semi-Annual		01/04/2027		100		0			(8	)		(8	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		1.570		Semi-Annual		01/11/2027		200		0			(15	)		(15	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		1.425		Semi-Annual		01/18/2027		100		0			(8	)		(8	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		1.443		Semi-Annual		01/18/2027		100		0			(8	)		(8	)		0		0
Receive	1-Day USD-SOFR Compounded-OIS		1.350		Semi-Annual		01/20/2027		500		0			41			41			0		0
Pay	1-Day USD-SOFR Compounded-OIS		1.550		Semi-Annual		01/20/2027		2,400		(6	)		(175	)		(181	)		0		(1	)
Pay	1-Day USD-SOFR Compounded-OIS		1.580		Semi-Annual		02/16/2027		200		0			(14	)		(14	)		0		0
Receive	1-Day USD-SOFR Compounded-OIS		1.450		Semi-Annual		02/17/2027		1,200		0			92			92			1		0
Pay	1-Day USD-SOFR Compounded-OIS		1.700		Semi-Annual		02/17/2027		4,900		(13	)		(322	)		(335	)		0		(2	)
Pay	1-Day USD-SOFR Compounded-OIS		1.928		Annual		03/25/2027		200		0			(16	)		(16	)		0		0
Receive	1-Day USD-SOFR Compounded-OIS		1.000		Annual		06/15/2027		200		8			14			22			0		0
Pay	1-Day USD-SOFR Compounded-OIS		2.850		Annual		08/30/2027		200		(1	)		(6	)		(7	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		2.900		Annual		10/04/2027		900		(7	)		(22	)		(29	)		0		0
Receive	1-Day USD-SOFR Compounded-OIS		2.000		Annual		12/21/2027		200		14			(2	)		12			0		0
Pay	1-Day USD-SOFR Compounded-OIS		3.800		Annual		03/10/2028		100		0			0			0			0		0
Pay	1-Day USD-SOFR Compounded-OIS		1.280		Semi-Annual		03/24/2028		400		0			(39	)		(39	)		0		0
Receive	1-Day USD-SOFR Compounded-OIS		1.235		Semi-Annual		05/12/2028		100		0			11			11			0		0
Pay	1-Day USD-SOFR Compounded-OIS		0.500		Semi-Annual		06/16/2028		1,610		(67	)		(155	)		(222	)		0		0
Receive	1-Day USD-SOFR Compounded-OIS		2.250		Semi-Annual		06/20/2028		4,900		(419	)		745			326			0		(1	)
Receive	1-Day USD-SOFR Compounded-OIS		3.250		Annual		06/21/2028		2,110		2			49			51			0		(1	)
Pay	1-Day USD-SOFR Compounded-OIS		3.800		Annual		09/05/2028		200		(2	)		3			1			0		0
Pay	1-Day USD-SOFR Compounded-OIS		1.265		Semi-Annual		09/28/2028		100		0			(11	)		(11	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		1.500		Semi-Annual		12/15/2028		422		9			(54	)		(45	)		0		0
Receive	1-Day USD-SOFR Compounded-OIS		3.750		Annual		12/20/2028		1,690		10			(26	)		(16	)		0		(1	)
Receive	1-Day USD-SOFR Compounded-OIS		1.379		Semi-Annual		12/22/2028		100		0			11			11			0		0
Receive	1-Day USD-SOFR Compounded-OIS		1.500		Semi-Annual		01/12/2029		55		0			6			6			0		0
Pay	1-Day USD-SOFR Compounded-OIS		1.700		Semi-Annual		01/12/2029		200		(1	)		(19	)		(20	)		0		0
Receive(5)	1-Day USD-SOFR Compounded-OIS		4.250		Annual		03/20/2029		180		(6	)		(1	)		(7	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		1.000		Annual		06/15/2029		220		(9	)		(24	)		(33	)		0		0
Receive	1-Day USD-SOFR Compounded-OIS		1.000		Annual		06/15/2029		310		18			28			46			0		0
Receive	1-Day USD-SOFR Compounded-OIS		1.750		Annual		06/15/2029		282		16			14			30			0		0
Receive(5)	1-Day USD-SOFR Compounded-OIS		3.750		Annual		06/20/2029		3,400		(63	)		(2	)		(65	)		0		(2	)
Receive	1-Day USD-SOFR Compounded-OIS		2.000		Semi-Annual		12/10/2029		100		(9	)		19			10			0		0
Receive	1-Day USD-SOFR Compounded-OIS		1.500		Semi-Annual		12/18/2029		200		(11	)		36			25			0		0
Receive	1-Day USD-SOFR Compounded-OIS		2.000		Annual		12/21/2029		1,370		120			(9	)		111			0		0
Receive	1-Day USD-SOFR Compounded-OIS		1.750		Semi-Annual		01/15/2030		300		(22	)		56			34			0		0
Receive	1-Day USD-SOFR Compounded-OIS		2.000		Semi-Annual		02/12/2030		200		(18	)		37			19			0		0
Pay	1-Day USD-SOFR Compounded-OIS		3.470		Annual		02/22/2030		100		0			(2	)		(2	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		3.340		Annual		02/23/2030		200		(1	)		(4	)		(5	)		0		0
Receive	1-Day USD-SOFR Compounded-OIS		2.000		Semi-Annual		03/10/2030		100		(9	)		18			9			0		0
Receive	1-Day USD-SOFR Compounded-OIS		1.250		Semi-Annual		06/17/2030		2,400		(96	)		445			349			1		0
Receive	1-Day USD-SOFR Compounded-OIS		3.000		Annual		06/21/2030		2,460		35			65			100			0		0
Pay	1-Day USD-SOFR Compounded-OIS		3.500		Annual		06/22/2030		200		(1	)		(1	)		(2	)		0		0
Receive	1-Day USD-SOFR Compounded-OIS		1.000		Semi-Annual		12/16/2030		127		0			22			22			0		0
Receive	1-Day USD-SOFR Compounded-OIS		3.500		Annual		12/20/2030		2,120		46			(48	)		(2	)		0		0
Receive(5)	1-Day USD-SOFR Compounded-OIS		4.250		Annual		03/20/2031		280		(13	)		(2	)		(15	)		0		0
Receive	1-Day USD-SOFR Compounded-OIS		0.750		Semi-Annual		06/16/2031		2,600		174			338			512			2		0
Pay	1-Day USD-SOFR Compounded-OIS		0.750		Semi-Annual		06/16/2031		663		(49	)		(81	)		(130	)		0		(1	)
Receive	1-Day USD-SOFR Compounded-OIS		1.450		Semi-Annual		07/16/2031		100		0			16			16			0		0
Receive	1-Day USD-SOFR Compounded-OIS		1.370		Semi-Annual		07/19/2031		100		0			16			16			0		0
Receive	1-Day USD-SOFR Compounded-OIS		1.360		Semi-Annual		07/20/2031		100		0			16			16			0		0
Receive	1-Day USD-SOFR Compounded-OIS		1.405		Semi-Annual		09/07/2031		100		0			16			16			0		0
Pay	1-Day USD-SOFR Compounded-OIS		1.500		Semi-Annual		10/05/2031		100		0			(16	)		(16	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		1.535		Semi-Annual		10/15/2031		100		0			(15	)		(15	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		1.545		Semi-Annual		10/26/2031		100		0			(15	)		(15	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		1.768		Semi-Annual		02/02/2032		100		0			(14	)		(14	)		0		0

36 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2023

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-Day USD-SOFR Compounded-OIS		2.000	%	Semi-Annual		02/18/2032	$	200	$	(1	)	$	(23	)	$	(24	)	$	0	$	0
Pay	1-Day USD-SOFR Compounded-OIS		1.817		Annual		04/05/2032		400		(2	)		(56	)		(58	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		1.872		Annual		04/06/2032		200		(1	)		(27	)		(28	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		1.250		Annual		06/15/2032		210		(21	)		(18	)		(39	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		1.750		Annual		06/15/2032		280		(23	)		(18	)		(41	)		0		0
Receive	1-Day USD-SOFR Compounded-OIS		1.750		Annual		06/15/2032		399		35			23			58			0		0
Receive	1-Day USD-SOFR Compounded-OIS		2.000		Annual		12/21/2032		2,100		246			(9	)		237			2		0
Pay	1-Day USD-SOFR Compounded-OIS		3.430		Annual		02/27/2033		100		0			(2	)		(2	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		3.370		Annual		03/01/2033		100		(1	)		(1	)		(2	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		3.405		Annual		03/01/2033		100		0			(2	)		(2	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		3.425		Annual		03/01/2033		100		0			(2	)		(2	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		3.300		Annual		03/06/2033		100		0			(3	)		(3	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		3.450		Annual		03/07/2033		100		0			(2	)		(2	)		0		0
Receive	1-Day USD-SOFR Compounded-OIS		3.500		Annual		05/22/2033		6,420		63			(6	)		57			4		0
Receive	1-Day USD-SOFR Compounded-OIS		3.700		Annual		06/06/2033		3,870		(31	)		(4	)		(35	)		2		0
Pay	1-Day USD-SOFR Compounded-OIS		3.300		Annual		06/14/2033		200		(1	)		(4	)		(5	)		0		0
Receive	1-Day USD-SOFR Compounded-OIS		3.000		Annual		06/21/2033		725		10			26			36			1		0
Pay	1-Day USD-SOFR Compounded-OIS		3.500		Annual		06/21/2033		100		(1	)		0			(1	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		3.650		Annual		07/10/2033		100		0			1			1			0		0
Pay	1-Day USD-SOFR Compounded-OIS		3.750		Annual		07/12/2033		100		0			1			1			0		0
Pay	1-Day USD-SOFR Compounded-OIS		3.760		Annual		08/23/2033		100		0			2			2			0		0
Pay	1-Day USD-SOFR Compounded-OIS		3.800		Annual		08/30/2033		100		0			2			2			0		0
Pay	1-Day USD-SOFR Compounded-OIS		3.900		Annual		08/30/2033		100		0			3			3			0		0
Pay	1-Day USD-SOFR Compounded-OIS		3.950		Annual		09/13/2033		100		0			3			3			0		0
Pay	1-Day USD-SOFR Compounded-OIS		4.165		Annual		09/27/2033		200		(1	)		12			11			0		0
Pay	1-Day USD-SOFR Compounded-OIS		4.155		Annual		10/02/2033		100		0			5			5			0		0
Pay	1-Day USD-SOFR Compounded-OIS		4.170		Annual		10/03/2033		100		0			5			5			0		0
Pay	1-Day USD-SOFR Compounded-OIS		4.030		Annual		10/04/2033		100		0			4			4			0		0
Pay	1-Day USD-SOFR Compounded-OIS		4.175		Annual		10/10/2033		100		0			6			6			0		0
Pay	1-Day USD-SOFR Compounded-OIS		4.150		Annual		10/12/2033		100		0			5			5			0		0
Pay	1-Day USD-SOFR Compounded-OIS		4.220		Annual		10/20/2033		100		0			6			6			0		0
Pay	1-Day USD-SOFR Compounded-OIS		4.450		Annual		10/31/2033		100		0			8			8			0		0
Pay	1-Day USD-SOFR Compounded-OIS		4.450		Annual		11/01/2033		100		0			8			8			0		0
Receive	1-Day USD-SOFR Compounded-OIS		4.250		Annual		11/22/2033		100		(1	)		(5	)		(6	)		0		0
Receive	1-Day USD-SOFR Compounded-OIS		4.030		Annual		12/15/2033		100		0			(5	)		(5	)		0		0
Receive	1-Day USD-SOFR Compounded-OIS		3.950		Annual		12/19/2033		100		0			(4	)		(4	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		3.500		Annual		12/20/2033		40		0			0			0			0		0
Receive(5)	1-Day USD-SOFR Compounded-OIS		3.684		Annual		01/03/2034		100		(1	)		(1	)		(2	)		0		(2	)
Receive	1-Day USD-SOFR Compounded-OIS		1.910		Semi-Annual		10/17/2049		100		(22	)		52			30			0		0
Receive	1-Day USD-SOFR Compounded-OIS		1.895		Semi-Annual		10/18/2049		100		(21	)		52			31			0		0
Receive	1-Day USD-SOFR Compounded-OIS		2.250		Semi-Annual		12/11/2049		900		(269	)		485			216			3		0
Receive	1-Day USD-SOFR Compounded-OIS		2.000		Semi-Annual		01/15/2050		100		(24	)		52			28			0		0
Receive	1-Day USD-SOFR Compounded-OIS		1.625		Semi-Annual		01/16/2050		100		(15	)		50			35			0		0
Receive	1-Day USD-SOFR Compounded-OIS		1.750		Semi-Annual		01/22/2050		500		(89	)		252			163			2		0
Receive	1-Day USD-SOFR Compounded-OIS		1.625		Semi-Annual		02/03/2050		300		(44	)		148			104			1		0
Receive	1-Day USD-SOFR Compounded-OIS		2.250		Semi-Annual		03/12/2050		600		(183	)		324			141			2		0
Receive	1-Day USD-SOFR Compounded-OIS		1.250		Semi-Annual		12/16/2050		400		38			129			167			1		0
Pay	1-Day USD-SOFR Compounded-OIS		1.491		Semi-Annual		01/21/2051		100		(1	)		(37	)		(38	)		0		(1	)
Pay	1-Day USD-SOFR Compounded-OIS		1.590		Semi-Annual		02/09/2051		900		(7	)		(315	)		(322	)		0		(3	)
Receive	1-Day USD-SOFR Compounded-OIS		1.785		Semi-Annual		08/12/2051		100		(1	)		34			33			1		0
Pay	1-Day USD-SOFR Compounded-OIS		3.370		Annual		07/12/2053		100		(1	)		1			0			0		(1	)
Pay	1-Year BRL-CDI		11.157		Maturity		01/02/2025	BRL	100		0			0			0			0		0
Pay	1-Year BRL-CDI		11.177		Maturity		01/02/2025		100		0			0			0			0		0
Pay	1-Year BRL-CDI		11.367		Maturity		01/02/2025		100		0			0			0			0		0
Pay	1-Year BRL-CDI		12.018		Maturity		01/02/2025		200		0			0			0			0		0
Pay	1-Year BRL-CDI		12.098		Maturity		01/02/2025		300		0			0			0			0		0
Pay	1-Year BRL-CDI		12.158		Maturity		01/02/2025		200		0			0			0			0		0
Pay	1-Year BRL-CDI		12.163		Maturity		01/02/2025		200		0			0			0			0		0
Pay	1-Year BRL-CDI		12.178		Maturity		01/02/2025		300		0			0			0			0		0
Pay	1-Year BRL-CDI		9.874		Maturity		01/02/2026		500		0			0			0			0		0
Pay	1-Year BRL-CDI		9.899		Maturity		01/02/2026		200		0			0			0			0		0
Pay	1-Year BRL-CDI		9.939		Maturity		01/02/2026		400		0			0			0			0		0
Pay	1-Year BRL-CDI		10.052		Maturity		01/02/2026		1,000		0			0			0			0		0

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2023 37

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	1-Year BRL-CDI		10.085	%	Maturity		01/02/2026	BRL	900	$	0		$	0		$	0		$	0	$	0
Pay	1-Year BRL-CDI		10.105		Maturity		01/02/2026		900		0			0			0			0		0
Pay	1-Year BRL-CDI		9.998		Maturity		01/04/2027		700		0			0			0			0		0
Pay	1-Year BRL-CDI		10.037		Maturity		01/04/2027		200		0			0			0			0		0
Pay	1-Year BRL-CDI		10.041		Maturity		01/04/2027		800		0			0			0			0		0
Pay	1-Year BRL-CDI		10.090		Maturity		01/04/2027		1,500		0			0			0			0		0
Pay	1-Year BRL-CDI		10.138		Maturity		01/04/2027		400		0			0			0			0		0
Pay	1-Year BRL-CDI		11.250		Maturity		01/04/2027		100		0			0			0			0		0
Pay	1-Year BRL-CDI		11.290		Maturity		01/04/2027		100		0			0			0			0		0
Pay	1-Year BRL-CDI		11.746		Maturity		01/04/2027		100		0			1			1			0		0
Pay	1-Year BRL-CDI		11.901		Maturity		01/04/2027		300		0			2			2			0		0
Pay	3-Month EUR-EURIBOR		2.100		Annual		04/05/2024	EUR	800		(2	)		3			1			0		0
Pay	3-Month EUR-EURIBOR		2.100		Annual		04/06/2024		400		(1	)		1			0			0		0
Pay	3-Month EUR-EURIBOR		2.100		Annual		04/11/2024		300		(1	)		1			0			0		0
Pay	3-Month EUR-EURIBOR		2.100		Annual		04/13/2024		600		(1	)		1			0			0		0
Pay	3-Month EUR-EURIBOR		2.250		Annual		04/26/2024		300		(1	)		2			1			0		0
Pay	3-Month EUR-EURIBOR		2.250		Annual		04/28/2024		300		(1	)		2			1			0		0
Pay	3-Month EUR-EURIBOR		2.250		Annual		05/03/2024		300		(1	)		2			1			0		0
Pay	3-Month EUR-EURIBOR		2.100		Annual		05/16/2024		400		(1	)		1			0			0		0
Pay	3-Month EUR-EURIBOR		2.100		Annual		05/17/2024		300		(1	)		1			0			0		0
Receive	3-Month EUR-EURIBOR		2.920		Annual		12/13/2028		100		0			(2	)		(2	)		1		0
Receive	3-Month EUR-EURIBOR		2.880		Annual		12/19/2028		100		0			(2	)		(2	)		1		0
Receive(5)	3-Month EUR-EURIBOR		2.760		Annual		01/03/2029		100		0			(2	)		(2	)		0		(2	)
Receive	3-Month EUR-EURIBOR		2.970		Annual		12/15/2033		100		0			(5	)		(5	)		1		0
Receive	3-Month EUR-EURIBOR		2.890		Annual		12/22/2033		100		0			(4	)		(4	)		1		0
Pay	3-Month ZAR-JIBAR		8.410		Quarterly		07/31/2028	ZAR	400		0			0			0			0		0
Pay	3-Month ZAR-JIBAR		8.415		Quarterly		07/31/2028		400		0			0			0			0		0
Pay	3-Month ZAR-JIBAR		8.420		Quarterly		07/31/2028		1,300		0			1			1			0		0
Pay	3-Month ZAR-JIBAR		8.428		Quarterly		07/31/2028		900		0			1			1			0		0
Pay	3-Month ZAR-JIBAR		8.426		Quarterly		08/01/2028		500		0			1			1			0		0
Pay	3-Month ZAR-JIBAR		8.460		Quarterly		08/01/2028		900		0			1			1			0		0
Pay	3-Month ZAR-JIBAR		8.460		Quarterly		08/02/2028		900		0			1			1			0		0
Pay	3-Month ZAR-JIBAR		8.464		Quarterly		08/02/2028		900		0			1			1			0		0
Pay	3-Month ZAR-JIBAR		8.550		Quarterly		08/03/2028		900		0			1			1			0		0
Pay	3-Month ZAR-JIBAR		8.380		Quarterly		08/04/2028		400		0			0			0			0		0
Pay	3-Month ZAR-JIBAR		8.410		Quarterly		08/04/2028		1,100		0			1			1			0		0
Pay	3-Month ZAR-JIBAR		8.415		Quarterly		08/04/2028		400		0			0			0			0		0
Pay	3-Month ZAR-JIBAR		8.421		Quarterly		08/04/2028		500		0			1			1			0		0
Pay	3-Month ZAR-JIBAR		8.543		Quarterly		08/04/2028		500		0			1			1			0		0
Pay	3-Month ZAR-JIBAR		8.360		Quarterly		08/07/2028		900		0			1			1			0		0
Pay	3-Month ZAR-JIBAR		8.400		Quarterly		08/07/2028		900		0			1			1			0		0
Pay	3-Month ZAR-JIBAR		8.410		Quarterly		08/07/2028		200		0			0			0			0		0
Pay	6-Month AUD-BBR-BBSW		2.750		Semi-Annual		06/17/2026	AUD	5,080		483			(588	)		(105	)		1		0
Receive	6-Month AUD-BBR-BBSW		3.000		Semi-Annual		03/21/2027		80		(9	)		11			2			0		0
Pay	6-Month AUD-BBR-BBSW		4.500		Semi-Annual		09/20/2033		1,300		(3	)		27			24			1		0
Pay	6-Month EUR-EURIBOR		3.370		Annual		10/09/2028	EUR	100		0			4			4			0		(1	)
Pay	6-Month EUR-EURIBOR		3.450		Annual		10/20/2028		100		0			5			5			0		(1	)
Receive	6-Month EUR-EURIBOR		3.270		Annual		11/08/2028		100		0			(4	)		(4	)		1		0
Pay(5)	6-Month EUR-EURIBOR		3.250		Annual		03/20/2029		2,600		121			(1	)		120			0		(9	)
Receive	6-Month EUR-EURIBOR		0.150		Annual		03/18/2030		800		(2	)		144			142			4		0
Pay	6-Month EUR-EURIBOR		2.000		Annual		09/21/2032		680		8			(40	)		(32	)		0		(6	)
Pay	6-Month EUR-EURIBOR		3.300		Annual		10/03/2033		100		0			7			7			0		(1	)
Receive(5)	6-Month EUR-EURIBOR		3.000		Annual		03/20/2034		1,000		10			(62	)		(52	)		11		0
Receive(5)	6-Month EUR-EURIBOR		0.830		Annual		12/09/2052		1,500		9			87			96			8		0
Receive	28-Day MXN-TIIE		8.675		Lunar		04/03/2024	MXN	8,800		0			5			5			0		0
Receive	28-Day MXN-TIIE		8.660		Lunar		04/04/2024		3,700		0			2			2			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			(28	)		(19	)		0		0
Pay	28-Day MXN-TIIE		6.080		Lunar		03/10/2026		15,500		35			(100	)		(65	)		0		(1	)
Pay	28-Day MXN-TIIE		6.490		Lunar		09/08/2026		30,000		97			(220	)		(123	)		0		(1	)
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	)		27			5			0		0

38 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2023

Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
																			Asset		Liability
Receive	28-Day MXN-TIIE		8.005	%	Lunar		12/21/2027	MXN	11,400	$	(86	)	$	103		$	17		$	0	$	0
Receive	28-Day MXN-TIIE		7.800		Lunar		12/28/2027		1,200		(8	)		10			2			0		0
Receive	28-Day MXN-TIIE		7.910		Lunar		12/30/2027		700		(5	)		6			1			0		0
Receive	28-Day MXN-TIIE		8.030		Lunar		01/31/2028		2,000		(15	)		18			3			0		0
Receive	28-Day MXN-TIIE		8.050		Lunar		01/31/2028		1,900		(15	)		18			3			0		0
Pay	28-Day MXN-TIIE		8.300		Lunar		06/16/2028		1,300		(1	)		0			(1	)		0		0
Pay	28-Day MXN-TIIE		8.512		Lunar		07/24/2028		2,300		0			(1	)		(1	)		0		0
Pay	28-Day MXN-TIIE		8.444		Lunar		07/25/2028		3,000		0			(1	)		(1	)		0		0
Pay	28-Day MXN-TIIE		8.471		Lunar		07/26/2028		1,500		0			(1	)		(1	)		0		0
Pay	28-Day MXN-TIIE		8.550		Lunar		07/27/2028		800		0			0			0			0		0
Pay	28-Day MXN-TIIE		8.556		Lunar		07/27/2028		4,600		0			(1	)		(1	)		0		0
Pay	28-Day MXN-TIIE		8.620		Lunar		07/28/2028		800		0			0			0			0		0
Pay	28-Day MXN-TIIE		8.636		Lunar		07/28/2028		1,600		0			0			0			0		0
Pay	28-Day MXN-TIIE		8.640		Lunar		07/28/2028		300		0			0			0			0		0
Pay	28-Day MXN-TIIE		8.650		Lunar		07/28/2028		900		0			0			0			0		0
Pay	28-Day MXN-TIIE		8.660		Lunar		07/28/2028		800		0			0			0			0		0
Pay	28-Day MXN-TIIE		8.600		Lunar		07/31/2028		1,300		0			0			0			0		0
Receive	28-Day MXN-TIIE		7.495		Lunar		01/14/2032		700		3			(1	)		2			0		0
Receive	28-Day MXN-TIIE		7.498		Lunar		01/15/2032		2,900		12			(2	)		10			0		0
Receive	28-Day MXN-TIIE		8.732		Lunar		03/30/2032		700		0			(1	)		(1	)		0		0
Receive	28-Day MXN-TIIE		8.701		Lunar		03/31/2032		1,700		0			(1	)		(1	)		0		0
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	)		11			2			0		0
Pay	CAONREPO Index		3.750		Semi-Annual		12/20/2025	CAD	1,200		(20	)		18			(2	)		1		0
Pay	UKRPI		4.000		Maturity		09/15/2031	GBP	100		0			(15	)		(15	)		0		0
Pay	UKRPI		4.140		Maturity		10/15/2031		100		0			(13	)		(13	)		0		0
Pay	UKRPI		4.250		Maturity		11/15/2031		100		(1	)		(10	)		(11	)		0		0
										$	(312	)	$	2,269		$	1,957		$	77	$	(50	)
Total Swap Agreements										$	(216	)	$	2,651		$	2,435		$	77	$	(53	)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2023:

	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	$	13	$	77	$	90	$	0	$	(10	)	$	(53	)	$	(63	)

(m) Securities with an aggregate market value of $900 and cash of $1,902 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2023. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

^{(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}

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2023 39

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

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.}

(n)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
									Asset		Liability
AZD		03/2024		CNH	1,648	$		229	$	0	$	(4	)
BOA		01/2024		GBP	127			161		0		(1	)
		01/2024	$		699		JPY	103,187		33		0
		03/2024		CNH	2,640	$		365		0		(8	)
		03/2024		IDR	862,869			55		0		(1	)
		06/2024		KRW	64,801			50		0		(1	)
BPS		01/2024		EUR	30			33		0		0
		01/2024		GBP	484			614		0		(3	)
		01/2024		HUF	35			0		0		0
		01/2024	$		1		HUF	348		0		0
		01/2024			946		JPY	139,200		42		0
		01/2024			280		ZAR	5,199		4		0
		02/2024		TWD	9,733	$		306		0		(16	)
		03/2024		CNH	1,605			223		0		(4	)
		03/2024	$		130		IDR	1,987,616		0		(1	)
		06/2024		KRW	168,505	$		129		0		(2	)
BRC		01/2024			64,615			50		0		0
		01/2024	$		86		TRY	2,594		0		0
		02/2024		JPY	170,000	$		1,145		0		(70	)
		02/2024		TRY	7			0		0		0
		02/2024	$		111		TRY	3,397		0		0
		03/2024		JPY	189,000	$		1,339		0		(17	)
		03/2024	$		172		TRY	5,385		0		(1	)
		04/2024		JPY	36,000	$		257		0		(2	)
		04/2024	$		230		TRY	7,412		0		(3	)
		06/2024		KRW	173,686	$		133		0		(2	)
CBK		01/2024		EUR	29			31		0		(1	)
		01/2024		GBP	19			24		0		0
		01/2024		MXN	7,903			444		0		(20	)
		01/2024		ZAR	2,962			156		0		(6	)
		02/2024	$		2,707		BRL	13,888		147		0
		03/2024			20		PEN	77		0		0
		04/2024		JPY	28,000	$		200		0		(2	)
DUB		03/2024		CNH	1,532			213		0		(4	)
		03/2024	$		100		IDR	1,539,672		0		0
		06/2024		KRW	187,769	$		144		0		(2	)
GLM		01/2024		CAD	2,714			1,997		0		(51	)
		01/2024	$		614		MXN	10,776		18		0
		01/2024			100		TRY	3,059		1		0

40 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2023

Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
									Asset		Liability
		02/2024		BRL	24	$		5	$	0	$	0
		03/2024		CNH	718			99		0		(2	)
		03/2024	$		40		IDR	613,822		0		0
		03/2024			31		TRY	965		0		0
JPM		01/2024		HUF	31,623	$		90		0		(1	)
		01/2024	$		50		IDR	769,350		0		0
		02/2024		TWD	1,102	$		34		0		(2	)
		02/2024	$		207		BRL	1,018		2		0
		02/2024			803		INR	67,075		1		0
		02/2024			12		TRY	353		0		0
		03/2024		IDR	2,394,293	$		154		0		(1	)
		03/2024		TWD	18,839			606		0		(18	)
		06/2024		KRW	257,513			198		0		(3	)
MBC		01/2024		EUR	262			285		0		(4	)
		01/2024		JPY	20,000			136		0		(7	)
		02/2024		CNY	223			31		0		(1	)
		03/2024		TWD	5,078			161		0		(7	)
		03/2024	$		77		TRY	2,409		0		0
MYI		01/2024		EUR	1,004	$		1,104		0		(5	)
		01/2024		HUF	3,554			10		0		0
		01/2024		TRY	13			0		0		0
		02/2024	$		0		TRY	13		0		0
		03/2024		CNH	1,573	$		218		0		(4	)
		03/2024		JPY	37,000			254		0		(11	)
		03/2024	$		395		IDR	6,089,741		1		0
		06/2024		KRW	116,853	$		90		0		(1	)
NGF		02/2024		JPY	9,000			61		0		(3	)
		03/2024		TWD	2,802			89		0		(4	)
RBC		04/2024	$		1		MXN	16		0		0
SCX		01/2024		ZAR	335	$		18		0		(1	)
		03/2024		CNH	1,544			213		0		(5	)
		03/2024	$		26		IDR	400,581		0		0
UAG		01/2024		GBP	2,628	$		3,326		0		(24	)
		01/2024		JPY	21,000			142		0		(7	)
		01/2024		MXN	888			50		0		(2	)
		01/2024		TRY	462			16		0		0
		01/2024	$		87		ZAR	1,670		4		0
		02/2024			16		TRY	476		0		0
Total Forward Foreign Currency Contracts									$	253	$	(335	)

WRITTEN OPTIONS:

INTEREST RATE SWAPTIONS

Counterparty	Description	Floating Rate Index	Pay/ Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount(1)		Premiums (Received)			Market Value
CBK	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.690	%		04/02/2024		100	$	(1	)	$	0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.690			04/02/2024		100		(1	)		(2	)
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.235			01/22/2024		100		0			0
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.685			01/22/2024		100		0			0

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2023 41

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
DUB	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.790	%		04/08/2024		100	$	(1	)	$	0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.790			04/08/2024		100		(1	)		(2	)
FAR	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.688			04/02/2024		100		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.688			04/02/2024		100		(1	)		(2	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.781			04/05/2024		200		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.781			04/05/2024		200		(2	)		(3	)
GLM	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.697			04/02/2024		200		(2	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.697			04/02/2024		200		(2	)		(3	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.721			04/08/2024		100		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.721			04/08/2024		100		(1	)		(2	)
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.648			01/04/2024		100		0			(2	)
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.560			01/05/2024		100		(1	)		(1	)
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.594			01/05/2024		100		(1	)		(1	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		4.010			01/05/2024		100		(1	)		0
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		4.044			01/05/2024		100		(1	)		0
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.300			01/16/2024		100		0			0
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.750			01/16/2024		100		0			0
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.215			01/22/2024		100		0			0
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.665			01/22/2024		100		0			0
GST	Call - OTC 5-Year Interest Rate Swap	6-Month EUR-EURIBOR	Receive		2.440			01/08/2024		100		0			0
	Put - OTC 5-Year Interest Rate Swap	6-Month EUR-EURIBOR	Pay		2.860			01/08/2024		100		0			0
MYC	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.670			01/04/2024		100		0			(2	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		4.120			01/04/2024		100		0			0
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.455			01/08/2024		100		0			(1	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.955			01/08/2024		100		0			0
NGF	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.785			04/08/2024		100		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.785			04/08/2024		100		(1	)		(2	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.835			04/08/2024		100		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.835			04/08/2024		100		(1	)		(1	)
											$	(23	)	$	(24	)

42 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2023

OPTIONS ON SECURITIES

Counterparty	Description	Strike Price		Expiration Date		Notional Amount(1)		Premiums (Received)			Market Value
BOA	Call - OTC Uniform Mortgage-Backed Security, TBA 5.000% due 01/01/2054	$	97.891		01/09/2024		500	$	(2	)	$	(6	)
	Call - OTC Uniform Mortgage-Backed Security, TBA 6.000% due 02/01/2054		101.094		02/06/2024		500		(2	)		(4	)
JPM	Put - OTC Uniform Mortgage-Backed Security, TBA 6.000% due 02/01/2054		99.227		02/06/2024		500		(3	)		0
	Call - OTC Uniform Mortgage-Backed Security, TBA 6.000% due 02/01/2054		101.227		02/06/2024		500		(2	)		(4	)
SAL	Call - OTC Uniform Mortgage-Backed Security, TBA 5.000% due 01/01/2054		98.469		01/09/2024		500		(2	)		(3	)
	Call - OTC Uniform Mortgage-Backed Security, TBA 5.000% due 01/01/2054		99.906		01/09/2024		500		(1	)		0
								$	(12	)	$	(17	)
Total Written Options								$	(35	)	$	(41	)

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 December 31, 2023(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		0.106	%	$	40	$	(1	)	$	1	$	0	$	0
CBK	Brazil Government International Bond		1.000		Quarterly		12/20/2024		0.279			300		(5	)		7		2		0
GST	Brazil Government International Bond		1.000		Quarterly		12/20/2024		0.279			200		(3	)		5		2		0
	Colombia Government International Bond		1.000		Quarterly		12/20/2027		1.154			100		(9	)		8		0		(1	)
	Mexico Government International Bond		1.000		Quarterly		12/20/2024		0.153			100		(1	)		2		1		0
	Turkey Government International Bond		1.000		Quarterly		12/20/2024		0.587			100		(11	)		11		0		0
MYC	Mexico Government International Bond		1.000		Quarterly		12/20/2024		0.153			100		(1	)		2		1		0
	Mexico Government International Bond		1.000		Quarterly		06/20/2027		0.563			100		0			1		1		0
	Mexico Government International Bond		1.000		Quarterly		06/20/2028		0.782			100		(2	)		3		1		0
	Mexico Government International Bond		1.000		Quarterly		12/20/2028		0.883			300		(3	)		5		2		0
	South Africa Government International Bond		1.000		Quarterly		12/20/2026		1.239			200		(9	)		8		0		(1	)
													$	(45	)	$	53	$	10	$	(2	)

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2023 43

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

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	)	$	85		$	0	$	0
MYC	CMBX.NA.AAA.13 Index		0.500		Monthly		12/16/2072		5,700		(2	)		(36	)		0		(38	)
										$	(87	)	$	49		$	0	$	(38	)
Total Swap Agreements										$	(132	)	$	102		$	10	$	(40	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2023:

	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(6)
AZD	$	0	$	0	$	0	$	0	$	(4	)	$	0		$	0		$	(4	)	$	(4	)	$	0	$	(4	)
BOA		33		0		0		33		(11	)		(10	)		0			(21	)		12			0		12
BPS		46		0		0		46		(26	)		0			0			(26	)		20			0		20
BRC		0		0		0		0		(95	)		0			0			(95	)		(95	)		18		(77	)
CBK		147		0		2		149		(29	)		(2	)		0			(31	)		118			0		118
DUB		0		0		0		0		(6	)		(2	)		0			(8	)		(8	)		0		(8	)
FAR		0		0		0		0		0			(5	)		0			(5	)		(5	)		0		(5	)
GLM		19		0		0		19		(53	)		(9	)		0			(62	)		(43	)		51		8
GST		0		0		3		3		0			0			(1	)		(1	)		2			0		2
JPM		3		0		0		3		(25	)		(4	)		0			(29	)		(26	)		0		(26	)
MBC		0		0		0		0		(19	)		0			0			(19	)		(19	)		0		(19	)
MYC		0		0		5		5		0			(3	)		(39	)		(42	)		(37	)		0		(37	)
MYI		1		0		0		1		(21	)		0			0			(21	)		(20	)		0		(20	)
NGF		0		0		0		0		(7	)		(3	)		0			(10	)		(10	)		0		(10	)
SAL		0		0		0		0		0			(3	)		0			(3	)		(3	)		0		(3	)
SCX		0		0		0		0		(6	)		0			0			(6	)		(6	)		0		(6	)
UAG		4		0		0		4		(33	)		0			0			(33	)		(29	)		0		(29	)
Total Over the Counter	$	253	$	0	$	10	$	263	$	(335	)	$	(41	)	$	(40	)	$	(416	)

(o) Securities with an aggregate market value of $69 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2023.

^{(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.}

44 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2023

^{(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) 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 December 31, 2023:

	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	$	13	$	13
Swap Agreements		0		0		0		0		77		77
	$	0	$	0	$	0	$	0	$	90	$	90
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	253	$	0	$	253
Swap Agreements		0		10		0		0		0		10
	$	0	$	10	$	0	$	253	$	0	$	263
	$	0	$	10	$	0	$	253	$	90	$	353
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	10	$	10
Swap Agreements		0		3		0		0		50		53
	$	0	$	3	$	0	$	0	$	60	$	63
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	335	$	0	$	335
Written Options		0		0		0		0		41		41
Swap Agreements		0		40		0		0		0		40
	$	0	$	40	$	0	$	335	$	41	$	416
	$	0	$	43	$	0	$	335	$	101	$	479

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2023 45

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

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2023:

	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
Written Options	$	0	$	0	$	0		$	0		$	27		$	27
Futures		0		0		0			0			(389	)		(389	)
Swap Agreements		0		325		0			0			64			389
	$	0	$	325	$	0		$	0		$	(298	)	$	27
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0		$	197		$	0		$	197
Written Options		0		0		0			0			56			56
Swap Agreements		0		39		(140	)		0			0			(101	)
	$	0	$	39	$	(140	)	$	197		$	56		$	152
	$	0	$	364	$	(140	)	$	197		$	(242	)	$	179
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	0		$	0		$	7		$	7
Futures		0		0		0			0			279			279
Swap Agreements		0		116		0			0			49			165
	$	0	$	116	$	0		$	0		$	335		$	451
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0		$	(221	)	$	0		$	(221	)
Written Options		0		0		0			0			9			9
Swap Agreements		0		75		0			0			0			75
	$	0	$	75	$	0		$	(221	)	$	9		$	(137	)
	$	0	$	191	$	0		$	(221	)	$	344		$	314

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
Asset-Backed Securities
Cayman Islands	$	0	$	4,940	$	0	$	4,940
Ireland		0		275		0		275
United States		0		18,881		20		18,901
Loan Participations and Assignments
United Kingdom		0		0		269		269
United States		0		553		572		1,125
Common Stocks
Australia
Consumer Staples		0		226		0		226
Materials		0		1,688		0		1,688
Austria
Financials		0		341		0		341
Belgium
Financials		0		227		0		227

46 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2023

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Brazil
Consumer Staples	$	0	$	326	$	0	$	326
Energy		0		735		0		735
Financials		0		356		0		356
Materials		0		903		0		903
Canada
Financials		395		0		0		395
Chile
Financials		0		125		0		125
China
Energy		0		388		0		388
Financials		0		2,025		0		2,025
Health Care		0		199		0		199
Czech Republic
Utilities		166		0		0		166
Denmark
Industrials		0		340		0		340
Finland
Utilities		0		154		0		154
France
Financials		0		1,574		0		1,574
Industrials		0		1,934		0		1,934
Utilities		0		701		0		701
Germany
Consumer Discretionary		0		298		0		298
Industrials		0		565		0		565
Materials		0		308		0		308
Utilities		0		201		0		201
Indonesia
Communication Services		0		314		0		314
Industrials		0		177		0		177
Ireland
Materials		836		0		0		836
Italy
Financials		0		1,292		0		1,292
Utilities		0		964		0		964
Japan
Communication Services		0		1,337		0		1,337
Consumer Discretionary		0		798		0		798
Consumer Staples		0		900		0		900
Financials		0		357		0		357
Health Care		0		111		0		111
Industrials		0		1,788		0		1,788
Luxembourg
Energy		0		197		0		197
Financials		0		0		82		82
Industrials		0		0		55		55
Mexico
Consumer Staples		135		0		0		135
Materials		423		0		0		423
Netherlands
Communication Services		0		134		0		134
Consumer Discretionary		0		1,281		0		1,281
Financials		0		360		0		360
Information Technology		469		0		0		469
Poland
Energy		0		238		0		238
Financials		0		174		0		174
Portugal
Consumer Staples		0		176		0		176

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2023 47

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

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Singapore
Financials	$	0	$	152	$	0	$	152
South Africa
Financials		148		625		0		773
South Korea
Consumer Discretionary		0		500		0		500
Financials		0		148		0		148
Spain
Consumer Discretionary		0		674		0		674
Financials		0		1,746		0		1,746
Industrials		0		203		0		203
Utilities		0		160		0		160
Sweden
Industrials		0		128		0		128
Switzerland
Consumer Discretionary		241		0		0		241
Financials		0		1,090		0		1,090
Health Care		0		3,827		0		3,827
Materials		0		1,011		0		1,011
Taiwan
Consumer Staples		0		132		0		132
Information Technology		0		2,960		0		2,960
Turkey
Consumer Staples		0		103		0		103
United Kingdom
Consumer Discretionary		0		302		0		302
Consumer Staples		0		1,131		0		1,131
Financials		0		738		0		738
Industrials		1,060		0		0		1,060
Materials		0		603		0		603
United States
Communication Services		2,468		0		13		2,481
Consumer Discretionary		2,063		0		0		2,063
Consumer Staples		8,484		0		0		8,484
Energy		3,437		0		0		3,437
Financials		2,479		0		0		2,479
Health Care		9,198		0		215		9,413
Industrials		2,724		0		168		2,892
Information Technology		5,143		0		0		5,143
Materials		1,016		0		0		1,016
Utilities		0		0		1		1
Corporate Bonds & Notes
Bermuda
Industrials		0		2		0		2
Brazil
Industrials		0		2		0		2
Cayman Islands
Banking & Finance		0		3		0		3
France
Banking & Finance		0		1,100		0		1,100
Germany
Banking & Finance		0		176		0		176
Ireland
Industrials		0		249		0		249
Italy
Banking & Finance		0		213		0		213
Japan
Industrials		0		812		0		812

48 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2023

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Luxembourg
Industrials	$	0	$	199	$	0	$	199
Utilities		0		25		0		25
Peru
Banking & Finance		0		26		0		26
Spain
Banking & Finance		0		426		0		426
Switzerland
Banking & Finance		0		1,233		0		1,233
United Kingdom
Banking & Finance		0		1,795		0		1,795
Industrials		0		372		0		372
United States
Banking & Finance		0		502		0		502
Industrials		0		2,004		0		2,004
Utilities		0		1,529		0		1,529
Venezuela
Industrials		0		40		0		40
Non-Agency Mortgage-Backed Securities
Ireland		0		596		0		596
United Kingdom		0		3,403		0		3,403
United States		0		11,872		116		11,988
Municipal Bonds & Notes
Illinois		0		19		0		19
Puerto Rico		0		46		0		46
Preferred Stocks
Brazil
Energy		0		900		0		900
Industrials		0		121		0		121
Germany
Industrials		0		141		0		141
United Kingdom
Financials		0		187		0		187
Real Estate Investment Trusts
United States
Real Estate		9,275		0		0		9,275
Sovereign Issues
Argentina		0		430		0		430
Mexico		0		538		0		538
Peru		0		3		0		3
Romania		0		227		0		227
South Africa		0		549		0		549
Turkey		0		381		0		381
Venezuela		0		9		0		9
U.S. Government Agencies
United States		0		56,072		0		56,072
U.S. Treasury Obligations
United States		0		17,965		0		17,965
Short-Term Instruments
Repurchase Agreements		0		1,596		0		1,596
Short-Term Notes		0		3		0		3
Hungary Treasury Bills		0		101		0		101
Japan Treasury Bills		0		3,618		0		3,618
U.S. Treasury Bills		0		189		0		189
	$	50,160	$	174,768	$	1,511	$	226,439
Investments in Affiliates, at Value
Short-Term Instruments
Central Funds Used for Cash Management Purposes	$	940	$	0	$	0	$	940
Total Investments	$	51,100	$	174,768	$	1,511	$	227,379

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2023 49

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

(Unaudited)

December 31, 2023

Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 12/31/2023
Short Sales, at Value - Liabilities
U.S. Government Agencies
United States	$	0		$	(6,001	)	$	0	$	(6,001	)
	$	0		$	(6,001	)	$	0	$	(6,001	)
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		7			83			0		90
Over the counter		0			263			0		263
	$	7		$	346		$	0	$	353
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(9	)		(54	)		0		(63	)
Over the counter		0			(416	)		0		(416	)
	$	(9	)	$	(470	)	$	0	$	(479	)
Total Financial Derivative Instruments	$	(2	)	$	(124	)	$	0	$	(126	)
Totals	$	51,098		$	168,643		$	1,511	$	221,252

There were no significant transfers into or out of Level 3 during the period ended December 31, 2023.

50 PIMCO EQUITY SERIES See Accompanying Notes

Notes to Financial Statements

(Unaudited)

December 31, 2023

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.

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”).

Hereinafter, the Board of Trustees of the Fund shall be collectively referred to as the “Board.”

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

SEMIANNUAL REPORT DECEMBER 31, 2023 51

Notes to Financial Statements (Cont.)

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. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Foreign Taxes  The Fund may be subject to foreign taxes on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of December 31, 2023, if any, are disclosed in the Statement of Assets and Liabilities.

(c) 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.

(d) 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

52 PIMCO EQUITY SERIES

(Unaudited)

December 31, 2023

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.

(e) 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. The Fund may revise its distribution policy or postpone the payment of distributions at any time.

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

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

SEMIANNUAL REPORT DECEMBER 31, 2023 53

Notes to Financial Statements (Cont.)

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.

(f) New Accounting Pronouncements and Regulatory Updates In March 2020, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”), ASU 2020-04, Reference Rate Reform (Topic 848), 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 or will occur during the period March 12, 2020 through December 31, 2024. In January 2021 and December 2022, FASB issued ASU 2021-01 and ASU 2022-06, which include additional amendments to Topic 848. 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.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2022, the U.S. Securities and Exchange Commission (“SEC”) adopted changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will change the disclosures provided to shareholders. The rule amendments were effective as of January 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading. As such, beginning in July 2024, the Fund must comply with certain new requirements which include, but are not limited to, making significant updates to the content of its shareholder reports and mailing paper copies of the new tailored shareholder reports to shareholders who have not opted to receive shareholder report documents electronically.

The SEC made a final ruling on February 15, 2023 to adopt proposed amendments to the Settlement Cycle Rule (Rule 15c6-1) and other related rules under the Securities Exchange Act of 1934, as amended, to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date (T+2) to one business day after the trade date (T+1). The effective date was May 5, 2023, and the compliance date for the amendments is May 28, 2024. At this time, management is evaluating the implications of these changes on the financial statements.

In September 2023, the SEC adopted 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

54 PIMCO EQUITY SERIES  

(Unaudited)

December 31, 2023

amendments expand the scope of the current rule in a number of ways that are expected to result in an increase in the types of fund names that would require the fund to adopt an 80% investment policy under the rule. Additionally, the amendments address deviations from a fund’s 80% investment policy and the use and valuation of derivatives instruments for purposes of the rule. The amendments are effective as of December 11, 2023, but the SEC is providing a 24-month compliance period following the effective date for fund groups with net assets of $1 billion or more (and a 30-month compliance period for fund groups with net assets of less than $1 billion). 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, or each of its share classes as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange (“NYSE”) is open, the Fund’s 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 may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Fund may calculate its NAV as of the NYSE Close for such day or such other time that the Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. 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. 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. If market value pricing is used, 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.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee (“Valuation Designee”) for the Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The

  SEMIANNUAL REPORT DECEMBER 31, 2023 55

Notes to Financial Statements (Cont.)

Valuation Designee’s policies and procedures govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, “Pricing Sources”).

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 Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Fund’s assets that are invested in one or more open-end management investment companies (other than ETFs), the Fund’s NAV will be calculated based on 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. 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 Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) 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, unless otherwise determined by the Valuation Designee, 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.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by the Fund normally will be taken into account in calculating the NAV. The Fund’s whole loan investments, including those originated by the Fund or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.

56 PIMCO EQUITY SERIES  

(Unaudited)

December 31, 2023

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. 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.

Fair valuation may require subjective determinations about the value of a security. While the Trust’s and Valuation Designee’s policies and procedures are 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 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.

Under certain circumstances, the per share 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.

(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 (unadjusted) 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 Valuation Designee that are used in determining the fair value of investments.

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

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized

  SEMIANNUAL REPORT DECEMBER 31, 2023 57

Notes to Financial Statements (Cont.)

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.

(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.

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, non-U.S. bonds, and short-term debt instruments (such as commercial paper, time deposits, and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources’ 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 Sources 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

58 PIMCO EQUITY SERIES  

(Unaudited)

December 31, 2023

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.

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 Sources 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 Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

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, indexes, 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 Sources (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 Sources 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, indexes, 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, indexes, 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 Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources 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.

Short-term debt instruments (such as commercial paper, time deposits, and certificates of deposit) 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.

  SEMIANNUAL REPORT DECEMBER 31, 2023 59

Notes to Financial Statements (Cont.)

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

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 December 31, 2023 (amounts in thousands^†):

Investment in PIMCO Short-Term Floating NAV Portfolio III

Market Value 06/30/2023		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 12/31/2023		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
$	13,363	$	11,616	$	(24,040)	$	17	$	(16)	$	940	$	215	$	0

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

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

(b) Investments in Securities

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

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.

60 PIMCO EQUITY SERIES  

(Unaudited)

December 31, 2023

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.

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.

  SEMIANNUAL REPORT DECEMBER 31, 2023 61

Notes to Financial Statements (Cont.)

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 a Fund invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and each Fund’s prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to, (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) the risk that a Fund may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

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

62 PIMCO EQUITY SERIES  

(Unaudited)

December 31, 2023

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 December 31, 2023, as applicable, are disclosed in the Notes to Schedule of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises  are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the “U.S. Treasury”); and others, such as those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

SEMIANNUAL REPORT DECEMBER 31, 2023 63

Notes to Financial Statements (Cont.)

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 long-term 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. 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

64 PIMCO EQUITY SERIES

(Unaudited)

December 31, 2023

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

(b) 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

  SEMIANNUAL REPORT DECEMBER 31, 2023 65

Notes to Financial Statements (Cont.)

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 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.

(c) 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 December 31, 2023, 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

66 PIMCO EQUITY SERIES  

(Unaudited)

December 31, 2023

value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by the Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statement of Assets and Liabilities. In addition, the Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

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

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Fund’s exposure to the underlying instrument. Writing call options tends to decrease the Fund’s exposure to the underlying instrument. When the Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Fund as a writer of an option has no control over whether the underlying instrument may be sold (“call”) or purchased (“put”) and as a result bears the market risk of an unfavorable change in the price of 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

  SEMIANNUAL REPORT DECEMBER 31, 2023 67

Notes to Financial Statements (Cont.)

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

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 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 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.

68 PIMCO EQUITY SERIES  

(Unaudited)

December 31, 2023

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 fail to perform or meet an obligation 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.

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

  SEMIANNUAL REPORT DECEMBER 31, 2023 69

Notes to Financial Statements (Cont.)

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 indexes 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 indexes 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 indexes 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 indexes 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 indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes 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

70 PIMCO EQUITY SERIES  

(Unaudited)

December 31, 2023

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 indexes, 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.

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.

  SEMIANNUAL REPORT DECEMBER 31, 2023 71

Notes to Financial Statements (Cont.)

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. In addition, the Fund’s performance will be reduced by the Fund’s proportionate amount of the expenses of any Acquired Funds in which it invests.

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. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

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

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

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

72 PIMCO EQUITY SERIES

(Unaudited)

December 31, 2023

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, changes in financial condition or credit rating, financial leverage, reputation or 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 fluctuate in value because of a change 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 or may not realize the full anticipated earnings from the 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, or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

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

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

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

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Notes to Financial Statements (Cont.)

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 forwards, futures, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment 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. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for the Fund. The Fund’s use of derivatives or other similar investments may result in losses to the Fund, a reduction in the Fund’s returns and/or increased volatility. Over-the-counter (“OTC”) derivatives or other similar investments 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 or other similar investments. The primary credit risk on derivatives or other similar investments 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 registered 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 or other similar investments and/or adversely affect the value of derivatives or other similar investments 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 contain design flaws or faulty

74 PIMCO EQUITY SERIES  

(Unaudited)

December 31, 2023

assumptions, and may rely on incomplete or inaccurate data inputs, 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. The Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the other of the Fund’s guidelines), which generally carry higher levels of the foregoing risks

Short Exposure Risk  is the risk of entering into short sales or other short positions, 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 or other short position 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 and replacement of the London Interbank Offered Rate (“LIBOR”). Certain instruments held by the Fund rely or relied in some fashion upon LIBOR. Although the transition process away from LIBOR for most instruments has been completed, some LIBOR use is continuing and there are potential effects related to the transition away from LIBOR or the continued use of LIBOR on the Fund, or on certain instruments in which the Fund invests, which can be difficult to ascertain and could result in losses to 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

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Notes to Financial Statements (Cont.)

financial, economic and global market disruptions, and cyber security 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.

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

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

76 PIMCO EQUITY SERIES

(Unaudited)

December 31, 2023

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; third party claims in litigation; 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. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.

8. MASTER NETTING ARRANGEMENTS

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

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the 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.

SEMIANNUAL REPORT DECEMBER 31, 2023 77

Notes to Financial Statements (Cont.)

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 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

78 PIMCO EQUITY SERIES

(Unaudited)

December 31, 2023

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

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

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

Investment Advisory Fee	Supervisory and Administrative Fee
All Classes	Institutional Class	I-2	I-3	Class A	Class C
0.44%	0.25%	0.35%	0.45%*(1)	0.35%	0.35%

⁽¹⁾  PIMCO has contractually agreed, through October 31, 2024, 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 was not operational during the period ended December 31, 2023.

(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).

SEMIANNUAL REPORT DECEMBER 31, 2023 79

Notes to Financial Statements (Cont.)

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 December 31, 2023, the Distributor retained $13,980 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) 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 and offering expenses of the Trust and the Fund, and any other expenses which are capitalized in accordance with generally accepted accounting principles; 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, 2024, to waive a portion of the Fund’s Supervisory and Administrative Fee, or reimburse the Fund, to the extent that the Fund’s organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee Fees exceed 0.0049%, (the “Expense Limit”) (calculated as a percentage of the Fund’s average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO.

80 PIMCO EQUITY SERIES  

(Unaudited)

December 31, 2023

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 As of December 31, 2023, were as follows (amounts in thousands^†):

Expiring within
12 months		13-24 months		25-36 months		Total
	12		13		10		35

^†  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, 2024, 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.

Pursuant to the Expense Limitation Agreement and I-3 Fee Waiver Agreement, waiver amounts are reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended December 31, 2023, the amount was $5,649.

(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, 2024, 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 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.

SEMIANNUAL REPORT DECEMBER 31, 2023 81

Notes to Financial Statements (Cont.)

The waivers are reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended December 31, 2023, 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.

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(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Fund. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates when distributed to shareholders). The transaction costs associated with portfolio turnover may adversely affect the Fund’s performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2023, were as follows (amounts in thousands^†):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	386,899	$	369,963	$	47,490	$	35,620

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

82 PIMCO EQUITY SERIES

(Unaudited)

December 31, 2023

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^†):

	Six Months Ended 12/31/2023 (Unaudited)						Year Ended 06/30/2023
	Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		235		$	2,736			662		$	7,569
I-2		137			1,609			257			2,921
Class A		844			9,748			1,360			15,469
Class C		152			1,748			330			3,756
Issued as reinvestment of distributions
Institutional Class		40			475			80			905
I-2		31			368			69			777
Class A		260			3,065			552			6,221
Class C		23			270			67			755
Cost of shares redeemed
Institutional Class		(432	)		(4,979	)		(299	)		(3,403	)
I-2		(177	)		(2,059	)		(535	)		(6,112	)
Class A		(843	)		(9,738	)		(1,933	)		(21,881	)
Class C		(351	)		(4,016	)		(561	)		(6,374	)
Net increase (decrease) resulting from Fund share transactions		(81	)	$	(773	)		49		$	603

^† 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.

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 December 31, 2023, 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,

  SEMIANNUAL REPORT DECEMBER 31, 2023 83

Notes to Financial Statements (Cont.)

(Unaudited)

December 31, 2023

which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Under the Regulated Investment Company Modernization Act of 2010, the 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 its last fiscal year ended June 30, 2023, the Fund had the following post-effective capital losses with no expiration (amounts in thousands^†):

Short-Term		Long-Term
$	69,382	$	23,249

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

As of December 31, 2023, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands^†):

	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)(1)
PIMCO Dividend and Income Fund	$	214,555	$	20,980	$	(11,670	)	$	9,310

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

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

84 PIMCO EQUITY SERIES  

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

(Unaudited)

Counterparty Abbreviations:
AZD	Australia and New Zealand Banking Group	JPM	JP Morgan Chase Bank N.A.
BOA	Bank of America N.A.	MBC	HSBC Bank Plc
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	INR	Indian Rupee
AUD	Australian Dollar	JPY	Japanese Yen
BRL	Brazilian Real	KRW	South Korean Won
CAD	Canadian Dollar	MXN	Mexican Peso
CNH	Chinese Renminbi (Offshore)	PEN	Peruvian New Sol
CNY	Chinese Renminbi (Mainland)	TRY	Turkish New Lira
EUR	Euro	TWD	Taiwanese Dollar
GBP	British Pound	USD (or $)	United States Dollar
HUF	Hungarian Forint	ZAR	South African Rand
IDR	Indonesian Rupiah
Exchange Abbreviations:
OTC	Over the Counter
Index/Spread Abbreviations:
CAONREPO	Canadian Overnight Repo Rate Average	SONIO	Sterling Overnight Interbank Average Rate
CDX.EM	Credit Derivatives Index - Emerging Markets	SOFR	Secured Overnight Financing Rate
CDX.HY	Credit Derivatives Index - High Yield	SOFR30A	30-day Secured Overnight Financing Rate Average
CDX.IG	Credit Derivatives Index - Investment Grade	TSFR1M	Term SOFR 1-Month
CMBX	Commercial Mortgage-Backed Index	TSFR3M	Term SOFR 3-Month
EUR003M	3 Month EUR Swap Rate	UKRPI	United Kingdom Retail Prices Index
MUTKCALM	Tokyo Overnight Average Rate
Other Abbreviations:
BABs	Build America Bonds	Lunar	Monthly payment based on 28-day periods. One year consists of 13 periods.
BBR	Bank Bill Rate	OIS	Overnight Index Swap
BBSW	Bank Bill Swap Reference Rate	PIK	Payment-in-Kind
BRL-CDI	Brazil Interbank Deposit Rate	REIT	Real Estate Investment Trust
CLO	Collateralized Loan Obligation	TBA	To-Be-Announced
DAC	Designated Activity Company	TBD	To-Be-Determined
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”
LIBOR	London Interbank Offered Rate

SEMIANNUAL REPORT DECEMBER 31, 2023 85

Distribution Information

(Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the “Act”), the Fund 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 December 31, 2023 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)
September 2023	$	0.1121	$	0.0000	$	0.0000	$	0.1121
December 2023	$	0.2413	$	0.0000	$	0.0000	$	0.2413
I-2	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2023	$	0.1109	$	0.0000	$	0.0000	$	0.1109
December 2023	$	0.2373	$	0.0000	$	0.0000	$	0.2373
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2023	$	0.1055	$	0.0000	$	0.0000	$	0.1055
December 2023	$	0.2290	$	0.0000	$	0.0000	$	0.2290
Class C	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2023	$	0.0894	$	0.0000	$	0.0000	$	0.0894
December 2023	$	0.2012	$	0.0000	$	0.0000	$	0.2012

* 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.

86 PIMCO EQUITY SERIES  

Approval of Investment Advisory Contract and Other Agreements

(Unaudited)

At a meeting held on August 22-23, 2023, the Board of Trustees (the “Board”) of PIMCO Equity Series (the “Trust”), including the Trustees who are not “interested persons” of the Trust under the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered and unanimously approved the renewal of the Investment Advisory Contract (the “Investment Advisory Contract”) between the Trust, on behalf of 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 Income 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, and PIMCO REALPATH^® Blend 2065 Fund (each, a “Fund” and collectively, the “Funds”), and Pacific Investment Management Company LLC (“PIMCO”), for an additional one-year term through August 31, 2024. The Board also considered and unanimously approved the renewal of the Second Amended and Restated Supervision and Administration Agreement (the “Supervision and Administration Agreement”) between the Trust, on behalf of the Funds, and PIMCO for an additional one-year term through August 31, 2024.

In addition, the Board considered and unanimously approved the renewal of the Second Amended and Restated Sub-Advisory Agreement (the “Sub-Advisory Agreement” and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the “Agreements”) between PIMCO, on behalf 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 (the “RAE Funds”), each a series of the Trust, and Research Affiliates, LLC (“Research Affiliates”) for an additional one-year term through August 31, 2024.

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

1. INFORMATION RECEIVED

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Funds’ investment performance and a significant amount of information relating to Fund operations, including shareholder services, valuation and custody, the Funds’ compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Funds, as applicable. In considering whether to approve the renewal of the Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO, including, where relevant, financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Funds; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Funds; and information about the fees charged and services provided to other clients with similar investment mandates as the Funds, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees (“Counsel”), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements.

  SEMIANNUAL REPORT DECEMBER 31, 2023 87

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

(b) Review Process: In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board’s request by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 22-23, 2023 meeting. The Independent Trustees also met via video conference with Counsel on July 25, 2023, and conducted a video conference meeting on August 11, 2023 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes. The Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the expense structure of certain Funds and classes, outflows for certain Funds, Fund performance and profitability.

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

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources: The Board considered the depth and quality of PIMCO’s investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Funds’ asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Agreement. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO’s commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed for the competitive investment management industry and to strengthen its ability to deliver advisory services under the Investment Advisory Contract. The Board considered PIMCO’s policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including new regulations impacting the Funds, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Funds’ investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered

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PIMCO’s continuous investment in its disciplines and personnel, which has enhanced PIMCO’s services to the Funds and has allowed PIMCO to introduce innovative new funds over time and other investment options that have the potential to benefit shareholders.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including the ongoing development of its own proprietary software and applications to support the Funds.

Similarly, the Board considered the sub-advisory services provided by Research Affiliates to the RAE Funds. The Board further considered PIMCO’s oversight of Research Affiliates in connection with Research Affiliates providing sub-advisory services to the RAE Funds. The Board also considered the depth and quality of Research Affiliates’ investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization.

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

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Funds under the Supervision and Administration Agreement. The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the “unified fee”). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Funds, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement is expected to continue to increase. The Board considered PIMCO’s provision of supervisory and administrative services and its supervision of the Trust’s third party service providers.

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

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Funds’ performance, as available, over short- and long-term periods ended March 31, 2023 and other performance data, as available, over short- and long-term periods ended June 30, 2023 (the “PIMCO Report”) and from Broadridge concerning the Funds’ performance, as available, over short- and long-term periods ended March 31, 2023 (the “Broadridge Report”). The Board also noted that while historically the Broadridge Report included peer classifications from only Lipper, as part of this approval process the Broadridge Report incorporated peer classifications from Morningstar for Funds for which it was believed that Morningstar provided a materially improved comparison.

  SEMIANNUAL REPORT DECEMBER 31, 2023 89

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

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Fund relative to its Fund peer group, where appropriate, and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report.

The Trustees noted the Funds (based on Institutional Class performance) that outperformed their respective benchmark indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2023. The Board also noted the amounts of the Funds’ assets (based on Institutional Class performance) that outperformed their relevant benchmark indexes on a net-of-fees basis over the one-, three- and five-year periods ended March 31, 2023. The Board discussed these and other performance-related developments. The Board considered that, according to the Broadridge Report, the Funds generally performed well versus competitors during the long-term, but that certain Funds had underperformed in comparison to their respective peer groups or benchmark indexes, or both, on a net-of-fees basis over certain short- and long-term periods. With respect to Funds that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Funds. The Board also considered actions that have been taken by PIMCO throughout the year to attempt to address underperformance. Depending on the circumstances, the Independent Trustees may be satisfied with a Fund’s performance notwithstanding that it lags its benchmark index or peer group for certain periods.

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

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

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

The Board reviewed the advisory fees, supervisory and administrative fees and total expense ratios of the Funds (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Funds, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid

90 PIMCO EQUITY SERIES  

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by such Funds to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a “Peer Group” of comparable funds, where appropriate, as well as the universe of other similar funds. The Board also considered that PIMCO reviews the Funds’ fee levels and carefully considers changes where appropriate. The Board also reviewed data comparing certain Funds’ advisory fees to the fee rates PIMCO charged to private funds, separate accounts, sub-advised clients, and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Funds, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Funds, differences in the number or extent of the services provided by PIMCO to the Funds, the manner in which similar portfolios may be managed, different requirements with respect to liquidity management and the implementation of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees.

The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Funds because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less onerous and proscriptive regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Funds. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund’s investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Funds’ supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that as the Funds’ business has become increasingly complex and the number of Funds has grown over time, PIMCO has provided an increasingly broad array of fund supervisory and administrative functions. In addition, the Board considered the Trust’s unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Funds, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust’s unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Fund fees that are fixed over the contract period, rather than variable. The

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

Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Fund fees at competitive levels over the contract period even if the Funds’ operating costs rise when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO’s approach of pricing Funds at scale at inception and reinvesting in other important areas of the business that support the Funds. The Board concluded that the Funds’ supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Fund fees during the contractual period, which is beneficial to the Funds and their shareholders.

The Board noted that in most cases the Funds’ total expense ratios were lower than the total expense ratios of competitor funds. The Board discussed with PIMCO certain Funds and/or classes of Funds that had above median total expense ratios. Upon comparing the Funds’ total expense ratios to other funds in the “Peer Groups” provided by the Broadridge Report where appropriate, the Board found total expense ratios of each Fund to be reasonable.

The Trustees also considered the advisory fees charged to the Funds that operate as funds of funds (the “Funds of Funds”) and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the expense limitation agreement in place for all of the Funds and the various fee waiver agreements in place for certain of the Funds and/or classes and the Funds of Funds. Based on the information presented by PIMCO, Research Affiliates and Broadridge, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements, that the fees charged by Research Affiliates under the Sub-Advisory Agreement, and that the total expense ratios of each Fund are reasonable.

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

The Board reviewed information regarding PIMCO’s costs of providing services to the Funds as a whole, as well as the resulting level of profits attributable to the Funds. The Board also noted that it had received information regarding the structure and manner in which PIMCO’s investment professionals were compensated and PIMCO’s view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO’s investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Funds, PIMCO shares the benefits of such economies of scale, if any, with the Funds and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Funds to scale from inception and the enhancement of services provided to the Funds in return for

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fees paid. In considering the advisory fees paid by the Funds, the Board also reviewed materials indicating that retail investors in the Funds received the benefit of PIMCO’s advisory services at the same advisory fee rates as institutional investors. The Board considered that the Funds’ unified fee rates had been set competitively and/or priced to scale from inception and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Fund’s shareholders of the fees associated with the Fund, and that the Fund bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain “diseconomies” of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Funds.

The Trustees considered that the unified fee has provided inherent economies of scale because a Fund maintains competitive fixed fees over the annual contract period even if the particular Fund’s assets decline and/or operating costs rise. The Trustees also reviewed materials indicating that, unlike the Funds’ unified fee structure, funds with “pass through” administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also considered that the unified fee protects shareholders from a rise in administrative and operating costs that may result from, among other things, PIMCO’s investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO’s investments in these areas are extensive.

The Board concluded that the Funds’ cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Funds’ unified fee structure, generally pricing Funds to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Funds and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO’s relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO’s institutional investment management business due to the reputation and market penetration of the Trust or third party service providers’ relationship-level fee concessions, which decrease fees paid by PIMCO. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Funds and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Funds’ Rule 12b-1 plans or otherwise, such as through all or portions of the sales charges on Class A or Class C shares of the Funds, as applicable. In addition, the Board considered that PIMCO may benefit indirectly from its use of the HUB technology platform, a joint venture between PIMCO, Man Group, S&P Global, Microsoft and State Street. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Funds, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Funds by PIMCO

  SEMIANNUAL REPORT DECEMBER 31, 2023 93

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

(Unaudited)

and Research Affiliates supported the renewal of the Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements continued to be fair and reasonable to the Funds and their shareholders, that the fees charged under the Agreements were fair and reasonable in light of the services provided, and the fees paid to Research Affiliates by PIMCO under the Sub-Advisory Agreement on behalf of the Funds were fair and reasonable in light of the services provided, and that the renewal of the Agreements was in the best interests of the Funds and their shareholders.

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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

1100 Main Street, Suite 400

Kansas City, MO 64105

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

Institutional Class, I-2, I-3, Administrative Class

430 W 7th Street STE 219024

Kansas City, MO 64105-1407

SS&C Global Investor & Distribution 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.

PES4001SAR_123123

PIMCO EQUITY SERIES^®

Semiannual Report

December 31, 2023

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
Market Insights		2
Important Information About the Funds		3
Expense Examples		18
Financial Highlights		20
Statements of Assets and Liabilities		26
Statements of Operations		28
Statements of Changes in Net Assets		30
Notes to Financial Statements		52
Glossary		70
Distribution Information		71
Approval of Investment Advisory Contract and Other Agreements		72

Fund	Fund Summary		Schedule of Investments
PIMCO RAE Emerging Markets Fund		8		32
PIMCO RAE Global ex-US Fund		10		39
PIMCO RAE International Fund		12		40
PIMCO RAE US Fund		14		47
PIMCO RAE US Small Fund		16		49

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.

Market Insights    

Dear Shareholder,

This semiannual report covers the six-month reporting period ended December 31, 2023 (the “reporting period”). On the subsequent pages, you will find details regarding investment results and a discussion of certain factors that affected performance during the reporting period.

The global economy continued to grow despite inflation that remains elevated, interest rate increases, tighter credit conditions, and geopolitical concerns affecting many countries. This resilience was particularly evident in the United States (“U.S.”). Some European economies experienced slower growth and generally continued to expand over the reporting period.

Central banks slowed interest rate hikes

Inflation eased over the reporting period, and several bank officials suggested that central banks may slow aggressive interest-rate hikes. From March 2022 through July 2023, the U.S. Federal Reserve (the “Fed”) raised the federal funds rate a total of 5.25 percentage points. In September, November and December 2023, the Fed did not increase interest rates. In December 2023, Fed communications conveyed a belief that the policy rate may be likely at or near its peak for the tightening cycle. From July 2022 through September 2023, the European Central Bank (“ECB”) raised its deposit facility overnight rate a total of 4.50 percentage points and then held rates steady at its October and December 2023 meetings. Meanwhile, from December 2019 through July 2023, the Bank of England (“BoE”) raised its Bank Rate a total of 5.15 percentage points and then held rates steady in September, November and December 2023. Both the ECB and BoE acknowledged the possibility of rate cuts in 2024.

Mixed financial market returns

The yield on the benchmark 10-year U.S. Treasury increased during the reporting period. In many other developed markets, yields on 10-year government bonds fluctuated. Overall, the global bond market rallied toward the end of 2023, bolstered by central bank officials’ policy pronouncements signaling a possible end to monetary tightening. During the reporting period, lower-rated bonds generally outperformed their higher-rated counterparts. Global equities and commodities rose amid market volatility. The U.S. dollar weakened relative to the euro, British pound and Japanese yen.

We continue to work diligently to navigate dynamic global markets and manage the assets that you have entrusted with us. We encourage you to speak with your financial advisor about your goals and visit global.pimco.com for our latest insights.

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

Total Returns of Certain Asset Classes for the Period Ended December 31, 2023
Asset Class (as measured by, currency)	Six-Month
U.S. large cap equities (S&P 500 Index, USD)	8.04%
Global equities (MSCI World Index, USD)	7.56%
European equities (MSCI Europe Index, EUR)	4.24%
Emerging market equities (MSCI Emerging Markets Index, EUR)	4.71%
Japanese equities (Nikkei 225 Index, JPY)	1.74%
Emerging market local bonds (JPMorgan Government Bond Index-Emerging Markets Global Diversified Index, USD Unhedged)	4.55%
Emerging market external debt (JPMorgan Emerging Markets Bond Index (EMBI) Global, USD Hedged)	6.40%
Below investment grade bonds (ICE BofAML Developed Markets High Yield Constrained Index, USD Hedged)	7.90%
Global investment grade credit bonds (Bloomberg Global Aggregate Credit Index, USD Hedged)	5.52%
Fixed-rate, local currency government debt of investment grade countries (Bloomberg Global Treasury Index, USD Hedged)	3.48%

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.

Statements concerning financial market trends are based on current market conditions, which will fluctuate. There is no guarantee that these investment strategies will work under all market conditions or are appropriate for all investors and each investor should evaluate their ability to invest for the long-term, especially during periods of downturn in the market. Outlook and strategies are subject to change without notice.

2 PIMCO EQUITY SERIES  

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, as amended (the “Act”) (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. All Funds are 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.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that have provided material aid to Russia’s aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures have had and may continue to have an adverse effect on the Russian, Belarusian and other securities and economies, which may, in turn, negatively impact a Fund. The extent, duration and impact of Russia’s military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, a Fund may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause a Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that a Fund may no longer seek to hold. PIMCO will continue to actively manage these positions in the best interests of a Fund and its shareholders.

The United States’ enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has

  SEMIANNUAL REPORT | DECEMBER 31, 2023 3

Important Information About the Funds (Cont.)

contributed to and may continue to contribute to international trade tensions and may impact portfolio securities (and/or portfolio securities of Underlying PIMCO Funds or Acquired Funds, as applicable). The United States’ enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government’s response, may also negatively impact securities and instruments that are economically tied to Russia.

A Fund may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate (“LIBOR”). LIBOR was traditionally 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. Although the transition process away from LIBOR for many instruments has been completed, some LIBOR use is continuing and there are potential effects related to the transition away from LIBOR or continued use of LIBOR on the Fund, or on certain instruments in which the Fund invests, which can be difficult to ascertain, and may vary depending on factors that include, but are not limited to: (i) existing fallback or termination provisions in individual contracts and (ii) whether, how and when industry participants adopt new reference rates for affected instruments. The transition of investments from LIBOR to a replacement rate as a result of amendment, application of existing fallbacks, statutory requirements or otherwise 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. In addition, an instrument’s transition to a replacement rate could result in variations in the reported yields of the Fund that holds such instrument. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Fund.

A Fund may have investments 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, export and import controls 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 or expanding bans on 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 (e.g. Belarus). Such sanctions and other

similar measures — which may impact companies in many sectors, including energy, financial services, technology, accounting, quantum computing, shipping, aviation, metals and mining, and defense, among others — and Russia’s countermeasures 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 and other issuers of securities in which a Fund is invested. 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 export and import controls, or cyberattacks on the Russian government, Russian companies or Russian individuals, including politicians. Any actions by Russia made in response to such sanctions or retaliatory measures could further impair the value and liquidity of Fund investments. Sanctions and other similar measures have resulted in defaults on debt obligations by certain corporate issuers and the Russian Federation that could lead to cross-defaults or cross-accelerations on other obligations of these issuers. 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

4 PIMCO EQUITY SERIES

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. In addition, sanctions or Russian countermeasures may prohibit or limit a Fund’s ability to participate in corporate actions, and therefore require the Fund to forego voting on or receiving funds that would otherwise be beneficial to the Fund. 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. In addition, sanctions or Russian countermeasures may prohibit or limit a Fund’s ability to participate in corporate actions, and therefore require the Fund to forego voting on or receiving funds that would otherwise be beneficial to the Fund. 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 nationalization or expropriation of assets. Oil, natural gas, metals, minerals, 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, minerals 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 extremefinancial or political crisis. Such capital controls may prevent

the sale of a portfolio of foreign assets and the repatriation of investment income and capital.

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.

U.S. and global markets recently have experienced increased volatility, including as a result of the recent failures of certain U.S. and non-U.S. banks, which could be harmful to the Funds and issuers in which they invest. For example, if a bank at which a Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which a Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Funds invest remain solvent, continued volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Conditions in the banking sector are evolving, and the scope of any potential impacts to the Funds and issuers, both from market conditions and also potential legislative or regulatory responses, are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings, including those of U.S. and non-U.S. banks. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

On each 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

SEMIANNUAL REPORT | DECEMBER 31, 2023 5

Important Information About the Funds (Cont.)

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, as applicable, 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 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

6 PIMCO EQUITY SERIES

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 schedules 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 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.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund (“ETF”) shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments were effective as of January 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading. As such, beginning in July 2024, the Funds must comply with certain new requirements which include, but are not limited to, making significant updates to the content of their shareholder reports and mailing paper copies of the new tailored shareholder reports to shareholders who have not opted to receive shareholder report documents electronically.

In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to mitigate dilution of shareholders’ interests in a fund by requiring the adjustment of fund net asset value per share to pass on costs stemming from shareholder purchase or redemption activity. In addition the

proposed rule would amend the liquidity rule framework. The proposal’s impact on the Fund will not be known unless and until any final rulemaking is adopted.

In November 2022, the SEC adopted amendments to Form N-PX under the Act to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand the scope of funds’ Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for “Say on Pay” votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N-PX; and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024.

In September 2023, the SEC adopted 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 amendments expand the scope of the current rule in a number of ways that are expected to result in an increase in the types of fund names that would require the fund to adopt an 80% investment policy under the rule. Additionally, the amendments address deviations from a fund’s 80% investment policy and the use and valuation of derivatives instruments for purposes of the rule. The amendments are effective as of December 11, 2023, but the SEC is providing a 24-month compliance period following the effective date for fund groups with net assets of $1 billion or more (and a 30-month compliance period for fund groups with net assets of less than $1 billion).

  SEMIANNUAL REPORT | DECEMBER 31, 2023 7

PIMCO RAE Emerging Markets Fund

Cumulative Returns Through December 31, 2023

$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 December 31, 2023**
		6 Months*		1 Year		5 Years		10 Years		Fund Inception (05/31/06)
	PIMCO RAE Emerging Markets Fund Institutional Class		10.98%		22.69%		7.87%		5.09%		6.29%
	PIMCO RAE Emerging Markets Fund I-2		10.93%		22.44%		7.74%		4.98%		6.22%
	PIMCO RAE Emerging Markets Fund Class A		10.75%		22.26%		7.48%		4.79%		6.12%
	PIMCO RAE Emerging Markets Fund Class A (adjusted)		6.60%		17.63%		6.66%		4.39%		5.89%
	MSCI Emerging Markets Value Index±		7.21%		14.21%		3.38%		1.94%		3.99%
	MSCI Emerging Markets Index±±ª		4.71%		9.83%		3.68%		2.66%		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.

* Cumulative return.

^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, as stated in the Fund’s currently-effective prospectus (as of the date of this report), were 0.77% for Institutional Class shares, 0.87% for I-2 shares and 1.12% for Class A shares. See Financial Highlights for actual expense ratios as of the end of the period covered by this report.

8 PIMCO EQUITY SERIES  

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

Geographic Breakdown as of December 31, 2023^†§

China	26.3%
India	17.7%
South Korea	13.1%
Taiwan	12.4%
Brazil	6.3%
South Africa	3.8%
Short-Term Instruments	3.5%
Mexico	3.4%
Thailand	3.4%
Indonesia	2.4%
Malaysia	1.5%
Poland	1.5%
Turkey	1.3%
Hong Kong	1.1%
Other	2.3%

^† % 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 financials sector contributed to relative returns, as the Fund’s holdings outperformed the MSCI Emerging Markets Value Index (the “benchmark index”).

» Security selection in the industrials sector contributed to relative returns, as 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.

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

» There were no other material detractors for this Fund.

  SEMIANNUAL REPORT | DECEMBER 31, 2023 9

PIMCO RAE Global ex-US Fund

Cumulative Returns Through December 31, 2023

$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 December 31, 2023
		6 Months*		1 Year		5 Years		Fund Inception (06/05/15)
	PIMCO RAE Global ex-US Fund Institutional Class		8.32%		19.29%		7.47%		4.76%
	PIMCO RAE Global ex-US Fund I-2		8.26%		19.20%		7.41%		4.68%
	PIMCO RAE Global ex-US Fund Class A		8.11%		18.90%		7.09%		4.40%
	PIMCO RAE Global ex-US Fund Class A (adjusted)		4.02%		14.49%		6.28%		3.94%
	MSCI All Country World ex US Value Index±		8.35%		17.30%		6.34%		3.57%
	MSCI All Country World ex US Index±±ª		5.61%		15.62%		7.08%		4.34%

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.

* Cumulative return.

^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, as stated in the Fund’s currently-effective prospectus (as of the date of this report), which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) were 1.13% for Institutional Class shares, 1.23% for I-2 shares and 1.48% for Class A shares. See Financial Highlights for actual expense ratios as of the end of the period covered by this report.

10 PIMCO EQUITY SERIES  

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

Top Holdings as of December 31, 2023^†§

PIMCO RAE International Fund	74.8%
PIMCO RAE Emerging Markets Fund	25.0%

^† % of Investments, at value.

^§ Top Holdings and % of Investments exclude securities sold short and 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 financials sector contributed to relative returns, as the Fund’s holdings outperformed the MSCI All Country World ex-U.S. Value Index (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 energy sector contributed to relative returns, as the Fund’s holdings outperformed 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.

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

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

  SEMIANNUAL REPORT | DECEMBER 31, 2023 11

PIMCO RAE International Fund

Cumulative Returns Through December 31, 2023

$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 December 31, 2023
		6 Months*		1 Year		5 Years		Fund Inception (06/05/15)
	PIMCO RAE International Fund Institutional Class		7.50%		18.16%		7.38%		4.41%
	PIMCO RAE International Fund I-2		7.50%		18.07%		7.26%		4.32%
	PIMCO RAE International Fund Class A		7.39%		17.84%		6.99%		4.05%
	PIMCO RAE International Fund Class A (adjusted)		3.34%		13.42%		6.18%		3.59%
	MSCI EAFE Value Index±		0.0885		18.95%		7.08%		3.70%
	MSCI EAFE Index±±ª		0.0588		18.24%		8.16%		4.82%

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.

* Cumulative return.

^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, as stated in the Fund’s currently-effective prospectus (as of the date of this report), were 0.52% for Institutional Class shares, 0.62% for I-2 shares and 0.87% for Class A shares. See Financial Highlights for actual expense ratios as of the end of the period covered by this report.

12 PIMCO EQUITY SERIES  

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

Geographic Breakdown as of December 31, 2023^†§

Japan	24.8%
United Kingdom	13.1%
Canada	8.5%
Netherlands	6.8%
Spain	6.6%
France	5.7%
Germany	5.6%
Switzerland	5.5%
Australia	5.3%
Sweden	3.9%
Hong Kong	2.5%
Short-Term Instruments	2.4%
Italy	1.8%
Finland	1.7%
Israel	1.6%
Denmark	1.2%
Other	3.0%

^† % of Investments, at value.

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

Fund Insights

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

» Security selection in the industrials sector contributed to relative returns, as the Fund’s holdings outperformed the MSCI EAFE Value Index (the “benchmark index”).

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

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

» 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.

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

  SEMIANNUAL REPORT | DECEMBER 31, 2023 13

PIMCO RAE US Fund

Cumulative Returns Through December 31, 2023

$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 December 31, 2023**
		6 Months*		1 Year		5 Years		10 Years		Fund Inception (12/22/04)
	PIMCO RAE US Fund Institutional Class		11.89%		17.07%		13.41%		9.81%		8.95%
	PIMCO RAE US Fund I-2		11.87%		16.99%		13.30%		9.72%		8.90%
	PIMCO RAE US Fund Class A		11.64%		16.58%		12.94%		9.42%		8.75%
	PIMCO RAE US Fund Class A (adjusted)		7.45%		12.19%		12.09%		9.01%		8.53%
	Russell 1000® Value Index±		6.03%		11.46%		10.91%		8.40%		7.56%¨
	S&P 500 Index±±ª		8.04%		26.29%		15.69%		12.03%		9.63%¨

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.

* Cumulative return.

^¨ 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 mid-capitalization 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, as stated in the Fund’s currently-effective prospectus (as of the date of this report), were 0.41% for Institutional Class shares, 0.51% for I-2 shares, and 0.81% for Class A shares. See Financial Highlights for actual expense ratios as of the end of the period covered by this report.

14 PIMCO EQUITY SERIES  

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

Sector Breakdown as of December 31, 2023^†§

Information Technology	30.1%
Health Care	15.0%
Energy	12.7%
Consumer Discretionary	9.8%
Financials	8.5%
Communication Services	7.3%
Consumer Staples	7.3%
Industrials	3.7%
Utilities	3.6%
Materials	1.2%
Real Estate	0.7%
Short-Term Instruments	0.1%

^† % 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:

» Security selection in the energy sector contributed to relative returns, as the Fund’s holdings outperformed the Russell 1000^® Value Index (the “benchmark index”).

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

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

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

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

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

  SEMIANNUAL REPORT | DECEMBER 31, 2023 15

PIMCO RAE US Small Fund

Cumulative Returns Through December 31, 2023

$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 December 31, 2023**
		6 Months*		1 Year		5 Years		10 Years		Fund Inception (09/29/05)
	PIMCO RAE US Small Fund Institutional Class		14.31%		20.06%		15.61%		9.40%		9.41%
	PIMCO RAE US Small Fund I-2		14.21%		19.89%		15.49%		9.30%		9.35%
	PIMCO RAE US Small Fund Class A		14.07%		19.74%		15.15%		9.03%		9.20%
	PIMCO RAE US Small Fund Class A (adjusted)		9.80%		15.19%		14.27%		8.62%		8.97%
	Russell 2000® Value Index±		11.85%		14.65%		10.00%		6.76%		7.04%
	Russell 2000® Index±±ª		8.18%		16.93%		9.97%		7.16%		7.72%¨

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.

* Cumulative return.

^¨ 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, as stated in the Fund’s currently-effective prospectus (as of the date of this report), were 0.51% for Institutional Class shares, 0.61% for I-2 shares and 0.91% for Class A shares. See Financial Highlights for actual expense ratios as of the end of the period covered by this report.

16 PIMCO EQUITY SERIES  

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

Sector Breakdown as of December 31, 2023^†§

Consumer Discretionary	23.4%
Industrials	15.6%
Financials	10.8%
Information Technology	8.7%
Real Estate	8.3%
Energy	8.0%
Health Care	7.2%
Materials	7.1%
Consumer Staples	4.5%
Short-Term Instruments	4.1%
Communication Services	1.8%
Utilities	0.5%

^† % 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 consumer discretionary sector contributed to relative returns, as the sector and the Fund’s holdings outperformed the Russell 2000^® Value Index (the “benchmark index”).

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

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

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

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

  SEMIANNUAL REPORT | DECEMBER 31, 2023 17

Expense Examples

Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and exchange fees and (2) ongoing costs, including 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 July 1, 2023 to December 31, 2023 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 (07/01/23)		Ending Account Value (12/31/23)		Expenses Paid During Period*		Beginning Account Value (07/01/23)		Ending Account Value (12/31/23)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO RAE Emerging Markets Fund
Institutional Class	$	1,000.00	$	1,109.80	$	4.11	$	1,000.00	$	1,021.10	$	3.94		0.78	%
I-2		1,000.00		1,109.30		4.64		1,000.00		1,020.60		4.45		0.88
Class A		1,000.00		1,107.50		5.95		1,000.00		1,019.35		5.70		1.13
PIMCO RAE Global ex-US Fund
Institutional Class	$	1,000.00	$	1,083.20	$	0.00	$	1,000.00	$	1,025.00	$	0.00		0.00	%
I-2		1,000.00		1,082.60		0.52		1,000.00		1,024.50		0.51		0.10
Class A		1,000.00		1,081.10		1.82		1,000.00		1,023.25		1.77		0.35
PIMCO RAE International Fund
Institutional Class	$	1,000.00	$	1,075.00	$	2.59	$	1,000.00	$	1,022.50	$	2.53		0.50	%
I-2		1,000.00		1,075.00		3.11		1,000.00		1,022.00		3.03		0.60
Class A		1,000.00		1,073.90		4.41		1,000.00		1,020.75		4.29		0.85
PIMCO RAE US Fund
Institutional Class	$	1,000.00	$	1,118.90	$	2.12	$	1,000.00	$	1,023.00	$	2.02		0.40	%
I-2		1,000.00		1,118.70		2.65		1,000.00		1,022.50		2.53		0.50
Class A		1,000.00		1,116.40		4.23		1,000.00		1,021.00		4.04		0.80

18 PIMCO EQUITY SERIES  

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (07/01/23)		Ending Account Value (12/31/23)		Expenses Paid During Period*		Beginning Account Value (07/01/23)		Ending Account Value (12/31/23)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO RAE US Small Fund
Institutional Class	$	1,000.00	$	1,143.10	$	2.68	$	1,000.00	$	1,022.50	$	2.53		0.50	%
I-2		1,000.00		1,142.10		3.21		1,000.00		1,022.00		3.03		0.60
Class A		1,000.00		1,140.70		4.82		1,000.00		1,020.50		4.55		0.90

* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

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

  SEMIANNUAL REPORT | DECEMBER 31, 2023 19

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 RAE Emerging Markets Fund
Institutional Class
07/01/2023 - 12/31/2023+	$	9.43	$	0.18	$	0.85		$	1.03		$	(0.41	)	$	0.00		$	(0.41	)
06/30/2023		8.85		0.42		1.13			1.55			(0.05	)		(0.92	)		(0.97	)
06/30/2022		12.02		0.55		(2.76	)		(2.21	)		(0.96	)		0.00			(0.96	)
06/30/2021		7.83		0.27		4.09			4.36			(0.17	)		0.00			(0.17	)
06/30/2020		9.92		0.24		(2.06	)		(1.82	)		(0.24	)		(0.03	)		(0.27	)
06/30/2019		10.74		0.29		(0.11	)		0.18			(0.26	)		(0.74	)		(1.00	)
I-2
07/01/2023 - 12/31/2023+		9.36		0.17		0.84			1.01			(0.40	)		0.00			(0.40	)
06/30/2023		8.80		0.41		1.11			1.52			(0.04	)		(0.92	)		(0.96	)
06/30/2022		11.97		0.50		(2.71	)		(2.21	)		(0.96	)		0.00			(0.96	)
06/30/2021		7.80		0.30		4.03			4.33			(0.16	)		0.00			(0.16	)
06/30/2020		9.86		0.32		(2.16	)		(1.84	)		(0.19	)		(0.03	)		(0.22	)
06/30/2019		10.68		0.29		(0.11	)		0.18			(0.26	)		(0.74	)		(1.00	)
Class A
07/01/2023 - 12/31/2023+		9.23		0.14		0.85			0.99			(0.39	)		0.00			(0.39	)
06/30/2023		8.70		0.41		1.07			1.48			(0.03	)		(0.92	)		(0.95	)
06/30/2022		11.86		0.47		(2.68	)		(2.21	)		(0.95	)		0.00			(0.95	)
06/30/2021		7.75		0.23		4.03			4.26			(0.15	)		0.00			(0.15	)
06/30/2020		9.84		0.23		(2.07	)		(1.84	)		(0.22	)		(0.03	)		(0.25	)
06/30/2019		10.68		0.25		(0.09	)		0.16			(0.26	)		(0.74	)		(1.00	)
PIMCO RAE Global ex-US Fund
Institutional Class
07/01/2023 - 12/31/2023+	$	9.35	$	0.62	$	0.14		$	0.76		$	(0.48	)	$	(0.37	)	$	(0.85	)
06/30/2023		8.78		0.17		1.15			1.32			(0.15	)		(0.60	)		(0.75	)
06/30/2022		11.65		1.15		(2.80	)		(1.65	)		(1.22	)		0.00			(1.22	)
06/30/2021		8.20		0.21		3.45			3.66			(0.21	)		0.00			(0.21	)
06/30/2020		10.23		0.38		(1.76	)		(1.38	)		(0.37	)		(0.28	)		(0.65	)
06/30/2019		10.68		0.32		(0.51	)		(0.19	)		(0.26	)		0.00			(0.26	)
I-2
07/01/2023 - 12/31/2023+		9.37		0.58		0.18			0.76			(0.48	)		(0.37	)		(0.85	)
06/30/2023		8.80		0.16		1.16			1.32			(0.15	)		(0.60	)		(0.75	)
06/30/2022		11.67		1.39		(3.04	)		(1.65	)		(1.22	)		0.00			(1.22	)
06/30/2021		8.18		0.02		3.63			3.65			(0.16	)		0.00			(0.16	)
06/30/2020		10.20		0.30		(1.68	)		(1.38	)		(0.36	)		(0.28	)		(0.64	)
06/30/2019		10.65		0.26		(0.46	)		(0.20	)		(0.25	)		0.00			(0.25	)
Class A
07/01/2023 - 12/31/2023+		9.15		0.54		0.19			0.73			(0.47	)		(0.37	)		(0.84	)
06/30/2023		8.62		0.15		1.12			1.27			(0.14	)		(0.60	)		(0.74	)
06/30/2022		11.48		1.08		(2.74	)		(1.66	)		(1.20	)		0.00			(1.20	)
06/30/2021		8.10		0.18		3.39			3.57			(0.19	)		0.00			(0.19	)
06/30/2020		10.14		0.41		(1.81	)		(1.40	)		(0.36	)		(0.28	)		(0.64	)
06/30/2019		10.61		0.23		(0.46	)		(0.23	)		(0.24	)		0.00			(0.24	)
PIMCO RAE International Fund
Institutional Class
07/01/2023 - 12/31/2023+	$	8.09	$	0.09	$	0.50		$	0.59		$	(0.47	)	$	(0.32	)	$	(0.79	)
06/30/2023		7.55		0.25		0.82			1.07			(0.17	)		(0.36	)		(0.53	)
06/30/2022		11.23		0.36		(1.69	)		(1.33	)		(0.46	)		(1.89	)		(2.35	)
06/30/2021		8.11		0.27		3.08			3.35			(0.23	)		0.00			(0.23	)
06/30/2020		9.74		0.23		(1.45	)		(1.22	)		(0.41	)		0.00			(0.41	)
06/30/2019		10.60		0.34		(0.68	)		(0.34	)		(0.25	)		(0.27	)		(0.52	)
I-2
07/01/2023 - 12/31/2023+		8.04		0.09		0.50			0.59			(0.47	)		(0.32	)		(0.79	)
06/30/2023		7.51		0.26		0.80			1.06			(0.17	)		(0.36	)		(0.53	)
06/30/2022		11.17		0.35		(1.69	)		(1.34	)		(0.43	)		(1.89	)		(2.32	)
06/30/2021		8.07		0.40		2.92			3.32			(0.22	)		0.00			(0.22	)
06/30/2020		9.71		0.21		(1.43	)		(1.22	)		(0.42	)		0.00			(0.42	)
06/30/2019		10.57		0.30		(0.64	)		(0.34	)		(0.25	)		(0.27	)		(0.52	)

20 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(e)
Net Asset 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
$	10.05		10.98	%	$	1,455,228		0.78	%*		0.79	%*		0.75	%*		0.76	%*		3.69	%*		39	%
	9.43		18.81			1,262,012		0.76			0.77			0.75			0.76			4.72			65
	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
	9.97		10.93			132,890		0.88	*		0.89	*		0.85	*		0.86	*		3.46	*		39
	9.36		18.62			95,565		0.86			0.87			0.85			0.86			4.55			65
	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
	9.83		10.87			21,665		1.13	*		1.14	*		1.10	*		1.11	*		2.99	*		39
	9.23		18.35			25,955		1.11			1.12			1.10			1.11			4.63			65
	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
$	9.26		8.32	%	$	87,037		0.00	%*		0.56	%*		0.00	%*		0.56	%*		13.05	%*		8	%
	9.35		15.90			76,470		0.00			0.56			0.00			0.56			1.86			14
	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
	9.28		8.26			121		0.10	*		0.66	*		0.10	*		0.66	*		12.23	*		8
	9.37		15.82			117		0.10			0.66			0.10			0.66			1.76			14
	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
	9.04		8.11			15,762		0.35	*		0.91	*		0.35	*		0.91	*		11.73	*		8
	9.15		15.57			15,625		0.35			0.91			0.35			0.91			1.72			14
	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
$	7.89		7.50	%	$	479,196		0.50	%*		0.51	%*		0.50	%*		0.51	%*		2.23	%*		21	%
	8.09		14.91			561,420		0.51			0.52			0.50			0.51			3.29			94
	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
	7.84		7.50			10,890		0.60	*		0.61	*		0.60	*		0.61	*		2.15	*		21
	8.04		14.78			10,660		0.61			0.62			0.60			0.61			3.36			94
	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

  SEMIANNUAL REPORT | DECEMBER 31, 2023 21

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 RAE International Fund (Cont.)
Class A
07/01/2023 - 12/31/2023+	$	7.90	$	0.08	$	0.49		$	0.57		$	(0.46	)	$	(0.32	)	$	(0.78	)
06/30/2023		7.39		0.19		0.82			1.01			(0.14	)		(0.36	)		(0.50	)
06/30/2022		11.06		0.32		(1.66	)		(1.34	)		(0.44	)		(1.89	)		(2.33	)
06/30/2021		8.01		0.30		2.96			3.26			(0.21	)		0.00			(0.21	)
06/30/2020		9.64		0.18		(1.41	)		(1.23	)		(0.40	)		0.00			(0.40	)
06/30/2019		10.53		0.30		(0.67	)		(0.37	)		(0.25	)		(0.27	)		(0.52	)
PIMCO RAE US Fund
Institutional Class
07/01/2023 - 12/31/2023+	$	12.66	$	0.13	$	1.34		$	1.47		$	(0.40	)	$	(0.49	)	$	(0.89	)
06/30/2023		11.81		0.29		1.53			1.82			(0.14	)		(0.83	)		(0.97	)
06/30/2022		14.03		0.26		(1.13	)		(0.87	)		(0.17	)		(1.18	)		(1.35	)
06/30/2021		9.72		0.25		4.44			4.69			(0.28	)		(0.10	)		(0.38	)
06/30/2020		11.09		0.28		(1.08	)		(0.80	)		(0.32	)		(0.25	)		(0.57	)
06/30/2019		11.30		0.26		0.20			0.46			(0.21	)		(0.46	)		(0.67	)
I-2
07/01/2023 - 12/31/2023+		12.55		0.12		1.34			1.46			(0.40	)		(0.49	)		(0.89	)
06/30/2023		11.72		0.28		1.52			1.80			(0.14	)		(0.83	)		(0.97	)
06/30/2022		13.94		0.25		(1.13	)		(0.88	)		(0.16	)		(1.18	)		(1.34	)
06/30/2021		9.67		0.23		4.41			4.64			(0.27	)		(0.10	)		(0.37	)
06/30/2020		11.04		0.27		(1.08	)		(0.81	)		(0.31	)		(0.25	)		(0.56	)
06/30/2019		11.26		0.25		0.20			0.45			(0.21	)		(0.46	)		(0.67	)
Class A
07/01/2023 - 12/31/2023+		12.29		0.10		1.30			1.40			(0.38	)		(0.49	)		(0.87	)
06/30/2023		11.52		0.23		1.49			1.72			(0.12	)		(0.83	)		(0.95	)
06/30/2022		13.75		0.21		(1.11	)		(0.90	)		(0.15	)		(1.18	)		(1.33	)
06/30/2021		9.55		0.19		4.37			4.56			(0.26	)		(0.10	)		(0.36	)
06/30/2020		10.93		0.23		(1.07	)		(0.84	)		(0.29	)		(0.25	)		(0.54	)
06/30/2019		11.19		0.22		0.19			0.41			(0.21	)		(0.46	)		(0.67	)
PIMCO RAE US Small Fund
Institutional Class
07/01/2023 - 12/31/2023+	$	8.55	$	0.10	$	1.13		$	1.23		$	(0.15	)	$	0.00		$	(0.15	)
06/30/2023		8.27		0.17		0.91			1.08			(0.11	)		(0.69	)		(0.80	)
06/30/2022		15.90		0.15		(1.62	)		(1.47	)		(0.20	)		(5.96	)		(6.16	)
06/30/2021		8.80		0.09		8.05			8.14			(0.17	)		(0.87	)		(1.04	)
06/30/2020		10.72		0.14		(1.88	)		(1.74	)		(0.18	)		0.00			(0.18	)
06/30/2019		12.33		0.17		(1.05	)		(0.88	)		(0.09	)		(0.64	)		(0.73	)
I-2
07/01/2023 - 12/31/2023+		8.44		0.09		1.11			1.20			(0.14	)		0.00			(0.14	)
06/30/2023		8.18		0.14		0.92			1.06			(0.11	)		(0.69	)		(0.80	)
06/30/2022		15.80		0.15		(1.61	)		(1.46	)		(0.20	)		(5.96	)		(6.16	)
06/30/2021		8.76		0.02		8.06			8.08			(0.17	)		(0.87	)		(1.04	)
06/30/2020		10.67		0.16		(1.90	)		(1.74	)		(0.17	)		0.00			(0.17	)
06/30/2019		12.29		0.15		(1.04	)		(0.89	)		(0.09	)		(0.64	)		(0.73	)

22 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(e)
Net Asset 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
$	7.69		7.39	%	$	5,443		0.85	%*		0.86	%*		0.85	%*		0.86	%*		1.90	%*		21	%
	7.90		14.42			5,285		0.86			0.87			0.85			0.86			2.51			94
	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
$	13.24		11.89	%	$	1,095,072		0.40	%*		0.41	%*		0.40	%*		0.41	%*		1.97	%*		36	%
	12.66		15.73			1,091,632		0.40			0.41			0.40			0.41			2.33			77
	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
	13.12		11.87			59,852		0.50	*		0.51	*		0.50	*		0.51	*		1.89	*		36
	12.55		15.63			56,292		0.50			0.51			0.50			0.51			2.23			77
	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
	12.82		11.64			21,514		0.80	*		0.81	*		0.80	*		0.81	*		1.59	*		36
	12.29		15.23			19,529		0.80			0.81			0.80			0.81			1.92			77
	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
$	9.63		14.31	%	$	594,375		0.50	%*		0.51	%*		0.50	%*		0.51	%*		2.24	%*		32	%
	8.55		13.36			440,423		0.50			0.51			0.50			0.51			1.95			92
	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
	9.50		14.21			117,834		0.60	*		0.61	*		0.60	*		0.61	*		2.16	*		32
	8.44		13.22			87,529		0.60			0.61			0.60			0.61			1.72			92
	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

  SEMIANNUAL REPORT | DECEMBER 31, 2023 23

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 RAE US Small Fund (Cont.)
Class A
07/01/2023 - 12/31/2023+	$	8.23	$	0.08		$	1.08		$	1.16		$	(0.13	)	$	0.00		$	(0.13	)
06/30/2023		8.00		0.13			0.89			1.02			(0.10	)		(0.69	)		(0.79	)
06/30/2022		15.62		0.12			(1.60	)		(1.48	)		(0.18	)		(5.96	)		(6.14	)
06/30/2021		8.68		(0.04	)		8.01			7.97			(0.16	)		(0.87	)		(1.03	)
06/30/2020		10.60		0.12			(1.89	)		(1.77	)		(0.15	)		0.00			(0.15	)
06/30/2019		12.24		0.12			(1.03	)		(0.91	)		(0.09	)		(0.64	)		(0.73	)

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

+ Unaudited

* 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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

^(d)  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 Asset 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
$	9.26		14.07	%	$	104,506		0.90	%*		0.91	%*		0.90	%*		0.91	%*		1.80	%*		32	%
	8.23		12.95			83,456		0.90			0.91			0.90			0.91			1.53			92
	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

  SEMIANNUAL REPORT | DECEMBER 31, 2023 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*^	$	1,617,332		$	165		$	492,035	$	1,173,639	$	814,465
Investments in Affiliates		49,407			102,760			10,990		0		31,746
Cash		0			1			2,371		1		1,790
Foreign currency, at value		1,852			0			202		0		0
Receivable for investments sold		0			0			0		0		1
Receivable for Fund shares sold		1,269			5			160		2,129		1,442
Interest and/or dividends receivable		3,629			0			3,353		1,279		3,349
Reimbursement receivable from PIMCO		25			50			9		18		10
Other assets		0			0			13		0		0
Total Assets		1,673,514			102,981			509,133		1,177,066		852,803
Liabilities:
Payable for investments purchased	$	384		$	0		$	0	$	0	$	0
Payable for investments in Affiliates purchased		0			9			0		0		0
Payable upon return of securities loaned		49,144			0			13,361		0		33,536
Deposits from counterparty		467			0			0		0		0
Payable for Fund shares redeemed		279			0			26		213		2,165
Accrued investment advisory fees		676			35			128		252		239
Accrued supervisory and administrative fees		351			14			87		159		126
Accrued servicing fees		4			3			1		4		22
Accrued taxes payable		12,158			0			0		0		0
Other liabilities		268			0			1		0		0
Total Liabilities		63,731			61			13,604		628		36,088
Commitments and contingent liabilities^^
Net Assets	$	1,609,783		$	102,920		$	495,529	$	1,176,438	$	816,715
Net Assets Consist of:
Paid in capital	$	1,706,003		$	109,832		$	441,120	$	877,757	$	691,744
Distributable earnings (accumulated loss)		(96,220	)		(6,912	)		54,409		298,681		124,971
Net Assets	$	1,609,783		$	102,920		$	495,529	$	1,176,438	$	816,715
Cost of investments in securities	$	1,387,523		$	165		$	387,261	$	856,914	$	638,343
Cost of investments in Affiliates	$	49,407		$	106,371		$	10,990	$	0	$	31,746
Cost of foreign currency held	$	1,930		$	0		$	194	$	0	$	0
* Includes repurchase agreements of:	$	9,667		$	165		$	993	$	1,240	$	3,158
^ Includes securities on loan of:	$	46,638		$	0		$	12,638	$	0	$	32,873

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

^{^^}  See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

26 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2023 (Unaudited)

	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	$	1,455,228	$	87,037	$	479,196	$	1,095,072	$	594,375
I-2		132,890		121		10,890		59,852		117,834
Class A		21,665		15,762		5,443		21,514		104,506
Shares Issued and Outstanding:
Institutional Class		144,822		9,400		60,758		82,729		61,699
I-2		13,324		13		1,389		4,563		12,400
Class A		2,204		1,744		708		1,678		11,292
Net Asset Value Per Share Outstanding(a):
Institutional Class	$	10.05	$	9.26	$	7.89	$	13.24	$	9.63
I-2		9.97		9.28		7.84		13.12		9.50
Class A		9.83		9.04		7.69		12.82		9.26

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

SEMIANNUAL REPORT | DECEMBER 31, 2023 27

Statements of Operations    

Six Months Ended December 31, 2023 (Unaudited)
(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	$	113		$	3		$	28		$	76		$	66
Dividends, net of foreign taxes*		32,245			0			6,680			13,113			8,870
Dividends from Investments in Affiliates		0			5,939			0			0			0
Securities lending income		247			0			65			6			212
Total Income		32,605			5,942			6,773			13,195			9,148
Expenses:
Investment advisory fees		3,660			184			742			1,386			1,167
Supervisory and administrative fees		1,892			77			502			874			616
Distribution and/or servicing fees - Class A		22			19			7			25			112
Trustee fees		46			3			18			37			21
Interest expense		185			0			3			0			1
Miscellaneous expense		36			3			12			27			17
Total Expenses		5,841			286			1,284			2,349			1,934
Waiver and/or Reimbursement by PIMCO		(46	)		(260	)		(18	)		(37	)		(21	)
Net Expenses		5,795			26			1,266			2,312			1,913
Net Investment Income (Loss)		26,810			5,916			5,507			10,883			7,235
Net Realized Gain (Loss):
Investments in securities, net of foreign capital gains tax**		27,888			0			28,674			40,215			9,204
Investments in Affiliates		0			(1,367	)		0			0			0
Net capital gain distributions received from Affiliate investments		0			2,255			0			0			0
Over the counter financial derivative instruments		(14	)		0			(14	)		0			0
Foreign currency		(1,146	)		0			(73	)		0			0
Net Realized Gain (Loss)		26,728			888			28,587			40,215			9,204
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities, net of foreign capital gains tax***		104,625			0			2,745			75,678			79,791
Investments in Affiliates		0			1,243			0			0			0
Foreign currency assets and liabilities		(51	)		0			91			0			0
Net Change in Unrealized Appreciation (Depreciation)		104,574			1,243			2,836			75,678			79,791
Net Increase (Decrease) in Net Assets Resulting from Operations	$	158,112		$	8,047		$	36,930		$	126,776		$	96,230
* Foreign tax withholdings - Dividends	$	5,464		$	0		$	734		$	0		$	0
** Foreign capital gains tax	$	2,401		$	0		$	0		$	0		$	0
*** Foreign capital gains tax	$	(9,831	)	$	0		$	0		$	0		$	0

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

28 PIMCO EQUITY SERIES See Accompanying Notes

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  SEMIANNUAL REPORT | DECEMBER 31, 2023 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†)	Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023			Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023			Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	26,810		$	58,790		$	5,916		$	1,616		$	5,507		$	21,284
Net realized gain (loss)		26,728			(43,402	)		888			1,971			28,587			44,054
Net change in unrealized appreciation (depreciation)		104,574			191,770			1,243			9,580			2,836			48,068
Net Increase (Decrease) in Net Assets Resulting from Operations		158,112			207,158			8,047			13,167			36,930			113,406
Distributions to Shareholders:
From net investment income and/or net realized capital gains
Institutional Class		(56,778	)		(110,130	)		(7,467	)		(5,937	)		(45,132	)		(50,236	)
I-2		(5,137	)		(6,797	)		(11	)		(24	)		(1,028	)		(745	)
Class A		(836	)		(1,104	)		(1,363	)		(1,373	)		(522	)		(330	)
Total Distributions(a)		(62,751	)		(118,031	)		(8,841	)		(7,334	)		(46,682	)		(51,311	)
Fund Share Transactions:
Net increase (decrease) resulting from Fund share transactions*		130,890			(35,097	)		11,502			7,644			(72,084	)		(21,229	)
Total Increase (Decrease) in Net Assets		226,251			54,030			10,708			13,477			(81,836	)		40,866
Net Assets:
Beginning of period		1,383,532			1,329,502			92,212			78,735			577,365			536,499
End of period	$	1,609,783		$	1,383,532		$	102,920		$	92,212		$	495,529		$	577,365

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

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

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

30 PIMCO EQUITY SERIES See Accompanying Notes

PIMCO RAE US Fund						PIMCO RAE US Small Fund
Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023			Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023
$	10,883		$	25,182		$	7,235		$	11,698
	40,215			16,390			9,204			1,697
	75,678			91,761			79,791			59,198
	126,776			133,333			96,230			72,593
	(71,487	)		(73,075	)		(8,805	)		(47,913	)
	(3,870	)		(3,996	)		(1,752	)		(4,583	)
	(1,394	)		(1,379	)		(1,443	)		(7,395	)
	(76,751	)		(78,450	)		(12,000	)		(59,891	)
	(41,040	)		273,926			121,077			202,355
	8,985			328,809			205,307			215,057
	1,167,453			838,644			611,408			396,351
$	1,176,438		$	1,167,453		$	816,715		$	611,408

  SEMIANNUAL REPORT | DECEMBER 31, 2023 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 100.4%
COMMON STOCKS 95.8%
BRAZIL 2.7%
CONSUMER DISCRETIONARY 0.2%
Cogna Educacao SA (b)		2,102,900	$		1,508
Vibra Energia SA		225,400			1,056
					2,564
CONSUMER STAPLES 0.2%
Natura & Co. Holding SA (b)		864,700			2,965
ENERGY 0.1%
Ultrapar Participacoes SA		442,665			2,401
FINANCIALS 1.8%
Banco do Brasil SA		851,540			9,707
Cielo SA		19,600,545			18,891
					28,598
INDUSTRIALS 0.4%
Embraer SA (b)		1,491,085			6,818
Total Brazil					43,346
CHILE 0.7%
COMMUNICATION SERVICES 0.0%
Empresa Nacional de Telecomunicaciones SA		66,893			245
CONSUMER STAPLES 0.3%
Cencosud SA		2,415,468			4,538
Cia Cervecerias Unidas SA		139,270			887
					5,425
FINANCIALS 0.1%
Banco Santander Chile		15,659,616			764
UTILITIES 0.3%
Colbun SA		6,363,155			1,010
Enel Chile SA		53,792,632			3,484
					4,494
Total Chile					10,928
CHINA 27.3%
COMMUNICATION SERVICES 1.5%
China Tower Corp. Ltd. ‘H’		9,958,000			1,047
China United Network Communications Ltd. ‘A’		10,373,300			6,404
NetEase, Inc.		107,030			9,971
Tencent Music Entertainment Group ADR (b)		786,528			7,086
					24,508
CONSUMER DISCRETIONARY 2.4%
BAIC Motor Corp. Ltd. ‘H’		9,395,500			2,745
Dongfeng Motor Group Co. Ltd. ‘H’		1,700,000			847
Huayu Automotive Systems Co. Ltd. ‘A’		170,600			391
SAIC Motor Corp. Ltd. ‘A’		471,000			899

	SHARES			MARKET VALUE (000S)
Topsports International Holdings Ltd.		3,611,000	$		2,816
Vipshop Holdings Ltd. (b)		1,690,373			30,021
Wuchan Zhongda Group Co. Ltd. ‘A’		694,900			434
					38,153
CONSUMER STAPLES 0.1%
Hengan International Group Co. Ltd.		195,000			726
Tingyi Cayman Islands Holding Corp.		452,000			551
Uni-President China Holdings Ltd.		395,000			281
					1,558
ENERGY 5.9%
China Petroleum & Chemical Corp. ‘H’		83,280,400			43,643
China Shenhua Energy Co. Ltd. ‘H’		3,652,500			12,526
PetroChina Co. Ltd. ‘H’		59,466,000			39,295
					95,464
FINANCIALS 12.6%
Agricultural Bank of China Ltd. ‘H’		29,023,000			11,195
Bank of Beijing Co. Ltd. ‘A’		593,000			379
Bank of China Ltd. ‘H’		117,404,000			44,611
China Cinda Asset Management Co. Ltd. ‘H’		29,888,000			2,986
China CITIC Bank Corp. Ltd. ‘H’		2,407,000			1,135
China Construction Bank Corp. ‘H’		114,123,000			67,886
China Everbright Bank Co. Ltd. ‘H’		1,717,000			510
China Minsheng Banking Corp. Ltd. ‘H’		4,681,500			1,589
China Pacific Insurance Group Co. Ltd. ‘A’		1,568,800			3,174
Industrial & Commercial Bank of China Ltd. ‘H’		71,872,000			35,026
Lufax Holding Ltd. ADR		122,672			377
People’s Insurance Co. Group of China Ltd. ‘H’		5,396,000			1,660
PICC Property & Casualty Co. Ltd. ‘H’		8,598,000			10,232
Ping An Insurance Group Co. of China Ltd. ‘H’		4,923,500			22,290
Shanghai Pudong Development Bank Co. Ltd. ‘A’		335,800			314
					203,364
HEALTH CARE 0.9%
China Resources Pharmaceutical Group Ltd.		5,768,500			3,792
Sinopharm Group Co. Ltd. ‘H’		3,711,200			9,726
					13,518
INDUSTRIALS 1.5%
China Communications Services Corp. Ltd. ‘H’		6,218,000			2,579
China State Construction Engineering Corp. Ltd. ‘A’		3,941,100			2,674
CITIC Ltd.		4,263,000			4,262

	SHARES			MARKET VALUE (000S)
CRRC Corp. Ltd. ‘H’		11,929,000	$		5,259
Daqin Railway Co. Ltd. ‘A’		949,000			965
Fosun International Ltd.		382,000			225
Metallurgical Corp. of China Ltd. ‘H’		3,551,000			691
Sinopec Engineering Group Co. Ltd. ‘H’		2,894,500			1,483
Sinotrans Ltd. ‘H’		2,074,000			868
Sinotruk Hong Kong Ltd.		1,664,500			3,267
Weichai Power Co. Ltd. ‘H’		1,074,000			1,794
Xiamen ITG Group Corp. Ltd. ‘A’		716,400			704
					24,771
INFORMATION TECHNOLOGY 2.0%
AAC Technologies Holdings, Inc.		1,067,500			3,172
BYD Electronic International Co. Ltd.		639,500			2,999
FIH Mobile Ltd. (b)		10,077,000			788
Lenovo Group Ltd.		17,440,000			24,406
					31,365
MATERIALS 0.2%
Angang Steel Co. Ltd. ‘H’		4,318,000			852
Baoshan Iron & Steel Co. Ltd. ‘A’		1,272,500			1,064
Sinopec Shanghai Petrochemical Co. Ltd. ‘H’		11,526,000			1,669
Xinyu Iron & Steel Co. Ltd. ‘A’		464,000			228
					3,813
REAL ESTATE 0.2%
Agile Group Holdings Ltd. (b)		3,268,000			356
Guangzhou R&F Properties Co. Ltd. ‘H’ (b)(d)		2,261,400			331
Jinke Properties Group Co. Ltd. ‘A’		4,494,400			1,147
Shui On Land Ltd.		7,148,000			660
					2,494
Total China					439,008
GREECE 0.9%
COMMUNICATION SERVICES 0.1%
Hellenic Telecommunications Organization SA		135,609			1,932
CONSUMER DISCRETIONARY 0.1%
JUMBO SA		23,871			662
ENERGY 0.1%
Motor Oil Hellas Corinth Refineries SA		73,625			1,931
FINANCIALS 0.5%
Alpha Services & Holdings SA (b)		1,269,319			2,156
National Bank of Greece SA (b)		473,960			3,293
Piraeus Financial Holdings SA (b)		848,610			2,999
					8,448

32 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2023 (Unaudited)

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 0.1%
Mytilineos SA		23,281	$		943
Total Greece					13,916
HONG KONG 1.1%
FINANCIALS 0.0%
China Taiping Insurance Holdings Co. Ltd.		768,800			663
INDUSTRIALS 0.1%
Shanghai Industrial Holdings Ltd.		713,000			885
Shenzhen International Holdings Ltd.		582,000			490
					1,375
REAL ESTATE 0.0%
Shenzhen Investment Ltd.		1,528,000			225
UTILITIES 1.0%
Beijing Enterprises Holdings Ltd.		215,000			748
China Resources Power Holdings Co. Ltd.		3,272,000			6,557
Kunlun Energy Co. Ltd.		9,900,000			8,934
					16,239
Total Hong Kong					18,502
INDIA 18.3%
COMMUNICATION SERVICES 0.1%
Indus Towers Ltd. (b)		815,904			1,950
CONSUMER DISCRETIONARY 1.2%
Apollo Tyres Ltd.		479,115			2,613
Bajaj Auto Ltd.		22,641			1,849
Hero MotoCorp Ltd.		134,440			6,683
Mahindra & Mahindra Ltd.		305,919			6,353
Rajesh Exports Ltd.		378,385			1,666
					19,164
CONSUMER STAPLES 0.9%
ITC Ltd.		2,487,532			13,808
ENERGY 4.5%
Bharat Petroleum Corp. Ltd.		974,306			5,277
Coal India Ltd.		2,582,798			11,663
Hindustan Petroleum Corp. Ltd. (b)		1,841,640			8,828
Indian Oil Corp. Ltd.		12,374,569			19,300
Oil & Natural Gas Corp. Ltd.		7,625,881			18,775
Oil India Ltd.		1,127,147			5,035
Petronet LNG Ltd.		1,104,509			2,954
					71,832
FINANCIALS 4.2%
Bank of India		1,903,788			2,573
General Insurance Corp. of India		430,740			1,593
Housing & Urban Development Corp. Ltd.		1,072,205			1,621
Indiabulls Housing Finance Ltd. ‘L’		6,655,710			17,315

	SHARES			MARKET VALUE (000S)
Power Finance Corp. Ltd.		5,048,105	$		23,195
RBL Bank Ltd.		1,409,042			4,725
REC Ltd.		3,400,348			16,857
					67,879
HEALTH CARE 0.4%
Aurobindo Pharma Ltd.		274,466			3,574
Glenmark Pharmaceuticals Ltd.		271,605			2,786
Lupin Ltd.		50,421			801
					7,161
INDUSTRIALS 1.1%
Bharat Heavy Electricals Ltd.		6,228,337			14,474
Larsen & Toubro Ltd.		90,812			3,846
					18,320
INFORMATION TECHNOLOGY 0.2%
Oracle Financial Services Software Ltd.		19,915			1,007
Redington Ltd.		1,031,393			2,190
					3,197
MATERIALS 3.7%
EID Parry India Ltd.		101,448			678
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		177,756			1,608
Jindal Saw Ltd.		440,562			2,180
Jindal Steel & Power Ltd.		924,890			8,304
National Aluminium Co. Ltd.		8,919,338			14,129
Rain Industries Ltd.		164,050			304
Steel Authority of India Ltd.		5,856,975			8,693
Tata Steel Ltd.		1,956,423			3,279
Vedanta Ltd.		6,466,415			20,076
					59,251
UTILITIES 2.0%
GAIL India Ltd.		3,619,620			7,047
NLC India Ltd.		180,141			548
NTPC Ltd.		3,534,866			13,206
Power Grid Corp. of India Ltd.		1,092,024			3,110
PTC India Ltd.		1,156,143			2,639
Reliance Infrastructure Ltd. (b)		1,171,281			2,950
Reliance Power Ltd. (b)		11,074,067			3,097
					32,597
Total India					295,159
INDONESIA 2.5%
COMMUNICATION SERVICES 0.2%
Telkom Indonesia Persero Tbk PT		9,616,700			2,467
CONSUMER STAPLES 0.1%
Gudang Garam Tbk PT		525,500			694
Hanjaya Mandala Sampoerna Tbk PT		14,196,100			825
Japfa Comfeed Indonesia Tbk PT		2,912,600			223
Unilever Indonesia Tbk PT		2,710,400			621
					2,363

	SHARES			MARKET VALUE (000S)
ENERGY 0.8%
Adaro Energy Indonesia Tbk PT		27,684,700	$		4,276
AKR Corporindo Tbk PT		10,764,700			1,031
Bukit Asam Tbk PT		5,917,800			938
Indo Tambangraya Megah Tbk PT		2,809,500			4,680
United Tractors Tbk PT		1,367,200			2,009
					12,934
FINANCIALS 0.7%
Bank Mandiri Persero Tbk PT		26,356,000			10,354
Bank Negara Indonesia Persero Tbk PT		3,620,000			1,263
					11,617
HEALTH CARE 0.1%
Kalbe Farma Tbk PT		9,719,800			1,017
INDUSTRIALS 0.3%
Astra International Tbk PT		12,375,500			4,538
MATERIALS 0.2%
Indocement Tunggal Prakarsa Tbk PT		2,214,300			1,352
Semen Indonesia Persero Tbk PT		2,502,778			1,040
					2,392
UTILITIES 0.1%
Perusahaan Gas Negara Tbk PT		28,783,900			2,112
Total Indonesia					39,440
MALAYSIA 1.6%
COMMUNICATION SERVICES 0.1%
Astro Malaysia Holdings Bhd.		1,735,600			149
Telekom Malaysia Bhd.		969,100			1,170
					1,319
CONSUMER DISCRETIONARY 0.1%
Genting Bhd.		1,709,400			1,718
ENERGY 0.1%
Petronas Dagangan Bhd.		127,700			607
FINANCIALS 0.5%
Alliance Bank Malaysia Bhd.		337,200			249
AMMB Holdings Bhd.		1,614,000			1,408
Hong Leong Financial Group Bhd.		19,300			69
Malayan Banking Bhd.		2,905,900			5,621
Public Bank Bhd.		413,500			386
RHB Bank Bhd.		489,300			580
					8,313
HEALTH CARE 0.2%
Hartalega Holdings Bhd. (b)		1,636,400			961
Kossan Rubber Industries Bhd.		759,100			306
Supermax Corp. Bhd.		1,663,000			340
Top Glove Corp. Bhd. (b)		8,201,900			1,606
					3,213

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 33

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

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 0.3%
Capital A Bhd. (b)		18,237,700	$		3,274
IJM Corp. Bhd.		2,343,800			958
MISC Bhd.		503,900			799
Sime Darby Bhd.		565,400			289
					5,320
UTILITIES 0.3%
Petronas Gas Bhd.		147,800			560
Tenaga Nasional Bhd.		1,844,400			4,029
YTL Corp. Bhd.		1,700,700			699
					5,288
Total Malaysia					25,778
MEXICO 3.5%
COMMUNICATION SERVICES 0.0%
Megacable Holdings SAB de CV		61,239			137
CONSUMER DISCRETIONARY 0.1%
Nemak SAB de CV (b)		3,123,100			762
CONSUMER STAPLES 0.2%
Gruma SAB de CV ‘B’		45,576			835
Grupo Bimbo SAB de CV ‘A’		355,875			1,801
					2,636
FINANCIALS 0.2%
Grupo Financiero Inbursa SAB de CV (b)		1,372,798			3,776
INDUSTRIALS 0.3%
Alfa SAB de CV ‘A’		6,304,441			5,064
MATERIALS 2.7%
Alpek SAB de CV (d)		1,105,306			823
Cemex SAB de CV (b)		51,673,092			40,228
Orbia Advance Corp. SAB de CV		1,168,200			2,588
					43,639
Total Mexico					56,014
PHILIPPINES 0.3%
COMMUNICATION SERVICES 0.1%
PLDT, Inc.		79,155			1,828
ENERGY 0.1%
Semirara Mining & Power Corp.		2,254,300			1,231
INDUSTRIALS 0.1%
Alliance Global Group, Inc.		4,455,700			908
DMCI Holdings, Inc.		6,574,800			1,160
					2,068
Total Philippines					5,127
POLAND 1.6%
COMMUNICATION SERVICES 0.0%
Cyfrowy Polsat SA		56,466			177
FINANCIALS 1.4%
Bank Polska Kasa Opieki SA		144,922			5,603

	SHARES			MARKET VALUE (000S)
Powszechna Kasa Oszczednosci Bank Polski SA (b)		308,840	$		3,951
Powszechny Zaklad Ubezpieczen SA		751,427			9,026
Santander Bank Polska SA		25,156			3,133
					21,713
UTILITIES 0.2%
PGE Polska Grupa Energetyczna SA (b)		1,567,066			3,457
Tauron Polska Energia SA (b)		299,819			285
					3,742
Total Poland					25,632
QATAR 0.0%
COMMUNICATION SERVICES 0.0%
Ooredoo QPSC		125,844			377
Total Qatar					377
RUSSIA 0.0%
COMMUNICATION SERVICES 0.0%
Mobile TeleSystems PJSC «(d)		290,070			0
Rostelecom PJSC «(d)		341,490			0
Sistema AFK PAO «		1,963,160			0
					0
ENERGY 0.0%
Gazprom PJSC «		3,725,600			0
LUKOIL PJSC «		254,140			0
					0
FINANCIALS 0.0%
Sberbank of Russia PJSC ^«(a)		4,916,745			0
VTB Bank PJSC ^«(a)(b)		23,863,615,853			26
					26
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 «(b)		3,113,725			0
Severstal PAO ^«(a)(b)		339,609			0
					0
UTILITIES 0.0%
Federal Grid Co. - Rosseti PJSC «(b)		591,291,707			1
Inter RAO UES PJSC «		15,264,000			0
Unipro PJSC «(b)		3,938,000			0
					1
Total Russia					27
SAUDI ARABIA 0.2%
COMMUNICATION SERVICES 0.2%
Saudi Telecom Co.		255,169			2,755

	SHARES			MARKET VALUE (000S)
CONSUMER DISCRETIONARY 0.0%
Jarir Marketing Co.		56,650	$		236
UTILITIES 0.0%
Saudi Electricity Co.		79,323			401
Total Saudi Arabia					3,392
SOUTH AFRICA 3.8%
COMMUNICATION SERVICES 0.7%
MTN Group Ltd.		1,055,253			6,663
MultiChoice Group		201,773			894
Telkom SA SOC Ltd. (b)		1,337,598			2,175
Vodacom Group Ltd.		338,350			1,960
					11,692
CONSUMER DISCRETIONARY 0.4%
Motus Holdings Ltd.		278,831			1,547
Truworths International Ltd.		750,646			3,051
Woolworths Holdings Ltd.		477,652			1,886
					6,484
CONSUMER STAPLES 0.7%
AVI Ltd.		352,816			1,577
Bid Corp. Ltd.		55,337			1,291
Shoprite Holdings Ltd.		303,869			4,569
SPAR Group Ltd.		69,159			446
Tiger Brands Ltd.		264,214			2,902
					10,785
ENERGY 0.0%
Exxaro Resources Ltd.		16,385			184
FINANCIALS 1.4%
Absa Group Ltd.		521,573			4,655
Momentum Metropolitan Holdings		2,183,556			2,613
Nedbank Group Ltd.		420,340			4,962
Old Mutual Ltd.		1,907,558			1,362
Standard Bank Group Ltd.		760,217			8,648
					22,240
HEALTH CARE 0.2%
Life Healthcare Group Holdings Ltd.		850,746			854
Netcare Ltd.		2,551,100			1,986
					2,840
INDUSTRIALS 0.1%
Barloworld Ltd.		321,486			1,389
Bidvest Group Ltd.		64,173			885
					2,274
MATERIALS 0.3%
Kumba Iron Ore Ltd.		48,459			1,624
Sappi Ltd.		345,961			836
Sibanye Stillwater Ltd.		1,781,272			2,388
					4,848
Total South Africa					61,347

34 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2023 (Unaudited)

	SHARES			MARKET VALUE (000S)
SOUTH KOREA 13.5%
COMMUNICATION SERVICES 1.5%
KT Corp. (b)		828,453	$		22,090
LG Uplus Corp.		258,036			2,046
					24,136
CONSUMER DISCRETIONARY 3.5%
Hankook Tire & Technology Co. Ltd.		98,377			3,458
Hyundai Department Store Co. Ltd.		9,339			374
Hyundai Mobis Co. Ltd.		30,810			5,645
Hyundai Wia Corp.		3,411			172
Kia Corp.		282,140			21,819
LG Electronics, Inc. (b)		278,559			21,905
Lotte Shopping Co. Ltd.		42,518			2,469
Shinsegae, Inc. (b)		4,805			651
					56,493
CONSUMER STAPLES 0.5%
Amorepacific Group		39,152			886
KT&G Corp.		116,528			7,850
					8,736
FINANCIALS 1.1%
DB Insurance Co. Ltd.		74,017			4,794
Hanwha Life Insurance Co. Ltd.		1,534,753			3,364
Hyundai Marine & Fire Insurance Co. Ltd.		191,487			4,594
Samsung Card Co. Ltd.		71,524			1,794
Samsung Fire & Marine Insurance Co. Ltd.		5,180			1,055
Samsung Life Insurance Co. Ltd. (b)		28,496			1,525
					17,126
INDUSTRIALS 2.0%
CJ Corp. (d)		34,155			2,494
CJ Logistics Corp.		6,301			621
Daewoo Engineering & Construction Co. Ltd. (b)		299,415			961
DL E&C Co. Ltd.		28,363			791
Doosan Co. Ltd.		29,259			2,124
GS Engineering & Construction Corp.		25,972			302
GS Holdings Corp. (b)		38,066			1,205
Hanwha Corp.		264,691			5,277
HDC Hyundai Development Co-Engineering & Construction		43,496			492
Hyundai Engineering & Construction Co. Ltd.		314,810			8,498
Hyundai Glovis Co. Ltd.		16,435			2,435
LS Corp.		19,679			1,417
LX International Corp.		147,929			3,367
Posco International Corp.		28,103			1,351
SK Networks Co. Ltd.		361,021			1,607
					32,942
INFORMATION TECHNOLOGY 0.6%
LG Display Co. Ltd. (b)		900,016			8,861
MATERIALS 3.5%
Kolon Industries, Inc.		24,929			858

	SHARES			MARKET VALUE (000S)
Posco Holdings, Inc. (d)		143,693	$		55,249
					56,107
UTILITIES 0.8%
Korea Electric Power Corp. (b)		848,932			12,436
Korea Gas Corp.		38,974			745
					13,181
Total South Korea					217,582
TAIWAN 12.9%
COMMUNICATION SERVICES 0.1%
Chunghwa Telecom Co. Ltd.		379,000			1,483
CONSUMER DISCRETIONARY 0.6%
Cheng Shin Rubber Industry Co. Ltd.		1,868,000			2,730
China Motor Corp.		1,237,000			4,548
Pou Chen Corp.		1,826,000			1,837
					9,115
CONSUMER STAPLES 0.4%
President Chain Store Corp.		120,308			1,056
Uni-President Enterprises Corp.		2,017,000			4,894
					5,950
FINANCIALS 0.0%
Cathay Financial Holding Co. Ltd.		282,000			420
Shanghai Commercial & Savings Bank Ltd.		178,552			272
					692
INDUSTRIALS 0.3%
Evergreen Marine Corp. Taiwan Ltd.		764,000			3,566
Yang Ming Marine Transport Corp.		548,000			915
					4,481
INFORMATION TECHNOLOGY 11.5%
Acer, Inc.		4,474,000			7,828
Asustek Computer, Inc.		761,337			12,117
AUO Corp.		6,026,000			3,559
Catcher Technology Co. Ltd.		1,128,000			7,123
Cheng Uei Precision Industry Co. Ltd.		254,000			399
Chicony Electronics Co. Ltd.		735,771			4,193
ChipMOS Technologies, Inc.		118,000			162
Compal Electronics, Inc.		15,431,000			19,988
Compeq Manufacturing Co. Ltd.		472,000			1,086
General Interface Solution Holding Ltd.		483,871			1,040
Gigabyte Technology Co. Ltd.		593,000			5,116
Hon Hai Precision Industry Co. Ltd.		4,567,316			15,539
Innolux Corp.		1,803,000			838
Inventec Corp.		3,975,000			6,807
King Yuan Electronics Co. Ltd.		453,000			1,250
Largan Precision Co. Ltd.		42,750			3,993
Lite-On Technology Corp.		2,620,419			9,950

	SHARES			MARKET VALUE (000S)
Macronix International Co. Ltd.		740,000	$		755
Micro-Star International Co. Ltd.		414,000			2,747
Nanya Technology Corp.		1,711,000			4,342
Novatek Microelectronics Corp.		317,000			5,332
Pegatron Corp.		6,136,000			17,435
Powertech Technology, Inc.		899,000			4,127
Primax Electronics Ltd.		1,129,000			2,487
Qisda Corp.		493,000			770
Quanta Computer, Inc.		4,402,000			32,048
Radiant Opto-Electronics Corp.		618,000			2,676
Supreme Electronics Co. Ltd.		718,002			1,414
TPK Holding Co. Ltd.		325,000			383
Tripod Technology Corp.		388,000			2,460
Walsin Technology Corp.		82,000			328
Winbond Electronics Corp.		859,000			850
Wistron Corp.		1,214,515			3,885
WPG Holdings Ltd.		892,320			2,371
					185,398
Total Taiwan					207,119
THAILAND 3.5%
COMMUNICATION SERVICES 0.0%
Jasmine International PCL		5,312,000			327
ENERGY 0.3%
IRPC PCL		15,830,700			935
Star Petroleum Refining PCL		15,280,900			3,678
					4,613
FINANCIALS 3.0%
Kasikornbank PCL		1,077,100			4,255
Krung Thai Bank PCL		5,565,575			2,997
SCB PCL		8,628,200			26,768
Thanachart Capital PCL		6,601,404			9,569
Tisco Financial Group PCL		1,405,600			4,107
TMBThanachart Bank PCL		20,728,600			1,013
					48,709
INFORMATION TECHNOLOGY 0.0%
Cal-Comp Electronics Thailand PCL ‘F’		5,206,707			317
MATERIALS 0.1%
Siam City Cement PCL		126,300			501
REAL ESTATE 0.1%
Jasmine Broadband Internet Infrastructure Fund		2,134,600			391
Land & Houses PCL		3,391,800			809
Pruksa Holding PCL		767,800			272
					1,472
Total Thailand					55,939
TURKEY 1.4%
ENERGY 0.0%
Turkiye Petrol Rafinerileri AS		1			0

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 35

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

	SHARES			MARKET VALUE (000S)
FINANCIALS 1.1%
Haci Omer Sabanci Holding AS		3,848,080	$		7,878
Is Yatirim Menkul Degerler AS		7,231,558			7,853
Turkiye Is Bankasi AS ‘C’		3,450,669			2,726
					18,457
INDUSTRIALS 0.2%
AG Anadolu Grubu Holding AS		370,416			2,525
UTILITIES 0.1%
Enerjisa Enerji AS		877,573			1,355
					1,355
Total Turkey					22,337
UNITED ARAB EMIRATES 0.0%
FINANCIALS 0.0%
Dubai Islamic Bank PJSC		80,815			126
Emirates NBD Bank PJSC		130,247			613
					739
Total United Arab Emirates					739
Total Common Stocks (Cost $1,314,394)					1,541,709
PREFERRED STOCKS 3.9%
BRAZIL 3.8%
ENERGY 3.4%
Petroleo Brasileiro SA		7,167,800			54,689

	SHARES			MARKET VALUE (000S)
FINANCIALS 0.2%
Banco do Estado do Rio Grande do Sul SA		1,603,300	$		4,407
INDUSTRIALS 0.1%
Metalurgica Gerdau SA		577,200			1,287
UTILITIES 0.1%
Cia Energetica de Minas Gerais		686,808			1,629
Total Brazil					62,012
CHILE 0.1%
INDUSTRIALS 0.1%
Embotelladora Andina SA		501,049			1,246
Total Chile					1,246
RUSSIA 0.0%
ENERGY 0.0%
Bashneft PJSC «		31,237			0
Transneft PJSC «		810			0
					0
Total Russia					0
Total Preferred Stocks (Cost $60,638)					63,258
REAL ESTATE INVESTMENT TRUSTS 0.1%
MEXICO 0.0%
REAL ESTATE 0.0%
Fibra Uno Administracion SA de CV		474,190			854
Total Mexico					854

	SHARES			MARKET VALUE (000S)
SOUTH AFRICA 0.1%
REAL ESTATE 0.1%
Growthpoint Properties Ltd.		1,602,777	$		1,023
Redefine Properties Ltd.		3,894,988			821
					1,844
Total South Africa					1,844
Total Real Estate Investment Trusts (Cost $2,824)					2,698
SHORT-TERM INSTRUMENTS 0.6%
REPURCHASE AGREEMENTS (f) 0.6%
					9,667
Total Short-Term Instruments (Cost $9,667)					9,667
Total Investments in Securities (Cost $1,387,523)					1,617,332
INVESTMENTS IN AFFILIATES 3.1%
SHORT-TERM INSTRUMENTS 3.1%
MUTUAL FUNDS 3.1%
PIMCO Government Money Market Fund
5.450% (c)(d)(e)		49,407,276			49,407
Total Short-Term Instruments (Cost $49,407)					49,407
Total Investments in Affiliates (Cost $49,407)					49,407
Total Investments 103.5% (Cost $1,436,930)			$		1,666,739
Other Assets and Liabilities, net (3.5)%					(56,956	)
Net Assets 100.0%			$		1,609,783

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 $46,638 were out on loan in exchange for $49,144 of cash collateral as of December 31, 2023. 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		2.600	%		12/29/2023		01/02/2024	$	9,667	U.S. Treasury Notes 4.875% due 11/30/2025	$	(9,860	)	$	9,667	$	9,669
Total Repurchase Agreements											$	(9,860	)	$	9,667	$	9,669

36 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2023 (Unaudited)

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2023:

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	$	9,669	$	0	$	0	$	0	$	9,669	$	(9,860	)	$	(191	)
Master Securities Lending Agreement
BCY		0		0		0		1,840		1,840		(2,057	)		(217	)
BOS		0		0		0		296		296		(320	)		(24	)
GSC		0		0		0		43,185		43,185		(45,344	)		(2,159	)
SAL		0		0		0		255		255		(276	)		(21	)
UBS		0		0		0		1,062		1,062		(1,147	)		(85	)
Total Borrowings and Other Financing Transactions	$	9,669	$	0	$	0	$	46,638

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	$	49,144	$	0	$	0	$	0	$	49,144
Total Borrowings	$	49,144	$	0	$	0	$	0	$	49,144
Payable for securities on loan - cash collateral									$	49,144

⁽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 December 31, 2023:

	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
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	(14	)	$	0	$	(14	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
Common Stocks
Brazil
Consumer Discretionary	$	0	$	2,564	$	0	$	2,564
Consumer Staples		0		2,965		0		2,965
Energy		0		2,401		0		2,401
Financials		0		28,598		0		28,598
Industrials		0		6,818		0		6,818

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Chile
Communication Services	$	245	$	0	$	0	$	245
Consumer Staples		4,538		887		0		5,425
Financials		764		0		0		764
Utilities		1,010		3,484		0		4,494
China
Communication Services		17,057		7,451		0		24,508
Consumer Discretionary		30,021		8,132		0		38,153
Consumer Staples		0		1,558		0		1,558

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 37

Schedule of Investments PIMCO RAE Emerging Markets Fund (Cont.) December 31, 2023 (Unaudited)

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Energy	$	0	$	95,464	$	0	$	95,464
Financials		377		202,987		0		203,364
Health Care		0		13,518		0		13,518
Industrials		965		23,806		0		24,771
Information Technology		0		31,365		0		31,365
Materials		0		3,813		0		3,813
Real Estate		1,147		1,347		0		2,494
Greece
Communication Services		0		1,932		0		1,932
Consumer Discretionary		662		0		0		662
Energy		1,931		0		0		1,931
Financials		0		8,448		0		8,448
Industrials		943		0		0		943
Hong Kong
Financials		0		663		0		663
Industrials		0		1,375		0		1,375
Real Estate		0		225		0		225
Utilities		0		16,239		0		16,239
India
Communication Services		0		1,950		0		1,950
Consumer Discretionary		0		19,164		0		19,164
Consumer Staples		0		13,808		0		13,808
Energy		0		71,832		0		71,832
Financials		0		67,879		0		67,879
Health Care		0		7,161		0		7,161
Industrials		0		18,320		0		18,320
Information Technology		0		3,197		0		3,197
Materials		0		59,251		0		59,251
Utilities		0		32,597		0		32,597
Indonesia
Communication Services		0		2,467		0		2,467
Consumer Staples		1,669		694		0		2,363
Energy		1,969		10,965		0		12,934
Financials		0		11,617		0		11,617
Health Care		0		1,017		0		1,017
Industrials		0		4,538		0		4,538
Materials		0		2,392		0		2,392
Utilities		0		2,112		0		2,112
Malaysia
Communication Services		149		1,170		0		1,319
Consumer Discretionary		0		1,718		0		1,718
Energy		607		0		0		607
Financials		69		8,244		0		8,313
Health Care		306		2,907		0		3,213
Industrials		0		5,320		0		5,320
Utilities		560		4,728		0		5,288
Mexico
Communication Services		137		0		0		137
Consumer Discretionary		762		0		0		762
Consumer Staples		2,636		0		0		2,636
Financials		3,776		0		0		3,776
Industrials		5,064		0		0		5,064
Materials		43,639		0		0		43,639
Philippines
Communication Services		0		1,828		0		1,828
Energy		1,231		0		0		1,231
Industrials		2,068		0		0		2,068
Poland
Communication Services		0		177		0		177
Financials		0		21,713		0		21,713
Utilities		0		3,742		0		3,742
Qatar
Communication Services		377		0		0		377
Russia
Financials		0		0		26		26
Utilities		0		0		1		1

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Saudi Arabia
Communication Services	$	0	$	2,755	$	0	$	2,755
Consumer Discretionary		0		236		0		236
Utilities		0		401		0		401
South Africa
Communication Services		11,692		0		0		11,692
Consumer Discretionary		6,484		0		0		6,484
Consumer Staples		6,306		4,479		0		10,785
Energy		0		184		0		184
Financials		12,623		9,617		0		22,240
Health Care		2,840		0		0		2,840
Industrials		2,274		0		0		2,274
Materials		836		4,012		0		4,848
South Korea
Communication Services		0		24,136		0		24,136
Consumer Discretionary		0		56,493		0		56,493
Consumer Staples		0		8,736		0		8,736
Financials		0		17,126		0		17,126
Industrials		0		32,942		0		32,942
Information Technology		0		8,861		0		8,861
Materials		0		56,107		0		56,107
Utilities		0		13,181		0		13,181
Taiwan
Communication Services		0		1,483		0		1,483
Consumer Discretionary		0		9,115		0		9,115
Consumer Staples		0		5,950		0		5,950
Financials		0		692		0		692
Industrials		0		4,481		0		4,481
Information Technology		0		185,398		0		185,398
Thailand
Communication Services		0		327		0		327
Energy		0		4,613		0		4,613
Financials		0		48,709		0		48,709
Information Technology		0		317		0		317
Materials		0		501		0		501
Real Estate		0		1,472		0		1,472
Turkey
Financials		7,853		10,604		0		18,457
Industrials		2,525		0		0		2,525
Utilities		0		1,355		0		1,355
United Arab Emirates
Financials		739		0		0		739
Preferred Stocks
Brazil
Energy		0		54,689		0		54,689
Financials		0		4,407		0		4,407
Industrials		0		1,287		0		1,287
Utilities		0		1,629		0		1,629
Chile
Industrials		1,246		0		0		1,246
Real Estate Investment Trusts
Mexico
Real Estate		854		0		0		854
South Africa
Real Estate		1,023		821		0		1,844
Short-Term Instruments
Repurchase Agreements		0		9,667		0		9,667
	$	181,974	$	1,435,331	$	27	$	1,617,332
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		49,407		0		0		49,407
Total Investments	$	231,381	$	1,435,331	$	27	$	1,666,739

There were no significant transfers into or out of Level 3 during the period ended December 31, 2023.

38 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAE Global ex-US Fund   December 31, 2023 (Unaudited)

(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%
	$		165
Total Short-Term Instruments (Cost $165)			165
Total Investments in Securities (Cost $165)			165

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 99.8%
MUTUAL FUNDS (a) 99.8%
UNITED STATES 99.8%
PIMCO RAE Emerging Markets Fund		2,562,877	$		25,757
PIMCO RAE International Fund		9,759,632			77,003
Total Mutual Funds (Cost $106,371)					102,760
Total Investments in Affiliates (Cost $106,371)					102,760
Total Investments 100.0% (Cost $106,536)			$		102,925
Other Assets and Liabilities, net 0.0%					(5	)
Net Assets 100.0%			$		102,920

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		2.600	%		12/29/2023		01/02/2024	$	165	U.S. Treasury Notes 4.875% due 11/30/2025	$	(168	)	$	165	$	165
Total Repurchase Agreements											$	(168	)	$	165	$	165

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2023:

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	$	165	$	0	$	0	$	0	$	165	$	(168	)	$	(3	)
Total Borrowings and Other Financing Transactions	$	165	$	0	$	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 December 31, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
Short-Term Instruments
Repurchase Agreements	$	0	$	165	$	0	$	165
	$	0	$	165	$	0	$	165
Investments in Affiliates, at Value
Mutual Funds
United States		102,760		0		0		102,760
Total Investments	$	102,760	$	165	$	0	$	102,925

There were no significant transfers into or out of Level 3 during the period ended December 31, 2023.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 39

Schedule of Investments PIMCO RAE International Fund  

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.3%
COMMON STOCKS 98.3%
AUSTRALIA 5.0%
COMMUNICATION SERVICES 0.0%
Telstra Group Ltd.		53,705	$		145
CONSUMER STAPLES 0.1%
Metcash Ltd.		256,408			610
ENERGY 0.5%
Ampol Ltd.		66,938			1,650
Viva Energy Group Ltd.		369,833			880
					2,530
FINANCIALS 1.0%
AMP Ltd.		496,954			315
Medibank Pvt Ltd.		451,573			1,096
Suncorp Group Ltd.		393,955			3,731
					5,142
INDUSTRIALS 0.4%
Aurizon Holdings Ltd.		395,044			1,023
Brambles Ltd.		93,028			862
Downer EDI Ltd.		82,432			247
					2,132
MATERIALS 1.7%
BlueScope Steel Ltd.		96,374			1,536
Rio Tinto Ltd.		71,455			6,617
					8,153
REAL ESTATE 0.1%
Lendlease Corp. Ltd.		42,512			216
UTILITIES 1.2%
AGL Energy Ltd.		931,258			6,020
Total Australia					24,948
AUSTRIA 0.4%
FINANCIALS 0.1%
Vienna Insurance Group AG Wiener Versicherung Gruppe		7,538			220
INDUSTRIALS 0.0%
Strabag SE		2,287			105
MATERIALS 0.3%
voestalpine AG		50,778			1,599
Total Austria					1,924
BELGIUM 0.6%
COMMUNICATION SERVICES 0.1%
Proximus SADP		75,457			709
CONSUMER STAPLES 0.1%
Etablissements Franz Colruyt NV		12,153			548

	SHARES				MARKET VALUE (000S)
HEALTH CARE 0.3%
UCB SA		15,996	$			1,395
INDUSTRIALS 0.1%
bpost SA		70,263				362
Total Belgium						3,014
CANADA 8.4%
CONSUMER DISCRETIONARY 3.0%
Canadian Tire Corp. Ltd. ‘A’		5,051				536
Gildan Activewear, Inc.		18,491				612
Linamar Corp.		8,100				391
Magna International, Inc.		225,267				13,310
						14,849
CONSUMER STAPLES 0.1%
George Weston Ltd.		6,361				790
ENERGY 1.5%
Suncor Energy, Inc.		226,341				7,251
FINANCIALS 1.2%
Bank of Nova Scotia (c)		23,600				1,149
CI Financial Corp.		71,451				801
Manulife Financial Corp.		69,900				1,545
Onex Corp.		7,910				552
Sun Life Financial, Inc.		34,053				1,766
						5,813
HEALTH CARE 0.3%
Bausch Health Cos., Inc. (a)		183,100				1,469
INDUSTRIALS 0.3%
Finning International, Inc.		46,400				1,342
SNC-Lavalin Group, Inc. (e)		12,400		��		399
						1,741
INFORMATION TECHNOLOGY 0.9%
Celestica, Inc. (a)		45,142				1,322
CGI, Inc. (a)		19,800				2,121
Open Text Corp.		24,900				1,047
						4,490
MATERIALS 0.8%
B2Gold Corp.		90,400				286
Canfor Corp. (a)		3,800				51
Kinross Gold Corp.		336,900				2,039
Lundin Mining Corp.		143,900				1,178
Methanex Corp.		6,300				298
						3,852
UTILITIES 0.3%
Atco Ltd. ‘I’		45,381				1,324
Total Canada						41,579
DENMARK 1.2%
CONSUMER DISCRETIONARY 0.3%
Pandora AS		9,930				1,373

	SHARES			MARKET VALUE (000S)
CONSUMER STAPLES 0.1%
Carlsberg AS ‘B’		1,795	$		225
Schouw & Co. AS		1,945			159
					384
HEALTH CARE 0.1%
H Lundbeck AS		144,916			704
H Lundbeck AS ‘A’		315			1
					705
INDUSTRIALS 0.7%
AP Moller - Maersk AS ‘B’		643			1,157
ISS AS		114,971			2,196
Rockwool AS ‘B’		692			203
					3,556
Total Denmark					6,018
FINLAND 1.7%
CONSUMER DISCRETIONARY 0.1%
Nokian Renkaat Oyj		74,657			682
CONSUMER STAPLES 0.2%
Kesko Oyj ‘B’		37,982			753
FINANCIALS 0.8%
Nordea Bank Abp		332,529			4,128
INDUSTRIALS 0.3%
Wartsila Oyj Abp		102,475			1,490
INFORMATION TECHNOLOGY 0.2%
Nokia Oyj		281,914			960
UTILITIES 0.1%
Fortum Oyj		37,736			545
Total Finland					8,558
FRANCE 5.8%
COMMUNICATION SERVICES 0.5%
Orange SA		231,366			2,637
CONSUMER DISCRETIONARY 1.1%
Renault SA		108,845			4,452
Valeo SE		59,580			921
					5,373
CONSUMER STAPLES 1.2%
Carrefour SA		234,580			4,296
L’Oreal SA		2,726			1,359
					5,655
FINANCIALS 0.4%
Amundi SA		8,299			566
AXA SA		46,314			1,512
					2,078
HEALTH CARE 1.3%
Sanofi		64,714			6,431

40 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2023 (Unaudited)

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 1.3%
Bouygues SA		26,215	$		989
Cie de Saint-Gobain SA		76,302			5,627
					6,616
Total France					28,790
GERMANY 5.6%
COMMUNICATION SERVICES 0.2%
Telefonica Deutschland Holding AG		330,097			858
CONSUMER DISCRETIONARY 3.2%
Adidas AG		28,696			5,831
Bayerische Motoren Werke AG		78,809			8,769
Continental AG		15,047			1,278
					15,878
CONSUMER STAPLES 0.3%
Metro AG (a)		210,532			1,467
FINANCIALS 0.2%
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		1,968			817
Talanx AG		5,670			405
					1,222
HEALTH CARE 0.7%
Fresenius Medical Care AG & Co. KGaA		28,103			1,175
Fresenius SE & Co. KGaA		71,576			2,218
					3,393
INDUSTRIALS 0.1%
Knorr-Bremse AG		8,179			528
MATERIALS 0.9%
Aurubis AG		6,645			544
HeidelbergCement AG		41,657			3,723
					4,267
Total Germany					27,613
HONG KONG 2.5%
COMMUNICATION SERVICES 0.0%
PCCW Ltd.		236,000			126
CONSUMER DISCRETIONARY 0.6%
Melco Resorts & Entertainment Ltd. ADR (a)		245,695			2,179
Skyworth Group Ltd.		1,414,215			540
Yue Yuen Industrial Holdings Ltd.		309,000			343
					3,062
CONSUMER STAPLES 0.2%
First Pacific Co. Ltd.		322,000			128
Sun Art Retail Group Ltd.		158,000			28
WH Group Ltd.		1,659,500			1,072
					1,228

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 0.1%
Hutchison Port Holdings Trust		2,422,500	$		358
Jardine Matheson Holdings Ltd.		3,000			124
					482
INFORMATION TECHNOLOGY 0.2%
Kingboard Holdings Ltd.		219,500			525
Kingboard Laminates Holdings Ltd. (c)		297,500			256
					781
REAL ESTATE 1.4%
CK Asset Holdings Ltd.		300,500			1,508
Kerry Properties Ltd.		250,500			458
Sun Hung Kai Properties Ltd.		157,500			1,704
Swire Pacific Ltd. ‘A’		253,000			2,143
Wharf Holdings Ltd.		315,000			1,015
					6,828
Total Hong Kong					12,507
ISRAEL 1.6%
COMMUNICATION SERVICES 0.2%
Bezeq The Israeli Telecommunication Corp. Ltd.		949,284			1,293
ENERGY 0.2%
Delek Group Ltd.		1,667			214
Oil Refineries Ltd.		1,919,281			648
Paz Oil Co. Ltd.		2,651			222
					1,084
FINANCIALS 0.1%
Plus500 Ltd.		12,952			275
HEALTH CARE 0.8%
Teva Pharmaceutical Industries Ltd. SP ADR (a)		371,186			3,875
INDUSTRIALS 0.1%
ZIM Integrated Shipping Services Ltd. (c)		36,020			355
INFORMATION TECHNOLOGY 0.2%
Check Point Software Technologies Ltd. (a)		5,339			816
MATERIALS 0.0%
Israel Corp. Ltd. (a)		638			162
REAL ESTATE 0.0%
G City Ltd.		38,061			125
Total Israel					7,985
ITALY 1.8%
COMMUNICATION SERVICES 0.4%
Telecom Italia SpA (a)		6,568,481			2,133
FINANCIALS 0.1%
Unipol Gruppo SpA		89,367			510

	SHARES			MARKET VALUE (000S)
UnipolSai Assicurazioni SpA		32,159	$		80
					590
INDUSTRIALS 0.2%
Leonardo SpA		64,998			1,074
UTILITIES 1.1%
A2A SpA		235,806			484
Enel SpA		644,421			4,795
					5,279
Total Italy					9,076
JAPAN 25.1%
COMMUNICATION SERVICES 0.2%
Fuji Media Holdings, Inc.		16,800			186
KDDI Corp.		5,000			159
Nippon Telegraph & Telephone Corp.		527,200			644
Nippon Television Holdings, Inc.		4,900			53
					1,042
CONSUMER DISCRETIONARY 4.9%
Bic Camera, Inc.		8,200			78
Bridgestone Corp.		24,700			1,020
Casio Computer Co. Ltd.		18,600			161
DCM Holdings Co. Ltd.		6,500			60
EDION Corp.		88,100			982
Isuzu Motors Ltd.		144,000			1,846
Izumi Co. Ltd.		5,600			143
JTEKT Corp.		19,500			164
K’s Holdings Corp.		64,400			603
Mazda Motor Corp.		423,000			4,521
Nissan Motor Co. Ltd.		915,100			3,578
Paltac Corp.		7,900			249
Panasonic Holdings Corp.		369,900			3,643
Sega Sammy Holdings, Inc.		53,000			740
Sekisui Chemical Co. Ltd.		20,400			293
Sekisui House Ltd.		46,200			1,024
Sharp Corp.		42,700			304
Shimamura Co. Ltd.		7,000			782
Subaru Corp.		145,400			2,652
Sumitomo Rubber Industries Ltd.		21,700			235
Tokai Rika Co. Ltd.		10,000			154
Yamada Holdings Co. Ltd.		391,900			1,218
					24,450
CONSUMER STAPLES 1.2%
Arcs Co. Ltd.		5,600			110
Coca-Cola Bottlers Japan Holdings, Inc.		20,000			287
H2O Retailing Corp.		77,200			835
Itoham Yonekyu Holdings, Inc.		14,280			390
Japan Tobacco, Inc.		17,056			440
Kao Corp.		18,000			740
Kewpie Corp.		16,600			293
MEIJI Holdings Co. Ltd.		9,600			228
Mitsubishi Shokuhin Co. Ltd.		6,500			221
Morinaga Milk Industry Co. Ltd.		12,600			244
Pola Orbis Holdings, Inc.		32,400			363
Sugi Holdings Co. Ltd.		5,600			257
Sundrug Co. Ltd.		13,200			424
Tsuruha Holdings, Inc.		8,200			751

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 41

Schedule of Investments PIMCO RAE International Fund (Cont.)

	SHARES			MARKET VALUE (000S)
United Super Markets Holdings, Inc.		30,500	$		220
					5,803
ENERGY 0.2%
Cosmo Energy Holdings Co. Ltd.		19,200			769
FINANCIALS 4.9%
Japan Post Holdings Co. Ltd.		1,969,500			17,583
Japan Post Insurance Co. Ltd.		38,200			678
MS&AD Insurance Group Holdings, Inc.		137,900			5,422
Sompo Holdings, Inc.		11,400			558
					24,241
HEALTH CARE 1.3%
Alfresa Holdings Corp.		65,700			1,115
Astellas Pharma, Inc.		89,500			1,064
Eisai Co. Ltd.		6,400			319
Medipal Holdings Corp.		97,600			1,580
Otsuka Holdings Co. Ltd.		13,600			509
Sumitomo Pharma Co. Ltd.		64,200			212
Suzuken Co. Ltd.		40,400			1,336
Toho Holdings Co. Ltd.		9,400			215
					6,350
INDUSTRIALS 4.5%
AGC, Inc. (c)		27,400			1,016
Amada Co. Ltd.		100,700			1,047
Dai Nippon Printing Co. Ltd.		82,000			2,421
Ebara Corp.		20,200			1,191
EXEO Group, Inc.		6,100			135
Hino Motors Ltd.		311,400			1,020
Inabata & Co. Ltd.		28,700			638
Kajima Corp.		46,600			777
Kamigumi Co. Ltd.		2,900			69
Kandenko Co. Ltd.		24,900			243
Kinden Corp.		4,100			70
Kyudenko Corp.		2,500			90
Mitsubishi Electric Corp.		333,300			4,714
Nabtesco Corp.		15,900			324
Nippon Express Holdings, Inc.		11,100			630
Nisshinbo Holdings, Inc.		29,400			238
Persol Holdings Co. Ltd.		641,000			1,097
Sankyu, Inc.		5,000			183
Sanwa Holdings Corp.		3,500			53
Secom Co. Ltd.		5,700			410
Seino Holdings Co. Ltd.		27,400			415
Shimizu Corp.		24,100			160
Sohgo Security Services Co. Ltd.		17,400			100
Sumitomo Heavy Industries Ltd.		15,300			385
Taisei Corp.		36,700			1,253
TOPPAN Holdings, Inc.		31,900			888
Yamato Holdings Co. Ltd.		156,300			2,884
					22,451
INFORMATION TECHNOLOGY 3.3%
Alps Alpine Co. Ltd.		60,800			528
Azbil Corp.		1,800			59
Brother Industries Ltd.		4,000			64
Canon Marketing Japan, Inc.		11,900			360
Canon, Inc.		185,550			4,760

	SHARES			MARKET VALUE (000S)
Fujitsu Ltd.		31,000	$		4,665
Konica Minolta, Inc. (a)		232,100			678
NEC Corp.		32,000			1,891
Nippon Electric Glass Co. Ltd.		3,900			84
Otsuka Corp.		18,300			753
Ricoh Co. Ltd.		186,300			1,427
SCREEN Holdings Co. Ltd.		13,000			1,096
Seiko Epson Corp.		13,400			200
					16,565
MATERIALS 2.1%
Daicel Corp.		104,600			1,011
Denka Co. Ltd.		10,800			191
DIC Corp.		33,000			647
JFE Holdings, Inc.		24,700			382
Kaneka Corp.		14,600			370
Kuraray Co. Ltd.		52,300			528
Mitsubishi Chemical Group Corp.		133,600			817
Mitsui Mining & Smelting Co. Ltd.		19,400			595
Nippon Light Metal Holdings Co. Ltd.		28,800			357
Nippon Paper Industries Co. Ltd. ‘L’		9,000			81
Nitto Denko Corp.		26,300			1,963
Resonac Holdings Corp.		35,900			713
Taiheiyo Cement Corp.		43,600			897
Tosoh Corp.		13,600			173
Toyo Seikan Group Holdings Ltd.		94,200			1,524
UBE Corp.		20,200			328
					10,577
REAL ESTATE 1.1%
Daito Trust Construction Co. Ltd.		47,100			5,451
Nomura Real Estate Holdings, Inc.		3,500			92
					5,543
UTILITIES 1.4%
Chubu Electric Power Co., Inc.		211,000			2,724
Electric Power Development Co. Ltd. ‘C’		92,200			1,495
Kansai Electric Power Co., Inc.		47,600			632
Kyushu Electric Power Co., Inc. (a)		18,800			136
Shikoku Electric Power Co., Inc.		10,800			78
Tohoku Electric Power Co., Inc.		243,000			1,652
					6,717
Total Japan					124,508
LUXEMBOURG 0.6%
COMMUNICATION SERVICES 0.1%
RTL Group SA		4,323			167
MATERIALS 0.5%
ArcelorMittal SA		90,161			2,559
Total Luxembourg					2,726
NETHERLANDS 6.9%
CONSUMER STAPLES 3.3%
Koninklijke Ahold Delhaize NV		567,823			16,337

	SHARES			MARKET VALUE (000S)
FINANCIALS 0.8%
NN Group NV		99,202	$		3,921
HEALTH CARE 0.9%
Koninklijke Philips NV		193,777			4,535
INDUSTRIALS 0.8%
Randstad NV		57,353			3,599
MATERIALS 1.1%
Akzo Nobel NV		67,352			5,577
Total Netherlands					33,969
NEW ZEALAND 0.3%
COMMUNICATION SERVICES 0.1%
Spark New Zealand Ltd.		101,057			331
INDUSTRIALS 0.1%
Air New Zealand Ltd.		322,547			129
Fletcher Building Ltd.		181,609			549
					678
UTILITIES 0.1%
Contact Energy Ltd.		49,990			253
Total New Zealand					1,262
NORWAY 0.6%
COMMUNICATION SERVICES 0.3%
Telenor ASA		143,108			1,642
CONSUMER STAPLES 0.1%
Mowi ASA		16,399			294
Orkla ASA		10,657			83
					377
FINANCIALS 0.2%
DNB Bank ASA		33,948			722
INFORMATION TECHNOLOGY 0.0%
Atea ASA		14,698			187
Total Norway					2,928
PORTUGAL 0.2%
CONSUMER STAPLES 0.1%
Sonae SGPS SA		389,923			390
MATERIALS 0.1%
Navigator Co. SA		148,137			581
Total Portugal					971
RUSSIA 0.0%
MATERIALS 0.0%
Evraz PLC «(a)		238,175			0
Total Russia					0

42 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2023 (Unaudited)

	SHARES			MARKET VALUE (000S)
SINGAPORE 0.5%
COMMUNICATION SERVICES 0.2%
JOYY, Inc. ADR		27,508	$		1,092
INDUSTRIALS 0.3%
ComfortDelGro Corp. Ltd.		772,200			818
Jardine Cycle & Carriage Ltd.		34,900			787
					1,605
Total Singapore					2,697
SPAIN 6.7%
COMMUNICATION SERVICES 2.1%
Telefonica SA (c)		2,607,807			10,196
FINANCIALS 3.2%
Banco Bilbao Vizcaya Argentaria SA		1,097,048			9,999
Banco Santander SA		934,240			3,908
Mapfre SA		800,337			1,720
					15,627
INDUSTRIALS 0.4%
ACS Actividades de Construccion y Servicios SA		49,735			2,209
UTILITIES 1.0%
Endesa SA		84,801			1,730
Naturgy Energy Group SA		116,812			3,484
					5,214
Total Spain					33,246
SWEDEN 3.9%
COMMUNICATION SERVICES 0.1%
Telia Co. AB		223,870			571
CONSUMER DISCRETIONARY 1.0%
Autoliv, Inc.		5,202			573
Electrolux AB ‘B’		103,619			1,113
H & M Hennes & Mauritz AB ‘B’		191,136			3,353
					5,039
FINANCIALS 0.3%
Swedbank AB ‘A’		70,367			1,423
HEALTH CARE 0.1%
Getinge AB ‘B’		26,584			592
INDUSTRIALS 2.3%
Husqvarna AB ‘B’		46,158			381
Loomis AB		7,954			212
Peab AB ‘B’		24,761			141
Securitas AB ‘B’		179,054			1,755
Skanska AB ‘B’		42,717			774
Volvo AB ‘B’		317,383			8,258
					11,521
MATERIALS 0.1%
Hexpol AB		29,015			351
Total Sweden					19,497

	SHARES			MARKET VALUE (000S)
SWITZERLAND 5.6%
CONSUMER DISCRETIONARY 0.7%
Swatch Group AG		12,884	$		3,506
FINANCIALS 0.6%
Swiss Life Holding AG		267			185
Swiss Re AG		18,233			2,052
Zurich Insurance Group AG		1,544			807
					3,044
HEALTH CARE 2.0%
Roche Holding AG		33,402			9,710
INDUSTRIALS 2.0%
ABB Ltd.		114,078			5,065
Adecco Group AG		95,672			4,699
					9,764
MATERIALS 0.3%
Holcim AG		21,979			1,726
Total Switzerland					27,750
UNITED KINGDOM 13.3%
COMMUNICATION SERVICES 0.5%
BT Group PLC		335,896			529
WPP PLC		226,253			2,161
					2,690
CONSUMER DISCRETIONARY 1.9%
Barratt Developments PLC		224,672			1,610
Berkeley Group Holdings PLC		6,082			363
Currys PLC		413,075			266
Inchcape PLC		204,584			1,863
Kingfisher PLC		517,682			1,604
Pearson PLC		24,286			298
Persimmon PLC		131,816			2,330
Taylor Wimpey PLC		501,049			938
					9,272
CONSUMER STAPLES 1.6%
Haleon PLC		410,279			1,680
Imperial Brands PLC		157,541			3,628
Marks & Spencer Group PLC		725,896			2,515
					7,823
ENERGY 0.1%
Subsea 7 SA		36,055			525
FINANCIALS 1.9%
abrdn PLC		685,506			1,559
Direct Line Insurance Group PLC		785,474			1,819
M&G PLC		2,079,565			5,885
					9,263
HEALTH CARE 2.6%
GSK PLC		699,811			12,925
INDUSTRIALS 1.5%
Ferguson PLC		21,446			4,108

	SHARES			MARKET VALUE (000S)
International Distributions Services PLC (a)		722,349	$		2,505
Travis Perkins PLC		70,230			740
					7,353
MATERIALS 0.2%
Johnson Matthey PLC		53,756			1,163
UTILITIES 3.0%
Centrica PLC		6,563,423			11,766
SSE PLC		127,619			3,013
					14,779
Total United Kingdom					65,793
Total Common Stocks (Cost $383,250)					487,359
PREFERRED STOCKS 0.2%
GERMANY 0.2%
INDUSTRIALS 0.2%
Schaeffler AG		130,407			806
Total Preferred Stocks (Cost $699)					806
REAL ESTATE INVESTMENT TRUSTS 0.6%
AUSTRALIA 0.4%
REAL ESTATE 0.4%
Scentre Group		218,361			445
Stockland		420,503			1,275
					1,720
Total Australia					1,720
CANADA 0.2%
REAL ESTATE 0.2%
H&R Real Estate Investment Trust		105,286			787
RioCan Real Estate Investment Trust		26,342			370
					1,157
Total Canada					1,157
Total Real Estate Investment Trusts (Cost $2,319)					2,877
WARRANTS 0.0%
SPAIN 0.0%
INDUSTRIALS 0.0%
Abengoa SA ‘B’ - Exp. 03/31/2025 «		226,011			0
Total Warrants (Cost $0)					0
SHORT-TERM INSTRUMENTS 0.2%
REPURCHASE AGREEMENTS (f) 0.2%
					993
Total Short-Term Instruments (Cost $993)					993
Total Investments in Securities (Cost $387,261)					492,035

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 43

Schedule of Investments PIMCO RAE International Fund (Cont.)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 2.2%
SHORT-TERM INSTRUMENTS 2.2%
MUTUAL FUNDS 2.2%
PIMCO Government Money Market Fund
5.450% (b)(c)(d)		10,990,375	$		10,990
Total Short-Term Instruments (Cost $10,990)					10,990
Total Investments in Affiliates (Cost $10,990)					10,990
Total Investments 101.5% (Cost $398,251)			$		503,025
Other Assets and Liabilities, net (1.5)%					(7,496	)
Net Assets 100.0%			$		495,529

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 $12,638 were out on loan in exchange for $13,361 of cash collateral as of December 31, 2023. 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
SNC-Lavalin Group, Inc.		05/31/2023 - 11/30/2023	$	356	$	399		0.08%

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		2.600	%		12/29/2023		01/02/2024	$	993	U.S. Treasury Notes 4.875% due 11/30/2025	$	(1,013	)	$	993	$	993
Total Repurchase Agreements											$	(1,013	)	$	993	$	993

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2023:

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	$	993	$	0	$	0	$	0	$	993	$	(1,013	)	$	(20	)
Master Securities Lending Agreement
GSC		0		0		0		1,313		1,313		(1,374	)		(61	)
MBC		0		0		0		621		621		(652	)		(31	)
MSC		0		0		0		10,530		10,530		(11,145	)		(615	)
SAL		0		0		0		174		174		(190	)		(16	)
Total Borrowings and Other Financing Transactions	$	993	$	0	$	0	$	12,638

44 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2023 (Unaudited)

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements

	Overnight and Continuous		Up to 30 days		31-90 days		Greater Than 90 days		Total
Securities Lending Transactions(3)
Common Stocks	$	13,361	$	0	$	0	$	0	$	13,361
Total Borrowings	$	13,361	$	0	$	0	$	0	$	13,361
Payable for securities on loan - cash collateral									$	13,361

⁽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 December 31, 2023:

			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
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	(14	)	$	0	$	(14	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1			Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
Common Stocks
Australia
Communication Services	$	0		$	145	$	0	$	145
Consumer Staples		0			610		0		610
Energy		0			2,530		0		2,530
Financials		0			5,142		0		5,142
Industrials		0			2,132		0		2,132
Materials		0			8,153		0		8,153
Real Estate		0			216		0		216
Utilities		0			6,020		0		6,020
Austria
Financials		0			220		0		220
Industrials		105			0		0		105
Materials		0			1,599		0		1,599
Belgium
Communication Services		0			709		0		709
Consumer Staples		0			548		0		548
Health Care		0			1,395		0		1,395
Industrials		362			0		0		362
Canada
Consumer Discretionary		14,849			0		0		14,849
Consumer Staples		790			0		0		790
Energy		7,251	��		0		0		7,251
Financials		5,813			0		0		5,813
Health Care		1,469			0		0		1,469
Industrials		1,741			0		0		1,741
Information Technology		4,490			0		0		4,490
Materials		3,852			0		0		3,852
Utilities		1,324			0		0		1,324

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Denmark
Consumer Discretionary	$	0	$	1,373	$	0	$	1,373
Consumer Staples		0		384		0		384
Health Care		0		705		0		705
Industrials		0		3,556		0		3,556
Finland
Consumer Discretionary		0		682		0		682
Consumer Staples		0		753		0		753
Financials		0		4,128		0		4,128
Industrials		0		1,490		0		1,490
Information Technology		0		960		0		960
Utilities		0		545		0		545
France
Communication Services		0		2,637		0		2,637
Consumer Discretionary		0		5,373		0		5,373
Consumer Staples		0		5,655		0		5,655
Financials		0		2,078		0		2,078
Health Care		0		6,431		0		6,431
Industrials		0		6,616		0		6,616
Germany
Communication Services		0		858		0		858
Consumer��Discretionary		0		15,878		0		15,878
Consumer Staples		1,467		0		0		1,467
Financials		0		1,222		0		1,222
Health Care		0		3,393		0		3,393
Industrials		0		528		0		528
Materials		0		4,267		0		4,267
Hong Kong
Communication Services		0		126		0		126
Consumer Discretionary		2,179		883		0		3,062

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 45

Schedule of Investments PIMCO RAE International Fund (Cont.) December 31, 2023 (Unaudited)

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Consumer Staples	$	0	$	1,228	$	0	$	1,228
Industrials		0		482		0		482
Information Technology		0		781		0		781
Real Estate		0		6,828		0		6,828
Israel
Communication Services		0		1,293		0		1,293
Energy		648		436		0		1,084
Financials		0		275		0		275
Health Care		3,875		0		0		3,875
Industrials		355		0		0		355
Information Technology		816		0		0		816
Materials		0		162		0		162
Real Estate		0		125		0		125
Italy
Communication Services		2,133		0		0		2,133
Financials		0		590		0		590
Industrials		0		1,074		0		1,074
Utilities		0		5,279		0		5,279
Japan
Communication Services		0		1,042		0		1,042
Consumer Discretionary		0		24,450		0		24,450
Consumer Staples		0		5,803		0		5,803
Energy		0		769		0		769
Financials		0		24,241		0		24,241
Health Care		0		6,350		0		6,350
Industrials		0		22,451		0		22,451
Information Technology		0		16,565		0		16,565
Materials		0		10,577		0		10,577
Real Estate		0		5,543		0		5,543
Utilities		0		6,717		0		6,717
Luxembourg
Communication Services		0		167		0		167
Materials		0		2,559		0		2,559
Netherlands
Consumer Staples		0		16,337		0		16,337
Financials		0		3,921		0		3,921
Health Care		0		4,535		0		4,535
Industrials		0		3,599		0		3,599
Materials		0		5,577		0		5,577
New Zealand
Communication Services		331		0		0		331
Industrials		678		0		0		678
Utilities		253		0		0		253
Norway
Communication Services		1,642		0		0		1,642
Consumer Staples		0		377		0		377
Financials		0		722		0		722
Information Technology		187		0		0		187
Portugal
Consumer Staples		0		390		0		390
Materials		0		581		0		581

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Singapore
Communication Services	$	1,092	$	0	$	0	$	1,092
Industrials		0		1,605		0		1,605
Spain
Communication Services		0		10,196		0		10,196
Financials		0		15,627		0		15,627
Industrials		0		2,209		0		2,209
Utilities		0		5,214		0		5,214
Sweden
Communication Services		0		571		0		571
Consumer Discretionary		573		4,466		0		5,039
Financials		0		1,423		0		1,423
Health Care		0		592		0		592
Industrials		0		11,521		0		11,521
Materials		0		351		0		351
Switzerland
Consumer Discretionary		0		3,506		0		3,506
Financials		0		3,044		0		3,044
Health Care		0		9,710		0		9,710
Industrials		0		9,764		0		9,764
Materials		0		1,726		0		1,726
United Kingdom
Communication Services		0		2,690		0		2,690
Consumer Discretionary		266		9,006		0		9,272
Consumer Staples		0		7,823		0		7,823
Energy		0		525		0		525
Financials		0		9,263		0		9,263
Health Care		0		12,925		0		12,925
Industrials		2,505		4,848		0		7,353
Materials		0		1,163		0		1,163
Utilities		0		14,779		0		14,779
Preferred Stocks
Germany
Industrials		0		806		0		806
Real Estate Investment Trusts
Australia
Real Estate		0		1,720		0		1,720
Canada
Real Estate		1,157		0		0		1,157
Short-Term Instruments
Repurchase Agreements		0		993		0		993
	$	62,203	$	429,832	$	0	$	492,035
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		10,990		0		0		10,990
Total Investments	$	73,193	$	429,832	$	0	$	503,025

There were no significant transfers into or out of Level 3 during the period ended December 31, 2023.

46 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAE US Fund   December 31, 2023 (Unaudited)

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.8%
COMMON STOCKS 99.2%
UNITED STATES 99.2%
COMMUNICATION SERVICES 7.3%
Altice USA, Inc. ‘A’ (a)		268,864	$		874
AT&T, Inc.		298,227			5,004
Charter Communications, Inc. ‘A’ (a)		29,039			11,287
Comcast Corp. ‘A’		219,331			9,618
Lumen Technologies, Inc. (a)		706,820			1,293
Meta Platforms, Inc. ‘A’ (a)		153,104			54,193
Omnicom Group, Inc.		20,258			1,752
Paramount Global ‘B’		140,552			2,079
					86,100
CONSUMER DISCRETIONARY 9.8%
AutoNation, Inc. (a)		20,705			3,110
Best Buy Co., Inc.		145,980			11,427
Carnival Corp. (a)		506,518			9,391
Dick’s Sporting Goods, Inc.		24,739			3,636
eBay, Inc.		132,438			5,777
Foot Locker, Inc.		56,190			1,750
Gap, Inc.		342,840			7,169
Goodyear Tire & Rubber Co. (a)		36,810			527
Kohl’s Corp.		559,924			16,059
Las Vegas Sands Corp.		10,168			500
Lennar Corp. ‘A’		58,282			8,686
Lowe’s Cos., Inc.		31,101			6,922
Macy’s, Inc.		262,236			5,276
Mohawk Industries, Inc. (a)		11,006			1,139
NVR, Inc. (a)		822			5,754
PulteGroup, Inc.		130,230			13,442
PVH Corp.		33,052			4,036
Qurate Retail, Inc. (a)		735,992			644
Ralph Lauren Corp.		6,774			977
Toll Brothers, Inc.		57,033			5,863
Whirlpool Corp.		26,876			3,273
					115,358
CONSUMER STAPLES 7.3%
Altria Group, Inc.		276,050			11,136
Kroger Co.		407,396			18,622
Walgreens Boots Alliance, Inc.		656,381			17,138
Walmart, Inc.		244,891			38,607
					85,503
ENERGY 12.7%
Baker Hughes Co.		123,929			4,236
Exxon Mobil Corp.		134,748			13,472
Marathon Petroleum Corp.		305,021			45,253
PBF Energy, Inc. ‘A’		62,458			2,746
Phillips 66		331,644			44,155
Valero Energy Corp.		294,678			38,308
World Kinect Corp.		52,645			1,199
					149,369
FINANCIALS 8.5%
Allstate Corp.		36,650			5,130
Ally Financial, Inc.		214,719			7,498
American Express Co.		8,682			1,626
Ameriprise Financial, Inc.		7,713			2,930
Aon PLC ‘A’		891			259

	SHARES			MARKET VALUE (000S)
Bank of New York Mellon Corp.		33,368	$		1,737
Capital One Financial Corp.		30,238			3,965
Citigroup, Inc.		126,876			6,527
Discover Financial Services		83,996			9,441
Franklin Resources, Inc.		177,575			5,290
Genworth Financial, Inc. ‘A’ (a)		496,566			3,317
Navient Corp.		274,423			5,110
OneMain Holdings, Inc.		11,840			583
PayPal Holdings, Inc. (a)		36,835			2,262
Synchrony Financial		546,554			20,873
T Rowe Price Group, Inc.		19,006			2,047
Travelers Cos., Inc.		14,821			2,823
Wells Fargo & Co.		360,086			17,723
Western Union Co.		54,972			655
					99,796
HEALTH CARE 15.0%
Amgen, Inc.		111,232			32,037
Biogen, Inc. (a)		97,316			25,182
Cardinal Health, Inc.		290,464			29,279
DaVita, Inc. (a)		66,904			7,009
Gilead Sciences, Inc.		404,963			32,806
Humana, Inc.		3,370			1,543
Johnson & Johnson		45,915			7,197
Laboratory Corp. of America Holdings		8,867			2,015
McKesson Corp.		61,988			28,699
Organon & Co.		116,761			1,684
Quest Diagnostics, Inc.		23,162			3,193
Universal Health Services, Inc. ‘B’		37,265			5,681
					176,325
INDUSTRIALS 3.7%
3M Co.		46,724			5,108
AECOM	��	18,349			1,696
Carrier Global Corp.		73,741			4,236
CSX Corp.		161,611			5,603
Cummins, Inc.		16,172			3,874
FedEx Corp.		25,745			6,513
Honeywell International, Inc.		2,757			578
ManpowerGroup, Inc.		60,287			4,791
Owens Corning		21,600			3,202
Robert Half, Inc.		18,540			1,630
Snap-on, Inc.		5,380			1,554
Union Pacific Corp.		17,074			4,194
					42,979
INFORMATION TECHNOLOGY 30.0%
Amdocs Ltd.		18,686			1,642
Apple, Inc.		132,656			25,540
Applied Materials, Inc.		147,287			23,871
Arrow Electronics, Inc. (a)		51,647			6,314
Avnet, Inc.		105,260			5,305
Broadcom, Inc.		22,017			24,576
Cisco Systems, Inc.		884,947			44,707
Cognizant Technology Solutions Corp. ‘A’		33,732			2,548
F5, Inc. (a)		11,978			2,144
Gen Digital, Inc.		94,633			2,160
Hewlett Packard Enterprise Co.		92,790			1,576
HP, Inc.		202,453			6,092
Intel Corp.		1,263,900			63,511

		SHARES			MARKET VALUE (000S)
Jabil, Inc.			62,404	$		7,950
Juniper Networks, Inc.	��		245,466			7,236
Kyndryl Holdings, Inc. (a)			115,898			2,408
Lam Research Corp.			24,377			19,094
Micron Technology, Inc.			159,524			13,614
NetApp, Inc.			129,091			11,381
Oracle Corp.			313,511			33,053
Qorvo, Inc. (a)			73,041			8,225
QUALCOMM, Inc.			91,470			13,229
Seagate Technology Holdings PLC			159,144			13,586
Teradyne, Inc.			60,946			6,614
Western Digital Corp. (a)			67,943			3,558
Xerox Holdings Corp.			172,209			3,157
						353,091
MATERIALS 1.2%
Eastman Chemical Co.			8,983			807
Linde PLC			4,986			2,048
LyondellBasell Industries NV ‘A’			22,373			2,127
Reliance Steel & Aluminum Co.			23,107			6,463
Southern Copper Corp.			4,832			416
United States Steel Corp.			46,192			2,247
						14,108
REAL ESTATE 0.2%
Jones Lang LaSalle, Inc. (a)			11,976			2,262
UTILITIES 3.5%
AES Corp.			127,451			2,453
Evergy, Inc.			135,800			7,089
Exelon Corp.			236,203			8,480
PPL Corp.			147,568			3,999
Southern Co.			20,263			1,421
Vistra Corp.			471,717			18,170
						41,612
Total Common Stocks (Cost $850,943)						1,166,503
REAL ESTATE INVESTMENT TRUSTS 0.5%
UNITED STATES 0.5%
REAL ESTATE 0.5%
Iron Mountain, Inc.			25,855			1,809
Weyerhaeuser Co.			117,535			4,087
						5,896
Total Real Estate Investment Trusts (Cost $4,731)						5,896
SHORT-TERM INSTRUMENTS 0.1%
REPURCHASE AGREEMENTS (b) 0.1%
						1,240
Total Short-Term Instruments (Cost $1,240)						1,240
Total Investments in Securities (Cost $856,914)						1,173,639
Total Investments 99.8% (Cost $856,914)				$		1,173,639
Other Assets and Liabilities, net 0.2%						2,799
Net Assets 100.0%				$		1,176,438

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 47

Schedule of Investments PIMCO RAE US Fund (Cont.) December 31, 2023 (Unaudited)

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.

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		2.600	%		12/29/2023		01/02/2024	$	1,240	U.S. Treasury Notes 4.875% due 11/30/2025	$	(1,265	)	$	1,240	$	1,240
Total Repurchase Agreements											$	(1,265	)	$	1,240	$	1,240

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2023:

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	$	1,240	$	0	$	0	$	0	$	1,240	$	(1,265	)	$	(25	)
Total Borrowings and Other Financing Transactions	$	1,240	$	0	$	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 December 31, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
Common Stocks
United States
Communication Services	$	86,100	$	0	$	0	$	86,100
Consumer Discretionary		115,358		0		0		115,358
Consumer Staples		85,503		0		0		85,503
Energy		149,369		0		0		149,369
Financials		99,796		0		0		99,796
Health Care		176,325		0		0		176,325
Industrials		42,979		0		0		42,979
Information Technology		353,091		0		0		353,091

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Materials	$	14,108	$	0	$	0	$	14,108
Real Estate		2,262		0		0		2,262
Utilities		41,612		0		0		41,612
Real Estate Investment Trusts
United States
Real Estate		5,896		0		0		5,896
Short-Term Instruments
Repurchase Agreements		0		1,240		0		1,240
Total Investments	$	1,172,399	$	1,240	$	0	$	1,173,639

There were no significant transfers into or out of Level 3 during the period ended December 31, 2023.

48 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAE US Small Fund   December 31, 2023 (Unaudited)

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.7%
COMMON STOCKS 91.3%
UNITED KINGDOM 3.6%
ENERGY 1.9%
TechnipFMC PLC		785,396	$		15,818
FINANCIALS 1.7%
Janus Henderson Group PLC		426,439			12,857
Paysafe Ltd. (a)		86,203			1,103
					13,960
Total United Kingdom					29,778
UNITED STATES 87.7%
COMMUNICATION SERVICES 1.9%
EchoStar Corp. ‘A’ (a)		57,273			949
Liberty Latin America Ltd. ‘C’ (a)		164,768			1,209
NII Holdings, Inc. «(a)		22,836			0
Scholastic Corp.		56,621			2,135
Telephone & Data Systems, Inc.		103,673			1,903
Yelp, Inc. (a)		188,492			8,923
					15,119
CONSUMER DISCRETIONARY 24.2%
Abercrombie & Fitch Co. ‘A’ (a)		502,914			44,367
Academy Sports & Outdoors, Inc.		12,156			802
Acushnet Holdings Corp.		23,891			1,509
Adtalem Global Education, Inc. (a)		146,427			8,632
American Eagle Outfitters, Inc.		31,463			666
Buckle, Inc.		68,742			3,267
Caleres, Inc.		11,776			362
Carter’s, Inc.		99,618			7,460
Cracker Barrel Old Country Store, Inc.		43,925			3,386
Crocs, Inc. (a)		10,330			965
Deckers Outdoor Corp. (a)		934			624
Dillard’s, Inc. ‘A’ (c)		74,276			29,982
Grand Canyon Education, Inc. (a)		27,443			3,624
Group 1 Automotive, Inc.		11,922			3,633
Guess?, Inc.		126,778			2,923
Hanesbrands, Inc.		1,825,817			8,143
Hibbett, Inc.		67,430			4,856
International Game Technology PLC		25,657			703
iRobot Corp. (a)		90,143			3,489
Jack in the Box, Inc.		69,955			5,710
La-Z-Boy, Inc.		41,951			1,549
Murphy USA, Inc.		46,132			16,449
ODP Corp. (a)		210,487			11,850
Sabre Corp. (a)		554,589			2,440
Sally Beauty Holdings, Inc. (a)		183,657			2,439
Signet Jewelers Ltd.		13,819			1,482
Six Flags Entertainment Corp. (a)		125,396			3,145
Steven Madden Ltd.		20,099			844
Taylor Morrison Home Corp. (a)		115,552			6,165
Travel & Leisure Co.		55,153			2,156
Tri Pointe Homes, Inc. (a)		280,397			9,926
Urban Outfitters, Inc. (a)		66,323			2,367
Visteon Corp. (a)		9,917			1,239
Wolverine World Wide, Inc.		68,254			607
					197,761

	SHARES			MARKET VALUE (000S)
CONSUMER STAPLES 4.6%
B&G Foods, Inc.		86,137	$		904
Fresh Del Monte Produce, Inc.		88,160			2,314
Hain Celestial Group, Inc. (a)		75,287			824
Ingles Markets, Inc. ‘A’		49,982			4,317
Nu Skin Enterprises, Inc. ‘A’		199,534			3,875
SpartanNash Co.		162,123			3,721
Sprouts Farmers Market, Inc. (a)		337,041			16,215
Universal Corp.		14,879			1,002
USANA Health Sciences, Inc. (a)		23,930			1,283
Weis Markets, Inc.		50,865			3,253
					37,708
ENERGY 6.3%
Archrock, Inc.		139,677			2,151
CNX Resources Corp. (a)		509,698			10,194
CVR Energy, Inc.		139,404			4,224
Delek U.S. Holdings, Inc.		465,191			12,002
Equitrans Midstream Corp.		194,992			1,985
Helmerich & Payne, Inc.		179,433			6,499
Murphy Oil Corp.		14,982			639
Nabors Industries Ltd. (a)		6,259			511
Oceaneering International, Inc. (a)		560,578			11,929
Transocean Ltd. (a)		269,202			1,709
					51,843
FINANCIALS 8.3%
Affiliated Managers Group, Inc.		53,170			8,051
American Equity Investment Life Holding Co. (a)		14,122			788
BankUnited, Inc.		25,137			815
Bread Financial Holdings, Inc.		47,875			1,577
Brightsphere Investment Group, Inc.		166,821			3,196
CNO Financial Group, Inc.		162,756			4,541
Credit Acceptance Corp. (a)		4,679			2,493
Encore Capital Group, Inc. (a)		12,053			612
Federated Hermes, Inc.		74,804			2,533
First Hawaiian, Inc.		25,933			593
Hilltop Holdings, Inc.		15,330			540
Mercury General Corp.		19,110			713
MGIC Investment Corp.		312,305			6,024
Nelnet, Inc. ‘A’		1,725			152
PennyMac Financial Services, Inc.		38,043			3,362
PRA Group, Inc. (a)		41,532			1,088
ProAssurance Corp.		65,411			902
PROG Holdings, Inc. (a)		255,950			7,911
Radian Group, Inc.		226,947			6,479
SEI Investments Co.		27,023			1,717
SLM Corp.		531,405			10,161
Washington Federal, Inc.		43,628			1,438
White Mountains Insurance Group Ltd.		1,625			2,446
					68,132
HEALTH CARE 7.5%
Dentsply Sirona, Inc.		319,979			11,388
Embecta Corp.		124,979			2,366
Novavax, Inc. (a)(c)		562,598			2,700
OPKO Health, Inc. (a)		677,993			1,024
Owens & Minor, Inc. (a)		287,453			5,539
Patterson Cos., Inc.		393,623			11,199
Pediatrix Medical Group, Inc. (a)		473,708			4,406

	SHARES			MARKET VALUE (000S)
Teladoc Health, Inc. (a)		535,090	$		11,531
Tenet Healthcare Corp. (a)		108,544			8,203
Veradigm, Inc. (a)		278,493			2,921
					61,277
INDUSTRIALS 16.2%
AAR Corp. (a)		49,224			3,072
Acuity Brands, Inc.		58,023			11,885
Allison Transmission Holdings, Inc.		360,312			20,952
Apogee Enterprises, Inc.		66,837			3,570
Applied Industrial Technologies, Inc.		2,656			459
ArcBest Corp.		18,313			2,201
Barnes Group, Inc.		28,047			915
Boise Cascade Co.		29,535			3,821
Conduent, Inc. (a)		1,011,247			3,691
CoreCivic, Inc. (a)		608,115			8,836
CSG Systems International, Inc.		11,421			608
Deluxe Corp.		95,357			2,045
EMCOR Group, Inc.		50,948			10,976
EnerSys		19,868			2,006
GEO Group, Inc. (a)		245,896			2,663
GrafTech International Ltd.		627,453			1,374
Healthcare Services Group, Inc.		381,002			3,951
HNI Corp.		13,268			555
JELD-WEN Holding, Inc. (a)		73,335			1,385
JetBlue Airways Corp. (a)		2,098,892			11,649
Landstar System, Inc.		4,188			811
Lincoln Electric Holdings, Inc.		2,502			544
Lyft, Inc. (a)		100,737			1,510
Masonite International Corp. (a)		10,570			895
Masterbrand, Inc. (a)		57,006			846
Moog, Inc. ‘A’		7,313			1,059
NOW, Inc. (a)		415,892			4,708
RXO, Inc. (a)		52,525			1,222
Ryder System, Inc.		73,232			8,426
Schneider National, Inc. ‘B’		155,639			3,961
SkyWest, Inc. (a)		113,994			5,950
Steelcase, Inc. ‘A’		181,983			2,460
Terex Corp.		13,410			770
Werner Enterprises, Inc.		53,444			2,264
					132,040
INFORMATION TECHNOLOGY 9.1%
Benchmark Electronics, Inc.		136,606			3,776
Cerence, Inc. (a)		121,542			2,390
Cirrus Logic, Inc. (a)		60,204			5,008
CommScope Holding Co., Inc. (a)		378,516			1,067
Dolby Laboratories, Inc. ‘A’		26,978			2,325
Insight Enterprises, Inc. (a)		7,139			1,265
InterDigital, Inc.		35,394			3,842
IPG Photonics Corp. (a)		15,222			1,652
LiveRamp Holdings, Inc. (a)		78,602			2,977
MKS Instruments, Inc.		44,673			4,595
NetScout Systems, Inc. (a)		220,558			4,841
PC Connection, Inc.		14,003			941
Pegasystems, Inc.		24,409			1,193
Plexus Corp. (a)		5,601			606
Sanmina Corp. (a)		289,034			14,848
Semtech Corp. (a)		122,911			2,693
Teradata Corp. (a)		301,446			13,116
TTM Technologies, Inc. (a)		44,606			705

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 49

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

	SHARES			MARKET VALUE (000S)
Vishay Intertechnology, Inc.		258,478	$		6,196
					74,036
MATERIALS 7.4%
Eagle Materials, Inc.		28,277			5,736
Louisiana-Pacific Corp.		102,008			7,225
NewMarket Corp.		5,033			2,747
O-I Glass, Inc. (a)		115,325			1,889
Sensient Technologies Corp.		7,862			519
Sylvamo Corp.		140,553			6,903
Warrior Met Coal, Inc.		578,226			35,254
					60,273
REAL ESTATE 1.7%
Anywhere Real Estate, Inc. (a)		1,595,929			12,943
DigitalBridge Group, Inc.		43,076			756
New York REIT, Inc. «(a)		4,082			24
					13,723
UTILITIES 0.5%
Hawaiian Electric Industries, Inc.		12,108			172
IDACORP, Inc.		8,638			849
OGE Energy Corp.		66,287			2,316
Portland General Electric Co.		24,764			1,073
					4,410
Total United States					716,322
Total Common Stocks (Cost $577,584)					746,100

	SHARES			MARKET VALUE (000S)
REAL ESTATE INVESTMENT TRUSTS 8.0%
UNITED STATES 8.0%
FINANCIALS 1.1%
Chimera Investment Corp.		1,460,657	$		7,289
MFA Financial, Inc.		161,144			1,816
					9,105
REAL ESTATE 6.9%
Alexander & Baldwin, Inc.		104,463			1,987
Apple Hospitality REIT, Inc.		203,938			3,387
Brandywine Realty Trust		225,328			1,217
EPR Properties		46,857			2,270
InvenTrust Properties Corp.		48,038			1,217
Macerich Co.		195,262			3,013
Outfront Media, Inc.		39,988			558
Paramount Group, Inc.		513,199			2,653
Park Hotels & Resorts, Inc.		705,544			10,795
Piedmont Office Realty Trust, Inc. ‘A’		111,077			790
RLJ Lodging Trust		602,365			7,060
Service Properties Trust		748,104			6,389
SL Green Realty Corp.		228,422			10,318
Sunstone Hotel Investors, Inc.		39,373			422
Tanger Factory Outlet Centers, Inc.		62,019			1,719
Xenia Hotels & Resorts, Inc.		169,355			2,307
					56,102
Total Real Estate Investment Trusts (Cost $57,601)					65,207

			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 0.4%
REPURCHASE AGREEMENTS (e) 0.4%
		$		3,158
Total Short-Term Instruments (Cost $3,158)				3,158
Total Investments in Securities (Cost $638,343)				814,465
INVESTMENTS IN AFFILIATES 3.9%
SHORT-TERM INSTRUMENTS 3.9%
MUTUAL FUNDS 3.9%
PIMCO Government Money Market Fund
5.450% (b)(c)(d)	31,746,193			31,746
Total Short-Term Instruments (Cost $31,746)				31,746
Total Investments in Affiliates (Cost $31,746)				31,746
Total Investments 103.6% (Cost $670,089)		$		846,211
Other Assets and Liabilities, net (3.6)%				(29,496	)
Net Assets 100.0%		$		816,715

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 $32,873 were out on loan in exchange for $33,536 of cash collateral as of December 31, 2023. 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		2.600	%		12/29/2023		01/02/2024	$	3,158	U.S. Treasury Notes 4.875% due 11/30/2025	$	(3,221	)	$	3,158	$	3,159
Total Repurchase Agreements											$	(3,221	)	$	3,158	$	3,159

50 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2023 (Unaudited)

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2023:

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	$	3,159	$	0	$	0	$	0	$	3,159	$	(3,221	)	$	(62	)
Master Securities Lending Agreement
BOS		0		0		0		154		154		(157	)		(3	)
BSN		0		0		0		87		87		(90	)		(3	)
GSC		0		0		0		30,678		30,678		(31,292	)		(614	)
MSC		0		0		0		1,954		1,954		(1,997	)		(43	)
Total Borrowings and Other Financing Transactions	$	3,159	$	0	$	0	$	32,873

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	$	33,536	$	0	$	0	$	0	$	33,536
Total Borrowings	$	33,536	$	0	$	0	$	0	$	33,536
Payable for securities on loan - cash collateral									$	33,536

⁽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 December 31, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
Common Stocks
United Kingdom
Energy	$	15,818	$	0	$	0	$	15,818
Financials		13,960		0		0		13,960
United States
Communication Services		15,119		0		0		15,119
Consumer Discretionary		197,761		0		0		197,761
Consumer Staples		37,708		0		0		37,708
Energy		51,843		0		0		51,843
Financials		68,132		0		0		68,132
Health Care		61,277		0		0		61,277
Industrials		132,040		0		0		132,040
Information Technology		74,036		0		0		74,036
Materials		60,273		0		0		60,273
Real Estate		13,699		0		24		13,723
Utilities		4,410		0		0		4,410

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Real Estate Investment Trusts
United States
Financials	$	9,105	$	0	$	0	$	9,105
Real Estate		56,102		0		0		56,102
Short-Term Instruments
Repurchase Agreements		0		3,158		0		3,158
	$	811,283	$	3,158	$	24	$	814,465
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		31,746		0		0		31,746
Total Investments	$	843,029	$	3,158	$	24	$	846,211

There were no significant transfers into or out of Level 3 during the period ended December 31, 2023.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 51

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. 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”).

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the “Board.”

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. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Foreign Taxes A Fund may be subject to foreign taxes on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by a Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of December 31, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

(c) 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

52 PIMCO EQUITY SERIES  

December 31, 2023 (Unaudited)

in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. The Funds may invest directly or indirectly through investments in Underlying Funds or Acquired Funds, as applicable, in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in 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.

(d) 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.

(e) 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. The Funds may revise its distribution policy or postpone the payment of distributions at any time.

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.

SEMIANNUAL REPORT | DECEMBER 31, 2023 53

Notes to Financial Statements (Cont.)

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.

(f) New Accounting Pronouncements and Regulatory Updates In March 2020, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”), ASU 2020-04, Reference Rate Reform (Topic 848), 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 or will occur during the period March 12, 2020 through December 31, 2024. In January 2021 and December 2022, FASB issued ASU 2021-01 and ASU 2022-06, which include additional amendments to Topic 848. 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 June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2022, the U.S. Securities and Exchange Commission (“SEC”) adopted changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will change the disclosures provided to shareholders. The rule amendments were effective as of January 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading. As such, beginning in July 2024, the Funds must comply with certain new requirements which include, but are not limited to, making significant updates to the content of their

shareholder reports and mailing paper copies of the new tailored shareholder reports to shareholders who have not opted to receive shareholder report documents electronically. At this time, management is evaluating the implications of these changes on the financial statements.

The SEC made a final ruling on February 15, 2023 to adopt proposed amendments to the Settlement Cycle Rule (Rule 15c6-1) and other related rules under the Securities Exchange Act of 1934, as amended, to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date (T+2) to one business day after the trade date (T+1). The effective date was May 5, 2023, and the compliance date for the amendments is May 28, 2024. At this time, management is evaluating the implications of these changes on the financial statements.

In September 2023, the SEC adopted 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 amendments expand the scope of the current rule in a number of ways that are expected to result in an increase in the types of fund names that would require the fund to adopt an 80% investment policy under the rule. Additionally, the amendments address deviations from a fund’s 80% investment policy and the use and valuation of derivatives instruments for purposes of the rule. The amendments are effective as of December 11, 2023, but the SEC is providing a 24-month compliance period following the effective date for fund groups with net assets of $1 billion or more (and a 30-month compliance period for fund groups with net assets of less than $1 billion). 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 a Fund’s shares, or each of their respective share classes as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange (“NYSE”) is open, the Funds’ 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 may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each Fund generally does not calculate its NAV on days on which the NYSE is not

54 PIMCO EQUITY SERIES  

December 31, 2023 (Unaudited)

open for business. If the NYSE is closed on a day it would normally be open for business, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that each Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that a Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. 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. 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. If market value pricing is used, 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.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee (“Valuation Designee”) for each Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee’s policies and procedures govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, “Pricing Sources”).

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 Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed

income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Fund’s assets that are invested in one or more open-end management investment companies (other than ETFs), a Fund’s NAV will be calculated based on 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. 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 Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) 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, unless otherwise determined by the Valuation Designee, 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 a Fund 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.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. 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 each Fund’s next calculated NAV.

  SEMIANNUAL REPORT | DECEMBER 31, 2023 55

Notes to Financial Statements (Cont.)

Fair valuation may require subjective determinations about the value of a security. While the Trust’s and Valuation Designee’s policies and procedures are 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 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.

Under certain circumstances, the per share NAV of a class of a 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.

(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 (unadjusted) 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 Valuation Designee 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.

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.

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 Sources 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

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exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. 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.

Short-term debt instruments (such as commercial paper, time deposits, and certificates of deposit) 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.

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

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 December 31, 2023 (amounts in thousands^†):

Investments in PIMCO Government Money Market Fund

Fund Name	Market Value 06/30/2023		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 12/31/2023		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO RAE Emerging Markets Fund	$	26,933	$	169,188	$	(146,714	)	$	0	$	0	$	49,407	$	609	$	0
PIMCO RAE International Fund		27,723		73,178		(89,911	)		0		0		10,990		175		0
PIMCO RAE US Fund		0		7,918		(7,918	)		0		0		0		4		0
PIMCO RAE US Small Fund		9,797		45,196		(23,247	)		0		0		31,746		162		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 Funds’ website at

  SEMIANNUAL REPORT | DECEMBER 31, 2023 57

Notes to Financial Statements (Cont.)

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 December 31, 2023 (amounts in thousands^†):

PIMCO RAE Global ex-US Fund
Underlying PIMCO Funds	Market Value 06/30/2023		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2023		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO RAE Emerging Markets Fund	$	21,334	$	4,429	$	(1,541	)	$	(18	)	$	1,553		$	25,757	$	1,001	$	0
PIMCO RAE International Fund		70,733		14,178		(6,249	)		(1,349	)		(310	)		77,003		4,938		2,255
Totals	$	92,067	$	18,607	$	(7,790	)	$	(1,367	)	$	1,243		$	102,760	$	5,939	$	2,255

^†  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.

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 December 31, 2023, 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 (and where applicable, certain Acquired Funds and Underlying Funds) may enter into the borrowings and other financing transactions described below to the extent permitted by each Fund’s respective investment policies.

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

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(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 (in the case of tri-party repurchase agreements) and in certain instances will remain in custody with the counterparty. Traditionally, a Fund has used bilateral repurchase agreements wherein the underlying securities will be held by a Fund’s custodian. 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 a 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, a 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 December 31, 2023, the Funds did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Funds (and where applicable, certain Acquired Funds and Underlying Funds) may enter into the financial derivative instruments described below to the extent permitted by each Fund’s respective investment policies.

The following disclosures contain information on how and why the Funds use financial derivative instruments, and how financial derivative instruments affect the Funds’ financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the net

  SEMIANNUAL REPORT | DECEMBER 31, 2023 59

Notes to Financial Statements (Cont.)

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

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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. In addition, a Fund’s performance will be reduced by the Fund’s proportionate amount of the expenses of any Acquired Funds in which it invests.

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. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

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, political changes, diplomatic developments or the imposition of sanctions and other similar measures. 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.

China Risk is the risk of investing in securities and instruments economically tied to the People’s Republic of China (excluding Hong Kong, Macau and Taiwan for the purpose of this disclosure) (“PRC”). These investments subject a Fund to the risks of investing in foreign (non-U.S.) securities and emerging market securities, as well as additional risks including, without limitation, inefficiencies resulting from erratic growth, the unavailability of consistently-reliable economic data, dependence on exports and international trade, asset price volatility, potential shortage of liquidity and limited accessibility by foreign (non-U.S.) investors, fluctuations in currency exchange rates, currency devaluation, the relatively small size and absence of operating

history of many PRC companies, and the developing nature of the legal and regulatory framework for securities markets, custody arrangements and commerce.

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, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer’s goods or services.

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, or the issuer or guarantor of collateral, 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

  SEMIANNUAL REPORT | DECEMBER 31, 2023 61

Notes to Financial Statements (Cont.)

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 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 a Fund and may cause 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.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment 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. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for a Fund. A Fund’s use of derivatives or other similar investments may result in losses to a Fund, a reduction in a Fund’s returns and/or increased volatility. Over-the-counter (“OTC”) derivatives or other similar investments 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 or other similar investments. The primary credit risk on derivatives or other similar investments 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 registered 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 or other similar investments and/or adversely affect the value of derivatives or other similar investments 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, may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data inputs, 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 cyber security 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.

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.

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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; third party claims in litigation; 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. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.

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

  SEMIANNUAL REPORT | DECEMBER 31, 2023 63

Notes to Financial Statements (Cont.)

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

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant (“FCM”) registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. Portability of exposure reduces risk to the Funds. Variation margin, 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 LLC (“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, 2024, 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 was not operational during the period ended December 31, 2023.

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

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

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

	Allowable Rate
	Distribution Fee		Servicing Fee
Class A		—		0.25%

The Distributor also received the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares and the contingent deferred sales charges paid by the shareholders upon certain redemptions of Class A shares. For the period ended December 31, 2023, the Distributor retained $13,980 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) 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 and offering expenses of the Trust and the Funds, and any other expenses which are capitalized in accordance with generally accepted accounting principles; 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, 2024, 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”) 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. 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

  SEMIANNUAL REPORT | DECEMBER 31, 2023 65

Notes to Financial Statements (Cont.)

amounts previously reimbursed to PIMCO. The total recoverable amounts to PIMCO (from the Fee Waiver Agreement and Expense Limitation Agreement combined) as of December 31, 2023, were as follows (amounts in thousands^†):

	Expiring within
Fund Name	12 months		13-24 months		25-36 months		Total
PIMCO RAE Emerging Markets Fund	$	92	$	90	$	51	$	233
PIMCO RAE Global ex-US Fund		5		6		188		199
PIMCO RAE International Fund		68		52		46		166
PIMCO RAE US Fund		49		80		81		210
PIMCO RAE US Small Fund		23		28		47		98

^†  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, 2024, 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.

Pursuant to the Expense Limitation Agreement and I-3 Fee Waiver Agreement, waiver amounts are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended December 31, 2023, the amounts were (in thousands^†):

Fund Name	Waived Fees
PIMCO RAE Emerging Markets Fund	$	46
PIMCO RAE Global ex-US Fund		260
PIMCO RAE International Fund		18
PIMCO RAE US Fund		37
PIMCO RAE US Small Fund		21

^†  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, 2024, 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 waiver amounts are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended December 31, 2023, the amounts were (in thousands^†):

Fund Name	Waived Fees
PIMCO RAE Emerging Markets Fund	$	0
PIMCO RAE Global ex-US Fund		257
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.

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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(s), 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 December 31, 2023, 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	$	658,165	$	563,720
PIMCO RAE Global ex-US Fund		0		0		18,608		7,790
PIMCO RAE International Fund		0		0		105,165		216,275
PIMCO RAE US Fund		0		0		401,129		504,672
PIMCO RAE US Small Fund		0		0		330,258		215,300

^†  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 RAE Emerging Markets Fund												PIMCO RAE Global ex-US Fund												PIMCO RAE International Fund
	Six Months Ended 12/31/2023 (Unaudited)						Year Ended 06/30/2023						Six Months Ended 12/31/2023 (Unaudited)						Year Ended 06/30/2023						Six Months Ended 12/31/2023 (Unaudited)						Year Ended 06/30/2023
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		47,255		$	457,740			43,144		$	387,287			1,028		$	9,518			466		$	4,103			3,733		$	30,080			52,136		$	376,626
I-2		4,229			40,704			5,444			47,894			1			0			0			0			104			829			704			5,272
Class A		800			7,600			3,608			32,922			41			380			989			8,646			29			228			91			690
Issued as reinvestment of distributions
Institutional Class		5,439			53,467			12,425			104,542			804			7,467			693			5,937			5,627			44,736			6,573			49,026
I-2		426			4,155			711			5,939			1			11			2			24			94			746			64			475
Class A		82			787			122			1,007			150			1,363			164			1,373			65			506			44			320
Cost of shares redeemed
Institutional Class		(41,767	)		(404,751	)		(62,649	)		(559,064	)		(608	)		(5,786	)		(850	)		(7,574	)		(18,042	)		(147,696	)		(56,007	)		(428,649	)
I-2		(1,541	)		(14,859	)		(3,804	)		(33,994	)		(1	)		(6	)		(25	)		(231	)		(134	)		(1,083	)		(942	)		(7,092	)
Class A		(1,489	)		(13,953	)		(2,368	)		(21,630	)		(155	)		(1,445	)		(527	)		(4,634	)		(55	)		(430	)		(2,383	)		(17,897	)
Net increase (decrease) resulting from Fund share transactions		13,434		$	130,890			(3,367	)	$	(35,097	)		1,261		$	11,502			912		$	7,644			(8,579	)	$	(72,084	)		280		$	(21,229	)

  SEMIANNUAL REPORT | DECEMBER 31, 2023 67

Notes to Financial Statements (Cont.)

	PIMCO RAE US Fund												PIMCO RAE US Small Fund
	Six Months Ended 12/31/2023 (Unaudited)						Year Ended 06/30/2023						Six Months Ended 12/31/2023 (Unaudited)						Year Ended 06/30/2023
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		14,756		$	191,428			52,443		$	657,879			20,972		$	187,235			53,865		$	458,626
I-2		724			9,250			2,124			26,363			4,013			34,640			9,471			78,725
Class A		123			1,555			397			4,773			2,718			23,180			4,130			34,078
Issued as reinvestment of distributions
Institutional Class		5,391			70,218			5,753			71,427			887			8,668			5,605			47,413
I-2		300			3,870			323			3,977			157			1,516			526			4,385
Class A		110			1,392			114			1,378			148			1,394			877			7,147
Cost of shares redeemed
Institutional Class		(23,659	)		(304,910	)		(37,913	)		(466,662	)		(11,654	)		(101,965	)		(41,178	)		(347,805	)
I-2		(946	)		(12,030	)		(1,747	)		(21,814	)		(2,141	)		(18,905	)		(5,487	)		(46,846	)
Class A		(144	)		(1,813	)		(279	)		(3,395	)		(1,720	)		(14,686	)		(4,083	)		(33,368	)
Net increase (decrease) resulting from Fund share transactions		(3,345	)	$	(41,040	)		21,215		$	273,926			13,380		$	121,077			23,726		$	202,355

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

The following table discloses the number of shareholders that own 10% or more of the outstanding shares of a Fund along with their respective percent ownership, if any, as of December 31, 2023. 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		1		0%		26%
PIMCO RAE Global ex-US Fund		3		0		80%		0%
PIMCO RAE International Fund		0		2		0%		45%

14. REGULATORY AND LITIGATION MATTERS

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

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

15. FEDERAL INCOME TAX MATTERS

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

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

In accordance with U.S. GAAP, the Adviser has reviewed the Funds’ tax positions for all open tax years. As of December 31, 2023, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

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

Under the Regulated Investment Company Modernization Act of 2010, the Funds are 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.

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As of their last fiscal year ended June 30, 2023, the Funds had the following post-effective capital losses with no expiration (amounts in thousands^†):

	Short-Term		Long-Term
PIMCO RAE Emerging Markets Fund*	$	176,952	$	118,020
PIMCO RAE Global ex-US Fund		0		0
PIMCO RAE International Fund*		17,374		17,788
PIMCO RAE US Fund		0		0
PIMCO RAE US Small Fund*		14,427		6,226

^†  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 December 31, 2023, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands^†):

	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)(1)
PIMCO RAE Emerging Markets Fund	$	1,436,930	$	357,815	$	(128,006	)	$	229,809
PIMCO RAE Global ex-US Fund		106,536		2,736		(6,347	)		(3,611	)
PIMCO RAE International Fund		398,251		110,601		(5,827	)		104,774
PIMCO RAE US Fund		856,914		328,117		(11,392	)		316,725
PIMCO RAE US Small Fund		670,089		194,611		(18,489	)		176,122

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

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

  SEMIANNUAL REPORT | DECEMBER 31, 2023 69

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.	GSC	Goldman Sachs & Co. LLC	SAL	Citigroup Global Markets, Inc.
BSN	The Bank of Nova Scotia - Toronto	MBC	HSBC Bank Plc	UBS	UBS Securities LLC
Currency Abbreviations:
USD (or $)	United States Dollar
Other Abbreviations:
ADR	American Depositary Receipt	SP ADR	Sponsored American Depositary Receipt	TBA	To-Be-Announced

70 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 six month period ended December 31, 2023 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 RAE International Fund
Institutional Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
December 2023	$	0.3640	$	0.0000	$	0.1079	$	0.4719
I-2	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
December 2023	$	0.3614	$	0.0000	$	0.1071	$	0.4686
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
December 2023	$	0.3545	$	0.0000	$	0.1050	$	0.4595
PIMCO RAE US Fund
Institutional Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
December 2023	$	0.4007	$	0.0000	$	0.0028	$	0.4036
I-2	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
December 2023	$	0.3950	$	0.0000	$	0.0028	$	0.3978
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
December 2023	$	0.3779	$	0.0000	$	0.0027	$	0.3806
PIMCO RAE US Small Fund
Institutional Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
December 2023	$	0.0876	$	0.0000	$	0.0577	$	0.1453
I-2	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
December 2023	$	0.0854	$	0.0000	$	0.0562	$	0.1416
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
December 2023	$	0.0782	$	0.0000	$	0.0515	$	0.1297

* 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.

  SEMIANNUAL REPORT | DECEMBER 31, 2023 71

Approval of Investment Advisory Contract and Other Agreements

At a meeting held on August 22-23, 2023, the Board of Trustees (the “Board”) of PIMCO Equity Series (the “Trust”), including the Trustees who are not “interested persons” of the Trust under the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered and unanimously approved the renewal of the Investment Advisory Contract (the “Investment Advisory Contract”) between the Trust, on behalf of 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 Income 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, and PIMCO REALPATH^® Blend 2065 Fund (each, a “Fund” and collectively, the “Funds”), and Pacific Investment Management Company LLC (“PIMCO”), for an additional one-year term through August 31, 2024. The Board also considered and unanimously approved the renewal of the Second Amended and Restated Supervision and Administration Agreement (the “Supervision and Administration Agreement”) between the Trust, on behalf of the Funds, and PIMCO for an additional one-year term through August 31, 2024.

In addition, the Board considered and unanimously approved the renewal of the Second Amended and Restated Sub-Advisory Agreement (the “Sub-Advisory Agreement” and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the “Agreements”) between PIMCO, on behalf 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 (the “RAE Funds”), each a series of the Trust, and Research Affiliates, LLC (“Research Affiliates”) for an additional one-year term through August 31, 2024.

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

1. INFORMATION RECEIVED

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Funds’ investment performance and a significant amount of information relating to Fund operations, including shareholder services, valuation and custody, the Funds’ compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Funds, as applicable. In considering whether to approve the renewal of the Agreements, the Board reviewed additional information, including, but not limited to:

comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO, including, where relevant, financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Funds; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Funds; and information about the fees charged and services provided to other clients with similar investment mandates as the Funds, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees (“Counsel”), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements.

(b) Review Process: In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board’s request by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 22-23, 2023 meeting. The Independent Trustees also met via video conference with Counsel on July 25, 2023, and conducted a video conference meeting on August 11, 2023 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes. The Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the expense structure of certain Funds and classes, outflows for certain Funds, Fund performance and profitability.

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

72 PIMCO EQUITY SERIES  

(Unaudited)

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources: The Board considered the depth and quality of PIMCO’s investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Funds’ asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Agreement. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO’s commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed for the competitive investment management industry and to strengthen its ability to deliver advisory services under the Investment Advisory Contract. The Board considered PIMCO’s policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including new regulations impacting the Funds, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Funds’ investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered PIMCO’s continuous investment in its disciplines and personnel, which has enhanced PIMCO’s services to the Funds and has allowed PIMCO to introduce innovative new funds over time and other investment options that have the potential to benefit shareholders.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including the ongoing development of its own proprietary software and applications to support the Funds.

Similarly, the Board considered the sub-advisory services provided by Research Affiliates to the RAE Funds. The Board further considered PIMCO’s oversight of Research Affiliates in connection with Research Affiliates providing sub-advisory services to the RAE Funds. The Board also considered the depth and quality of Research Affiliates’ investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization.

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

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Funds under the Supervision and Administration Agreement. The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the “unified fee”). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Funds, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement is expected to continue to increase. The Board considered PIMCO’s provision of supervisory and administrative services and its supervision of the Trust’s third party service providers.

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

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Funds’ performance, as available, over short- and long-term periods ended March 31, 2023 and other performance data, as available, over short- and long-term periods ended June 30, 2023 (the “PIMCO Report”) and from Broadridge concerning the Funds’ performance, as available, over short- and long-term periods ended March 31, 2023 (the “Broadridge Report”). The Board also noted that while historically the Broadridge Report included peer classifications from only Lipper, as part of this approval process the Broadridge Report incorporated peer classifications from Morningstar for Funds for which it was believed that Morningstar provided a materially improved comparison.

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Fund relative to its Fund peer group, where appropriate, and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report.

The Trustees noted the Funds (based on Institutional Class performance) that outperformed their respective benchmark indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2023. The Board also noted the amounts of the Funds’ assets (based on Institutional Class performance) that outperformed their relevant benchmark indexes on a net-of-fees basis over the one-, three- and five-year periods ended March 31, 2023. The Board discussed these and

  SEMIANNUAL REPORT | DECEMBER 31, 2023 73

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

other performance-related developments. The Board considered that, according to the Broadridge Report, the Funds generally performed well versus competitors during the long-term, but that certain Funds had underperformed in comparison to their respective peer groups or benchmark indexes, or both, on a net-of-fees basis over certain short- and long-term periods. With respect to Funds that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Funds. The Board also considered actions that have been taken by PIMCO throughout the year to attempt to address underperformance. Depending on the circumstances, the Independent Trustees may be satisfied with a Fund’s performance notwithstanding that it lags its benchmark index or peer group for certain periods.

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

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

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

The Board reviewed the advisory fees, supervisory and administrative fees and total expense ratios of the Funds (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Funds, taking into account that

PIMCO compensates Research Affiliates from the advisory fees paid by such Funds to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a “Peer Group” of comparable funds, where appropriate, as well as the universe of other similar funds. The Board also considered that PIMCO reviews the Funds’ fee levels and carefully considers changes where appropriate. The Board also reviewed data comparing certain Funds’ advisory fees to the fee rates PIMCO charged to private funds, separate accounts, sub-advised clients, and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Funds, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Funds, differences in the number or extent of the services provided by PIMCO to the Funds, the manner in which similar portfolios may be managed, different requirements with respect to liquidity management and the implementation of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees.

The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Funds because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less onerous and proscriptive regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Funds. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund’s investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Funds’ supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that as the Funds’ business has become increasingly complex and the number of Funds

74 PIMCO EQUITY SERIES  

(Unaudited)

has grown over time, PIMCO has provided an increasingly broad array of fund supervisory and administrative functions. In addition, the Board considered the Trust’s unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Funds, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust’s unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Fund fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Fund fees at competitive levels over the contract period even if the Funds’ operating costs rise when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO’s approach of pricing Funds at scale at inception and reinvesting in other important areas of the business that support the Funds. The Board concluded that the Funds’ supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Fund fees during the contractual period, which is beneficial to the Funds and their shareholders.

The Board noted that in most cases the Funds’ total expense ratios were lower than the total expense ratios of competitor funds. The Board discussed with PIMCO certain Funds and/or classes of Funds that had above median total expense ratios. Upon comparing the Funds’ total expense ratios to other funds in the “Peer Groups” provided by the Broadridge Report where appropriate, the Board found total expense ratios of each Fund to be reasonable.

The Trustees also considered the advisory fees charged to the Funds that operate as funds of funds (the “Funds of Funds”) and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the expense limitation agreement in place for all of the Funds and the various fee waiver agreements in place for certain of the Funds and/or classes and the Funds of Funds. Based on the information presented by PIMCO, Research Affiliates and Broadridge, members of the Board determined, in the exercise of their business judgment, that the level of

the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements, that the fees charged by Research Affiliates under the Sub-Advisory Agreement, and that the total expense ratios of each Fund are reasonable.

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

The Board reviewed information regarding PIMCO’s costs of providing services to the Funds as a whole, as well as the resulting level of profits attributable to the Funds. The Board also noted that it had received information regarding the structure and manner in which PIMCO’s investment professionals were compensated and PIMCO’s view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO’s investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

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

The Trustees considered that the unified fee has provided inherent economies of scale because a Fund maintains competitive fixed fees over the annual contract period even if the particular Fund’s assets decline and/or operating costs rise. The Trustees also reviewed materials indicating that, unlike the Funds’ unified fee structure, funds with “pass through” administrative fee structures may experience

  SEMIANNUAL REPORT | DECEMBER 31, 2023 75

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

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

The Board concluded that the Funds’ cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Funds’ unified fee structure, generally pricing Funds to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Funds and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO’s relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO’s institutional investment management business due to the reputation and market penetration of the Trust or third party service providers’ relationship-level fee concessions, which decrease fees paid by PIMCO. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Funds and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Funds’ Rule 12b-1 plans or otherwise, such as through all or portions of the sales charges on Class A or Class C shares of the Funds, as applicable. In addition, the Board considered that PIMCO may benefit indirectly from its use of the HUB technology platform, a joint venture between PIMCO, Man Group, S&P Global, Microsoft and State Street. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Funds, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

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

76 PIMCO EQUITY SERIES  

General Information

Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Investment Sub-Adviser

Research Affiliates, LLC

620 Newport Center Drive, Suite 900

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank and Trust Company

1100 Main Street, Suite 400

Kansas City, MO 64105

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

Institutional Class, I-2, I-3, Administrative Class

430 W 7th Street STE 219024

Kansas City, MO 64105-1407

SS&C Global Investor & Distribution 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.

PES4003SAR_123123

PIMCO EQUITY SERIES^®

Semiannual Report

December 31, 2023

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 2065 Fund

PIMCO REALPATH^® Blend Income Fund

Table of Contents

			Page
Market Insights				2
Important Information About the Funds				3
Expense Examples				28
Financial Highlights				30
Statements of Assets and Liabilities				38
Statements of Operations				42
Statements of Changes in Net Assets				44
Notes to Financial Statements				77
Glossary				100
Distribution Information				101
Approval of Investment Advisory Contract and Other Agreements				105
Fund	Fund Summary		Schedule of Investments
PIMCO REALPATH® Blend 2025 Fund		8		46
PIMCO REALPATH® Blend 2030 Fund		10		50
PIMCO REALPATH® Blend 2035 Fund		12		54
PIMCO REALPATH® Blend 2040 Fund		14		57
PIMCO REALPATH® Blend 2045 Fund		16		60
PIMCO REALPATH® Blend 2050 Fund		18		63
PIMCO REALPATH® Blend 2055 Fund		20		66
PIMCO REALPATH® Blend 2060 Fund		22		69
PIMCO REALPATH® Blend 2065 Fund		24		71
PIMCO REALPATH® Blend Income Fund		26		73

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.

Market Insights    

Dear Shareholder,

This semiannual report covers the six-month reporting period ended December 31, 2023 (the “reporting period”). On the subsequent pages, you will find details regarding investment results and a discussion of certain factors that affected performance during the reporting period.

The global economy continued to grow despite inflation that remains elevated, interest rate increases, tighter credit conditions, and geopolitical concerns affecting many countries. This resilience was particularly evident in the United States (“U.S.”). Some European economies experienced slower growth and generally continued to expand over the reporting period.

Central banks slowed interest rate hikes

Inflation eased over the reporting period, and several bank officials suggested that central banks may slow aggressive interest-rate hikes. From March 2022 through July 2023, the U.S. Federal Reserve (the “Fed”) raised the federal funds rate a total of 5.25 percentage points. In September, November and December 2023, the Fed did not increase interest rates. In December 2023, Fed communications conveyed a belief that the policy rate may be likely at or near its peak for the tightening cycle. From July 2022 through September 2023, the European Central Bank (“ECB”) raised its deposit facility overnight rate a total of 4.50 percentage points and then held rates steady at its October and December 2023 meetings. Meanwhile, from December 2019 through July 2023, the Bank of England (“BoE”) raised its Bank Rate a total of 5.15 percentage points and then held rates steady in September, November and December 2023. Both the ECB and BoE acknowledged the possibility of rate cuts in 2024.

Mixed financial market returns

The yield on the benchmark 10-year U.S. Treasury increased during the reporting period. In many other developed markets, yields on 10-year government bonds fluctuated. Overall, the global bond market rallied toward the end of 2023, bolstered by central bank officials’ policy pronouncements signaling a possible end to monetary tightening. During the reporting period, lower-rated bonds generally outperformed their higher-rated counterparts. Global equities and commodities rose amid market volatility. The U.S. dollar weakened relative to the euro, British pound and Japanese yen.

We continue to work diligently to navigate dynamic global markets and manage the assets that you have entrusted with us. We encourage you to speak with your financial advisor about your goals and visit global.pimco.com for our latest insights.

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

Total Returns of Certain Asset Classes for the Period Ended December 31, 2023
Asset Class (as measured by, currency)	Six-Month
U.S. large cap equities (S&P 500 Index, USD)	8.04%
Global equities (MSCI World Index, USD)	7.56%
European equities (MSCI Europe Index, EUR)	4.24%
Emerging market equities (MSCI Emerging Markets Index, EUR)	4.71%
Japanese equities (Nikkei 225 Index, JPY)	1.74%
Emerging market local bonds (JPMorgan Government Bond Index-Emerging Markets Global Diversified Index, USD Unhedged)	4.55%
Emerging market external debt (JPMorgan Emerging Markets Bond Index (EMBI) Global, USD Hedged)	6.40%
Below investment grade bonds (ICE BofAML Developed Markets High Yield Constrained Index, USD Hedged)	7.90%
Global investment grade credit bonds (Bloomberg Global Aggregate Credit Index, USD Hedged)	5.52%
Fixed-rate, local currency government debt of investment grade countries (Bloomberg Global Treasury Index, USD Hedged)	3.48%

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.

Statements concerning financial market trends are based on current market conditions, which will fluctuate. There is no guarantee that these investment strategies will work under all market conditions or are appropriate for all investors and each investor should evaluate their ability to invest for the long-term, especially during periods of downturn in the market. Outlook and strategies are subject to change without notice.

2 PIMCO EQUITY SERIES  

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, PIMCO REALPATH^® Blend 2065 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 (the “Act”), 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 Act (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 investment 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 continue to increase. In efforts to combat inflation, the U.S. Federal Reserve raised interest rates multiple times in 2022 and 2023. 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.

  SEMIANNUAL REPORT | DECEMBER 31, 2023 3

Important Information About the Funds (Cont.)

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. All Funds are 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.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that have provided material aid to Russia’s aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures have had and may continue to have an adverse effect on the Russian, Belarusian and other securities and economies, which may, in turn, negatively impact a Fund. The extent, duration and impact of Russia’s military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, a Fund may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause a Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that a Fund may no longer seek to hold. PIMCO will continue to actively manage these positions in the best interests of a Fund and its shareholders.

The United States’ enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities (and/or portfolio securities of Underlying PIMCO Funds or Acquired Funds, as applicable). The United States’ enforcement of sanctions or other similar measures on

various Russian entities and persons, and the Russian government’s response, may also negatively impact securities and instruments that are economically tied to Russia.

A Fund may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate (“LIBOR”). LIBOR was traditionally 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. Although the transition process away from LIBOR for many instruments has been completed, some LIBOR use is continuing and there are potential effects related to the transition away from LIBOR or continued use of LIBOR on the Fund, or on certain instruments in which the Fund invests, which can be difficult to ascertain, and may vary depending on factors that include, but are not limited to: (i) existing fallback or termination provisions in individual contracts and (ii) whether, how and when industry participants adopt new reference rates for affected instruments. The transition of investments from LIBOR to a replacement rate as a result of amendment, application of existing fallbacks, statutory requirements or otherwise 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. In addition, an instrument’s transition to a replacement rate could result in variations in the reported yields of the Fund that holds such instrument. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the 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.

4 PIMCO EQUITY SERIES  

U.S. and global markets recently have experienced increased volatility, including as a result of the recent failures of certain U.S. and non-U.S. banks, which could be harmful to the Funds and issuers in which they invest. For example, if a bank at which a Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which a Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Funds invest remain solvent, continued volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Conditions in the banking sector are evolving, and the scope of any potential impacts to the Funds and issuers, both from market conditions and also potential legislative or regulatory responses, are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings, including those of U.S. and non-U.S. banks. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

On each Fund Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a

shareholder would pay on (i) Fund distributions or (ii) the redemption of Fund shares. The Cumulative Returns chart and Average Annual Total Return table reflect any sales load that would have applied at the time of purchase or any Contingent Deferred Sales Charge (“CDSC”) that would have applied if a full redemption occurred on the last business day of the period shown in the Cumulative Returns chart. Class A shares are subject to an initial sales charge. A CDSC may be imposed in certain circumstances on Class A shares that are purchased without an initial sales charge and then redeemed during the first 12 months after purchase. The Cumulative Returns chart reflects only Institutional Class performance. Performance may vary by share class based on each class’s expense ratios. Performance shown is net of fees and expenses. The minimum initial investment amount for Institutional Class and Administrative Class shares is $1,000,000, except that the minimum initial investment may be modified for certain financial firms that submit orders on behalf of their customers. 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 2065 Fund

12/30/22

12/30/22

12/30/22

12/30/22

—

Diversified

PIMCO REALPATH® Blend Income Fund

12/31/14

12/31/14

12/31/14

12/31/14

—

Diversified

  SEMIANNUAL REPORT | DECEMBER 31, 2023 5

Important Information About the Funds (Cont.)

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

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

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

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

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund (“ETF”) shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments were effective as of January 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading. As such, beginning in July 2024, the Funds must comply with certain new requirements which include, but are not limited to, making significant updates to the content of their shareholder reports and mailing paper copies of the new tailored shareholder reports to shareholders who have not opted to receive shareholder report documents electronically.

In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to mitigate dilution of shareholders’ interests in a fund by requiring the adjustment of fund net asset value per share to pass on costs stemming from shareholder purchase or redemption activity. In addition the proposed rule would amend the liquidity rule framework. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.

In November 2022, the SEC adopted amendments to Form N-PX under the Act to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand the scope of funds’ Form N-PX reporting

6 PIMCO EQUITY SERIES  

obligations, subject managers to Form N-PX reporting obligations for “Say on Pay” votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N-PX; and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024.

In September 2023, the SEC adopted 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 amendments expand the scope of the current rule in a number of ways that are expected to result in an increase in the types of fund names that would require the fund to adopt an 80% investment policy under the rule. Additionally, the amendments address deviations from a fund’s 80% investment policy and the use and valuation of derivatives instruments for purposes of the rule. The amendments are effective as of December 11, 2023, but the SEC is providing a 24-month compliance period following the effective date for fund groups with net assets of $1 billion or more (and a 30-month compliance period for fund groups with net assets of less than $1 billion).

 

  SEMIANNUAL REPORT | DECEMBER 31, 2023 7

PIMCO REALPATH^® Blend 2025 Fund

Cumulative Returns Through December 31, 2023

$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 December 31, 2023
		6 Months*		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2025 Fund Institutional Class		4.26%		11.87%		7.19%		5.55%
	PIMCO REALPATH® Blend 2025 Fund Administrative Class		4.09%		11.49%		6.92%		5.28%
	PIMCO REALPATH® Blend 2025 Fund Class A		3.97%		11.36%		6.66%		5.04%
	PIMCO REALPATH® Blend 2025 Fund Class A (adjusted)		(1.75)%		5.24%		5.47%		4.38%
	S&P Target Date 2025 Index±		5.24%		12.99%		7.42%		5.88%

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

* Cumulative return.

± The S&P Target Date Index Series is comprised of eleven multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to each asset class. Each target date allocation is created and retired according to a pre-determined schedule related to the respective target date, as indicated in the index name, and is based on market observations through an annual survey of target date fund managers.

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

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

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report), which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) were 0.47% for the Institutional Class shares, 0.72% for the Administrative Class shares, and 0.92% for the Class A shares. See Financial Highlights for actual expense ratios as of the end of the period covered by this report.

8 PIMCO EQUITY SERIES  

Institutional Class - PPZRX Administrative Class - PPZDX Class  A - PPZAX

Top 10 Holdings as of December 31, 2023^†§

Vanguard Institutional Index Fund ‘Institutional’	17.2%
Vanguard Developed Markets Index Fund ‘Institutional’	15.4%
PIMCO Income Fund	14.8%
PIMCO Total Return Fund	12.6%
PIMCO Long-Term Real Return Fund	10.2%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	6.7%
PIMCO Long-Term U.S. Government Fund	5.3%
PIMCO Real Return Fund	4.4%
PIMCO Emerging Markets Local Currency and Bond Fund	3.2%
PIMCO International Bond Fund (U.S. Dollar-Hedged)	2.8%

^† % 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. large cap equities contributed to absolute performance, as U.S. large cap equities posted positive returns.

» Exposure to global equities contributed to absolute performance, as global equities posted positive returns.

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

» Exposure to emerging market equities contributed to absolute performance, as emerging market equities posted positive returns.

» Exposure to long-term U.S. Treasury Inflation-Protected Securities (“TIPS”) detracted from absolute performance, as long-term TIPS 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 other material detractors for this Fund.

  SEMIANNUAL REPORT | DECEMBER 31, 2023 9

PIMCO REALPATH^® Blend 2030 Fund

Cumulative Returns Through December 31, 2023

$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 December 31, 2023
		6 Months*		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2030 Fund Institutional Class		4.66%		13.70%		8.00%		6.15%
	PIMCO REALPATH® Blend 2030 Fund Administrative Class		4.42%		13.24%		7.71%		5.88%
	PIMCO REALPATH® Blend 2030 Fund Class A		4.46%		13.13%		7.49%		5.64%
	PIMCO REALPATH® Blend 2030 Fund Class A (adjusted)		(1.30)%		6.88%		6.27%		4.98%
	S&P Target Date 2030 Index±		5.77%		14.80%		8.42%		6.53%

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.

* Cumulative return.

^± The S&P Target Date Index Series is comprised of eleven multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to each asset class. Each target date allocation is created and retired according to a pre-determined schedule related to the respective target date, as indicated in the index name, and is based on market observations through an annual survey of target date fund managers.

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

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

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report), which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) were 0.39% for the Institutional Class shares, 0.64% for the Administrative Class shares, and 0.84% for the Class A shares. See Financial Highlights for actual expense ratios as of the end of the period covered by this report.

10 PIMCO EQUITY SERIES  

Institutional Class - PBPNX Administrative Class - PBPRX Class A - PBPAX

Top 10 Holdings as of December 31, 2023^†§

Vanguard Institutional Index Fund ‘Institutional’	25.5%
Vanguard Developed Markets Index Fund ‘Institutional’	18.3%
PIMCO Income Fund	9.6%
PIMCO Long-Term Real Return Fund	9.0%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	8.3%
PIMCO Total Return Fund	7.9%
PIMCO Long-Term U.S. Government Fund	5.3%
PIMCO Real Return Fund	3.2%
PIMCO Emerging Markets Local Currency and Bond Fund	2.6%
PIMCO International Bond Fund (U.S. Dollar-Hedged)	1.8%

^† % 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. large cap equities contributed to absolute performance, as U.S. large cap equities posted positive returns.

» Exposure to global equities contributed to absolute performance, as global equities posted positive returns.

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

» Exposure to emerging market equities contributed to absolute performance, as emerging market equities posted positive returns.

» Exposure to long-term U.S. Treasury Inflation-Protected Securities (“TIPS”) detracted from absolute performance, as long-term TIPS 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 other material detractors for this Fund.

  SEMIANNUAL REPORT | DECEMBER 31, 2023 11

PIMCO REALPATH^® Blend 2035 Fund

Cumulative Returns Through December 31, 2023

$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 December 31, 2023
		6 Months*		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2035 Fund Institutional Class		5.37%		15.86%		9.05%		6.76%
	PIMCO REALPATH® Blend 2035 Fund Administrative Class		5.23%		15.61%		8.78%		6.49%
	PIMCO REALPATH® Blend 2035 Fund Class A		5.14%		15.28%		8.54%		6.24%
	PIMCO REALPATH® Blend 2035 Fund Class A (adjusted)		(0.66)%		8.96%		7.31%		5.58%
	S&P Target Date 2035 Index±		6.24%		16.63%		9.44%		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.

* Cumulative return.

^± The S&P Target Date Index Series is comprised of eleven multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to each asset class. Each target date allocation is created and retired according to a pre-determined schedule related to the respective target date, as indicated in the index name, and is based on market observations through an annual survey of target date fund managers.

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

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

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report), which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) were 0.32% for the Institutional Class shares, 0.57% for the Administrative Class shares, and 0.77% for the Class A shares. See Financial Highlights for actual expense ratios as of the end of the period covered by this report.

12 PIMCO EQUITY SERIES  

Institutional Class - PDGZX Administrative Class - PDGDX Class  A - PDGAX

Top 10 Holdings as of December 31, 2023^†§

Vanguard Institutional Index Fund ‘Institutional’	31.7%
Vanguard Developed Markets Index Fund ‘Institutional’	20.8%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	9.2%
PIMCO Income Fund	7.0%
PIMCO Long-Term Real Return Fund	6.7%
PIMCO Total Return Fund	5.8%
PIMCO Long-Term U.S. Government Fund	4.1%
Vanguard Small-Cap Index Fund ‘Institutional’	2.7%
PIMCO Real Return Fund	2.3%
PIMCO Emerging Markets Local Currency and Bond Fund	2.0%

^† % 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. large cap equities contributed to absolute performance, as U.S. large cap equities posted positive returns.

» Exposure to global equities contributed to absolute performance, as global equities posted positive returns.

» Exposure to emerging market equities contributed to absolute performance, as emerging market equities posted positive returns.

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

» Exposure to long-term U.S. Treasury Inflation-Protected Securities (“TIPS”) detracted from absolute performance, as long-term TIPS 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 other material detractors for this Fund.

  SEMIANNUAL REPORT | DECEMBER 31, 2023 13

PIMCO REALPATH^® Blend 2040 Fund

Cumulative Returns Through December 31, 2023

$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 December 31, 2023
		6 Months*		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2040 Fund Institutional Class		5.81%		17.25%		9.78%		7.20%
	PIMCO REALPATH® Blend 2040 Fund Administrative Class		5.73%		17.00%		9.50%		6.93%
	PIMCO REALPATH® Blend 2040 Fund Class A		5.55%		16.72%		9.26%		6.68%
	PIMCO REALPATH® Blend 2040 Fund Class A (adjusted)		(0.23)%		10.30%		8.03%		6.01%
	S&P Target Date 2040 Index±		6.63%		18.16%		10.22%		7.68%

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.

* Cumulative return.

^± The S&P Target Date Index Series is comprised of eleven multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to each asset class. Each target date allocation is created and retired according to a pre-determined schedule related to the respective target date, as indicated in the index name, and is based on market observations through an annual survey of target date fund managers.

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

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

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report), which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) were 0.26% for the Institutional Class shares, 0.51% for the Administrative Class shares, and 0.71% for the Class A shares. See Financial Highlights for actual expense ratios as of the end of the period covered by this report.

14 PIMCO EQUITY SERIES  

Institutional Class - PVPNX Administrative Class - PVPRX Class  A - PVPAX

Top 10 Holdings as of December 31, 2023^†§

Vanguard Institutional Index Fund ‘Institutional’	36.6%
Vanguard Developed Markets Index Fund ‘Institutional’	23.4%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	9.6%
PIMCO Income Fund	5.3%
PIMCO Total Return Fund	4.6%
PIMCO Long-Term Real Return Fund	4.6%
Vanguard Small-Cap Index Fund ‘Institutional’	2.9%
PIMCO Long-Term U.S. Government Fund	2.3%
PIMCO Emerging Markets Local Currency and Bond Fund	1.7%
PIMCO Real Return Fund	1.3%

^† % of Investments, at value.

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

Fund Insights

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

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

» Exposure to global equities contributed to absolute performance, as global equities posted positive returns.

» Exposure to emerging market equities contributed to absolute performance, as emerging market equities posted positive returns.

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

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

» There were no other material detractors for this Fund.

  SEMIANNUAL REPORT | DECEMBER 31, 2023 15

PIMCO REALPATH^® Blend 2045 Fund

Cumulative Returns Through December 31, 2023

$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 December 31, 2023
		6 Months*		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2045 Fund Institutional Class		6.16%		18.41%		10.33%		7.46%
	PIMCO REALPATH® Blend 2045 Fund Administrative Class		6.00%		18.11%		10.06%		7.19%
	PIMCO REALPATH® Blend 2045 Fund Class A		6.00%		17.92%		9.82%		6.94%
	PIMCO REALPATH® Blend 2045 Fund Class A (adjusted)		0.16%		11.44%		8.57%		6.27%
	S&P Target Date 2045 Index±		6.85%		19.14%		10.68%		7.99%

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.

* Cumulative return.

^± The S&P Target Date Index Series is comprised of eleven multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to each asset class. Each target date allocation is created and retired according to a pre-determined schedule related to the respective target date, as indicated in the index name, and is based on market observations through an annual survey of target date fund managers.

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

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

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report), which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) were 0.20% for the Institutional Class shares, 0.45% for the Administrative Class shares, and 0.65% for the Class A shares. See Financial Highlights for actual expense ratios as of the end of the period covered by this report.

16 PIMCO EQUITY SERIES  

Institutional Class - PVQNX Administrative Class - PVQDX Class  A - PVQAX

Top 10 Holdings as of December 31, 2023^†§

Vanguard Institutional Index Fund ‘Institutional’	40.3%
Vanguard Developed Markets Index Fund ‘Institutional’	27.0%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	10.0%
PIMCO Income Fund	3.1%
PIMCO Total Return Fund	3.1%
Vanguard Small-Cap Index Fund ‘Institutional’	3.0%
PIMCO Long-Term Real Return Fund	2.3%
PIMCO Long-Term U.S. Government Fund	2.1%
PIMCO Emerging Markets Local Currency and Bond Fund	1.3%
PIMCO Real Return Fund	0.9%

^† % of Investments, at value.

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

Fund Insights

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

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

» Exposure to global equities contributed to absolute performance, as global equities posted positive returns.

» Exposure to emerging market equities contributed to absolute performance, as emerging market equities posted positive returns.

» Exposure to equity real estate investment trusts contributed to absolute performance, as equity real estate investment trusts posted positive returns.

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

» There were no other material detractors for this Fund.

  SEMIANNUAL REPORT | DECEMBER 31, 2023 17

PIMCO REALPATH^® Blend 2050 Fund

Cumulative Returns Through December 31, 2023

$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 December 31, 2023
		6 Months*		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2050 Fund Institutional Class		6.37%		19.13%		10.68%		7.67%
	PIMCO REALPATH® Blend 2050 Fund Administrative Class		6.26%		18.83%		10.40%		7.39%
	PIMCO REALPATH® Blend 2050 Fund Class A		6.17%		18.58%		10.14%		7.15%
	PIMCO REALPATH® Blend 2050 Fund Class A (adjusted)		0.33%		12.02%		8.90%		6.48%
	S&P Target Date 2050 Index±		6.98%		19.59%		10.92%		8.17%

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.

* Cumulative return.

± The S&P Target Date Index Series is comprised of eleven multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to each asset class. Each target date allocation is created and retired according to a pre-determined schedule related to the respective target date, as indicated in the index name, and is based on market observations through an annual survey of target date fund managers.

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

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

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report), which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) were 0.16% for the Institutional Class shares, 0.41% for the Administrative Class shares, and 0.61% for the Class A shares. See Financial Highlights for actual expense ratios as of the end of the period covered by this report.

18 PIMCO EQUITY SERIES  

Institutional Class - PPQZX Administrative Class - PPQDX Class  A - PPQAX

Top 10 Holdings as of December 31, 2023^†§

Vanguard Institutional Index Fund ‘Institutional’	43.0%
Vanguard Developed Markets Index Fund ‘Institutional’	29.7%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	10.0%
Vanguard Small-Cap Index Fund ‘Institutional’	3.5%
PIMCO Income Fund	2.1%
PIMCO Total Return Fund	2.1%
PIMCO Long-Term U.S. Government Fund	1.4%
PIMCO Long-Term Real Return Fund	1.4%
PIMCO Emerging Markets Local Currency and Bond Fund	0.5%
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 U.S. large cap equities contributed to absolute performance, as U.S. large cap equities posted positive returns.

» Exposure to global equities contributed to absolute performance, as global equities posted positive returns.

» Exposure to emerging market equities contributed to absolute performance, as emerging market equities posted positive returns.

» Exposure to U.S. small cap equities contributed to absolute performance, as U.S. small cap equities posted positive returns.

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

» There were no other material detractors for this Fund.

  SEMIANNUAL REPORT | DECEMBER 31, 2023 19

PIMCO REALPATH^® Blend 2055 Fund

Cumulative Returns Through December 31, 2023

$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 December 31, 2023
		6 Months*		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2055 Fund Institutional Class		6.59%		19.55%		10.74%		7.69%
	PIMCO REALPATH® Blend 2055 Fund Administrative Class		6.30%		19.11%		10.44%		7.41%
	PIMCO REALPATH® Blend 2055 Fund Class A		6.31%		18.99%		10.21%		7.14%
	PIMCO REALPATH® Blend 2055 Fund Class A (adjusted)		0.48%		12.40%		8.96%		6.47%
	S&P Target Date 2055 Index±		6.99%		19.62%		10.98%		8.25%

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.

* Cumulative return.

± The S&P Target Date Index Series is comprised of eleven multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to each asset class. Each target date allocation is created and retired according to a pre-determined schedule related to the respective target date, as indicated in the index name, and is based on market observations through an annual survey of target date fund managers.

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

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

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report), which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) were 0.15% for the Institutional Class shares, 0.40% for the Administrative Class shares, and 0.60% for the Class A shares. See Financial Highlights for actual expense ratios as of the end of the period covered by this report.

20 PIMCO EQUITY SERIES  

Institutional Class - PRQZX Administrative Class - PRQDX Class  A - PRQAX

Top 10 Holdings as of December 31, 2023^†§

Vanguard Institutional Index Fund ‘Institutional’	44.1%
Vanguard Developed Markets Index Fund ‘Institutional’	29.6%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	9.9%
Vanguard Small-Cap Index Fund ‘Institutional’	4.0%
PIMCO Income Fund	1.6%
PIMCO Total Return Fund	1.6%
PIMCO Long-Term Real Return Fund	1.0%
PIMCO Long-Term U.S. Government Fund	0.9%
PIMCO Real Return Fund	0.3%
PIMCO Emerging Markets Local Currency and Bond Fund	0.3%

^† % of Investments, at value.

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

Fund Insights

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

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

» Exposure to global equities contributed to absolute performance, as global equities posted positive returns.

» Exposure to emerging market equities contributed to absolute performance, as emerging market equities posted positive returns.

» Exposure to U.S. small cap equities contributed to absolute performance, as U.S. small cap equities posted positive returns.

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

» There were no other material detractors for this Fund.

  SEMIANNUAL REPORT | DECEMBER 31, 2023 21

PIMCO REALPATH^® Blend 2060 Fund

Cumulative Returns Through December 31, 2023

$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 December 31, 2023
		6 Months*		1 Year		Fund Inception (12/31/19)
	PIMCO REALPATH® Blend 2060 Fund Institutional Class		6.86%		19.92%		7.65%
	PIMCO REALPATH® Blend 2060 Fund Administrative Class		6.57%		19.55%		7.37%
	PIMCO REALPATH® Blend 2060 Fund Class A		6.60%		19.35%		7.14%
	PIMCO REALPATH® Blend 2060 Fund Class A (adjusted)		0.73%		12.81%		5.64%
	S&P Target Date 2060+ Index±		6.99%		19.74%		7.85%

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.

* Cumulative return.

± The S&P Target Date Index Series is comprised of eleven multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to each asset class. Each target date allocation is created and retired according to a pre-determined schedule related to the respective target date, as indicated in the index name, and is based on market observations through an annual survey of target date fund managers.

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

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

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report), which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) were 0.15% for the Institutional Class shares, 0.40% for the Administrative Class shares, and 0.60% for the Class A shares. See Financial Highlights for actual expense ratios as of the end of the period covered by this report.

22 PIMCO EQUITY SERIES  

Institutional Class - PRBMX Administrative Class - PRBEX Class  A - PRBAX

Top 10 Holdings as of December 31, 2023^†§

Vanguard Institutional Index Fund ‘Institutional’	45.9%
Vanguard Developed Markets Index Fund ‘Institutional’	30.7%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	10.1%
Vanguard Small-Cap Index Fund ‘Admiral’	4.3%
PIMCO Income Fund	1.1%
PIMCO Total Return Fund	1.1%
PIMCO Long-Term Real Return Fund	0.8%
PIMCO Long-Term U.S. Government Fund	0.8%
PIMCO Real Return Fund	0.5%
PIMCO Emerging Markets Local Currency and Bond Fund	0.3%

^† % of Investments, at value.

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

Fund Insights

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

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

» Exposure to global equities contributed to absolute performance, as global equities posted positive returns.

» Exposure to emerging market equities contributed to absolute performance, as emerging market equities posted positive returns.

» Exposure to U.S. small cap equities contributed to absolute performance, as U.S. small cap equities posted positive returns.

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

» There were no other material detractors for this Fund.

  SEMIANNUAL REPORT | DECEMBER 31, 2023 23

PIMCO REALPATH^® Blend 2065 Fund

Cumulative Returns Through December 31, 2023

$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 2065 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 December 31, 2023
		6 Months*		1 Year		Fund Inception (12/30/22)*
	PIMCO REALPATH® Blend 2065 Fund Institutional Class		6.49%		19.57%		19.51%
	PIMCO REALPATH® Blend 2065 Fund Administrative Class		6.37%		19.28%		19.22%
	PIMCO REALPATH® Blend 2065 Fund Class A		6.32%		19.08%		19.02%
	PIMCO REALPATH® Blend 2065 Fund Class A (adjusted)		0.49%		12.55%		12.51%
	S&P Target Date 2065 Index±		7.07%		19.84%		19.78%

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.

* Cumulative return.

± The S&P Target Date Index Series is comprised of eleven multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to each asset class. Each target date allocation is created and retired according to a pre-determined schedule related to the respective target date, as indicated in the index name, and is based on market observations through an annual survey of target date fund managers.

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

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

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report), which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) were 0.29% for the Institutional Class shares, 0.54% for the Administrative Class shares, and 0.74% for the Class A shares. See Financial Highlights for actual expense ratios as of the end of the period covered by this report.

24 PIMCO EQUITY SERIES  

Institutional Class - PBLIX Administrative Class - PBLMX Class  A - PBLLX

Top 10 Holdings as of December 31, 2023^†§

Vanguard Institutional Index Fund ‘Institutional’	46.7%
Vanguard Developed Markets Index Fund ‘Admiral’	30.8%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	10.1%
Vanguard Small-Cap Index Fund ‘Admiral’	4.5%
PIMCO Total Return Fund	0.8%
PIMCO Income Fund	0.8%
PIMCO Long-Term U.S. Government Fund	0.7%
PIMCO Long-Term Real Return Fund	0.7%
PIMCO Real Return Fund	0.4%
PIMCO Emerging Markets Local Currency and Bond Fund	0.3%

^† % of Investments, at value.

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

Fund Insights

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

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

» Exposure to global equities contributed to absolute performance, as global equities posted positive returns.

» Exposure to emerging market equities contributed to absolute performance, as emerging market equities posted positive returns.

» Exposure to U.S. small cap equities contributed to absolute performance, as U.S. small cap equities posted positive returns.

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

» There were no other material detractors for this Fund.

  SEMIANNUAL REPORT | DECEMBER 31, 2023 25

PIMCO REALPATH^® Blend Income Fund

Cumulative Returns Through December 31, 2023

$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 December 31, 2023
		6 Months*		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend Income Fund Institutional Class		4.04%		10.87%		6.12%		4.92%
	PIMCO REALPATH® Blend Income Fund Administrative Class		3.95%		10.66%		5.88%		4.67%
	PIMCO REALPATH® Blend Income Fund Class A		3.84%		10.39%		5.63%		4.42%
	PIMCO REALPATH® Blend Income Fund Class A (adjusted)		(1.90)%		4.36%		4.44%		3.77%
	S&P Target Date Retirement Income Index±		4.59%		10.35%		4.90%		3.88%

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

* Cumulative return.

± The S&P Target Date Index Series is comprised of eleven multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to each asset class. Each target date allocation is created and retired according to a pre-determined schedule related to the respective target date, as indicated in the index name, and is based on market observations through an annual survey of target date fund managers.

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

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

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report), which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) were 0.51% for the Institutional Class shares, 0.76% for the Administrative Class shares, and 0.96% for the Class A shares. See Financial Highlights for actual expense ratios as of the end of the period covered by this report.

26 PIMCO EQUITY SERIES  

Institutional Class - PBRNX Administrative Class - PBRDX Class  A - PBRAX

Top 10 Holdings as of December 31, 2023^†§

PIMCO Income Fund	16.0%
Vanguard Institutional Index Fund ‘Institutional’	15.4%
Vanguard Developed Markets Index Fund ‘Institutional’	15.0%
PIMCO Total Return Fund	13.6%
PIMCO Long-Term Real Return Fund	10.4%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	6.2%
PIMCO Long-Term U.S. Government Fund	5.2%
PIMCO Real Return Fund	4.6%
PIMCO Emerging Markets Local Currency and Bond Fund	3.3%
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. large cap equities contributed to absolute performance, as U.S. large cap equities posted positive returns.

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

» Exposure to global equities contributed to absolute performance, as global equities posted positive returns.

» Exposure to high yield bonds contributed to absolute performance, as high yield bonds posted positive returns.

» Exposure to long-term U.S. Treasury Inflation-Protected Securities (“TIPS”) detracted from absolute performance, as long-term TIPS 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 other material detractors for this Fund.

  SEMIANNUAL REPORT | DECEMBER 31, 2023 27

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 July 1, 2023 to December 31, 2023 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 (07/01/23)		Ending Account Value (12/31/23)		Expenses Paid During Period*		Beginning Account Value (07/01/23)		Ending Account Value (12/31/23)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO REALPATH® Blend 2025 Fund
Institutional Class	$	1,000.00	$	1,042.60	$	0.20	$	1,000.00	$	1,024.80	$	0.20		0.04	%
Administrative Class		1,000.00		1,040.90		1.48		1,000.00		1,023.55		1.47		0.29
Class A		1,000.00		1,039.70		2.50		1,000.00		1,022.55		2.48		0.49
PIMCO REALPATH® Blend 2030 Fund
Institutional Class	$	1,000.00	$	1,046.60	$	0.20	$	1,000.00	$	1,024.80	$	0.20		0.04	%
Administrative Class		1,000.00		1,044.20		1.48		1,000.00		1,023.55		1.47		0.29
Class A		1,000.00		1,044.60		2.50		1,000.00		1,022.55		2.48		0.49
PIMCO REALPATH® Blend 2035 Fund
Institutional Class	$	1,000.00	$	1,053.70	$	0.26	$	1,000.00	$	1,024.75	$	0.25		0.05	%
Administrative Class		1,000.00		1,052.30		1.54		1,000.00		1,023.50		1.52		0.30
Class A		1,000.00		1,051.40		2.56		1,000.00		1,022.50		2.53		0.50
PIMCO REALPATH® Blend 2040 Fund
Institutional Class	$	1,000.00	$	1,058.10	$	0.31	$	1,000.00	$	1,024.70	$	0.30		0.06	%
Administrative Class		1,000.00		1,057.30		1.59		1,000.00		1,023.45		1.57		0.31
Class A		1,000.00		1,055.50		2.62		1,000.00		1,022.45		2.58		0.51

28 PIMCO EQUITY SERIES  

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (07/01/23)		Ending Account Value (12/31/23)		Expenses Paid During Period*		Beginning Account Value (07/01/23)		Ending Account Value (12/31/23)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO REALPATH® Blend 2045 Fund
Institutional Class	$	1,000.00	$	1,061.60	$	0.31	$	1,000.00	$	1,024.70	$	0.30		0.06	%
Administrative Class		1,000.00		1,060.00		1.60		1,000.00		1,023.45		1.57		0.31
Class A		1,000.00		1,060.00		2.63		1,000.00		1,022.45		2.58		0.51
PIMCO REALPATH® Blend 2050 Fund
Institutional Class	$	1,000.00	$	1,063.70	$	0.31	$	1,000.00	$	1,024.70	$	0.30		0.06	%
Administrative Class		1,000.00		1,062.60		1.60		1,000.00		1,023.45		1.57		0.31
Class A		1,000.00		1,061.70		2.63		1,000.00		1,022.45		2.58		0.51
PIMCO REALPATH® Blend 2055 Fund
Institutional Class	$	1,000.00	$	1,065.90	$	0.31	$	1,000.00	$	1,024.70	$	0.30		0.06	%
Administrative Class		1,000.00		1,063.00		1.60		1,000.00		1,023.45		1.57		0.31
Class A		1,000.00		1,063.10		2.63		1,000.00		1,022.45		2.58		0.51
PIMCO REALPATH® Blend 2060 Fund
Institutional Class	$	1,000.00	$	1,068.60	$	0.26	$	1,000.00	$	1,024.75	$	0.25		0.05	%
Administrative Class		1,000.00		1,065.70		1.55		1,000.00		1,023.50		1.52		0.30
Class A		1,000.00		1,066.00		2.58		1,000.00		1,022.50		2.53		0.50
PIMCO REALPATH® Blend 2065 Fund
Institutional Class	$	1,000.00	$	1,064.90	$	0.31	$	1,000.00	$	1,024.70	$	0.30		0.06	%
Administrative Class		1,000.00		1,063.70		1.60		1,000.00		1,023.45		1.57		0.31
Class A		1,000.00		1,063.20		2.63		1,000.00		1,022.45		2.58		0.51
PIMCO REALPATH® Blend Income Fund
Institutional Class	$	1,000.00	$	1,040.40	$	0.20	$	1,000.00	$	1,024.80	$	0.20		0.04	%
Administrative Class		1,000.00		1,039.50		1.48		1,000.00		1,023.55		1.47		0.29
Class A		1,000.00		1,038.40		2.50		1,000.00		1,022.55		2.48		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 183/366 (to reflect the one-half year period).

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

  SEMIANNUAL REPORT | DECEMBER 31, 2023 29

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
07/01/2023 - 12/31/2023+	$	11.54	$	0.23	$	0.27		$	0.50		$	(0.26	)	$	0.00		$	(0.26	)
06/30/2023		11.29		0.44		0.31			0.75			(0.31	)		(0.19	)		(0.50	)
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	)
Administrative Class
07/01/2023 - 12/31/2023+		11.51		0.19		0.28			0.47			(0.10	)		0.00			(0.10	)
06/30/2023		11.25		0.42		0.32			0.74			(0.29	)		(0.19	)		(0.48	)
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	)
Class A
07/01/2023 - 12/31/2023+		11.50		0.20		0.26			0.46			(0.23	)		0.00			(0.23	)
06/30/2023		11.25		0.38		0.32			0.70			(0.26	)		(0.19	)		(0.45	)
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	)
PIMCO REALPATH® Blend 2030 Fund
Institutional Class
07/01/2023 - 12/31/2023+	$	12.22	$	0.23	$	0.35		$	0.58		$	(0.26	)	$	0.00		$	(0.26	)
06/30/2023		11.69		0.41		0.58			0.99			(0.28	)		(0.18	)		(0.46	)
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	)
Administrative Class
07/01/2023 - 12/31/2023+		12.19		0.18		0.37			0.55			(0.12	)		0.00			(0.12	)
06/30/2023		11.66		0.38		0.58			0.96			(0.25	)		(0.18	)		(0.43	)
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	)
Class A
07/01/2023 - 12/31/2023+		12.15		0.20		0.35			0.55			(0.23	)		0.00			(0.23	)
06/30/2023		11.62		0.36		0.58			0.94			(0.23	)		(0.18	)		(0.41	)
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	)
PIMCO REALPATH® Blend 2035 Fund
Institutional Class
07/01/2023 - 12/31/2023+	$	13.00	$	0.23	$	0.46		$	0.69		$	(0.27	)	$	0.00		$	(0.27	)
06/30/2023		12.08		0.39		0.94			1.33			(0.25	)		(0.16	)		(0.41	)
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	)
Administrative Class
07/01/2023 - 12/31/2023+		12.97		0.17		0.50			0.67			(0.05	)		0.00			(0.05	)
06/30/2023		12.05		0.36		0.94			1.30			(0.22	)		(0.16	)		(0.38	)
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	)

30 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(e)
Net Asset 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
$	11.78		4.35	%	$	444,527		0.04	%*		0.05	%*		0.03	%*		0.04	%*		4.06	%*		9	%
	11.54		6.87			403,689		0.03			0.03			0.03			0.03			3.89			23
	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
	11.88		4.09			485		0.29	*		0.30	*		0.28	*		0.29	*		3.42	*		9
	11.51		6.74			28,348		0.28			0.28			0.28			0.28			3.71			23
	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
	11.73		4.06			5,855		0.49	*		0.50	*		0.48	*		0.49	*		3.59	*		9
	11.50		6.41			5,844		0.48			0.48			0.48			0.48			3.40			23
	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
$	12.54		4.74	%	$	563,393		0.04	%*		0.05	%*		0.03	%*		0.04	%*		3.76	%*		6	%
	12.22		8.71			510,421		0.03			0.03			0.03			0.03			3.46			18
	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
	12.62		4.50			622		0.29	*		0.30	*		0.28	*		0.29	*		2.96	*		6
	12.19		8.47			25,901		0.28			0.28			0.28			0.28			3.22			18
	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
	12.47		4.55			8,706		0.49	*		0.50	*		0.48	*		0.49	*		3.29	*		6
	12.15		8.30			8,479		0.48			0.48			0.48			0.48			3.02			18
	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
$	13.42		5.37	%	$	574,845		0.05	%*		0.06	%*		0.04	%*		0.05	%*		3.59	%*		3	%
	13.00		11.26			488,420		0.04			0.04			0.04			0.04			3.16			18
	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
	13.59		5.23			214		0.30	*		0.31	*		0.29	*		0.30	*		2.72	*		3
	12.97		11.04			33,173		0.29			0.29			0.29			0.29			2.94			18
	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

  SEMIANNUAL REPORT | DECEMBER 31, 2023 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 2035 Fund (Cont.)
Class A
07/01/2023 - 12/31/2023+	$	13.00	$	0.20	$	0.47		$	0.67		$	(0.25	)	$	0.00		$	(0.25	)
06/30/2023		12.08		0.33		0.95			1.28			(0.20	)		(0.16	)		(0.36	)
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	)
PIMCO REALPATH® Blend 2040 Fund
Institutional Class
07/01/2023 - 12/31/2023+	$	13.54	$	0.23	$	0.55		$	0.78		$	(0.27	)	$	0.00		$	(0.27	)
06/30/2023		12.40		0.37		1.15			1.52			(0.22	)		(0.16	)		(0.38	)
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	)
Administrative Class
07/01/2023 -12/31/2023+		13.49		0.16		0.61			0.77			(0.05	)		0.00			(0.05	)
06/30/2023		12.37		0.33		1.15			1.48			(0.20	)		(0.16	)		(0.36	)
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	)
Class A
07/01/2023 - 12/31/2023+		13.44		0.19		0.56			0.75			(0.24	)		0.00			(0.24	)
06/30/2023		12.32		0.31		1.14			1.45			(0.17	)		(0.16	)		(0.33	)
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	)
PIMCO REALPATH® Blend 2045 Fund
Institutional Class
07/01/2023 - 12/31/2023+	$	13.84	$	0.22	$	0.63		$	0.85		$	(0.26	)	$	0.00		$	(0.26	)
06/30/2023		12.54		0.35		1.31			1.66			(0.20	)		(0.16	)		(0.36	)
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	)
Administrative Class
07/01/2023 - 12/31/2023+		13.77		0.15		0.68			0.83			(0.13	)		0.00			(0.13	)
06/30/2023		12.49		0.32		1.30			1.62			(0.18	)		(0.16	)		(0.34	)
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	)
Class A
07/01/2023 - 12/31/2023+		13.73		0.19		0.63			0.82			(0.23	)		0.00			(0.23	)
06/30/2023		12.46		0.28		1.31			1.59			(0.16	)		(0.16	)		(0.32	)
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	)
PIMCO REALPATH® Blend 2050 Fund
Institutional Class
07/01/2023 - 12/31/2023+	$	14.07	$	0.22	$	0.67		$	0.89		$	(0.26	)	$	0.00		$	(0.26	)
06/30/2023		12.65		0.34		1.43			1.77			(0.19	)		(0.16	)		(0.35	)
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	)

32 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(e)
Net Asset 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
$	13.42		5.14	%	$	8,156		0.50	%*		0.51	%*		0.49	%*		0.50	%*		3.06	%*		3	%
	13.00		10.79			8,308		0.49			0.49			0.49			0.49			2.69			18
	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
$	14.05		5.81	%	$	513,461		0.06	%*		0.07	%*		0.05	%*		0.06	%*		3.40	%*		3	%
	13.54		12.55			452,132		0.05			0.05			0.05			0.05			2.89			16
	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
	14.21		5.73			343		0.31	*		0.32	*		0.30	*		0.31	*		2.40	*		3
	13.49		12.16			20,516		0.30			0.30			0.30			0.30			2.61			16
	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
	13.95		5.63			8,697		0.51	*		0.52	*		0.50	*		0.51	*		2.92	*		3
	13.44		12.00			8,655		0.50			0.50			0.50			0.50			2.40			16
	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
$	14.43		6.16	%	$	501,984		0.06	%*		0.07	%*		0.05	%*		0.06	%*		3.27	%*		2	%
	13.84		13.48			426,393		0.05			0.05			0.05			0.05			2.68			11
	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
	14.47		6.07			725		0.31	*		0.32	*		0.30	*		0.31	*		2.25	*		2
	13.77		13.17			25,901		0.30			0.30			0.30			0.30			2.47			11
	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
	14.32		6.00			5,761		0.51	*		0.52	*		0.50	*		0.51	*		2.86	*		2
	13.73		12.97			4,749		0.50			0.50			0.50			0.50			2.19			11
	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
$	14.70		6.37	%	$	475,821		0.06	%*		0.07	%*		0.05	%*		0.06	%*		3.18	%*		3	%
	14.07		14.23			397,754		0.05			0.05			0.05			0.05			2.55			9
	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

  SEMIANNUAL REPORT | DECEMBER 31, 2023 33

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 2050 Fund (Cont.)
Administrative Class
07/01/2023 - 12/31/2023+	$	13.99	$	0.15	$	0.72		$	0.87		$	(0.04	)	$	0.00		$	(0.04	)
06/30/2023		12.59		0.29		1.43			1.72			(0.16	)		(0.16	)		(0.32	)
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	)
Class A
07/01/2023 - 12/31/2023+		13.90		0.20		0.66			0.86			(0.24	)		0.00			(0.24	)
06/30/2023		12.51		0.27		1.43			1.70			(0.15	)		(0.16	)		(0.31	)
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	)
PIMCO REALPATH® Blend 2055 Fund
Institutional Class
07/01/2023 - 12/31/2023+	$	14.27	$	0.23	$	0.70		$	0.93		$	(0.26	)	$	(0.02	)	$	(0.28	)
06/30/2023		12.75		0.34		1.50			1.84			(0.19	)		(0.13	)		(0.32	)
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	)
Administrative Class
07/01/2023 - 12/31/2023+		14.22		0.14		0.75			0.89			(0.05	)		(0.02	)		(0.07	)
06/30/2023		12.71		0.31		1.49			1.80			(0.16	)		(0.13	)		(0.29	)
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	)
Class A
07/01/2023 - 12/31/2023+		14.12		0.20		0.68			0.88			(0.23	)		(0.02	)		(0.25	)
06/30/2023		12.64		0.26		1.50			1.76			(0.15	)		(0.13	)		(0.28	)
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	)
PIMCO REALPATH® Blend 2060 Fund
Institutional Class
07/01/2023 - 12/31/2023+	$	11.08	$	0.18	$	0.58		$	0.76		$	(0.16	)	$	0.00		$	(0.16	)
06/30/2023		9.84		0.26		1.16			1.42			(0.12	)		(0.06	)		(0.18	)
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
07/01/2023 - 12/31/2023+		11.04		0.09		0.63			0.72			(0.04	)		0.00			(0.04	)
06/30/2023		9.80		0.24		1.16			1.40			(0.10	)		(0.06	)		(0.16	)
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
07/01/2023 - 12/31/2023+		10.99		0.14		0.58			0.72			(0.13	)		0.00			(0.13	)
06/30/2023		9.78		0.20		1.16			1.36			(0.09	)		(0.06	)		(0.15	)
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 2065 Fund
Institutional Class
07/01/2023 - 12/31/2023+	$	11.21	$	0.19	$	0.53		$	0.72		$	(0.13	)	$	(0.02	)	$	(0.15	)
12/30/2022 - 06/30/2023		10.00		0.12		1.11			1.23			(0.02	)		0.00			(0.02	)

34 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(e)
Net Asset 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
$	14.82		6.26	%	$	137		0.31	%*		0.32	%*		0.30	%*		0.31	%*		2.10	%*		3	%
	13.99		13.93			18,106		0.30			0.30			0.30			0.30			2.25			9
	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
	14.52		6.17			7,087		0.51	*		0.52	*		0.50	*		0.51	*		2.85	*		3
	13.90		13.78			4,854		0.50			0.50			0.50			0.50			2.08			9
	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
$	14.92		6.59	%	$	373,166		0.06	%*		0.07	%*		0.05	%*		0.06	%*		3.20	%*		1	%
	14.27		14.69			289,834		0.05			0.05			0.05			0.05			2.51			8
	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
	15.04		6.30			104		0.31	*		0.32	*		0.30	*		0.31	*		1.96	*		1
	14.22		14.45			15,324		0.30			0.30			0.30			0.30			2.32			8
	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
	14.75		6.31			4,437		0.51	*		0.52	*		0.50	*		0.51	*		2.81	*		1
	14.12		14.14			3,320		0.50			0.50			0.50			0.50			1.99			8
	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
$	11.68		6.86	%	$	121,408		0.05	%*		0.06	%*		0.05	%*		0.06	%*		3.22	%*		1	%
	11.08		14.69			84,966		0.05			0.05			0.05			0.05			2.52			11
	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
	11.72		6.57			69		0.30	*		0.31	*		0.30	*		0.31	*		1.74	*		1
	11.04		14.53			1,209		0.30			0.30			0.30			0.30			2.31			11
	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
	11.58		6.60			812		0.50	*		0.51	*		0.50	*		0.51	*		2.54	*		1
	10.99		14.09			802		0.50			0.50			0.50			0.50			1.99			11
	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
$	11.78		6.49	%	$	10,481		0.06	%*		0.06	%*		0.06	%*		0.06	%*		3.35	%*		3	%
	11.21		12.29			4,889		0.05	*��		3.49	*		0.05	*		3.49	*		2.21	*		8

  SEMIANNUAL REPORT | DECEMBER 31, 2023 35

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 2065 Fund (Cont.)
Administrative Class
07/01/2023 - 12/31/2023+	$	11.20	$	0.15	$	0.56		$	0.71		$	(0.12	)	$	(0.02	)	$	(0.14	)
12/30/2022 - 06/30/2023		10.00		0.09		1.12			1.21			(0.01	)		0.00			(0.01	)
Class A
07/01/2023 - 12/31/2023+		11.19		0.14		0.56			0.70			(0.11	)		(0.02	)		(0.13	)
12/30/2022 - 06/30/2023		10.00		0.08		1.12			1.20			(0.01	)		0.00			(0.01	)
PIMCO REALPATH® Blend Income Fund
Institutional Class
07/01/2023 - 12/31/2023+	$	11.00	$	0.23	$	0.22		$	0.45		$	(0.26	)	$	0.00		$	(0.26	)
06/30/2023		10.81		0.45		0.18			0.63			(0.34	)		(0.10	)		(0.44	)
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	)
Administrative Class
07/01/2023 - 12/31/2023+		11.00		0.20		0.24			0.44			(0.18	)		0.00			(0.18	)
06/30/2023		10.81		0.43		0.17			0.60			(0.31	)		(0.10	)		(0.41	)
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	)
Class A
07/01/2023 - 12/31/2023+		10.92		0.20		0.22			0.42			(0.24	)		0.00			(0.24	)
06/30/2023		10.73		0.40		0.18			0.58			(0.29	)		(0.10	)		(0.39	)
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	)

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

+ Unaudited

* 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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

^(d) 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%.

36 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(e)
Net Asset 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
$	11.77		6.37	%	$	119		0.31	%*		0.31	%*		0.31	%*		0.31	%*		2.69	%*		3	%
	11.20		12.14			112		0.30	*		3.74	*		0.30	*		3.74	*		1.68	*		8
	11.76		6.32			200		0.51	*		0.51	*		0.51	*		0.51	*		2.52	*		3
	11.19		11.99			112		0.50	*		3.94	*		0.50	*		3.94	*		1.48	*		8
$	11.19		4.13	%	$	321,165		0.04	%*		0.05	%*		0.03	%*		0.04	%*		4.19	%*		6	%
	11.00		6.01			297,254		0.03			0.03			0.03			0.03			4.14			29
	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
	11.26		4.04			961		0.29	*		0.30	*		0.28	*		0.29	*		3.60	*		6
	11.00		5.76			27,488		0.28			0.28			0.28			0.28			3.97			29
	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
	11.10		3.84			18,877		0.49	*		0.50	*		0.48	*		0.49	*		3.70	*		6
	10.92		5.59			21,344		0.48			0.48			0.48			0.48			3.70			29
	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

  SEMIANNUAL REPORT | DECEMBER 31, 2023 37

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*	$	182,138	$	316,936	$	380,358		$	389,943
Investments in Affiliates		265,487		266,947		207,627			144,732
Financial Derivative Instruments
Exchange-traded or centrally cleared		974		1,220		0			0
Over the counter		1		1		0			0
Cash		0		0		0			1
Receivable for investments sold		16,494		10,256		8,064			7,708
Receivable for investments in Affiliates sold		1,811		0		0			0
Receivable for Fund shares sold		191		1,095		1,247			673
Interest and/or dividends receivable		0		0		0			1
Dividends receivable from Affiliates		701		662		536			384
Reimbursement receivable from PIMCO		8		9		9			8
Total Assets		467,805		597,126		597,841			543,450
Liabilities:
Financial Derivative Instruments
Exchange-traded or centrally cleared	$	3	$	4	$	0		$	0
Over the counter		93		115		110			108
Payable for investments purchased		0		0		787			275
Payable for investments in Affiliates purchased		14,751		17,102		11,189			11,755
Deposits from counterparty		1,545		1,987		2,067			2,077
Payable for Fund shares redeemed		532		5,179		450			6,707
Overdraft due to custodian		0		0		0			0
Accrued investment advisory fees		4		5		10			14
Accrued supervisory and administrative fees		9		11		11			11
Accrued servicing fees		1		2		2			2
Total Liabilities		16,938		24,405		14,626			20,949
Commitments and contingent liabilities^
Net Assets	$	450,867	$	572,721	$	583,215		$	522,501
Net Assets Consist of:
Paid in capital	$	449,952	$	551,020	$	543,269		$	472,567
Distributable earnings (accumulated loss)		915		21,701		39,946			49,934
Net Assets	$	450,867	$	572,721	$	583,215		$	522,501
Cost of investments in securities	$	151,094	$	266,114	$	324,953		$	329,838
Cost of investments in Affiliates	$	289,091	$	289,466	$	221,052		$	153,674
Cost or premiums of financial derivative instruments, net	$	2,166	$	2,667	$	(4	)	$	(1	)
* Includes repurchase agreements of:	$	1,256	$	1,340	$	931		$	2,150

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

^{^}  See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

38 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2023 (Unaudited)

PIMCO REALPATH® Blend 2045 Fund			PIMCO REALPATH® Blend 2050 Fund			PIMCO REALPATH® Blend 2055 Fund		PIMCO REALPATH® Blend 2060 Fund		PIMCO REALPATH® Blend 2065 Fund		PIMCO REALPATH® Blend Income Fund
$	415,540		$	421,952		$	338,653	$	110,501	$	9,801	$	127,917
	98,267			64,756			43,807		10,879		832		210,598
	0			0			0		0		0		741
	0			0			0		0		0		1
	1			0			1		394		235		0
	6,560			5,305			2,041		1,152		53		2,677
	0			0			0		0		0		1,685
	716			546			509		436		83		1,418
	1			1			1		0		0		1
	281			202			143		33		3		596
	8			7			5		2		0		6
	521,374			492,769			385,160		123,397		11,007		345,640
$	0		$	0		$	0	$	0	$	0	$	3
	107			93			74		23		2		69
	1,608			1,533			3,691		487		185		0
	7,743			3,981			1,523		310		18		1,388
	2,087			1,826			1,445		281		0		1,114
	1,335			1,374			702		2		1		2,047
	0			894			0		0		0		0
	13			12			10		3		1		3
	10			9			7		2		0		9
	1			2			1		0		0		4
	12,904			9,724			7,453		1,108		207		4,637
$	508,470		$	483,045		$	377,707	$	122,289	$	10,800	$	341,003
$	451,361		$	419,702		$	336,607	$	111,356	$	9,821	$	347,815
	57,109			63,343			41,100		10,933		979		(6,812	)
$	508,470		$	483,045		$	377,707	$	122,289	$	10,800	$	341,003
$	354,873		$	358,077		$	298,195	$	100,537	$	8,951	$	102,801
$	103,796		$	68,431		$	45,634	$	11,000	$	823	$	233,343
$	(1	)	$	(1	)	$	0	$	1	$	0	$	1,684
$	2,141		$	2,155		$	3,799	$	0	$	0	$	749

  SEMIANNUAL REPORT | DECEMBER 31, 2023 39

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	$	444,527	$	563,393	$	574,845	$	513,461
Administrative Class		485		622		214		343
Class A		5,855		8,706		8,156		8,697
Shares Issued and Outstanding:
Institutional Class		37,747		44,920		42,831		36,534
Administrative Class		41		49		16		24
Class A		499		698		608		623
Net Asset Value Per Share Outstanding(a):
Institutional Class	$	11.78	$	12.54	$	13.42	$	14.05
Administrative Class		11.88		12.62		13.59		14.21
Class A		11.73		12.47		13.42		13.95

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

40 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2023 (Unaudited)

PIMCO REALPATH® Blend 2045 Fund		PIMCO REALPATH® Blend 2050 Fund		PIMCO REALPATH® Blend 2055 Fund		PIMCO REALPATH® Blend 2060 Fund		PIMCO REALPATH® Blend 2065 Fund		PIMCO REALPATH® Blend Income Fund
$	501,984	$	475,821	$	373,166	$	121,408	$	10,481	$	321,165
	725		137		104		69		119		961
	5,761		7,087		4,437		812		200		18,877
	34,779		32,362		25,014		10,396		890		28,697
	50		9		7		6		10		85
	402		488		301		70		17		1,701
$	14.43	$	14.70	$	14.92	$	11.68	$	11.78	$	11.19
	14.47		14.82		15.04		11.72		11.77		11.26
	14.32		14.52		14.75		11.58		11.76		11.10

  SEMIANNUAL REPORT | DECEMBER 31, 2023 41

Statements of Operations    

Six Months Ended December 31, 2023 (Unaudited)
(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	$	30		$	38		$	33		$	36
Dividends		2,961			4,672			5,398			5,444
Dividends from Investments in Affiliates		5,878			5,610			4,358			2,947
Total Income		8,869			10,320			9,789			8,427
Expenses:
Investment advisory fees		22			27			54			74
Supervisory and administrative fees		49			63			62			57
Distribution and/or servicing fees - Administrative Class		18			18			22			14
Distribution and/or servicing fees - Class A		7			10			10			10
Trustee fees		14			18			17			16
Interest expense		12			19			19			19
Expense reimbursements recouped		11			13			13			12
Organizational expense reimbursements recouped		0			0			0			0
Total Expenses		133			168			197			202
Waiver and/or Reimbursement by PIMCO		(14	)		(18	)		(17	)		(16	)
Net Expenses		119			150			180			186
Net Investment Income (Loss)		8,750			10,170			9,609			8,241
Net Realized Gain (Loss):
Investments in securities		1,553			963			80			147
Investments in Affiliates		(918	)		(737	)		(68	)		(86	)
Net capital gain distributions received from investments		998			1,793			2,213			2,270
Exchange-traded or centrally cleared financial derivative instruments		(672	)		(804	)		0			0
Over the counter financial derivative instruments		437			593			691			763
Net Realized Gain (Loss)		1,398			1,808			2,916			3,094
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		6,937			13,426			17,231			17,748
Investments in Affiliates		1,226			404			179			234
Exchange-traded or centrally cleared financial derivative instruments		(151	)		(215	)		0			0
Over the counter financial derivative instruments		140			148			138			113
Net Change in Unrealized Appreciation (Depreciation)		8,152			13,763			17,548			18,095
Net Increase (Decrease) in Net Assets Resulting from Operations	$	18,300		$	25,741		$	30,073		$	29,430

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

42 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 2065 Fund			PIMCO REALPATH® Blend Income Fund
$	34		$	30		$	24		$	0			$	0		$	23
	5,684			5,640			4,431			1,410				114			2,015
	2,000			1,370			883			224				13			5,007
	7,718			7,040			5,338			1,634				127			7,045
	70			65			49			15				1			17
	52			49			37			11				1			53
	17			12			11			1				0			18
	7			7			5			1				0			24
	15			14			10			3		��		0			12
	16			14			10			2				0			9
	11			11			8			2				0			8
	0			0			0			0				1			0
	188			172			130			35				3			141
	(15	)		(14	)		(10	)		(3	)			(0	)		(11	)
	173			158			120			32				3			130
	7,545			6,882			5,218			1,602				124			6,915
	(62	)		(126	)		(114	)		(7	)			(9	)		389
	2			(5	)		2			(1	)			0			(1,197	)
	2,383			2,380			1,912			635				56			608
	0			0			0			0				0			(580	)
	786			709			656			254				22			298
	3,109			2,958			2,456			881				69			(482	)
	18,904			19,314			15,899			5,585				484			5,063
	230			267			152			78				8			1,553
	0			0			0			0				0			(66	)
	97			80			45			5				0			116
	19,231			19,661			16,096			5,668				492			6,666
$	29,885		$	29,501		$	23,770		$	8,151			$	685		$	13,099

  SEMIANNUAL REPORT | DECEMBER 31, 2023 43

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†)	Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023			Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023			Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023			Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	8,750		$	12,840		$	10,170		$	13,592		$	9,609		$	11,790		$	8,241		$	10,135
Net realized gain (loss)		1,398			(7,208	)		1,808			(6,806	)		2,916			(5,212	)		3,094			(4,114	)
Net change in unrealized appreciation (depreciation)		8,152			17,865			13,763			29,228			17,548			36,766			18,095			39,043
Net Increase (Decrease) in Net Assets Resulting from Operations		18,300			23,497			25,741			36,014			30,073			43,344			29,430			45,064
Distributions to Shareholders:
From net investment income and/or net realized capital gains
Institutional Class		(9,473	)		(12,215	)		(11,275	)		(12,793	)		(11,363	)		(10,255	)		(9,774	)		(9,073	)
Administrative Class		(162	)		(1,131	)		(118	)		(1,130	)		(139	)		(873	)		(76	)		(546	)
Class A		(115	)		(230	)		(158	)		(287	)		(148	)		(222	)		(150	)		(211	)
Total Distributions(b)		(9,750	)		(13,576	)		(11,551	)		(14,210	)		(11,650	)		(11,350	)		(10,000	)		(9,830	)
Fund Share Transactions:
Net increase (decrease) resulting from Fund share transactions*		4,436			183,825			13,730			245,358			34,891			249,537			21,768			194,975
Total Increase (Decrease) in Net Assets		12,986			193,746			27,920			267,162			53,314			281,531			41,198			230,209
Net Assets:
Beginning of period		437,881			244,135			544,801			277,639			529,901			248,370			481,303			251,094
End of period	$	450,867		$	437,881		$	572,721		$	544,801		$	583,215		$	529,901		$	522,501		$	481,303

^†  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)  Inception date of the Fund was December 30, 2022.

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

44 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 2065 Fund						PIMCO REALPATH® Blend Income Fund
Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023			Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023			Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023			Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023			Six Months Ended December 31, 2023 (Unaudited)			Inception date through June 30, 2023(a)			Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023
$	7,545		$	8,796		$	6,882		$	7,997		$	5,218		$	5,540		$	1,602		$	1,282		$	124		$	40		$	6,915		$	11,365
	3,109			(2,216	)		2,958			(1,573	)		2,456			(739	)		881			(364	)		69			23			(482	)		(6,684	)
	19,231			39,012			19,661			38,957			16,096			28,345			5,668			7,186			492			364			6,666			11,804
	29,885			45,592			29,501			45,381			23,770			33,146			8,151			8,104			685			427			13,099			16,485
	(8,743	)		(7,723	)		(8,236	)		(7,070	)		(6,809	)		(4,594	)		(1,563	)		(783	)		(125	)		(5	)		(7,271	)		(8,780	)
	(92	)		(518	)		(56	)		(534	)		(52	)		(230	)		(3	)		(12	)		(1	)		0			(173	)		(936	)
	(91	)		(109	)		(108	)		(97	)		(74	)		(67	)		(9	)		(10	)		(2	)		0			(407	)		(874	)
	(8,926	)		(8,350	)		(8,400	)		(7,701	)		(6,935	)		(4,891	)		(1,575	)		(805	)		(128	)		(5	)		(7,851	)		(10,590	)
	30,468			189,263			41,230			153,762			52,394			124,095			28,736			56,357			5,130			4,691			(10,331	)		115,358
	51,427			226,505			62,331			191,442			69,229			152,350			35,312			63,656			5,687			5,113			(5,083	)		121,253
	457,043			230,538			420,714			229,272			308,478			156,128			86,977			23,321			5,113			0			346,086			224,833
$	508,470		$	457,043		$	483,045		$	420,714		$	377,707		$	308,478		$	122,289		$	86,977		$	10,800		$	5,113		$	341,003		$	346,086

  SEMIANNUAL REPORT | DECEMBER 31, 2023 45

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 40.4%
MUTUAL FUNDS 40.0%
Vanguard Developed Markets Index Fund ‘Institutional’		4,479,172	$		69,114
Vanguard Emerging Markets Stock Index Fund ‘Institutional’		1,148,782			29,845
Vanguard Institutional Index Fund ‘Institutional’		195,867			77,070
Vanguard Small-Cap Index Fund ‘Institutional’		42,514			4,345
Total Mutual Funds (Cost $149,329)					180,374
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.4%
REPURCHASE AGREEMENTS (d) 0.3%
					1,256
U.S. TREASURY BILLS 0.1%
5.392% due 01/25/2024 - 02/29/2024 (a)(b)(e)	$	512			508
Total Short-Term Instruments (Cost $1,765)					1,764
Total Investments in Securities (Cost $151,094)					182,138

	SHARES		MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 58.9%
MUTUAL FUNDS (c) 55.2%
PIMCO Emerging Markets Local Currency and Bond Fund	2,394,003	$		14,412
PIMCO High Yield Fund	1,226,305			9,798
PIMCO Income Fund	6,256,911			66,448
PIMCO International Bond Fund (U.S. Dollar-Hedged)	1,274,372			12,578
PIMCO Long-Term Real Return Fund	3,621,261			45,773
PIMCO Long-Term U.S. Government Fund	1,572,330			23,553
PIMCO Real Return Fund	1,955,318			19,612
PIMCO Total Return Fund	6,530,295			56,487
Total Mutual Funds (Cost $272,280)				248,661

	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	1,729,798		$		16,826
Total Short-Term Instruments (Cost $16,811)					16,826
Total Investments in Affiliates (Cost $289,091)					265,487
Total Investments 99.3% (Cost $440,185)		$			447,625
Financial Derivative Instruments (f)(g) 0.2% (Cost or Premiums, net $2,166)					879
Other Assets and Liabilities, net 0.5%					2,363
Net Assets 100.0%		$			450,867

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		2.600	%		12/29/2023		01/02/2024	$	1,256	U.S. Treasury Notes 4.875% due 11/30/2025	$	(1,281	)	$	1,256	$	1,256
Total Repurchase Agreements											$	(1,281	)	$	1,256	$	1,256

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2023:

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	$	1,256	$	0	$	0	$	1,256	$	(1,281	)	$	(25	)
Total Borrowings and Other Financing Transactions	$	1,256	$	0	$	0

(e) Securities with an aggregate market value of $206 have been pledged as collateral as of December 31, 2023 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.

⁽¹⁾ Includes accrued interest.

⁽²⁾ 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

December 31, 2023 (Unaudited)

(f) 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		3,150.000		03/15/2024		78	$	8	$	779	$	12
Put - CBOE S&P 500		3,600.000		06/28/2024		85		9		542		141
Put - CBOE S&P 500		3,575.000		09/20/2024		93		9		555		263
Put - CBOE S&P 500		3,775.000		12/20/2024		97		10		564		558
Total Purchased Options									$	2,440	$	974

WRITTEN OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Put - CBOE S&P 500		2,400.000		03/15/2024		78	$	8	$	(273	)	$	(3	)
Total Written Options									$	(273	)	$	(3	)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2023:

	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	$	974	$	0	$	0	$	974	$	(3)	$	0	$	0	$	(3)

(g) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
																Asset		Liability
BPS	Pay	BCOMTR Index		1,091	5.380% (3-Month U.S. Treasury Bill rate plus a specified spread)	Monthly	02/15/2024	$	247	$	0		$	1		$	1	$	0
GST	Receive	BCOMTR Index		33,801	5.390% (3-Month U.S. Treasury Bill rate plus a specified spread)	Monthly	02/15/2024		7,658		0			(24	)		0		(24	)
JPM	Receive	BCOMTR Index		5,925	5.380% (3-Month U.S. Treasury Bill rate plus a specified spread)	Monthly	02/15/2024		1,342		(1	)		(4	)		0		(5	)
MYI	Receive	FNRETR Index		50	5.710% (1-Month USD-LIBOR plus a specified spread)	Monthly	04/10/2024		1,142		0			(10	)		0		(10	)
	Receive	FNRETR Index		187	5.700% (1-Month USD-LIBOR plus a specified spread)	Monthly	04/17/2024		4,273		0			(18	)		0		(18	)
	Receive	FNRETR Index		382	5.670% (1-Month USD-LIBOR plus a specified spread)	Monthly	09/11/2024		8,728		0			(36	)		0		(36	)
Total Swap Agreements										$	(1	)	$	(91	)	$	1	$	(93	)

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 47

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

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2023:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)			Net Exposure(2)
BPS	$	0	$	0	$	1	$	1	$	0	$	0	$	0		$	0		$	1		$	0		$	1
GST		0		0		0		0		0		0		(24	)		(24	)		(24	)		0			(24	)
JPM		0		0		0		0		0		0		(5	)		(5	)		(5	)		0			(5	)
MYI		0		0		0		0		0		0		(64	)		(64	)		(64	)		(1,540	)		(1,604	)
Total Over the Counter	$	0	$	0	$	1	$	1	$	0	$	0	$	(93	)	$	(93	)

⁽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 December 31, 2023:

	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	$	974	$	0	$	0	$	974
Over the counter
Swap Agreements	$	1	$	0	$	0	$	0	$	0	$	1
	$	1	$	0	$	974	$	0	$	0	$	975
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	3	$	0	$	0	$	3
Over the counter
Swap Agreements	$	29	$	0	$	64	$	0	$	0	$	93
	$	29	$	0	$	67	$	0	$	0	$	96

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2023:

				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	$	(1,000	)	$	0	$	0	$	(1,000	)
Written Options		0			0		328			0		0		328
	$	0		$	0	$	(672	)	$	0	$	0	$	(672	)
Over the counter
Swap Agreements	$	(351	)	$	0	$	788		$	0	$	0	$	437
	$	(351	)	$	0	$	116		$	0	$	0	$	(235	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0		$	0	$	100		$	0	$	0	$	100
Written Options		0			0		(251	)		0		0		(251	)
	$	0		$	0	$	(151	)	$	0	$	0	$	(151	)
Over the counter
Swap Agreements	$	142		$	0	$	(2	)	$	0	$	0	$	140
	$	142		$	0	$	(153	)	$	0	$	0	$	(11	)

48 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2023 (Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
Mutual Funds	$	180,374	$	0	$	0	$	180,374
Short-Term Instruments
Repurchase Agreements		0		1,256		0		1,256
U.S. Treasury Bills		0		508		0		508
	$	180,374	$	1,764	$	0	$	182,138
Investments in Affiliates, at Value
Mutual Funds		248,661		0		0		248,661
Short-Term Instruments
Central Funds Used for Cash Management Purposes		16,826		0		0		16,826
	$	265,487	$	0	$	0	$	265,487
Total Investments	$	445,861	$	1,764	$	0	$	447,625

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2023
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	974		$	0	$	974
Over the counter		0		1			0		1
	$	0	$	975		$	0	$	975
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(3	)		0		(3	)
Over the counter		0		(93	)		0		(93	)
	$	0	$	(96	)	$	0	$	(96	)
Total Financial Derivative Instruments	$	0	$	879		$	0	$	879
Totals	$	445,861	$	2,643		$	0	$	448,504

There were no significant transfers into or out of Level 3 during the period ended December 31, 2023.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 49

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 55.3%
MUTUAL FUNDS 54.9%
Vanguard Developed Markets Index Fund ‘Institutional’			4,438,721	$		107,017
Vanguard Emerging Markets Stock Index Fund ‘Institutional’			1,861,634			48,365
Vanguard Institutional Index Fund ‘Institutional’			378,739			149,023
Vanguard Small-Cap Index Fund ‘Institutional’			101,298			10,352
Total Mutual Funds (Cost $263,935)						314,757
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.4%
REPURCHASE AGREEMENTS (d) 0.2%
						1,340
U.S. TREASURY BILLS 0.2%
5.431% due 01/11/2024 - 02/29/2024 (a)(b)(e)	$		842			839
Total Short-Term Instruments (Cost $2,179)						2,179
Total Investments in Securities (Cost $266,114)						316,936

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 46.6%
MUTUAL FUNDS (c) 41.8%
PIMCO Emerging Markets Local Currency and Bond Fund		2,484,092	$		14,954
PIMCO High Yield Fund		1,219,292			9,742
PIMCO Income Fund		5,268,944			55,956
PIMCO International Bond Fund (U.S. Dollar-Hedged)		1,060,717			10,469
PIMCO Long-Term Real Return Fund		4,137,731			52,301
PIMCO Long-Term U.S. Government Fund		2,071,614			31,033
PIMCO Real Return Fund		1,867,977			18,736
PIMCO Total Return Fund		5,327,191			46,081
Total Mutual Funds (Cost $261,810)					239,272

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 4.8%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.8%
PIMCO Short-Term Floating NAV Portfolio III		2,845,215	$		27,675
Total Short-Term Instruments (Cost $27,656)					27,675
Total Investments in Affiliates (Cost $289,466)					266,947
Total Investments 101.9% (Cost $555,580)			$		583,883
Financial Derivative Instruments (f)(g) 0.2% (Cost or Premiums, net $2,667)					1,102
Other Assets and Liabilities, net (1.9)%					(12,264	)
Net Assets 100.0%			$		572,721

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		2.600	%		12/29/2023		01/02/2024	$	1,340	U.S. Treasury Notes 4.875% due 11/30/2025	$	(1,367	)	$	1,340	$	1,340
Total Repurchase Agreements											$	(1,367	)	$	1,340	$	1,340

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2023:

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	$	1,340	$	0	$	0	$	1,340	$	(1,367	)	$	(27	)
Total Borrowings and Other Financing Transactions	$	1,340	$	0	$	0

(e) Securities with an aggregate market value of $212 have been pledged as collateral as of December 31, 2023 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.

⁽¹⁾ Includes accrued interest.

⁽²⁾ 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

December 31, 2023 (Unaudited)

(f) 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		3,150.000		03/15/2024		91	$	9	$	909	$	14
Put - CBOE S&P 500		3,600.000		06/28/2024		106		11		675		176
Put - CBOE S&P 500		3,575.000		09/20/2024		116		12		693		328
Put - CBOE S&P 500		3,775.000		12/20/2024		122		12		709		702
Total Purchased Options									$	2,986	$	1,220

WRITTEN OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Put - CBOE S&P 500		2,400.000		03/15/2024		91	$	9	$	(318	)	$	(4	)
Total Written Options									$	(318	)	$	(4	)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2023:

	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	$	1,220	$	0	$	0	$	1,220	$		(4)	$	0	$	0	$		(4)

(g) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
																Asset		Liability
BPS	Pay	BCOMTR Index		1,519	5.380% (3-Month U.S. Treasury Bill rate plus a specified spread)	Monthly	02/15/2024	$	344	$	0		$	1		$	1	$	0
GST	Receive	BCOMTR Index		34,861	5.390% (3-Month U.S. Treasury Bill rate plus a specified spread)	Monthly	02/15/2024		7,898		0			(24	)		0		(24	)
JPM	Receive	BCOMTR Index		8,699	5.380% (3-Month U.S. Treasury Bill rate plus a specified spread)	Monthly	02/15/2024		1,971		(1	)		(7	)		0		(8	)
MEI	Receive	BCOMTR Index		1,522	5.380% (3-Month U.S. Treasury Bill rate plus a specified spread)	Monthly	02/15/2024		345		0			(1	)		0		(1	)
MYI	Receive	FNRETR Index		41	5.710% (1-Month USD-LIBOR plus a specified spread)	Monthly	04/10/2024		937		0			(9	)		0		(9	)
	Receive	FNRETR Index		254	5.700% (1-Month USD-LIBOR plus a specified spread)	Monthly	04/17/2024		5,803		0			(24	)		0		(24	)
	Receive	FNRETR Index		516	5.670% (1-Month USD-LIBOR plus a specified spread)	Monthly	09/11/2024		11,789		0			(49	)		0		(49	)
Total Swap Agreements										$	(1	)	$	(113	)	$	1	$	(115	)

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 51

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

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2023:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)			Net Exposure(2)
BPS	$	0	$	0	$	1	$	1	$	0	$	0	$	0		$	0		$	1		$	0		$	1
GST		0		0		0		0		0		0		(24	)		(24	)		(24	)		0			(24	)
JPM		0		0		0		0		0		0		(8	)		(8	)		(8	)		0			(8	)
MEI		0		0		0		0		0		0		(1	)		(1	)		(1	)		0			(1	)
MYI		0		0		0		0		0		0		(82	)		(82	)		(82	)		(1,980	)		(2,062	)
Total Over the Counter	$	0	$	0	$	1	$	1	$	0	$	0	$	(115	)	$	(115	)

⁽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 December 31, 2023:

	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	$	1,220	$	0	$	0	$	1,220
Over the counter
Swap Agreements	$	1	$	0	$	0	$	0	$	0	$	1
	$	1	$	0	$	1,220	$	0	$	0	$	1,221
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	4	$	0	$	0	$	4
Over the counter
Swap Agreements	$	33	$	0	$	82	$	0	$	0	$	115
	$	33	$	0	$	86	$	0	$	0	$	119

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2023:

	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	$	(1,194	)	$	0	$	0	$	(1,194	)
Written Options		0			0		390			0		0		390
	$	0		$	0	$	(804	)	$	0	$	0	$	(804	)
Over the counter
Swap Agreements	$	(392	)	$	0	$	985		$	0	$	0	$	593
	$	(392	)	$	0	$	181		$	0	$	0	$	(211	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0		$	0	$	85		$	0	$	0	$	85
Written Options		0			0		(300	)		0		0		(300	)
	$	0		$	0	$	(215	)	$	0	$	0	$	(215	)
Over the counter
Swap Agreements	$	152		$	0	$	(4	)	$	0	$	0	$	148
	$	152		$	0	$	(219	)	$	0	$	0	$	(67	)

52 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2023 (Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
Mutual Funds	$	314,757	$	0	$	0	$	314,757
Short-Term Instruments
Repurchase Agreements		0		1,340		0		1,340
U.S. Treasury Bills		0		839		0		839
	$	314,757	$	2,179	$	0	$	316,936
Investments in Affiliates, at Value
Mutual Funds		239,272		0		0		239,272
Short-Term Instruments
Central Funds Used for Cash Management Purposes		27,675		0		0		27,675
	$	266,947	$	0	$	0	$	266,947
Total Investments	$	581,704	$	2,179	$	0	$	583,883

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2023
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	1,220		$	0	$	1,220
Over the counter		0		1			0		1
	$	0	$	1,221		$	0	$	1,221
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(4	)		0		(4	)
Over the counter		0		(115	)		0		(115	)
	$	0	$	(119	)	$	0	$	(119	)
Total Financial Derivative Instruments	$	0	$	1,102		$	0	$	1,102
Totals	$	581,704	$	3,281		$	0	$	584,985

There were no significant transfers into or out of Level 3 during the period ended December 31, 2023.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 53

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 65.3%
MUTUAL FUNDS 65.0%
Vanguard Developed Markets Index Fund ‘Institutional’		5,068,533	$		122,202
Vanguard Emerging Markets Stock Index Fund ‘Institutional’		2,082,345			54,099
Vanguard Institutional Index Fund ‘Institutional’		474,373			186,652
Vanguard Small-Cap Index Fund ‘Institutional’		155,798			15,921
Total Mutual Funds (Cost $323,469)					378,874
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.3%
REPURCHASE AGREEMENTS (d) 0.2%
					931
U.S. TREASURY BILLS 0.1%
5.385% due 01/25/2024 - 02/29/2024 (a)(b)	$	557			553
Total Short-Term Instruments (Cost $1,484)					1,484
Total Investments in Securities (Cost $324,953)					380,358

	SHARES		MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 35.5%
MUTUAL FUNDS (c) 30.5%
PIMCO Emerging Markets Local Currency and Bond Fund	1,971,375	$		11,868
PIMCO High Yield Fund	864,687			6,909
PIMCO Income Fund	3,867,037			41,068
PIMCO International Bond Fund (U.S. Dollar-Hedged)	741,093			7,315
PIMCO Long-Term Real Return Fund	3,101,459			39,202
PIMCO Long-Term U.S. Government Fund	1,606,308			24,063
PIMCO Real Return Fund	1,381,599			13,857
PIMCO Total Return Fund	3,937,229			34,057
Total Mutual Funds (Cost $191,789)				178,339

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 5.0%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.0%
PIMCO Short-Term Floating NAV Portfolio III		3,011,039	$		29,288
Total Short-Term Instruments (Cost $29,262)					29,288
Total Investments in Affiliates (Cost $221,052)					207,627
Total Investments 100.8% (Cost $546,005)			$		587,985
Financial Derivative Instruments (e) (0.0)% (Cost or Premiums, net $(4))					(110	)
Other Assets and Liabilities, net (0.8)%					(4,660	)
Net Assets 100.0%			$		583,215

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		2.600	%		12/29/2023		01/02/2024	$	931	U.S. Treasury Notes 4.875% due 11/30/2025	$	(950	)	$	931	$	931
Total Repurchase Agreements											$	(950	)	$	931	$	931

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2023:

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	$	931	$	0	$	0	$	931	$	(950	)	$	(19	)
Total Borrowings and Other Financing Transactions	$	931	$	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.

54 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2023 (Unaudited)

(e) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
																	Asset		Liability
GST	Receive	BCOMTR Index		34,205	5.390% (3-Month U.S. Treasury Bill rate plus a specified spread)	Monthly		02/15/2024	$	7,749	$	0		$	(24	)	$	0	$	(24	)
JPM	Receive	BCOMTR Index		6,205	5.380% (3-Month U.S. Treasury Bill rate plus a specified spread)	Monthly		02/15/2024		1,406		(4	)		3			0		(1	)
MYI	Receive	FNRETR Index		85	5.710% (1-Month USD-LIBOR plus a specified spread)	Monthly		04/10/2024		1,942		0			(14	)		0		(14	)
	Receive	FNRETR Index		191	5.700% (1-Month USD-LIBOR plus a specified spread)	Monthly		04/17/2024		4,364		0			(18	)		0		(18	)
	Receive	FNRETR Index		563	5.670% (1-Month USD-LIBOR plus a specified spread)	Monthly		09/11/2024		12,863		0			(53	)		0		(53	)
Total Swap Agreements											$	(4	)	$	(106	)	$	0	$	(110	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2023:

	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)
GST	$	0	$	0	$	0	$	0	$	0	$	0	$	(24	)	$	(24	)	$	(24	)	$	0		$	(24	)
JPM		0		0		0		0		0		0		(1	)		(1	)		(1	)		0			(1	)
MYI		0		0		0		0		0		0		(85	)		(85	)		(85	)		(2,060	)		(2,145	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(110	)	$	(110	)

⁽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 December 31, 2023:

	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	$	25	$	0	$	85	$	0	$	0	$	110

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 55

Schedule of Investments PIMCO REALPATH^® Blend 2035  Fund (Cont.) December 31, 2023 (Unaudited)

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2023:

	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
Over the counter
Swap Agreements	$	(364	)	$	0	$	1,055		$	0	$	0	$	691
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	145		$	0	$	(7	)	$	0	$	0	$	138

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
Mutual Funds	$	378,874	$	0	$	0	$	378,874
Short-Term Instruments
Repurchase Agreements		0		931		0		931
U.S. Treasury Bills		0		553		0		553
	$	378,874	$	1,484	$	0	$	380,358
Investments in Affiliates, at Value
Mutual Funds		178,339		0		0		178,339
Short-Term Instruments
Central Funds Used for Cash Management Purposes		29,288		0		0		29,288
	$	207,627	$	0	$	0	$	207,627
Total Investments	$	586,501	$	1,484	$	0	$	587,985

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2023
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(110	)	$	0	$	(110	)
Total Financial Derivative Instruments	$	0	$	(110	)	$	0	$	(110	)
Totals	$	586,501	$	1,374		$	0	$	587,875

There were no significant transfers into or out of Level 3 during the period ended December 31, 2023.

56 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO REALPATH^® Blend 2040  Fund   December 31, 2023 (Unaudited)

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

	SHARES		MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 74.6%
MUTUAL FUNDS 74.2%
Vanguard Developed Markets Index Fund ‘Institutional’	5,190,217	$		125,136
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	1,976,921			51,360
Vanguard Institutional Index Fund ‘Institutional’	497,551			195,771
Vanguard Small-Cap Index Fund ‘Institutional’	151,930			15,526
Total Mutual Funds (Cost $327,688)				387,793
SHORT-TERM INSTRUMENTS 0.4%
REPURCHASE AGREEMENTS (b) 0.4%
				2,150
Total Short-Term Instruments (Cost $2,150)				2,150
Total Investments in Securities (Cost $329,838)				389,943

	SHARES		MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 27.7%
MUTUAL FUNDS (a) 21.9%
PIMCO Emerging Markets Local Currency and Bond Fund	1,470,463	$		8,852
PIMCO High Yield Fund	408,342			3,263
PIMCO Income Fund	2,648,129			28,123
PIMCO International Bond Fund (U.S. Dollar-Hedged)	576,269			5,688
PIMCO Long-Term Real Return Fund	1,952,439			24,679
PIMCO Long-Term U.S. Government Fund	827,805			12,401
PIMCO Real Return Fund	676,387			6,784
PIMCO Total Return Fund	2,866,036			24,791
Total Mutual Funds (Cost $123,544)				114,581

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 5.8%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.8%
PIMCO Short-Term Floating NAV Portfolio III	3,099,739		$		30,151
Total Short-Term Instruments (Cost $30,130)					30,151
Total Investments in Affiliates (Cost $153,674)					144,732
Total Investments 102.3% (Cost $483,512)		$			534,675
Financial Derivative Instruments (c) (0.0)% (Cost or Premiums, net $(1))					(108	)
Other Assets and Liabilities, net (2.3)%					(12,066	)
Net Assets 100.0%		$			522,501

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		2.600	%		12/29/2023		01/02/2024	$	2,150	U.S. Treasury Notes 4.875% due 11/30/2025	$	(2,193	)	$	2,150	$	2,150
Total Repurchase Agreements											$	(2,193	)	$	2,150	$	2,150

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2023:

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	$	2,150	$	0	$	0	$	2,150	$	(2,193	)	$	(43	)
Total Borrowings and Other Financing Transactions	$	2,150	$	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 SEMIANNUAL REPORT | DECEMBER 31, 2023 57

Schedule of Investments PIMCO REALPATH^® Blend 2040  Fund (Cont.)

(c) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
																Asset		Liability
GST	Receive	BCOMTR Index		31,162	5.390% (3-Month U.S. Treasury Bill rate plus a specified spread)	Monthly	02/15/2024	$	7,060	$	1		$	(23	)	$	0	$	(22	)
JPM	Receive	BCOMTR Index		3,165	5.380% (3-Month U.S. Treasury Bill rate plus a specified spread)	Monthly	02/15/2024		717		(2	)		2			0		0
MYI	Receive	FNRETR Index		83	5.710% (1-Month USD-LIBOR plus a specified spread)	Monthly	04/10/2024		1,896		0			(16	)		0		(16	)
	Receive	FNRETR Index		264	5.700% (1-Month USD-LIBOR plus a specified spread)	Monthly	04/17/2024		6,032		0			(25	)		0		(25	)
	Receive	FNRETR Index		473	5.670% (1-Month USD-LIBOR plus a specified spread)	Monthly	09/11/2024		10,807		0			(45	)		0		(45	)
Total Swap Agreements										$	(1	)	$	(107	)	$	0	$	(108	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2023:

	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)
GST	$	0	$	0	$	0	$	0	$	0	$	0	$	(22	)	$	(22	)	$	(22	)	$	0		$	(22	)
MYI		0		0		0		0		0		0		(86	)		(86	)		(86	)		(2,070	)		(2,156	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(108	)	$	(108	)

⁽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 December 31, 2023:

	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	$	22	$	0	$	86	$	0	$	0	$	108

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2023:

	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
Over the counter
Swap Agreements	$	(320	)	$	0	$	1,083		$	0	$	0	$	763
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	120		$	0	$	(7	)	$	0	$	0	$	113

58 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2023 (Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
Mutual Funds	$	387,793	$	0		$	0	$	387,793
Short-Term Instruments
Repurchase Agreements		0		2,150			0		2,150
					��
	$	387,793	$	2,150		$	0	$	389,943
Investments in Affiliates, at Value
Mutual Funds		114,581		0			0		114,581
Short-Term Instruments
Central Funds Used for Cash Management Purposes		30,151		0			0		30,151
	$	144,732	$	0		$	0	$	144,732
Total Investments	$	532,525	$	2,150		$	0	$	534,675

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2023
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(108	)	$	0	$	(108	)
Total Financial Derivative Instruments	$	0	$	(108	)	$	0	$	(108	)
Totals	$	532,525	$	2,042		$	0	$	534,567

There were no significant transfers into or out of Level 3 during the period ended December 31, 2023.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 59

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 81.7%
MUTUAL FUNDS 81.2%
Vanguard Developed Markets Index Fund ‘Institutional’			5,750,097	$		138,635
Vanguard Emerging Markets Stock Index Fund ‘Institutional’			1,969,359			51,164
Vanguard Institutional Index Fund ‘Institutional’			526,758			207,263
Vanguard Small-Cap Index Fund ‘Institutional’			152,759			15,610
Total Mutual Funds (Cost $352,005)						412,672
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.5%
REPURCHASE AGREEMENTS (d) 0.4%
						2,141
U.S. TREASURY BILLS 0.1%
5.443% due 01/04/2024 - 02/29/2024 (a)(b)	$		729			727
Total Short-Term Instruments (Cost $2,868)						2,868
Total Investments in Securities (Cost $354,873)						415,540

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 19.3%
MUTUAL FUNDS (c) 13.6%
PIMCO Emerging Markets Local Currency and Bond Fund		1,076,442	$		6,480
PIMCO High Yield Fund		18,586			149
PIMCO Income Fund		1,502,989			15,962
PIMCO International Bond Fund (U.S. Dollar-Hedged)		385,632			3,806
PIMCO Long-Term Real Return Fund		921,551			11,648
PIMCO Long-Term U.S. Government Fund		704,803			10,558
PIMCO Real Return Fund		477,843			4,793
PIMCO Total Return Fund		1,813,283			15,685
Total Mutual Funds (Cost $74,635)					69,081

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 5.7%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.7%
PIMCO Short-Term Floating NAV Portfolio III		3,000,543	$		29,186
Total Short-Term Instruments (Cost $29,161)					29,186
Total Investments in Affiliates (Cost $103,796)					98,267
Total Investments 101.0% (Cost $458,669)			$		513,807
Financial Derivative Instruments (e) (0.0)% (Cost or Premiums, net $(1))					(107	)
Other Assets and Liabilities, net (1.0)%					(5,230	)
Net Assets 100.0%			$		508,470

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		2.600	%		12/29/2023		01/02/2024	$	2,141	U.S. Treasury Notes 4.875% due 11/30/2025	$	(2,184	)	$	2,141	$	2,141
Total Repurchase Agreements											$	(2,184	)	$	2,141	$	2,141

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2023:

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	$	2,141	$	0	$	0	$	2,141	$	(2,184	)	$	(43	)
Total Borrowings and Other Financing Transactions	$	2,141	$	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.

60 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2023 (Unaudited)

(e) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
																Asset		Liability
GST	Receive	BCOMTR Index		27,928	5.390% (3-Month U.S. Treasury Bill rate plus a specified spread)	Monthly	02/15/2024	$	6,327	$	1		$	(21	)	$	0	$	(20	)
JPM	Receive	BCOMTR Index		2,893	5.380% (3-Month U.S. Treasury Bill rate plus a specified spread)	Monthly	02/15/2024		656		(2	)		2			0		0
MYI	Receive	FNRETR Index		171	5.710% (1-Month USD-LIBOR plus a specified spread)	Monthly	04/10/2024		3,907		0			(18	)		0		(18	)
	Receive	FNRETR Index		254	5.700% (1-Month USD-LIBOR plus a specified spread)	Monthly	04/17/2024		5,803		0			(24	)		0		(24	)
	Receive	FNRETR Index		472	5.670% (1-Month USD-LIBOR plus a specified spread)	Monthly	09/11/2024		10,784		0			(45	)		0		(45	)
Total Swap Agreements										$	(1	)	$	(106	)	$	0	$	(107	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2023:

	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)
GST	$	0	$	0	$	0	$	0	$	0	$	0	$	(20	)	$	(20	)	$	(20	)	$	0		$	(20	)
MYI		0		0		0		0		0		0		(87	)		(87	)		(87	)		(2,080	)		(2,167	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(107	)	$	(107	)

⁽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 December 31, 2023:

	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	$	20	$	0	$	87	$	0	$	0	$	107

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2023:

	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
Over the counter
Swap Agreements	$	(287	)	$	0	$	1,073		$	0	$	0	$	786
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	105		$	0	$	(8	)	$	0	$	0	$	97

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 61

Schedule of Investments PIMCO REALPATH^® Blend 2045  Fund (Cont.) December 31, 2023 (Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
Mutual Funds	$	412,672	$	0	$	0	$	412,672
Short-Term Instruments
Repurchase Agreements		0		2,141		0		2,141
U.S. Treasury Bills		0		727		0		727
	$	412,672	$	2,868	$	0	$	415,540
Investments in Affiliates, at Value
Mutual Funds		69,081		0		0		69,081
Short-Term Instruments
Central Funds Used for Cash Management Purposes		29,186		0		0		29,186
	$	98,267	$	0	$	0	$	98,267
Total Investments	$	510,939	$	2,868	$	0	$	513,807

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2023
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(107	)	$	0	$	(107	)
Total Financial Derivative Instruments	$	0	$	(107	)	$	0	$	(107	)
Totals	$	510,939	$	2,761		$	0	$	513,700

There were no significant transfers into or out of Level 3 during the period ended December 31, 2023.

62 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO REALPATH^® Blend 2050 Fund   December 31, 2023 (Unaudited)

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

		SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 87.4%
MUTUAL FUNDS 86.9%
Vanguard Developed Markets Index Fund ‘Institutional’			5,991,970	$		144,466
Vanguard Emerging Markets Stock Index Fund ‘Institutional’			1,871,603			48,625
Vanguard Institutional Index Fund ‘Institutional’			531,575			209,159
Vanguard Small-Cap Index Fund ‘Institutional’			168,655			17,235
Total Mutual Funds (Cost $355,609)						419,485
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.5%
REPURCHASE AGREEMENTS (d) 0.4%
						2,155
U.S. TREASURY BILLS 0.1%
5.350% due 02/29/2024 (a)(b)	$		315			312
Total Short-Term Instruments (Cost $2,468)						2,467
Total Investments in Securities (Cost $358,077)						421,952

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 13.4%
MUTUAL FUNDS (c) 8.5%
PIMCO Emerging Markets Local Currency and Bond Fund		417,894	$		2,516
PIMCO Income Fund		963,776			10,235
PIMCO International Bond Fund (U.S. Dollar-Hedged)		232,693			2,297
PIMCO Long-Term Real Return Fund		522,764			6,608
PIMCO Long-Term U.S. Government Fund		446,947			6,695
PIMCO Real Return Fund		232,772			2,335
PIMCO Total Return Fund		1,179,836			10,205
Total Mutual Funds (Cost $44,585)					40,891

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 4.9%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.9%
PIMCO Short-Term Floating NAV Portfolio III		2,453,519	$		23,865
Total Short-Term Instruments (Cost $23,846)					23,865
Total Investments in Affiliates (Cost $68,431)					64,756
Total Investments 100.8% (Cost $426,508)			$		486,708
Financial Derivative Instruments (e) (0.0)% (Cost or Premiums, net $(1))					(93	)
Other Assets and Liabilities, net (0.8)%					(3,570	)
Net Assets 100.0%			$		483,045

NOTES TO SCHEDULE OF INVESTMENTS:

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

(a) Zero coupon security.

(b) Coupon represents a yield to maturity.

(c) Institutional Class Shares of each Fund.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(d) REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to  be Received(1)
FICC		2.600	%		12/29/2023		01/02/2024	$	2,155	U.S. Treasury Notes 4.875% due 11/30/2025	$	(2,198	)	$	2,155	$	2,155
Total Repurchase Agreements											$	(2,198	)	$	2,155	$	2,155

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2023:

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	$	2,155	$	0	$	0	$	2,155	$	(2,198	)	$	(43	)
Total Borrowings and Other Financing Transactions	$	2,155	$	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 SEMIANNUAL REPORT | DECEMBER 31, 2023 63

Schedule of Investments PIMCO REALPATH^® Blend 2050 Fund (Cont.)

(e) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
																Asset		Liability
GST	Receive	BCOMTR Index		24,509	5.390% (3-Month U.S. Treasury Bill rate plus a specified spread)	Monthly	02/15/2024	$	5,552	$	1		$	(18	)	$	0	$	(17	)
JPM	Receive	BCOMTR Index		2,661	5.380% (3-Month U.S. Treasury Bill rate plus a specified spread)	Monthly	02/15/2024		603		(2	)		2			0		0
MYI	Receive	FNRETR Index		163	5.710% (1-Month USD-LIBOR plus a specified spread)	Monthly	04/10/2024		3,724		0			(19	)		0		(19	)
	Receive	FNRETR Index		166	5.700% (1-Month USD-LIBOR plus a specified spread)	Monthly	04/17/2024		3,793		0			(16	)		0		(16	)
	Receive	FNRETR Index		428	5.670% (1-Month USD-LIBOR plus a specified spread)	Monthly	09/11/2024		9,779		0			(41	)		0		(41	)
Total Swap Agreements										$	(1	)	$	(92	)	$	0	$	(93	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2023:

	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)
GST	$	0	$	0	$	0	$	0	$	0	$	0	$	(17	)	$	(17	)	$	(17	)	$	0		$	(17	)
MYI		0		0		0		0		0		0		(76	)		(76	)		(76	)		(1,820	)		(1,896	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(93	)	$	(93	)

⁽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 December 31, 2023:

	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	$	17	$	0	$	76	$	0	$	0	$	93

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2023:

	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
Over the counter
Swap Agreements	$	(246	)	$	0	$	955		$	0	$	0	$	709
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	89		$	0	$	(9	)	$	0	$	0	$	80

64 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2023 (Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
Mutual Funds	$	419,485	$	0	$	0	$	419,485
Short-Term Instruments
Repurchase Agreements		0		2,155		0		2,155
U.S. Treasury Bills		0		312		0		312
	$	419,485	$	2,467	$	0	$	421,952
Investments in Affiliates, at Value
Mutual Funds		40,891		0		0		40,891
Short-Term Instruments
Central Funds Used for Cash Management Purposes		23,865		0		0		23,865
	$	64,756	$	0	$	0	$	64,756
Total Investments	$	484,241	$	2,467	$	0	$	486,708

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2023
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(93	)	$	0	$	(93	)
Total Financial Derivative Instruments	$	0	$	(93	)	$	0	$	(93	)
Totals	$	484,241	$	2,374		$	0	$	486,615

There were no significant transfers into or out of Level 3 during the period ended December 31, 2023.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 65

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 89.6%
MUTUAL FUNDS 88.6%
Vanguard Developed Markets Index Fund ‘Institutional’			4,696,483	$		113,232
Vanguard Emerging Markets Stock Index Fund ‘Institutional’			1,461,708			37,975
Vanguard Institutional Index Fund ‘Institutional’			428,223			168,493
Vanguard Small-Cap Index Fund ‘Institutional’			148,291			15,154
Total Mutual Funds (Cost $294,396)						334,854
SHORT-TERM INSTRUMENTS 1.0%
REPURCHASE AGREEMENTS (b) 1.0%
						3,799
Total Short-Term Instruments (Cost $3,799)						3,799
Total Investments in Securities (Cost $298,195)						338,653

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 11.7%
MUTUAL FUNDS (a) 5.9%
PIMCO Emerging Markets Local Currency and Bond Fund		178,132	$		1,072
PIMCO Income Fund		565,911			6,010
PIMCO International Bond Fund (U.S. Dollar-Hedged)		82,306			812
PIMCO Long-Term Real Return Fund		287,656			3,636
PIMCO Long-Term U.S. Government Fund		218,957			3,280
PIMCO Real Return Fund		127,273			1,277
PIMCO Total Return Fund		692,806			5,993
Total Mutual Funds (Cost $23,923)					22,080

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 5.8%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.8%
PIMCO Short-Term Floating NAV Portfolio III		2,233,699	$		21,727
Total Short-Term Instruments (Cost $21,711)					21,727
Total Investments in Affiliates (Cost $45,634)					43,807
Total Investments 101.3% (Cost $343,829)			$		382,460
Financial Derivative Instruments (c) (0.0)% (Cost or Premiums, net $0)					(74	)
Other Assets and Liabilities, net (1.3)%					(4,679	)
Net Assets 100.0%			$		377,707

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		2.600	%		12/29/2023		01/02/2024	$	3,799	U.S. Treasury Notes 4.875% due 11/30/2025	$	(3,875	)	$	3,799	$	3,800
Total Repurchase Agreements											$	(3,875	)	$	3,799	$	3,800

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2023:

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	$	3,800	$	0	$	0	$	3,800	$	(3,875	)	$	(75	)
Total Borrowings and Other Financing Transactions	$	3,800	$	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.

66 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2023 (Unaudited)

(c) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency		Maturity Date	Notional Amount		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
																	Asset		Liability
GST	Receive	BCOMTR Index		16,839	5.390% (3-Month U.S. Treasury Bill rate plus a specified spread)		Monthly	02/15/2024	$	3,815	$	1		$	(13	)	$	0	$	(12	)
JPM	Receive	BCOMTR Index		2,721	5.380% (3-Month U.S. Treasury Bill rate plus a specified spread)		Monthly	02/15/2024		616		(1	)		(2	)		0		(3	)
MYI	Receive	FNRETR Index		126	5.710% (1-Month USD-LIBOR plus a specified spread)		Monthly	04/10/2024		2,879		0			(14	)		0		(14	)
	Receive	FNRETR Index		98	5.700% (1-Month USD-LIBOR plus a specified spread)		Monthly	04/17/2024		2,239		0			(9	)		0		(9	)
	Receive	FNRETR Index		381	5.670% (1-Month USD-LIBOR plus a specified spread)		Monthly	09/11/2024		8,705		0			(36	)		0		(36	)
Total Swap Agreements											$	0		$	(74	)	$	0	$	(74	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2023:

	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)
GST	$	0	$	0	$	0	$	0	$	0	$	0	$	(12	)	$	(12	)	$	(12	)	$	0		$	(12	)
JPM		0		0		0		0		0		0		(3	)		(3	)		(3	)		0			(3	)
MYI		0		0		0		0		0		0		(59	)		(59	)		(59	)		(1,440	)		(1,499	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(74	)	$	(74	)

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

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

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal 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 December 31, 2023:

	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	$	15	$	0	$	59	$	0	$	0	$	74

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2023:

	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
Over the counter
Swap Agreements	$	(168	)	$	0	$	824		$	0	$	0	$	656
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	56		$	0	$	(11	)	$	0	$	0	$	45

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 67

Schedule of Investments PIMCO REALPATH^® Blend 2055  Fund (Cont.) December 31, 2023 (Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
Mutual Funds	$	334,854	$	0	$	0	$	334,854
Short-Term Instruments
Repurchase Agreements		0		3,799		0		3,799
	$	334,854	$	3,799	$	0	$	338,653
Investments in Affiliates, at Value
Mutual Funds		22,080		0		0		22,080
Short-Term Instruments
Central Funds Used for Cash Management Purposes		21,727		0		0		21,727
	$	43,807	$	0	$	0	$	43,807
Total Investments	$	378,661	$	3,799	$	0	$	382,460

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2023
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(74	)	$	0	$	(74	)
Total Financial Derivative Instruments	$	0	$	(74	)	$	0	$	(74	)
Totals	$	378,661	$	3,725		$	0	$	382,386

There were no significant transfers into or out of Level 3 during the period ended December 31, 2023.

68 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO REALPATH^® Blend 2060  Fund   December 31, 2023 (Unaudited)

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

	SHARES		MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 90.3%
MUTUAL FUNDS 90.3%
Vanguard Developed Markets Index Fund ‘Institutional’	2,417,580	$		37,303
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	471,299			12,245
Vanguard Institutional Index Fund ‘Institutional’	141,725			55,766
Vanguard Small-Cap Index Fund ‘Admiral’	50,760			5,187
Total Mutual Funds (Cost $100,537)				110,501
Total Investments in Securities (Cost $100,537)				110,501

	SHARES		MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 9.0%
MUTUAL FUNDS (a) 4.7%
PIMCO Emerging Markets Local Currency and Bond Fund	54,503	$		328
PIMCO Income Fund	130,478			1,386
PIMCO International Bond Fund (U.S. Dollar-Hedged)	16,138			159
PIMCO Long-Term Real Return Fund	72,266			913
PIMCO Long-Term U.S. Government Fund	60,645			909
PIMCO Real Return Fund	57,036			572
PIMCO Total Return Fund	159,747			1,382
Total Mutual Funds (Cost $5,773)				5,649

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 4.3%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.3%
PIMCO Short-Term Floating NAV Portfolio III	537,688		$		5,230
Total Short-Term Instruments (Cost $5,227)					5,230
Total Investments in Affiliates (Cost $11,000)					10,879
Total Investments 99.3% (Cost $111,537)		$			121,380
Financial Derivative Instruments (b) (0.0)% (Cost or Premiums, net $1)					(23	)
Other Assets and Liabilities, net 0.7%					932
Net Assets 100.0%		$			122,289

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 COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
															Asset		Liability
GST	Receive	BCOMTR Index		4,091	5.390% (3-Month U.S. Treasury Bill rate plus a specified spread)	Monthly	02/15/2024	$	927	$	0	$	(3	)	$	0	$	(3	)
JPM	Receive	BCOMTR Index		1,681	5.380% (3-Month U.S. Treasury Bill rate plus a specified spread)	Monthly	02/15/2024		381		1		(2	)		0		(1	)
MYI	Receive	FNRETR Index		67	5.710% (1-Month USD-LIBOR plus a specified spread)	Monthly	04/10/2024		1,531		0		(7	)		0		(7	)
	Receive	FNRETR Index		19	5.700% (1-Month USD-LIBOR plus a specified spread)	Monthly	04/17/2024		434		0		(2	)		0		(2	)
	Receive	FNRETR Index		105	5.670% (1-Month USD-LIBOR plus a specified spread)	Monthly	09/11/2024		2,399		0		(10	)		0		(10	)
Total Swap Agreements										$	1	$	(24	)	$	0	$	(23	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2023:

	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)
GST	$	0	$	0	$	0	$	0	$	0	$	0	$	(3	)	$	(3	)	$	(3	)	$	0		$	(3	)
JPM		0		0		0		0		0		0		(1	)		(1	)		(1	)		0			(1	)
MYI		0		0		0		0		0		0		(19	)		(19	)		(19	)		(280	)		(299	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(23	)	$	(23	)

⁽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 SEMIANNUAL REPORT | DECEMBER 31, 2023 69

Schedule of Investments PIMCO REALPATH^® Blend 2060  Fund (Cont.) December 31, 2023 (Unaudited)

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 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 December 31, 2023:

	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	$	4	$	0	$	19	$	0	$	0	$	23

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2023:

	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
Over the counter
Swap Agreements	$	(46	)	$	0	$	300		$	0	$	0	$	254
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	11		$	0	$	(6	)	$	0	$	0	$	5

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
Mutual Funds	$	110,501	$	0	$	0	$	110,501
	$	110,501	$	0	$	0	$	110,501
Investments in Affiliates, at Value
Mutual Funds		5,649		0		0		5,649
Short-Term Instruments
Central Funds Used for Cash Management Purposes		5,230		0		0		5,230
	$	10,879	$	0	$	0	$	10,879
Total Investments	$	121,380	$	0	$	0	$	121,380

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2023
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(23	)	$	0	$	(23	)
Total Financial Derivative Instruments	$	0	$	(23	)	$	0	$	(23	)
Totals	$	121,380	$	(23	)	$	0	$	121,357

There were no significant transfers into or out of Level 3 during the period ended December 31, 2023.

70 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO REALPATH^® Blend 2065 Fund   December 31, 2023 (Unaudited)

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 90.7%
MUTUAL FUNDS 90.7%
Vanguard Developed Markets Index Fund ‘Admiral’		212,932	$		3,279
Vanguard Emerging Markets Stock Index Fund ‘Admiral’		31,522			1,077
Vanguard Institutional Index Fund ‘Institutional’		12,622			4,967
Vanguard Small-Cap Index Fund ‘Admiral’		4,674			478
Total Mutual Funds (Cost $8,951)					9,801
Total Investments in Securities (Cost $8,951)					9,801

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 7.7%
MUTUAL FUNDS (a) 3.8%
PIMCO Emerging Markets Local Currency and Bond Fund		4,924	$		30
PIMCO Income Fund		8,183			87
PIMCO International Bond Fund (U.S. Dollar-Hedged)		1,321			13
PIMCO Long-Term Real Return Fund		5,957			75
PIMCO Long-Term U.S. Government Fund		4,995			75
PIMCO Real Return Fund		4,671			46
PIMCO Total Return Fund		10,018			87
Total Mutual Funds (Cost $404)					413

	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		43,103	$		419
Total Short-Term Instruments (Cost $419)					419
Total Investments in Affiliates (Cost $823)					832
Total Investments 98.4% (Cost $9,774)			$		10,633
Financial Derivative Instruments (b) (0.0)% (Cost or Premiums, net $0)					(2	)
Other Assets and Liabilities, net 1.6%					169
Net Assets 100.0%			$		10,800

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 COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
															Asset		Liability
GST	Receive	BCOMTR Index		338	5.390% (3-Month U.S. Treasury Bill rate plus a specified spread)	Monthly	02/15/2024	$	76	$	0	$	0		$	0	$	0
JPM	Receive	FNRETR Index		2	5.680% (1-Month USD-LIBOR plus a specified spread)	Monthly	01/17/2024		46		0		0			0		0
	Receive	BCOMTR Index		132	5.380% (3-Month U.S. Treasury Bill rate plus a specified spread)	Monthly	02/15/2024		30		0		0			0		0
MYI	Receive	FNRETR Index		15	5.710% (1-Month USD-LIBOR plus a specified spread)	Monthly	04/10/2024		343		0		(2	)		0		(2	)
Total Swap Agreements										$	0	$	(2	)	$	0	$	(2	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2023:

	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)
MYI	$	0	$	0	$	0	$	0	$	0	$	0	$	(2	)	$	(2	)	$	(2	)	$	0	$	(2	)

⁽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 SEMIANNUAL REPORT | DECEMBER 31, 2023 71

Schedule of Investments PIMCO REALPATH^® Blend 2065 Fund (Cont.) December 31, 2023 (Unaudited)

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 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 December 31, 2023:

	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	$	2	$	0	$	0	$	2

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2023:

	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
Over the counter
Swap Agreements	$	(3	)	$	0	$	25		$	0	$	0	$	22
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	1		$	0	$	(1	)	$	0	$	0	$	0

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
Mutual Funds	$	9,801	$	0	$	0	$	9,801
	$	9,801	$	0	$	0	$	9,801
Investments in Affiliates, at Value
Mutual Funds		413		0		0		413
Short-Term Instruments
Central Funds Used for Cash Management Purposes		419		0		0		419
	$	832	$	0	$	0	$	832
Total Investments	$	10,633	$	0	$	0	$	10,633

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2023
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(2	)	$	0	$	(2	)
Total Financial Derivative Instruments	$	0	$	(2	)	$	0	$	(2	)
Totals	$	10,633	$	(2	)	$	0	$	10,631

There were no significant transfers into or out of Level 3 during the period ended December 31, 2023.

72 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO REALPATH^® Blend Income  Fund   December 31, 2023 (Unaudited)

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

		SHARES		MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 37.6%
MUTUAL FUNDS 37.2%
Vanguard Developed Markets Index Fund ‘Institutional’		3,292,795	$		50,808
Vanguard Emerging Markets Stock Index Fund ‘Institutional’		812,059			21,097
Vanguard Institutional Index Fund ‘Institutional’		132,144			51,996
Vanguard Small-Cap Index Fund ‘Admiral’		27,167			2,776
Total Mutual Funds (Cost $101,561)					126,677
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.4%
REPURCHASE AGREEMENTS (d) 0.2%
					749
U.S. TREASURY BILLS 0.2%
5.381% due 01/25/2024 - 02/29/2024 (a)(b)(e)	$	494			491
Total Short-Term Instruments (Cost $1,240)					1,240
Total Investments in Securities (Cost $102,801)					127,917

	SHARES		MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 61.7%
MUTUAL FUNDS (c) 57.9%
PIMCO Emerging Markets Local Currency and Bond Fund	1,870,630	$		11,261
PIMCO High Yield Fund	950,241			7,592
PIMCO Income Fund	5,096,381			54,124
PIMCO International Bond Fund (U.S. Dollar-Hedged)	1,033,253			10,198
PIMCO Long-Term Real Return Fund	2,781,388			35,157
PIMCO Long-Term U.S. Government Fund	1,170,027			17,527
PIMCO Real Return Fund	1,560,788			15,655
PIMCO Total Return Fund	5,337,111			46,166
Total Mutual Funds (Cost $220,433)				197,680

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 3.8%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.8%
PIMCO Short-Term Floating NAV Portfolio III	1,328,089		$		12,918
Total Short-Term Instruments (Cost $12,910)					12,918
Total Investments in Affiliates (Cost $233,343)					210,598
Total Investments 99.3% (Cost $336,144)		$			338,515
Financial Derivative Instruments (f)(g) 0.2% (Cost or Premiums, net $1,684)					670
Other Assets and Liabilities, net 0.5%					1,818
Net Assets 100.0%		$			341,003

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		2.600	%		12/29/2023		01/02/2024	$	749	U.S. Treasury Notes 4.875% due 11/30/2025	$	(764	)	$	749	$	749
Total Repurchase Agreements											$	(764	)	$	749	$	749

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2023:

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	$	749	$	0	$	0	$	749	$	(764	)	$	(15	)
Total Borrowings and Other Financing Transactions	$	749	$	0	$	0

(e) Securities with an aggregate market value of $119 have been pledged as collateral as of December 31, 2023 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.

⁽¹⁾  Includes accrued interest.

⁽²⁾  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 SEMIANNUAL REPORT | DECEMBER 31, 2023 73

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

(f) 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		3,150.000		03/15/2024		63	$	6	$	629	$	9
Put - CBOE S&P 500		3,600.000		06/28/2024		67		7		427		111
Put - CBOE S&P 500		3,575.000		09/20/2024		71		7		424		201
Put - CBOE S&P 500		3,775.000		12/20/2024		73		7		424		420
Total Purchased Options									$	1,904	$	741

WRITTEN OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Put - CBOE S&P 500		2,400.000		03/15/2024		63	$	6	$	(220	)	$	(3	)
Total Written Options									$	(220	)	$	(3	)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2023:

	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	$	741	$	0	$	0	$	741	$	(3)	$	0	$	0	$	(3)

(g) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
															Asset		Liability
BPS	Pay	BCOMTR Index		1,115	5.380% (3-Month U.S. Treasury Bill rate plus a specified spread)	Monthly	02/15/2024	$	253	$	0	$	1		$	1	$	0
GST	Receive	BCOMTR Index		27,162	5.390% (3-Month U.S. Treasury Bill rate plus a specified spread)	Monthly	02/15/2024		6,153		0		(19	)		0		(19	)
JPM	Receive	BCOMTR Index		3,950	5.380% (3-Month U.S. Treasury Bill rate plus a specified spread)	Monthly	02/15/2024		895		0		(3	)		0		(3	)
MYI	Receive	FNRETR Index		27	5.710% (1-Month USD-LIBOR plus a specified spread)	Monthly	04/10/2024		617		0		(5	)		0		(5	)
	Receive	FNRETR Index		166	5.700% (1-Month USD-LIBOR plus a specified spread)	Monthly	04/17/2024		3,793		0		(16	)		0		(16	)
	Receive	FNRETR Index		273	5.670% (1-Month USD-LIBOR plus a specified spread)	Monthly	09/11/2024		6,237		0		(26	)		0		(26	)
Total Swap Agreements										$	0	$	(68	)	$	1	$	(69	)

74 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2023 (Unaudited)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2023:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)			Net Exposure(2)
BPS	$	0	$	0	$	1	$	1	$	0	$	0	$	0		$	0		$	1		$	0		$	1
GST		0		0		0		0		0		0		(19	)		(19	)		(19	)		0			(19	)
JPM		0		0		0		0		0		0		(3	)		(3	)		(3	)		0			(3	)
MYI		0		0		0		0		0		0		(47	)		(47	)		(47	)		(1,110	)		(1,157	)
Total Over the Counter	$	0	$	0	$	1	$	1	$	0	$	0	$	(69	)	$	(69	)

⁽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 December 31, 2023:

	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	$	741	$	0	$	0	$	741
Over the counter
Swap Agreements	$	1	$	0	$	0	$	0	$	0	$	1
	$	1	$	0	$	741	$	0	$	0	$	742
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	3	$	0	$	0	$	3
Over the counter
Swap Agreements	$	22	$	0	$	47	$	0	$	0	$	69
	$	22	$	0	$	50	$	0	$	0	$	72

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2023:

	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	$	(863	)	$	0	$	0	$	(863	)
Written Options		0			0		283			0		0		283
	$	0		$	0	$	(580	)	$	0	$	0	$	(580	)
Over the counter
Swap Agreements	$	(272	)	$	0	$	570		$	0	$	0	$	298
	$	(272	)	$	0	$	(10	)	$	0	$	0	$	(282	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0		$	0	$	154		$	0	$	0	$	154
Written Options		0			0		(220	)		0		0		(220	)
	$	0		$	0	$	(66	)	$	0	$	0	$	(66	)
Over the counter
Swap Agreements	$	115		$	0	$	1		$	0	$	0	$	116
	$	115		$	0	$	(65	)	$	0	$	0	$	50

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 75

Schedule of Investments PIMCO REALPATH^® Blend Income  Fund (Cont.) December 31, 2023 (Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
Mutual Funds	$	126,677	$	0	$	0	$	126,677
Short-Term Instruments
Repurchase Agreements		0		749		0		749
U.S. Treasury Bills		0		491		0		491
	$	126,677	$	1,240	$	0	$	127,917
Investments in Affiliates, at Value
Mutual Funds		197,680		0		0		197,680
Short-Term Instruments
Central Funds Used for Cash Management Purposes		12,918		0		0		12,918
	$	210,598	$	0	$	0	$	210,598
Total Investments	$	337,275	$	1,240	$	0	$	338,515

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2023
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	741		$	0	$	741
Over the counter		0		1			0		1
	$	0	$	742		$	0	$	742
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(3	)		0		(3	)
Over the counter		0		(69	)		0		(69	)
	$	0	$	(72	)	$	0	$	(72	)
Total Financial Derivative Instruments	$	0	$	670		$	0	$	670
Totals	$	337,275	$	1,910		$	0	$	339,185

There were no significant transfers into or out of Level 3 during the period ended December 31, 2023.

76 PIMCO EQUITY SERIES See Accompanying Notes

Notes to Financial Statements   December 31, 2023 (Unaudited)

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”).

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the “Board.”

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. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(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.

  SEMIANNUAL REPORT | DECEMBER 31, 2023 77

Notes to Financial Statements (Cont.)

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

	Distribution Frequency
Fund Name	Declared		Distributed
PIMCO 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 2065 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. A Fund may revise its distribution policy or postpone the payment of distributions at any time.

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 (“FASB”) issued an Accounting Standards Update (“ASU”), ASU 2020-04, Reference Rate Reform (Topic 848), 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 or will occur during the period March 12, 2020 through December 31, 2024. In January 2021 and December 2022, FASB issued ASU 2021-01 and ASU 2022-06, which include additional amendments to Topic 848. 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 June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years

78 PIMCO EQUITY SERIES  

December 31, 2023 (Unaudited)

beginning after December 15, 2023 and interim periods within those fiscal years. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2022, the U.S. Securities and Exchange Commission (“SEC”) adopted changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will change the disclosures provided to shareholders. The rule amendments were effective as of January 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading. As such, beginning in July 2024, the Funds must comply with certain new requirements which include, but are not limited to, making significant updates to the content of their shareholder reports and mailing paper copies of the new tailored shareholder reports to shareholders who have not opted to receive shareholder report documents electronically. At this time, management is evaluating the implications of these changes on the financial statements.

The SEC made a final ruling on February 15, 2023 to adopt proposed amendments to the Settlement Cycle Rule (Rule 15c6-1) and other related rules under the Securities Exchange Act of 1934, as amended, to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date (T+2) to one business day after the trade date (T+1). The effective date was May 5, 2023, and the compliance date for the amendments is May 28, 2024. At this time, management is evaluating the implications of these changes on the financial statements.

In September 2023, the SEC adopted 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 amendments expand the scope of the current rule in a number of ways that are expected to result in an increase in the types of fund names that would require the fund to adopt an 80% investment policy under the rule. Additionally, the amendments address deviations from a fund’s 80% investment policy and the use and valuation of derivatives instruments for purposes of the rule. The amendments are effective as of December 11, 2023, but the SEC is providing a 24-month compliance period following the effective date for fund groups with net assets of $1 billion or more (and a 30-month compliance period for fund groups with net assets of less than $1 billion). 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 a Fund’s shares, or each of their respective share classes as applicable, is determined by

dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange (“NYSE”) is open, the Funds’ 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 may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that a Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that a Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. 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. 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. If market value pricing is used, 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.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee (“Valuation Designee”) for each Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee’s policies and procedures govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value Fund portfolio securities for which

  SEMIANNUAL REPORT | DECEMBER 31, 2023 79

Notes to Financial Statements (Cont.)

market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, “Pricing Sources”).

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 Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Fund’s assets that are invested in one or more open-end management investment companies (other than ETFs), a Fund’s NAV will be calculated based on 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. 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 Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) 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, unless otherwise determined by the Valuation Designee, 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.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. 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 a Fund’s next calculated NAV.

Fair valuation may require subjective determinations about the value of a security. While the Trust’s and Valuation Designee’s policies and procedures are 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 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.

Under certain circumstances, the per share NAV of a class of a 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.

(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 (unadjusted) 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.

80 PIMCO EQUITY SERIES  

December 31, 2023 (Unaudited)

^∎  Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee 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.

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, indexes, 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 Sources (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 Sources 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, indexes, 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, indexes, 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 Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources 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.

Short-term debt instruments (such as commercial paper, time deposits, and certificates of deposit) 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.

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

  SEMIANNUAL REPORT | DECEMBER 31, 2023 81

Notes to Financial Statements (Cont.)

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

Each Fund may invest substantially all or a significant portion of its assets in Underlying PIMCO Funds and Acquired Funds. The Underlying PIMCO Funds are considered to be affiliated with the Funds. Each Fund may also invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III (“Central Funds”) to the extent permitted by the Act and rules thereunder. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Funds. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC’s website at www.sec.gov. A copy of each Acquired Fund’s shareholder report is also available at the SEC’s website at www.sec.gov, and a copy of each affiliate fund’s shareholder report is available on the Funds’ website at www.pimco.com, or upon request, as applicable. The tables below show the Funds’ transactions in and earnings from investments in the affiliated Funds for the period ended December 31, 2023 (amounts in thousands^†):

PIMCO REALPATH® Blend 2025 Fund
Underlying PIMCO Funds	Market Value 06/30/2023		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2023		Dividend Income(1)		Realized Net Capital  Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	13,201	$	1,303	$	(457	)	$	(33	)	$	398		$	14,412	$	363	$	0
PIMCO High Yield Fund		9,008		1,078		(643	)		(20	)		375			9,798		268		0
PIMCO Income Fund		58,993		10,196		(3,869	)		(176	)		1,304			66,448		1,873		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		11,162		1,820		(835	)		(17	)		448			12,578		183		0
PIMCO Long-Term Real Return Fund		44,631		5,179		(1,557	)		(272	)		(2,208	)		45,773		1,022		0
PIMCO Long-Term U.S. Government Fund		23,399		2,730		(2,111	)		(178	)		(287	)		23,553		377		0
PIMCO Real Return Fund		17,956		2,704		(1,117	)		(64	)		133			19,612		293		0
PIMCO Short-Term Floating NAV Portfolio III		25,404		28,515		(37,100	)		1			6			16,826		505		0
PIMCO Total Return Fund		49,927		8,041		(2,379	)		(159	)		1,057			56,487		994		0
Totals	$	253,681	$	61,566	$	(50,068	)	$	(918	)	$	1,226		$	265,487	$	5,878	$	0

PIMCO REALPATH® Blend 2030 Fund
Underlying PIMCO Funds	Market Value 06/30/2023		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2023		Dividend Income(1)		Realized Net Capital  Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	13,083	$	1,924	$	(422	)	$	(30	)	$	399		$	14,954	$	364	$	0
PIMCO High Yield Fund		8,581		1,493		(674	)		(17	)		359			9,742		256		0
PIMCO Income Fund		49,107		9,326		(3,440	)		(129	)		1,092			55,956		1,567		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		9,148		1,799		(835	)		(11	)		368			10,469		151		0
PIMCO Long-Term Real Return Fund		47,594		8,577		(1,235	)		(236	)		(2,399	)		52,301		1,094		0
PIMCO Long-Term U.S. Government Fund		28,348		4,297		(1,052	)		(148	)		(412	)		31,033		460		0
PIMCO Real Return Fund		16,816		2,700		(849	)		(48	)		117			18,736		276		0
PIMCO Short-Term Floating NAV Portfolio III		27,819		39,247		(39,400	)		1			8			27,675		631		0
PIMCO Total Return Fund		40,483		6,904		(2,059	)		(119	)		872			46,081		811		0
Totals	$	240,979	$	76,267	$	(49,966	)	$	(737	)	$	404		$	266,947	$	5,610	$	0

82 PIMCO EQUITY SERIES  

December 31, 2023 (Unaudited)

PIMCO REALPATH® Blend 2035 Fund
Underlying PIMCO Funds	Market Value 06/30/2023		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2023		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	10,051	$	1,481	$	0		$	0		$	336		$	11,868	$	287	$	0
PIMCO High Yield Fund		5,660		1,006		0			0			243			6,909		170		0
PIMCO Income Fund		35,294		6,059		(1,029	)		(38	)		782			41,068		1,149		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		6,615		419		0			0			281			7,315		113		0
PIMCO Long-Term Real Return Fund		34,247		6,813		0			0			(1,858	)		39,202		794		0
PIMCO Long-Term U.S. Government Fund		19,659		4,720		0			0			(316	)		24,063		323		0
PIMCO Real Return Fund		11,192		2,871		(267	)		(15	)		76			13,857		186		0
PIMCO Short-Term Floating NAV Portfolio III		23,529		30,249		(24,500	)		0			10			29,288		731		0
PIMCO Total Return Fund		29,600		4,160		(313	)		(15	)		625			34,057		605		0
Totals	$	175,847	$	57,778	$	(26,109	)	$	(68	)	$	179		$	207,627	$	4,358	$	0
PIMCO REALPATH® Blend 2040 Fund
Underlying PIMCO Funds	Market Value 06/30/2023		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2023		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	7,526	$	1,088	$	0		$	0		$	238		$	8,852	$	211	$	0
PIMCO High Yield Fund		2,282		883		0			0			98			3,263		69		0
PIMCO Income Fund		23,058		5,480		(871	)		(47	)		503			28,123		742		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		4,814		678		0			0			196			5,688		80		0
PIMCO Long-Term Real Return Fund		20,258		5,528		0			0			(1,107	)		24,679		467		0
PIMCO Long-Term U.S. Government Fund		11,243		1,331		0			0			(173	)		12,401		182		0
PIMCO Real Return Fund		5,889		863		0			0			32			6,784		96		0
PIMCO Short-Term Floating NAV Portfolio III		21,641		37,501		(29,000	)		(1	)		10			30,151		681		0
PIMCO Total Return Fund		20,749		4,128		(485	)		(38	)		437			24,791		419		0
Totals	$	117,460	$	57,480	$	(30,356	)	$	(86	)	$	234		$	144,732	$	2,947	$	0

PIMCO REALPATH® Blend 2045 Fund
Underlying PIMCO Funds	Market Value 06/30/2023		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2023		Dividend Income(1)		Realized Net Capital  Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	4,793	$	1,529	$	0		$	0	$	158		$	6,480	$	136	$	0
PIMCO High Yield Fund		138		5		0			0		6			149		4		0
PIMCO Income Fund		12,496		3,189		0			0		277			15,962		423		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		2,969		707		0			0		130			3,806		52		0
PIMCO Long-Term Real Return Fund		8,937		3,215		0			0		(504	)		11,648		221		0
PIMCO Long-Term U.S. Government Fund		8,398		2,294		0			0		(134	)		10,558		143		0
PIMCO Real Return Fund		3,539		1,233		0			0		21			4,793		62		0
PIMCO Short-Term Floating NAV Portfolio III		24,160		33,415		(28,400	)		2		9			29,186		697		0
PIMCO Total Return Fund		12,085		3,333		0			0		267			15,685		262		0
Totals	$	77,515	$	48,920	$	(28,400	)	$	2	$	230		$	98,267	$	2,000	$	0

  SEMIANNUAL REPORT | DECEMBER 31, 2023 83

Notes to Financial Statements (Cont.)

PIMCO REALPATH® Blend 2050 Fund
Underlying PIMCO Funds	Market Value 06/30/2023		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2023		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	1,826	$	616	$	0		$	0		$	74		$	2,516	$	53	$	0
PIMCO Income Fund		8,031		2,246		(236	)		(6	)		200			10,235		277		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		1,615		602		0			0			80			2,297		30		0
PIMCO Long-Term Real Return Fund		5,232		1,628		0			0			(252	)		6,608		127		0
PIMCO Long-Term U.S. Government Fund		5,123		1,616		0			0			(44	)		6,695		88		0
PIMCO Real Return Fund		1,674		644		0			0			17			2,335		30		0
PIMCO Short-Term Floating NAV Portfolio III		18,149		40,309		(34,600	)		1			6			23,865		593		0
PIMCO Total Return Fund		7,924		2,095		0			0			186			10,205		172		0
Totals	$	49,574	$	49,756	$	(34,836	)	$	(5	)	$	267		$	64,756	$	1,370	$	0
PIMCO REALPATH® Blend 2055 Fund
Underlying PIMCO Funds	Market Value 06/30/2023		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2023		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	827	$	205	$	0		$	0		$	40		$	1,072	$	25	$	0
PIMCO Income Fund		4,342		1,562		0			0			106			6,010		153		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		597		182		0			0			33			812		11		0
PIMCO Long-Term Real Return Fund		2,661		1,109		0			0			(134	)		3,636		68		0
PIMCO Long-Term U.S. Government Fund		2,423		871		0			0			(14	)		3,280		45		0
PIMCO Real Return Fund		1,062		208		0			0			7			1,277		20		0
PIMCO Short-Term Floating NAV Portfolio III		15,042		39,978		(33,300	)		2			5			21,727		465		0
PIMCO Total Return Fund		4,185		1,699		0			0			109			5,993		96		0
Totals	$	31,139	$	45,814	$	(33,300	)	$	2		$	152		$	43,807	$	883	$	0

PIMCO REALPATH® Blend 2060 Fund
Underlying PIMCO Funds	Market Value 06/30/2023		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2023		Dividend Income(1)		Realized Net Capital  Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	256	$	62	$	0		$	0		$	10		$	328	$	8	$	0
PIMCO Income Fund		840		520		0			0			26			1,386		32		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		98		55		0			0			6			159		2		0
PIMCO Long-Term Real Return Fund		597		333		0			0			(17	)		913		17		0
PIMCO Long-Term U.S. Government Fund		583		315		0			0			11			909		12		0
PIMCO Real Return Fund		359		205		0			0			8			572		7		0
PIMCO Short-Term Floating NAV Portfolio III		3,600		23,229		(21,600	)		(1	)		2			5,230		126		0
PIMCO Total Return Fund		829		521		0			0			32			1,382		20		0
Totals	$	7,162	$	25,240	$	(21,600	)	$	(1	)	$	78		$	10,879	$	224	$	0

84 PIMCO EQUITY SERIES  

December 31, 2023 (Unaudited)

PIMCO REALPATH® Blend 2065 Fund
Underlying PIMCO Funds	Market Value 06/30/2023		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2023		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	15	$	14	$	0		$	0		$	1		$	30	$	1	$	0
PIMCO Income Fund		41		44		0			0			2			87		1		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		4		9		0			0			0			13		0		0
PIMCO Long-Term Real Return Fund		38		37		0			0			0			75		1		0
PIMCO Long-Term U.S. Government Fund		34		39		0			0			2			75		1		0
PIMCO Real Return Fund		22		23		0			0			1			46		1		0
PIMCO Short-Term Floating NAV Portfolio III		102		1,507		(1,190	)		0			0			419		7		0
PIMCO Total Return Fund		41		44		0			0			2			87		1		0
Totals	$	297	$	1,717	$	(1,190	)	$	0		$	8		$	832	$	13	$	0
PIMCO REALPATH® Blend Income Fund
Underlying PIMCO Funds	Market Value 06/30/2023		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2023		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	11,357	$	304	$	(697	)	$	(51	)	$	348		$	11,261	$	301	$	0
PIMCO High Yield Fund		7,742		426		(874	)		(15	)		313			7,592		226		0
PIMCO Income Fund		54,265		4,492		(5,619	)		(206	)		1,192			54,124		1,682		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		10,130		816		(1,130	)		(17	)		399			10,198		165		0
PIMCO Long-Term Real Return Fund		36,356		3,778		(2,928	)		(426	)		(1,623	)		35,157		815		0
PIMCO Long-Term U.S. Government Fund		17,877		1,955		(1,912	)		(205	)		(188	)		17,527		282		0
PIMCO Real Return Fund		15,838		1,323		(1,558	)		(73	)		125			15,655		252		0
PIMCO Short-Term Floating NAV Portfolio III		17,024		34,689		(38,800	)		4			1			12,918		382		0
PIMCO Total Return Fund		46,431		2,879		(3,922	)		(208	)		986			46,166		902		0
Totals	$	217,020	$	50,662	$	(57,440	)	$	(1,197	)	$	1,553		$	210,598	$	5,007	$	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, 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 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

  SEMIANNUAL REPORT | DECEMBER 31, 2023 85

Notes to Financial Statements (Cont.)

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 a Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by a Fund’s custodian or designated subcustodians (in the case of tri-party repurchase agreements) and in certain instances will remain in custody with the counterparty. Traditionally, a Fund has used bilateral repurchase agreements wherein the underlying securities will be held by a Fund’s custodian. 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 December 31, 2023, the Funds did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Funds (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may enter into the financial derivative instruments described below to the extent permitted by each Fund’s respective investment policies.

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

(a) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Fund’s exposure to the underlying instrument. Writing call options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the 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

86 PIMCO EQUITY SERIES  

December 31, 2023 (Unaudited)

on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. A Fund as a writer of an option has no control over whether the underlying instrument may be sold (“call”) or purchased (“put”) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market.

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

Options on Indexes (“Index Option”) use a specified index as the underlying instrument for the option contract. The exercise for an Index Option will not include physical delivery of the underlying index but will result in a cash transfer of the amount of the difference between the settlement price of the underlying index and the strike price.

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

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps (“Swap Variation Margin”), if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Centrally Cleared and OTC swap payments

received or paid at the beginning of the measurement period are included on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gain (loss) on the Statements of Operations.

For purposes of applying certain of a Fund’s investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by a Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of a Fund’s investment policies and restrictions, the Funds will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of a Fund’s other investment policies and restrictions. For example, a Fund may value credit default swaps at full exposure value for purposes of a Fund’s credit quality guidelines (if any) because such value in general better reflects a Fund’s actual economic exposure during the term of the credit default swap agreement. As a result, a Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in a Fund’s prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether a Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by a Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the 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 fail to perform or meet an obligation 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

  SEMIANNUAL REPORT | DECEMBER 31, 2023 87

Notes to Financial Statements (Cont.)

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 2065 Fund	PIMCO REALPATH® Blend Income Fund
Allocation	X	X	X	X	X	X	X	X	X	X
Acquired Fund	X	X	X	X	X	X	X	X	X	X
New Fund	—	—	—	—	—	—	—	—	X	—
Small Fund	—	—	—	—	—	—	—	X	X	—
Equity	X	X	X	X	X	X	X	X	X	X
Value Investing	X	X	X	X	X	X	X	X	X	X
Interest Rate	X	X	X	X	X	X	X	X	X	X
Call	X	X	X	X	X	X	X	X	X	X
Credit	X	X	X	X	X	X	X	X	X	X
High Yield and Distressed Company	X	X	X	X	X	X	X	X	X	X
Market	X	X	X	X	X	X	X	X	X	X
Issuer	X	X	X	X	X	X	X	X	X	X
Liquidity	X	X	X	X	X	X	X	X	X	X
Derivatives	X	X	X	X	X	X	X	X	X	X
Commodity	X	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	X
Foreign (Non-U.S.) Investment	X	X	X	X	X	X	X	X	X	X
Real Estate	X	X	X	X	X	X	X	X	X	X
Emerging Markets	X	X	X	X	X	X	X	X	X	X
Sovereign Debt	X	X	X	X	X	X	X	X	X	X
Currency	X	X	X	X	X	X	X	X	X	X
Leveraging	X	X	X	X	X	X	X	X	X	X
Small-Cap and Mid-Cap Company	X	X	X	X	X	X	X	X	X	X
Management	X	X	X	X	X	X	X	X	X	X
Short Exposure	X	X	X	X	X	X	X	X	X	X
Tax	X	X	X	X	X	X	X	X	X	X
Subsidiary	X	X	X	X	X	X	X	X	X	X
Convertible Securities	X	X	X	X	X	X	X	X	X	X
Exchange-Traded Fund	X	X	X	X	X	X	X	X	X	X
LIBOR Transition	X	X	X	X	X	X	X	X	X	X

88 PIMCO EQUITY SERIES  

December 31, 2023 (Unaudited)

A Fund is generally subject to a different level and amount of risk relative to its target date and time horizon. The principal risks of investing in a Fund include risks from direct investments and/or for certain Funds that invest in Acquired Funds or Underlying PIMCO Funds, indirect exposure through investment in such Acquired Funds or Underlying PIMCO Funds. Please see “Description of Principal Risks” in a Fund’s prospectus for a more detailed description of the risks of investing in a Fund.

The following risks are principal risks of investing in a Fund.

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. In addition, a Fund’s performance will be reduced by the Fund’s proportionate amount of the expenses of any Acquired Funds in which it invests.

The following risks are principal risks of investing in a Fund that include risks from direct investments and/or indirect exposure through investment in Acquired Funds.

New Fund Risk is the risk that a new fund’s performance may not represent how the fund is expected to or may perform in the long term. In addition, new funds have limited operating histories for investors to evaluate and new funds may not attract sufficient assets to achieve investment and trading efficiencies.

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

fund shares.

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 fluctuate in value because of a change in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration.

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer’s credit quality). If an issuer calls a security that a Fund has invested in, a Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the 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, or the issuer or guarantor of collateral, 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, changes in financial condition or credit rating, financial leverage, reputation or 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

  SEMIANNUAL REPORT | DECEMBER 31, 2023 89

Notes to Financial Statements (Cont.)

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 forwards, futures, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment 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.

Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for the Fund. A Fund’s use of derivatives or other similar investments may result in losses to the Fund, a reduction in a Fund’s returns and/or increased volatility. Over-the-counter (“OTC”) derivatives or other similar investments 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 or other similar investments. The primary credit risk on derivatives or other similar investments 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 registered 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 or other similar investments and/or adversely affect the value of derivatives or other similar investments 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, foreign currency exchange rates, commodity index volatility, changes in interest rates, or supply and demand factors affecting a particular industry or commodity market, such as drought, floods, weather, livestock disease, pandemics and public health emergencies, embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, changes in storage costs, availability of transportation systems, and international economic, political and regulatory developments.

Mortgage-Related and Other Asset-Backed Securities Risk is the risks of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. A Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the other of the Fund’s guidelines), which generally carry higher levels of the foregoing risks.

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, political changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

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

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

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

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

Leveraging Risk is the risk that certain transactions of a Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment

90 PIMCO EQUITY SERIES  

December 31, 2023 (Unaudited)

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 managers 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 or other short positions, 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 or other short position 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 because 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 and replacement of the London Interbank Offered Rate (“LIBOR”). Certain instruments held by a Fund rely or relied in some fashion upon LIBOR. Although the transition process away from LIBOR for most instruments has been completed, some LIBOR use is continuing and there are potential effects related to the transition away from LIBOR or the continued use of LIBOR on a Fund, or on certain instruments in which the Fund invests, which can be difficult to ascertain and could result in losses to 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 cyber security 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.

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

  SEMIANNUAL REPORT | DECEMBER 31, 2023 91

Notes to Financial Statements (Cont.)

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; third party claims in litigation; 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. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.

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.

92 PIMCO EQUITY SERIES  

December 31, 2023 (Unaudited)

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

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

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

	Investment Advisory Fee		Supervisory and Administrative Fee
Fund Name	All Classes		Institutional Class		Administrative Class		Class A		Class R
PIMCO REALPATH® Blend 2025 Fund		0.01%		0.02%		0.02%		0.22%		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%	*

  SEMIANNUAL REPORT | DECEMBER 31, 2023 93

Notes to Financial Statements (Cont.)

	Investment Advisory Fee		Supervisory and Administrative Fee
Fund Name	All Classes		Institutional Class		Administrative Class		Class A		Class R
PIMCO REALPATH® Blend 2060 Fund		0.03%		0.02%		0.02%		0.22%		N/A
PIMCO REALPATH® Blend 2065 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%	*

* This particular share class has been registered with the SEC, but was not operational during the period ended December 31, 2023.

(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 was not operational during the period ended December 31, 2023.

The Distributor also received the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares and the contingent deferred sales charges paid by the shareholders upon certain redemptions of Class A and Class C shares. For the period ended December 31, 2023, the Distributor retained $13,980 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) 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 and offering expenses of the Trust and the Funds, and any other expenses which are capitalized in accordance with generally accepted accounting principles; 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.

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, 2024, 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.

94 PIMCO EQUITY SERIES  

December 31, 2023 (Unaudited)

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 as of December 31, 2023, 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	$	20	$	20
PIMCO RealPath® Blend 2030 Fund		0		0		24		24
PIMCO RealPath® Blend 2035 Fund		0		0		21		21
PIMCO RealPath® Blend 2040 Fund		0		0		22		22
PIMCO RealPath® Blend 2045 Fund		0		0		22		22
PIMCO RealPath® Blend 2050 Fund		0		0		24		24
PIMCO RealPath® Blend 2055 Fund		0		0		11		11
PIMCO RealPath® Blend 2060 Fund		0		0		2		2
PIMCO RealPath® Blend 2065 Fund		0		0		120		120
PIMCO RealPath® Blend Income Fund		0		0		20		20

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

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

The expenses associated with investing in a fund of funds are generally higher than those for mutual funds that do not invest in other mutual funds. The cost of investing in a fund of funds will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. By investing in a fund of funds, an investor will indirectly bear fees and expenses charged by Acquired Funds in addition to each Fund’s direct fees and expenses. In addition, the use of a fund of funds structure could affect the timing, amount and character of distributions to the shareholders and may therefore increase the amount of taxes payable by shareholders.

10. RELATED PARTY TRANSACTIONS

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

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust’s organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust’s investment manager) may be indemnified, to the

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

12. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as “portfolio turnover.” Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), 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.

  SEMIANNUAL REPORT | DECEMBER 31, 2023 95

Notes to Financial Statements (Cont.)

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2023, 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	$	43,756	$	38,341
PIMCO REALPATH® Blend 2030 Fund		0		0		56,157		32,318
PIMCO REALPATH® Blend 2035 Fund		0		0		51,501		15,343
PIMCO REALPATH® Blend 2040 Fund		0		0		41,340		14,149
PIMCO REALPATH® Blend 2045 Fund		0		0		41,884		8,387
PIMCO REALPATH® Blend 2050 Fund		0		0		54,751		13,329
PIMCO REALPATH® Blend 2055 Fund		0		0		53,992		2,632
PIMCO REALPATH® Blend 2060 Fund		0		0		29,569		1,226
PIMCO REALPATH® Blend 2065 Fund		0		0		5,108		194
PIMCO REALPATH® Blend Income Fund		0		0		20,395		29,624

^†  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
	Six Months Ended 12/31/2023 (Unaudited)						Year Ended 06/30/2023						Six Months Ended 12/31/2023 (Unaudited)						Year Ended 06/30/2023
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		5,934		$	66,393			22,163		$	250,170			6,568		$	78,448			24,745		$	291,897
Administrative Class		58			657			844			9,574			53			658			435			5,142
Class A		19			215			75			847			43			528			58			674
Issued as reinvestment of distributions
Institutional Class		801			9,351			1,074			11,972			890			11,065			1,065			12,424
Administrative Class		14			162			102			1,131			10			118			97			1,130
Class A		10			115			20			225			13			158			25			286
Cost of shares redeemed
Institutional Class		(3,959	)		(44,810	)		(7,002	)		(79,208	)		(4,296	)		(51,878	)		(4,561	)		(53,971	)
Administrative Class		(2,495	)		(27,215	)		(774	)		(8,664	)		(2,139	)		(24,684	)		(988	)		(11,522	)
Class A		(38	)		(432	)		(201	)		(2,222	)		(56	)		(683	)		(60	)		(702	)
Net increase (decrease) resulting from Fund share transactions		344		$	4,436			16,301		$	183,825			1,086		$	13,730			20,816		$	245,358
	PIMCO REALPATH® Blend 2035 Fund												PIMCO REALPATH® Blend 2040 Fund
	Six Months Ended 12/31/2023 (Unaudited)						Year Ended 06/30/2023						Six Months Ended 12/31/2023 (Unaudited)						Year Ended 06/30/2023
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		7,134		$	90,410			22,896		$	283,165			5,557		$	73,494			18,042		$	230,160
Administrative Class		91			1,161			1,219			15,318			142			1,856			443			5,695
Class A		41			519			76			943			45			616			83			1,052
Issued as reinvestment of distributions
Institutional Class		832			11,072			810			9,879			681			9,489			692			8,703
Administrative Class		11			139			72			873			6			76			44			546
Class A		11			148			18			222			11			150			17			211
Cost of shares redeemed
Institutional Class		(2,718	)		(34,941	)		(3,965	)		(49,596	)		(3,096	)		(41,814	)		(3,451	)		(44,280	)
Administrative Class		(2,644	)		(32,565	)		(885	)		(10,856	)		(1,645	)		(21,060	)		(504	)		(6,357	)
Class A		(83	)		(1,052	)		(33	)		(411	)		(77	)		(1,039	)		(60	)		(755	)
Net increase (decrease) resulting from Fund share transactions		2,675		$	34,891			20,208		$	249,537			1,624		$	21,768			15,306		$	194,975

96 PIMCO EQUITY SERIES  

December 31, 2023 (Unaudited)

	PIMCO REALPATH® Blend 2045 Fund												PIMCO REALPATH® Blend 2050 Fund
	Six Months Ended 12/31/2023 (Unaudited)						Year Ended 06/30/2023						Six Months Ended 12/31/2023 (Unaudited)						Year Ended 06/30/2023
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		5,498		$	74,384			16,833		$	217,904			5,379		$	74,121			14,375		$	188,230
Administrative Class		53			719			997			13,135			38			537			283			3,665
Class A		65			880			44			559			140			1,943			62			821
Issued as reinvestment of distributions
Institutional Class		593			8,475			582			7,411			553			8,064			535			6,882
Administrative Class		7			92			41			518			4			56			42			534
Class A		6			91			9			109			8			108			8			97
Cost of shares redeemed
Institutional Class		(2,129	)		(29,200	)		(3,178	)		(41,625	)		(1,844	)		(25,772	)		(2,930	)		(38,678	)
Administrative Class		(1,890	)		(24,770	)		(655	)		(8,436	)		(1,327	)		(17,705	)		(582	)		(7,562	)
Class A		(15	)		(203	)		(25	)		(312	)		(9	)		(122	)		(17	)		(227	)
Net increase (decrease) resulting from Fund share transactions		2,188		$	30,468			14,648		$	189,263			2,942		$	41,230			11,776		$	153,762
	PIMCO REALPATH® Blend 2055 Fund												PIMCO REALPATH® Blend 2060 Fund
	Six Months Ended 12/31/2023 (Unaudited)						Year Ended 06/30/2023						Six Months Ended 12/31/2023 (Unaudited)						Year Ended 06/30/2023
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		5,940		$	83,201			11,019		$	146,157			3,435		$	37,512			6,324		$	65,135
Administrative Class		75			1,060			667			8,974			44			475			90			911
Class A		82			1,149			79			1,023			3			37			31			298
Issued as reinvestment of distributions
Institutional Class		454			6,701			346			4,502			129			1,500			73			735
Administrative Class		4			52			18			230			0			3			1			12
Class A		5			72			5			65			1			9			1			10
Cost of shares redeemed
Institutional Class		(1,690	)		(24,020	)		(2,436	)		(32,546	)		(833	)		(9,185	)		(1,010	)		(10,421	)
Administrative Class		(1,150	)		(15,535	)		(269	)		(3,551	)		(148	)		(1,538	)		(18	)		(183	)
Class A		(21	)		(286	)		(57	)		(759	)		(7	)		(77	)		(14	)		(140	)
Net increase (decrease) resulting from Fund share transactions		3,699		$	52,394			9,372		$	124,095			2,624		$	28,736			5,478		$	56,357
	PIMCO REALPATH® Blend 2065 Fund												PIMCO REALPATH® Blend Income Fund
	Six Months Ended 12/31/2023 (Unaudited)						Period From 12/30/2022 to 06/30/2023(a) (Unaudited)						Six Months Ended 12/31/2023 (Unaudited)						Year Ended 06/30/2023
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		475		$	5,276			440		$	4,527			4,786		$	50,897			17,590		$	190,509
Administrative Class		0			0			10			100			42			460			524			5,695
Class A		7			81			10			100			22			234			160			1,688
Issued as reinvestment of distributions
Institutional Class		11			125			0			5			649			7,203			811			8,643
Administrative Class		0			1			0			0			16			173			88			936
Class A		0			2			0			0			37			405			82			866
Cost of shares redeemed
Institutional Class		(32	)		(354	)		(4	)		(41	)		(3,750	)		(40,538	)		(7,213	)		(77,996	)
Administrative Class		0			0			0			0			(2,471	)		(25,804	)		(436	)		(4,645	)
Class A		0			(1	)		0			0			(313	)		(3,361	)		(966	)		(10,338	)
Net increase (decrease) resulting from Fund share transactions		461		$	5,130			456		$	4,691			(982	)	$	(10,331	)		10,640		$	115,358

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

^(a)  Inception date of the Fund was December 30, 2022.

  SEMIANNUAL REPORT | DECEMBER 31, 2023 97

Notes to Financial Statements (Cont.)

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 December 31, 2023. 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		12%		0%
PIMCO REALPATH® Blend 2030 Fund		1		0		11%		0%
PIMCO REALPATH® Blend 2035 Fund		1		0		11%		0%
PIMCO REALPATH® Blend 2040 Fund		1		0		12%		0%
PIMCO REALPATH® Blend 2045 Fund		1		0		12%		0%
PIMCO REALPATH® Blend 2050 Fund		1		0		11%		0%
PIMCO REALPATH® Blend 2055 Fund		1		0		13%		0%
PIMCO REALPATH® Blend 2060 Fund		2		0		32%		0%
PIMCO REALPATH® Blend 2065 Fund		1		1		26%		33%

14. REGULATORY AND LITIGATION MATTERS

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

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

15. FEDERAL INCOME TAX MATTERS

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

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

In accordance with U.S. GAAP, the Adviser has reviewed the Funds’ tax positions for all open tax years. As of December 31, 2023, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Funds file U.S. federal, state, and local tax returns as required. The Funds’ tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations,

which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

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

As of their last fiscal year ended June 30, 2023, the Funds had the following post-effective capital losses with no expiration (amounts in thousands^†):

	Short-Term		Long-Term
PIMCO REALPATH® Blend 2025 Fund	$	3,053	$	1,558
PIMCO REALPATH® Blend 2030 Fund		4,978		1,804
PIMCO REALPATH® Blend 2035 Fund		2,908		0
PIMCO REALPATH® Blend 2040 Fund		3,031		0
PIMCO REALPATH® Blend 2045 Fund		1,065		0
PIMCO REALPATH® Blend 2050 Fund		901		0
PIMCO REALPATH® Blend 2055 Fund		0		0
PIMCO REALPATH® Blend 2060 Fund		127		134
PIMCO REALPATH® Blend 2065 Fund		0		0
PIMCO REALPATH® Blend Income Fund		2,763		1,168

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

98 PIMCO EQUITY SERIES  

December 31, 2023 (Unaudited)

As of December 31, 2023, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands^†):

	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net  Unrealized Appreciation/ (Depreciation)(1)
PIMCO REALPATH® Blend 2025 Fund	$	442,351	$	31,329	$	(25,176	)	$	6,153
PIMCO REALPATH® Blend 2030 Fund		558,247		51,245		(24,507	)		26,738
PIMCO REALPATH® Blend 2035 Fund		546,001		56,025		(14,151	)		41,874
PIMCO REALPATH® Blend 2040 Fund		483,511		60,578		(9,522	)		51,056
PIMCO REALPATH® Blend 2045 Fund		458,668		61,025		(5,993	)		55,032
PIMCO REALPATH® Blend 2050 Fund		426,507		64,054		(3,946	)		60,108
PIMCO REALPATH® Blend 2055 Fund		343,829		40,601		(2,044	)		38,557
PIMCO REALPATH® Blend 2060 Fund		111,538		10,012		(193	)		9,819
PIMCO REALPATH® Blend 2065 Fund		9,774		859		(2	)		857
PIMCO REALPATH® Blend Income Fund		337,828		25,342		(23,985	)		1,357

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

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

16. SUBSEQUENT EVENTS

On February 16, 2024 a supplement was filed to provide notification of the liquidation of the Administrative Class Shares of PIMCO REALPATH^® Blend Income 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 and PIMCO REALPATH^® Blend 2065 Fund. The liquidation of the Administrative Class Shares is expected to occur on or about June 21, 2024.

  SEMIANNUAL REPORT | DECEMBER 31, 2023 99

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

Counterparty Abbreviations:
BPS	BNP Paribas S.A.	GST	Goldman Sachs International	MEI	Merrill Lynch International
FICC	Fixed Income Clearing Corporation	JPM	JP Morgan Chase Bank N.A.	MYI	Morgan Stanley & Co. International PLC
Currency Abbreviations:
USD (or $)	United States Dollar
Exchange Abbreviations:
CBOE	Chicago Board Options Exchange	OTC	Over the Counter
Index/Spread Abbreviations:
BCOMTR	Bloomberg Commodity Index Total Return	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

100 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 six month period ended December 31, 2023 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)
September 2023	$	0.0708	$	0.0000	$	0.0000	$	0.0708
December 2023	$	0.1874	$	0.0000	$	0.0000	$	0.1874
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2023	$	0.0656	$	0.0000	$	0.0000	$	0.0656
December 2023	$	0.0311	$	0.0000	$	0.0000	$	0.0311
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2023	$	0.0614	$	0.0000	$	0.0000	$	0.0614
December 2023	$	0.1720	$	0.0000	$	0.0000	$	0.1720
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)
September 2023	$	0.0604	$	0.0000	$	0.0000	$	0.0604
December 2023	$	0.1960	$	0.0000	$	0.0000	$	0.1960
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2023	$	0.0548	$	0.0000	$	0.0000	$	0.0548
December 2023	$	0.0612	$	0.0000	$	0.0000	$	0.0612
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2023	$	0.0502	$	0.0000	$	0.0000	$	0.0502
December 2023	$	0.1796	$	0.0000	$	0.0000	$	0.1796

  SEMIANNUAL REPORT | DECEMBER 31, 2023 101

Distribution Information (Cont.)

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)
September 2023	$	0.0602	$	0.0000	$	0.0000	$	0.0602
December 2023	$	0.2147	$	0.0000	$	0.0000	$	0.2147
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2023	$	0.0544	$	0.0000	$	0.0000	$	0.0544
December 2023	$	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)
September 2023	$	0.0492	$	0.0000	$	0.0000	$	0.0492
December 2023	$	0.1970	$	0.0000	$	0.0000	$	0.1970
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)
September 2023	$	0.0561	$	0.0000	$	0.0000	$	0.0561
December 2023	$	0.2169	$	0.0000	$	0.0000	$	0.2169
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2023	$	0.0501	$	0.0000	$	0.0000	$	0.0501
December 2023	$	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)
September 2023	$	0.0453	$	0.0000	$	0.0000	$	0.0453
December 2023	$	0.1987	$	0.0000	$	0.0000	$	0.1987
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)
September 2023	$	0.0526	$	0.0000	$	0.0000	$	0.0526
December 2023	$	0.2072	$	0.0000	$	0.0000	$	0.2072
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2023	$	0.0464	$	0.0000	$	0.0000	$	0.0464
December 2023	$	0.0868	$	0.0000	$	0.0000	$	0.0868
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2023	$	0.0423	$	0.0000	$	0.0000	$	0.0423
December 2023	$	0.1889	$	0.0000	$	0.0000	$	0.1889

102 PIMCO EQUITY SERIES  

(Unaudited)

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)
September 2023	$	0.0495	$	0.0000	$	0.0000	$	0.0495
December 2023	$	0.2137	$	0.0000	$	0.0000	$	0.2137
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2023	$	0.0432	$	0.0000	$	0.0000	$	0.0432
December 2023	$	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)
September 2023	$	0.0389	$	0.0000	$	0.0000	$	0.0389
December 2023	$	0.1966	$	0.0000	$	0.0000	$	0.1966
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)
September 2023	$	0.0538	$	0.0000	$	0.0000	$	0.0538
December 2023	$	0.2080	$	0.0000	$	0.0000	$	0.2080
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2023	$	0.0475	$	0.0000	$	0.0000	$	0.0475
December 2023	$	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)
September 2023	$	0.0428	$	0.0000	$	0.0000	$	0.0428
December 2023	$	0.1906	$	0.0000	$	0.0000	$	0.1906
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)
September 2023	$	0.0298	$	0.0000	$	0.0000	$	0.0298
December 2023	$	0.1284	$	0.0000	$	0.0000	$	0.1284
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2023	$	0.0253	$	0.0000	$	0.0000	$	0.0253
December 2023	$	0.0187	$	0.0000	$	0.0000	$	0.0187
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2023	$	0.0209	$	0.0000	$	0.0000	$	0.0209
December 2023	$	0.1127	$	0.0000	$	0.0000	$	0.1127

  SEMIANNUAL REPORT | DECEMBER 31, 2023 103

Distribution Information (Cont.) (Unaudited)

PIMCO REALPATH® Blend 2065 Fund
Institutional Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2023	$	0.0262	$	0.0000	$	0.0000	$	0.0262
December 2023	$	0.1062	$	0.0000	$	0.0000	$	0.1062
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2023	$	0.0211	$	0.0000	$	0.0000	$	0.0211
December 2023	$	0.0977	$	0.0000	$	0.0000	$	0.0977
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2023	$	0.0175	$	0.0000	$	0.0000	$	0.0175
December 2023	$	0.0958	$	0.0000	$	0.0000	$	0.0958
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)
September 2023	$	0.0719	$	0.0000	$	0.0000	$	0.0719
December 2023	$	0.1893	$	0.0000	$	0.0000	$	0.1893
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2023	$	0.0669	$	0.0000	$	0.0000	$	0.0669
December 2023	$	0.1145	$	0.0000	$	0.0000	$	0.1145
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
September 2023	$	0.0627	$	0.0000	$	0.0000	$	0.0627
December 2023	$	0.1740	$	0.0000	$	0.0000	$	0.1740

* 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.

104 PIMCO EQUITY SERIES  

Approval of Investment Advisory Contract and Other Agreements (Unaudited)

Approval of Renewal of the Investment Advisory Contract and Other Agreements

At a meeting held on August 22-23, 2023, the Board of Trustees (the “Board”) of PIMCO Equity Series (the “Trust”), including the Trustees who are not “interested persons” of the Trust under the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered and unanimously approved the renewal of the Investment Advisory Contract (the “Investment Advisory Contract”) between the Trust, on behalf of 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 Income 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, and PIMCO REALPATH^® Blend 2065 Fund (each, a “Fund” and collectively, the “Funds”), and Pacific Investment Management Company LLC (“PIMCO”), for an additional one-year term through August 31, 2024. The Board also considered and unanimously approved the renewal of the Second Amended and Restated Supervision and Administration Agreement (the “Supervision and Administration Agreement”) between the Trust, on behalf of the Funds, and PIMCO for an additional one-year term through August 31, 2024.

In addition, the Board considered and unanimously approved the renewal of the Second Amended and Restated Sub-Advisory Agreement (the “Sub-Advisory Agreement” and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the “Agreements”) between PIMCO, on behalf 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 (the “RAE Funds”), each a series of the Trust, and Research Affiliates, LLC (“Research Affiliates”) for an additional one-year term through August 31, 2024.

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

1. INFORMATION RECEIVED

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Funds’ investment performance and a significant amount of information relating to Fund operations, including shareholder services, valuation and custody, the Funds’ compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research

Affiliates to the Trust and each of the Funds, as applicable. In considering whether to approve the renewal of the Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO, including, where relevant, financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Funds; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Funds; and information about the fees charged and services provided to other clients with similar investment mandates as the Funds, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees (“Counsel”), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements.

(b) Review Process: In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board’s request by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 22-23, 2023 meeting. The Independent Trustees also met via video conference with Counsel on July 25, 2023, and conducted a video conference meeting on August 11, 2023 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes. The Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the expense structure of certain Funds and classes, outflows for certain Funds, Fund performance and profitability.

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

  SEMIANNUAL REPORT | DECEMBER 31, 2023 105

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

was controlling. The discussion below is intended to summarize the broad factors and information that figured prominently in the Board’s consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources: The Board considered the depth and quality of PIMCO’s investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Funds’ asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Agreement. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO’s commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed for the competitive investment management industry and to strengthen its ability to deliver advisory services under the Investment Advisory Contract. The Board considered PIMCO’s policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including new regulations impacting the Funds, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Funds’ investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered PIMCO’s continuous investment in its disciplines and personnel, which has enhanced PIMCO’s services to the Funds and has allowed PIMCO to introduce innovative new funds over time and other investment options that have the potential to benefit shareholders.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including the ongoing development of its own proprietary software and applications to support the Funds.

Similarly, the Board considered the sub-advisory services provided by Research Affiliates to the RAE Funds. The Board further considered PIMCO’s oversight of Research Affiliates in connection with Research Affiliates providing sub-advisory services to the RAE Funds. The Board also considered the depth and quality of Research Affiliates’ investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization.

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

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Funds under the Supervision and Administration Agreement. The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the “unified fee”). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Funds, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement is expected to continue to increase. The Board considered PIMCO’s provision of supervisory and administrative services and its supervision of the Trust’s third party service providers.

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

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Funds’ performance, as available, over short- and long-term periods ended March 31, 2023 and other performance data, as available, over short- and long-term periods ended June 30, 2023 (the “PIMCO Report”) and from Broadridge concerning the Funds’ performance, as available, over short- and long-term periods ended March 31, 2023 (the “Broadridge Report”). The Board also noted that while historically the Broadridge Report included peer classifications from only Lipper, as part of this approval process the Broadridge Report incorporated peer classifications from Morningstar for Funds for which it was believed that Morningstar provided a materially improved comparison.

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Fund relative to its Fund peer group, where appropriate, and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report.

The Trustees noted the Funds (based on Institutional Class performance) that outperformed their respective benchmark indexes on

106 PIMCO EQUITY SERIES  

(Unaudited)

a net-of-fees basis over the one-, three-and five-year periods ended June 30, 2023. The Board also noted the amounts of the Funds’ assets (based on Institutional Class performance) that outperformed their relevant benchmark indexes on a net-of-fees basis over the one-, three-and five-year periods ended March 31, 2023. The Board discussed these and other performance-related developments. The Board considered that, according to the Broadridge Report, the Funds generally performed well versus competitors during the long-term, but that certain Funds had underperformed in comparison to their respective peer groups or benchmark indexes, or both, on a net-of-fees basis over certain short-and long-term periods. With respect to Funds that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Funds. The Board also considered actions that have been taken by PIMCO throughout the year to attempt to address underperformance. Depending on the circumstances, the Independent Trustees may be satisfied with a Fund’s performance notwithstanding that it lags its benchmark index or peer group for certain periods.

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

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

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

The Board reviewed the advisory fees, supervisory and administrative fees and total expense ratios of the Funds (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Funds, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Funds to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a “Peer Group” of comparable funds, where appropriate, as well as the universe of other similar funds. The Board also considered that PIMCO reviews the Funds’ fee levels and carefully considers changes where appropriate. The Board also reviewed data comparing certain Funds’ advisory fees to the fee rates PIMCO charged to private funds, separate accounts, sub-advised clients, and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Funds, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Funds, differences in the number or extent of the services provided by PIMCO to the Funds, the manner in which similar portfolios may be managed, different requirements with respect to liquidity management and the implementation of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees.

The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Funds because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less onerous and proscriptive regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Funds. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a

  SEMIANNUAL REPORT | DECEMBER 31, 2023 107

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

fund and is not principally responsible for all aspects of a fund’s investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Funds’ supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that as the Funds’ business has become increasingly complex and the number of Funds has grown over time, PIMCO has provided an increasingly broad array of fund supervisory and administrative functions. In addition, the Board considered the Trust’s unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Funds, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust’s unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Fund fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Fund fees at competitive levels over the contract period even if the Funds’ operating costs rise when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO’s approach of pricing Funds at scale at inception and reinvesting in other important areas of the business that support the Funds. The Board concluded that the Funds’ supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Fund fees during the contractual period, which is beneficial to the Funds and their shareholders.

The Board noted that in most cases the Funds’ total expense ratios were lower than the total expense ratios of competitor funds. The Board discussed with PIMCO certain Funds and/or classes of Funds that had above median total expense ratios. Upon comparing the Funds’ total expense ratios to other funds in the “Peer Groups” provided by the Broadridge Report where appropriate, the Board found total expense ratios of each Fund to be reasonable.

The Trustees also considered the advisory fees charged to the Funds that operate as funds of funds (the “Funds of Funds”) and the advisory

services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the expense limitation agreement in place for all of the Funds and the various fee waiver agreements in place for certain of the Funds and/or classes and the Funds of Funds. Based on the information presented by PIMCO, Research Affiliates and Broadridge, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements, that the fees charged by Research Affiliates under the Sub-Advisory Agreement, and that the total expense ratios of each Fund are reasonable.

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

The Board reviewed information regarding PIMCO’s costs of providing services to the Funds as a whole, as well as the resulting level of profits attributable to the Funds. The Board also noted that it had received information regarding the structure and manner in which PIMCO’s investment professionals were compensated and PIMCO’s view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO’s investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Funds, PIMCO shares the benefits of such economies of scale, if any, with the Funds and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Funds to scale from inception and the enhancement of services provided to the Funds in return for fees paid. In considering the advisory fees paid by the Funds, the Board also reviewed materials indicating that retail investors in the Funds received the benefit of PIMCO’s advisory services at the same advisory fee rates as institutional investors. The Board considered that the Funds’ unified fee rates had been set competitively and/or priced to scale from inception and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Fund’s shareholders of the fees associated with the Fund, and that the Fund bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further

108 PIMCO EQUITY SERIES  

(Unaudited)

considered the challenges that arise when managing large funds, which can result in certain “diseconomies” of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Funds.

The Trustees considered that the unified fee has provided inherent economies of scale because a Fund maintains competitive fixed fees over the annual contract period even if the particular Fund’s assets decline and/or operating costs rise. The Trustees also reviewed materials indicating that, unlike the Funds’ unified fee structure, funds with “pass through” administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also considered that the unified fee protects shareholders from a rise in administrative and operating costs that may result from, among other things, PIMCO’s investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO’s investments in these areas are extensive.

The Board concluded that the Funds’ cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Funds’ unified fee structure, generally pricing Funds to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Funds and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO’s relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO’s institutional investment management business due to the reputation and market penetration of the Trust or third party service providers’ relationship-level fee concessions, which decrease fees paid by PIMCO. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Funds and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Funds’ Rule 12b-1 plans or otherwise, such as through all or portions of the sales charges on Class A or Class C shares of the Funds, as applicable. In addition, the Board considered that PIMCO may benefit indirectly from its use of the HUB technology platform, a joint venture between PIMCO, Man Group, S&P Global, Microsoft and State Street. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Funds, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded

that the nature, extent and quality of the services rendered to the Funds by PIMCO and Research Affiliates supported the renewal of the Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements continued to be fair and reasonable to the Funds and their shareholders, that the fees charged under the Agreements were fair and reasonable in light of the services provided, and the fees paid to Research Affiliates by PIMCO under the Sub-Advisory Agreement on behalf of the Funds were fair and reasonable in light of the services provided, and that the renewal of the Agreements was in the best interests of the Funds and their shareholders.

  SEMIANNUAL REPORT | DECEMBER 31, 2023 109

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

1100 Main Street, Suite 400

Kansas City, MO 64105

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

Institutional Class, I-2, I-3, Administrative Class

430 W 7th Street STE 219024

Kansas City, MO 64105-1407

SS&C Global Investor & Distribution 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.

PES4002SAR_123123

PIMCO EQUITY SERIES^®

Semiannual Report

December 31, 2023

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
Market Insights				2
Important Information About the Funds				3
Expense Examples				16
Financial Highlights				18
Statements of Assets and Liabilities				20
Statements of Operations				21
Statements of Changes in Net Assets				22
Notes to Financial Statements				55
Glossary				71
Distribution Information				72
Approval of Investment Advisory Contract and Other Agreements				73
Fund	Fund Summary		Schedule of Investments
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF		8		23
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		10		34
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		12		47
PIMCO RAFI ESG U.S. ETF		14		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.

Market Insights    

Dear Shareholder,

This semiannual report covers the six-month reporting period ended December 31, 2023 (the “reporting period”). On the subsequent pages, you will find details regarding investment results and a discussion of certain factors that affected performance during the reporting period.

The global economy continued to grow despite inflation that remains elevated, interest rate increases, tighter credit conditions, and geopolitical concerns affecting many countries. This resilience was particularly evident in the United States (“U.S.”). Some European economies experienced slower growth and generally continued to expand over the reporting period.

Central banks slowed interest rate hikes

Inflation eased over the reporting period, and several bank officials suggested that central banks may slow aggressive interest-rate hikes. From March 2022 through July 2023, the U.S. Federal Reserve (the “Fed”) raised the federal funds rate a total of 5.25 percentage points. In September, November and December 2023, the Fed did not increase interest rates. In December 2023, Fed communications conveyed a belief that the policy rate may be likely at or near its peak for the tightening cycle. From July 2022 through September 2023, the European Central Bank (“ECB”) raised its deposit facility overnight rate a total of 4.50 percentage points and then held rates steady at its October and December 2023 meetings. Meanwhile, from December 2019 through July 2023, the Bank of England (“BoE”) raised its Bank Rate a total of 5.15 percentage points and then held rates steady in September, November and December 2023. Both the ECB and BoE acknowledged the possibility of rate cuts in 2024.

Mixed financial market returns

The yield on the benchmark 10-year U.S. Treasury increased during the reporting period. In many other developed markets, yields on 10-year government bonds fluctuated. Overall, the global bond market rallied toward the end of 2023, bolstered by central bank officials’ policy pronouncements signaling a possible end to monetary tightening. During the reporting period, lower-rated bonds generally outperformed their higher-rated counterparts. Global equities and commodities rose amid market volatility. The U.S. dollar weakened relative to the euro, British pound and Japanese yen.

We continue to work diligently to navigate dynamic global markets and manage the assets that you have entrusted with us. We encourage you to speak with your financial advisor about your goals and visit global.pimco.com for our latest insights.

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

Total Returns of Certain Asset Classes for the Period Ended December 31, 2023
Asset Class (as measured by, currency)	Six-Month
U.S. large cap equities (S&P 500 Index, USD)	8.04%
Global equities (MSCI World Index, USD)	7.56%
European equities (MSCI Europe Index, EUR)	4.24%
Emerging market equities (MSCI Emerging Markets Index, EUR)	4.71%
Japanese equities (Nikkei 225 Index, JPY)	1.74%
Emerging market local bonds (JPMorgan Government Bond Index-Emerging Markets Global Diversified Index, USD Unhedged)	4.55%
Emerging market external debt (JPMorgan Emerging Markets Bond Index (EMBI) Global, USD Hedged)	6.40%
Below investment grade bonds (ICE BofAML Developed Markets High Yield Constrained Index, USD Hedged)	7.90%
Global investment grade credit bonds (Bloomberg Global Aggregate Credit Index, USD Hedged)	5.52%
Fixed-rate, local currency government debt of investment grade countries (Bloomberg Global Treasury Index, USD Hedged)	3.48%

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.

Statements concerning financial market trends are based on current market conditions, which will fluctuate. There is no guarantee that these investment strategies will work under all market conditions or are appropriate for all investors and each investor should evaluate their ability to invest for the long-term, especially during periods of downturn in the market. Outlook and strategies are subject to change without notice.

2 PIMCO EQUITY SERIES  

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. All Funds are 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.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that have provided material aid to Russia’s aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures have had and may continue to have an adverse effect on the Russian, Belarusian and other securities and economies, which may, in turn, negatively impact a Fund. The extent, duration and impact of Russia’s military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European, and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, a Fund may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause a Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that a Fund may no longer seek to hold. PIMCO will continue to actively manage these positions in the best interests of a Fund and its shareholders.

SEMIANNUAL REPORT | DECEMBER 31, 2023 3

Important Information About the Funds (Cont.)

The United States’ enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities (and/or portfolio securities of Underlying PIMCO Funds, as applicable). The United States’ enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government’s response, may also negatively impact securities and instruments that are economically tied to Russia.

A Fund may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate (“LIBOR”). LIBOR was traditionally 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. Although the transition process away from LIBOR for many instruments has been completed, some LIBOR use is continuing and there are potential effects related to the transition away from LIBOR or continued use of LIBOR on a Fund, or on certain instruments in which the Fund invests, which can be difficult to ascertain, and may vary depending on factors that include, but are not limited to: (i) existing fallback or termination provisions in individual contracts and (ii) whether, how and when industry participants adopt new reference rates for affected instruments. The transition of investments from LIBOR to a replacement rate as a result of amendment, application of existing fallbacks, statutory requirements or otherwise 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. In addition, an instrument’s transition to a replacement rate could result in variations in the reported yields of a Fund that holds such instrument. 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 have investments 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, export and import controls 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 or expanding bans on 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 (e.g. Belarus). Such

sanctions and other similar measures — which may impact companies in many sectors, including energy, financial services, technology, accounting, quantum computing, shipping, aviation, metals and mining, and defense, among others — and Russia’s countermeasures 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 and other issuers of securities in which a Fund is invested. 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, export and import controls, tariffs or cyberattacks on the Russian government, Russian companies or Russian individuals, including politicians. Any actions by Russia made in response to such sanctions or retaliatory measures could further impair the value and liquidity of Fund investments. Sanctions and other similar measures have resulted in defaults on debt obligations by certain corporate issuers and the Russian Federation that could lead to cross-defaults or cross-accelerations on other obligations of these issuers. 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

4 PIMCO EQUITY SERIES  

efficiency and transparency of the Russian securities market, issues resulting in loss can still occur. In addition, sanctions or Russian countermeasures may prohibit or limit a Fund’s ability to participate in corporate actions, and therefore require a Fund to forego voting on or receiving funds that would otherwise be beneficial to the Fund. 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 nationalization or expropriation of assets. Oil, natural gas, metals, minerals, 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, minerals 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.

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.

U.S. and global markets recently have experienced increased volatility, including as a result of the recent failures of certain U.S. and non-U.S. banks, which could be harmful to the Funds and issuers in which they invest. For example, if a bank at which a Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which a Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Funds invest remain solvent, continued volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Conditions in the banking sector are evolving, and the scope of any potential impacts to the Funds and issuers, both from market conditions and also potential legislative or regulatory responses, are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings, including those of U.S. and

  SEMIANNUAL REPORT | DECEMBER 31, 2023 5

Important Information About the Funds (Cont.)

non-U.S. banks. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

On each 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 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.

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

6 PIMCO EQUITY SERIES  

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 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.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund (“ETF”) shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments were effective as of January 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading. As such, beginning in July 2024, the Funds must comply with certain new requirements which include, but are not limited to, making significant updates to the content of their shareholder reports and mailing paper copies of the new tailored shareholder reports to shareholders who have not opted to receive shareholder report documents electronically.

In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to

mitigate dilution of shareholders’ interests in a fund by requiring the adjustment of fund net asset value per share to pass on costs stemming from shareholder purchase or redemption activity. In addition the proposed rule would amend the liquidity rule framework. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.

In November 2022, the SEC adopted amendments to Form N-PX under the Investment Company Act of 1940, as amended, to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand the scope of funds’ Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for “Say on Pay” votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N-PX; and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024.

In September 2023, the SEC adopted 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 amendments expand the scope of the current rule in a number of ways that are expected to result in an increase in the types of fund names that would require the fund to adopt an 80% investment policy under the rule. Additionally, the amendments address deviations from a fund’s 80% investment policy and the use and valuation of derivatives instruments for purposes of the rule. The amendments are effective as of December 11, 2023, but the SEC is providing a 24-month compliance period following the effective date for fund groups with net assets of $1 billion or more (and a 30-month compliance period for fund groups with net assets of less than $1 billion).

  SEMIANNUAL REPORT | DECEMBER 31, 2023 7

PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF

Cumulative Returns Through December 31, 2023

$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 PIMCO 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 December 31, 2023
		6 Months*		1 Year		5 Years		Fund Inception (08/31/17)
	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Based on Net Asset Value)		7.56%		14.34%		5.69%		2.93%
	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (At Market Price)(1)(2)		6.80%		15.12%		5.65%		2.92%
	RAFI Dynamic Multi-Factor Emerging Markets Index±		9.03%		15.52%		6.70%		3.76%
	MSCI Emerging Markets Index±±		4.71%		9.83%		3.68%		1.45%

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.

* Cumulative return.

Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.

⁽¹⁾ The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

⁽²⁾ The Fund was seeded on August 31, 2017, but was not listed for trading until September 6, 2017. Accordingly, there is no Market Price information for August 31, 2017 through September 5, 2017.

^± The RAFI Dynamic Multi-Factor Emerging Markets 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, as stated in the Fund’s currently-effective prospectus (as of the date of this report), was 0.51%. See Financial Highlights for actual expense ratios as of the end of the period covered by this report.

8 PIMCO EQUITY SERIES  

Ticker symbol - MFEM

Top 10 Holdings as of December 31, 2023^†§

Petroleo Brasileiro SA	2.2%
Posco Holdings, Inc.	1.3%
Hyundai Motor Co.	1.2%
MediaTek, Inc.	1.2%
Quanta Computer, Inc.	1.1%
Asustek Computer, Inc.	1.1%
Saudi Arabian Oil Co.	1.1%
Hon Hai Precision Industry Co. Ltd.	1.0%
Vale SA	1.0%
Taiwan Semiconductor Manufacturing Co. Ltd.	0.9%

Geographic Breakdown as of December 31, 2023^†**

China	22.3%
Taiwan	19.5%
South Korea	14.3%
India	12.8%
Brazil	8.6%
South Africa	3.4%
Saudi Arabia	3.2%
Thailand	3.2%
Mexico	2.2%
Malaysia	1.7%
Hong Kong	1.3%
Turkey	1.3%
Indonesia	1.2%
Short-Term Instruments	0.5%
Other	4.5%

^† % 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:

» 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 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, 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, as the sector underperformed the secondary benchmark index and the Fund’s holdings outperformed the secondary benchmark index.

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

» Security selection in the health care sector detracted from relative returns compared to the Fund’s secondary benchmark, as the Fund’s holdings underperformed the secondary benchmark index.

  SEMIANNUAL REPORT | DECEMBER 31, 2023 9

PIMCO RAFI Dynamic Multi-Factor International Equity ETF

Cumulative Returns Through December 31, 2023

$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 PIMCO 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 December 31, 2023
		6 Months*		1 Year		5 Years		Fund Inception (08/31/17)
	PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Based on Net Asset Value)		6.39%		17.14%		8.38%		5.28%
	PIMCO RAFI Dynamic Multi-Factor International Equity ETF (At Market Price)(1)(2)		6.37%		17.54%		8.45%		5.24%
	RAFI Dynamic Multi-Factor Developed Ex-U.S. Index±		6.78%		17.05%		8.59%		5.53%
	MSCI EAFE Index±±		5.88%		18.24%		8.16%		5.01%

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.

* Cumulative return.

Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.

⁽¹⁾ The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

⁽²⁾ The Fund was seeded on August 31, 2017, but was not listed for trading until September 6, 2017. Accordingly, there is no Market Price information for August 31, 2017 through September 5, 2017.

^± The RAFI Dynamic Multi-Factor Developed Ex-U.S. Index takes time-varying exposures to five return factors; value, low volatility, quality, momentum and size. The index uses recent and historical metrics to tilt toward factor portfolios which are particularly attractive on a forward looking basis. It is not possible to invest directly in 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, as stated in the Fund’s currently-effective prospectus (as of the date of this report), was 0.40%. See Financial Highlights for actual expense ratios as of the end of the period covered by this report.

10 PIMCO EQUITY SERIES  

Ticker symbol - MFDX

Top 10 Holdings as of December 31, 2023^†§

Novo Nordisk AS ‘B’	1.3%
Unilever PLC	0.8%
Nestle SA	0.8%
Banco Santander SA	0.8%
BP PLC	0.8%
Roche Holding AG	0.7%
ASML Holding NV	0.7%
Eni SpA	0.7%
Bayerische Motoren Werke AG	0.7%
Zurich Insurance Group AG	0.7%

Geographic Breakdown as of December 31, 2023^†**

Japan	27.1%
United Kingdom	13.2%
France	7.4%
Canada	7.3%
Switzerland	6.8%
Germany	6.7%
Australia	5.6%
Netherlands	4.5%
Spain	3.9%
Italy	3.3%
Sweden	2.4%
Denmark	2.2%
Singapore	1.8%
Hong Kong	1.5%
Ireland	1.1%
Short-Term Instruments	0.7%
Other	4.5%

^† % 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 health care sector contributed to relative returns compared to the Fund’s secondary benchmark, the MSCI EAFE Index, as the sector underperformed the secondary benchmark index and the Fund’s holdings outperformed the secondary benchmark index.

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

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

» Underweight exposure to the financials sector detracted from relative returns compared to the Fund’s secondary benchmark, 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, as the Fund’s holdings underperformed the secondary benchmark index.

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

  SEMIANNUAL REPORT | DECEMBER 31, 2023 11

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

Cumulative Returns Through December 31, 2023

$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 PIMCO 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 December 31, 2023
		6 Months*		1 Year		5 Years		Fund Inception (08/31/17)
	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Based on Net Asset Value)		7.99%		12.22%		12.87%		10.68%
	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (At Market Price)(1)(2)		7.75%		12.20%		12.89%		10.65%
	RAFI Dynamic Multi-Factor U.S. Index±		8.17%		12.51%		13.24%		11.05%
	S&P 500 Index±±		8.04%		26.29%		15.69%		12.89%

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.

* Cumulative return.

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, as stated in the Fund’s currently-effective prospectus (as of the date of this report), was 0.30%. See Financial Highlights for actual expense ratios as of the end of the period covered by this report.

12 PIMCO EQUITY SERIES  

Ticker symbol - MFUS

Top 10 Holdings as of December 31, 2023^†§

Apple, Inc.	2.4%
Meta Platforms, Inc. ‘A’	2.3%
Eli Lilly & Co.	2.2%
Walmart, Inc.	1.5%
Berkshire Hathaway, Inc. ‘B’	1.5%
Oracle Corp.	1.5%
Broadcom, Inc.	1.4%
Amazon.com, Inc.	1.4%
NVIDIA Corp.	1.3%
Visa, Inc. ‘A’	1.3%

Sector Breakdown as of December 31, 2023^†**

Information Technology	19.9%
Health Care	13.6%
Financials	13.6%
Consumer Discretionary	13.1%
Industrials	13.0%
Consumer Staples	9.6%
Communication Services	6.3%
Energy	4.5%
Materials	3.4%
Real Estate	2.0%
Utilities	0.5%
Short-Term Instruments	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.

** 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 utilities sector contributed to relative returns compared to the Fund’s secondary benchmark, as the sector underperformed the secondary benchmark index.

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

» Overweight exposure to the consumer staples sector detracted from relative returns compared to the Fund’s secondary benchmark, as the sector underperformed the secondary benchmark index.

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

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

  SEMIANNUAL REPORT | DECEMBER 31, 2023 13

PIMCO RAFI ESG U.S. ETF

Cumulative Returns Through December 31, 2023

$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 PIMCO 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 December 31, 2023
		6 Months*		1 Year		Fund Inception (12/18/19)
	PIMCO RAFI ESG U.S. ETF (Based on Net Asset Value)		8.62%		18.72%		9.05%
	PIMCO RAFI ESG U.S. ETF (At Market Price)(1)(2)		8.52%		18.81%		8.94%
	RAFI ESG US Index±		8.67%		18.93%		9.35%
	S&P 500 Index±±		8.04%		26.29%		12.28%

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.

* Cumulative return.

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, as stated in the Fund’s currently-effective prospectus (as of the date of this report), was 0.30%. See Financial Highlights for actual expense ratios as of the end of the period covered by this report.

14 PIMCO EQUITY SERIES  

Ticker symbol - RAFE

Top 10 Holdings as of December 31, 2023^†§

Microsoft Corp.	5.5%
Apple, Inc.	5.1%
Intel Corp.	4.7%
Meta Platforms, Inc. ‘A’	3.7%
JPMorgan Chase & Co.	2.9%
Johnson & Johnson	2.8%
Citigroup, Inc.	2.4%
Cisco Systems, Inc.	2.2%
Wells Fargo & Co.	2.2%
Bank of America Corp.	2.1%

Sector Breakdown as of December 31, 2023^†**

Information Technology	31.0%
Health Care	18.4%
Financials	16.4%
Communication Services	8.6%
Consumer Discretionary	7.6%
Consumer Staples	6.8%
Industrials	4.7%
Materials	3.9%
Real Estate	2.3%
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 information technology 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 financials sector contributed to relative returns compared to the Fund’s secondary benchmark, as the sector and the Fund’s holdings outperformed the secondary benchmark index.

» Underweight exposure to the utilities sector contributed to relative returns compared to the Fund’s secondary benchmark, as the sector underperformed the secondary benchmark index.

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

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

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

  SEMIANNUAL REPORT | DECEMBER 31, 2023 15

Expense Examples    

Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and exchange fees and (2) ongoing costs, including management fees and other Fund expenses. You may also pay brokerage commissions on your purchases and sales of Fund shares, which are not reflected in the Example. The Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for all Funds and share classes is from July 1, 2023 to December 31, 2023 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 (07/01/23)		Ending Account Value (12/31/23)		Expenses Paid During Period*		Beginning Account Value (07/01/23)		Ending Account Value (12/31/23)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	1,000.00	$	1,075.60	$	2.59	$	1,000.00	$	1,022.50	$	2.53		0.50	%
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		1,000.00		1,063.90		2.01		1,000.00		1,023.05		1.97		0.39
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		1,000.00		1,079.90		1.51		1,000.00		1,023.55		1.47		0.29
PIMCO RAFI ESG U.S. ETF		1,000.00		1,086.20		1.51		1,000.00		1,023.55		1.47		0.29

* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

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

16 PIMCO EQUITY SERIES  

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SEMIANNUAL REPORT | DECEMBER 31, 2023 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 Asset Value End of Year or Period(a)
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF
07/01/2023 - 12/31/2023+	$	18.46	$	0.30	$	1.08		$	1.38		$	(0.66	)	$	0.00		$	(0.66	)	$	19.18
06/30/2023		18.33		0.75		0.61			1.36			(0.64	)		(0.59	)		(1.23	)		18.46
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
PIMCO RAFI Dynamic Multi-Factor International Equity ETF
07/01/2023 - 12/31/2023+	$	28.08	$	0.28	$	1.47		$	1.75		$	(0.73	)	$	0.00		$	(0.73	)	$	29.10
06/30/2023		25.16		0.95		2.78			3.73			(0.81	)		0.00			(0.81	)		28.08
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
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF
07/01/2023 - 12/31/2023+	$	39.42	$	0.39	$	2.72		$	3.11		$	(0.61	)	$	0.00		$	(0.61	)	$	41.92
06/30/2023		36.24		0.87		3.13			4.00			(0.82	)		0.00			(0.82	)		39.42
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
PIMCO RAFI ESG U.S. ETF
07/01/2023 - 12/31/2023+	$	30.38	$	0.31	$	2.28		$	2.59		$	(0.44	)	$	0.00		$	(0.44	)	$	32.53
06/30/2023		27.58		0.64		2.79			3.43			(0.63	)		0.00			(0.63	)		30.38
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%.

+ Unaudited

* 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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

^(d)  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
	7.68	%	$	94,379		0.50	%*		0.51	%*		0.49	%*		0.50	%*		3.25	%*		22	%
	7.99			90,844		0.50			0.51			0.49			0.50			4.15			74
	(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
	6.39	%	$	209,507		0.39	%*		0.40	%*		0.39	%*		0.40	%*		2.03	%*		14	%
	15.22			146,028		0.39			0.40			0.39			0.40			3.60			27
	(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
	7.99	%	$	130,804		0.29	%*		0.30	%*		0.29	%*		0.30	%*		1.98	%*		18	%
	11.20			126,948		0.29			0.30			0.29			0.30			2.27			45
	(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
	8.62	%	$	45,548		0.29	%*		0.30	%*		0.29	%*		0.30	%*		2.05	%*		9	%
	12.69			33,419		0.29			0.30			0.29			0.30			2.25			17
	(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

  SEMIANNUAL REPORT | DECEMBER 31, 2023 19

Statements of Assets and Liabilities   December 31, 2023 (Unaudited)

(Amounts in thousands†, except per share amounts)	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF			PIMCO RAFI Dynamic Multi-Factor International Equity ETF		PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		PIMCO RAFI ESG U.S. ETF
Assets:
Investments, at value
Investments in securities*^	$	94,609		$	209,919	$	131,298	$	45,515
Investments in Affiliates		7			0		0		0
Cash		0			0		1		234
Foreign currency, at value		20			209		0		0
Receivable for investments sold		697			165		0		0
Interest and/or dividends receivable		278			578		160		33
Reimbursement receivable from PIMCO		2			2		2		1
Total Assets		95,613			210,873		131,461		45,783
Liabilities:
Payable for investments purchased	$	2		$	0	$	0	$	0
Payable upon return of securities loaned		7			0		0		0
Distributions payable		787			1,296		624		224
Accrued management fees		39			70		33		11
Accrued taxes payable		399			0		0		0
Total Liabilities		1,234			1,366		657		235
Commitments and contingent liabilities^^
Net Assets	$	94,379		$	209,507	$	130,804	$	45,548
Net Assets Consist of:
Paid in capital	$	94,893		$	200,931	$	127,061	$	43,765
Distributable earnings (accumulated loss)		(514	)		8,576		3,743		1,783
Net Assets	$	94,379		$	209,507	$	130,804	$	45,548
Shares Issued and Outstanding		4,920			7,200		3,120		1,400
Net Asset Value Per Share Outstanding(a):	$	19.18		$	29.10	$	41.92	$	32.53
Cost of investments in securities	$	88,462		$	185,710	$	111,477	$	41,084
Cost of investments in Affiliates	$	7		$	0	$	0	$	0
Cost of foreign currency held	$	66		$	207	$	0	$	0
* Includes repurchase agreements of:	$	477		$	1,520	$	704	$	0
^ Includes securities on loan of:	$	6		$	0	$	0	$	0

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

^{^^}  See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

^(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    

Six Months Ended December 31, 2023 (Unaudited)
(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:
Interest	$	6		$	9		$	8		$	0
Dividends, net of foreign taxes*		1,687			2,003			1,430			440
Total Income		1,693			2,012			1,438			440
Expenses:
Management fees		221			324			184			55
Trustee fees		3			5			4			1
Interest expense		6			0			0			0
Miscellaneous expense		2			4			3			1
Total Expenses		232			333			191			57
Waiver and/or Reimbursement by PIMCO		(3	)		(5	)		(4	)		(1	)
Net Expenses		229			328			187			56
Net Investment Income (Loss)		1,464			1,684			1,251			384
Net Realized Gain (Loss):
Investments in securities, net of foreign capital gains tax**		483			(385	)		(1,220	)		(117	)
In-kind redemptions		0			0			6,694			0
Over the counter financial derivative instruments		1			(3	)		0			0
Foreign currency		(31	)		4			0			0
Net Realized Gain (Loss)		453			(384	)		5,474			(117	)
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities net of foreign capital gains tax***		4,902			11,795			3,102			3,439
Foreign currency assets and liabilities		(21	)		11			0			0
Net Change in Unrealized Appreciation (Depreciation)		4,881			11,806			3,102			3,439
Net Increase (Decrease) in Net Assets Resulting from Operations	$	6,798		$	13,106		$	9,827		$	3,706
* Foreign tax withholdings - Dividends	$	251		$	185		$	0		$	0
** Foreign capital gains tax	$	60		$	0		$	0		$	0
*** Foreign capital gains tax	$	(298	)	$	0		$	0		$	0

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

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 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†)	Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023			Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023			Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023			Six Months Ended December 31, 2023 (Unaudited)			Year Ended June 30, 2023
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	1,464		$	3,399		$	1,684		$	4,181		$	1,251		$	2,610		$	384		$	667
Net realized gain (loss)		453			(1,899	)		(384	)		(1,280	)		5,474			(3,365	)		(117	)		(250	)
Net change in unrealized appreciation (depreciation)		4,881			4,076			11,806			13,989			3,102			12,671			3,439			3,022
Net Increase (Decrease) in Net Assets Resulting from Operations		6,798			5,576			13,106			16,890			9,827			11,916			3,706			3,439
Distributions to Shareholders:
From net investment income and/or net realized capital gains		(3,247	)		(5,242	)		(4,316	)		(3,254	)		(1,944	)		(2,406	)		(560	)		(651	)
Total Distributions(a)		(3,247	)		(5,242	)		(4,316	)		(3,254	)		(1,944	)		(2,406	)		(560	)		(651	)
Fund Share Transactions:
Receipts for shares sold		0			32,852			54,689			46,853			12,208			26,243			8,983			8,732
Cost of shares redeemed		(16	)		(17,859	)		0			0			(16,235	)		(3,759	)		0			(6,716	)
Net increase (decrease) resulting from Fund share transactions		(16	)		14,993			54,689			46,853			(4,027	)		22,484			8,983			2,016
Total Increase (Decrease) in Net Assets		3,535			15,327			63,479			60,489			3,856			31,994			12,129			4,804
Net Assets:
Beginning of period		90,844			75,517			146,028			85,539			126,948			94,954			33,419			28,615
End of period	$	94,379		$	90,844		$	209,507		$	146,028		$	130,804		$	126,948		$	45,548		$	33,419
Shares of Beneficial Interest:
Shares sold		0			1,800			2,000			1,800			300			700			300			300
Shares redeemed		0			(1,000	)		0			0			(400	)		(100	)		0			(238	)
Net increase (decrease) in shares outstanding		0			800			2,000			1,800			(100	)		600			300			62

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

^(a)  The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid is determined at the end so the fiscal year. 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   December 31, 2023 (Unaudited)

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 100.3%
COMMON STOCKS 95.7%
BRAZIL 4.7%
COMMUNICATION SERVICES 0.3%
Telefonica Brasil SA		18,773	$		206
TIM SA		26,600			98
					304
CONSUMER DISCRETIONARY 0.6%
Cogna Educacao SA (b)		126,300			91
Vibra Energia SA		98,432			461
					552
CONSUMER STAPLES 1.0%
Atacadao SA		20,500			53
BRF SA (b)		37,458			105
JBS SA		106,560			541
Marfrig Global Foods SA		58,700			116
Natura & Co. Holding SA (b)		8,900			30
Raia Drogasil SA		25,359			153
					998
ENERGY 0.3%
Ultrapar Participacoes SA		46,088			250
FINANCIALS 0.6%
B3 SA - Brasil Bolsa Balcao		64,402			193
Banco BTG Pactual SA		9,800			76
Banco do Brasil SA		12,700			145
Banco Santander Brasil SA		12,400			82
BB Seguridade Participacoes SA		5,197			36
Porto Seguro SA		2,300			13
					545
HEALTH CARE 0.0%
Rede D’Or Sao Luiz SA		5,700			34
INDUSTRIALS 0.2%
Embraer SA (b)		7,500			34
Rumo SA		5,500			26
WEG SA		11,681			89
					149
MATERIALS 1.5%
Cia Siderurgica Nacional SA		25,577			102
Klabin SA		33,390			153
Suzano SA		20,292			231
Vale SA		57,700			914
					1,400
UTILITIES 0.2%
Companhia Paranaense de Energia		15,589			30
CPFL Energia SA		3,600			29
Energisa SA		7,000			78
Engie Brasil Energia SA		3,135			29
Equatorial Energia SA		6,700			49
					215
Total Brazil					4,447

	SHARES			MARKET VALUE (000S)
CHILE 0.8%
CONSUMER STAPLES 0.2%
Cencosud SA		58,199	$		109
Cia Cervecerias Unidas SA		10,138			65
					174
ENERGY 0.0%
Empresas Copec SA		6,030			44
FINANCIALS 0.4%
Banco de Chile		1,334,417			157
Banco de Credito e Inversiones SA		1,126			31
Banco Itau Chile SA		865			8
Banco Santander Chile		2,784,565			136
					332
MATERIALS 0.0%
Empresas CMPC SA		17,456			34
UTILITIES 0.2%
Colbun SA		383,504			61
Enel Americas SA		343,338			38
Enel Chile SA		672,048			43
					142
Total Chile					726
CHINA 22.3%
COMMUNICATION SERVICES 1.9%
China United Network Communications Ltd. ‘A’		501,900			310
Focus Media Information Technology Co. Ltd. ‘A’		70,200			63
NetEase, Inc.		6,601			615
Tencent Holdings Ltd.		15,800			596
Tencent Music Entertainment Group ADR (b)		22,419			202
					1,786
CONSUMER DISCRETIONARY 1.3%
ANTA Sports Products Ltd.		14,600			142
BAIC Motor Corp. Ltd. ‘H’		118,000			34
BYD Co. Ltd. ‘H’		8,500			234
China Tourism Group Duty Free Corp. Ltd. ‘H’		2,400			24
China Yongda Automobiles Services Holdings Ltd.		47,500			18
Chongqing Changan Automobile Co. Ltd. ‘A’		13,100			31
Dongfeng Motor Group Co. Ltd. ‘H’		138,000			69
Fuyao Glass Industry Group Co. Ltd.		4,000			20
Great Wall Motor Co. Ltd. ‘H’		24,500			32
Huayu Automotive Systems Co. Ltd. ‘A’		27,600			63
SAIC Motor Corp. Ltd. ‘A’		38,800			74
Shanghai Yuyuan Tourist Mart Group Co. Ltd. ‘A’		31,100			27
Shenzhou International Group Holdings Ltd.		12,700			130
Topsports International Holdings Ltd.		74,000			58
Vipshop Holdings Ltd. (b)		8,355			148
Wuchan Zhongda Group Co. Ltd. ‘A’		136,900			86
					1,190

	SHARES			MARKET VALUE (000S)
CONSUMER STAPLES 1.4%
China Feihe Ltd.		121,000	$		66
Foshan Haitian Flavouring & Food Co. Ltd. ‘A’		3,100			17
Guangdong Haid Group Co. Ltd. ‘A’		8,600			54
Henan Shuanghui Investment & Development Co. Ltd. ‘A’		17,500			66
Hengan International Group Co. Ltd.		22,000			82
Kweichow Moutai Co. Ltd. ‘A’		1,800			438
Luzhou Laojiao Co. Ltd. ‘A’		2,700			68
Muyuan Foods Co. Ltd. ‘A’		15,600			91
New Hope Liuhe Co. Ltd. ‘A’		25,500			34
Nongfu Spring Co. Ltd. ‘H’		19,400			112
Tingyi Cayman Islands Holding Corp.		82,000			100
Uni-President China Holdings Ltd.		43,000			31
Wens Foodstuffs Group Co. Ltd. ‘A’		51,300			145
Wuliangye Yibin Co. Ltd. ‘A’		3,600			71
					1,375
ENERGY 1.9%
China Petroleum & Chemical Corp. ‘H’		1,114,000			584
China Shenhua Energy Co. Ltd. ‘H’		154,000			528
PetroChina Co. Ltd. ‘H’		650,000			429
Shaanxi Coal Industry Co. Ltd. ‘A’		23,100			68
Shanxi Coking Coal Energy Group Co. Ltd. ‘A’		15,900			22
Yankuang Energy Group Co. Ltd. ‘H’		105,000			200
					1,831
FINANCIALS 5.4%
Agricultural Bank of China Ltd. ‘H’		2,115,000			816
Bank of Beijing Co. Ltd. ‘A’		146,500			94
Bank of Changsha Co. Ltd. ‘A’		34,400			33
Bank of China Ltd. ‘H’		2,271,000			863
Bank of Chongqing Co. Ltd. ‘H’		35,000			18
Bank of Communications Co. Ltd. ‘H’		594,000			371
Bank of Guiyang Co. Ltd. ‘A’		54,700			40
Bank of Hangzhou Co. Ltd. ‘A’		40,900			58
Bank of Jiangsu Co. Ltd. ‘A’		245,200			231
Bank of Nanjing Co. Ltd. ‘A’		47,800			50
Bank of Shanghai Co. Ltd. ‘A’		58,300			49
China Cinda Asset Management Co. Ltd. ‘H’		353,000			35
China CITIC Bank Corp. Ltd. ‘H’		314,000			148
China Construction Bank Corp. ‘H’		670,000			398
China Everbright Bank Co. Ltd. ‘H’		569,000			169
China Galaxy Securities Co. Ltd. ‘H’		24,000			13
China Minsheng Banking Corp. Ltd. ‘H’		453,500			154
China Zheshang Bank Co. Ltd. ‘H’		345,000			89
Chongqing Rural Commercial Bank Co. Ltd. ‘H’		221,000			86
CITIC Securities Co. Ltd. ‘H’		46,000			94
CNPC Capital Co. Ltd. ‘A’		26,000			20
CSC Financial Co. Ltd. ‘H’		11,500			10
Guosen Securities Co. Ltd. ‘A’		37,700			45
Huatai Securities Co. Ltd. ‘H’		15,000			19
Huaxia Bank Co. Ltd. ‘A’		79,900			63

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 23

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Industrial & Commercial Bank of China Ltd. ‘H’		1,278,000	$		623
Industrial Securities Co. Ltd.		22,600			19
Lufax Holding Ltd. ADR		11,655			36
PICC Property & Casualty Co. Ltd. ‘H’		80,000			95
Ping An Insurance Group Co. of China Ltd. ‘H’		57,500			260
Shanghai Pudong Development Bank Co. Ltd. ‘A’		80,200			75
					5,074
HEALTH CARE 1.0%
China Resources Pharmaceutical Group Ltd.		121,500			80
CSPC Pharmaceutical Group Ltd.		257,680			240
Jiangsu Hengrui Pharmaceuticals Co. Ltd. ‘A’		11,100			71
Jointown Pharmaceutical Group Co. Ltd. ‘A’		31,214			31
Shandong Buchang Pharmaceuticals Co. Ltd. ‘A’		16,300			39
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. ‘A’		2,400			98
Sinopharm Group Co. Ltd. ‘H’		72,800			191
WuXi AppTec Co. Ltd. ‘H’		10,700			109
Yunnan Baiyao Group Co. Ltd. ‘A’		10,300			71
					930
INDUSTRIALS 2.8%
AECC Aviation Power Co. Ltd.		11,300			60
China Communications Services Corp. Ltd. ‘H’		108,000			45
China CSSC Holdings Ltd. ‘A’		19,500			81
China International Marine Containers Group Co. Ltd. ‘H’		21,600			14
China Lesso Group Holdings Ltd. ‘L’		37,000			19
China National Chemical Engineering Co. Ltd. ‘A’		53,200			48
China Railway Group Ltd. ‘H’		529,000			236
China State Construction Engineering Corp. Ltd. ‘A’		399,500			271
CITIC Ltd.		141,000			141
COSCO SHIPPING Holdings Co. Ltd. ‘H’		58,500			59
CRRC Corp. Ltd. ‘H’		62,000			27
Daqin Railway Co. Ltd. ‘A’		76,300			78
Fosun International Ltd.		45,000			27
Horizon Construction Development Ltd. (b)		2,407			1
Jiangsu Expressway Co. Ltd. ‘H’		86,000			77
Jiangsu Zhongtian Technology Co. Ltd. ‘A’		50,800			89
Metallurgical Corp. of China Ltd. ‘H’		459,000			89
NARI Technology Co. Ltd. ‘A’		32,700			103
Power Construction Corp. of China Ltd. ‘A’		207,500			143
Qingdao Port International Co. Ltd.		28,000			15
Sany Heavy Industry Co. Ltd. ‘A’		43,200			84
Shanghai Construction Group Co. Ltd. ‘A’		120,600			40
Shanghai International Port Group Co. Ltd. ‘A’		23,200			16
Shanghai Tunnel Engineering Co. Ltd. ‘A’		83,500			68

	SHARES			MARKET VALUE (000S)
Sichuan Road & Bridge Group Co. Ltd. ‘A’		14,180	$		15
Sinopec Engineering Group Co. Ltd. ‘H’		66,500			34
Sinotrans Ltd. ‘H’		118,000			49
Sinotruk Hong Kong Ltd.		64,500			127
TBEA Co. Ltd. ‘A’		55,690			108
Weichai Power Co. Ltd. ‘H’		28,000			47
Xiamen C & D, Inc. ‘A’		64,300			87
Xiamen ITG Group Corp. Ltd. ‘A’		64,800			64
Xiamen Xiangyu Co. Ltd. ‘A’		32,700			31
Zhejiang Chint Electrics Co. Ltd. ‘A’		15,300			46
Zhejiang Expressway Co. Ltd. ‘H’		44,000			29
Zoomlion Heavy Industry Science and Technology Co. Ltd. ‘H’		18,000			10
ZTO Express Cayman, Inc.		6,936			148
					2,626
INFORMATION TECHNOLOGY 2.0%
360 Security Technology, Inc. ‘A’		45,400			58
AAC Technologies Holdings, Inc.		19,000			56
Avary Holding Shenzhen Co. Ltd. ‘A’		14,500			46
BYD Electronic International Co. Ltd.		10,500			49
China Railway Signal & Communication Corp. Ltd. ‘H’		248,000			83
Foxconn Industrial Internet Co. Ltd. ‘A’		103,700			221
GoerTek, Inc. ‘A’		6,000			18
Lenovo Group Ltd.		456,000			638
Luxshare Precision Industry Co. Ltd. ‘A’		11,000			53
Sunny Optical Technology Group Co. Ltd.		16,800			153
TCL Technology Group Corp. ‘A’		17,300			11
Tianma Microelectronics Co. Ltd. ‘A’		35,300			53
Unisplendour Corp. Ltd.		8,000			22
Wingtech Technology Co. Ltd. ‘A’		1,900			11
Xiaomi Corp. ‘B’ (b)		158,600			318
Zhejiang Dahua Technology Co. Ltd. ‘A’		11,300			29
ZTE Corp. ‘H’		24,800			55
					1,874
MATERIALS 2.0%
Aluminum Corp. of China Ltd. ‘H’		452,000			226
Angang Steel Co. Ltd. ‘H’		142,000			28
Anhui Conch Cement Co. Ltd. ‘H’		124,000			286
Baoshan Iron & Steel Co. Ltd. ‘A’		162,600			136
China Hongqiao Group Ltd.		252,500			207
China National Building Material Co. Ltd. ‘H’		330,000			141
CMOC Group Ltd. ‘H’		60,000			33
Hengli Petrochemical Co. Ltd. ‘A’		17,300			32
Hesteel Co. Ltd. ‘A’		140,800			42
Huaxin Cement Co. Ltd. ‘H’		20,600			18
Hunan Valin Steel Co. Ltd. ‘A’		72,500			53
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. ‘A’		19,900			11
Jiangxi Copper Co. Ltd. ‘H’		77,000			109
Luxi Chemical Group Co. Ltd. ‘A’		16,200			23
Maanshan Iron & Steel Co. Ltd. ‘H’		80,000			13
Nanjing Iron & Steel Co. Ltd. ‘A’		69,500			36
Ningxia Baofeng Energy Group Co. Ltd. ‘A’		28,500			59

	SHARES			MARKET VALUE (000S)
Shandong Chenming Paper Holdings Ltd. ‘H’		27,500	$		7
Shanxi Taigang Stainless Steel Co. Ltd. ‘A’		69,900			37
Sinopec Shanghai Petrochemical Co. Ltd. ‘H’		180,000			26
Tangshan Jidong Cement Co. Ltd. ‘A’		23,800			21
Tongling Nonferrous Metals Group Co. Ltd. ‘A’		95,800			44
Xinxing Ductile Iron Pipes Co. Ltd. ‘A’		140,200			75
Xinyu Iron & Steel Co. Ltd. ‘A’		56,500			28
Zijin Mining Group Co. Ltd. ‘H’		136,000			222
					1,913
REAL ESTATE 1.5%
Agile Group Holdings Ltd. (b)		252,000			27
China Merchants Shekou Industrial Zone Holdings Co. Ltd. ‘A’		19,100			26
China Vanke Co. Ltd. ‘H’		403,400			373
Country Garden Holdings Co. Ltd. (b)		4,503,000			451
Financial Street Holdings Co. Ltd. ‘A’		48,800			25
Guangzhou R&F Properties Co. Ltd. ‘H’ (b)		126,800			19
Jinke Properties Group Co. Ltd. ‘A’		295,900			76
KE Holdings, Inc. ADR		2,588			42
KWG Group Holdings Ltd. (b)		352,000			25
Logan Group Co. Ltd. (b)		95,000			7
Longfor Group Holdings Ltd.		84,000			135
Powerlong Real Estate Holdings Ltd. (b)		108,000			10
Seazen Group Ltd.		620,000			101
Seazen Holdings Co. Ltd. ‘A’		22,700			37
Sino-Ocean Group Holding Ltd. (b)		691,000			39
Youngor Group Co. Ltd.		26,500			24
					1,417
UTILITIES 1.1%
CGN Power Co. Ltd. ‘H’		631,000			165
China National Nuclear Power Co. Ltd. ‘A’		144,000			152
China Yangtze Power Co. Ltd. ‘A’		134,200			441
ENN Energy Holdings Ltd.		21,000			155
GD Power Development Co. Ltd. ‘A’		168,400			99
Huaneng Lancang River Hydropower, Inc. ‘A’		12,200			15
Huaneng Power International, Inc. ‘H’		56,000			30
					1,057
Total China					21,073
GREECE 0.5%
COMMUNICATION SERVICES 0.1%
Hellenic Telecommunications Organization SA		3,864			55
CONSUMER DISCRETIONARY 0.1%
JUMBO SA		1,888			52
OPAP SA		3,453			59
					111

24 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2023 (Unaudited)

	SHARES			MARKET VALUE (000S)
ENERGY 0.0%
Motor Oil Hellas Corinth Refineries SA		708	$		19
FINANCIALS 0.2%
Alpha Services & Holdings SA (b)		33,166			56
Eurobank Ergasias Services & Holdings SA ‘A’ (b)		30,894			55
National Bank of Greece SA (b)		8,138			57
Piraeus Financial Holdings SA (b)		4,378			15
					183
INDUSTRIALS 0.1%
Mytilineos SA		640			26
Star Bulk Carriers Corp.		1,063			22
					48
UTILITIES 0.0%
Public Power Corp. SA (b)		2,733			34
Total Greece					450
HONG KONG 1.3%
FINANCIALS 0.5%
BOC Hong Kong Holdings Ltd.		117,000			318
China Taiping Insurance Holdings Co. Ltd.		81,800			70
Far East Horizon Ltd.		65,000			51
					439
INDUSTRIALS 0.1%
China Everbright Environment Group Ltd.		153,000			50
China Zhongwang Holdings Ltd. «(b)		338,800			0
Shanghai Industrial Holdings Ltd.		22,000			27
Shenzhen International Holdings Ltd.		57,500			49
					126
MATERIALS 0.0%
China Resources Cement Holdings Ltd.		60,000			13
REAL ESTATE 0.1%
China Jinmao Holdings Group Ltd.		294,000			28
China Overseas Land & Investment Ltd.		50,500			89
Poly Property Group Co. Ltd.		41,000			9
					126
UTILITIES 0.6%
Beijing Enterprises Holdings Ltd.		27,000			94
China Power International Development Ltd.		46,000			17
China Resources Gas Group Ltd.		52,500			172
China Resources Power Holdings Co. Ltd.		18,000			36
Guangdong Investment Ltd.		106,000			77
Kunlun Energy Co. Ltd.		200,000			181
					577
Total Hong Kong					1,281

	SHARES			MARKET VALUE (000S)
INDIA 12.9%
COMMUNICATION SERVICES 0.2%
Bharti Airtel Ltd.		11,592	$		144
Indus Towers Ltd. (b)		26,939			64
					208
CONSUMER DISCRETIONARY 1.1%
Apollo Tyres Ltd.		4,256			23
Bajaj Auto Ltd.		2,454			200
Balkrishna Industries Ltd.		805			25
Bharat Forge Ltd.		3,152			47
Bosch Ltd.		199			53
Hero MotoCorp Ltd.		2,804			139
Maruti Suzuki India Ltd.		1,122			139
Rajesh Exports Ltd.		14,017			62
Samvardhana Motherson International Ltd.		25,078			31
Tata Motors Ltd.		17,885			167
Titan Co. Ltd.		2,557			113
TVS Motor Co. Ltd.		1,364			33
Vardhman Textiles Ltd.		2,281			11
					1,043
CONSUMER STAPLES 1.5%
Britannia Industries Ltd.		1,315			84
Colgate-Palmolive India Ltd.		1,453			44
Dabur India Ltd.		5,865			39
Godrej Consumer Products Ltd.		3,013			41
Hindustan Unilever Ltd.		7,489			240
ITC Ltd.		135,611			753
Marico Ltd.		6,478			43
Nestle India Ltd.		495			158
					1,402
ENERGY 1.6%
Bharat Petroleum Corp. Ltd.		49,964			271
Coal India Ltd.		45,970			208
Hindustan Petroleum Corp. Ltd. (b)		53,702			257
Indian Oil Corp. Ltd.		184,682			288
Oil & Natural Gas Corp. Ltd.		130,757			322
Oil India Ltd.		14,603			65
Petronet LNG Ltd.		19,412			52
					1,463
FINANCIALS 1.7%
Bajaj Finance Ltd.		2,438			215
Canara Bank		5,760			30
Cholamandalam Financial Holdings Ltd.		1,580			20
Cholamandalam Investment & Finance Co. Ltd.		5,308			80
HDFC Asset Management Co. Ltd.		574			22
HDFC Life Insurance Co. Ltd.		7,202			56
ICICI Lombard General Insurance Co. Ltd.		725			12
ICICI Prudential Life Insurance Co. Ltd.		1,994			13
IDFC First Bank Ltd. (b)		40,680			43
Indiabulls Housing Finance Ltd. ‘L’		58,089			151
Indian Railway Finance Corp. Ltd.		31,281			37
IndusInd Bank Ltd.		7,996			154
LIC Housing Finance Ltd.		1,489			10
Muthoot Finance Ltd.		1,605			29

	SHARES			MARKET VALUE (000S)
Piramal Enterprises Ltd.		1,694	$		19
Power Finance Corp. Ltd.		93,851			431
Punjab National Bank		26,808			31
RBL Bank Ltd.		4,855			16
REC Ltd.		29,689			147
Shriram Finance Ltd.		2,766			68
					1,584
HEALTH CARE 0.7%
Alkem Laboratories Ltd.		179			11
Apollo Hospitals Enterprise Ltd.		716			49
Aurobindo Pharma Ltd.		2,586			34
Cipla Ltd.		5,507			82
Divi’s Laboratories Ltd.		1,803			85
Dr Reddy’s Laboratories Ltd.		2,085			145
Lupin Ltd.		5,235			83
Sun Pharmaceutical Industries Ltd.		8,893			135
Torrent Pharmaceuticals Ltd.		1,755			49
Zydus Lifesciences Ltd.		3,372			28
					701
INDUSTRIALS 0.7%
Ashok Leyland Ltd.		12,244			27
Bharat Electronics Ltd.		17,294			38
Bharat Heavy Electricals Ltd.		7,400			17
Havells India Ltd.		884			14
Hindustan Aeronautics Ltd.		2,348			79
InterGlobe Aviation Ltd. (b)		1,115			40
Larsen & Toubro Ltd.		8,837			374
Polycab India Ltd.		469			31
WNS Holdings Ltd. (b)		517			33
					653
INFORMATION TECHNOLOGY 2.3%
HCL Technologies Ltd.		15,734			277
Infosys Ltd.		32,096			594
LTIMindtree Ltd.		872			66
Mphasis Ltd.		2,359			78
Oracle Financial Services Software Ltd.		364			18
Redington Ltd.		18,568			39
Tata Consultancy Services Ltd.		16,976			773
Tech Mahindra Ltd.		12,857			196
Wipro Ltd.		20,880			119
					2,160
MATERIALS 1.6%
Asian Paints Ltd.		2,568			105
Berger Paints India Ltd.		1,354			10
Coromandel International Ltd.		1,615			24
Gujarat State Fertilizers & Chemicals Ltd.		8,284			24
Jindal Saw Ltd.		8,650			43
Jindal Stainless Ltd.		2,281			16
Jindal Steel & Power Ltd.		9,886			89
National Aluminium Co. Ltd.		55,816			88
NMDC Ltd.		25,325			64
Pidilite Industries Ltd.		570			19
Steel Authority of India Ltd.		123,702			183
Supreme Industries Ltd.		1,997			109
Tata Steel Ltd.		238,560			400
UltraTech Cement Ltd.		1,831			231
Vedanta Ltd.		43,629			135
					1,540

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 25

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
REAL ESTATE 0.1%
DLF Ltd.		8,404	$		73
Macrotech Developers Ltd.		2,021			25
					98
UTILITIES 1.4%
GAIL India Ltd.		17,219			34
Gujarat State Petronet Ltd.		4,471			16
Jaiprakash Power Ventures Ltd. (b)		285,988			48
JSW Energy Ltd.		4,636			23
NHPC Ltd.		52,768			41
NTPC Ltd.		132,805			496
Power Grid Corp. of India Ltd.		159,611			455
PTC India Ltd.		15,463			35
Reliance Infrastructure Ltd. (b)		18,014			45
Reliance Power Ltd. (b)		198,360			55
Tata Power Co. Ltd.		11,676			47
Torrent Power Ltd.		908			10
					1,305
Total India					12,157
INDONESIA 1.2%
COMMUNICATION SERVICES 0.4%
Elang Mahkota Teknologi Tbk PT		168,800			6
Indosat Tbk PT		24,300			15
Telkom Indonesia Persero Tbk PT		1,197,300			307
					328
CONSUMER STAPLES 0.2%
Gudang Garam Tbk PT		27,100			36
Indofood CBP Sukses Makmur Tbk PT		56,300			39
Indofood Sukses Makmur Tbk PT		27,100			11
Sumber Alfaria Trijaya Tbk PT		290,700			55
Unilever Indonesia Tbk PT		129,900			30
					171
ENERGY 0.1%
Adaro Energy Indonesia Tbk PT		614,100			95
Indika Energy Tbk PT		84,700			8
Indo Tambangraya Megah Tbk PT		21,600			36
					139
FINANCIALS 0.4%
Bank Central Asia Tbk PT		338,900			207
Bank Mandiri Persero Tbk PT		336,700			132
					339
HEALTH CARE 0.0%
Kalbe Farma Tbk PT		390,300			41
INDUSTRIALS 0.0%
Astra International Tbk PT		98,300			36
MATERIALS 0.1%
Barito Pacific Tbk PT		210,000			18
Chandra Asri Petrochemical Tbk PT		57,400			20
Indocement Tunggal Prakarsa Tbk PT		44,300			27
					65
Total Indonesia					1,119

	SHARES			MARKET VALUE (000S)
IRELAND 0.4%
CONSUMER DISCRETIONARY 0.4%
PDD Holdings, Inc. ADR (b)		2,640	$		386
Total Ireland					386
KUWAIT 0.4%
COMMUNICATION SERVICES 0.1%
Mobile Telecommunications Co. KSCP		44,173			73
CONSUMER DISCRETIONARY 0.0%
Humansoft Holding Co. KSC		302			3
FINANCIALS 0.2%
Al Ahli Bank of Kuwait KSCP		3,781			3
Boubyan Bank KSCP		10,417			20
Gulf Bank KSCP		6,421			6
Kuwait Finance House KSCP		92,698			219
					248
INDUSTRIALS 0.1%
Agility Public Warehousing Co. KSC		28,106			46
National Industries Group Holding SAK		5,584			4
					50
REAL ESTATE 0.0%
Commercial Real Estate Co. KSC		35,666			12
Mabanee Co. KPSC		733			2
					14
Total Kuwait					388
MALAYSIA 1.7%
COMMUNICATION SERVICES 0.1%
Axiata Group Bhd.		44,100			23
CelecomDigi Bhd.		26,200			23
Maxis Bhd.		48,400			41
Telekom Malaysia Bhd.		44,100			53
					140
CONSUMER DISCRETIONARY 0.1%
Genting Bhd.		46,100			46
Genting Malaysia Bhd.		96,600			57
					103
CONSUMER STAPLES 0.1%
IOI Corp. Bhd.		27,700			24
Kuala Lumpur Kepong Bhd.		7,000			33
PPB Group Bhd.		6,700			21
Sime Darby Plantation Bhd.		40,800			39
					117
ENERGY 0.0%
Petronas Dagangan Bhd.		3,500			17
FINANCIALS 0.7%
AMMB Holdings Bhd.		34,300			30
CIMB Group Holdings Bhd.		122,800			156
Hong Leong Bank Bhd.		11,100			46

	SHARES			MARKET VALUE (000S)
Malayan Banking Bhd.		102,400	$		198
Public Bank Bhd.		180,100			168
RHB Bank Bhd.		38,900			46
					644
HEALTH CARE 0.2%
Hartalega Holdings Bhd. (b)		117,000			69
IHH Healthcare Bhd.		6,600			9
Top Glove Corp. Bhd. (b)		497,600			97
					175
INDUSTRIALS 0.2%
Capital A Bhd. (b)		193,400			35
Gamuda Bhd.		20,000			20
Malaysia Airports Holdings Bhd.		25,600			41
MISC Bhd.		19,600			31
Sime Darby Bhd.		60,600			31
					158
MATERIALS 0.1%
Petronas Chemicals Group Bhd.		65,400			102
Press Metal Aluminium Holdings Bhd.		9,900			10
					112
UTILITIES 0.2%
Petronas Gas Bhd.		5,000			19
Tenaga Nasional Bhd.		46,600			102
YTL Corp. Bhd.		95,700			39
					160
Total Malaysia					1,626
MEXICO 2.2%
COMMUNICATION SERVICES 0.1%
Grupo Televisa SAB		108,863			73
Megacable Holdings SAB de CV		12,334			27
					100
CONSUMER STAPLES 1.3%
Arca Continental SAB de CV		13,655			149
Coca-Cola Femsa SAB de CV		22,740			216
Gruma SAB de CV ‘B’		7,926			145
Grupo Bimbo SAB de CV ‘A’		16,223			82
Kimberly-Clark de Mexico SAB de CV ‘A’		49,092			110
Wal-Mart de Mexico SAB de CV		119,272			503
					1,205
FINANCIALS 0.1%
Grupo Elektra SAB de CV		696			48
INDUSTRIALS 0.2%
Alfa SAB de CV ‘A’		95,924			77
Grupo Aeroportuario del Pacifico SAB de CV		2,715			48
Grupo Aeroportuario del Sureste SAB de CV		1,600			47
					172

26 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2023 (Unaudited)

	SHARES			MARKET VALUE (000S)
MATERIALS 0.5%
Alpek SAB de CV		16,954	$		13
Cemex SAB de CV (b)		126,231			98
Grupo Mexico SAB de CV ‘B’		61,871			343
Orbia Advance Corp. SAB de CV		32,997			73
					527
Total Mexico					2,052
PHILIPPINES 0.2%
COMMUNICATION SERVICES 0.1%
Globe Telecom, Inc.		878			27
PLDT, Inc.		2,770			64
					91
CONSUMER STAPLES 0.0%
Universal Robina Corp.		13,310			28
FINANCIALS 0.0%
Bank of the Philippine Islands		8,114			15
BDO Unibank, Inc.		10,780			26
					41
INDUSTRIALS 0.1%
International Container Terminal Services, Inc.		11,450			51
UTILITIES 0.0%
Manila Electric Co.		4,460			32
Total Philippines					243
POLAND 0.8%
COMMUNICATION SERVICES 0.1%
Cyfrowy Polsat SA		10,448			33
Orange Polska SA		20,427			42
					75
FINANCIALS 0.5%
Bank Polska Kasa Opieki SA		1,827			71
mBank SA (b)		100			14
Powszechna Kasa Oszczednosci Bank Polski SA (b)		10,942			140
Powszechny Zaklad Ubezpieczen SA		20,600			247
Santander Bank Polska SA		291			36
					508
INFORMATION TECHNOLOGY 0.0%
Asseco Poland SA		462			8
MATERIALS 0.1%
Jastrzebska Spolka Weglowa SA (b)		3,709			40
UTILITIES 0.1%
Enea SA (b)		6,199			15
PGE Polska Grupa Energetyczna SA (b)		30,115			66
Tauron Polska Energia SA (b)		55,041			52
					133
Total Poland					764

	SHARES			MARKET VALUE (000S)
QATAR 0.7%
COMMUNICATION SERVICES 0.0%
Ooredoo QPSC		11,481	$		34
ENERGY 0.0%
Qatar Fuel QSC		2,172			10
Qatar Gas Transport Co. Ltd.		22,471			21
					31
FINANCIALS 0.4%
Commercial Bank PSQC		9,852			16
Doha Bank QPSC		67,003			34
Masraf Al Rayan QSC		90,514			64
Qatar Islamic Bank SAQ		11,863			68
Qatar National Bank QPSC		46,972			207
					389
INDUSTRIALS 0.2%
Industries Qatar QSC		36,460			129
Qatar Navigation QSC		4,742			13
					142
REAL ESTATE 0.1%
Barwa Real Estate Co.		53,062			42
UTILITIES 0.0%
Qatar Electricity & Water Co. QSC		2,250			11
Total Qatar					649
RUSSIA 0.0%
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 ^«(a)		117,340			0
VTB Bank PJSC ^«(a)(b)		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 «(b)		88,470			0
Severstal PAO ^«(a)(b)		17,344			0
					0
UTILITIES 0.0%
Federal Grid Co. - Rosseti PJSC «(b)		22,174,692			0
Inter RAO UES PJSC «		1,587,500			0
					0
Total Russia					1

	SHARES			MARKET VALUE (000S)
SAUDI ARABIA 3.2%
COMMUNICATION SERVICES 0.7%
Etihad Etisalat Co.		2,849	$		38
Mobile Telecommunications Co. Saudi Arabia		14,703			55
Saudi Telecom Co.		53,733			580
					673
CONSUMER DISCRETIONARY 0.1%
Jarir Marketing Co.		13,346			56
CONSUMER STAPLES 0.2%
Abdullah Al Othaim Markets Co.		9,410			33
Almarai Co. JSC		4,646			70
Nahdi Medical Co.		722			26
Savola Group		5,885			58
					187
ENERGY 1.1%
Saudi Arabian Oil Co.		115,309			1,015
FINANCIALS 0.1%
Bupa Arabia for Cooperative Insurance Co.		1,204			68
Saudi Investment Bank		8,001			34
					102
HEALTH CARE 0.1%
Dr Sulaiman Al Habib Medical Services Group Co.		1,052			80
INFORMATION TECHNOLOGY 0.0%
Arabian Internet & Communications Services Co.		408			38
MATERIALS 0.7%
Advanced Petrochemical Co.		3,062			32
SABIC Agri-Nutrients Co.		2,321			85
Sahara International Petrochemical Co.		4,951			45
Saudi Basic Industries Corp.		15,311			340
Saudi Cement Co.		920			13
Saudi Industrial Investment Group		5,847			35
Saudi Kayan Petrochemical Co. (b)		14,210			41
Yanbu National Petrochemical Co.		8,072			82
					673
REAL ESTATE 0.0%
Arabian Centres Co. Ltd.		6,154			34
UTILITIES 0.2%
ACWA Power Co.		1,473			101
Power & Water Utility Co. for Jubail & Yanbu		763			13
Saudi Electricity Co.		10,430			52
					166
Total Saudi Arabia					3,024
SOUTH AFRICA 3.4%
COMMUNICATION SERVICES 0.5%
MTN Group Ltd.		40,071			253
MultiChoice Group		13,315			59

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 27

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Telkom SA SOC Ltd. (b)		23,829	$		38
Vodacom Group Ltd.		12,738			74
					424
CONSUMER DISCRETIONARY 0.5%
Foschini Group Ltd. «		1,644			10
Motus Holdings Ltd.		5,706			32
Mr Price Group Ltd.		5,888			50
Naspers Ltd. ‘N’		1,439			246
Truworths International Ltd.		15,768			64
Woolworths Holdings Ltd.		21,447			85
					487
CONSUMER STAPLES 0.5%
AVI Ltd.		7,555			34
Bid Corp. Ltd.		6,747			157
Pick n Pay Stores Ltd.		19,108			24
Shoprite Holdings Ltd.		11,621			175
SPAR Group Ltd.		12,331			80
Tiger Brands Ltd.		3,278			36
					506
ENERGY 0.1%
Exxaro Resources Ltd.		10,173			114
FINANCIALS 0.5%
FirstRand Ltd.		80,566			323
Old Mutual Ltd.		14,702			11
Sanlam Ltd.		10,980			44
Standard Bank Group Ltd.		8,889			101
					479
HEALTH CARE 0.2%
Aspen Pharmacare Holdings Ltd.		8,265			92
Life Healthcare Group Holdings Ltd.		36,795			37
					129
INDUSTRIALS 0.1%
Bidvest Group Ltd.		7,956			110
MATERIALS 1.0%
African Rainbow Minerals Ltd.		2,540			28
Anglo American Platinum Ltd.		1,017			53
Gold Fields Ltd.		17,259			262
Harmony Gold Mining Co. Ltd.		4,446			29
Impala Platinum Holdings Ltd.		24,894			124
Kumba Iron Ore Ltd.		2,702			90
Sappi Ltd.		26,018			63
Sasol Ltd.		15,613			157
Sibanye Stillwater Ltd.		100,406			135
					941
Total South Africa					3,190
SOUTH KOREA 14.3%
COMMUNICATION SERVICES 1.0%
CJ ENM Co. Ltd.		449			25
KT Corp. (b)		14,668			391
LG Uplus Corp.		11,350			90
NAVER Corp. (b)		1,048			181
SK Telecom Co. Ltd.		8,100			315
					1,002

	SHARES			MARKET VALUE (000S)
CONSUMER DISCRETIONARY 3.7%
Coway Co. Ltd.		1,879	$		83
Hankook Tire & Technology Co. Ltd.		3,160			111
HL Mando Co. Ltd.		1,867			57
Hyundai Department Store Co. Ltd.		971			39
Hyundai Mobis Co. Ltd.		2,340			429
Hyundai Motor Co.		7,514			1,182
Hyundai Wia Corp.		1,300			65
Kia Corp.		10,203			789
LG Electronics, Inc. (b)		8,207			645
Lotte Shopping Co. Ltd.		763			44
Shinsegae, Inc. (b)		306			42
					3,486
CONSUMER STAPLES 0.7%
Amorepacific Corp.		276			31
Amorepacific Group		1,668			38
CJ CheilJedang Corp.		515			129
E-MART, Inc.		1,601			95
GS Retail Co. Ltd.		851			15
KT&G Corp.		3,650			246
LG H&H Co. Ltd.		290			80
					634
ENERGY 0.5%
HD Hyundai Co. Ltd.		2,147			105
S-Oil Corp.		1,049			57
SK Innovation Co. Ltd. (b)		2,627			284
					446
FINANCIALS 2.2%
BNK Financial Group, Inc.		14,756			82
DB Insurance Co. Ltd.		2,207			143
DGB Financial Group, Inc.		7,971			52
Hana Financial Group, Inc.		8,967			301
Hanwha Life Insurance Co. Ltd.		13,409			29
Hyundai Marine & Fire Insurance Co. Ltd.		3,977			95
Industrial Bank of Korea		12,875			118
KB Financial Group, Inc.		3,582			150
Korea Investment Holdings Co. Ltd.		404			19
Meritz Financial Group, Inc.		884			40
Mirae Asset Securities Co. Ltd.		1,755			10
NH Investment & Securities Co. Ltd.		1,208			10
Samsung Card Co. Ltd.		666			17
Samsung Fire & Marine Insurance Co. Ltd.		1,059			216
Samsung Life Insurance Co. Ltd. (b)		2,684			144
Samsung Securities Co. Ltd. (b)		389			12
Shinhan Financial Group Co. Ltd.		12,581			390
Woori Financial Group, Inc.		25,218			254
					2,082
INDUSTRIALS 2.1%
CJ Corp.		1,919			140
CJ Logistics Corp.		920			91
Daewoo Engineering & Construction Co. Ltd. (b)		12,275			39
DL E&C Co. Ltd.		2,083			58
Doosan Bobcat, Inc.		204			8
Doosan Co. Ltd.		1,352			98
GS Engineering & Construction Corp.		7,849			91
GS Holdings Corp. (b)		1,946			62

	SHARES			MARKET VALUE (000S)
Hanwha Aerospace Co. Ltd.		340	$		33
Hanwha Corp.		3,269			65
Hanwha Ocean Co. Ltd. (b)		638			12
HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (b)		647			60
HDC Hyundai Development Co-Engineering & Construction		1,674			19
Hyundai Engineering & Construction Co. Ltd.		5,337			144
Hyundai Glovis Co. Ltd.		969			144
LG Corp.		2,658			177
Lotte Corp.		1,335			28
LS Corp.		1,253			90
LX International Corp.		2,855			65
Posco International Corp.		4,010			193
Samsung Heavy Industries Co. Ltd. (b)		5,159			31
SK Networks Co. Ltd.		10,756			48
SK, Inc.		1,955			269
					1,965
INFORMATION TECHNOLOGY 1.9%
LG Display Co. Ltd. (b)		18,614			183
Samsung Electro-Mechanics Co. Ltd.		1,603			190
Samsung Electronics Co. Ltd.		13,652			829
Samsung SDS Co. Ltd.		247			32
SK Hynix, Inc.		4,971			543
					1,777
MATERIALS 1.9%
Dongkuk Holdings Co. Ltd.		2,064			14
Hyundai Steel Co.		5,759			162
KCC Corp.		311			55
Kolon Industries, Inc.		1,468			51
Korea Zinc Co. Ltd.		342			132
Kumho Petrochemical Co. Ltd.		453			46
Lotte Chemical Corp.		1,345			159
Posco Holdings, Inc.		3,102			1,193
					1,812
UTILITIES 0.3%
Korea Electric Power Corp. (b)		16,286			239
Korea Gas Corp.		4,049			77
					316
Total South Korea					13,520
TAIWAN 19.5%
COMMUNICATION SERVICES 0.7%
Chunghwa Telecom Co. Ltd.		119,000			465
Far EasTone Telecommunications Co. Ltd.		53,000			138
Taiwan Mobile Co. Ltd.		33,000			106
					709
CONSUMER DISCRETIONARY 0.6%
Cheng Shin Rubber Industry Co. Ltd.		53,000			78
China Motor Corp.		33,000			121
Eclat Textile Co. Ltd.		5,000			91
Feng TAY Enterprise Co. Ltd.		14,560			83
Giant Manufacturing Co. Ltd.		6,000			36
Nien Made Enterprise Co. Ltd.		2,000			23

28 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2023 (Unaudited)

	SHARES			MARKET VALUE (000S)
Pou Chen Corp.		69,000	$		70
Ruentex Industries Ltd.		22,800			48
Yulon Motor Co. Ltd.		15,377			37
					587
CONSUMER STAPLES 0.3%
Great Wall Enterprise Co. Ltd.		15,008			28
President Chain Store Corp.		15,000			132
Uni-President Enterprises Corp.		73,000			177
					337
ENERGY 0.1%
Formosa Petrochemical Corp.		26,000			68
FINANCIALS 3.0%
Cathay Financial Holding Co. Ltd.		205,200			306
Chang Hwa Commercial Bank Ltd.		143,090			83
China Development Financial Holding Corp.		415,096			169
CTBC Financial Holding Co. Ltd.		382,000			352
E.Sun Financial Holding Co. Ltd.		178,239			150
First Financial Holding Co. Ltd.		199,509			178
Fubon Financial Holding Co. Ltd.		162,908			344
Hua Nan Financial Holdings Co. Ltd. ‘C’		134,503			98
Mega Financial Holding Co. Ltd.		209,920			268
Shanghai Commercial & Savings Bank Ltd.		47,712			73
Shin Kong Financial Holding Co. Ltd.		568,307			164
SinoPac Financial Holdings Co. Ltd.		222,466			143
Taishin Financial Holding Co. Ltd.		244,511			144
Taiwan Business Bank		159,890			71
Taiwan Cooperative Financial Holding Co. Ltd.		134,395			117
Yuanta Financial Holding Co. Ltd.		177,860			160
					2,820
INDUSTRIALS 0.6%
Airtac International Group		1,000			33
Evergreen Marine Corp. Taiwan Ltd.		51,000			238
Far Eastern New Century Corp.		93,000			95
Hiwin Technologies Corp.		2,000			15
Taiwan Glass Industry Corp.		13,000			8
Taiwan High Speed Rail Corp.		29,000			29
Teco Electric & Machinery Co. Ltd.		46,000			70
Yang Ming Marine Transport Corp.		46,000			77
					565
INFORMATION TECHNOLOGY 12.8%
Accton Technology Corp.		8,000			136
Acer, Inc.		114,000			199
Advantech Co. Ltd.		9,119			110
ASE Technology Holding Co. Ltd.		125,000			548
Asustek Computer, Inc.		64,000			1,019
AUO Corp.		498,600			294
Catcher Technology Co. Ltd.		14,000			88
Cheng Uei Precision Industry Co. Ltd.		7,000			11
Chicony Electronics Co. Ltd.		27,000			154
Compal Electronics, Inc.		362,000			469
Compeq Manufacturing Co. Ltd.		5,000			12
Delta Electronics, Inc.		24,000			245
Foxconn Technology Co. Ltd.		31,000			54

	SHARES			MARKET VALUE (000S)
General Interface Solution Holding Ltd.		17,000	$		37
Gigabyte Technology Co. Ltd.		6,000			52
Hon Hai Precision Industry Co. Ltd.		276,600			941
Innolux Corp.		795,582			370
Inventec Corp.		211,000			361
King Yuan Electronics Co. Ltd.		15,000			41
Kinpo Electronics		59,000			31
Largan Precision Co. Ltd.		1,290			121
Lite-On Technology Corp.		122,000			463
Macronix International Co. Ltd.		51,000			52
MediaTek, Inc.		35,000			1,156
Micro-Star International Co. Ltd.		29,000			192
Mitac Holdings Corp.		69,000			100
Nan Ya Printed Circuit Board Corp.		2,000			16
Nanya Technology Corp.		16,000			41
Novatek Microelectronics Corp.		7,000			118
Pegatron Corp.		99,000			281
Powertech Technology, Inc.		36,000			165
Primax Electronics Ltd.		17,000			37
Qisda Corp.		84,000			131
Quanta Computer, Inc.		149,000			1,085
Radiant Opto-Electronics Corp.		16,000			69
Realtek Semiconductor Corp.		12,000			184
Silicon Motion Technology Corp.		677			42
Supreme Electronics Co. Ltd.		34,861			69
Synnex Technology International Corp.		50,000			114
Taiwan Semiconductor Manufacturing Co. Ltd.		46,000			882
TPK Holding Co. Ltd.		24,000			28
Tripod Technology Corp.		20,000			127
United Microelectronics Corp.		88,000			150
Walsin Technology Corp.		5,000			20
Winbond Electronics Corp.		37,447			37
Wistron Corp.		220,347			705
Wiwynn Corp.		1,000			59
WPG Holdings Ltd.		71,560			190
WT Microelectronics Co. Ltd.		19,000			70
Yageo Corp.		3,000			58
Zhen Ding Technology Holding Ltd.		31,000			110
					12,044
MATERIALS 1.3%
Asia Cement Corp.		51,000			69
Cheng Loong Corp.		11,000			11
China Steel Corp.		289,000			254
Eternal Materials Co. Ltd.		34,300			33
Formosa Chemicals & Fibre Corp.		40,000			81
Formosa Plastics Corp.		99,000			255
Nan Ya Plastics Corp.		65,000			141
TA Chen Stainless Pipe		12,000			16
Taiwan Cement Corp.		198,553			225
Taiwan Fertilizer Co. Ltd.		10,000			22
Tung Ho Steel Enterprise Corp.		20,020			46
YFY, Inc.		40,000			42
					1,195
REAL ESTATE 0.1%
Farglory Land Development Co. Ltd.		10,000			18
Highwealth Construction Corp.		27,396			36
Ruentex Development Co. Ltd.		25,380			31
					85
Total Taiwan					18,410

	SHARES			MARKET VALUE (000S)
THAILAND 3.2%
COMMUNICATION SERVICES 0.3%
Advanced Info Service PCL		30,000	$		191
Digital Telecommunications Infrastructure Fund ‘F’		190,000			43
Jasmine International PCL		381,200			23
					257
CONSUMER DISCRETIONARY 0.1%
Home Product Center PCL		80,800			28
Sri Trang Agro-Industry PCL		36,400			17
					45
CONSUMER STAPLES 0.4%
Berli Jucker PCL		22,700			16
Charoen Pokphand Foods PCL		215,900			124
CP ALL PCL		58,400			96
Thai Beverage PCL		234,500			93
Thai Union Group PCL ‘F’		182,100			80
					409
ENERGY 1.0%
Bangchak Corp. PCL		68,000			87
IRPC PCL		1,001,700			59
PTT PCL		645,100			674
Star Petroleum Refining PCL		148,500			36
Thai Oil PCL		78,600			123
					979
FINANCIALS 0.3%
Bangkok Bank PCL		19,200			88
Thanachart Capital PCL		68,600			99
Tisco Financial Group PCL		24,800			72
TMBThanachart Bank PCL		1,238,400			61
					320
HEALTH CARE 0.3%
Bangkok Dusit Medical Services PCL ‘F’		179,500			146
Bumrungrad Hospital PCL		13,200			86
Sri Trang Gloves Thailand PCL		73,700			14
					246
INDUSTRIALS 0.0%
Bangkok Expressway & Metro PCL		33,400			8
INFORMATION TECHNOLOGY 0.1%
Fabrinet (b)		314			60
MATERIALS 0.4%
PTT Global Chemical PCL		137,800			155
Siam Cement PCL		28,000			251
					406
REAL ESTATE 0.2%
Jasmine Broadband Internet Infrastructure Fund		275,000			50
Land & Houses PCL		544,100			130
Supalai PCL		64,900			35
					215

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 29

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
UTILITIES 0.1%
Electricity Generating PCL		8,900	$		33
Ratch Group PCL		24,550			23
					56
Total Thailand					3,001
TURKEY 1.3%
COMMUNICATION SERVICES 0.1%
Turk Telekomunikasyon AS (b)		17,286			14
Turkcell Iletisim Hizmetleri AS		55,407			106
					120
CONSUMER DISCRETIONARY 0.2%
Arcelik AS		6,280			27
Ford Otomotiv Sanayi AS		2,167			54
Tofas Turk Otomobil Fabrikasi AS		3,080			22
Vestel Elektronik Sanayi ve Ticaret AS (b)		18,191			29
					132
CONSUMER STAPLES 0.4%
Anadolu Efes Biracilik Ve Malt Sanayii AS		15,534			72
BIM Birlesik Magazalar AS		24,665			252
Coca-Cola Icecek AS		2,035			36
					360
ENERGY 0.0%
Turkiye Petrol Rafinerileri AS		6,711			33
FINANCIALS 0.2%
Akbank TAS		30,134			37
Is Yatirim Menkul Degerler AS		93,376			101
Turkiye Is Bankasi AS ‘C’		30,232			24
Yapi ve Kredi Bankasi AS		26,718			18
					180
INDUSTRIALS 0.3%
AG Anadolu Grubu Holding AS		6,100			42
Aselsan Elektronik Sanayi Ve Ticaret AS		20,424			31
Enka Insaat ve Sanayi AS		51,621			59
KOC Holding AS		10,607			51
Tekfen Holding AS		25,300			32
Turkiye Sise ve Cam Fabrikalari AS		26,099			40
					255
MATERIALS 0.1%
Eregli Demir ve Celik Fabrikalari TAS		53,397			74
Petkim Petrokimya Holding AS (b)		26,659			17
					91
UTILITIES 0.0%
Aygaz AS		1			0
Enerjisa Enerji AS		11,718			18
					18
Total Turkey					1,189

	SHARES			MARKET VALUE (000S)
UNITED ARAB EMIRATES 0.7%
COMMUNICATION SERVICES 0.1%
Emirates Telecommunications Group Co. PJSC		19,083	$		102
CONSUMER DISCRETIONARY 0.1%
Abu Dhabi National Oil Co. for Distribution PJSC		60,536			61
ENERGY 0.0%
ADNOC Drilling Co. PJSC		28,461			29
FINANCIALS 0.3%
Abu Dhabi Islamic Bank PJSC		16,700			46
Dubai Islamic Bank PJSC		47,246			73
Emirates NBD Bank PJSC		7,644			36
First Abu Dhabi Bank PJSC		37,527			143
					298
MATERIALS 0.0%
Borouge PLC		23,828			16
REAL ESTATE 0.1%
Aldar Properties PJSC		16,798			25
Emaar Development PJSC		34,062			66
Emaar Properties PJSC		12,877			28
					119
UTILITIES 0.1%
Abu Dhabi National Energy Co. PJSC		33,701			32
Total United Arab Emirates					657
Total Common Stocks (Cost $85,369)					90,353
PREFERRED STOCKS 4.0%
BRAZIL 4.0%
ENERGY 2.3%
Petroleo Brasileiro SA		274,498			2,095
FINANCIALS 0.6%
Banco Bradesco SA		54,400			190
Banco do Estado do Rio Grande do Sul SA		22,248			61
Itau Unibanco Holding SA		44,900			312
					563
INDUSTRIALS 0.7%
Braskem SA		24,990			110
Gerdau SA		41,179			199
Metalurgica Gerdau SA		92,592			207
Usinas Siderurgicas de Minas Gerais SA Usiminas		82,500			157
					673
UTILITIES 0.4%
Cia Energetica de Minas Gerais		70,090			166
Companhia Paranaense de Energia		62,356			111

	SHARES			MARKET VALUE (000S)
CTEEP-Cia de Transmissao de Energia Eletrica Paulista		17,621	$		96
					373
Total Brazil					3,704
CHILE 0.0%
INDUSTRIALS 0.0%
Embotelladora Andina SA		8,013			20
Total Chile					20
RUSSIA 0.0%
ENERGY 0.0%
Bashneft PJSC «		2,929			0
Transneft PJSC «(d)		22			0
					0
Total Russia					0
Total Preferred Stocks (Cost $2,559)					3,724
REAL ESTATE INVESTMENT TRUSTS 0.1%
MEXICO 0.1%
REAL ESTATE 0.1%
Fibra Uno Administracion SA de CV		16,345			29
Total Mexico					29
SOUTH AFRICA 0.0%
REAL ESTATE 0.0%
Growthpoint Properties Ltd.		40,614			26
Total South Africa					26
Total Real Estate Investment Trusts (Cost $57)					55
SHORT-TERM INSTRUMENTS 0.5%
REPURCHASE AGREEMENTS (f) 0.5%
					477
Total Short-Term Instruments (Cost $477)					477
Total Investments in Securities (Cost $88,462)					94,609
INVESTMENTS IN AFFILIATES 0.0%
SHORT-TERM INSTRUMENTS 0.0%
MUTUAL FUNDS 0.0%
PIMCO Government Money Market Fund
5.450% (c)(d)(e)		6,800			7
Total Short-Term Instruments (Cost $7)					7
Total Investments in Affiliates (Cost $7)					7
Total Investments 100.3% (Cost $88,469)			$		94,616
Other Assets and Liabilities, net (0.3)%					(237	)
Net Assets 100.0%			$		94,379

30 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2023 (Unaudited)

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 $6 were out on loan in exchange for $7 of cash collateral as of December 31, 2023. 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		2.600	%		12/29/2023		01/02/2024	$	477	U.S. Treasury Notes 3.875% due 01/15/2026	$	(486	)	$	477	$	477
Total Repurchase Agreements											$	(486	)	$	477	$	477

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2023:

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	$	477	$	0	$	0	$	0	$	477	$	(486	)	$	(9	)
Master Securities Forward lending Agreement
UBS		0		0		0		6		6		(7	)		(1	)
Total Borrowings and Other Financing Transactions	$	477	$	0	$	0	$	6

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)
Preferred Securities	$	7	$	0	$	0	$	0	$	7
Total Borrowings	$	7	$	0	$	0	$	0	$	7
Payable for securities on loan - cash collateral									$	7

⁽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 SEMIANNUAL REPORT | DECEMBER 31, 2023 31

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (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 December 31, 2023:

	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
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 December 31, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
Common Stocks
Brazil
Communication Services	$	0	$	304	$	0	$	304
Consumer Discretionary		0		552		0		552
Consumer Staples		0		998		0		998
Energy		0		250		0		250
Financials		0		545		0		545
Health Care		0		34		0		34
Industrials		0		149		0		149
Materials		0		1,400		0		1,400
Utilities		0		215		0		215
Chile
Consumer Staples		109		65		0		174
Energy		44		0		0		44
Financials		175		157		0		332
Materials		34		0		0		34
Utilities		99		43		0		142
China
Communication Services		817		969		0		1,786
Consumer Discretionary		148		1,042		0		1,190
Consumer Staples		199		1,176		0		1,375
Energy		0		1,831		0		1,831
Financials		36		5,038		0		5,074
Health Care		31		899		0		930
Industrials		242		2,384		0		2,626
Information Technology		0		1,874		0		1,874
Materials		36		1,877		0		1,913
Real Estate		142		1,275		0		1,417
Utilities		15		1,042		0		1,057
Greece
Communication Services		0		55		0		55
Consumer Discretionary		111		0		0		111
Energy		19		0		0		19
Financials		0		183		0		183
Industrials		48		0		0		48
Utilities		0		34		0		34
Hong Kong
Financials		0		439		0		439
Industrials		0		126		0		126
Materials		0		13		0		13
Real Estate		0		126		0		126
Utilities		0		577		0		577
India
Communication Services		0		208		0		208
Consumer Discretionary		0		1,043		0		1,043
Consumer Staples		0		1,402		0		1,402
Energy		0		1,463		0		1,463
Financials		0		1,584		0		1,584
Health Care		0		701		0		701

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Industrials	$	33	$	620	$	0	$	653
Information Technology		0		2,160		0		2,160
Materials		10		1,530		0		1,540
Real Estate		0		98		0		98
Utilities		0		1,305		0		1,305
Indonesia
Communication Services		15		313		0		328
Consumer Staples		85		86		0		171
Energy		8		131		0		139
Financials		0		339		0		339
Health Care		0		41		0		41
Industrials		0		36		0		36
Materials		0		65		0		65
Ireland
Consumer Discretionary		386		0		0		386
Kuwait
Communication Services		0		73		0		73
Consumer Discretionary		3		0		0		3
Financials		0		248		0		248
Industrials		0		50		0		50
Real Estate		0		14		0		14
Malaysia
Communication Services		41		99		0		140
Consumer Discretionary		0		103		0		103
Consumer Staples		21		96		0		117
Energy		17		0		0		17
Financials		0		644		0		644
Health Care		0		175		0		175
Industrials		20		138		0		158
Materials		0		112		0		112
Utilities		19		141		0		160
Mexico
Communication Services		100		0		0		100
Consumer Staples		1,205		0		0		1,205
Financials		48		0		0		48
Industrials		172		0		0		172
Materials		527		0		0		527
Philippines
Communication Services		27		64		0		91
Consumer Staples		0	��	28		0		28
Financials		0		41		0		41
Industrials		0		51		0		51
Utilities		0		32		0		32
Poland
Communication Services		0		75		0		75
Financials		0		508		0		508
Information Technology		0		8		0		8
Materials		0		40		0		40
Utilities		0		133		0		133

32 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2023 (Unaudited)

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Qatar
Communication Services	$	34	$	0	$	0	$	34
Energy		0		31		0		31
Financials		148		241		0		389
Industrials		0		142		0		142
Real Estate		0		42		0		42
Utilities		0		11		0		11
Russia
Financials		0		0		1		1
Saudi Arabia
Communication Services		93		580		0		673
Consumer Discretionary		0		56		0		56
Consumer Staples		128		59		0		187
Energy		0		1,015		0		1,015
Financials		68		34		0		102
Health Care		0		80		0		80
Information Technology		0		38		0		38
Materials		13		660		0		673
Real Estate		0		34		0		34
Utilities		0		166		0		166
South Africa
Communication Services		424		0		0		424
Consumer Discretionary		231		256		0		487
Consumer Staples		436		70		0		506
Energy		0		114		0		114
Financials		156		323		0		479
Health Care		37		92		0		129
Industrials		110		0		0		110
Materials		91		850		0		941
South Korea
Communication Services		0		1,002		0		1,002
Consumer Discretionary		0		3,486		0		3,486
Consumer Staples		0		634		0		634
Energy		0		446		0		446
Financials		0		2,082		0		2,082
Industrials		0		1,965		0		1,965
Information Technology		0		1,777		0		1,777
Materials		0		1,812		0		1,812
Utilities		0		316		0		316
Taiwan
Communication Services		0		709		0		709
Consumer Discretionary		0		587		0		587
Consumer Staples		0		337		0		337
Energy		0		68		0		68
Financials		0		2,820		0		2,820
Industrials		0		565		0		565
Information Technology		42		12,002		0		12,044
Materials		0		1,195		0		1,195
Real Estate		0		85		0		85
Thailand
Communication Services		0		257		0		257

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Consumer Discretionary	$	0	$	45	$	0	$	45
Consumer Staples		0		409		0		409
Energy		0		979		0		979
Financials		0		320		0		320
Health Care		0		246		0		246
Industrials		0		8		0		8
Information Technology		60		0		0		60
Materials		0		406		0		406
Real Estate		0		215		0		215
Utilities		0		56		0		56
Turkey
Communication Services		120		0		0		120
Consumer Discretionary		83		49		0		132
Consumer Staples		72		288		0		360
Energy		0		33		0		33
Financials		101		79		0		180
Industrials		105		150		0		255
Materials		0		91		0		91
Utilities		0		18		0		18
United Arab Emirates
Communication Services		102		0		0		102
Consumer Discretionary		61		0		0		61
Energy		29		0		0		29
Financials		298		0		0		298
Materials		16		0		0		16
Real Estate		25		94		0		119
Utilities		32		0		0		32
Preferred Stocks
Brazil
Energy		0		2,095		0		2,095
Financials		0		563		0		563
Industrials		0		673		0		673
Utilities		0		373		0		373
Chile
Industrials		20		0		0		20
Real Estate Investment Trusts
Mexico
Real Estate		29		0		0		29
South Africa
Real Estate		26		0		0		26
Short-Term Instruments
Repurchase Agreements		0		477		0		477
	$	8,232	$	86,376	$	1	$	94,609
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		7		0		0		7
Total Investments	$	8,239	$	86,376	$	1	$	94,616

There were no significant transfers into or out of Level 3 during the period ended December 31, 2023.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 33

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 100.2%
COMMON STOCKS 97.3%
AUSTRALIA 5.5%
COMMUNICATION SERVICES 0.2%
CAR Group Ltd.		10,083	$		214
Nine Entertainment Co. Holdings Ltd.		10,185			14
REA Group Ltd.		1,232			152
SEEK Ltd.		3,853			70
					450
CONSUMER DISCRETIONARY 0.6%
Aristocrat Leisure Ltd.		5,216			145
Breville Group Ltd.		4,456			83
Domino’s Pizza Enterprises Ltd.		1,939			78
Flight Centre Travel Group Ltd.		3,913			54
GUD Holdings Ltd.		2,513			20
Harvey Norman Holdings Ltd.		18,183			52
JB Hi-Fi Ltd.		2,098			76
Premier Investments Ltd.		1,450			27
Super Retail Group Ltd.		8,095			87
Wesfarmers Ltd.		17,577			684
					1,306
CONSUMER STAPLES 0.5%
Coles Group Ltd.		29,483			324
GrainCorp Ltd. ‘A’		15,482			77
Metcash Ltd.		41,504			99
Woolworths Group Ltd.		20,076			509
					1,009
ENERGY 0.2%
Ampol Ltd.		8,825			218
New Hope Corp. Ltd.		4,533			16
Santos Ltd.		5,435			28
Viva Energy Group Ltd.		34,605			82
Whitehaven Coal Ltd.		20,741			105
					449
FINANCIALS 0.8%
AMP Ltd.		106,852			68
ANZ Group Holdings Ltd.		3,083			54
ASX Ltd.		2,267			97
Bank of Queensland Ltd.		10,879			45
Bendigo & Adelaide Bank Ltd.		9,973			66
Insurance Australia Group Ltd.		24,442			95
Macquarie Group Ltd.		482			60
Magellan Financial Group Ltd.		3,307			21
Medibank Pvt Ltd.		76,036			185
National Australia Bank Ltd.		8,877			186
NIB Holdings Ltd.		9,754			49
Perpetual Ltd.		4,208			73
QBE Insurance Group Ltd.		16,921			171
Suncorp Group Ltd.		42,441			402
					1,572
HEALTH CARE 0.5%
Ansell Ltd.		5,328			91
Cochlear Ltd.		928			189
CSL Ltd.		2,316			452
Sonic Healthcare Ltd.		10,667			233
					965

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 0.6%
ALS Ltd.		6,581	$		58
Aurizon Holdings Ltd.		63,002			163
Brambles Ltd.		39,373			365
Computershare Ltd.		3,918			65
Downer EDI Ltd.		16,130			48
McMillan Shakespeare Ltd.		2,022			22
Monadelphous Group Ltd.		4,493			45
Qantas Airways Ltd. (a)		16,302			60
Reece Ltd.		5,611			86
Seven Group Holdings Ltd.		2,189			55
Transurban Group		23,253			217
Worley Ltd.		9,367			112
					1,296
INFORMATION TECHNOLOGY 0.1%
WiseTech Global Ltd.		3,030			155
MATERIALS 1.7%
BHP Group Ltd.		21,335			729
BlueScope Steel Ltd.		14,641			233
Brickworks Ltd.		1,120			21
Champion Iron Ltd.		4,066			23
CSR Ltd.		19,151			86
Evolution Mining Ltd.		8,212			22
Fortescue Ltd.		51,143			1,008
IGO Ltd.		10,659			66
Iluka Resources Ltd.		10,588			48
Incitec Pivot Ltd.		53,496			104
Mineral Resources Ltd.		1,626			78
Northern Star Resources Ltd.		21,482			199
Orica Ltd.		7,303			79
Regis Resources Ltd.		19,161			28
Rio Tinto Ltd.		8,310			770
Sandfire Resources Ltd.		4,890			25
Sims Ltd.		8,959			95
					3,614
REAL ESTATE 0.0%
Lendlease Corp. Ltd.		11,633			59
UTILITIES 0.3%
AGL Energy Ltd.		32,899			213
APA Group		10,873			63
Origin Energy Ltd.		51,998			300
					576
Total Australia					11,451
AUSTRIA 0.2%
ENERGY 0.1%
OMV AG		1,982			87
FINANCIALS 0.0%
UNIQA Insurance Group AG		7,596			63
INDUSTRIALS 0.0%
Andritz AG		1,261			78
MATERIALS 0.1%
voestalpine AG		3,734			118

	SHARES			MARKET VALUE (000S)
REAL ESTATE 0.0%
CA Immobilien Anlagen AG		2,382	$		85
UTILITIES 0.0%
Verbund AG		610			57
Total Austria					488
BELGIUM 0.3%
COMMUNICATION SERVICES 0.0%
Proximus SADP		6,019			57
CONSUMER STAPLES 0.1%
Etablissements Franz Colruyt NV		2,436			110
Lotus Bakeries NV		5			45
					155
ENERGY 0.0%
Euronav NV		1,829			32
FINANCIALS 0.1%
Ageas SA		1,027			45
Gimv NV		834			41
					86
HEALTH CARE 0.0%
UCB SA		796			69
INDUSTRIALS 0.0%
Ackermans & Van Haaren NV		333			58
INFORMATION TECHNOLOGY 0.0%
Barco NV		2,878			53
MATERIALS 0.0%
Solvay SA		574			17
Syensqo SA (a)		574			60
					77
UTILITIES 0.1%
Elia Group SA		788			99
Total Belgium					686
CANADA 7.2%
COMMUNICATION SERVICES 0.5%
BCE, Inc.		14,540			572
Cineplex, Inc. (a)		6,127			39
Cogeco Communications, Inc.		750			34
Quebecor, Inc. ‘B’		2,872			68
TELUS Corp.		12,838			228
					941
CONSUMER DISCRETIONARY 1.1%
BRP, Inc.		720			52
Canadian Tire Corp. Ltd. ‘A’		1,801			191
Dollarama, Inc.		3,681			265
Gildan Activewear, Inc.		4,029			133
Linamar Corp.		864			42
Lululemon Athletica, Inc. (a)		887			454

34 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2023 (Unaudited)

	SHARES			MARKET VALUE (000S)
Magna International, Inc.		15,574	$		920
Restaurant Brands International, Inc.		4,211			329
					2,386
CONSUMER STAPLES 0.7%
Alimentation Couche-Tard, Inc.		5,560			327
Empire Co. Ltd. ‘A’		6,800			180
George Weston Ltd.		1,793			223
Loblaw Cos., Ltd.		3,320			321
Maple Leaf Foods, Inc.		1,845			35
Metro, Inc.		3,633			188
North West Co., Inc.		1,916			57
Premium Brands Holdings Corp.		718			51
Saputo, Inc.		4,315			87
					1,469
ENERGY 1.0%
ARC Resources Ltd.		11,422			170
Birchcliff Energy Ltd.		8,199			36
Cameco Corp.		1,000			43
Canadian Natural Resources Ltd.		2,310			151
Cenovus Energy, Inc.		7,052			118
Crescent Point Energy Corp.		41,608			289
Enerplus Corp.		5,984			92
Gibson Energy, Inc.		5,032			76
Imperial Oil Ltd.		6,800			387
MEG Energy Corp. (a)		7,344			131
Parex Resources, Inc.		1,080			20
Peyto Exploration & Development Corp.		8,143			74
Precision Drilling Corp. (a)		860			47
Suncor Energy, Inc.		11,966			383
Teekay Tankers Ltd. ‘A’		680			34
					2,051
FINANCIALS 0.8%
Brookfield Corp.		2,100			84
Canadian Imperial Bank of Commerce		2,205			106
CI Financial Corp.		10,283			115
Fairfax Financial Holdings Ltd.		540			498
Great-West Lifeco, Inc.		2,620			87
IA Financial Corp., Inc.		1,008			69
IGM Financial, Inc.		1,879			50
Intact Financial Corp.		1,656			255
Manulife Financial Corp.		8,208			181
Onex Corp.		1,004			70
Power Corp. of Canada		6,054			173
TMX Group Ltd.		720			18
					1,706
INDUSTRIALS 1.0%
Aecon Group, Inc.		4,862			48
Boyd Group Services, Inc.		576			121
Canadian National Railway Co.		2,938			369
Canadian Pacific Kansas City Ltd.		3,776			299
Element Fleet Management Corp.		4,100			67
Finning International, Inc.		4,070			118
GFL Environmental, Inc.		3,244			112
Russel Metals, Inc.		2,414			82
Stantec, Inc.		1,110			89
TFI International, Inc.		1,252			170
Thomson Reuters Corp.		3,059			447

	SHARES			MARKET VALUE (000S)
Toromont Industries Ltd.		1,730	$		152
Waste Connections, Inc.		137			20
Westshore Terminals Investment Corp.		3,856			80
					2,174
INFORMATION TECHNOLOGY 0.8%
Canadian Solar, Inc. (a)		726			19
Celestica, Inc. (a)		7,886			231
CGI, Inc. (a)		6,174			662
Constellation Software, Inc.		78			193
Descartes Systems Group, Inc. (a)		280			24
Lightspeed Commerce, Inc. (a)		2,448			51
Open Text Corp.		2,955			124
Shopify, Inc. ‘A’ (a)		4,302			335
					1,639
MATERIALS 0.8%
Alamos Gold, Inc.‘A’		3,342			45
Barrick Gold Corp.		13,566			245
CCL Industries, Inc. ‘B’		550			25
Eldorado Gold Corp. (a)		9,748			126
First Quantum Minerals Ltd.		7,428			61
Franco-Nevada Corp.		1,803			200
Interfor Corp. (a)		2,668			47
Kinross Gold Corp.		3,400			20
Lundin Mining Corp.		2,638			22
Methanex Corp.		2,776			131
Osisko Gold Royalties Ltd.		2,080			30
Stelco Holdings, Inc.		2,260			86
Stella-Jones, Inc.		550			32
Teck Resources Ltd. ‘B’		6,248			264
Transcontinental, Inc. ‘A’		3,843			40
West Fraser Timber Co. Ltd.		1,698			145
Wheaton Precious Metals Corp.		4,545			224
					1,743
REAL ESTATE 0.1%
Colliers International Group, Inc.		547			69
FirstService Corp.		639			104
					173
UTILITIES 0.4%
Algonquin Power & Utilities Corp.		3,125			20
Atco Ltd. ‘I’		3,033			88
Canadian Utilities Ltd. ‘A		2,060			50
Emera, Inc.		3,247			123
Fortis, Inc.		7,383			304
Hydro One Ltd.		5,947			178
Northland Power, Inc.		2,816			51
Superior Plus Corp.		5,904			43
					857
Total Canada					15,139
CHILE 0.1%
MATERIALS 0.1%
Antofagasta PLC		5,325			114
Total Chile					114

	SHARES			MARKET VALUE (000S)
DENMARK 2.2%
CONSUMER DISCRETIONARY 0.1%
GN Store Nord AS		1,507	$		38
Pandora AS		1,230			170
					208
CONSUMER STAPLES 0.1%
Carlsberg AS ‘B’		916			115
Royal Unibrew AS		863			57
Scandinavian Tobacco Group AS ‘A’		3,498			61
					233
FINANCIALS 0.1%
Danske Bank AS		2,352			63
Sydbank AS		2,020			88
Topdanmark AS		1,377			66
					217
HEALTH CARE 1.4%
Coloplast AS ‘B’		589			67
Demant AS (a)		1,584			70
Novo Nordisk AS ‘B’		27,262			2,825
					2,962
INDUSTRIALS 0.4%
AP Moller - Maersk AS ‘B’		181			326
DS Norden AS		2,096			100
DSV AS		981			172
ISS AS		3,427			65
Rockwool AS ‘B’		120			35
Solar AS ‘B’		500			35
					733
MATERIALS 0.1%
CHR Hansen Holding AS		794			67
Novozymes AS ‘B’		2,763			152
					219
UTILITIES 0.0%
Orsted AS		1,152			64
Total Denmark					4,636
FINLAND 0.9%
COMMUNICATION SERVICES 0.0%
Elisa Oyj		1,792			83
CONSUMER STAPLES 0.1%
Kesko Oyj ‘B’		5,412			107
ENERGY 0.1%
Neste Oyj		3,193			114
FINANCIALS 0.1%
Nordea Bank Abp		12,845			160
Sampo OYJ ‘A’		5,299			232
					392
HEALTH CARE 0.1%
Orion Oyj ‘B’		2,534			110

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 35

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 0.2%
Kone Oyj ‘B’		4,468	$		224
Metso Oyj		6,324			64
Wartsila Oyj Abp		7,296			106
					394
INFORMATION TECHNOLOGY 0.1%
TietoEVRY Oyj		5,256			125
MATERIALS 0.2%
Kemira Oyj		3,991			74
Outokumpu Oyj		14,697			73
Stora Enso Oyj ‘R’		7,629			105
UPM-Kymmene Oyj		4,607			174
					426
REAL ESTATE 0.0%
Citycon Oyj		8,247			47
Kojamo Oyj		3,668			48
					95
UTILITIES 0.0%
Fortum Oyj		4,776			69
Total Finland					1,915
FRANCE 7.4%
COMMUNICATION SERVICES 0.7%
Eutelsat Communications SA		11,635			55
Metropole Television SA		3,268			47
Orange SA		91,273			1,040
Publicis Groupe SA		2,906			270
Television Francaise SA		4,639			36
Ubisoft Entertainment SA (a)		650			17
					1,465
CONSUMER DISCRETIONARY 1.3%
Accor SA		1,263			48
Cie Generale des Etablissements Michelin SCA		5,118			184
Forvia SE		7,513			170
Hermes International SCA		298			633
Kering SA		360			160
LVMH Moet Hennessy Louis Vuitton SE		404			328
Renault SA		21,273			870
SEB SA		693			87
Sodexo SA		756			83
Valeo SE		9,032			140
					2,703
CONSUMER STAPLES 0.9%
Carrefour SA		34,090			624
Danone SA		7,322			475
L’Oreal SA		1,326			661
Pernod Ricard SA		463			82
Remy Cointreau SA		216			28
					1,870
ENERGY 0.3%
Technip Energies NV		794			18
TotalEnergies SE		10,087			686
					704

	SHARES			MARKET VALUE (000S)
FINANCIALS 0.8%
BNP Paribas SA		4,348	$		302
Credit Agricole SA		3,875			55
SCOR SE		3,786			111
Societe Generale SA		40,895			1,088
Worldline SA (a)		1,971			34
					1,590
HEALTH CARE 0.4%
BioMerieux		614			69
Sanofi		8,113			806
Sartorius Stedim Biotech		216			57
					932
INDUSTRIALS 2.0%
Air France-KLM (a)		1,448			22
Airbus SE		4,476			692
Alstom SA		4,317			58
Bouygues SA		9,391			354
Bureau Veritas SA		5,762			146
Cie de Saint-Gobain SA		4,481			331
Dassault Aviation SA		620			123
Elis SA		3,990			83
Legrand SA		908			95
Nexans SA		1,144			100
Rexel SA		13,351			366
Safran SA		3,495			616
Schneider Electric SE		688			139
Societe BIC SA		1,155			80
Thales SA		1,735			257
Vinci SA		5,430			683
					4,145
INFORMATION TECHNOLOGY 0.3%
Alten SA		497			74
Dassault Systemes SE		4,015			196
Sopra Steria Group SACA		624			137
STMicroelectronics NV		3,086			155
					562
MATERIALS 0.2%
Air Liquide SA		1,873			365
Eramet SA		262			21
Vicat SACA		1,663			60
					446
UTILITIES 0.5%
Engie SA		63,367			1,116
Total France					15,533
GERMANY 6.0%
COMMUNICATION SERVICES 0.3%
CTS Eventim AG & Co. KGaA		943			65
Deutsche Telekom AG		8,591			207
Freenet AG		4,967			139
ProSiebenSat.1 Media SE		5,500			33
Scout24 SE		980			69
Telefonica Deutschland Holding AG		33,328			87
					600

	SHARES			MARKET VALUE (000S)
CONSUMER DISCRETIONARY 1.7%
Adidas AG		1,732	$		352
Bayerische Motoren Werke AG		13,066			1,454
Continental AG		6,697			569
Fielmann Group AG		1,077			58
Hornbach Holding AG & Co. KGaA		866			63
Hugo Boss AG		2,303			171
Mercedes-Benz Group AG		7,390			510
Puma SE		1,090			60
TUI AG (a)		3,418			27
Vitesco Technologies Group AG (a)		1,650			171
					3,435
CONSUMER STAPLES 0.1%
Beiersdorf AG		959			144
HelloFresh SE (a)		604			9
Metro AG (a)		9,284			65
Suedzucker AG		3,854			60
					278
FINANCIALS 1.1%
Allianz SE		1,246			333
Commerzbank AG		68,468			814
Deutsche Bank AG		30,171			412
Deutsche Boerse AG		1,296			267
Deutsche Pfandbriefbank AG		8,967			61
Hannover Rueck SE		525			126
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		480			199
Talanx AG		1,588			113
					2,325
HEALTH CARE 0.2%
Fresenius Medical Care AG & Co. KGaA		3,291			138
Fresenius SE & Co. KGaA		2,269			70
Gerresheimer AG		713			74
Merck KGaA		684			109
Siemens Healthineers AG		1,916			111
					502
INDUSTRIALS 1.0%
Bilfinger SE		1,910			74
Deutsche Lufthansa AG (a)		36,660			326
Deutsche Post AG		13,827			684
Duerr AG		586			14
Hapag-Lloyd AG		368			55
Hochtief AG		425			47
KION Group AG		687			29
Kloeckner & Co. SE		5,302			56
Knorr-Bremse AG		872			56
Krones AG		968			120
MTU Aero Engines AG		495			107
Nordex SE (a)		1,719			20
Rational AG		64			49
Rheinmetall AG		249			79
Siemens AG		2,347			440
					2,156
INFORMATION TECHNOLOGY 0.7%
SAP SE		9,093			1,400

36 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2023 (Unaudited)

	SHARES			MARKET VALUE (000S)
MATERIALS 0.6%
BASF SE		5,066	$		273
Covestro AG		9,162			534
HeidelbergCement AG		821			73
K&S AG		10,043			159
Salzgitter AG		3,276			101
Symrise AG		544			60
thyssenkrupp AG		3,064			21
					1,221
REAL ESTATE 0.2%
LEG Immobilien SE		1,698			148
TAG Immobilien AG		4,034			59
Vonovia SE		7,599			239
					446
UTILITIES 0.1%
E.ON SE		19,864			267
Total Germany					12,630
HONG KONG 1.4%
COMMUNICATION SERVICES 0.1%
HKBN Ltd.		56,000			25
HKT Trust & HKT Ltd.		78,000			93
PCCW Ltd.		215,295			115
					233
CONSUMER DISCRETIONARY 0.1%
Bosideng International Holdings Ltd.		144,000			65
Chow Tai Fook Jewellery Group Ltd.		43,600			65
Galaxy Entertainment Group Ltd.		7,000			39
Man Wah Holdings Ltd.		28,800			20
SJM Holdings Ltd. (a)		35,000			11
Skyworth Group Ltd.		128,000			49
					249
CONSUMER STAPLES 0.0%
WH Group Ltd.		109,000			70
FINANCIALS 0.2%
Hong Kong Exchanges & Clearing Ltd.		7,900			271
Prudential PLC		13,847			156
					427
INDUSTRIALS 0.3%
Cathay Pacific Airways Ltd. (a)		78,000			81
CK Hutchison Holdings Ltd.		37,000			199
Hutchison Port Holdings Trust		323,900			48
Jardine Matheson Holdings Ltd.		3,200			132
MTR Corp. Ltd.		35,000			136
NWS Holdings Ltd.		69,000			65
Pacific Basin Shipping Ltd.		115,000			38
Xinyi Glass Holdings Ltd.		30,000			33
					732
INFORMATION TECHNOLOGY 0.1%
Cowell e Holdings, Inc. (a)		25,000			74
Kingboard Holdings Ltd.		17,700			42

		SHARES			MARKET VALUE (000S)
Kingboard Laminates Holdings Ltd.			38,000	$		33
						149
REAL ESTATE 0.4%
CK Asset Holdings Ltd.			36,000			181
Hongkong Land Holdings Ltd.			25,400			88
Hopson Development Holdings Ltd. (a)			52,413			27
New World Development Co. Ltd.			34,000			53
Sino Land Co. Ltd.			10,000			11
Sun Hung Kai Properties Ltd.			22,000			238
Swire Pacific Ltd. ‘A’			15,500			131
Wharf Holdings Ltd.			27,000			87
						816
UTILITIES 0.2%
China Gas Holdings Ltd.			14,200			14
CLP Holdings Ltd.			19,600			162
HK Electric Investments & HK Electric Investments Ltd.			50,500			31
Hong Kong & China Gas Co. Ltd.	��		63,972			49
Power Assets Holdings Ltd.			13,500			78
						334
Total Hong Kong						3,010
IRELAND 1.1%
CONSUMER STAPLES 0.1%
Glanbia PLC			6,842			113
Kerry Group PLC ‘A’			1,520			132
						245
HEALTH CARE 0.3%
ICON PLC (a)			787			223
Medtronic PLC			5,510			454
						677
INDUSTRIALS 0.5%
Allegion PLC			768			97
Cimpress PLC (a)			768			61
Experian PLC			6,299			257
Grafton Group PLC			5,153			60
Kingspan Group PLC			1,036			90
Trane Technologies PLC			1,580			385
						950
MATERIALS 0.2%
James Hardie Industries PLC (a)			11,285			435
Smurfit Kappa Group PLC			1,519			60
						495
Total Ireland						2,367
ISRAEL 0.8%
COMMUNICATION SERVICES 0.0%
Bezeq The Israeli Telecommunication Corp. Ltd.			60,194			82
CONSUMER DISCRETIONARY 0.0%
Mobileye Global, Inc. ‘A’ (a)			867			38

	SHARES			MARKET VALUE (000S)
CONSUMER STAPLES 0.0%
Strauss Group Ltd. (a)		1,943	$		36
ENERGY 0.0%
Oil Refineries Ltd.		200,254			68
Paz Oil Co. Ltd.		269			22
					90
FINANCIALS 0.3%
Bank Hapoalim BM		15,161			136
Bank Leumi Le-Israel BM		21,715			175
Harel Insurance Investments & Financial Services Ltd.		5,619			44
Israel Discount Bank Ltd. ‘A’		16,593			83
Mizrahi Tefahot Bank Ltd.		2,223			86
Plus500 Ltd.		2,162			46
					570
HEALTH CARE 0.1%
Taro Pharmaceutical Industries Ltd. (a)		1,497			63
Teva Pharmaceutical Industries Ltd. SP ADR (a)		11,804			123
					186
INDUSTRIALS 0.1%
Danel Adir Yeoshua Ltd.		283			23
Elbit Systems Ltd.		255			54
Hilan Ltd.		1,701			90
					167
INFORMATION TECHNOLOGY 0.1%
Check Point Software Technologies Ltd. (a)		647			99
Monday.com Ltd. (a)		299			56
Nice Ltd. (a)		289			58
Wix.com Ltd. (a)		581			71
					284
MATERIALS 0.1%
ICL Group Ltd.		25,992			131
REAL ESTATE 0.1%
Africa Israel Residences Ltd.		585			30
Azrieli Group Ltd.		286			19
G City Ltd.		9,251			30
YH Dimri Construction & Development Ltd.		618			44
					123
Total Israel					1,707
ITALY 3.3%
COMMUNICATION SERVICES 0.3%
Infrastrutture Wireless Italiane SpA		6,049			77
MFE-MediaForEurope NV ‘A’		10,570			27
MFE-MediaForEurope NV ‘B’		3,708			13
Telecom Italia SpA (a)		1,576,014			512
					629

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 37

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
CONSUMER DISCRETIONARY 0.3%
Brembo SpA		5,358	$		66
Ferrari NV		961			324
Moncler SpA		2,801			173
					563
ENERGY 0.8%
Eni SpA		87,178			1,479
Saipem SpA		31,207			51
Saras SpA		55,486			99
					1,629
FINANCIALS 0.8%
Anima Holding SpA		13,098			58
Azimut Holding SpA		4,566			119
Banca Generali SpA		1,439			54
Banca IFIS SpA		5,002			87
Banca Mediolanum SpA		4,829			46
Banca Popolare di Sondrio SpA		17,707			115
Banco BPM SpA		31,929			169
BPER Banca		52,556			176
FinecoBank Banca Fineco SpA		6,074			91
Intesa Sanpaolo SpA		48,399			142
UniCredit SpA		17,433			475
Unipol Gruppo SpA		26,021			148
					1,680
HEALTH CARE 0.1%
Amplifon SpA		1,908			66
DiaSorin SpA		613			63
Recordati Industria Chimica e Farmaceutica SpA		2,161			117
					246
INDUSTRIALS 0.2%
Enav SpA		10,377			39
Iveco Group NV (a)		5,841			53
Leonardo SpA		25,862			427
					519
UTILITIES 0.8%
A2A SpA		16,513			34
Enel SpA		179,352			1,334
Iren SpA		21,557			47
Snam SpA		17,239			89
Terna - Rete Elettrica Nazionale		16,907			141
					1,645
Total Italy					6,911
JAPAN 26.4%
COMMUNICATION SERVICES 2.1%
Avex, Inc.		4,300			42
Capcom Co. Ltd.		7,500			242
CyberAgent, Inc.		2,800			18
Fuji Media Holdings, Inc.		7,300			81
GungHo Online Entertainment, Inc. (a)		2,400			40
Hakuhodo DY Holdings, Inc.		2,500			19
Internet Initiative Japan, Inc.		3,700			75
KDDI Corp.		34,000			1,078
Koei Tecmo Holdings Co. Ltd.		700			8
Konami Group Corp.		400			21

	SHARES			MARKET VALUE (000S)
Nexon Co. Ltd.		3,300	$		60
Nintendo Co. Ltd.		14,100			734
Nippon Telegraph & Telephone Corp.		720,000			879
Nippon Television Holdings, Inc.		7,700			84
Softbank Corp.		71,300			889
Square Enix Holdings Co. Ltd.		600			21
Toho Co. Ltd.		900			30
Z Holdings Corp.		13,000			46
					4,367
CONSUMER DISCRETIONARY 4.8%
Adastria Co. Ltd.		2,500			61
Aisin Corp.		6,900			241
Arata Corp.		200			4
Asics Corp.		3,200			100
ASKUL Corp.		1,100			17
Bandai Namco Holdings, Inc.		8,200			164
Bridgestone Corp.		10,900			450
Casio Computer Co. Ltd.		6,300			55
DCM Holdings Co. Ltd.		10,500			96
Denso Corp.		3,600			54
EDION Corp.		6,800			76
Exedy Corp.		4,300			79
Fast Retailing Co. Ltd.		1,100			272
Food & Life Cos., Ltd.		2,700			55
Fujitsu General Ltd.		1,100			18
Geo Holdings Corp.		2,300			35
Goldwin, Inc.		500			36
Haseko Corp.		4,100			53
Heiwa Corp.		700			10
Honda Motor Co. Ltd.		101,100			1,043
Iida Group Holdings Co. Ltd.		4,100			61
Isetan Mitsukoshi Holdings Ltd.		22,100			240
Isuzu Motors Ltd.		22,900			294
J Front Retailing Co. Ltd.		8,000			73
JTEKT Corp.		11,400			96
K’s Holdings Corp.		9,900			93
Kohnan Shoji Co. Ltd.		3,500			97
Koito Manufacturing Co. Ltd.		3,700			57
Mazda Motor Corp.		47,000			502
McDonald’s Holdings Co. Japan Ltd.		3,900			169
Mitsubishi Motors Corp.		26,200			83
NHK Spring Co. Ltd.		7,000			59
Nikon Corp.		9,900			98
Nishimatsuya Chain Co. Ltd.		4,400			65
Nissan Motor Co. Ltd.		156,000			610
Nitori Holdings Co. Ltd.		1,000			134
NOK Corp.		6,800			90
Oriental Land Co. Ltd.		7,600			282
PAL GROUP Holdings Co. Ltd.		3,400			59
Paltac Corp.		100			3
Pan Pacific International Holdings Corp.		5,000			119
Resorttrust, Inc.		900			16
Rinnai Corp.		300			7
Ryohin Keikaku Co. Ltd.		2,700			45
Saizeriya Co. Ltd.		3,100			110
Sangetsu Corp.		900			20
Sankyo Co. Ltd.		3,000			175
Sega Sammy Holdings, Inc.		4,200			59
Sekisui Chemical Co. Ltd.		4,500			65
Sekisui House Ltd.		6,900			153
Shimamura Co. Ltd.		800			89
Shimano, Inc.		500			77

	SHARES			MARKET VALUE (000S)
Skylark Holdings Co. Ltd.		3,500	$		51
Stanley Electric Co. Ltd.		3,400			64
Subaru Corp.		6,400			117
Sumitomo Electric Industries Ltd.		22,200			282
Sumitomo Forestry Co. Ltd.		6,300			187
Sumitomo Rubber Industries Ltd.		10,400			113
Suzuki Motor Corp.		6,500			277
Takashimaya Co. Ltd.		6,500			88
Tokai Rika Co. Ltd.		3,600			55
Tomy Co. Ltd.		4,300			68
Toyo Tire Corp.		4,400			73
Toyoda Gosei Co. Ltd.		4,000			75
Toyota Boshoku Corp.		6,800			108
Toyota Motor Corp.		37,000			678
TS Tech Co. Ltd.		4,200			51
USS Co. Ltd.		4,200			84
Wacoal Holdings Corp.		700			17
Yamada Holdings Co. Ltd.		60,500			188
Yamaha Corp.		700			16
Yamaha Motor Co. Ltd.		14,700			131
Yokohama Rubber Co. Ltd.		2,100			48
Yoshinoya Holdings Co. Ltd.		3,100			70
Zensho Holdings Co. Ltd.		3,600			188
ZOZO, Inc.		1,100			25
					10,073
CONSUMER STAPLES 2.9%
Aeon Co. Ltd.		7,900			176
Ain Holdings, Inc.		100			3
Ajinomoto Co., Inc.		14,600			562
Asahi Group Holdings Ltd.		1,600			60
Axial Retailing, Inc.		900			27
Belc Co. Ltd.		1,000			44
Calbee, Inc.		3,200			64
Cawachi Ltd.		3,400			64
Coca-Cola Bottlers Japan Holdings, Inc.		3,700			53
Earth Corp.		100			3
Fuji Oil Holdings, Inc.		7,400			127
H2O Retailing Corp.		2,700			29
House Foods Group, Inc.		3,000			66
Itoham Yonekyu Holdings, Inc.		2,520			69
Japan Tobacco, Inc.		38,500			994
Kagome Co. Ltd.		2,900			65
Kameda Seika Co. Ltd.		2,600			76
Kao Corp.		8,500			349
Kewpie Corp.		4,700			83
Kikkoman Corp.		700			43
Kirin Holdings Co. Ltd.		25,200			369
Kobe Bussan Co. Ltd.		2,800			83
Kose Corp.		100			8
Kusuri No. Aoki Holdings Co. Ltd.		900			21
Lawson, Inc.		800			41
Maruha Nichiro Corp.		3,300			65
MatsukiyoCocokara & Co.		2,400			43
MEIJI Holdings Co. Ltd.		7,200			171
Mitsubishi Shokuhin Co. Ltd.		3,100			106
Mitsui DM Sugar Holdings Co. Ltd.		3,900			82
Morinaga & Co. Ltd.		5,800			105
Morinaga Milk Industry Co. Ltd.		1,600			31
NH Foods Ltd.		4,200			142
Nichirei Corp.		700			17
Nippn Corp.		4,400			69
Nisshin Oillio Group Ltd.		2,900			88

38 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2023 (Unaudited)

	SHARES			MARKET VALUE (000S)
Nisshin Seifun Group, Inc.		4,400	$		59
Nissin Foods Holdings Co. Ltd.		3,300			115
Pigeon Corp.		1,200			14
Pola Orbis Holdings, Inc.		4,400			49
Rohto Pharmaceutical Co. Ltd.		5,100			103
Sakata Seed Corp.		200			6
Sapporo Holdings Ltd.		1,500			66
Seven & i Holdings Co. Ltd.		11,200			443
Sugi Holdings Co. Ltd.		200			9
Sundrug Co. Ltd.		3,200			103
Suntory Beverage & Food Ltd.		3,400			112
Toyo Suisan Kaisha Ltd.		1,500			77
Tsuruha Holdings, Inc.		600			55
Unicharm Corp.		4,200			152
United Super Markets Holdings, Inc.		7,200			52
Yakult Honsha Co. Ltd.		2,200			49
Yamazaki Baking Co. Ltd.		4,300			98
Yokorei Co. Ltd.		10,000			74
					6,034
ENERGY 0.7%
Cosmo Energy Holdings Co. Ltd.		4,300			173
ENEOS Holdings, Inc.		137,200			544
Idemitsu Kosan Co. Ltd.		40,560			220
Inpex Corp.		33,600			450
Iwatani Corp.		700			32
Japan Petroleum Exploration Co. Ltd.		600			22
					1,441
FINANCIALS 2.0%
Concordia Financial Group Ltd.		6,100			28
Credit Saison Co. Ltd.		1,000			18
Daiwa Securities Group, Inc.		17,500			117
Hachijuni Bank Ltd.		4,800			27
Hirogin Holdings, Inc.		3,100			20
Hokuhoku Financial Group, Inc.		10,100			109
Hyakujushi Bank Ltd.		4,500			77
Iyogin Holdings, Inc.		2,800			19
JAFCO Group Co. Ltd.		900			10
Japan Exchange Group, Inc.		800			17
Japan Post Bank Co. Ltd.		18,800			191
Japan Post Holdings Co. Ltd.		100,100			894
Japan Post Insurance Co. Ltd.		4,800			85
Kyushu Financial Group, Inc.		3,600			21
Mebuki Financial Group, Inc.		33,300			101
Mitsubishi HC Capital, Inc.		11,600			78
Mitsubishi UFJ Financial Group, Inc.		46,200			396
Mizuho Financial Group, Inc.		36,500			623
MS&AD Insurance Group Holdings, Inc.		10,000			393
Nanto Bank Ltd.		4,400			76
Nishi-Nippon Financial Holdings, Inc.		18,600			214
Senshu Ikeda Holdings, Inc.		50,700			116
Seven Bank Ltd.		35,100			75
Sumitomo Mitsui Financial Group, Inc.		6,500			316
Sumitomo Mitsui Trust Holdings, Inc.		8,000			153
T&D Holdings, Inc.		2,600			41
Tokyo Century Corp.		4,000			43
Zenkoku Hosho Co. Ltd.		200			8
					4,266

	SHARES			MARKET VALUE (000S)
HEALTH CARE 1.4%
Alfresa Holdings Corp.		6,100	$		104
Astellas Pharma, Inc.		25,300			301
Chugai Pharmaceutical Co. Ltd.		4,500			170
Eisai Co. Ltd.		3,500			174
Fukuda Denshi Co. Ltd.		800			42
H.U. Group Holdings, Inc.		3,100			59
Hisamitsu Pharmaceutical Co., Inc.		600			18
Hoya Corp.		1,200			149
Kaken Pharmaceutical Co. Ltd.		2,800			67
M3, Inc.		800			13
Medipal Holdings Corp.		6,700			108
Nihon Kohden Corp.		800			25
Olympus Corp.		10,100			146
Ono Pharmaceutical Co. Ltd.		3,200			57
Otsuka Holdings Co. Ltd.		4,400			165
Santen Pharmaceutical Co. Ltd.		3,900			39
Sawai Group Holdings Co. Ltd.		600			22
Shionogi & Co. Ltd.		3,500			168
Suzuken Co. Ltd.		3,000			99
Sysmex Corp.		400			22
Taisho Pharmaceutical Holdings Co. Ltd.		600			37
Takeda Pharmaceutical Co. Ltd.		23,041			661
Terumo Corp.		3,400			111
Toho Holdings Co. Ltd.		4,000			91
Tsumura & Co.		2,900			55
					2,903
INDUSTRIALS 6.2%
AGC, Inc.		4,500			167
ANA Holdings, Inc. (a)		8,000			173
Central Glass Co. Ltd.		3,200			60
COMSYS Holdings Corp.		3,400			75
Dai Nippon Printing Co. Ltd.		7,100			210
Daikin Industries Ltd.		1,100			178
DMG Mori Co. Ltd.		4,800			92
East Japan Railway Co.		5,900			340
EXEO Group, Inc.		3,600			80
FANUC Corp.		8,500			249
Fuji Electric Co. Ltd.		500			21
Fujikura Ltd.		14,600			112
Fujitec Co. Ltd.		3,200			81
Furukawa Electric Co. Ltd.		2,400			38
Glory Ltd.		1,200			23
Hanwa Co. Ltd.		2,900			102
Harmonic Drive Systems, Inc.		500			15
Hazama Ando Corp.		6,500			51
Hikari Tsushin, Inc.		200			33
Hino Motors Ltd.		15,100			49
Hitachi Construction Machinery Co. Ltd.		600			16
Hitachi Ltd.		18,400			1,323
Hitachi Zosen Corp.		11,700			78
Hoshizaki Corp.		200			7
IHI Corp.		3,400			66
ITOCHU Corp.		6,900			281
Japan Airlines Co. Ltd.		6,800			134
Japan Pulp & Paper Co. Ltd.		2,900			102
Kajima Corp.		6,400			107
Kamigumi Co. Ltd.		3,200			76
Kandenko Co. Ltd.		10,000			98
Kawasaki Heavy Industries Ltd.		7,800			172
Kawasaki Kisen Kaisha Ltd.		900			38

	SHARES			MARKET VALUE (000S)
Keihan Holdings Co. Ltd.		600	$		16
Keio Corp.		700			22
Keisei Electric Railway Co. Ltd.		400			19
Kinden Corp.		4,400			75
Kintetsu Group Holdings Co. Ltd. ‘L’		3,000			95
Kubota Corp.		3,500			53
Kurita Water Industries Ltd.		800			31
Kyushu Railway Co.		3,500			77
LIXIL Corp.		3,500			44
Makita Corp.		1,000			27
Marubeni Corp.		69,100			1,088
MEITEC Group Holdings, Inc.		2,800			56
Minebea Mitsumi, Inc.		4,100			84
MIRAIT ONE Corp.		3,900			51
Mitsubishi Corp.		23,700			377
Mitsubishi Electric Corp.		8,400			119
Mitsubishi Heavy Industries Ltd.		16,500			961
Mitsui & Co. Ltd.		8,400			315
Mitsui OSK Lines Ltd.		10,700			342
Nagase & Co. Ltd.		4,100			66
Nagoya Railroad Co. Ltd.		3,500			56
Nankai Electric Railway Co. Ltd.		3,300			67
Nippon Yusen KK		16,200			500
Nisshinbo Holdings, Inc.		10,300			83
NSK Ltd.		24,800			134
NTN Corp.		28,600			53
Obayashi Corp.		11,600			100
Outsourcing, Inc. (a)		2,500			31
Penta-Ocean Construction Co. Ltd.		8,300			46
Persol Holdings Co. Ltd.		33,400			57
Recruit Holdings Co. Ltd.		3,200			134
Sakai Moving Service Co. Ltd.		4,200			81
Sanwa Holdings Corp.		2,900			44
Secom Co. Ltd.		2,900			209
Seino Holdings Co. Ltd.		2,700			41
Senko Group Holdings Co. Ltd.		8,000			65
SG Holdings Co. Ltd.		3,200			46
Shibaura Machine Co. Ltd.		3,100			76
Shinmaywa Industries Ltd.		6,900			57
SHO-BOND Holdings Co. Ltd.		200			9
SMC Corp.		100			53
Sohgo Security Services Co. Ltd.		13,500			78
Sojitz Corp.		11,040			249
Sotetsu Holdings, Inc.		3,400			66
Sumitomo Corp.		8,600			187
Sumitomo Heavy Industries Ltd.		2,100			53
Taikisha Ltd.		3,000			87
Taisei Corp.		7,000			239
Takeuchi Manufacturing Co. Ltd.		3,300			100
TechnoPro Holdings, Inc.		2,700			71
Tobu Railway Co. Ltd.		3,700			99
Tokyu Corp.		10,400			127
TOPPAN Holdings, Inc.		9,800			273
TOTO Ltd.		900			24
Toyota Tsusho Corp.		7,200			422
Trancom Co. Ltd.		800			41
West Japan Railway Co.		5,000			208
Yamato Holdings Co. Ltd.		2,500			46
Yaskawa Electric Corp.		3,100			129
Yuasa Trading Co. Ltd.		2,900			97
					13,103

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 39

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
INFORMATION TECHNOLOGY 2.4%
Advantest Corp.		6,800	$		229
Alps Alpine Co. Ltd.		9,500			82
Azbil Corp.		700			23
BIPROGY, Inc.		2,800			87
Brother Industries Ltd.		3,400			54
Canon Marketing Japan, Inc.		3,400			103
Citizen Watch Co. Ltd.		15,200			90
Daiwabo Holdings Co. Ltd.		4,000			87
Dexerials Corp.		800			23
Disco Corp.		700			173
DTS Corp.		3,300			82
Eizo Corp.		2,600			91
FUJIFILM Holdings Corp.		4,300			258
Fujitsu Ltd.		600			90
Horiba Ltd.		100			8
Hosiden Corp.		4,500			55
Ibiden Co. Ltd.		1,100			61
Keyence Corp.		600			264
Konica Minolta, Inc. (a)		31,100			91
Macnica Holdings, Inc.		3,200			168
Maxell Ltd.		4,400			49
Murata Manufacturing Co. Ltd.		10,800			228
NEC Corp.		9,100			538
NET One Systems Co. Ltd.		800			14
Nippon Electric Glass Co. Ltd.		4,500			96
Nomura Research Institute Ltd.		3,900			113
Obic Co. Ltd.		300			52
Omron Corp.		2,800			130
Otsuka Corp.		1,900			78
Renesas Electronics Corp. (a)		11,400			204
Ricoh Co. Ltd.		24,900			191
Sanken Electric Co. Ltd.		500			27
SCREEN Holdings Co. Ltd.		400			34
SCSK Corp.		1,200			24
Seiko Epson Corp.		4,200			63
Shinko Electric Industries Co. Ltd.		3,900			151
TIS, Inc.		4,000			88
Tokyo Electron Ltd.		4,600			818
Tokyo Seimitsu Co. Ltd.		200			12
Topcon Corp.		1,000			11
Toshiba TEC Corp.		200			4
Trend Micro, Inc. (a)		400			21
Ulvac, Inc.		500			24
					5,089
MATERIALS 2.4%
ARE Holdings, Inc.		3,400			47
Daicel Corp.		12,100			117
DIC Corp.		1,000			20
Dowa Holdings Co. Ltd.		200			7
FP Corp.		200			4
JFE Holdings, Inc.		36,200			560
Kaneka Corp.		2,800			71
Kansai Paint Co. Ltd.		900			15
Kobe Steel Ltd.		33,500			432
Kuraray Co. Ltd.		4,800			48
Mitsubishi Chemical Group Corp.		61,000			373
Mitsubishi Materials Corp.		6,700			116
Mitsui Chemicals, Inc.		4,500			133
Mitsui Mining & Smelting Co. Ltd.		2,200			68
Nakayama Steel Works Ltd.		3,100			18
Nippon Light Metal Holdings Co. Ltd.		1,000			12
Nippon Paint Holdings Co. Ltd.		3,200			26

	SHARES			MARKET VALUE (000S)
Nippon Paper Industries Co. Ltd. ‘L’		21,500	$		192
Nippon Steel Corp.		41,100			939
Nissan Chemical Corp.		600			23
Nitto Denko Corp.		3,300			246
Oji Holdings Corp.		21,100			81
Rengo Co. Ltd.		3,000			20
Shin-Etsu Chemical Co. Ltd.		13,200			552
Sumitomo Chemical Co. Ltd.		75,200			183
Sumitomo Osaka Cement Co. Ltd.		3,300			87
Taiheiyo Cement Corp.		4,500			93
Teijin Ltd.		2,100			20
Tokuyama Corp.		4,000			68
Tokyo Ohka Kogyo Co. Ltd.		2,700			59
Tokyo Steel Manufacturing Co. Ltd.		7,100			87
Tosoh Corp.		4,000			51
Toyo Seikan Group Holdings Ltd.		7,200			117
UACJ Corp.		1,000			27
UBE Corp.		4,500			73
					4,985
REAL ESTATE 0.2%
Daito Trust Construction Co. Ltd.		2,300			266
Daiwa House Industry Co. Ltd.		2,100			63
Relo Group, Inc.		800			10
Tokyu Fudosan Holdings Corp.		6,200			40
					379
UTILITIES 1.3%
Chubu Electric Power Co., Inc.		25,800			333
Chugoku Electric Power Co., Inc.		17,500			125
Electric Power Development Co. Ltd. ‘C’		7,800			126
Hokkaido Electric Power Co., Inc.		17,100			76
Hokuriku Electric Power Co. (a)		14,200			74
Kansai Electric Power Co., Inc.		22,100			293
Kyushu Electric Power Co., Inc. (a)		17,700			128
Nippon Gas Co. Ltd.		2,100			35
Okinawa Electric Power Co., Inc.		7,200			57
Osaka Gas Co. Ltd.		10,700			223
Shikoku Electric Power Co., Inc.		10,700			77
Toho Gas Co. Ltd.		3,200			67
Tohoku Electric Power Co., Inc.		17,700			120
Tokyo Electric Power Co. Holdings, Inc. (a)		127,400			667
Tokyo Gas Co. Ltd.		14,100			323
					2,724
Total Japan					55,364
JORDAN 0.0%
HEALTH CARE 0.0%
Hikma Pharmaceuticals PLC		1,004			23
Total Jordan					23
LUXEMBOURG 0.4%
COMMUNICATION SERVICES 0.1%
Millicom International Cellular SA (a)		1,586			28
RTL Group SA		1,432			55
SES SA		15,564			103
					186

	SHARES			MARKET VALUE (000S)
MATERIALS 0.3%
APERAM SA		2,552	$		93
ArcelorMittal SA		21,348			606
					699
Total Luxembourg					885
NETHERLANDS 4.5%
COMMUNICATION SERVICES 0.2%
Koninklijke KPN NV		77,926			269
Universal Music Group NV		6,134			175
					444
CONSUMER DISCRETIONARY 0.7%
Stellantis NV		57,973			1,358
					1,358
CONSUMER STAPLES 0.7%
Heineken Holding NV		1,735			147
Heineken NV		2,321			236
Koninklijke Ahold Delhaize NV		40,986			1,179
					1,562
ENERGY 0.0%
Koninklijke Vopak NV		1,835			62
FINANCIALS 0.9%
ABN AMRO Bank NV		33,033			497
Aegon Ltd.		77,879			453
Euronext NV		1,763			153
ING Groep NV		32,470			487
NN Group NV		5,536			219
					1,809
HEALTH CARE 0.1%
Koninklijke Philips NV		2,532			59
Qiagen NV (a)		1,075			47
					106
INDUSTRIALS 0.4%
Arcadis NV		1,799			97
IMCD NV		797			139
Randstad NV		2,870			180
TKH Group NV		747			32
Wolters Kluwer NV		3,013			429
					877
INFORMATION TECHNOLOGY 1.2%
ASM International NV		872			454
ASML Holding NV		1,977			1,492
BE Semiconductor Industries NV		1,700			257
NXP Semiconductors NV		1,704			391
					2,594
MATERIALS 0.3%
Akzo Nobel NV		7,041			583
Total Netherlands					9,395

40 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2023 (Unaudited)

	SHARES			MARKET VALUE (000S)
NEW ZEALAND 0.2%
COMMUNICATION SERVICES 0.0%
Spark New Zealand Ltd.		29,519	$		97
HEALTH CARE 0.0%
Fisher & Paykel Healthcare Corp. Ltd. ‘C’		4,497			67
INDUSTRIALS 0.1%
Auckland International Airport Ltd.		12,458			69
Fletcher Building Ltd.		19,115			58
					127
UTILITIES 0.1%
Contact Energy Ltd.		11,518			58
Meridian Energy Ltd.		16,269			57
					115
Total New Zealand					406
NORWAY 0.8%
COMMUNICATION SERVICES 0.1%
Telenor ASA		20,517			235
CONSUMER STAPLES 0.1%
Mowi ASA		10,769			193
Orkla ASA		5,401			42
Salmar ASA		811			45
					280
ENERGY 0.2%
Aker Solutions ASA		32,645			135
Equinor ASA		7,289			231
Frontline PLC		1,579			32
					398
FINANCIALS 0.1%
Gjensidige Forsikring ASA		3,631			67
SpareBank 1 Nord Norge		2,890			29
					96
INDUSTRIALS 0.0%
Tomra Systems ASA		5,826			71
Wallenius Wilhelmsen ASA		1,943			17
					88
INFORMATION TECHNOLOGY 0.1%
Atea ASA		12,629			161
MATERIALS 0.2%
Norsk Hydro ASA		15,851			106
Yara International ASA		6,436			229
					335
Total Norway					1,593
PORTUGAL 0.4%
CONSUMER STAPLES 0.1%
Jeronimo Martins SGPS SA		4,074			104

	SHARES			MARKET VALUE (000S)
ENERGY 0.0%
Galp Energia SGPS SA		3,029	$		44
UTILITIES 0.3%
EDP - Energias de Portugal SA		109,697			552
REN - Redes Energeticas Nacionais SGPS SA		20,954			54
					606
Total Portugal					754
SINGAPORE 1.7%
COMMUNICATION SERVICES 0.3%
JOYY, Inc. ADR		595			24
NetLink NBN Trust		76,400			48
Sea Ltd. (a)		2,712			110
Singapore Telecommunications Ltd.		198,800			372
					554
CONSUMER STAPLES 0.2%
Golden Agri-Resources Ltd.		550,900			108
Wilmar International Ltd.		79,900			216
					324
ENERGY 0.1%
BW LPG Ltd.		9,657			144
FINANCIALS 0.7%
DBS Group Holdings Ltd.		22,500			569
Oversea-Chinese Banking Corp. Ltd.		49,100			483
Singapore Exchange Ltd.		3,900			29
United Overseas Bank Ltd.		18,100			391
					1,472
INDUSTRIALS 0.3%
ComfortDelGro Corp. Ltd.		54,800			58
Jardine Cycle & Carriage Ltd.		4,000			90
Keppel Corp. Ltd.		20,700			111
Singapore Airlines Ltd.		65,900			327
Singapore Technologies Engineering Ltd.		35,400			105
					691
INFORMATION TECHNOLOGY 0.0%
Venture Corp. Ltd.		7,100			73
UTILITIES 0.1%
Sembcorp Industries Ltd.		64,500			259
Total Singapore					3,517
SOUTH AFRICA 0.0%
FINANCIALS 0.0%
Investec PLC		4,283			29
Total South Africa					29
SPAIN 3.9%
COMMUNICATION SERVICES 0.5%
Cellnex Telecom SA		976			38
Telefonica SA		258,087			1,009
					1,047

	SHARES			MARKET VALUE (000S)
CONSUMER DISCRETIONARY 0.4%
Amadeus IT Group SA		2,003	$		144
Gestamp Automocion SA		15,957			62
Industria de Diseno Textil SA		13,350			582
					788
CONSUMER STAPLES 0.0%
Viscofan SA		1,449			86
ENERGY 0.5%
Repsol SA		64,281			954
FINANCIALS 1.5%
Banco Bilbao Vizcaya Argentaria SA		61,680			562
Banco de Sabadell SA		432,179			532
Banco Santander SA		406,470			1,700
Mapfre SA		103,360			222
Unicaja Banco SA		132,409			131
					3,147
HEALTH CARE 0.0%
Almirall SA		5,184			48
Grifols SA		2,169			37
					85
INDUSTRIALS 0.2%
ACS Actividades de Construccion y Servicios SA		5,217			232
Aena SME SA		474			86
Cia de Distribucion Integral Logista Holdings SA		3,421			93
Sacyr SA		17,177			59
					470
MATERIALS 0.1%
Acerinox SA		9,174			108
UTILITIES 0.7%
EDP Renovaveis SA		3,341			69
Enagas SA		2,442			41
Endesa SA		14,515			296
Iberdrola SA		41,242			541
Naturgy Energy Group SA		9,230			275
Redeia Corp. SA		10,812			178
					1,400
Total Spain					8,085
SWEDEN 2.5%
COMMUNICATION SERVICES 0.3%
Spotify Technology SA (a)		646			122
Tele2 AB ‘B’		5,611			48
Telia Co. AB		140,038			357
					527
CONSUMER DISCRETIONARY 0.3%
Autoliv, Inc.		1,221			134
Betsson AB		2,372			26
Bilia AB ‘A’		3,891			52
Electrolux AB ‘B’		12,011			129
H & M Hennes & Mauritz AB ‘B’		5,147			90

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 41

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Scandic Hotels Group AB (a)		17,387	$		80
					511
CONSUMER STAPLES 0.3%
AAK AB		3,341			74
Axfood AB		2,338			63
Cloetta AB ‘B’		26,993			49
Essity AB ‘B’		13,545			336
					522
FINANCIALS 0.3%
Avanza Bank Holding AB		911			21
Nordnet AB publ		1,256			21
Svenska Handelsbanken AB ‘A’		18,546			202
Swedbank AB ‘A’		13,578			275
					519
HEALTH CARE 0.0%
Elekta AB ‘B’		2,556			21
Getinge AB ‘B’		861			19
Swedish Orphan Biovitrum AB (a)		855			23
					63
INDUSTRIALS 1.1%
AddTech AB ‘B’		2,314			51
Alfa Laval AB		1,868			75
Assa Abloy AB ‘B’		3,379			97
Atlas Copco AB ‘A’		31,107			536
Beijer Ref AB		2,846			38
Epiroc AB ‘A’		6,987			141
Indutrade AB		3,851			100
Lifco AB ‘B’		928			23
Saab AB ‘B’		473			28
Sandvik AB		8,747			190
Securitas AB ‘B’		2,554			25
SKF AB ‘B’		9,685			194
Volvo AB ‘B’		33,348			868
					2,366
INFORMATION TECHNOLOGY 0.0%
Telefonaktiebolaget LM Ericsson ‘B’		13,760			87
MATERIALS 0.2%
Hexpol AB		3,489			42
SSAB AB ‘A’		48,194			367
Svenska Cellulosa AB SCA ‘B’		1,779			27
					436
REAL ESTATE 0.0%
Atrium Ljungberg AB ‘B’		3,783			87
Total Sweden					5,118
SWITZERLAND 6.8%
COMMUNICATION SERVICES 0.1%
Swisscom AG		480			289
CONSUMER DISCRETIONARY 0.5%
Cie Financiere Richemont SA		5,184			716
Garmin Ltd.		2,542			327
					1,043

	SHARES			MARKET VALUE (000S)
CONSUMER STAPLES 0.9%
Barry Callebaut AG		38	$		64
Chocoladefabriken Lindt & Spruengli AG		8			96
Coca-Cola HBC AG		2,044			60
Emmi AG		43			47
Nestle SA		14,736			1,708
					1,975
FINANCIALS 1.4%
Banque Cantonale Vaudoise		872			113
Cembra Money Bank AG		928			72
Julius Baer Group Ltd.		649			36
Partners Group Holding AG		114			165
St Galler Kantonalbank AG		108			63
Swiss Life Holding AG		302			210
Swiss Re AG		3,336			375
UBS Group AG		12,608			392
Valiant Holding AG		783			89
Zurich Insurance Group AG		2,705			1,414
					2,929
HEALTH CARE 1.1%
Galenica AG		1,229			106
Novartis AG		5,339			539
Roche Holding AG		5,268			1,531
Sonova Holding AG		262			86
Straumann Holding AG		708			115
					2,377
INDUSTRIALS 1.4%
ABB Ltd.		20,316			902
Adecco Group AG		7,129			350
Bucher Industries AG		143			60
Daetwyler Holding AG		400			93
DKSH Holding AG		929			65
dormakaba Holding AG		171			92
Flughafen Zurich AG		320			67
Forbo Holding AG		35			44
Geberit AG		424			272
Georg Fischer AG		719			52
Kuehne & Nagel International AG		929			321
Schindler Holding AG		606			152
Schweiter Technologies AG		132			81
SGS SA		1,487			128
Sulzer AG		1,292			132
VAT Group AG		292			147
					2,958
INFORMATION TECHNOLOGY 0.2%
ALSO Holding AG		118			35
Landis & Gyr Group AG		1,035			94
Logitech International SA		2,280			217
Temenos AG		528			49
					395
MATERIALS 0.9%
EMS-Chemie Holding AG		73			59
Givaudan SA		65			270
Glencore PLC		187,340			1,126
Holcim AG		1,477			116
SIG Group AG		3,375			78

	SHARES			MARKET VALUE (000S)
Sika AG		588	$		192
					1,841
REAL ESTATE 0.2%
Allreal Holding AG		331			59
PSP Swiss Property AG		965			135
Swiss Prime Site AG		1,795			192
					386
UTILITIES 0.1%
BKW AG		619			110
Total Switzerland					14,303
UNITED KINGDOM 13.1%
COMMUNICATION SERVICES 0.8%
Auto Trader Group PLC		6,223			57
BT Group PLC		280,127			441
Informa PLC		8,714			87
Vodafone Group PLC		1,101,965			963
WPP PLC		7,960			76
					1,624
CONSUMER DISCRETIONARY 1.5%
B&M European Value Retail SA		38,087			272
Barratt Developments PLC		19,591		��	140
Berkeley Group Holdings PLC		597			36
Burberry Group PLC		7,088			128
Compass Group PLC		4,901			134
Frasers Group PLC (a)		7,063			82
Games Workshop Group PLC		1,082			136
Greggs PLC		2,731			91
Halfords Group PLC		12,453			32
Inchcape PLC		6,514			59
InterContinental Hotels Group PLC		2,369			214
JD Sports Fashion PLC		22,686			48
Kingfisher PLC		124,245			385
Mitchells & Butlers PLC (a)		19,623			64
Next PLC		2,856			295
Pearson PLC		23,874			293
Persimmon PLC		19,472			344
Pets at Home Group PLC		10,473			42
Taylor Wimpey PLC		148,189			277
Whitbread PLC		2,062			96
					3,168
CONSUMER STAPLES 2.5%
Associated British Foods PLC		6,519			196
Coca-Cola Europacific Partners PLC		1,521			101
Cranswick PLC		1,220			59
Diageo PLC		9,335			339
Haleon PLC		19,219			79
Imperial Brands PLC		29,841			687
J Sainsbury PLC		119,878			462
Marks & Spencer Group PLC		83,084			288
Ocado Group PLC (a)		5,496			53
Premier Foods PLC		41,428			72
Reckitt Benckiser Group PLC		5,997			414
Tate & Lyle PLC		9,895			83
Tesco PLC		186,823			692
Unilever PLC		36,656			1,775
					5,300

42 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2023 (Unaudited)

	SHARES			MARKET VALUE (000S)
ENERGY 1.4%
BP PLC		283,062	$		1,678
John Wood Group PLC (a)		14,990			33
Shell PLC		27,640			905
Subsea 7 SA		14,649			213
					2,829
FINANCIALS 1.6%
3i Group PLC		15,419			475
abrdn PLC		113,462			258
Admiral Group PLC		6,812			233
Aviva PLC		11,769			65
Barclays PLC		51,959			102
Direct Line Insurance Group PLC		64,521			149
Hargreaves Lansdown PLC		4,526			42
HSBC Holdings PLC		67,070			543
IG Group Holdings PLC		7,137			70
Intermediate Capital Group PLC		2,011			43
London Stock Exchange Group PLC		4,342			513
M&G PLC		116,104			329
Man Group PLC		36,562			108
NatWest Group PLC		52,358			146
Schroders PLC		14,843			81
Standard Chartered PLC		19,270			163
Vanquis Banking Group PLC		14,074			23
					3,343
HEALTH CARE 1.2%
AstraZeneca PLC		8,437			1,138
ConvaTec Group PLC		21,735			68
Dechra Pharmaceuticals PLC		1,014			50
GSK PLC		66,789			1,233
Smith & Nephew PLC		6,128			84
					2,573
INDUSTRIALS 2.2%
Ashtead Group PLC		3,854			268
BAE Systems PLC		58,078			822
Balfour Beatty PLC		17,135			72
Bunzl PLC		3,500			142
Diploma PLC		1,947			89
easyJet PLC (a)		10,174			66
Ferguson PLC		2,229			427
Firstgroup PLC		52,234			116
Howden Joinery Group PLC		19,688			204
IMI PLC		5,658			121
International Consolidated Airlines Group SA (a)		169,056			334
International Distributions Services PLC (a)		46,445			161
Intertek Group PLC		2,639			143
Morgan Sindall Group PLC		2,204			62
Pagegroup PLC		8,102			50
RELX PLC		21,269			844
Rentokil Initial PLC		37,043			209
Rolls-Royce Holdings PLC (a)		30,824			118
Rotork PLC		6,024			25
RS Group PLC		6,884			72
Spirax-Sarco Engineering PLC		794			106
Travis Perkins PLC		4,243			45
Weir Group PLC		5,112			123
					4,619

	SHARES			MARKET VALUE (000S)
INFORMATION TECHNOLOGY 0.2%
Computacenter PLC		1,797	$		64
Halma PLC		4,165			121
Sage Group PLC		12,846			192
Spectris PLC		750			36
					413
MATERIALS 0.7%
Anglo American PLC		3,847			96
Croda International PLC		2,174			140
DS Smith PLC		13,497			53
Johnson Matthey PLC		9,109			197
Mondi PLC		6,815			133
Rio Tinto PLC		11,506			856
					1,475
REAL ESTATE 0.1%
Grainger PLC		10,843			36
Savills PLC		3,716			46
					82
UTILITIES 0.9%
Centrica PLC		384,924			690
Drax Group PLC		14,576			91
National Grid PLC		42,995			579
Severn Trent PLC		4,218			139
SSE PLC		12,285			290
United Utilities Group PLC		12,896			174
					1,963
Total United Kingdom					27,389
UNITED STATES 0.2%
CONSUMER DISCRETIONARY 0.1%
Carnival PLC (a)		7,726			128
HEALTH CARE 0.0%
BeiGene Ltd. (a)		3,400			47
INDUSTRIALS 0.1%
RB Global, Inc.		1,701			114
UTILITIES 0.0%
Brookfield Renewable Corp. ‘A’		3,400			98
Total United States					387
Total Common Stocks (Cost $179,390)					203,835
PREFERRED STOCKS 0.7%
GERMANY 0.7%
INDUSTRIALS 0.7%
Fuchs SE		4,319			192
Henkel AG & Co. KGaA		2,478			199
Sartorius AG		174			64
Schaeffler AG		7,998			50
STO SE & Co. KGaA		471			73
Volkswagen AG		7,660			944
Total Preferred Stocks (Cost $1,481)					1,522

	SHARES			MARKET VALUE (000S)
REAL ESTATE INVESTMENT TRUSTS 1.5%
AUSTRALIA 0.1%
REAL ESTATE 0.1%
Charter Hall Group		4,607	$		38
GPT Group		18,724			59
Stockland		21,712			66
Vicinity Ltd.		31,109			43
Total Australia					206
BELGIUM 0.1%
REAL ESTATE 0.1%
Cofinimmo SA		234			19
Retail Estates REIT		1,499			107
Warehouses De Pauw CVA		1,793			56
Total Belgium					182
CANADA 0.1%
REAL ESTATE 0.1%
Allied Properties Real Estate Investment Trust		1,800			27
Canadian Apartment Properties REIT		1,520			56
Dream Office Real Estate Investment Trust		2,764			22
Granite Real Estate Investment Trust		1,110			64
Total Canada					169
FRANCE 0.0%
REAL ESTATE 0.0%
Klepierre SA		2,913			80
Total France					80
HONG KONG 0.1%
REAL ESTATE 0.1%
Fortune Real Estate Investment Trust		63,000			40
Link REIT		20,700			116
Total Hong Kong					156
JAPAN 0.7%
REAL ESTATE 0.7%
Activia Properties, Inc.		7			19
Advance Residence Investment Corp.		31			69
AEON REIT Investment Corp.		45			45
Daiwa House REIT Investment Corp.		30			53
Daiwa Office Investment Corp.		2			9
Daiwa Securities Living Investments Corp.		77			57
Frontier Real Estate Investment Corp.		2			6
GLP J-Reit		43			43
Hulic Reit, Inc.		37			39
Industrial & Infrastructure Fund Investment Corp.		37			37
Invincible Investment Corp.		184			79
Japan Excellent, Inc.		44			39
Japan Hotel REIT Investment Corp.		243			119
Japan Logistics Fund, Inc.		31			63
Japan Metropolitan Fund Invest		109			79
Japan Prime Realty Investment Corp.		8			20
Japan Real Estate Investment Corp.		7			29
KDX Realty Investment Corp.		46			52
LaSalle Logiport REIT		107			115

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 43

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Mori Hills REIT Investment Corp.		38	$		38
Mori Trust Reit, Inc.		99			51
Nippon Accommodations Fund, Inc.		3			13
Nippon Building Fund, Inc.		9			39
Nippon Prologis REIT, Inc.		30			58
Nomura Real Estate Master Fund, Inc.		45			53
NTT UD REIT Investment Corp.		64			57
Orix JREIT, Inc.		42			50
Sekisui House Reit, Inc.		101			55
United Urban Investment Corp.		63			64
Total Japan					1,450
LUXEMBOURG 0.1%
REAL ESTATE 0.1%
Shurgard Self Storage Ltd.		1,760			87
Total Luxembourg					87
SINGAPORE 0.1%
REAL ESTATE 0.1%
CapitaLand Ascendas REIT		43,900			101
CapitaLand Integrated Commercial Trust		36,300			56

	SHARES			MARKET VALUE (000S)
Keppel DC REIT		35,900	$		53
Keppel REIT		4,020			3
Mapletree Industrial Trust		32,335			61
Total Singapore					274
SPAIN 0.0%
REAL ESTATE 0.0%
Inmobiliaria Colonial Socimi SA		3,709			27
Total Spain					27
UNITED KINGDOM 0.2%
REAL ESTATE 0.2%
Assura PLC		40,959			25
Big Yellow Group PLC		3,177			49
Great Portland Estates PLC		5,431			29
Land Securities Group PLC		8,233			74
LondonMetric Property PLC		19,917			49
Segro PLC		8,610			97
Tritax Big Box REIT PLC		40,855			88
Total United Kingdom					411
Total Real Estate Investment Trusts (Cost $3,319)					3,042

	SHARES			MARKET VALUE (000S)
WARRANTS 0.0%
CANADA 0.0%
INFORMATION TECHNOLOGY 0.0%
Constellation Software, Inc. - Exp. 03/31/2040		58	$		0
Total Warrants (Cost $0)					0
SHORT-TERM INSTRUMENTS 0.7%
REPURCHASE AGREEMENTS (b) 0.7%
					1,520
Total Short-Term Instruments (Cost $1,520)					1,520
Total Investments in Securities (Cost $185,710)					209,919
Total Investments 100.2% (Cost $185,710)			$		209,919
Other Assets and Liabilities, net (0.2)%					(412	)
Net Assets 100.0%			$		209,507

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.

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		2.600	%		12/29/2023		01/02/2024	$	1,520	U.S. Treasury Notes 3.875% due 01/15/2026	$	(1,551	)	$	1,520	$	1,521
Total Repurchase Agreements											$	(1,551	)	$	1,520	$	1,521

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2023:

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	$	1,521	$	0	$	0	$	0	$	1,521	$	(1,551	)	$	(30	)
Total Borrowings and Other Financing Transactions	$	1,521	$	0	$	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.

44 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2023 (Unaudited)

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 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 December 31, 2023:

	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
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	(3	)	$	0	$	(3	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
Common Stocks
Australia
Communication Services	$	0	$	450	$	0	$	450
Consumer Discretionary		0		1,306		0		1,306
Consumer Staples		0		1,009		0		1,009
Energy		0		449		0		449
Financials		0		1,572		0		1,572
Health Care		0		965		0		965
Industrials		0		1,296		0		1,296
Information Technology		0		155		0		155
Materials		0		3,614		0		3,614
Real Estate		0		59		0		59
Utilities		0		576		0		576
Austria
Energy		0		87		0		87
Financials		0		63		0		63
Industrials		0		78		0		78
Materials		0		118		0		118
Real Estate		0		85		0		85
Utilities		0		57		0		57
Belgium
Communication Services		0		57		0		57
Consumer Staples		45		110		0		155
Energy		32		0		0		32
Financials		0		86		0		86
Health Care		0		69		0		69
Industrials		0		58		0		58
Information Technology		0		53		0		53
Materials		60		17		0		77
Utilities		0		99		0		99
Canada
Communication Services		941		0		0		941
Consumer Discretionary		2,386		0		0		2,386
Consumer Staples		1,469		0		0		1,469
Energy		2,051		0		0		2,051
Financials		1,706		0		0		1,706
Industrials		2,174		0		0		2,174
Information Technology		1,639		0		0		1,639
Materials		1,743		0		0		1,743
Real Estate		173		0		0		173
Utilities		857		0		0		857
Chile
Materials		0		114		0		114
Denmark
Consumer Discretionary		0		208		0		208
Consumer Staples		61		172		0		233
Financials		0		217		0		217
Health Care		0		2,962		0		2,962
Industrials		0		733		0		733
Materials		0		219		0		219

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Utilities	$	0	$	64	$	0	$	64
Finland
Communication Services		83		0		0		83
Consumer Staples		0		107		0		107
Energy		0		114		0		114
Financials		0		392		0		392
Health Care		0		110		0		110
Industrials		0		394		0		394
Information Technology		0		125		0		125
Materials		0		426		0		426
Real Estate		0		95		0		95
Utilities		0		69		0		69
France
Communication Services		36		1,429		0		1,465
Consumer Discretionary		0		2,703		0		2,703
Consumer Staples		0		1,870		0		1,870
Energy		0		704		0		704
Financials		0		1,590		0		1,590
Health Care		0		932		0		932
Industrials		0		4,145		0		4,145
Information Technology		0		562		0		562
Materials		0		446		0		446
Utilities		0		1,116		0		1,116
Germany
Communication Services		0		600		0		600
Consumer Discretionary		171		3,264		0		3,435
Consumer Staples		65		213		0		278
Financials		0		2,325		0		2,325
Health Care		0		502		0		502
Industrials		56		2,100		0		2,156
Information Technology		0		1,400		0		1,400
Materials		0		1,221		0		1,221
Real Estate		0		446		0		446
Utilities		0		267		0		267
Hong Kong
Communication Services		0		233		0		233
Consumer Discretionary		0		249		0		249
Consumer Staples		0		70		0		70
Financials		0		427		0		427
Industrials		0		732		0		732
Information Technology		0		149		0		149
Real Estate		0		816		0		816
Utilities		0		334		0		334
Ireland
Consumer Staples		0		245		0		245
Health Care		677		0		0		677
Industrials		603		347		0		950
Materials		0		495		0		495
Israel
Communication Services		0		82		0		82
Consumer Discretionary		38		0		0		38

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 45

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.) December 31, 2023 (Unaudited)

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Consumer Staples	$	0	$	36	$	0	$	36
Energy		68		22		0		90
Financials		0		570		0		570
Health Care		186		0		0		186
Industrials		0		167		0		167
Information Technology		226		58		0		284
Materials		0		131		0		131
Real Estate		30		93		0		123
Italy
Communication Services		552		77		0		629
Consumer Discretionary		0		563		0		563
Energy		0		1,629		0		1,629
Financials		0		1,680		0		1,680
Health Care		0		246		0		246
Industrials		0		519		0		519
Utilities		0		1,645		0		1,645
Japan
Communication Services		0		4,367		0		4,367
Consumer Discretionary		0		10,073		0		10,073
Consumer Staples		41		5,993		0		6,034
Energy		0		1,441		0		1,441
Financials		0		4,266		0		4,266
Health Care		0		2,903		0		2,903
Industrials		0		13,103		0		13,103
Information Technology		0		5,089		0		5,089
Materials		0		4,985		0		4,985
Real Estate		0		379		0		379
Utilities		0		2,724		0		2,724
Jordan
Health Care		0		23		0		23
Luxembourg
Communication Services		0		186		0		186
Materials		0		699		0		699
Netherlands
Communication Services		0		444		0		444
Consumer Discretionary		0		1,358		0		1,358
Consumer Staples		0		1,562		0		1,562
Energy		0		62		0		62
Financials		0		1,809		0		1,809
Health Care		17		89		0		106
Industrials		0		877		0		877
Information Technology		391		2,203		0		2,594
Materials		0		583		0		583
New Zealand
Communication Services		97		0		0		97
Health Care		0		67		0		67
Industrials		127		0		0		127
Utilities		58		57		0		115
Norway
Communication Services		235		0		0		235
Consumer Staples		0		280		0		280
Energy		32		366		0		398
Financials		29		67		0		96
Industrials		17		71		0		88
Information Technology		161		0		0		161
Materials		0		335		0		335
Portugal
Consumer Staples		0		104		0		104
Energy		0		44		0		44
Utilities		0		606		0		606
Singapore
Communication Services		134		420		0		554
Consumer Staples		0		324		0		324
Energy		144		0		0		144
Financials		0		1,472		0		1,472
Industrials		0		691		0		691
Information Technology		0		73		0		73
Utilities		0		259		0		259
South Africa
Financials		0		29		0		29
Spain
Communication Services		0		1,047		0		1,047
Consumer Discretionary		0		788		0		788

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Consumer Staples	$	86	$	0	$	0	$	86
Energy		0		954		0		954
Financials		0		3,147		0		3,147
Health Care		0		85		0		85
Industrials		0		470		0		470
Materials		0		108		0		108
Utilities		0		1,400		0		1,400
Sweden
Communication Services		122		405		0		527
Consumer Discretionary		134		377		0		511
Consumer Staples		112		410		0		522
Financials		0		519		0		519
Health Care		23		40		0		63
Industrials		0		2,366		0		2,366
Information Technology		0		87		0		87
Materials		0		436		0		436
Real Estate		0		87		0		87
Switzerland
Communication Services		0		289		0		289
Consumer Discretionary		327		716		0		1,043
Consumer Staples		0		1,975		0		1,975
Financials		63		2,866		0		2,929
Health Care		0		2,377		0		2,377
Industrials		146		2,812		0		2,958
Information Technology		0		395		0		395
Materials		0		1,841		0		1,841
Real Estate		0		386		0		386
Utilities		0		110		0		110
United Kingdom
Communication Services		0		1,624		0		1,624
Consumer Discretionary		106		3,062		0		3,168
Consumer Staples		256		5,044		0		5,300
Energy		0		2,829		0		2,829
Financials		131		3,212		0		3,343
Health Care		0		2,573		0		2,573
Industrials		1,045		3,574		0		4,619
Information Technology		0		413		0		413
Materials		0		1,475		0		1,475
Real Estate		82		0		0		82
Utilities		91		1,872		0		1,963
United States
Consumer Discretionary		0		128		0		128
Health Care		0		47		0		47
Industrials		114		0		0		114
Utilities		98		0		0		98
Preferred Stocks
Germany
Industrials		0		1,522		0		1,522
Real Estate Investment Trusts
Australia
Real Estate		0		206		0		206
Belgium
Real Estate		0		182		0		182
Canada
Real Estate		169		0		0		169
France
Real Estate		0		80		0		80
Hong Kong
Real Estate		0		156		0		156
Japan
Real Estate		0		1,450		0		1,450
Luxembourg
Real Estate		0		87		0		87
Singapore
Real Estate		0		274		0		274
Spain
Real Estate		0		27		0		27
United Kingdom
Real Estate		54		357		0		411
Short-Term Instruments
Repurchase Agreements		0		1,520		0		1,520
Total Investments	$	22,770	$	187,149	$	0	$	209,919

There were no significant transfers into or out of Level 3 during the period ended December 31, 2023.

46 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF   December 31, 2023 (Unaudited)

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 100.4%
COMMON STOCKS 97.8%
BERMUDA 0.1%
COMMUNICATION SERVICES 0.1%
Liberty Global Ltd. (a)		4,860	$		90
Total Bermuda					90
IRELAND 0.3%
INFORMATION TECHNOLOGY 0.3%
Accenture PLC ‘A’		1,143			401
Total Ireland					401
UNITED KINGDOM 0.4%
CONSUMER STAPLES 0.0%
Nomad Foods Ltd. (a)		28			0
ENERGY 0.1%
TechnipFMC PLC		5,842			118
FINANCIALS 0.1%
Janus Henderson Group PLC		1,234			37
Willis Towers Watson PLC		217			53
					90
INDUSTRIALS 0.2%
Nvent Electric PLC		807			48
Pentair PLC		2,261			164
					212
MATERIALS 0.0%
Amcor PLC		6,040			58
Total United Kingdom					478
UNITED STATES 97.0%
COMMUNICATION SERVICES 6.3%
AT&T, Inc.		62,574			1,050
Charter Communications, Inc. ‘A’ (a)		1,198			466
Cinemark Holdings, Inc. (a)		2,490			35
Comcast Corp. ‘A’		22,089			969
Electronic Arts, Inc.		713			98
Fox Corp. ‘A’		1,141			34
Interpublic Group of Cos., Inc.		3,528			115
John Wiley & Sons, Inc. ‘A’		402			13
Liberty Broadband Corp. ‘C’ (a)		406			33
Liberty Latin America Ltd. ‘C’ (a)		3,149			23
Lumen Technologies, Inc. (a)		19,997			37
Meta Platforms, Inc. ‘A’ (a)		8,490			3,005
Netflix, Inc. (a)		1,335			650
New York Times Co. ‘A’		1,226			60
News Corp. ‘A’		3,829			94
Nexstar Media Group, Inc.		400			63
Omnicom Group, Inc.		1,656			143
Paramount Global ‘B’		2,053			30
Pinterest, Inc. ‘A’ (a)		2,056			76
Roku, Inc. (a)		397			36
Scholastic Corp.		296			11
Snap, Inc. ‘A’ (a)		3,504			59
T-Mobile U.S., Inc.		897			144
Take-Two Interactive Software, Inc. (a)		1,115			179

	SHARES			MARKET VALUE (000S)
TEGNA, Inc.		3,430	$		52
Telephone & Data Systems, Inc.		3,393			62
Verizon Communications, Inc.		15,614			589
Yelp, Inc. (a)		1,500			71
					8,197
CONSUMER DISCRETIONARY 13.1%
Abercrombie & Fitch Co. ‘A’ (a)		3,073			271
Academy Sports & Outdoors, Inc.		799			53
Acushnet Holdings Corp.		275			17
Adient PLC (a)		2,020			73
ADT, Inc.		2,164			15
Adtalem Global Education, Inc. (a)		864			51
Airbnb, Inc. ‘A’ (a)		1,226			167
Amazon.com, Inc. (a)		11,839			1,799
American Axle & Manufacturing Holdings, Inc. (a)		2,403			21
American Eagle Outfitters, Inc.		6,838			145
Asbury Automotive Group, Inc. (a)		508			114
AutoNation, Inc. (a)		969			146
AutoZone, Inc. (a)		180			465
Bath & Body Works, Inc.		857			37
Best Buy Co., Inc.		3,537			277
Bloomin’ Brands, Inc.		1,268			36
Booking Holdings, Inc. (a)		247			876
BorgWarner, Inc.		832			30
Bright Horizons Family Solutions, Inc. (a)		284			27
Brunswick Corp.		1,039			101
Buckle, Inc.		752			36
Carnival Corp. (a)		6,970			129
Carter’s, Inc.		1,770			133
Cheesecake Factory, Inc.		574			20
Chipotle Mexican Grill, Inc. (a)		106			242
Churchill Downs, Inc.		528			71
Cracker Barrel Old Country Store, Inc.		619			48
Crocs, Inc. (a)		281			26
Dana, Inc.		3,205			47
Darden Restaurants, Inc.		668			110
Deckers Outdoor Corp. (a)		250			167
Dick’s Sporting Goods, Inc.		847			124
Dillard’s, Inc. ‘A’		144			58
Domino’s Pizza, Inc.		495			204
DoorDash, Inc. ‘A’ (a)		1,075			106
Dorman Products, Inc. (a)		204			17
DR Horton, Inc.		946			144
eBay, Inc.		5,522			241
Five Below, Inc. (a)		181			39
Floor & Decor Holdings, Inc. ‘A’ (a)		403			45
Foot Locker, Inc.		2,719			85
Ford Motor Co.		33,560			409
Gap, Inc.		4,712			99
General Motors Co.		12,045			433
Gentex Corp.		2,848			93
Genuine Parts Co.		276			38
Goodyear Tire & Rubber Co. (a)		3,963			57
Graham Holdings Co. ‘B’		36			25
Grand Canyon Education, Inc. (a)		456			60
Group 1 Automotive, Inc.		429			131
Guess?, Inc.		1,203			28
H&R Block, Inc.		3,155			153
Hanesbrands, Inc.		3,001			13
Harley-Davidson, Inc.		915			34
Helen of Troy Ltd. (a)		222			27

	SHARES			MARKET VALUE (000S)
Hibbett, Inc.		186	$		13
Hilton Worldwide Holdings, Inc.		705			128
Home Depot, Inc.		2,552			884
Hyatt Hotels Corp. ‘A’		118			15
International Game Technology PLC		1,738			48
Jack in the Box, Inc.		935			76
KB Home		682			43
Kohl’s Corp.		2,240			64
Kontoor Brands, Inc.		1,021			64
La-Z-Boy, Inc.		790			29
Las Vegas Sands Corp.		1,809			89
Laureate Education, Inc.		1,136			16
LCI Industries		107			13
Lear Corp.		395			56
Leggett & Platt, Inc.		1,718			45
Lennar Corp. ‘A’		786			117
Light & Wonder, Inc. (a)		268			22
Lithia Motors, Inc.		246			81
Lowe’s Cos., Inc.		1,925			428
M/I Homes, Inc. (a)		470			65
Macy’s, Inc.		2,519			51
Marriott International, Inc. ‘A’		937			211
McDonald’s Corp.		2,597			770
MDC Holdings, Inc.		1,346			74
Meritage Homes Corp.		629			110
MGM Resorts International		605			27
Murphy USA, Inc.		611			218
Newell Brands, Inc.		779			7
NIKE, Inc. ‘B’		4,846			526
Nordstrom, Inc.		2,082			38
NVR, Inc. (a)		12			84
O’Reilly Automotive, Inc. (a)		484			460
ODP Corp. (a)		1,106			62
Ollie’s Bargain Outlet Holdings, Inc. (a)		174			13
Penske Automotive Group, Inc.		481			77
Pool Corp.		251			100
PulteGroup, Inc.		1,679			173
PVH Corp.		547			67
Qurate Retail, Inc. (a)		16,282			14
Ralph Lauren Corp.		378			55
Ross Stores, Inc.		968			134
Royal Caribbean Cruises Ltd. (a)		672			87
Sally Beauty Holdings, Inc. (a)		3,433			46
Service Corp. International		1,407			96
Signet Jewelers Ltd.		752			81
Skechers USA, Inc. ‘A’ (a)		612			38
Sonic Automotive, Inc. ‘A’		311			17
Starbucks Corp.		4,856			466
Steven Madden Ltd.		900			38
Strategic Education, Inc.		166			15
Taylor Morrison Home Corp. (a)		2,291			122
Tempur Sealy International, Inc.		1,915			98
Texas Roadhouse, Inc.		497			61
Thor Industries, Inc.		1,308			155
TJX Cos., Inc.		5,376			504
Toll Brothers, Inc.		945			97
TopBuild Corp. (a)		115			43
Tractor Supply Co.		388			83
Tri Pointe Homes, Inc. (a)		2,342			83
Ulta Beauty, Inc. (a)		217			106
Urban Outfitters, Inc. (a)		2,005			72
Vail Resorts, Inc.		353			75
Valvoline, Inc.		1,329			50
VF Corp.		1,148			22

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 47

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Vista Outdoor, Inc. (a)		310	$		9
Visteon Corp. (a)		636			79
Wendy’s Co.		4,790			93
Whirlpool Corp.		571			70
Williams-Sonoma, Inc.		1,189			240
Worthington Industries, Inc.		292			17
Wyndham Hotels & Resorts, Inc.		509			41
Yum! Brands, Inc.		1,430			187
					17,171
CONSUMER STAPLES 9.7%
Albertsons Cos., Inc. ‘A’		632			15
Altria Group, Inc.		13,956			563
Andersons, Inc.		480			28
Archer-Daniels-Midland Co.		5,437			393
B&G Foods, Inc.		1,744			18
BJ’s Wholesale Club Holdings, Inc. (a)		194			13
Boston Beer Co., Inc. ‘A’ (a)		88			30
Brown-Forman Corp. ‘B’		2,268			129
Cal-Maine Foods, Inc.		1,267			73
Campbell Soup Co.		305			13
Casey’s General Stores, Inc.		603			166
Central Garden & Pet Co. ‘A’ (a)		341			15
Church & Dwight Co., Inc.		1,109			105
Clorox Co.		1,281			183
Coca-Cola Co.		13,333			786
Coca-Cola Consolidated, Inc.		26			24
Colgate-Palmolive Co.		3,080			246
Conagra Brands, Inc.		748			21
Constellation Brands, Inc. ‘A’		228			55
Costco Wholesale Corp.		718			474
Dollar General Corp.		782			106
Dollar Tree, Inc. (a)		393			56
Edgewell Personal Care Co.		1,225			45
Flowers Foods, Inc.		2,234			50
General Mills, Inc.		1,697			111
Herbalife Ltd. (a)		1,321			20
Hershey Co.		469			87
Hormel Foods Corp.		407			13
Ingles Markets, Inc. ‘A’		228			20
Ingredion, Inc.		598			65
J & J Snack Foods Corp.		87			15
J M Smucker Co.		312			39
Kellanova		1,624			91
Keurig Dr Pepper, Inc.		1,619			54
Kimberly-Clark Corp.		1,617			196
Kraft Heinz Co.		3,578			132
Kroger Co.		8,412			385
Lamb Weston Holdings, Inc.		1,549			167
Lancaster Colony Corp.		319			53
McCormick & Co., Inc.		1,225			84
Molson Coors Beverage Co. ‘B’		2,454			150
Mondelez International, Inc. ‘A’		3,389			245
Monster Beverage Corp. (a)		4,134			238
National Beverage Corp. (a)		207			10
Nu Skin Enterprises, Inc. ‘A’		1,290			25
PepsiCo, Inc.		5,701			968
Performance Food Group Co. (a)		1,639			113
Philip Morris International, Inc.		9,019			849
Post Holdings, Inc. (a)		824			73
PriceSmart, Inc.		206			16
Procter & Gamble Co.		6,061			888
Seaboard Corp.		11			39

	SHARES			MARKET VALUE (000S)
SpartanNash Co.		547	$		13
Sprouts Farmers Market, Inc. (a)		4,190			202
Sysco Corp.		1,508			110
Target Corp.		5,359			763
TreeHouse Foods, Inc. (a)		796			33
Tyson Foods, Inc. ‘A’		2,674			144
United Natural Foods, Inc. (a)		1,225			20
Universal Corp.		231			16
US Foods Holding Corp. (a)		2,266			103
Vector Group Ltd.		2,083			23
Walgreens Boots Alliance, Inc.		17,321			452
Walmart, Inc.		12,587			1,984
Weis Markets, Inc.		159			10
					12,626
ENERGY 4.4%
Antero Resources Corp. (a)		1,578			36
APA Corp.		401			14
Archrock, Inc.		1,770			27
Baker Hughes Co.		8,805			301
ChampionX Corp.		621			18
Chevron Corp.		5,149			768
Civitas Resources, Inc.		157			11
CNX Resources Corp. (a)		3,153			63
ConocoPhillips		1,676			195
CVR Energy, Inc.		731			22
Delek U.S. Holdings, Inc.		2,386			62
Equitrans Midstream Corp.		2,663			27
Exxon Mobil Corp.		8,194			819
Halliburton Co.		2,162			78
Helmerich & Payne, Inc.		1,282			46
HF Sinclair Corp.		314			17
Kinder Morgan, Inc.		1,880			33
Marathon Oil Corp.		3,222			78
Marathon Petroleum Corp.		7,140			1,059
Murphy Oil Corp.		1,172			50
Nabors Industries Ltd. (a)		96			8
NOV, Inc.		2,727			55
Occidental Petroleum Corp.		1,630			97
Oceaneering International, Inc. (a)		2,397			51
Patterson-UTI Energy, Inc.		2,307			25
PBF Energy, Inc. ‘A’		2,011			88
Peabody Energy Corp.		2,625			64
Permian Resources Corp.		3,879			53
Phillips 66		5,939			791
Range Resources Corp.		2,250			69
Schlumberger NV		2,180			113
SM Energy Co.		975			38
Targa Resources Corp.		650			57
Transocean Ltd. (a)		3,241			21
Valero Energy Corp.		3,646			474
World Kinect Corp.		1,414			32
					5,760
FINANCIALS 13.3%
Affiliated Managers Group, Inc.		669			101
Aflac, Inc.		2,121			175
Allstate Corp.		1,503			210
Ally Financial, Inc.		2,614			91
American Equity Investment Life Holding Co. (a)		1,334			74
American International Group, Inc.		4,526			307
Aon PLC ‘A’		1,332			388
Apollo Global Management, Inc.		1,425			133

	SHARES			MARKET VALUE (000S)
Ares Management Corp. ‘A’		963	$		115
Arthur J Gallagher & Co.		827			186
Artisan Partners Asset Management, Inc. ‘A’		741			33
Assurant, Inc.		391			66
Bank of New York Mellon Corp.		4,715			245
Berkshire Hathaway, Inc. ‘B’ (a)		5,463			1,948
Blackstone, Inc.		1,128			148
Bread Financial Holdings, Inc.		905			30
Brighthouse Financial, Inc. (a)		1,040			55
Brown & Brown, Inc.		1,663			118
Capital One Financial Corp.		2,470			324
Citigroup, Inc.		18,707			962
CME Group, Inc.		472			99
CNO Financial Group, Inc.		1,514			42
Coinbase Global, Inc. ‘A’ (a)		597			104
Corebridge Financial, Inc.		776			17
Credit Acceptance Corp. (a)		25			13
Discover Financial Services		587			66
Encore Capital Group, Inc. (a)		266			14
Erie Indemnity Co. ‘A’		225			75
Essent Group Ltd.		294			16
Evercore, Inc. ‘A’		655			112
FactSet Research Systems, Inc.		230			110
Federated Hermes, Inc.		1,413			48
First American Financial Corp.		463			30
First Citizens BancShares, Inc. ‘A’		38			54
Fiserv, Inc. (a)		1,668			222
FleetCor Technologies, Inc. (a)		222			63
Franklin Resources, Inc.		2,184			65
Genworth Financial, Inc. ‘A’ (a)		9,873			66
Goldman Sachs Group, Inc.		504			194
Hanover Insurance Group, Inc.		371			45
Houlihan Lokey, Inc.		666			80
Interactive Brokers Group, Inc. ‘A’		549			46
Intercontinental Exchange, Inc.		880			113
Invesco Ltd.		3,705			66
Jack Henry & Associates, Inc.		772			126
Jackson Financial, Inc. ‘A’		1,937			99
Jefferies Financial Group, Inc.		761			31
JPMorgan Chase & Co.		8,515			1,448
Kemper Corp.		477			23
KKR & Co., Inc.		2,111			175
Lincoln National Corp.		1,506			41
Loews Corp.		867			60
LPL Financial Holdings, Inc.		562			128
MarketAxess Holdings, Inc.		108			32
Marsh & McLennan Cos., Inc.		2,760			523
Mastercard, Inc. ‘A’		3,285			1,401
Mercury General Corp.		401			15
MetLife, Inc.		3,071			203
MGIC Investment Corp.		2,128			41
Moelis & Co. ‘A’		569			32
Moody’s Corp.		513			200
Morningstar, Inc.		131			37
Mr Cooper Group, Inc. (a)		672			44
MSCI, Inc.		426			241
Nasdaq, Inc.		446			26
Navient Corp.		2,417			45
New York Community Bancorp, Inc.		7,750			79
Old Republic International Corp.		477			14
OneMain Holdings, Inc.		1,025			50
PennyMac Financial Services, Inc.		260			23
Primerica, Inc.		178			37
PROG Holdings, Inc. (a)		808			25

48 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2023 (Unaudited)

	SHARES			MARKET VALUE (000S)
Progressive Corp.		1,276	$		203
Prudential Financial, Inc.		2,598			269
Reinsurance Group of America, Inc.		134			22
RLI Corp.		236			31
S&P Global, Inc.		341			150
SEI Investments Co.		1,354			86
Selective Insurance Group, Inc.		148			15
SLM Corp.		5,324			102
SoFi Technologies, Inc. (a)		1,886			19
Stewart Information Services Corp.		447			26
Synchrony Financial		8,350			319
T Rowe Price Group, Inc.		1,327			143
Tradeweb Markets, Inc. ‘A’		564			51
Travelers Cos., Inc.		1,241			236
Unum Group		1,915			87
Virtu Financial, Inc. ‘A’		1,463			30
Visa, Inc. ‘A’		6,596			1,717
Voya Financial, Inc.		419			31
Washington Federal, Inc.		423			14
Wells Fargo & Co.		21,464			1,056
Western Union Co.		4,156			50
White Mountains Insurance Group Ltd.		27			41
					17,366
HEALTH CARE 13.6%
AbbVie, Inc.		5,944			921
Align Technology, Inc. (a)		377			103
Amgen, Inc.		3,738			1,077
AMN Healthcare Services, Inc. (a)		327			24
Baxter International, Inc.		1,246			48
Becton Dickinson & Co.		501			122
Biogen, Inc. (a)		798			206
BioMarin Pharmaceutical, Inc. (a)		275			26
Boston Scientific Corp. (a)		4,116			238
Bristol-Myers Squibb Co.		5,681			291
Bruker Corp.		721			53
Cardinal Health, Inc.		5,078			512
Cencora, Inc.		963			198
Chemed Corp.		134			78
Cooper Cos., Inc.		358			135
CVS Health Corp.		14,500			1,145
DaVita, Inc. (a)		1,534			161
Dentsply Sirona, Inc.		2,604			93
Elevance Health, Inc.		203			96
Eli Lilly & Co.		4,873			2,841
Encompass Health Corp.		1,745			116
Exact Sciences Corp. (a)		742			55
Exelixis, Inc. (a)		1,155			28
Gilead Sciences, Inc.		14,052			1,138
Globus Medical, Inc. ‘A’ (a)		405			22
Haemonetics Corp. (a)		532			45
HCA Healthcare, Inc.		830			225
Henry Schein, Inc. (a)		608			46
Hologic, Inc. (a)		749			54
Humana, Inc.		109			50
IDEXX Laboratories, Inc. (a)		414			230
Incyte Corp. (a)		217			14
Intuitive Surgical, Inc. (a)		1,082			365
Jazz Pharmaceuticals PLC (a)		98			12
Johnson & Johnson		7,500			1,176
Masimo Corp. (a)		372			44
McKesson Corp.		1,828			846
Merck & Co., Inc.		12,866			1,403

	SHARES			MARKET VALUE (000S)
Mettler-Toledo International, Inc. (a)		79	$		96
Neurocrine Biosciences, Inc. (a)		330			43
Organon & Co.		5,029			73
Owens & Minor, Inc. (a)		1,931			37
Patterson Cos., Inc.		2,013			57
Pfizer, Inc.		19,061			549
Premier, Inc. ‘A’		1,533			34
Quest Diagnostics, Inc.		565			78
Regeneron Pharmaceuticals, Inc. (a)		733			644
ResMed, Inc.		663			114
Royalty Pharma PLC ‘A’		1,456			41
Select Medical Holdings Corp.		1,641			39
STERIS PLC		457			100
Stryker Corp.		1,011			303
Teleflex, Inc.		166			41
Tenet Healthcare Corp. (a)		2,999			227
United Therapeutics Corp. (a)		756			166
Universal Health Services, Inc. ‘B’		462			70
Veeva Systems, Inc. ‘A’ (a)		465			90
Vertex Pharmaceuticals, Inc. (a)		786			320
Viatris, Inc.		16,015			173
Waters Corp. (a)		185			61
West Pharmaceutical Services, Inc.		384			135
Zoetis, Inc.		521			103
					17,831
INDUSTRIALS 12.9%
3M Co.		3,505			383
A O Smith Corp.		2,091			172
AAR Corp. (a)		446			28
ABM Industries, Inc.		1,032			46
Acuity Brands, Inc.		391			80
AECOM		938			87
AGCO Corp.		282			34
Allison Transmission Holdings, Inc.		1,711			99
American Woodmark Corp. (a)		193			18
AMETEK, Inc.		608			100
API Group Corp. (a)		1,365			47
Apogee Enterprises, Inc.		334			18
Applied Industrial Technologies, Inc.		126			22
ArcBest Corp.		138			17
Arcosa, Inc.		516			43
Armstrong World Industries, Inc.		306			30
Automatic Data Processing, Inc.		823			192
Avis Budget Group, Inc.		1,187			210
Boeing Co. (a)		1,865			486
Boise Cascade Co.		903			117
Booz Allen Hamilton Holding Corp.		2,451			314
Broadridge Financial Solutions, Inc.		1,240			255
Builders FirstSource, Inc. (a)		372			62
BWX Technologies, Inc.		1,358			104
CACI International, Inc. ‘A’ (a)		402			130
Carrier Global Corp.		3,831			220
Caterpillar, Inc.		1,181			349
CH Robinson Worldwide, Inc.		1,338			116
Cintas Corp.		398			240
Clean Harbors, Inc. (a)		245			43
Comfort Systems USA, Inc.		217			45
Copart, Inc. (a)		6,355			311
CoreCivic, Inc. (a)		3,168			46
CSG Systems International, Inc.		330			18
CSX Corp.		6,111			212
Cummins, Inc.		659			158

	SHARES			MARKET VALUE (000S)
Curtiss-Wright Corp.		375	$		84
Donaldson Co., Inc.		1,083			71
Eaton Corp. PLC		1,186			286
EMCOR Group, Inc.		112			24
Emerson Electric Co.		1,727			168
Encore Wire Corp.		388			83
Equifax, Inc.		416			103
Expeditors International of Washington, Inc.		870			111
Fastenal Co.		1,219			79
FedEx Corp.		644			163
Flowserve Corp.		602			25
Fortune Brands Innovations, Inc.		229			17
Franklin Electric Co., Inc.		148			14
FTI Consulting, Inc. (a)		567			113
GATX Corp.		369			44
Generac Holdings, Inc. (a)		400			52
General Electric Co.		7,227			922
Genpact Ltd.		1,365			47
GEO Group, Inc. (a)		3,509			38
GMS, Inc. (a)		552			45
Graco, Inc.		1,454			126
Granite Construction, Inc.		698			35
Greenbrier Cos., Inc.		823			36
GXO Logistics, Inc. (a)		223			14
Healthcare Services Group, Inc.		2,202			23
HEICO Corp.		306			55
Hexcel Corp.		1,390			103
HNI Corp.		433			18
Howmet Aerospace, Inc.		2,894			157
Hub Group, Inc. ‘A’ (a)		545			50
Hubbell, Inc.		293			96
Huntington Ingalls Industries, Inc.		108			28
IDEX Corp.		555			120
Illinois Tool Works, Inc.		1,454			381
Ingersoll Rand, Inc.		1,575			122
Insperity, Inc.		305			36
ITT, Inc.		950			113
JB Hunt Transport Services, Inc.		239			48
JELD-WEN Holding, Inc. (a)		950			18
KBR, Inc.		1,160			64
Kirby Corp. (a)		154			12
Knight-Swift Transportation Holdings, Inc.		153			9
L3Harris Technologies, Inc.		533			112
Landstar System, Inc.		688			133
Leidos Holdings, Inc.		606			66
Lennox International, Inc.		562			251
Lincoln Electric Holdings, Inc.		773			168
Lockheed Martin Corp.		1,311			594
ManpowerGroup, Inc.		731			58
Masco Corp.		983			66
Masterbrand, Inc. (a)		2,744			41
Matson, Inc.		154			17
Maximus, Inc.		857			72
MDU Resources Group, Inc.		2,675			53
Moog, Inc. ‘A’		285			41
MSA Safety, Inc.		251			42
MSC Industrial Direct Co., Inc. ‘A’		1,119			113
Mueller Industries, Inc.		1,871			88
Nordson Corp.		226			60
Northrop Grumman Corp.		577			270
NOW, Inc. (a)		1,617			18
Old Dominion Freight Line, Inc.		264			107
OPENLANE, Inc. (a)		2,477			37

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 49

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Cont.)

	SHARES				MARKET VALUE (000S)
Oshkosh Corp.		1,025		$		111
Otis Worldwide Corp.		2,220				199
Owens Corning		569				84
PACCAR, Inc.		1,467				143
Parker-Hannifin Corp.		354				163
Parsons Corp. (a)		281				18
Paychex, Inc.		679				81
Primoris Services Corp.		512				17
Quanta Services, Inc.		870				188
Republic Services, Inc.		367				61
Resideo Technologies, Inc. (a)		1,463				28
Robert Half, Inc.		757				67
Rockwell Automation, Inc.		309				96
Rollins, Inc.		1,513				66
Rush Enterprises, Inc. ‘A’		826				42
Ryder System, Inc.		972				112
Saia, Inc. (a)		115				50
Schneider National, Inc. ‘B’		810				21
Simpson Manufacturing Co., Inc.		195				39
SiteOne Landscape Supply, Inc. (a)		81				13
SkyWest, Inc. (a)		1,023				53
Snap-on, Inc.		162				47
Stanley Black & Decker, Inc.		403				40
Steelcase, Inc. ‘A’		1,443				20
Stericycle, Inc. (a)		1,016				50
Terex Corp.		2,065				119
Tetra Tech, Inc.		86				14
Textron, Inc.		391				31
Timken Co.		785				63
Toro Co.		1,286				123
TransDigm Group, Inc.		177				179
TriNet Group, Inc. (a)		188				22
Trinity Industries, Inc.		1,356				36
U-Haul Holding Co. (a)		345				25
U-Haul Holding Co.		677				48
Uber Technologies, Inc. (a)		6,040				372
UFP Industries, Inc.		874				110
UniFirst Corp.		177				32
Union Pacific Corp.		2,261				555
United Airlines Holdings, Inc. (a)		236				10
United Parcel Service, Inc. ‘B’		2,271				357
United Rentals, Inc.		196				112
Verisk Analytics, Inc.		1,459				348
Waste Management, Inc.		505				90
Watsco, Inc.		650				278
Watts Water Technologies, Inc. ‘A’		210				44
Werner Enterprises, Inc.		1,364				58
WESCO International, Inc.		1,161				202
Westinghouse Air Brake Technologies Corp.		351				45
Woodward, Inc.		102				14
WW Grainger, Inc.		303				251
XPO, Inc. (a)		427				37
Xylem, Inc.		724				83
						16,879
INFORMATION TECHNOLOGY 19.7%
Adobe, Inc. (a)		1,400				835
Advanced Micro Devices, Inc. (a)		4,983				735
Akamai Technologies, Inc. (a)		312				37
Amdocs Ltd.		501	��			44
Amkor Technology, Inc.		1,385				46
Amphenol Corp. ‘A’		1,535				152
Ansys, Inc. (a)		540				196
Apple, Inc.		16,375				3,153

	SHARES			MARKET VALUE (000S)
Applied Materials, Inc.		5,301	$		859
AppLovin Corp. ‘A’ (a)		510			20
Arista Networks, Inc. (a)		894			211
Arrow Electronics, Inc. (a)		743			91
Autodesk, Inc. (a)		603			147
Avnet, Inc.		1,170			59
Belden, Inc.		563			43
Bentley Systems, Inc. ‘B’		997			52
Broadcom, Inc.		1,703			1,901
Cadence Design Systems, Inc. (a)		812			221
CDW Corp.		623			142
Cirrus Logic, Inc. (a)		464			39
Cisco Systems, Inc.		31,268			1,580
CommVault Systems, Inc. (a)		192			15
Corning, Inc.		6,311			192
Dell Technologies, Inc. ‘C’		912			70
Dolby Laboratories, Inc. ‘A’		586			51
Dropbox, Inc. ‘A’ (a)		661			19
DXC Technology Co. (a)		1,231			28
Entegris, Inc.		475			57
Fair Isaac Corp. (a)		184			214
Flex Ltd. (a)		2,506			76
Fortinet, Inc. (a)		1,303			76
Gartner, Inc. (a)		442			199
GCI Liberty, Inc. (a)		221			0
Gen Digital, Inc.		4,132			94
GoDaddy, Inc. ‘A’ (a)		580			62
Guidewire Software, Inc. (a)		143			16
Hewlett Packard Enterprise Co.		13,447			228
HP, Inc.		9,771			294
Insight Enterprises, Inc. (a)		616			109
Intel Corp.		25,507			1,282
International Business Machines Corp.		9,554			1,563
IPG Photonics Corp. (a)		115			12
Jabil, Inc.		1,143			146
Juniper Networks, Inc.		3,959			117
KLA Corp.		653			380
Kyndryl Holdings, Inc. (a)		3,993			83
Lam Research Corp.		758			594
Manhattan Associates, Inc. (a)		370			80
Monolithic Power Systems, Inc.		132			83
Motorola Solutions, Inc.		812			254
NCR Voyix Corp. (a)		1,417			24
NetApp, Inc.		793			70
NetScout Systems, Inc. (a)		1,300			29
NVIDIA Corp.		3,532			1,749
Okta, Inc. (a)		478			43
Oracle Corp.		18,089			1,907
OSI Systems, Inc. (a)		162			21
Palantir Technologies, Inc. ‘A’ (a)		6,359			109
Palo Alto Networks, Inc. (a)		1,052			310
Plexus Corp. (a)		245			26
PTC, Inc. (a)		389			68
Pure Storage, Inc. ‘A’ (a)		965			34
QUALCOMM, Inc.		4,853			702
Roper Technologies, Inc.		368			201
salesforce.com, Inc. (a)		2,907			765
Sanmina Corp. (a)		1,253			64
Seagate Technology Holdings PLC		1,676			143
ServiceNow, Inc. (a)		684			483
Skyworks Solutions, Inc.		498			56
Snowflake, Inc. ‘A’ (a)		939			187
Splunk, Inc. (a)		589			90
Super Micro Computer, Inc. (a)		594			169

	SHARES			MARKET VALUE (000S)
Synaptics, Inc. (a)		183	$		21
Synopsys, Inc. (a)		447			230
Teradata Corp. (a)		1,084			47
Teradyne, Inc.		680			74
Texas Instruments, Inc.		2,309			394
TTM Technologies, Inc. (a)		849			13
Twilio, Inc. ‘A’ (a)		536			41
Tyler Technologies, Inc. (a)		173			72
Unity Software, Inc. (a)		992			41
VeriSign, Inc. (a)		486			100
Vishay Intertechnology, Inc.		2,458			59
Vontier Corp.		968			33
Western Digital Corp. (a)		2,086			109
Wolfspeed, Inc. (a)		443			19
Workday, Inc. ‘A’ (a)		697			192
Xerox Holdings Corp.		3,486			64
					25,716
MATERIALS 3.4%
Alcoa Corp.		897			30
AptarGroup, Inc.		608			75
ATI, Inc. (a)		1,247			57
Avery Dennison Corp.		504			102
Axalta Coating Systems Ltd. (a)		2,456			83
Ball Corp.		469			27
Berry Global Group, Inc.		1,138			77
Cabot Corp.		762			64
Carpenter Technology Corp.		1,182			84
Celanese Corp.		738			115
Chemours Co.		1,389			44
Commercial Metals Co.		1,785			89
Corteva, Inc.		838			40
Crown Holdings, Inc.		982			90
DuPont de Nemours, Inc.		1,770			136
Eagle Materials, Inc.		289			59
Eastman Chemical Co.		350			31
Graphic Packaging Holding Co.		6,109			151
Greif, Inc. ‘A’		470			31
Huntsman Corp.		2,339			59
Innospec, Inc.		161			20
International Flavors & Fragrances, Inc.		208			17
International Paper Co.		1,131			41
Kaiser Aluminum Corp.		164			12
Linde PLC		1,455			598
Louisiana-Pacific Corp.		901			64
LyondellBasell Industries NV ‘A’		3,348			318
Martin Marietta Materials, Inc.		153			76
Mosaic Co.		1,398			50
NewMarket Corp.		59			32
Newmont Corp.		1,495			62
Nucor Corp.		1,113			194
O-I Glass, Inc. (a)		3,851			63
Olin Corp.		1,188			64
Packaging Corp. of America		78			13
PPG Industries, Inc.		649			97
Reliance Steel & Aluminum Co.		590			165
Royal Gold, Inc.		370			45
RPM International, Inc.		1,615			180
Scotts Miracle-Gro Co.		1,138			72
Sealed Air Corp.		2,861			104
Sensient Technologies Corp.		350			23
Sherwin-Williams Co.		322			100
Silgan Holdings, Inc.		1,180			53

50 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2023 (Unaudited)

	SHARES			MARKET VALUE (000S)
Sonoco Products Co.		1,461	$		82
Southern Copper Corp.		1			0
Steel Dynamics, Inc.		292			34
Stepan Co.		133			13
Sylvamo Corp.		795			39
United States Steel Corp.		1,739			85
Vulcan Materials Co.		357			81
Warrior Met Coal, Inc.		1,716			105
WestRock Co.		2,030			84
Worthington Steel, Inc. (a)		292			8
					4,438
REAL ESTATE 0.1%
Anywhere Real Estate, Inc. (a)		3,237			26
DigitalBridge Group, Inc.		3,410			60
Jones Lang LaSalle, Inc. (a)		126			24
Zillow Group, Inc. ‘C�� (a)		898			52
					162
UTILITIES 0.5%
AES Corp.		2,706			52
Atmos Energy Corp.		843			98
Avista Corp.		1,074			39
Constellation Energy Corp.		970			113
Evergy, Inc.		328			17
Exelon Corp.		3,117			112
National Fuel Gas Co.		967			49
NRG Energy, Inc.		964			50
Ormat Technologies, Inc.		398			30
PNM Resources, Inc.		724			30
Vistra Corp.		3,021			116
					706
Total United States					126,852
Total Common Stocks (Cost $108,179)					127,821
REAL ESTATE INVESTMENT TRUSTS 2.1%
UNITED STATES 2.1%
FINANCIALS 0.3%
AGNC Investment Corp.		3,724			37
Annaly Capital Management, Inc.		1,131			22

	SHARES			MARKET VALUE (000S)
Blackstone Mortgage Trust, Inc. ‘A’		1,034	$		22
Chimera Investment Corp.		7,143			36
Ladder Capital Corp.		1,442			17
MFA Financial, Inc.		2,834			32
New York Mortgage Trust, Inc.		1,006			9
PennyMac Mortgage Investment Trust		1,835			27
Redwood Trust, Inc.		2,122			16
Rithm Capital Corp.		7,140			76
Starwood Property Trust, Inc.		2,401			50
Two Harbors Investment Corp.		2,116			29
					373
REAL ESTATE 1.8%
American Homes 4 Rent ‘A’		1,337			48
Americold Realty Trust, Inc.		2,192			66
Apple Hospitality REIT, Inc.		3,368			56
Camden Property Trust		625			62
COPT Defense Properties		1,383			35
CubeSmart		1,095			51
DiamondRock Hospitality Co.		3,661			34
EastGroup Properties, Inc.		117			21
Equinix, Inc.		307			247
Equity Commonwealth		1,595			31
Equity LifeStyle Properties, Inc.		682			48
Extra Space Storage, Inc.		546			88
First Industrial Realty Trust, Inc.		630			33
Gaming & Leisure Properties, Inc.		1,761			87
Healthcare Realty Trust, Inc.		2,508			43
Host Hotels & Resorts, Inc.		1,429			28
Invitation Homes, Inc.		3,306			113
Iron Mountain, Inc.		1,961			137
Lamar Advertising Co. ‘A’		513			55
LXP Industrial Trust		2,157			21
Macerich Co.		4,691			72
Omega Healthcare Investors, Inc.		934			29
Paramount Group, Inc.		3,962			21
Park Hotels & Resorts, Inc.		4,170			64
Physicians Realty Trust		1,583			21
Rayonier, Inc.		1,048			35
RLJ Lodging Trust		4,657			55
SBA Communications Corp.		151			38

	SHARES			MARKET VALUE (000S)
Service Properties Trust		2,412	$		21
Simon Property Group, Inc.		1,816			259
SITE Centers Corp.		3,108			42
SL Green Realty Corp.		1,042			47
STAG Industrial, Inc.		365			14
Sun Communities, Inc.		499			67
Sunstone Hotel Investors, Inc.		3,235			35
Tanger Factory Outlet Centers, Inc.		1,339			37
UDR, Inc.		1,622			62
Veris Residential, Inc.		1,851			29
VICI Properties, Inc.		1,192			38
Vornado Realty Trust		416			12
WP Carey, Inc.		1,089			71
Xenia Hotels & Resorts, Inc.		2,004			27
					2,400
Total Real Estate Investment Trusts (Cost $2,594)					2,773
SHORT-TERM INSTRUMENTS 0.5%
REPURCHASE AGREEMENTS (b) 0.5%
					704
Total Short-Term Instruments (Cost $704)					704
Total Investments in Securities (Cost $111,477)					131,298
Total Investments 100.4% (Cost $111,477)			$		131,298
Other Assets and Liabilities, net (0.4)%					(494	)
Net Assets 100.0%			$		130,804

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.

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		2.600	%		12/29/2023		01/02/2024	$	704	U.S. Treasury Notes 3.875% due 01/15/2026	$	(718	)	$	704	$	704
Total Repurchase Agreements											$	(718	)	$	704	$	704

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 51

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Cont.) December 31, 2023 (Unaudited)

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2023:

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	$	704	$	0	$	0	$	0	$	704	$	(718	)	$	(14	)
Total Borrowings and Other Financing Transactions	$	704	$	0	$	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 December 31, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
Common Stocks
Bermuda
Communication Services	$	90	$	0	$	0	$	90
Ireland
Information Technology		401		0		0		401
United Kingdom
Energy		118		0		0		118
Financials		90		0		0		90
Industrials		212		0		0		212
Materials		58		0		0		58
United States
Communication Services		8,197		0		0		8,197
Consumer Discretionary		17,171		0		0		17,171
Consumer Staples		12,626		0		0		12,626
Energy		5,760		0		0		5,760

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Financials	$	17,366	$	0	$	0	$	17,366
Health Care		17,831		0		0		17,831
Industrials		16,879		0		0		16,879
Information Technology		25,716		0		0		25,716
Materials		4,438		0		0		4,438
Real Estate		162		0		0		162
Utilities		706		0		0		706
Real Estate Investment Trusts
United States
Financials		373		0		0		373
Real Estate		2,400		0		0		2,400
Short-Term Instruments
Repurchase Agreements		0		704		0		704
Total Investments	$	130,594	$	704	$	0	$	131,298

There were no significant transfers into or out of Level 3 during the period ended December 31, 2023.

52 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAFI ESG U.S. ETF   December 31, 2023 (Unaudited)

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.9%
COMMON STOCKS 97.9%
BERMUDA 0.2%
COMMUNICATION SERVICES 0.2%
Liberty Global Ltd. (a)		3,645	$		68
Total Bermuda					68
IRELAND 0.7%
INFORMATION TECHNOLOGY 0.7%
Accenture PLC ‘A’		958			336
Total Ireland					336
UNITED KINGDOM 0.1%
MATERIALS 0.1%
Amcor PLC		4,760			46
Total United Kingdom					46
UNITED STATES 96.9%
COMMUNICATION SERVICES 8.5%
AT&T, Inc.		46,431			779
Comcast Corp. ‘A’		14,040			616
Electronic Arts, Inc.		698			96
Fox Corp. ‘A’		152			5
Lumen Technologies, Inc. (a)		18,093			33
Meta Platforms, Inc. ‘A’ (a)		4,766			1,687
Netflix, Inc. (a)		120			58
Omnicom Group, Inc.		385			33
Paramount Global ‘B’		5,277			78
T-Mobile U.S., Inc.		650			104
Walt Disney Co.		4,239			383
					3,872
CONSUMER DISCRETIONARY 7.6%
Advance Auto Parts, Inc.		237			14
Best Buy Co., Inc.		2,170			170
Booking Holdings, Inc. (a)		5			18
Foot Locker, Inc.		867			27
Ford Motor Co.		37,565			458
Gap, Inc.		3,462			72
General Motors Co.		16,331			587
Genuine Parts Co.		283			39
Hasbro, Inc.		776			40
Hilton Worldwide Holdings, Inc.		228			42
Home Depot, Inc.		1,706			591
Kohl’s Corp.		3,146			90
Lear Corp.		345			49
LKQ Corp.		579			28
Lowe’s Cos., Inc.		1,468			327
Marriott International, Inc. ‘A’		418			94
Mohawk Industries, Inc. (a)		334			35
Newell Brands, Inc.		2,458			21
NIKE, Inc. ‘B’		1,827			198
PVH Corp.		593			72
Tapestry, Inc.		838			31
Tesla, Inc. (a)		451			112
TJX Cos., Inc.		1,756			165
Tractor Supply Co.		131			28
VF Corp.		3,631			68
Whirlpool Corp.		635			77
					3,453

	SHARES			MARKET VALUE (000S)
CONSUMER STAPLES 6.7%
Campbell Soup Co.		454	$		20
Church & Dwight Co., Inc.		180			17
Coca-Cola Co.		6,111			360
Colgate-Palmolive Co.		1,817			145
Dollar General Corp.		600			82
Estee Lauder Cos., Inc. ‘A’		414			61
General Mills, Inc.		1,405			91
Hershey Co.		108			20
J M Smucker Co.		275			35
Kellanova		747			42
Keurig Dr Pepper, Inc.		791			26
Kimberly-Clark Corp.		934			113
Kraft Heinz Co.		2,500			92
Mondelez International, Inc. ‘A’		2,607			189
Procter & Gamble Co.		6,283			921
Sysco Corp.		1,379			101
Target Corp.		2,800			399
Tyson Foods, Inc. ‘A’		1,794			96
US Foods Holding Corp. (a)		409			19
Walgreens Boots Alliance, Inc.		9,399			245
WK Kellogg Co.		187			2
					3,076
FINANCIALS 16.4%
Aflac, Inc.		830			68
Allstate Corp.		1,229			172
American Express Co.		1,261			236
Ameriprise Financial, Inc.		307			117
Bank of America Corp.		28,991			976
Bank of New York Mellon Corp.		3,137			163
BlackRock, Inc.		257			209
Citigroup, Inc.		21,545			1,108
Equitable Holdings, Inc.		1,631			54
Fidelity National Information Services, Inc.		1,982			119
Fifth Third Bancorp		485			17
Fiserv, Inc. (a)		416			55
Hartford Financial Services Group, Inc.		1,087			87
JPMorgan Chase & Co.		7,699			1,310
Lincoln National Corp.		2,670			72
Marsh & McLennan Cos., Inc.		147			28
Mastercard, Inc. ‘A’		590			252
MetLife, Inc.		3,518			233
Moody’s Corp.		92			36
PayPal Holdings, Inc. (a)		2,576			158
Principal Financial Group, Inc.		698			55
Progressive Corp.		804			128
Prudential Financial, Inc.		2,149			223
S&P Global, Inc.		289			127
State Street Corp.		1,157			90
Visa, Inc. ‘A’		1,490			388
Wells Fargo & Co.		19,925			981
Western Union Co.		2,132			25
					7,487
HEALTH CARE 18.4%
Abbott Laboratories		3,461			381
AbbVie, Inc.		3,354			520
Agilent Technologies, Inc.		372			52
Amgen, Inc.		805			232
Becton Dickinson & Co.		469			114
Biogen, Inc. (a)		626			162

	SHARES			MARKET VALUE (000S)
Boston Scientific Corp. (a)		1,877	$		109
Bristol-Myers Squibb Co.		8,591			441
Cardinal Health, Inc.		1,174			118
Cencora, Inc.		304			62
Cigna Group		1,519			455
CVS Health Corp.		6,443			509
Danaher Corp.		196			45
DaVita, Inc. (a)		476			50
Edwards Lifesciences Corp. (a)		628			48
Elevance Health, Inc.		899			424
Eli Lilly & Co.		509			297
Fortrea Holdings, Inc. (a)		223			8
Gilead Sciences, Inc.		3,473			281
Henry Schein, Inc. (a)		204			15
Hologic, Inc. (a)		452			32
Johnson & Johnson		8,077			1,266
Laboratory Corp. of America Holdings		223			51
McKesson Corp.		299			138
Merck & Co., Inc.		6,240			680
Organon & Co.		960			14
Pfizer, Inc.		23,930			689
Quest Diagnostics, Inc.		477			66
Stryker Corp.		369			110
UnitedHealth Group, Inc.		1,678			883
Universal Health Services, Inc. ‘B’		113			17
Viatris, Inc.		5,545			60
Waters Corp. (a)		117			39
Zoetis, Inc.		75			15
					8,383
INDUSTRIALS 4.7%
3M Co.		3,455			378
AGCO Corp.		90			11
Automatic Data Processing, Inc.		557			130
Carrier Global Corp.		2,057			118
Cummins, Inc.		785			188
Deere & Co.		400			160
Dover Corp.		285			44
Fastenal Co.		78			5
FedEx Corp.		775			196
Fortune Brands Innovations, Inc.		140			11
Illinois Tool Works, Inc.		534			140
Johnson Controls International PLC		2,317			134
ManpowerGroup, Inc.		449			36
Otis Worldwide Corp.		171			15
Owens Corning		558			83
Paychex, Inc.		168			20
Republic Services, Inc.		215			35
United Parcel Service, Inc. ‘B’		1,179			185
United Rentals, Inc.		53			30
Waste Management, Inc.		728			130
WW Grainger, Inc.		90			75
					2,124
INFORMATION TECHNOLOGY 30.2%
Adobe, Inc. (a)		509			304
Advanced Micro Devices, Inc. (a)		900			133
Akamai Technologies, Inc. (a)		314			37
Amdocs Ltd.		388			34
Apple, Inc.		12,022			2,315
Applied Materials, Inc.		2,110			342
Arrow Electronics, Inc. (a)		450			55
Avnet, Inc.		897			45

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2023 53

Schedule of Investments PIMCO RAFI ESG U.S. ETF (Cont.) December 31, 2023 (Unaudited)

	SHARES			MARKET VALUE (000S)
Broadcom, Inc.		408	$		455
Cadence Design Systems, Inc. (a)		203			55
CDW Corp.		229			52
Cisco Systems, Inc.		19,599			990
Cognizant Technology Solutions Corp. ‘A’		1,937			146
Corning, Inc.		1,199			37
DXC Technology Co. (a)		517			12
Flex Ltd. (a)		1,745			53
Gen Digital, Inc.		2,358			54
Hewlett Packard Enterprise Co.		15,018			255
HP, Inc.		6,787			204
Intel Corp.		42,426			2,132
International Business Machines Corp.		4,384			717
Juniper Networks, Inc.		2,010			59
KLA Corp.		78			45
Lam Research Corp.		311			244
Microchip Technology, Inc.		72			7
Micron Technology, Inc.		4,979			425
Microsoft Corp.		6,611			2,486
Motorola Solutions, Inc.		200			63
NetApp, Inc.		1,090			96
ON Semiconductor Corp. (a)		559			47
Oracle Corp.		4,163			439
QUALCOMM, Inc.		4,400			636
Seagate Technology Holdings PLC		1,606			137
Synopsys, Inc. (a)		59			30
TE Connectivity Ltd.		757			106
Teradyne, Inc.		254			28
Texas Instruments, Inc.		1,772			302
Western Digital Corp. (a)		3,020			158
Xerox Holdings Corp.		2,163			40
					13,775

	SHARES			MARKET VALUE (000S)
MATERIALS 3.8%
Air Products & Chemicals, Inc.		358	$		98
Ball Corp.		1,015			58
CF Industries Holdings, Inc.		388			31
Dow, Inc.		3,847			211
DuPont de Nemours, Inc.		2,998			231
Eastman Chemical Co.		341			31
Ecolab, Inc.		580			115
International Paper Co.		2,688			97
Linde PLC		1,067			438
Mosaic Co.		1,205			43
Newmont Corp.		3,411			141
Packaging Corp. of America		255			41
PPG Industries, Inc.		681			102
Sherwin-Williams Co.		195			61
WestRock Co.		508			21
					1,719
REAL ESTATE 0.3%
CBRE Group, Inc. ‘A’ (a)		834			77
Jones Lang LaSalle, Inc. (a)		316			60
					137
UTILITIES 0.3%
American Water Works Co., Inc.		336			44
Edison International		1,125			81
					125
Total United States					44,151
Total Common Stocks (Cost $40,192)					44,601

	SHARES			MARKET VALUE (000S)
REAL ESTATE INVESTMENT TRUSTS 2.0%
UNITED STATES 2.0%
REAL ESTATE 2.0%
American Tower Corp.		343	$		74
AvalonBay Communities, Inc.		202			38
Crown Castle, Inc.		908			105
Equinix, Inc.		66			53
Equity Residential		637			39
Essex Property Trust, Inc.		94			23
Healthpeak Properties, Inc.		1,290			26
Host Hotels & Resorts, Inc.		3,045			59
Iron Mountain, Inc.		1,009			71
Mid-America Apartment Communities, Inc.		110			15
Prologis, Inc.		830			111
Ventas, Inc.		1,466			73
Vornado Realty Trust		430			12
Welltower, Inc.		1,222			110
Weyerhaeuser Co.		3,030			105
					914
Total Real Estate Investment Trusts (Cost $892)					914
Total Investments in Securities (Cost $41,084)					45,515
Total Investments 99.9% (Cost $41,084)			$		45,515
Other Assets and Liabilities, net 0.1%					33
Net Assets 100.0%			$		45,548

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 December 31, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Investments in Securities, at Value
Common Stocks
Bermuda
Communication Services	$	68	$	0	$	0	$	68
Ireland
Information Technology		336		0		0		336
United Kingdom
Materials		46		0		0		46
United States
Communication Services		3,872		0		0		3,872
Consumer Discretionary		3,453		0		0		3,453
Consumer Staples		3,076		0		0		3,076
Financials		7,487		0		0		7,487

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2023
Health Care	$	8,383	$	0	$	0	$	8,383
Industrials		2,124		0		0		2,124
Information Technology		13,775		0		0		13,775
Materials		1,719		0		0		1,719
Real Estate		137		0		0		137
Utilities		125		0		0		125
Real Estate Investment Trusts
United States
Real Estate		914		0		0		914
Total Investments	$	45,515	$	0	$	0	$	45,515

There were no significant transfers into or out of Level 3 during the period ended December 31, 2023.

54 PIMCO EQUITY SERIES See Accompanying Notes

Notes to Financial Statements   December 31, 2023 (Unaudited)

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”).

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the “Board.”

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. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Foreign Taxes A Fund may be subject to foreign taxes on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by a Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of December 31, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

(c) 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

  SEMIANNUAL REPORT | DECEMBER 31, 2023 55

Notes to Financial Statements (Cont.)

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

(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 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. A Fund may revise its distribution policy or postpone the payment of distributions at any time.

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 (“FASB”) issued an Accounting Standards Update (“ASU”), ASU 2020-04,

56 PIMCO EQUITY SERIES  

December 31, 2023 (Unaudited)

Reference Rate Reform (Topic 848), 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 or will occur during the period March 12, 2020 through December 31, 2024. In January 2021 and December 2022, FASB issued ASU 2021-01 and ASU 2022-06, which include additional amendments to Topic 848. 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 June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2022, the U.S. Securities and Exchange Commission (“SEC”) adopted changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will change the disclosures provided to shareholders. The rule amendments were effective as of January 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading. As such, beginning in July 2024, the Funds must comply with certain new requirements which include, but are not limited to, making significant updates to the content of their shareholder reports and mailing paper copies of the new tailored shareholder reports to shareholders who have not opted to receive shareholder report documents electronically. At this time, management is evaluating the implications of these changes on the financial statements.

The SEC made a final ruling on February 15, 2023 to adopt proposed amendments to the Settlement Cycle Rule (Rule 15c6-1) and other related rules under the Securities Exchange Act of 1934, as amended, to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date (T+2) to one business day after the trade date (T+1). The effective date was May 5,

2023, and the compliance date for the amendments is May 28, 2024. At this time, management is evaluating the implications of these changes on the financial statements.

In September 2023, the SEC adopted 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 amendments expand the scope of the current rule in a number of ways that are expected to result in an increase in the types of fund names that would require the fund to adopt an 80% investment policy under the rule. Additionally, the amendments address deviations from a fund’s 80% investment policy and the use and valuation of derivatives instruments for purposes of the rule. The amendments are effective as of December 11, 2023, but the SEC is providing a 24-month compliance period following the effective date for fund groups with net assets of $1 billion or more (and a 30-month compliance period for fund groups with net assets of less than $1 billion). 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 a Fund’s shares, or each of their respective share classes as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Funds or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange (“NYSE”) is open, the Funds’ 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 may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that a Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that a Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Funds will normally use pricing data

  SEMIANNUAL REPORT | DECEMBER 31, 2023 57

Notes to Financial Statements (Cont.)

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. 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. If market value pricing is used, 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.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee (“Valuation Designee”) for each Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee’s policies and procedures govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, “Pricing Sources”).

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 Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Fund’s assets that are invested in one or more open-end management investment companies (other than ETFs), a Fund’s NAV will be calculated based on 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. 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 Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) 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, unless otherwise determined by the Valuation Designee, 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.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. 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 a Fund’s next calculated NAV.

Fair valuation may require subjective determinations about the value of a security. While the Trust’s and Valuation Designee’s policies and procedures are 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 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.

(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

58 PIMCO EQUITY SERIES  

December 31, 2023 (Unaudited)

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 (unadjusted) 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 Valuation Designee 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.

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.

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, non-U.S. bonds, and short-term debt instruments (such as commercial paper, time deposits, and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources’ 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 Sources 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.

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 Sources 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

  SEMIANNUAL REPORT | DECEMBER 31, 2023 59

Notes to Financial Statements (Cont.)

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 Sources. 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.

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, indexes, 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 Sources (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 Sources 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, indexes, 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, indexes, 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 Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources 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.

Short-term debt instruments (such as commercial paper, time deposits, and certificates of deposit) 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.

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

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 December 31, 2023 (amounts in thousands^†):

Investments in PIMCO Government Money Market Fund

Fund Name	Market Value 06/30/2023		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 12/31/2023		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	8	$	2,998	$	(2,999	)	$	0	$	0	$	7	$	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.

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(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.

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

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

Fund Name

PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF

PIMCO RAFI Dynamic Multi-Factor International Equity ETF

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

PIMCO RAFI ESG U.S. ETF

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

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Notes to Financial Statements (Cont.)

The loans are subject to termination at the option of the borrower or a 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, a 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 December 31, 2023, the Funds did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

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

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

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

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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
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	—	—	—
China	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, that trading in Fund shares may be halted or become less liquid or that Fund shares trade at prices other than a Fund’s net asset value, and are subject to trading costs, which may be exacerbated if the creation/redemption process becomes less effective, particularly during times of market stress.

Equity Risk is the risk that the value of equity or equity-related 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 or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

Credit Risk is the risk that a Fund could lose money if the counterparty to a derivative contract, or the issuer or guarantor of collateral, 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, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer’s goods or services.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be

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Notes to Financial Statements (Cont.)

more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested.

Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for a Fund. A Fund’s use of derivatives or other similar investments may result in losses to a Fund, a reduction in a Fund’s returns and/or increased volatility. Over-the-counter (“OTC”) derivatives or other similar investments 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 or other similar investments. The primary credit risk on derivatives or other similar investments 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 registered 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 or other similar investments and/or adversely affect the value of derivatives or other similar investments 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, political changes, diplomatic developments or the imposition of sanctions and other similar measures. 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 inputs, 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 a 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.

China Risk is the risk of investing in securities and instruments economically tied to the People’s Republic of China (excluding Hong Kong, Macau and Taiwan for the purpose of this disclosure) (“PRC”). These investments subject the Fund to the risks of investing in foreign (non-U.S.) securities and emerging market securities, as well as additional risks including, without limitation, inefficiencies resulting from erratic growth, the unavailability of consistently-reliable economic data, dependence on exports and international trade, asset price volatility, potential shortage of liquidity and limited accessibility by foreign (non-U.S.) investors, fluctuations in currency exchange rates, currency devaluation, the relatively small size and absence of operating

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history of many PRC companies, and the developing nature of the legal and regulatory framework for securities markets, custody arrangements and commerce.

(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 cyber security 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 A Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause 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. Additionally, to the extent a Fund invests in securities and instruments economically tied to Russia, the Russian invasion of Ukraine may adversely affect the Fund’s investments. Please see the Important Information section for additional discussion of 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; third party claims in litigation; 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. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.

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Notes to Financial Statements (Cont.)

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 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,

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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 LLC (“Allianz Asset Management”), serves as the Manager to the Trust, pursuant to an investment management agreement. Each Fund pays PIMCO fees in return for providing investment advisory, supervisory and administrative services under an all-in fee structure. Each Fund will pay monthly management fees to PIMCO at an annual rate based on average daily net assets (the “Management Fee”), at an annual rate as noted in the table below.

Fund Name	Management Fee
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF		0.49%
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		0.39%
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		0.29%
PIMCO RAFI ESG U.S. ETF		0.29%

(b) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor (“Distributor”) of each Fund’s Creation Units. The Distributor does not maintain a secondary market in shares of the Funds. During the period ended December 31, 2023, 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, shareholders, members, partners 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 and offering expenses of the Trust and the Funds, and any other expenses which are capitalized in accordance with generally accepted accounting principles. 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, 2024, 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 waivers, if any, are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended December 31, 2023, the amounts were (in thousands^†):

Fund Name	Waived Fees
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	3
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		5
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		4
PIMCO RAFI ESG U.S. ETF		1

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

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

  SEMIANNUAL REPORT | DECEMBER 31, 2023 67

Notes to Financial Statements (Cont.)

Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. The total recoverable amounts to PIMCO as of December 31, 2023, 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	$	38	$	9	$	6	$	53
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		0		3		9		12
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		2		6		9		17
PIMCO RAFI ESG U.S. ETF		0		1		2		3

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

10. RELATED PARTY TRANSACTIONS

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

11. GUARANTEES AND INDEMNIFICATIONS

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

12. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as “portfolio turnover.” Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), 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 December 31, 2023, 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	$	20,035	$	21,206
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		0		0		30,596		22,431
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		0		0		22,996		22,877
PIMCO RAFI ESG U.S. ETF		0		0		3,906		3,393

^†  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

68 PIMCO EQUITY SERIES  

December 31, 2023 (Unaudited)

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 December 31, 2023, 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	$	71,901	$	72,299
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		44,416		0
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		11,746		15,857
PIMCO RAFI ESG U.S. ETF		8,497		0

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

The in-kind contributions and in-kind redemptions in this table may not agree with the Fund Share Transactions on the Statements of Changes in Net Assets. The table represents the accumulation of each Fund’s daily net shareholder transactions 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.

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 December 31, 2023, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

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

Under the Regulated Investment Company Modernization Act of 2010, the Funds are 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.

  SEMIANNUAL REPORT | DECEMBER 31, 2023 69

Notes to Financial Statements (Cont.) December 31, 2023 (Unaudited)

As of their last fiscal year ended June 30, 2023, 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	$	3,115	$	226
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		10,111		4,286
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		16,556		4,910
PIMCO RAFI ESG U.S. ETF		1,558		688

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

As of December 31, 2023, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands^†):

	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)(1)
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	88,469	$	17,211	$	(11,064	)	$	6,147
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		185,710		29,078		(4,869	)		24,209
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		111,477		21,959		(2,138	)		19,821
PIMCO RAFI ESG U.S. ETF		41,084		5,712		(1,281	)		4,431

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

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

70 PIMCO EQUITY SERIES  

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

Counterparty Abbreviations:
FICC	Fixed Income Clearing Corporation	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

  SEMIANNUAL REPORT | DECEMBER 31, 2023 71

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 December 31, 2023 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)
July 2023	$	0.2600	$	0.0000	$	0.0000	$	0.2600
October 2023	$	0.2400	$	0.0000	$	0.0000	$	0.2400
December 2023	$	0.1600	$	0.0000	$	0.0000	$	0.1600
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)
July 2023	$	0.3500	$	0.0000	$	0.0000	$	0.3500
October 2023	$	0.2000	$	0.0000	$	0.0000	$	0.2000
December 2023	$	0.1800	$	0.0000	$	0.0000	$	0.1800
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)
July 2023	$	0.2000	$	0.0000	$	0.0000	$	0.2000
October 2023	$	0.2100	$	0.0000	$	0.0000	$	0.2100
December 2023	$	0.2000	$	0.0000	$	0.0000	$	0.2000
PIMCO RAFI ESG U.S. ETF	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other  Capital Sources**		Total (per common share)
July 2023	$	0.1400	$	0.0000	$	0.0000	$	0.1400
October 2023	$	0.1400	$	0.0000	$	0.0000	$	0.1400
December 2023	$	0.1600	$	0.0000	$	0.0000	$	0.1600

* 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.

72 PIMCO EQUITY SERIES  

Approval of Investment Advisory Contract and Other Agreements (Unaudited)

Approval of Renewal of the Investment Management Agreement for PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF, PIMCO RAFI Dynamic Multi-Factor International Equity ETF, PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF and PIMCO RAFI ESG U.S. ETF

At a meeting held on August 22-23, 2023, the Board of Trustees (the “Board”) of PIMCO Equity Series (the “Trust”), including the Trustees who are not “interested persons” of the Trust under the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered and unanimously approved the renewal of the Investment Management Agreement (the “Investment Management Agreement”) between the Trust, on behalf of PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF, PIMCO RAFI Dynamic Multi-Factor International Equity ETF, PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF and PIMCO RAFI ESG U.S. ETF (each, a “Fund” and collectively, the “Funds”), and Pacific Investment Management Company LLC (“PIMCO”), for an additional one-year term through August 31, 2024.

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

1. INFORMATION RECEIVED

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO to the Trust. At each of its quarterly meetings, the Board reviewed the Funds’ investment performance and a significant amount of information relating to Fund operations, including shareholder services, valuation and custody, the Funds’ compliance program and other information relating to the nature, extent and quality of services provided by PIMCO to the Trust and each of the Funds. In considering whether to approve the renewal of the Investment Management Agreement, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; management fees; financial information for PIMCO; information regarding the profitability to PIMCO of its relationship with the Funds; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Funds; and information about the fees charged and services provided to other clients with similar investment mandates as the Funds, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees (“Counsel”), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Investment Management Agreement.

(b) Review Process: In connection with considering the renewal of the Investment Management Agreement, the Board reviewed written

materials prepared by PIMCO in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board’s request by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Investment Management Agreement and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 22-23, 2023 meeting. The Independent Trustees also met via video conference with Counsel on July 25, 2023, and conducted a video conference meeting on August 11, 2023 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Investment Management Agreement. In connection with its review of the Investment Management Agreement, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds where appropriate.The Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the expense structure of certain Funds, outflows for certain Funds, Fund performance and profitability.

The approval determination was made on the basis of each Trustee’s business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Investment Management Agreement, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussion below is intended to summarize the broad factors and information that figured prominently in the Board’s consideration of the renewal of the Investment Management Agreement, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, its Personnel and Resources: The Board considered the depth and quality of PIMCO’s investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Funds’ asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment Management Agreement. The Board noted that PIMCO makes available to its

  SEMIANNUAL REPORT | DECEMBER 31, 2023 73

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

investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO’s commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed for the competitive investment management industry and to strengthen its ability to deliver advisory services under the Investment Management Agreement. The Board considered PIMCO’s policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including new regulations impacting the Funds, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Funds’ investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered PIMCO’s continuous investment in its disciplines and personnel, which has enhanced PIMCO’s services to the Funds and has allowed PIMCO to introduce innovative new funds over time and other investment options that have the potential to benefit shareholders.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including the ongoing development of its own proprietary software and applications to support the Funds.

Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Investment Management Agreement are likely to continue to benefit the Funds and their shareholders.

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Funds under the Investment Management Agreement. The Board considered the terms of the Investment Management Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the “unified fee”). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Funds, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Agreement is expected to continue to increase. The Board considered PIMCO’s provision of supervisory and administrative services and its supervision of the Trust’s third party service providers.

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

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Funds’ performance, as available, over short- and longer-term periods ended March 31, 2023 and other performance data, as available, over short- and longer-term periods ended June 30, 2023 (the “PIMCO Report”) and from Broadridge concerning the Funds’ performance, as available, over short- and longer-term periods ended March 31, 2023 (the “Broadridge Report”). The Board also noted that while historically the Broadridge Report included peer classifications from only Lipper, as part of this approval process the Broadridge Report incorporated peer classifications from Morningstar for Funds for which it was believed that Morningstar provided a materially improved comparison.

The Board considered information regarding both the short- and longer-term relative and absolute investment performance of each Fund relative to its peer group, and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report.

The Board reviewed materials indicating that certain Funds outperformed their peer groups during the one-year period-ended March 31, 2023. The Board reviewed materials indicating that the Funds, had underperformed in comparison to their respective benchmark indexes on a net-of-fees basis over short- and longer-term periods ended March 31, 2023. The Board considered that, according to the Broadridge Report, the Funds generally performed well versus competitors during the longer-term, but that certain Funds had underperformed in comparison to their respective peer groups or benchmark indexes, or both, on a net-of-fees basis over certain short- and longer-term periods. With respect to Funds that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Funds. The Board also considered actions that have been taken by PIMCO throughout the year to attempt to address underperformance. Depending on the circumstances, the Independent Trustees may be satisfied with a Fund’s performance notwithstanding that it lags its benchmark index or peer group for certain periods.

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

4. MANAGEMENT FEE AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds to scale at the outset. The Board noted that PIMCO generally seeks to price new funds competitively against the median total expense ratio of the

74 PIMCO EQUITY SERIES  

(Unaudited)

respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Fund, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Funds for management services may vary in light of these various factors. The Board also considered that PIMCO reviews the Funds’ fee levels and carefully considers changes where appropriate due to competitive positioning considerations, observed long-term notable underperformance and significant misalignments with the level or quality of services being provided or a change in the overall strategic positioning of the Funds.

The Board reviewed the management fee and total expense ratios of each Fund (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. With respect to the management fee, the Board reviewed data from the Broadridge Report that compared the average and median management fees of other funds in a “Peer Group” of comparable funds, where appropriate, as well as the universe of other similar funds. The Board also considered that PIMCO reviews the Funds’ fee levels and carefully considers changes where appropriate. In addition, the Board considered the expense limitation agreement in place for all of the Funds.

The Board also reviewed data comparing certain Funds’ management fees to the fee rates PIMCO charges to clients (both advised and sub-advised) with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Funds, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Funds, differences in the number or extent of the services provided by PIMCO to the Funds and the manner in which similar portfolios may be managed, different requirements with respect to liquidity management and the implementation of other regulatory requirements. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to external sub-advised funds or other investment products.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Funds. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of

entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund’s investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Funds’ unified fee structure, under which each Fund pays for the advisory and supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO provides or procures such services and bears the costs of various third party services required by the Funds, including audit, custodial, portfolio accounting, ordinary legal, transfer agency and printing costs. The Board also considered that the unified fee leads to Fund fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Fund fees at competitive levels over the contract period even if the Funds’ operating costs rise when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO’s approach of pricing Funds at scale at inception and reinvesting in other important areas of the business that support the Funds. The Board concluded that each Fund’s fees were reasonable in relation to the value of the services provided, and that the unified fee represents, in effect, a cap on overall Fund fees during the contractual period, which is beneficial to the Funds and their shareholders.

The Board noted that the Funds’ total expense ratios continued to be generally in line with those of competitor funds. Upon comparing the Funds’ total expense ratios to other funds in the “Peer Groups” provided by the Broadridge Report, where appropriate, the Board found total expense ratios of each Fund to be reasonable.

Based on the information presented by PIMCO and Broadridge, members of the Board determined, in the exercise of their business judgment, that the management fees charged by PIMCO under the Investment Management Agreement and that the total expenses of each Fund, are reasonable.

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

The Board reviewed information regarding PIMCO’s costs of providing services to, as well as the resulting level of profits attributable to the Funds. The Board also noted that it had received information regarding the structure and manner in which PIMCO’s investment professionals were compensated, and PIMCO’s view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO’s investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

  SEMIANNUAL REPORT | DECEMBER 31, 2023 75

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

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

The Trustees considered that the unified fee has provided inherent economies of scale because a Fund maintains competitive fixed fees over the annual contract period even if the particular Fund’s assets decline and/or operating costs rise. The Trustees further considered that, in contrast, breakpoints may be a proxy for charging higher fees on lower asset levels and that when a fund’s assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also reviewed materials indicating that, unlike the Funds’ unified fee structure, funds with “pass through” administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also considered that the unified fee protects shareholders from a rise in administrative and operating costs that may result from, among other things, PIMCO’s investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO’s investments in these areas are extensive.

The Board concluded that the Funds’ cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Funds’ unified fee structure, generally pricing Funds to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Funds and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO’s relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO’s institutional investment management business due to the reputation and market penetration

of the Trust or third party service providers’ relationship-level fee concessions, which decrease fees paid by PIMCO. In addition, the Board considered that PIMCO may benefit indirectly from its use of the HUB technology platform, a joint venture between PIMCO, Man Group, S&P Global, Microsoft and State Street. The Board noted that while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Funds, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Funds by PIMCO supported the renewal of the Funds’ Investment Management Agreement. The Independent Trustees and the Board as a whole concluded that the Funds’ Investment Management Agreement continued to be fair and reasonable to the Funds and their shareholders, that the fees charged under the Investment Management Agreement on behalf of the Funds were fair and reasonable in light of the services provided, and that the renewal of the Investment Management Agreement was in the best interests of the Funds and their shareholders.

76 PIMCO EQUITY SERIES  

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 & Trust Co.

State Street Financial Center

One Congress Street, Suite 1

Boston, MA 02114-2016

Transfer Agent

State Street Bank and Trust Company

1776 Heritage Drive

North Quincy, MA 02171

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Funds listed on the Report cover.

PES4004SAR_123123

b) Not applicable to the Registrant.

Item 2. Code of Ethics.

The information required by this Item 2 is only required in an annual report on this Form N-CSR.

Item 3. Audit Committee Financial Expert.

The information required by this Item 3 is only required in an annual report on this Form N-CSR.

Item 4. Principal Accountant Fees and Services.

The information required by this Item 4 is only required in an annual report on this Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

The information required by this Item 5 is only required in an annual report on this Form N-CSR.

Item 6. Schedule of Investments.

The information required by this Item 6 is included as part of the semiannual reports to shareholders filed under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable 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 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 is not applicable for semiannual reports.

(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/ Joshua D. Ratner
	Joshua D. Ratner
	President (Principal Executive Officer)
Date: March 1, 2024

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/ Joshua D. Ratner
	Joshua D. Ratner
	President (Principal Executive Officer)
Date: March 1, 2024

By:	/s/ Bijal Y. Parikh
	Bijal Y. Parikh
	Treasurer (Principal Financial & Accounting Officer)
Date: March 1, 2024