N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-22375

PIMCO Equity Series

(Exact name of registrant as specified in charter)

650 Newport Center Drive, Newport Beach, CA 92660

(Address of principal executive office)

Trent W. Walker

Treasurer (Principal Financial & Accounting Officer)

PIMCO Equity Series

650 Newport Center Drive, Newport Beach, CA 92660

(Name and address of agent for service)

Copies to:

Brendan C. Fox

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

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

Date of fiscal year end: June 30

Date of reporting period: December 31, 2015

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

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

Item 1. Reports to Shareholders.

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

• PIMCO Equity Series—Institutional, P, Administrative, D, A, C and R Classes

• PIMCO Equity Series RAE Fundamental Funds—Institutional, P, A and C Classes

• PIMCO Equity Series RealPath^TM Blend Funds—Institutional, Administrative and A Classes

PIMCO Equity Series^®

Semiannual Report

December 31, 2015

PIMCO Balanced Income Fund

PIMCO Dividend and Income Builder Fund

PIMCO EqS^® Long/Short Fund

PIMCO Global Dividend Fund

PIMCO International Dividend Fund

PIMCO U.S. Dividend Fund

Share Classes

n Institutional

n P

n D

n A

n C

n R

Table of Contents

			Page
Chairman’s Letter				2
Important Information About the Funds				4
Expense Examples				18
Financial Highlights				20
Statements of Assets and Liabilities				26
Statements of Operations				28
Statements of Changes in Net Assets				29
Statement of Cash Flows				31
Notes to Financial Statements				63
Glossary				82
Approval of Investment Advisory Contract and Other Agreements				83
Results of Proxy Voting				87
Fund	Fund Summary		Schedule of Investments
PIMCO Balanced Income Fund		6		32
PIMCO Dividend and Income Builder Fund		8		41
PIMCO EqS® Long/Short Fund		10		48
PIMCO Global Dividend Fund		12		53
PIMCO International Dividend Fund		14		57
PIMCO U.S. Dividend Fund		16		61

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

Chairman’s Letter

Dear Shareholder,

Please find enclosed the Semiannual Report for the PIMCO Equity Series covering the six-month reporting period ended December 31, 2015. The following pages contain specific details about the investment performance of each fund and a discussion of the factors that most affected performance during the reporting period.

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

ⁿ   Heightened market volatility throughout the reporting period was sparked by a mix of investor concerns including geopolitical developments, monetary policy and the potential for slowing global economic growth, which generally contributed to dampened investor sentiment. In particular, increasing concern over the outlook for Chinese growth sent commodity prices and inflation expectations lower, while also negatively impacting prices of emerging market (“EM”) debt and equities. In addition, the Chinese equity market began a strong decline in June 2015, which prompted the Chinese government to prop-up equity share prices and devalue the Chinese yuan. Volatility in Chinese equity markets continued into January 2016 on renewed concern over slowing Chinese economic growth. Furthermore, rising tension in the Middle East and the continued debt crisis in Greece also contributed to investor unease throughout the reporting period.

ⁿ   Economic data in the U.S. continued to confirm a healthy economy, particularly labor market indicators such as employment and wages. Still, signs of caution remained, particularly as U.S. consumers appeared to be more selective in their spending and chose to save rather than spend their windfall from lower gas prices. Additionally, consumer sentiment and certain housing indicators softened towards the end of the reporting period, and December 2015 U.S. manufacturing data indicated the fastest contraction in six years. Within the Eurozone, volatility increased despite gradual improvement in the underlying economies. Eurozone economic data also showed generally positive signs of an early recovery but were tempered slightly by sluggish inflation.

ⁿ   The theme of divergent global central bank monetary policy continued throughout the reporting period. The European Central Bank (“ECB”) expressed its commitment to increase quantitative easing (or large-scale asset purchases), along with the Bank of Japan and the People’s Bank of China who also indicated their intent to accelerate such measures. The Federal Reserve (“Fed”), on the other hand, moved on December 16 to raise the Federal Funds Rate by 0.25% to a new range of 0.25% – 0.50%, marking its first rate hike in nine years. However, the Fed noted that future increases in its target rate would be “gradual” and in-line with their previous projections, which helped to ease investor concerns. Outside of the reporting period on January 27, the Fed opted to leave the Federal Funds Rate unchanged, noting their intent to closely monitor how the global economy and markets influence the U.S. economic outlook.

ⁿ   U.S. equities, as represented by the S&P 500 Index, returned 0.15% due to an improving economic outlook and stronger jobs growth. Internationally, equity markets experienced weak performance, as the MSCI EAFE Net Dividend Index (USD Hedged) declined 3.13% and the MSCI EAFE Net Dividend Index (USD Unhedged) declined 6.01% over the reporting period. During the first half of the reporting period, declining commodities prices and China’s economic deceleration drove concerns of slowing global growth, which weighed on equities. However, in the last half of the reporting period, developed market equities rebounded from lows reached in the first half as the theme of diverging monetary policy came into focus with the Federal Reserve raising interest rates for the first time in nearly a decade, while central banks around the world continued to implement accommodative monetary policies.

ⁿ   Emerging market (“EM”) equities, as represented by the MSCI Emerging Markets Index (Net Dividends in USD), declined 17.36% over the reporting period. Concerns over China’s struggling economy continued as weak data and several attempts to support the Chinese equity market by the People’s Bank of China added to fears of slowing global growth. In addition, Brazil’s economic and political woes continued over the reporting period as the country’s credit rating was downgraded by S&P and Fitch to sub-investment grade, while President Dilma Rousseff faced increased scrutiny over her ability to revive the country’s economy.

2 PIMCO EQUITY SERIES

ⁿ   Style-wise, growth equities outperformed value equities globally as the MSCI All Country World Growth Index (Net Dividends in USD) declined 3.13% and the MSCI All Country World Value Index (Net Dividends in USD) declined 6.68%. In general, the consumer staples and information technology sectors were the top performing equity sectors, while the energy and materials sectors were the worst performing equity sectors over the reporting period.

ⁿ   U.S. Treasuries, as represented by the Barclays U.S. Treasury Index, returned 0.81% for the reporting period. Longer-maturity yields (i.e., ten to thirty year yields) declined, with prices therefore higher, while shorter-maturity yields (i.e., six month to seven year yields) rose. The benchmark ten-year U.S. Treasury note yielded 2.27% at the end of the reporting period, down from 2.35% on June 30, 2015. The Barclays U.S. Aggregate Index, a widely used index of U.S. investment-grade bonds, returned 0.65% for the reporting period.

If you have any questions regarding the PIMCO Equity Series, please contact your account manager or financial adviser, or call one of our shareholder associates at 888.87.PIMCO (888.877.4626). We also invite you to visit our website at www.pimco.com to learn more about our views and global thought leadership.

Thank you again for the trust you have placed in us. We value your commitment and will continue to work diligently to meet your broad investment needs.

Sincerely,   Brent R. Harris Chairman of the Board,
PIMCO Equity Series February 22, 2016

SEMIANNUAL REPORT DECEMBER 31, 2015 3

Important Information About the Funds

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

The values of equity securities, such as common stocks and preferred stocks, 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 the Funds’ prospectus. Some of these risks may include, but are not limited to, the following: new/small fund risk, equity risk, dividend-oriented stocks risk, value investing risk, foreign (non-U.S.) investment risk, emerging markets risk, sovereign debt risk, market risk, issuer risk, interest rate risk, call risk, credit risk, high yield and distressed company risk, cash holdings risk, currency risk, real estate risk, liquidity risk, leveraging risk, issuer non-diversification risk, management risk, small-cap and mid-cap company risk, derivatives risk, mortgage-related and other asset-backed securities risk, short sale risk and convertible securities risk. A complete description of these and other risks is contained in the Funds’ prospectus.

The Funds may use derivative instruments for hedging purposes or as part of an investment strategy. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, leverage risk, management risk and the risk that a Fund

may not be able to close out a position when it would be most advantageous to do so. Certain derivative transactions may have a leveraging effect on a Fund. For example, a small investment in a derivative instrument may have a significant impact on a Fund’s exposure to interest rates, currency exchange rates or other investments. As a result, a relatively small price movement in an asset, instrument or component of the index underlying a derivative instrument may cause an immediate and substantial loss or gain, which translates into heightened volatility for the Funds. A Fund may engage in such transactions regardless of whether the Fund owns the asset, instrument or components of the index underlying the derivative instrument. A Fund may invest a significant portion of its assets in these types of instruments. If it does, the Fund’s investment exposure could far exceed the value of its portfolio securities and its investment performance could be primarily dependent upon securities it does not own. Investing in foreign (non-U.S.) securities may entail risk due to foreign (non-U.S.) economic and political developments; this risk may be increased when investing in emerging markets.

The value of an equity security of an issuer that has paid dividends in the past may decrease if the issuer reduces or eliminates future payments to its shareholders. If the dividends or distributions received by a Fund decrease, the Fund may have less income to distribute to the Fund’s shareholders. In addition, during certain market conditions, the equity securities of issuers that have paid regular dividends or distributions may not be widely available or may be highly concentrated in particular sectors of the market. A Fund may invest a significant portion of its assets in value stocks. Value stocks may perform differently from other types of stocks and the market as a whole. 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.

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

On each individual Fund Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. Class A shares are subject to an initial sales charge. A Contingent Deferred Sales Charge (“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 (i) 18 months after purchase for purchases made prior to August 10, 2015 and (ii) 12 months after purchase for purchases made on or after August 10, 2015. The Cumulative Returns chart reflects only Institutional Class performance.

4 PIMCO EQUITY SERIES

Performance for Class P, Administrative Class, Class D, Class A, Class C and Class R shares, if applicable, are typically lower than Institutional Class performance due to the lower expenses paid by Institutional Class shares. Performance shown is net of fees and expenses. A Fund’s total annual operating expense ratios on each individual Fund Summary page are as of the currently effective prospectus, as supplemented to date. The Cumulative Returns chart assumes the initial investment of $1,000,000 was made at the end of the month that the Institutional Class of the relevant Fund commenced operations. The minimum initial investment

amount for Institutional Class, Class P and Administrative Class shares is $1,000,000. The minimum initial investment amount for Class A, Class C and Class D shares is $1,000. There is no minimum initial investment for Class R shares. Each Fund measures its performance against a 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.

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

Fund Name

Fund Inception

Institutional Class

Class P

Class D

Class A

Class C

Class R

Diversification Status

PIMCO Balanced Income Fund

03/31/14

03/31/14

03/31/14

03/31/14

03/31/14

03/31/14

—

Diversified

PIMCO Dividend and Income Builder Fund

12/14/11

12/14/11

12/14/11

12/14/11

12/14/11

12/14/11

12/14/11

Diversified

PIMCO EqS® Long/Short Fund

04/20/12

04/20/12

04/30/12

04/30/12

04/30/12

04/30/12

—

Non-diversified

PIMCO Global Dividend Fund

12/14/11

12/14/11

12/14/11

12/14/11

12/14/11

12/14/11

12/14/11

Diversified

PIMCO International Dividend Fund

12/15/14

12/15/14

12/15/14

12/15/14

12/15/14

12/15/14

—

Diversified

PIMCO U.S. Dividend Fund

12/15/14

12/15/14

12/15/14

12/15/14

12/15/14

12/15/14

—

Diversified

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

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund’s prospectus nor a Fund’s summary prospectus, the Trust’s Statement of Additional Information (“SAI”), any contracts filed as exhibits to the Trust’s registration statement, nor any other communications, disclosure documents or regulatory filings (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 PIMCO Equity Series 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.

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

SEMIANNUAL REPORT DECEMBER 31, 2015 5

PIMCO Balanced Income Fund

Cumulative Returns Through December 31, 2015

Investment Objective and Strategy Overview

» The PIMCO Balanced Income Fund seeks to maximize current income while providing long-term capital appreciation by investing under normal circumstances in a diversified portfolio of income-producing equity and fixed income securities, each of which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements. The Fund will typically invest at least 25% of its net assets in equity and equity related securities and at least 25% of its net assets in fixed income securities. The Fund’s investments in equity and equity-related securities include common and preferred stock (and securities convertible into, or that PIMCO expects to be exchanged for, common or preferred stock), as well as securities issued by real estate investment trusts, master limited partnerships and other equity trusts and depositary receipts.

Average Annual Total Return for the period ended December 31, 2015
		6 Months*		1 Year		Fund Inception (03/31/14)
	PIMCO Balanced Income Fund Institutional Class		(7.71)%		(5.96)%		(2.00)%
	PIMCO Balanced Income Fund Class P		(7.76)%		(6.06)%		(2.10)%
	PIMCO Balanced Income Fund Class D		(7.88)%		(6.39)%		(2.34)%
	PIMCO Balanced Income Fund Class A		(7.88)%		(6.39)%		(2.34)%
	PIMCO Balanced Income Fund Class A (adjusted)		(12.91)%		(11.52)%		(5.43)%
	PIMCO Balanced Income Fund Class C		(8.26)%		(7.12)%		(3.09)%
	PIMCO Balanced Income Fund Class C (adjusted)		(9.14)%		(8.01)%		(3.09)%
	MSCI All Country World Index±		(4.90)%		(2.36)%		0.35%
	50% MSCI ACWI/50% Barclays Global Aggregate Index hedged USD±±		(1.64)%		(0.46)%		2.14%

All Fund returns are net of fees and expenses.

* Cumulative return.

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

^±± The benchmark is a blend of 50% MSCI All Country World Index/50% Barclays Global Aggregate USD Hedged. The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Index consists of 46 country indices comprising 23 developed and 23 emerging market country indices. Barclays Global Aggregate (USD Hedged) Index provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian Government securities, and USD investment grade 144A securities.

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 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. The Fund’s total annual operating expense ratio as stated in the Fund’s current prospectus, as supplemented to date, is 1.03% for the Institutional Class shares, 1.13% for the Class P shares, 1.38% for the Class D shares, 1.38% for the Class A shares, and 2.13% for the Class C shares. Details regarding any Fund’s operating expenses can be found in the Fund’s prospectus. For performance current to the most recent month-end, visit www.pimco.com.

6 PIMCO EQUITY SERIES

Institutional Class - PBITX Class P - PBIEX Class D - PBIDX Class A - PBIAX Class C - PBICX

Top 10 Holdings¹

U.S. Treasury Bonds	2.9%
QUALCOMM, Inc.	2.5%
PG&E Corp.	2.5%
Vodafone Group PLC	2.4%
AT&T, Inc.	2.2%
HSBC Holdings PLC	2.1%
Colony Capital, Inc. ‘A’	2.1%
AbbVie, Inc.	1.9%
Pfizer, Inc.	1.9%
Roche Holding AG	1.8%

Geographic Breakdown¹

United States	54.4%
United Kingdom	8.8%
Netherlands	3.4%
Australia	3.2%
Brazil	2.6%
Italy	2.3%
France	2.2%
Hong Kong	1.9%
Switzerland	1.9%
Taiwan	1.2%
Greece	1.2%
Canada	1.1%
Cayman Islands	1.0%
Other	3.4%

Sector Breakdown¹

Financials	16.3%
Asset-Backed Securities	10.8%
Health Care	8.0%
Telecommunication Services	8.0%
Information Technology	7.5%
Consumer Discretionary	7.0%
Utilities	5.7%
Industrials	5.4%
Non-Agency Mortgage-Backed Securities	5.1%
U.S. Treasury Obligations	4.4%
Consumer Staples	3.0%
Materials	2.1%
Bank Loan Obligations	2.0%
Energy	1.8%
Sovereign Issues	1.5%

¹ % of Investments, at value as of 12/31/2015. Top 10 Holdings, Geographic and Sector Breakdowns solely reflect long positions. Securities sold short, financial derivative instruments and short-term instruments are not taken into consideration.

Fund Insights

» During the reporting period, the Fund paid ordinary quarterly dividends totaling 24 cents per share on its Institutional class shares. The dividend per share was slightly lower for the other share classes to account for varying class-specific expenses.

» Stock selection within the commercial services & supplies industry detracted from relative returns, as the Fund’s overweight position in Spotless Group Holdings within this industry significantly underperformed the MSCI All Country World Index over the reporting period.

» An overweight exposure to small-cap companies detracted from relative performance, as small-cap stocks underperformed the MSCI All Country World Index over the reporting period.

» Over the reporting period, the top three equity contributors were NN Group NV, Ameren Corporation and Imperial Tobacco Group PLC. The top three equity detractors were Spotless Group Holdings Ltd, Golar LNG Partners LP and Targa Resources Corp.

» The Fund’s fixed income allocation underperformed its fixed income benchmark, Barclays Global Aggregate USD Unhedged, primarily driven by exposure to Brazilian 30-year duration as Brazilian 30-year yields generally rose over the reporting period.

SEMIANNUAL REPORT DECEMBER 31, 2015 7

PIMCO Dividend and Income Builder Fund

Cumulative Returns Through December 31, 2015

Investment Objective and Strategy Overview

» The PIMCO Dividend and Income Builder Fund seeks to provide current income that exceeds the average yield on global stocks, and to provide a growing stream of income per share over time, with a secondary objective to seek 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 at least 50% of its assets in equity and equity-related securities. The Fund’s investments in equity and equity-related securities include common and preferred stock (and securities convertible into, or that PIMCO expects to be exchanged for, common or preferred stock), as well as securities issued by real estate investment trusts, master limited partnerships and other equity trusts and depositary receipts.

Average Annual Total Return for the period ended December 31, 2015
		6 Months*		1 Year		Fund Inception (12/14/11)
	PIMCO Dividend and Income Builder Fund Institutional Class		(11.30)%		(9.70)%		6.33%
	PIMCO Dividend and Income Builder Fund Class P		(11.42)%		(9.80)%		6.23%
	PIMCO Dividend and Income Builder Fund Class D		(11.56)%		(10.04)%		5.95%
	PIMCO Dividend and Income Builder Fund Class A		(11.47)%		(9.96)%		5.98%
	PIMCO Dividend and Income Builder Fund Class A (adjusted)		(16.37)%		(14.93)%		4.51%
	PIMCO Dividend and Income Builder Fund Class C		(11.85)%		(10.68)%		5.17%
	PIMCO Dividend and Income Builder Fund Class C (adjusted)		(12.66)%		(11.49)%		5.17%
	PIMCO Dividend and Income Builder Fund Class R		(11.59)%		(10.26)%		5.73%
	MSCI All Country World Index±		(4.90)%		(2.36)%		10.58%
	75% MSCI All Country World Index/25% Barclays Global Aggregate USD Unhedged±±		(3.60)%		(2.40)%		7.95%

All Fund returns are net of fees and expenses.

* Cumulative return.

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

^±± The benchmark is a blend of 75% MSCI All Country World Index/25% Barclays Global Aggregate USD Unhedged. The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Index consists of 46 country indices comprising 23 developed and 23 emerging market country indices. Barclays Global Aggregate (USD Unhedged) Index provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian Government securities, and USD investment grade 144A securities.

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 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. The Fund’s total annual operating expense ratio as stated in the Fund’s current prospectus, as supplemented to date, is 1.20% for the Institutional Class shares, 1.30% for the Class P shares, 1.55% for the Class D shares, 1.55% for the Class A shares, 2.30% for the Class C shares, and 1.80% for Class R shares. Details regarding any Fund’s operating expenses can be found in the Fund’s prospectus. For performance current to the most recent month-end, visit www.pimco.com.

8 PIMCO EQUITY SERIES

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

Top 10 Holdings¹

PG&E Corp.	3.7%
QUALCOMM, Inc.	3.7%
AT&T, Inc.	3.6%
Vodafone Group PLC	3.6%
HSBC Holdings PLC	3.2%
Colony Capital, Inc. ‘A’	3.2%
AbbVie, Inc.	2.8%
Pfizer, Inc.	2.8%
Roche Holding AG	2.8%
Lloyds Banking Group PLC	2.8%

Geographic Breakdown¹

United States	50.3%
United Kingdom	13.5%
Australia	5.1%
Netherlands	4.2%
Italy	3.8%
France	3.3%
Hong Kong	2.8%
Switzerland	2.8%
Brazil	2.2%
Taiwan	1.8%
Canada	1.6%
Japan	1.4%
Spain	1.4%
Greece	1.3%
Germany	1.0%
Other	2.3%

Sector Breakdown¹

Financials	22.4%
Telecommunication Services	12.2%
Health Care	12.1%
Information Technology	11.1%
Consumer Discretionary	10.7%
Utilities	8.4%
Industrials	6.4%
Consumer Staples	4.5%
Materials	3.3%
Energy	2.9%
Non-Agency Mortgage-Backed Securities	2.1%
Asset-Backed Securities	2.0%
Other	0.7%

¹ % of Investments, at value as of 12/31/2015. Top 10 Holdings, Geographic and Sector Breakdowns solely reflect long positions. Securities sold short, financial derivative instruments and short-term instruments are not taken into consideration.

Fund Insights

» During the reporting period, the Fund paid ordinary quarterly dividends totaling 20 cents per share on its Institutional class shares. The dividend per share was slightly lower for the other share classes to account for varying class-specific expenses.

» Stock selection within the commercial services & supplies industry detracted from relative returns, as the Fund’s overweight to Spotless Group Holdings within this industry significantly underperformed the MSCI All Country World Index over the reporting period.

» An overweight exposure to small-cap companies detracted from relative performance, as small-cap stocks underperformed the MSCI All Country World Index over the reporting period.

» Over the reporting period, the top three equity contributors were NN Group NV, Imperial Tobacco Group PLC and Ameren Corporation. The top three equity detractors were Spotless Group Holdings Ltd, Targa Resources Corp. and Golar LNG Partners LP.

» The Fund’s fixed income allocation outperformed its fixed income benchmark, Barclays Global Aggregate USD Unhedged, primarily driven by select currency underweights specifically to the euro and the British pound, as these currencies underperformed versus the U.S. dollar over the reporting period.

SEMIANNUAL REPORT DECEMBER 31, 2015 9

PIMCO EqS^® Long/Short Fund

Cumulative Returns Through December 31, 2015*

Investment Objective and Strategy Overview

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

Average Annual Total Return for the period ended December 31, 2015*
		6 Months**		1 Year		5 Year		10 Year		Fund Inception (01/01/03)
	PIMCO EqS® Long/Short Fund Institutional Class		(2.27)%		0.82%		4.79%		8.86%		11.75%
	PIMCO EqS® Long/Short Fund Class P		(2.28)%		0.74%		4.74%		8.84%		11.73%
	PIMCO EqS® Long/Short Fund Class D		(2.46)%		0.49%		4.51%		8.72%		11.64%
	PIMCO EqS® Long/Short Fund Class A		(2.46)%		0.49%		4.51%		8.72%		11.64%
	PIMCO EqS® Long/Short Fund Class A (adjusted)		(7.79)%		(5.01)%		3.34%		8.11%		11.15%
	PIMCO EqS® Long/Short Fund Class C		(2.86)%		(0.30)%		3.93%		8.41%		11.40%
	PIMCO EqS® Long/Short Fund Class C (adjusted)		(3.82)%		(1.28)%		3.93%		8.41%		11.40%
	3 Month USD LIBOR Index±		0.15%		0.29%		0.32%		1.68%		1.76%

All Fund returns are net of fees and expenses.

** Cumulative return.

^± The 3 Month USD LIBOR (London Interbank Offered Rate) Index is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money (3 months) in England’s Eurodollar market. It is not possible to invest in an unmanaged index.

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. 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. The Fund’s total annual operating expense ratio as stated in the Fund’s current prospectus, as supplemented to date, is 1.91% for the Institutional Class shares, 2.01% for the Class P shares, 2.26% for the Class D shares, 2.26% for the Class A shares, and 3.01% for the Class C shares. Details regarding any Fund’s operating expenses can be found in the Fund’s prospectus. For performance current to the most recent month-end, visit www.pimco.com.

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

10 PIMCO EQUITY SERIES

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

Top 10 Holdings¹

First Data Corp. ‘A’	5.7%
Iron Mountain, Inc.	5.3%
Laboratory Corp. of America Holdings	4.8%
KAR Auction Services, Inc.	4.2%
DST Systems, Inc.	3.8%
Live Nation Entertainment, Inc.	2.9%
Nordstrom, Inc.	2.6%
Level 3 Communications, Inc.	2.5%
Bank of New York Mellon Corp.	2.3%
Alphabet, Inc. ‘C’	2.3%

Sector Breakdown²

Information Technology	13.3%
Financials	7.5%
Health Care	5.3%
Telecommunication Services	2.5%

¹ % of Investments, at value as of 12/31/2015. Top 10 Holdings solely reflect long positions. Securities sold short, derivatives, and short-term instruments are not taken into consideration.

² % of net exposure (Investments, at value less Securities Sold Short) as of 12/31/2015. Financial derivative instruments and short-term instruments are not taken into consideration.

Fund Insights

» The Fund’s long equity positions detracted from absolute returns, as prices of these securities generally declined during the reporting period.

» The Fund’s short equity positions within the materials sector contributed to absolute returns, as this sector declined over the reporting period.

» The Fund’s short equity positions within the energy sector contributed to absolute returns, as this sector declined over the reporting period.

» Over the reporting period, the Fund increased its gross short exposure from 22.6% to 37.2% and decreased its gross long exposure from 78.3% to 56.8%, reducing the overall net equity exposure from 55.7% to 19.6% of net assets.

SEMIANNUAL REPORT DECEMBER 31, 2015 11

PIMCO Global Dividend Fund

Cumulative Returns Through December 31, 2015

Investment Objective and Strategy Overview

» The PIMCO Global Dividend Fund seeks to provide current income that exceeds the average yield on global stocks, and as a secondary objective, seeks to provide long-term capital appreciation, by investing under normal circumstances at least 75% of its assets in equity and equity-related securities, including common and preferred stock (and securities convertible into, or that PIMCO expects to be exchanged for, common or preferred stock), as well as securities issued by real estate investment trusts, master limited partnerships and other equity trusts and depositary receipts.

Average Annual Total Return for the period ended December 31, 2015
		6 Months*		1 Year		Fund Inception (12/14/11)
	PIMCO Global Dividend Fund Institutional Class		(12.86)%		(10.99)%		6.37%
	PIMCO Global Dividend Fund Class P		(12.87)%		(10.92)%		6.32%
	PIMCO Global Dividend Fund Class D		(12.99)%		(11.15)%		6.06%
	PIMCO Global Dividend Fund Class A		(12.99)%		(11.15)%		6.06%
	PIMCO Global Dividend Fund Class A (adjusted)		(17.78)%		(16.04)%		4.59%
	PIMCO Global Dividend Fund Class C		(13.45)%		(11.94)%		5.19%
	PIMCO Global Dividend Fund Class C (adjusted)		(14.20)%		(12.70)%		5.19%
	PIMCO Global Dividend Fund Class R		(13.15)%		(11.43)%		5.77%
	MSCI All Country World Index±		(4.90)%		(2.36)%		10.58%

All Fund returns are net of fees and expenses.

* Cumulative return.

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

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 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. The Fund’s total annual operating expense ratio as stated in the Fund’s current prospectus, as supplemented to date, is 1.07% for the Institutional Class shares, 1.17% for the Class P shares, 1.42% for the Class D shares, 1.42% for the Class A shares, 2.17% for the Class C shares and 1.67% for the Class R shares. Details regarding any Fund’s operating expenses can be found in the Fund’s prospectus. For performance current to the most recent month-end, visit www.pimco.com.

12 PIMCO EQUITY SERIES

Institutional Class - PQDIX Class P - PQDPX Class D - PQDDX Class A - PQDAX Class C - PQDCX Class R - PQDRX

Top 10 Holdings¹

Vodafone Group PLC	3.5%
QUALCOMM, Inc.	3.0%
AT&T, Inc.	3.0%
PG&E Corp.	3.0%
Lloyds Banking Group PLC	3.0%
Western Digital Corp.	2.9%
Aegon NV	2.9%
Pfizer, Inc.	2.7%
HSBC Holdings PLC	2.7%
Intesa Sanpaolo SpA	2.6%

Geographic Breakdown¹

United States	51.6%
United Kingdom	13.0%
Netherlands	3.9%
Italy	3.9%
Australia	3.5%
Japan	3.5%
France	3.4%
Hong Kong	2.5%
Switzerland	2.2%
Brazil	2.1%
Taiwan	1.7%
Canada	1.6%
Spain	1.5%
Greece	1.3%
Germany	1.0%
Other	0.9%

¹ % of Investments, at value as of 12/31/2015. Top 10 Holdings and Geographic Breakdown solely reflect long positions. Securities sold short, financial derivative instruments and short-term instruments are not taken into consideration.

Fund Insights

» During the reporting period, the Fund paid ordinary quarterly dividends totaling 10 cents per share on its Institutional class shares. The dividend per share was slightly lower for the other share classes to account for varying class-specific expenses.

» Stock selection within the oil, gas & consumable fuels industry detracted from relative returns, as the Fund’s holdings within this industry significantly underperformed the MSCI All Country World Index over the reporting period.

» An overweight exposure to small-cap companies detracted from relative performance, as small-cap stocks underperformed the MSCI All Country World Index over the reporting period.

» Over the reporting period, the top three equity contributors were NN Group NV, PG&E Corporation and Imperial Tobacco Group PLC. The top three equity detractors were Targa Resources Corp., Golar LNG Partners LP and Spotless Group Holdings Ltd.

SEMIANNUAL REPORT DECEMBER 31, 2015 13

PIMCO International Dividend Fund

Cumulative Returns Through December 31, 2015

Investment Objective and Strategy Overview

» The PIMCO International Dividend Fund seeks to provide current income that exceeds the average yield on international stocks, while providing long-term capital appreciation, by investing in an international-focused diversified portfolio of dividend-paying stocks that have an attractive yield, a growing dividend, and long-term capital appreciation. The Fund will invest primarily in equity and equity-related securities that are economically tied to developed and emerging markets outside the United States, including common and preferred stock (and securities convertible into, or that PIMCO expects to be exchanged for, common or preferred stock), as well as securities issued by real estate investment trusts, master limited partnerships and other equity trusts and depositary receipts.

Average Annual Total Return for the period ended December 31, 2015
		6 Months*		1 Year		Fund Inception (12/15/14)
	PIMCO International Dividend Fund Institutional Class		(12.88)%		(8.63)%		(6.90)%
	PIMCO International Dividend Fund Class P		(12.93)%		(8.73)%		(6.99)%
	PIMCO International Dividend Fund Class D		(13.04)%		(8.96)%		(7.23)%
	PIMCO International Dividend Fund Class A		(13.03)%		(8.86)%		(7.14)%
	PIMCO International Dividend Fund Class A (Adjusted)		(17.81)%		(13.87)%		(12.02)%
	PIMCO International Dividend Fund Class C		(13.40)%		(9.67)%		(7.95)%
	PIMCO International Dividend Fund Class C (Adjusted)		(14.24)%		(10.54)%		(7.95)%
	MSCI All Country World ex US Index±		(9.32)%		(5.66)%		(2.51)%

All Fund returns are net of fees and expenses.

* Cumulative return.

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

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 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. The Fund’s total annual operating expense ratio as stated in the Fund’s current prospectus, as supplemented to date, is 0.99% for the Institutional Class shares, 1.09% for the Class P shares, 1.34% for the Class D shares, 1.34% for the Class A shares, and 2.09% for the Class C shares. Details regarding any Fund’s operating expenses can be found in the Fund’s prospectus. For performance current to the most recent month-end, visit www.pimco.com.

14 PIMCO EQUITY SERIES

Institutional Class - PVIIX Class P - PVIPX Class D - PVIDX Class A - PVIAX Class C - PVICX

Top 10 Holdings¹

Vodafone Group PLC	4.4%
Roche Holding AG	4.1%
Aegon NV	4.0%
Bridgestone Corp.	4.0%
Lloyds Banking Group PLC	4.0%
HSBC Holdings PLC	4.0%
Intesa Sanpaolo SpA	4.0%
Engie S.A.	3.5%
China Mobile Ltd.	3.4%
Taiwan Semiconductor Manufacturing Co. Ltd.	3.2%

Geographic Breakdown¹

United Kingdom	17.0%
United States	14.4%
Japan	9.5%
Australia	8.2%
Netherlands	7.1%
France	6.4%
Hong Kong	5.8%
Italy	5.6%
Switzerland	4.1%
Taiwan	3.2%
Brazil	3.1%
Canada	2.3%
Ireland	2.3%
Israel	2.0%
Spain	1.7%
China	1.4%
Mexico	1.4%
Germany	1.3%
Greece	1.3%
Other	1.7%

¹ % of Investments, at value as of 12/31/2015. Top 10 Holdings and Geographic Breakdown solely reflect long positions. Securities sold short, financial derivative instruments and short-term instruments are not taken into consideration.

Fund Insights

» During the reporting period, the Fund paid ordinary quarterly dividends totaling 15 cents per share on its Institutional class shares. The dividend per share was slightly lower for the other share classes to account for varying class-specific expenses.

» Stock selection within the electric utilities industry detracted from relative returns, as the Fund’s holdings within this industry significantly underperformed the MSCI All Country World ex-US Index over the reporting period.

» Stock selection within the oil, gas & consumable fuels industry detracted from relative returns, as the Fund’s holdings within this industry significantly underperformed the MSCI All Country World ex-US Index over the reporting period.

» Over the reporting period, the top three equity contributors were NN Group NV, Imperial Tobacco Group PLC and Lawson Inc. The top three equity detractors were Spotless Group Holdings Ltd., Golar LNG Partners LP and Total Access Communication Public Co., Ltd.

SEMIANNUAL REPORT DECEMBER 31, 2015 15

PIMCO U.S. Dividend Fund

Cumulative Returns Through December 31, 2015

Investment Objective and Strategy Overview

» The PIMCO U.S. Dividend Fund seeks to provide current income that exceeds the average yield on U.S. stocks, while providing long-term capital appreciation, by investing in a U.S.-focused diversified portfolio of dividend-paying stocks that have an attractive yield, a growing dividend, and long-term capital appreciation. The Fund will invest primarily in equity and equity-related securities that are economically tied to the United States, including common and preferred stock (and securities convertible into, or that PIMCO expects to be exchanged for, common or preferred stock), as well as securities issued by real estate investment trusts, master limited partnerships and other equity trusts and depositary receipts.

Average Annual Total Return for the period ended December 31, 2015
		6 Months*		1 Year		Fund Inception (12/15/14)
	PIMCO U.S. Dividend Fund Institutional Class		(12.98)%		(14.44)%		(10.41)%
	PIMCO U.S. Dividend Fund Class P		(12.94)%		(14.53)%		(10.51)%
	PIMCO U.S. Dividend Fund Class D		(13.06)%		(14.76)%		(10.74)%
	PIMCO U.S. Dividend Fund Class A		(13.13)%		(14.66)%		(10.64)%
	PIMCO U.S. Dividend Fund Class A (Adjusted)		(17.92)%		(19.39)%		(15.34)%
	PIMCO U.S. Dividend Fund Class C		(13.40)%		(15.33)%		(11.34)%
	PIMCO U.S. Dividend Fund Class C (Adjusted)		(14.24)%		(16.15)%		(11.34)%
	S&P 500 Index±		0.15%		1.38%		4.78%

All Fund returns are net of fees and expenses.

* Cumulative return.

^± 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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 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. The Fund’s total annual operating expense ratio as stated in the Fund’s current prospectus, as supplemented to date, is 0.90% for the Institutional Class shares, 1.00% for the Class P shares, 1.25% for the Class D shares, 1.25% for the Class A shares, and 2.00% for the Class C shares. Details regarding any Fund’s operating expenses can be found in the Fund’s prospectus. For performance current to the most recent month-end, visit www.pimco.com.

16 PIMCO EQUITY SERIES

Institutional Class - PVDIX Class P - PVDPX Class D - PVDDX Class A - PVDAX Class C - PVDCX

Top 10 Holdings¹

AT&T, Inc.	5.5%
QUALCOMM, Inc.	5.1%
Pfizer, Inc.	5.0%
Comcast Corp. ‘A’	5.0%
PG&E Corp.	5.0%
Neilsen Holdings PLC	5.0%
AbbVie, Inc.	4.6%
Apple, Inc.	4.4%
Merck & Co., Inc.	4.2%
Roche Holding AG	4.0%

Sector Breakdown¹

Health Care	17.8%
Consumer Discretionary	16.4%
Information Technology	16.0%
Financials	15.5%
Telecommunication Services	9.5%
Industrials	7.9%
Materials	5.5%
Utilities	5.0%
Energy	4.0%

¹ % of Investments, at value as of 12/31/2015. Top 10 Holdings and Sector Breakdown solely reflect long positions. Securities sold short, financial derivative instruments and short-term instruments are not taken into consideration.

Fund Insights

» During the reporting period, the Fund paid ordinary quarterly dividends totaling 15 cents per share on its Institutional class shares. The dividend per share was slightly lower for the other share classes to account for varying class-specific expenses.

» Stock selection within the oil, gas & consumable fuels industry detracted from relative returns, as two stocks out of the index significantly underperformed the S&P 500 Index during the reporting period.

» From a market capitalization perspective, the Fund’s exposure to small-cap stocks detracted from the Fund’s performance as small-cap stocks underperformed large-cap stocks over the reporting period.

» Over the reporting period, the top three equity contributors were PG&E Corporation, SeaWorld Entertainment and Apple Inc. The top three equity detractors were Targa Resources, Tronox Ltd. and Golar LNG Partners LP.

SEMIANNUAL REPORT DECEMBER 31, 2015 17

Expense Examples

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for all Funds and share classes is from July 1, 2015 to December 31, 2015 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 the information in these columns, 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 column for your share class, in the column entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

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

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (07/01/15)		Ending Account Value (12/31/15)		Expenses Paid During Period*		Beginning Account Value (07/01/15)		Ending Account Value (12/31/15)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO Balanced Income Fund
Institutional Class	$	1,000.00	$	922.90	$	3.73	$	1,000.00	$	1,021.66	$	3.93		0.76	%
Class P		1,000.00		922.40		4.22		1,000.00		1,021.15		4.44		0.86
Class D		1,000.00		921.20		5.45		1,000.00		1,019.88		5.73		1.11
Class A		1,000.00		921.20		5.45		1,000.00		1,019.88		5.73		1.11
Class C		1,000.00		917.40		9.11		1,000.00		1,016.04		9.58		1.86
PIMCO Dividend and Income Builder Fund
Institutional Class	$	1,000.00	$	887.00	$	4.00	$	1,000.00	$	1,021.31	$	4.29		0.83	%
Class P		1,000.00		885.80		4.48		1,000.00		1,020.79		4.80		0.93
Class D		1,000.00		884.40		5.68		1,000.00		1,019.52		6.09		1.18
Class A		1,000.00		885.30		5.68		1,000.00		1,019.52		6.09		1.18
Class C		1,000.00		881.50		9.28		1,000.00		1,015.69		9.94		1.93
Class R		1,000.00		884.10		6.88		1,000.00		1,018.24		7.37		1.43

18 PIMCO EQUITY SERIES

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (07/01/15)		Ending Account Value (12/31/15)		Expenses Paid During Period*		Beginning Account Value (07/01/15)		Ending Account Value (12/31/15)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO EqS® Long/Short Fund
Institutional Class	$	1,000.00	$	977.30	$	13.08	$	1,000.00	$	1,012.31	$	13.31		2.59	%
Class P		1,000.00		977.20		13.64		1,000.00		1,011.75		13.88		2.70
Class D		1,000.00		975.40		14.89		1,000.00		1,010.47		15.15		2.95
Class A		1,000.00		975.40		14.84		1,000.00		1,010.53		15.10		2.94
Class C		1,000.00		971.40		18.58		1,000.00		1,006.69		18.92		3.69
PIMCO Global Dividend Fund
Institutional Class	$	1,000.00	$	871.40	$	4.02	$	1,000.00	$	1,021.25	$	4.34		0.84	%
Class P		1,000.00		871.30		4.49		1,000.00		1,020.74		4.85		0.94
Class D		1,000.00		870.10		5.69		1,000.00		1,019.47		6.14		1.19
Class A		1,000.00		870.10		5.69		1,000.00		1,019.47		6.14		1.19
Class C		1,000.00		865.50		9.25		1,000.00		1,015.63		9.99		1.94
Class R		1,000.00		868.50		6.87		1,000.00		1,018.19		7.42		1.44
PIMCO International Dividend Fund
Institutional Class	$	1,000.00	$	871.20	$	4.02	$	1,000.00	$	1,021.25	$	4.34		0.84	%
Class P		1,000.00		870.70		4.49		1,000.00		1,020.74		4.85		0.94
Class D		1,000.00		869.60		5.68		1,000.00		1,019.47		6.14		1.19
Class A		1,000.00		869.70		5.68		1,000.00		1,019.47		6.14		1.19
Class C		1,000.00		866.00		9.25		1,000.00		1,015.63		9.99		1.94
PIMCO U.S. Dividend Fund
Institutional Class	$	1,000.00	$	870.20	$	3.58	$	1,000.00	$	1,021.71	$	3.87		0.75	%
Class P		1,000.00		870.60		4.06		1,000.00		1,021.20		4.39		0.85
Class D		1,000.00		869.40		5.25		1,000.00		1,019.93		5.68		1.10
Class A		1,000.00		868.70		5.25		1,000.00		1,019.93		5.68		1.10
Class C		1,000.00		866.00		8.82		1,000.00		1,016.09		9.53		1.85

* 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 187/366 (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 can be found in Note 8 in the Notes to Financial Statements.

SEMIANNUAL REPORT DECEMBER 31, 2015 19

Financial Highlights

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Year or Period		Net Investment Income (Loss) (a)		Net Realized/ Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income  (b)			Distributions from Net Realized Capital Gains (b)			Total Distributions
PIMCO Balanced Income Fund
Institutional Class
07/01/2015 - 12/31/2015+	$	10.05	$	0.15	$	(0.92	)	$	(0.77	)	$	(0.24	)	$	(0.11	)	$	(0.35	)
06/30/2015		10.24		0.30		(0.17	)		0.13			(0.31	)		(0.01	)		(0.32	)
03/31/2014 - 06/30/2014		10.00		0.08		0.24			0.32			(0.08	)		0.00			(0.08	)
Class P
07/01/2015 - 12/31/2015+		10.05		0.15		(0.93	)		(0.78	)		(0.23	)		(0.11	)		(0.34	)
06/30/2015		10.24		0.30		(0.18	)		0.12			(0.30	)		(0.01	)		(0.31	)
03/31/2014 - 06/30/2014		10.00		0.08		0.24			0.32			(0.08	)		0.00			(0.08	)
Class D
07/01/2015 - 12/31/2015+		10.05		0.14		(0.93	)		(0.79	)		(0.22	)		(0.11	)		(0.33	)
06/30/2015		10.25		0.27		(0.18	)		0.09			(0.28	)		(0.01	)		(0.29	)
03/31/2014 - 06/30/2014		10.00		0.08		0.24			0.32			(0.07	)		0.00			(0.07	)
Class A
07/01/2015 - 12/31/2015+		10.05		0.14		(0.93	)		(0.79	)		(0.22	)		(0.11	)		(0.33	)
06/30/2015		10.25		0.29		(0.20	)		0.09			(0.28	)		(0.01	)		(0.29	)
03/31/2014 - 06/30/2014		10.00		0.08		0.24			0.32			(0.07	)		0.00			(0.07	)
Class C
07/01/2015 - 12/31/2015+		10.05		0.10		(0.93	)		(0.83	)		(0.18	)		(0.11	)		(0.29	)
06/30/2015		10.25		0.19		(0.18	)		0.01			(0.20	)		(0.01	)		(0.21	)
03/31/2014 - 06/30/2014		10.00		0.07		0.23			0.30			(0.05	)		0.00			(0.05	)
PIMCO Dividend and Income Builder Fund
Institutional Class
07/01/2015 - 12/31/2015+	$	12.29	$	0.19	$	(1.59	)	$	(1.40	)	$	(0.20	)	$	(0.76	)	$	(0.96	)
06/30/2015		13.12		0.47		(0.50	)		(0.03	)		(0.46	)		(0.34	)		(0.80	)
06/30/2014		11.60		0.44		1.54			1.98			(0.46	)		0.00			(0.46	)
06/30/2013		10.47		0.54		1.03			1.57			(0.42	)		(0.02	)		(0.44	)
12/14/2011 - 06/30/2012		10.00		0.25		0.47			0.72			(0.25	)		0.00			(0.25	)
Class P
07/01/2015 - 12/31/2015+		12.30		0.18		(1.59	)		(1.41	)		(0.20	)		(0.76	)		(0.96	)
06/30/2015		13.13		0.46		(0.50	)		(0.04	)		(0.45	)		(0.34	)		(0.79	)
06/30/2014		11.62		0.44		1.52			1.96			(0.45	)		0.00			(0.45	)
06/30/2013		10.48		0.54		1.03			1.57			(0.41	)		(0.02	)		(0.43	)
12/14/2011 - 06/30/2012		10.00		0.30		0.42			0.72			(0.24	)		0.00			(0.24	)
Class D
07/01/2015 - 12/31/2015+		12.29		0.17		(1.60	)		(1.43	)		(0.18	)		(0.76	)		(0.94	)
06/30/2015		13.12		0.46		(0.53	)		(0.07	)		(0.42	)		(0.34	)		(0.76	)
06/30/2014		11.61		0.40		1.53			1.93			(0.42	)		0.00			(0.42	)
06/30/2013		10.47		0.46		1.09			1.55			(0.39	)		(0.02	)		(0.41	)
12/14/2011 - 06/30/2012		10.00		0.26		0.44			0.70			(0.23	)		0.00			(0.23	)
Class A
07/01/2015 - 12/31/2015+		12.29		0.17		(1.59	)		(1.42	)		(0.18	)		(0.76	)		(0.94	)
06/30/2015		13.12		0.43		(0.50	)		(0.07	)		(0.42	)		(0.34	)		(0.76	)
06/30/2014		11.61		0.42		1.51			1.93			(0.42	)		0.00			(0.42	)
06/30/2013		10.47		0.48		1.07			1.55			(0.39	)		(0.02	)		(0.41	)
12/14/2011 - 06/30/2012		10.00		0.26		0.44			0.70			(0.23	)		0.00			(0.23	)
Class C
07/01/2015 - 12/31/2015+		12.27		0.13		(1.59	)		(1.46	)		(0.14	)		(0.76	)		(0.90	)
06/30/2015		13.10		0.34		(0.51	)		(0.17	)		(0.32	)		(0.34	)		(0.66	)
06/30/2014		11.59		0.33		1.51			1.84			(0.33	)		0.00			(0.33	)
06/30/2013		10.46		0.40		1.06			1.46			(0.31	)		(0.02	)		(0.33	)
12/14/2011 - 06/30/2012		10.00		0.24		0.41			0.65			(0.19	)		0.00			(0.19	)
Class R
07/01/2015 - 12/31/2015+		12.29		0.15		(1.58	)		(1.43	)		(0.17	)		(0.76	)		(0.93	)
06/30/2015		13.12		0.38		(0.48	)		(0.10	)		(0.39	)		(0.34	)		(0.73	)
06/30/2014		11.61		0.38		1.52			1.90			(0.39	)		0.00			(0.39	)
06/30/2013		10.47		0.36		1.16			1.52			(0.36	)		(0.02	)		(0.38	)
12/14/2011 - 06/30/2012		10.00		0.25		0.43			0.68			(0.21	)		0.00			(0.21	)

Please see footnotes on page 24.

20 PIMCO EQUITY SERIES See Accompanying Notes

Net Asset Value End of Year or Period		Total Return			Net Assets End of Year or Period (000s)		Ratio of Expenses to Average Net Assets			Ratio of Expenses to Average Net Assets Excluding Waivers			Ratio of Expenses to Average Net Assets Excluding Interest Expense and Dividends on Securities Sold Short			Ratio of Expenses to Average Net Assets Excluding Interest Expense and Dividends on Securities Sold Short and Waivers			Ratio of Net Investment Income (Loss) to Average Net  Assets			Portfolio Turnover Rate
$	8.93		(7.71	)%	$	6,350		0.76	%*		0.92	%*		0.76	%*		0.92	%*		3.18	%*		31	%
	10.05		1.34			7,473		0.75			0.91			0.75			0.91			2.92			65
	10.24		3.20			6,284		0.75	*		4.52	*		0.75	*		4.52	*		3.20	*		6
	8.93		(7.76	)		119		0.86	*		1.02	*		0.86	*		1.02	*		3.08	*		31
	10.05		1.24			141		0.85			1.01			0.85			1.01			2.96			65
	10.24		3.18			11		0.85	*		4.62	*		0.85	*		4.62	*		3.03	*		6
	8.93		(7.88	)		490		1.11	*		1.27	*		1.11	*		1.27	*		2.88	*		31
	10.05		0.89			397		1.10			1.26			1.10			1.26			2.66			65
	10.25		3.21			45		1.10	*		4.87	*		1.10	*		4.87	*		3.11	*		6
	8.93		(7.88	)		4,748		1.11	*		1.27	*		1.11	*		1.27	*		2.86	*		31
	10.05		0.88			4,380		1.10			1.26			1.10			1.26			2.81			65
	10.25		3.21			319		1.10	*		4.87	*		1.10	*		4.87	*		3.14	*		6
	8.93		(8.26	)		4,737		1.86	*		2.02	*		1.86	*		2.02	*		2.13	*		31
	10.05		0.13			3,788		1.85			2.01			1.85			2.01			1.91			65
	10.25		3.03			461		1.85	*		5.62	*		1.85	*		5.62	*		2.87	*		6
$	9.93		(11.30	)%	$	33,358		0.83	%*		1.00	%*		0.83	%*		1.00	%*		3.24	%*		35	%
	12.29		(0.12	)		68,607		0.83			1.00			0.83			1.00			3.70			98
	13.12		17.23			90,408		0.84			1.00			0.84			1.00			3.56			79
	11.60		15.17			69,203		0.83			1.00			0.83			1.00			4.66			75
	10.47		7.17			11,170		0.83	*		1.57	*		0.83	*		1.57	*		4.35	*		28
	9.93		(11.42	)		63,295		0.93	*		1.10	*		0.93	*		1.10	*		3.13	*		35
	12.30		(0.22	)		169,790		0.93			1.10			0.93			1.10			3.64			98
	13.13		17.05			158,122		0.94			1.10			0.94			1.10			3.53			79
	11.62		15.15			85,724		0.93			1.10			0.93			1.10			4.62			75
	10.48		7.21			8,207		0.93	*		2.47	*		0.93	*		2.47	*		5.28	*		28
	9.92		(11.56	)		25,106		1.18	*		1.35	*		1.18	*		1.35	*		2.88	*		35
	12.29		(0.47	)		41,094		1.18			1.35			1.18			1.35			3.59			98
	13.12		16.78			32,523		1.19			1.35			1.19			1.35			3.19			79
	11.61		14.91			23,204		1.18			1.35			1.18			1.35			4.00			75
	10.47		6.98			2,306		1.18	*		2.26	*		1.18	*		2.26	*		4.52	*		28
	9.93		(11.47	)		223,538		1.18	*		1.35	*		1.18	*		1.35	*		2.92	*		35
	12.29		(0.49	)		296,317		1.18			1.35			1.18			1.35			3.39			98
	13.12		16.78			320,719		1.19			1.35			1.19			1.35			3.34			79
	11.61		14.91			117,579		1.18			1.35			1.18			1.35			4.18			75
	10.47		6.98			13,314		1.18	*		2.43	*		1.18	*		2.43	*		4.62	*		28
	9.91		(11.85	)		258,030		1.93	*		2.10	*		1.93	*		2.10	*		2.17	*		35
	12.27		(1.23	)		358,171		1.93			2.10			1.93			2.10			2.67			98
	13.10		15.97			353,287		1.94			2.10			1.94			2.10			2.67			79
	11.59		14.08			86,879		1.93			2.10			1.93			2.10			3.42			75
	10.46		6.46			8,000		1.93	*		3.46	*		1.93	*		3.46	*		4.27	*		28
	9.93		(11.59	)		251		1.43	*		1.60	*		1.43	*		1.60	*		2.66	*		35
	12.29		(0.72	)		283		1.43			1.60			1.43			1.60			2.97			98
	13.12		16.50			459		1.44			1.60			1.44			1.60			3.03			79
	11.61		14.66			217		1.43			1.60			1.43			1.60			3.24			75
	10.47		6.84			415		1.43	*		2.32	*		1.43	*		2.32	*		4.30	*		28

Please see footnotes on page 24.

SEMIANNUAL REPORT DECEMBER 31, 2015 21

Financial Highlights (Cont.)

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Year or Period		Net Investment Income (Loss) (a)			Net Realized/ Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income  (b)			Distributions from Net Realized Capital Gains (b)			Total Distributions
PIMCO EqS® Long/Short Fund
Institutional Class
07/01/2015 - 12/31/2015+	$	12.07	$	(0.08	)	$	(0.19	)	$	(0.27	)	$	0.00		$	(0.14	)	$	(0.14	)
06/30/2015		11.92		0.02			0.18			0.20			0.00			(0.05	)		(0.05	)
06/30/2014		11.09		(0.10	)		1.60			1.50			(0.06	)		(0.61	)		(0.67	)
06/30/2013		9.71		0.15			1.27			1.42			(0.04	)		0.00			(0.04	)
04/20/2012 - 06/30/2012		10.00		(0.02	)		(0.27	)		(0.29	)		0.00			0.00			0.00
Class P
07/01/2015 - 12/31/2015+		12.02		(0.08	)		(0.19	)		(0.27	)		0.00			(0.14	)		(0.14	)
06/30/2015		11.88		0.02			0.17			0.19			0.00			(0.05	)		(0.05	)
06/30/2014		11.08		(0.08	)		1.56			1.48			(0.07	)		(0.61	)		(0.68	)
06/30/2013		9.70		(0.05	)		1.47			1.42			(0.04	)		0.00			(0.04	)
04/30/2012 - 06/30/2012		10.00		(0.02	)		(0.28	)		(0.30	)		0.00			0.00			0.00
Class D
07/01/2015 - 12/31/2015+		11.95		(0.10	)		(0.19	)		(0.29	)		0.00			(0.14	)		(0.14	)
06/30/2015		11.84		(0.02	)		0.18			0.16			0.00			(0.05	)		(0.05	)
06/30/2014		11.06		(0.12	)		1.57			1.45			(0.06	)		(0.61	)		(0.67	)
06/30/2013		9.70		(0.10	)		1.48			1.38			(0.02	)		0.00			(0.02	)
04/30/2012 - 06/30/2012		10.00		(0.03	)		(0.27	)		(0.30	)		0.00			0.00			0.00
Class A
07/01/2015 - 12/31/2015+		11.94		(0.10	)		(0.19	)		(0.29	)		0.00			(0.14	)		(0.14	)
06/30/2015		11.83		(0.02	)		0.18			0.16			0.00			(0.05	)		(0.05	)
06/30/2014		11.05		(0.12	)		1.57			1.45			(0.06	)		(0.61	)		(0.67	)
06/30/2013		9.70		(0.00	)^		1.38			1.38			(0.03	)		0.00			(0.03	)
04/30/2012 - 06/30/2012		10.00		(0.03	)		(0.27	)		(0.30	)		0.00			0.00			0.00
Class C
07/01/2015 - 12/31/2015+		11.69		(0.14	)		(0.19	)		(0.33	)		0.00			(0.14	)		(0.14	)
06/30/2015		11.67		(0.11	)		0.18			0.07			0.00			(0.05	)		(0.05	)
06/30/2014		10.98		(0.20	)		1.55			1.35			(0.05	)		(0.61	)		(0.66	)
06/30/2013		9.69		0.01			1.29			1.30			(0.01	)		0.00			(0.01	)
04/30/2012 - 06/30/2012		10.00		(0.04	)		(0.27	)		(0.31	)		0.00			0.00			0.00
PIMCO Global Dividend Fund
Institutional Class
07/01/2015 - 12/31/2015+	$	7.34	$	0.09		$	(1.04	)	$	(0.95	)	$	(0.10	)	$	(0.80	)	$	(0.90	)
06/30/2015		12.81		0.30			(0.48	)		(0.18	)		(0.26	)		(5.03	)		(5.29	)
06/30/2014		11.87		0.39			1.65			2.04			(0.48	)		(0.62	)		(1.10	)
06/30/2013		10.47		0.43			1.37			1.80			(0.37	)		(0.03	)		(0.40	)
12/14/2011 - 06/30/2012		10.00		0.28			0.42			0.70			(0.23	)		0.00			(0.23	)
Class P
07/01/2015 - 12/31/2015+		7.35		0.09			(1.04	)		(0.95	)		(0.10	)		(0.80	)		(0.90	)
06/30/2015		12.82		0.26			(0.45	)		(0.19	)		(0.25	)		(5.03	)		(5.28	)
06/30/2014		11.88		0.42			1.61			2.03			(0.47	)		(0.62	)		(1.09	)
06/30/2013		10.48		0.47			1.32			1.79			(0.36	)		(0.03	)		(0.39	)
12/14/2011 - 06/30/2012		10.00		0.29			0.41			0.70			(0.22	)		0.00			(0.22	)
Class D
07/01/2015 - 12/31/2015+		7.35		0.08			(1.04	)		(0.96	)		(0.09	)		(0.80	)		(0.89	)
06/30/2015		12.81		0.25			(0.46	)		(0.21	)		(0.22	)		(5.03	)		(5.25	)
06/30/2014		11.87		0.39			1.61			2.00			(0.44	)		(0.62	)		(1.06	)
06/30/2013		10.48		0.40			1.36			1.76			(0.34	)		(0.03	)		(0.37	)
12/14/2011 - 06/30/2012		10.00		0.30			0.39			0.69			(0.21	)		0.00			(0.21	)
Class A
07/01/2015 - 12/31/2015+		7.35		0.08			(1.04	)		(0.96	)		(0.09	)		(0.80	)		(0.89	)
06/30/2015		12.82		0.25			(0.47	)		(0.22	)		(0.22	)		(5.03	)		(5.25	)
06/30/2014		11.88		0.39			1.61			2.00			(0.44	)		(0.62	)		(1.06	)
06/30/2013		10.48		0.42			1.35			1.77			(0.34	)		(0.03	)		(0.37	)
12/14/2011 - 06/30/2012		10.00		0.27			0.42			0.69			(0.21	)		0.00			(0.21	)

Please see footnotes on page 24.

22 PIMCO EQUITY SERIES See Accompanying Notes

Net Asset Value End of Year or Period		Total Return			Net Assets End of Year or Period (000s)		Ratio of Expenses to Average Net Assets			Ratio of Expenses to Average Net Assets Excluding Waivers			Ratio of Expenses to Average Net Assets Excluding Interest Expense and Dividends on Securities Sold Short			Ratio of Expenses to Average Net Assets Excluding Interest Expense and Dividends on Securities Sold Short and Waivers			Ratio of Net Investment Income (Loss) to Average Net  Assets			Portfolio Turnover Rate
$	11.66		(2.27	)%	$	223,239		2.59	%*		2.60	%*		1.50	%*		1.51	%*		(1.30	)%*		340	%
	12.07		1.74			299,808		1.91			1.92			1.49			1.50			0.20			450	(c)
	11.92		13.59			545,346		2.02			2.04			1.48			1.50			(0.82	)		522
	11.09		14.66			329,610		2.65			2.75			1.40			1.50			1.45			528
	9.71		(2.90	)		212,229		1.52	*		2.41	*		1.40	*		2.29	*		(1.30	)*		113
	11.61		(2.28	)		275,064		2.69	*		2.70	*		1.60	*		1.61	*		(1.27	)*		340
	12.02		1.66			207,511		2.01			2.02			1.59			1.60			0.16			450	(c)
	11.88		13.40			277,661		2.00			2.02			1.58			1.60			(0.71	)		522
	11.08		14.77			15,664		3.94			4.04			1.50			1.60			(0.48	)		528
	9.70		(3.00	)		10		1.62	*		2.40	*		1.50	*		2.28	*		(1.34	)*		113
	11.52		(2.46	)		55,781		2.94	*		2.95	*		1.85	*		1.86	*		(1.52	)*		340
	11.95		1.41			44,227		2.26			2.27			1.84			1.85			(0.19	)		450	(c)
	11.84		13.13			77,934		2.31			2.33			1.83			1.85			(1.01	)		522
	11.06		14.31			12,421		3.95			4.05			1.75			1.85			(0.97	)		528
	9.70		(3.00	)		111		1.87	*		3.97	*		1.77	*		3.87	*		(1.72	)*		113
	11.51		(2.46	)		154,923		2.94	*		2.95	*		1.85	*		1.86	*		(1.61	)*		340
	11.94		1.41			172,843		2.26			2.27			1.84			1.85			(0.18	)		450	(c)
	11.83		13.17			382,160		2.27			2.29			1.83			1.85			(0.98	)		522
	11.05		14.27			24,759		3.62			3.72			1.75			1.85			(0.03	)		528
	9.70		(3.00	)		1,219		1.87	*		3.17	*		1.74	*		3.04	*		(1.70	)*		113
	11.22		(2.86	)		152,216		3.69	*		3.70	*		2.60	*		2.61	*		(2.31	)*		340
	11.69		0.66			140,719		3.01			3.02			2.59			2.60			(0.95	)		450	(c)
	11.67		12.26			214,485		3.00			3.02			2.58			2.60			(1.71	)		522
	10.98		13.41			9,530		4.04			4.14			2.50			2.60			0.13			528
	9.69		(3.10	)		53		2.62	*		4.50	*		2.52	*		4.40	*		(2.46	)*		113
$	5.49		(12.86	)%	$	50,160		0.84	%*		1.01	%*		0.84	%*		1.01	%*		2.64	%*		45	%
	7.34		(0.43	)		58,212		0.84			1.01			0.84			1.01			2.99			81
	12.81		17.91			302,088		0.84			1.00			0.84			1.00			3.20			95
	11.87		17.32			579,198		0.83			1.00			0.83			1.00			3.74			108
	10.47		6.95			315,513		0.83	*		1.20	*		0.83	*		1.20	*		4.98	*		21
	5.50		(12.87	)		1,235		0.94	*		1.11	*		0.94	*		1.11	*		2.56	*		45
	7.35		(0.48	)		2,604		0.94			1.11			0.94			1.11			2.76			81
	12.82		17.84			3,652		0.94			1.10			0.94			1.10			3.38			95
	11.88		17.21			1,435		0.93			1.10			0.93			1.10			3.98			108
	10.48		7.00			71		0.93	*		1.33	*		0.93	*		1.33	*		5.11	*		21
	5.50		(12.99	)		1,258		1.19	*		1.36	*		1.19	*		1.36	*		2.30	*		45
	7.35		(0.66	)		2,299		1.19			1.36			1.19			1.36			2.42			81
	12.81		17.57			7,709		1.19			1.35			1.19			1.35			3.17			95
	11.87		16.85			7,801		1.18			1.35			1.18			1.35			3.41			108
	10.48		6.86			1,251		1.18	*		1.67	*		1.18	*		1.67	*		5.25	*		21
	5.50		(12.99	)		26,088		1.19	*		1.36	*		1.19	*		1.36	*		2.31	*		45
	7.35		(0.74	)		37,645		1.19			1.36			1.19			1.36			2.68			81
	12.82		17.56			59,540		1.19			1.35			1.19			1.35			3.14			95
	11.88		16.95			27,729		1.18			1.35			1.18			1.35			3.63			108
	10.48		6.86			2,529		1.18	*		1.51	*		1.18	*		1.51	*		4.74	*		21

Please see footnotes on page 24.

SEMIANNUAL REPORT DECEMBER 31, 2015 23

Financial Highlights (Cont.)

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Year or Period		Net Investment Income (Loss) (a)		Net Realized/ Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income  (b)			Distributions from Net Realized Capital Gains (b)			Total Distributions
PIMCO Global Dividend Fund (Cont.)
Class C
07/01/2015 - 12/31/2015+	$	7.31	$	0.05	$	(1.04	)	$	(0.99	)	$	(0.06	)	$	(0.80	)	$	(0.86	)
06/30/2015		12.77		0.18		(0.46	)		(0.28	)		(0.15	)		(5.03	)		(5.18	)
06/30/2014		11.84		0.30		1.60			1.90			(0.35	)		(0.62	)		(0.97	)
06/30/2013		10.45		0.36		1.32			1.68			(0.26	)		(0.03	)		(0.29	)
12/14/2011 - 06/30/2012		10.00		0.23		0.39			0.62			(0.17	)		0.00			(0.17	)
Class R
07/01/2015 - 12/31/2015+		7.34		0.06		(1.03	)		(0.97	)		(0.08	)		(0.80	)		(0.88	)
06/30/2015		12.81		0.21		(0.45	)		(0.24	)		(0.20	)		(5.03	)		(5.23	)
06/30/2014		11.87		0.38		1.59			1.97			(0.41	)		(0.62	)		(1.03	)
06/30/2013		10.47		0.36		1.38			1.74			(0.31	)		(0.03	)		(0.34	)
12/14/2011 - 06/30/2012		10.00		0.18		0.48			0.66			(0.19	)		0.00			(0.19	)
PIMCO International Dividend Fund
Institutional Class
07/01/2015 - 12/31/2015+	$	10.49	$	0.11	$	(1.46	)	$	(1.35	)	$	(0.15	)	$	(0.18	)	$	(0.33	)
12/15/2014 - 06/30/2015		10.00		0.19		0.46			0.65			(0.16	)		0.00			(0.16	)
Class P
07/01/2015 - 12/31/2015+		10.49		0.10		(1.46	)		(1.36	)		(0.14	)		(0.18	)		(0.32	)
12/15/2014 - 06/30/2015		10.00		0.30		0.35			0.65			(0.16	)		0.00			(0.16	)
Class D
07/01/2015 - 12/31/2015+		10.49		0.09		(1.46	)		(1.37	)		(0.13	)		(0.18	)		(0.31	)
12/15/2014 - 06/30/2015		10.00		0.24		0.39			0.63			(0.14	)		0.00			(0.14	)
Class A
07/01/2015 - 12/31/2015+		10.50		0.10		(1.47	)		(1.37	)		(0.13	)		(0.18	)		(0.31	)
12/15/2014 - 06/30/2015		10.00		0.26		0.38			0.64			(0.14	)		0.00			(0.14	)
Class C
07/01/2015 - 12/31/2015+		10.49		0.06		(1.47	)		(1.41	)		(0.09	)		(0.18	)		(0.27	)
12/15/2014 - 06/30/2015		10.00		0.21		0.38			0.59			(0.10	)		0.00			(0.10	)
PIMCO U.S. Dividend Fund
Institutional Class
07/01/2015 - 12/31/2015+	$	10.10	$	0.15	$	(1.46	)	$	(1.31	)	$	(0.15	)	$	(0.15	)	$	(0.30	)
12/15/2014 - 06/30/2015		10.00		0.16		0.09			0.25			(0.15	)		0.00			(0.15	)
Class P
07/01/2015 - 12/31/2015+		10.09		0.14		(1.45	)		(1.31	)		(0.14	)		(0.15	)		(0.29	)
12/15/2014 - 06/30/2015		10.00		0.15		0.08			0.23			(0.14	)		0.00			(0.14	)
Class D
07/01/2015 - 12/31/2015+		10.09		0.14		(1.46	)		(1.32	)		(0.13	)		(0.15	)		(0.28	)
12/15/2014 - 06/30/2015		10.00		0.09		0.13			0.22			(0.13	)		0.00			(0.13	)
Class A
07/01/2015 - 12/31/2015+		10.11		0.13		(1.46	)		(1.33	)		(0.13	)		(0.15	)		(0.28	)
12/15/2014 - 06/30/2015		10.00		0.15		0.09			0.24			(0.13	)		0.00			(0.13	)
Class C
07/01/2015 - 12/31/2015+		10.10		0.10		(1.45	)		(1.35	)		(0.10	)		(0.15	)		(0.25	)
12/15/2014 - 06/30/2015		10.00		0.11		0.08			0.19			(0.09	)		0.00			(0.09	)

+ Unaudited

* Annualized

^ Reflects an amount rounding to less than one cent.

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

^(b)  Determined in accordance with federal income tax regulations, see Note 2(d) in the Notes to Financial Statements for more information.

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

24 PIMCO EQUITY SERIES See Accompanying Notes

Net Asset Value End of Year or Period		Total Return			Net Assets End of Year or Period (000s)		Ratio of Expenses to Average Net Assets			Ratio of Expenses to Average Net Assets Excluding Waivers			Ratio of Expenses to Average Net Assets Excluding Interest Expense and Dividends on Securities Sold Short			Ratio of Expenses to Average Net Assets Excluding Interest Expense and Dividends on Securities Sold Short and Waivers			Ratio of Net Investment Income (Loss) to Average Net  Assets			Portfolio Turnover Rate
$	5.46		(13.45	)%	$	18,736		1.94	%*		2.11	%*		1.94	%*		2.11	%*		1.55	%*		45	%
	7.31		(1.44	)		27,097		1.94			2.11			1.94			2.11			1.94			81
	12.77		16.69			39,359		1.94			2.10			1.94			2.10			2.45			95
	11.84		16.14			14,150		1.93			2.10			1.93			2.10			3.05			108
	10.45		6.19			1,275		1.93	*		2.26	*		1.93	*		2.26	*		4.11	*		21
	5.49		(13.15	)		3		1.44	*		1.61	*		1.44	*		1.61	*		1.77	*		45
	7.34		(1.00	)		57		1.44			1.61			1.44			1.61			2.09			81
	12.81		17.29			192		1.44			1.60			1.44			1.60			3.08			95
	11.87		16.71			100		1.43			1.60			1.43			1.60			3.05			108
	10.47		6.63			11		1.43	*		1.67	*		1.43	*		1.67	*		3.24	*		21
$	8.81		(12.88	)%	$	3,806		0.84	%*		1.01	%*		0.84	%*		1.01	%*		2.32	%*		46	%
	10.49		6.53			4,634		0.84	*		2.64	*		0.84	*		2.64	*		3.28	*		69
	8.81		(12.93	)		37		0.94	*		1.11	*		0.94	*		1.11	*		1.89	*		46
	10.49		6.48			1,727		0.94	*		2.74	*		0.94	*		2.74	*		5.12	*		69
	8.81		(13.04	)		188		1.19	*		1.36	*		1.19	*		1.36	*		1.91	*		46
	10.49		6.33			239		1.19	*		2.99	*		1.19	*		2.99	*		4.03	*		69
	8.82		(13.03	)		755		1.19	*		1.36	*		1.19	*		1.36	*		1.97	*		46
	10.50		6.44			1,000		1.19	*		2.99	*		1.19	*		2.99	*		4.49	*		69
	8.81		(13.40	)		606		1.94	*		2.11	*		1.94	*		2.11	*		1.25	*		46
	10.49		5.91			594		1.94	*		3.74	*		1.94	*		3.74	*		3.56	*		69
$	8.49		(12.98	)%	$	3,747		0.75	%*		0.92	%*		0.75	%*		0.92	%*		3.14	%*		37	%
	10.10		2.44			4,191		0.75	*		2.68	*		0.75	*		2.68	*		2.89	*		41
	8.49		(12.94	)		9		0.85	*		1.02	*		0.85	*		1.02	*		3.04	*		37
	10.09		2.28			10		0.85	*		2.78	*		0.85	*		2.78	*		2.68	*		41
	8.49		(13.06	)		63		1.10	*		1.27	*		1.10	*		1.27	*		2.96	*		37
	10.09		2.14			19		1.10	*		3.03	*		1.10	*		3.03	*		1.54	*		41
	8.50		(13.13	)		1,159		1.10	*		1.27	*		1.10	*		1.27	*		2.86	*		37
	10.11		2.34			750		1.10	*		3.03	*		1.10	*		3.03	*		2.55	*		41
	8.50		(13.40	)		893		1.85	*		2.02	*		1.85	*		2.02	*		2.09	*		37
	10.10		1.83			606		1.85	*		3.78	*		1.85	*		3.78	*		1.96	*		41

SEMIANNUAL REPORT DECEMBER 31, 2015 25

Statements of Assets and Liabilities

(Amounts in thousands†, except per share amounts)	PIMCO Balanced Income Fund			PIMCO Dividend and Income Builder Fund			PIMCO EqS® Long/Short Fund			PIMCO Global Dividend Fund			PIMCO International Dividend Fund			PIMCO U.S. Dividend Fund
Assets:
Investments, at value
Investments in securities*	$	13,833		$	609,774		$	578,945		$	95,393		$	5,308		$	5,651
Investments in Affiliates		1,778			4,800			305,776			1,253			10			140
Financial Derivative Instruments
Exchange-traded or centrally cleared		4			30			0			0			0			0
Over the counter		55			2,421			74			261			6			0
Cash		372			1			1			1			0			102
Deposits with counterparty		119			194			324,691			0			0			19
Foreign currency, at value		32			3,765			645			79			15			2
Receivable for investments sold		41			16,306			47,237			1,316			208			52
Receivable for Fund shares sold		652			1,037			4,102			1,338			0			46
Interest and dividends receivable		63			3,445			346			540			17			15
Dividends receivable from Affiliates		1			3			161			0			0			0
Reimbursement receivable from PIMCO		1			93			120			89			0			0
Total Assets		16,951			641,869			1,262,098			100,270			5,564			6,027
Liabilities:
Borrowings & Other Financing Transactions
Payable for short sales	$	0		$	0		$	320,587		$	0		$	0		$	0
Financial Derivative Instruments
Exchange-traded or centrally cleared		7			1			0			0			0			1
Over the counter		176			2,029			354			335			14			0
Payable for investments purchased		219			16,214			76,648			1,537			73			148
Payable for investments in Affiliates purchased		1			3			161			0			0			0
Deposits from counterparty		0			1,250			29			0			0			0
Payable for Fund shares redeemed		84			16,626			1,018			702			5			2
Dividends payable		2			1,095			0			2			0			0
Overdraft due to custodian		0			0			0			0			74			0
Accrued investment advisory fees		6			320			826			50			3			2
Accrued supervisory and administrative fees		5			238			416			33			2			2
Accrued distribution fees		3			195			119			13			0			1
Accrued servicing fees		2			117			72			11			0			0
Other liabilities		2			203			645			107			1			0
Total Liabilities		507			38,291			400,875			2,790			172			156
Net Assets	$	16,444		$	603,578		$	861,223		$	97,480		$	5,392		$	5,871
Net Assets Consist of:
Paid in capital	$	18,411		$	736,099		$	849,461		$	113,770		$	6,560		$	6,852
Undistributed (overdistributed) net investment income		(61	)		(1,104	)		(6,759	)		(18	)		(7	)		1
Accumulated undistributed net realized (loss)		(814	)		(70,949	)		(9,062	)		(9,673	)		(756	)		(641	)
Net unrealized appreciation (depreciation)		(1,092	)		(60,468	)		27,583			(6,599	)		(405	)		(341	)
	$	16,444		$	603,578		$	861,223		$	97,480		$	5,392		$	5,871
Cost of investments in securities	$	14,944		$	670,653		$	556,375		$	101,876		$	5,703		$	5,991
Cost of investments in Affiliates	$	1,783		$	4,800		$	307,000		$	1,253		$	10		$	140
Cost of foreign currency held	$	32		$	3,769		$	654		$	81		$	16		$	2
Proceeds received on short sales	$	0		$	0		$	327,141		$	0		$	0		$	0
Cost or premiums of financial derivative instruments, net	$	(123	)	$	0		$	0		$	0		$	0		$	0
* Includes repurchase agreements of:	$	0		$	1,159		$	517		$	766		$	0		$	0

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

26 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2015 (Unaudited)

(Amounts in thousands†, except per share amounts)	PIMCO Balanced Income Fund		PIMCO Dividend and Income Builder Fund		PIMCO EqS® Long/Short Fund		PIMCO Global Dividend Fund		PIMCO International Dividend Fund		PIMCO U.S. Dividend Fund
Net Assets:
Institutional Class	$	6,350	$	33,358	$	223,239	$	50,160	$	3,806	$	3,747
Class P		119		63,295		275,064		1,235		37		9
Class D		490		25,106		55,781		1,258		188		63
Class A		4,748		223,538		154,923		26,088		755		1,159
Class C		4,737		258,030		152,216		18,736		606		893
Class R		NA		251		NA		3		NA		NA
Shares Issued and Outstanding:
Institutional Class		712		3,360		19,150		9,128		432		442
Class P		13		6,373		23,701		225		4		1
Class D		55		2,530		4,844		229		21		7
Class A		532		22,522		13,464		4,745		86		136
Class C		530		26,045		13,562		3,429		69		105
Class R		NA		25		NA		1		NA		NA
Net Asset Value and Redemption Price^ Per Share Outstanding:
Institutional Class	$	8.93	$	9.93	$	11.66	$	5.49	$	8.81	$	8.49
Class P		8.93		9.93		11.61		5.50		8.81		8.49
Class D		8.93		9.92		11.52		5.50		8.81		8.49
Class A		8.93		9.93		11.51		5.50		8.82		8.50
Class C		8.93		9.91		11.22		5.46		8.81		8.50
Class R		NA		9.93		NA		5.49		NA		NA

^ With respect to Class A and Class C, the redemption price varies by the length of time the shares are held.

SEMIANNUAL REPORT DECEMBER 31, 2015 27

Statements of Operations

(Unaudited)

Six Months Ended December 31, 2015
(Amounts in thousands†)	PIMCO Balanced Income Fund			PIMCO Dividend and Income Builder Fund			PIMCO EqS® Long/Short Fund			PIMCO Global Dividend Fund			PIMCO International Dividend Fund			PIMCO U.S. Dividend Fund
Investment Income:
Interest	$	112		$	1,720		$	125		$	0		$	0		$	0
Dividends, net of foreign taxes*		187			14,828			3,946			2,056			98			110
Dividends from Investments in Affiliates		14			83			1,950			5			0			2
Total Income		313			16,631			6,021			2,061			98			112
Expenses:
Investment advisory fees		47			2,801			4,629			408			22			17
Supervisory and administrative fees		28			1,597			2,314			208			10			10
Distribution and/or servicing fees - Class D		1			41			64			2			0			0
Distribution fees - Class C		16			1,221			567			87			3			3
Servicing fees - Class A		5			344			215			41			1			1
Servicing fees - Class C		5			407			189			29			1			1
Dividends on short sales		0			0			2,985			0			0			0
Trustee fees		1			37			37			5			0			0
Interest expense		0			3			1,878			0			0			0
Miscellaneous expense		1			20			22			4			0			0
Total Expenses		104			6,471			12,900			784			37			32
Waiver and/or Reimbursement by PIMCO		(12	)		(686	)		(37	)		(100	)		(5	)		(5	)
Net Expenses		92			5,785			12,863			684			32			27
Net Investment Income (Loss)		221			10,846			(6,842	)		1,377			66			85
Net Realized Gain (Loss):
Investments in securities		(944	)		(75,899	)		(25,181	)		(8,717	)		(584	)		(630	)
Investments in Affiliates		(4	)		(63	)		(142	)		(1	)		0			(2	)
Exchange-traded or centrally cleared financial derivative instruments		13			175			(4,660	)		(10	)		0			(1	)
Over the counter financial derivative instruments		130			4,161			786			336			23			0
Short sales		0			0			36,849			0			0			0
Foreign currency		(1	)		(99	)		(161	)		(87	)		2			0
Net Realized Gain (Loss)		(806	)		(71,725	)		7,491			(8,479	)		(559	)		(633	)
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		(688	)		(44,796	)		(25,879	)		(9,365	)		(338	)		(223	)
Investments in Affiliates		(5	)		0			(1,213	)		0			0			0
Exchange-traded or centrally cleared financial derivative instruments		26			164			2,144			0			0			(1	)
Over the counter financial derivative instruments		(14	)		1,819			(191	)		210			(9	)		0
Short sales		0			0			3,280			0			0			0
Foreign currency assets and liabilities		0			(20	)		(463	)		(1	)		(1	)		0
Net Change in Unrealized (Depreciation)		(681	)		(42,833	)		(22,322	)		(9,156	)		(348	)		(224	)
Net (Decrease) in Net Assets Resulting from Operations	$	(1,266	)	$	(103,712	)	$	(21,673	)	$	(16,258	)	$	(841	)	$	(772	)
* Foreign tax withholdings - Dividends	$	6		$	460		$	0		$	67		$	6		$	0

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

28 PIMCO EQUITY SERIES See Accompanying Notes

Statements of Changes in Net Assets

	PIMCO Balanced Income Fund						PIMCO Dividend and Income Builder Fund						PIMCO EqS® Long/Short Fund
(Amounts in thousands†)	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	221		$	296		$	10,846		$	28,545		$	(6,842	)	$	(847	)
Net realized gain (loss)		(806	)		269			(71,725	)		55,272			7,491			29,852
Net change in unrealized (depreciation)		(681	)		(497	)		(42,833	)		(97,681	)		(22,322	)		(33,398	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(1,266	)		68			(103,712	)		(13,864	)		(21,673	)		(4,393	)
Distributions to Shareholders:
From net investment income (a)
Institutional Class		(168	)		(210	)		(920	)		(2,553	)		0			0
Class P		(3	)		(3	)		(2,073	)		(5,752	)		0			0
Class D		(11	)		(6	)		(519	)		(1,023	)		0			0
Class A		(91	)		(48	)		(4,367	)		(9,496	)		0			0
Class C		(83	)		(43	)		(3,905	)		(8,670	)		0			0
Class R		0			0			(4	)		(11	)		0			0
From net realized capital gains (a)
Institutional Class		(76	)		(6	)		(2,576	)		(1,739	)		(2,579	)		(1,891	)
Class P		(1	)		(0	)		(5,302	)		(4,480	)		(3,081	)		(1,253	)
Class D		(6	)		(0	)		(1,876	)		(690	)		(641	)		(248	)
Class A		(48	)		(1	)		(16,603	)		(7,435	)		(1,768	)		(961	)
Class C		(52	)		(2	)		(19,121	)		(8,792	)		(1,826	)		(787	)
Class R		0			0			(18	)		(11	)		0			0
Total Distributions		(539	)		(319	)		(57,284	)		(50,652	)		(9,895	)		(5,140	)
Portfolio Share Transactions:
Net increase (decrease) resulting from Fund share transactions**		2,070			9,310			(169,688	)		43,260			27,683			(622,945	)
Total Increase (Decrease) in Net Assets		265			9,059			(330,684	)		(21,256	)		(3,885	)		(632,478	)
Net Assets:
Beginning of year or period		16,179			7,120			934,262			955,518			865,108			1,497,586
End of year or period*	$	16,444		$	16,179		$	603,578		$	934,262		$	861,223		$	865,108
* Including undistributed (overdistributed) net investment income of:	$	(61	)	$	74		$	(1,104	)	$	(162	)	$	(6,759	)	$	89

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

^(a)  Determined in accordance with federal income tax regulations, see Note 2(d) in the Notes to Financial Statements for more information.

** See Note 12 in the Notes to Financial Statements.

SEMIANNUAL REPORT DECEMBER 31, 2015 29

Statements of Changes in Net Assets (Cont.)

	PIMCO Global Dividend Fund						PIMCO International Dividend Fund						PIMCO U.S. Dividend Fund
(Amounts in thousands†)	Six Months Ended December 31, 2015 (Unaudited)			Year Ended June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Inception date through June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Inception date through June 30, 2015
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	1,377		$	4,611		$	66		$	100		$	85		$	71
Net realized gain (loss)		(8,479	)		37,970			(559	)		(84	)		(633	)		80
Net change in unrealized (depreciation)		(9,156	)		(47,759	)		(348	)		(57	)		(224	)		(117	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(16,258	)		(5,178	)		(841	)		(41	)		(772	)		34
Distributions to Shareholders:
From net investment income (a)
Institutional Class		(842	)		(2,250	)		(63	)		(65	)		(62	)		(56	)
Class P		(32	)		(100	)		(5	)		(15	)		(0	)		(0	)
Class D		(24	)		(113	)		(3	)		(2	)		(1	)		(0	)
Class A		(425	)		(1,034	)		(12	)		(5	)		(13	)		(4	)
Class C		(209	)		(469	)		(6	)		(3	)		(8	)		(3	)
Class R		(0	)		(3	)		0			0			0			0
From net realized capital gains (a)
Institutional Class		(7,070	)		(24,159	)		(76	)		0			(64	)		0
Class P		(202	)		(1,929	)		(1	)		0			(0	)		0
Class D		(162	)		(1,958	)		(4	)		0			(1	)		0
Class A		(3,352	)		(18,177	)		(14	)		0			(17	)		0
Class C		(2,384	)		(13,153	)		(12	)		0			(16	)		0
Class R		(1	)		(56	)		0			0			0			0
Total Distributions		(14,703	)		(63,401	)		(196	)		(90	)		(182	)		(63	)
Portfolio Share Transactions:
Net increase (decrease) resulting from Fund share transactions**		527			(216,047	)		(1,765	)		8,325			1,249			5,605
Total Increase (Decrease) in Net Assets		(30,434	)		(284,626	)		(2,802	)		8,194			295			5,576
Net Assets:
Beginning of year or period		127,914			412,540			8,194			0			5,576			0
End of year or period*	$	97,480		$	127,914		$	5,392		$	8,194		$	5,871		$	5,576
* Including undistributed (overdistributed) net investment income of:	$	(18	)	$	137		$	(7	)	$	16		$	1		$	0

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

^(a)  Determined in accordance with federal income tax regulations, see Note 2(d) in the Notes to Financial Statements for more information.

** See Note 12 in the Notes to Financial Statements.

30 PIMCO EQUITY SERIES See Accompanying Notes

Statement of Cash Flows

Six Months Ended December 31, 2015 (Unaudited)
(Amounts in thousands)	PIMCO EqS® Long/Short Fund
Cash Flows Provided by Operating Activities:
Net (decrease) in net assets resulting from operations	$	(21,673	)
Adjustments to Reconcile Net (Decrease) in Net Assets from Operations to Net Cash (Used for) Operating Activities:
Purchases of long-term securities		(1,977,575	)
Proceeds from sales of long-term securities		2,137,102
Purchases of short-term portfolio investments, net		(283,423	)
(Increase) in deposits with counterparty		(155,453	)
Decrease in receivable for investments sold		235,458
Decrease in interest and dividends receivable		310
(Increase) in exchange-traded or centrally cleared financial derivative instruments		(2,739	)
Decrease in over the counter financial derivative instruments		786
(Increase) in reimbursement receivable from PIMCO		(15	)
(Decrease) in payable for investments purchased		(133,075	)
Increase in deposits from counterparty		29
Increase in accrued investment advisory fees		70
Increase in accrued supervisory and administrative fees		42
Increase in accrued distribution fees		22
Increase in accrued servicing fees		7
Proceeds from short sales transactions, net		173,414
Payments on foreign currency transactions		(624	)
Increase in other liabilities		382
Net Realized (Gain) Loss
Investments in securities		25,181
Investments in Affiliates		142
Exchange-traded or centrally cleared financial derivative instruments		4,660
Over the counter financial derivative instruments		(786	)
Short sales		(36,849	)
Foreign currency		161
Net Change in Unrealized (Appreciation) Depreciation
Investments in securities		25,879
Investments in Affiliates		1,213
Exchange-traded or centrally cleared financial derivative instruments		(2,144	)
Over the counter financial derivative instruments		191
Short sales		(3,280	)
Foreign currency assets and liabilities		463
Net amortization (accretion) on investments		238
Net Cash (Used for) Operating Activities		(11,886	)
Cash Flows Received from Financing Activities:
Proceeds from shares sold		278,439
Payments on shares redeemed		(265,939	)
Cash dividend paid*		(44	)
Net Cash Received from Financing Activities		12,456
Net Increase in Cash and Foreign Currency		570
Cash and Foreign Currency:
Beginning of period		76
End of period	$	646
* Reinvestment of distributions	$	9,851
Supplemental Disclosure of Cash Flow Information:
Interest expense paid during the period	$	1,514

SEMIANNUAL REPORT DECEMBER 31, 2015 31

Schedule of Investments PIMCO Balanced Income Fund

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 84.1%
ASSET-BACKED SECURITIES 10.2%
CAYMAN ISLANDS 1.0%
Diversified Asset Securitization Holdings LP
1.002% due 09/15/2035	$		4	$		4
South Coast Funding
1.587% due 08/06/2039			162			159
Total Cayman Islands						163
UNITED STATES 9.2%
ACE Securities Corp. Home Equity Loan Trust
0.577% due 08/25/2036			51			43
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates
1.102% due 09/25/2033			39			37
2.222% due 02/25/2034			229			216
4.285% due 06/25/2033 ^			63			50
Asset-Backed Securities Corp. Home Equity Loan Trust
0.871% due 11/15/2031			12			11
1.172% due 03/25/2035			31			30
Centex Home Equity Loan Trust
1.472% due 01/25/2034			120			109
College & University Facility Loan Trust
4.000% due 06/01/2018			12			12
Countrywide Asset-Backed Certificates
0.922% due 08/26/2033			36			32
1.397% due 02/25/2034			31			28
Fremont Home Loan Trust
0.482% due 01/25/2037			144			74
0.602% due 04/25/2036			230			196
JPMorgan Mortgage Acquisition Corp.
1.082% due 09/25/2035			200			186
Lehman ABS Mortgage Loan Trust
0.622% due 06/25/2037			77			49
Merrill Lynch Mortgage Investors Trust
0.612% due 04/25/2047			85			49
0.702% due 01/25/2047			76			73
Residential Asset Mortgage Products Trust
0.982% due 06/25/2032			75			71
1.062% due 08/25/2032			67			62
Structured Asset Investment Loan Trust
0.572% due 06/25/2036			222			192
Total United States						1,520
Total Asset-Backed Securities (Cost $1,679)						1,683
BANK LOAN OBLIGATIONS 1.9%
UNITED STATES 1.9%
Davita Healthcare Partners, Inc.
3.500% due 06/24/2021			30			30
Energy Future Intermediate Holding Co. LLC
4.250% due 06/19/2016			140			140
Hilton Worldwide Finance LLC
3.500% due 10/26/2020			37			37
iHeartCommunications, Inc.
7.174% due 01/30/2019			30			21
MGM Resorts International
3.500% due 12/20/2019			30			29
Seadrill Partners Finco LLC
4.000% due 02/21/2021			9			4
Sequa Corp.
5.250% due 06/19/2017			20			14
Univision Communications, Inc.
4.000% due 03/01/2020			37			37
Total Bank Loan Obligations (Cost $332)						312

	SHARES			MARKET VALUE (000S)
COMMON STOCKS 54.1%
AUSTRALIA 3.0%
CONSUMER DISCRETIONARY 1.0%
G8 Education Ltd.		65,376	$		169
HEALTH CARE 0.9%
Sonic Healthcare Ltd.		11,257			146
INDUSTRIALS 1.1%
Spotless Group Holdings Ltd.		235,021			184
Total Australia					499
BRAZIL 0.9%
HEALTH CARE 0.3%
Qualicorp S.A.		11,905			42
INDUSTRIALS 0.4%
Arteris S.A.		28,500			69
UTILITIES 0.2%
Light S.A.		16,262			41
Total Brazil					152
CANADA 1.0%
UTILITIES 1.0%
Capital Power Corp.		12,866			165
Total Canada					165
FRANCE 2.0%
CONSUMER STAPLES 0.8%
Carrefour S.A.		4,912			142
UTILITIES 1.2%
Engie S.A.		10,968			194
Total France					336
GERMANY 0.6%
MATERIALS 0.6%
Covestro AG (b)		2,615			95
Total Germany					95
GREECE 0.8%
CONSUMER DISCRETIONARY 0.8%
OPAP S.A.		15,077			132
Total Greece					132
HONG KONG 1.8%
TELECOMMUNICATION SERVICES 1.8%
China Mobile Ltd.		21,500			242
PCCW Ltd.		85,000			50
					292
Total Hong Kong					292

	SHARES			MARKET VALUE (000S)
ITALY 2.2%
FINANCIALS 1.6%
Intesa Sanpaolo SpA		80,417	$		267
INDUSTRIALS 0.6%
Societa Iniziative Autostradali e Servizi SpA		8,675			92
Total Italy					359
JAPAN 0.9%
CONSUMER DISCRETIONARY 0.9%
Bridgestone Corp.		4,223			145
Total Japan					145
MEXICO 0.3%
CONSUMER STAPLES 0.3%
Coca-Cola Femsa S.A.B. de C.V. ‘L’		6,100			44
Total Mexico					44
NETHERLANDS 2.6%
FINANCIALS 2.6%
Aegon NV		50,554			286
NN Group NV		4,113			145
					431
Total Netherlands					431
RUSSIA 0.3%
CONSUMER STAPLES 0.3%
Magnit PJSC SP - GDR		1,051			42
Total Russia					42
SPAIN 0.8%
CONSUMER STAPLES 0.8%
Ebro Foods S.A.		7,049			139
Total Spain					139
SWITZERLAND 1.8%
HEALTH CARE 1.8%
Roche Holding AG		1,042			289
Total Switzerland					289
TAIWAN 1.2%
INFORMATION TECHNOLOGY 1.2%
Taiwan Semiconductor Manufacturing Co. Ltd.		44,334			191
Total Taiwan					191
THAILAND 0.2%
TELECOMMUNICATION SERVICES 0.2%
Total Access Communication PCL NVDR		45,379			38
Total Thailand					38

32 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2015 (Unaudited)

	SHARES			MARKET VALUE (000S)
UNITED KINGDOM 8.1%
CONSUMER STAPLES 0.6%
Imperial Tobacco Group PLC		1,838	$		97
ENERGY 0.6%
Golar LNG Partners LP		7,368			99
FINANCIALS 4.6%
HSBC Holdings PLC		42,112			332
ICAP PLC		19,945			150
Lloyds Banking Group PLC		265,838			286
					768
TELECOMMUNICATION SERVICES 2.3%
Vodafone Group PLC		115,258			374
Total United Kingdom					1,338
UNITED STATES 25.6%
CONSUMER DISCRETIONARY 3.9%
Comcast Corp. ‘A’		1,272			72
General Motors Co.		6,730			229
Kohl’s Corp.		2,571			122
Macy’s, Inc.		3,433			120
SeaWorld Entertainment, Inc.		4,862			96
					639
ENERGY 1.2%
Schlumberger Ltd.		2,702			189
FINANCIALS 1.7%
Navient Corp.		7,511			86
Prudential Financial, Inc.		2,354			192
					278
HEALTH CARE 4.7%
AbbVie, Inc.		4,987			295
Merck & Co., Inc.		3,625			191
Pfizer, Inc.		8,937			289
					775
INDUSTRIALS 1.1%
RR Donnelley & Sons Co.		12,590			185
INFORMATION TECHNOLOGY 5.9%
Cisco Systems, Inc.		8,873			241
QUALCOMM, Inc.		7,845			392
Symantec Corp.		7,168			151
Western Digital Corp.		3,187			191
					975
MATERIALS 1.5%
International Paper Co.		6,307			238
TELECOMMUNICATION SERVICES 3.3%
AT&T, Inc.		9,884			340

		SHARES			MARKET VALUE (000S)
CenturyLink, Inc.			7,951	$		200
						540
UTILITIES 2.3%
PG&E Corp.			7,206			383
Total United States						4,202
Total Common Stocks (Cost $9,655)						8,889
		PRINCIPAL AMOUNT (000S)
CORPORATE BONDS & NOTES 4.6%
BRAZIL 0.4%
UTILITIES 0.4%
Petrobras Global Finance BV
2.000% due 05/20/2016	$		19			19
2.886% due 03/17/2017			19			17
5.375% due 01/27/2021			4			3
3.500% due 02/06/2017			2			2
3.000% due 01/15/2019			2			2
4.875% due 03/17/2020			13			10
6.850% due 06/05/2115			10			7
6.750% due 01/27/2041			10			6
						66
Total Brazil						66
DENMARK 0.2%
BANKING & FINANCE 0.2%
Nordea Kredit Realkreditaktieselskab
2.000% due 10/01/2047	DKK		10			1
Nykredit Realkredit A/S
2.500% due 10/01/2047			132			18
2.000% due 10/01/2047			50			7
Realkredit Danmark A/S
2.500% due 10/01/2047			49			7
						33
Total Denmark						33
JERSEY, CHANNEL ISLANDS 0.0%
BANKING & FINANCE 0.0%
UBS Group Funding Jersey Ltd.
2.950% due 09/24/2020	$		2			2
4.125% due 09/24/2025			2			2
						4
Total Jersey, Channel Islands						4
LUXEMBOURG 0.1%
INDUSTRIALS 0.1%
Actavis Funding SCS
3.800% due 03/15/2025			6			6
Total Luxembourg						6
NETHERLANDS 0.6%
BANKING & FINANCE 0.6%
Rabobank Group
8.375% due 07/26/2016 (c)			100			103
Total Netherlands						103

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
PORTUGAL 0.0%
BANKING & FINANCE 0.0%
Novo Banco S.A.
5.000% due 04/23/2019	EUR		5	$		5
Total Portugal						5
UNITED KINGDOM 0.1%
INDUSTRIALS 0.1%
Unique Pub Finance Co. PLC
5.659% due 06/30/2027	GBP		12			18
Total United Kingdom						18
UNITED STATES 3.2%
BANKING & FINANCE 1.2%
Ally Financial, Inc.
6.250% due 12/01/2017	$		40			42
3.600% due 05/21/2018			20			20
5.500% due 02/15/2017			10			10
Bank of America Corp.
3.875% due 08/01/2025			10			10
CIT Group, Inc.
5.000% due 05/15/2017			15			16
General Motors Financial Co., Inc.
2.750% due 05/15/2016			13			13
Navient Corp.
5.625% due 08/01/2033			47			32
OneMain Financial Holdings, Inc.
7.250% due 12/15/2021			32			32
Santander Holdings USA, Inc.
4.500% due 07/17/2025			17			17
						192
INDUSTRIALS 1.7%
AbbVie, Inc.
3.600% due 05/14/2025			22			22
Amgen, Inc.
3.875% due 11/15/2021			2			2
3.125% due 05/01/2025			4			4
Boxer Parent Co., Inc. (9.000% Cash or 9.750% PIK)
9.000% due 10/15/2019 (a)			10			6
Caesars Entertainment Operating Co., Inc.
8.500% due 02/15/2020 ^(d)			4			3
9.000% due 02/15/2020 ^(d)			14			11
11.250% due 06/01/2017 ^(d)			70			53
California Resources Corp.
5.000% due 01/15/2020			3			1
5.500% due 09/15/2021			2			1
8.000% due 12/15/2022			9			5
CCO Safari LLC
3.579% due 07/23/2020			2			2
4.464% due 07/23/2022			3			3
4.908% due 07/23/2025			4			4
6.384% due 10/23/2035			2			2
CVS Health Corp.
3.875% due 07/20/2025			2			2
DISH DBS Corp.
7.125% due 02/01/2016			15			15
iHeartCommunications, Inc.
9.000% due 03/01/2021			22			15
Intrepid Aviation Group Holdings LLC
6.875% due 02/15/2019			40			33
Kraft Heinz Foods Co.
3.950% due 07/15/2025			12			12

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 33

Schedule of Investments PIMCO Balanced Income Fund (Cont.)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Spanish Broadcasting System, Inc.
12.500% due 04/15/2017	$		27	$		27
Thermo Fisher Scientific, Inc.
3.300% due 02/15/2022			2			2
Times Square Hotel Trust
8.528% due 08/01/2026			14			16
Westmoreland Coal Co.
8.750% due 01/01/2022			38			24
Wynn Las Vegas LLC
5.500% due 03/01/2025			16			14
Zimmer Biomet Holdings, Inc.
3.550% due 04/01/2025			7			7
						286
UTILITIES 0.3%
AT&T, Inc.
3.875% due 08/15/2021			2			2
3.000% due 06/30/2022			2			2
Illinois Power Generating Co.
6.300% due 04/01/2020			30			18
Sprint Communications, Inc.
9.125% due 03/01/2017			15			15
Verizon Communications, Inc.
4.600% due 04/01/2021			2			2
5.150% due 09/15/2023			4			5
						44
Total United States						522
Total Corporate Bonds & Notes (Cost $833)						757
NON-AGENCY MORTGAGE-BACKED SECURITIES 4.8%
UNITED KINGDOM 0.1%
Indus Eclipse PLC
0.829% due 01/25/2020	GBP		12			17
Total United Kingdom						17
UNITED STATES 4.7%
American Home Mortgage Assets Trust
1.197% due 10/25/2046	$		100			71
BAMLL Re-REMIC Trust
5.383% due 11/15/2016			21			21
BCAP LLC Trust
2.596% due 10/26/2035			49			49
2.897% due 07/26/2036			61			61
Countrywide Alternative Loan Trust
0.743% due 11/20/2035			281			229
Countrywide Home Loan Mortgage Pass-Through Trust
5.750% due 12/25/2035 ^			64			60
Credit Suisse Mortgage Capital Certificates
0.551% due 12/27/2035			50			46

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
GSR Mortgage Loan Trust
2.852% due 03/25/2037 ^	$		44	$		39
HarborView Mortgage Loan Trust
0.642% due 12/19/2036 ^			47			33
IndyMac Mortgage Loan Trust
0.632% due 07/25/2036			57			46
Lehman XS Trust
0.692% due 02/25/2036			45			36
Morgan Stanley Dean Witter Capital, Inc. Trust
7.490% due 07/15/2033			26			29
Nationslink Funding Corp. Commercial Loan Pass-Through Certificates
6.450% due 01/22/2026			28			30
Washington Mutual Mortgage Pass-Through Certificates Trust
4.530% due 09/25/2036 ^			53			29
Total United States						779
Total Non-Agency Mortgage-Backed Securities (Cost $803)						796
		SHARES
REAL ESTATE INVESTMENT TRUSTS 2.8%
UNITED STATES 2.8%
FINANCIALS 2.8%
Colony Capital, Inc. ‘A’			16,755			326
Outfront Media, Inc.			6,502			142
						468
Total Real Estate Investment Trusts (Cost $570)						468
		PRINCIPAL AMOUNT (000S)
SOVEREIGN ISSUES 1.5%
BRAZIL 1.2%
Brazil Notas do Tesouro Nacional
6.000% due 08/15/2050	BRL		136			29
10.000% due 01/01/2025			645			117
Brazil Notas do Tesouro Nacional Inflation Linked Bond
6.000% due 05/15/2045			211			45
Total Brazil						191
GREECE 0.3%
Republic of Greece Government International Bond
3.000% due 02/24/2027	EUR		10			8
3.000% due 02/24/2029			1			1
3.000% due 02/24/2030			1			1
3.000% due 02/24/2031			1			1
3.000% due 02/24/2032			1			0
3.000% due 02/24/2033			1			0

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
3.000% due 02/24/2034	EUR		5	$		3
3.000% due 02/24/2035			1			0
3.000% due 02/24/2036			2			1
3.000% due 02/24/2037			2			1
3.000% due 02/24/2038			2			1
3.000% due 02/24/2039			2			1
3.000% due 02/24/2040			2			1
3.000% due 02/24/2041			2			1
3.000% due 02/24/2042			2			1
3.800% due 08/08/2017	JPY		1,000			8
4.750% due 04/17/2019	EUR		20			20
Total Greece						49
Total Sovereign Issues (Cost $381)						240
U.S. TREASURY OBLIGATIONS 4.2%
UNITED STATES 4.2%
U.S. Treasury Bonds
2.125% due 05/15/2025	$		465			459
U.S. Treasury Notes
2.250% due 11/15/2025			230			229
Total U.S. Treasury Obligations (Cost $691)						688
Total Investments in Securities (Cost $14,944)						13,833
		SHARES
INVESTMENTS IN AFFILIATES 10.8%
SHORT-TERM INSTRUMENTS 10.8%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 10.8%
PIMCO Short-Term Floating NAV Portfolio III			180,084			1,778
Total Short-Term Instruments (Cost $1,783)						1,778
Total Investments in Affiliates (Cost $1,783)						1,778
Total Investments 94.9% (Cost $16,727)				$		15,611
Financial Derivative Instruments (e)(f) (0.8%) (Cost or Premiums, net $(123))						(124	)
Other Assets and Liabilities, net 5.9%						957
Net Assets 100.0%				$		16,444

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

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

^ Security is in default.

(a) Payment in-kind bond security.

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

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

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

34 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2015 (Unaudited)

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

FUTURES CONTRACTS:

Description	Type	Expiration Month		# of Contracts		Unrealized Appreciation/ (Depreciation)		Variation Margin
								Asset		Liability
90-Day Eurodollar March Futures	Short		03/2016		4	$	0	$	0	$	0
Total Futures Contracts						$	0	$	0	$	0

SWAP AGREEMENTS:

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

Index/Tranches	Fixed Receive Rate			Maturity Date		Notional Amount  (2)		Market Value  (3)		Unrealized Appreciation		Variation Margin
												Asset		Liability
CDX.HY-25 5-Year Index		5.000	%		12/20/2020	$	879	$	13	$	15	$	1	$	0

⁽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 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.

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

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

INTEREST RATE SWAPS

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date		Notional Amount		Market Value			Unrealized Appreciation/ (Depreciation)			Variation Margin
															Asset		Liability
Pay	3-Month USD-LIBOR		2.750	%		06/17/2025		$    760	$	39		$	7		$	3	$	0
Receive	3-Month USD-LIBOR		2.750			12/16/2045		280		(6	)		(4	)		0		(3	)
Pay	6-Month AUD-BBR-BBSW		4.750			06/18/2024		AUD    200		20			6			0		(1	)
Pay	6-Month AUD-BBR-BBSW		3.500			06/17/2025		400		11			(1	)		0		(3	)
Pay	28-Day MXN-TIIE		5.810			05/02/2022		MXN    100		0			0			0		0
Pay	28-Day MXN-TIIE		5.850			05/02/2022		400		0			0			0		0
Pay	28-Day MXN-TIIE		5.980			08/26/2024		300		0			0			0		0
									$	64		$	8		$	3	$	(7	)
Total Swap Agreements									$	77		$	23		$	4	$	(7	)

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, 2015:

Cash of $119 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2015. See Note 7, Principal Risks, in the Notes to Financial Statements for more information regarding master netting arrangements.

	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	$	0	$	4	$	4	$	0	$	0	$	(7)	$	(7)

(f)  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		01/2016		$	65		AUD	90	$	1	$	0
		02/2016		AUD	90		$	65		0		(1	)

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 35

Schedule of Investments PIMCO Balanced Income Fund (Cont.)

Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
									Asset		Liability
BOA		01/2016		BRL	334		$	85	$	1	$	0
		01/2016		$	84		BRL	334		1		0
		01/2016			16		CAD	22		0		0
		02/2016		BRL	334		$	83		0		(1	)
		03/2016		$	21		RUB	1,521		0		(1	)
BPS		01/2016		BRL	79		$	20		0		0
		01/2016		$	20		BRL	79		0		0
CBK		01/2016			764		GBP	515		0		(5	)
		02/2016		GBP	515		$	764		5		0
		02/2016		$	6		EUR	5		0		0
DUB		01/2016		BRL	1,255		$	331		13		0
		01/2016		$	320		BRL	1,255		0		(3	)
		02/2016		BRL	1,098		$	278		3		0
FBF		03/2016		$	4		RUB	305		0		0
GLM		01/2016		JPY	15,524		$	127		0		(2	)
		03/2016		$	20		RUB	1,385		0		(1	)
		04/2016		BRL	24		$	7		1		0
HUS		01/2016		EUR	509			543		0		(11	)
		02/2016		$	92		EUR	84		0		0
JPM		02/2016		AUD	14		$	10		0		0
		02/2016		DKK	235			34		0		0
		02/2016		EUR	299			322		0		(4	)
		02/2016		GBP	24			36		1		0
		02/2016		JPY	13,047			106		0		(3	)
		02/2016		$	38		BRL	153		1		0
MSB		01/2016		GBP	515		$	777		17		0
		01/2016		$	126		JPY	15,283		1		0
		02/2016		EUR	1		$	1		0		0
		02/2016		JPY	15,283			126		0		(1	)
		04/2016		BRL	24			7		1		0
		05/2016		ZAR	180			12		1		0
NAB		01/2016		AUD	90			65		0		(1	)
SCX		01/2016		$	2		JPY	241		0		0
		02/2016		JPY	246		$	2		0		0
		02/2016		$	5		AUD	7		0		0
UAG		01/2016			557		EUR	510		0		(3	)
		02/2016		EUR	510		$	557		3		0
Total Forward Foreign Currency Contracts									$	50	$	(37	)

WRITTEN OPTIONS:

FOREIGN CURRENCY OPTIONS

Counterparty	Description	Strike Price			Expiration Date		Notional Amount		Premiums (Received)			Market Value
DUB	Put - OTC BRL versus JPY		JPY	30.000		09/22/2016		BRL    10	$	0		$	0
GLM	Call - OTC USD versus BRL		BRL	3.905		03/31/2016		$    40		(1	)		(3	)
JPM	Put - OTC BRL versus JPY		JPY	30.000		09/22/2016		BRL    30		(1	)		(1	)
MSB	Put - OTC BRL versus JPY			30.000		09/22/2016		20		0			(1	)
	Call - OTC USD versus BRL		BRL	3.950		04/14/2016		$    40		(1	)		(2	)
									$	(3	)	$	(7	)
Total Written Options									$	(3	)	$	(7	)

TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS FOR THE PERIOD ENDED DECEMBER 31, 2015

	Notional Amount in $		Notional Amount in BRL		Premiums
Balance at Beginning of Period	$	80		BRL    60	$	(3	)
Sales		0		0		0
Closing Buys		0		0		0
Expirations		0		0		0
Exercised		0		0		0
Balance at End of Period	$	80		BRL    60	$	(3	)

36 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2015 (Unaudited)

SWAP AGREEMENTS:

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

Counterparty	Reference Entity	Fixed Receive Rate			Maturity Date		Implied Credit Spread at December 31, 2015 (2)			Notional Amount  (3)		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
																		Asset		Liability
BOA	Russia Government International Bond		1.000	%		12/20/2020		3.062	%		$      10	$	(1	)	$	0		$	0	$	(1	)
BPS	Petrobras International Finance Co.		1.000			12/20/2019		9.956			1		0			0			0		0
BRC	Petrobras International Finance Co.		1.000			12/20/2019		9.956			2		0			(1	)		0		(1	)
GST	Gazprom OAO Via Gaz Capital S.A.		1.000			06/20/2020		3.727			100		(13	)		2			0		(11	)
	Russia Government International Bond		1.000			06/20/2020		2.937			75		(9	)		3			0		(6	)
HUS	Petrobras International Finance Co.		1.000			12/20/2019		9.956			23		(2	)		(4	)		0		(6	)
	Russia Government International Bond		1.000			06/20/2019		2.658			50		(2	)		0			0		(2	)
	Russia Government International Bond		1.000			06/20/2024		3.393			50		(5	)		(3	)		0		(8	)
	Russia Government International Bond		1.000			09/20/2024		3.403			5		(1	)		0			0		(1	)
JPM	Gazprom OAO Via Gaz Capital S.A.		1.000			03/20/2016		2.332			90		(8	)		8			0		0
	Petrobras International Finance Co.		1.000			12/20/2019		9.956			32		(3	)		(6	)		0		(9	)
												$	(44	)	$	(1	)	$	0	$	(45	)

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

Counterparty	Index/Tranches	Fixed Receive Rate			Maturity Date		Notional Amount  (3)		Premiums (Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value (4)
															Asset		Liability
BOA	ABX.HE.AAA.6-2 Index		0.110	%		05/25/2046	$	121		$    (24	)	$	1		$	0	$	(23	)
FBF	CMBX.NA.AAA.6 Index		0.500			05/11/2063		100		(2	)		0			0		(2	)
	CMBX.NA.AAA.7 Index		0.500			01/17/2047		100		(2	)		(2	)		0		(4	)
GST	CMBX.NA.AAA.6 Index		0.500			05/11/2063		200		(5	)		0			0		(5	)
	CMBX.NA.AAA.7 Index		0.500			01/17/2047		200		(7	)		0			0		(7	)
MYC	ABX.HE.AAA.6-2 Index		0.110			05/25/2046		194		(38	)		1			0		(37	)
										$    (78	)	$	0		$	0	$	(78	)

⁽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 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.

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

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

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

INTEREST RATE SWAPS

Counterparty	Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date	Notional Amount			Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
															Asset		Liability
BPS	Pay	1-Year BRL-CDI		12.000	%	01/04/2021		BRL	100	$	0	$	(3	)	$	0	$	(3	)
DUB	Pay	1-Year BRL-CDI		12.810		01/04/2021			30		0		(1	)		0		(1	)
FBF	Pay	1-Year BRL-CDI		12.810		01/04/2021			40		0		(1	)		0		(1	)

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 37

Schedule of Investments PIMCO Balanced Income Fund (Cont.)

Counterparty	Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date	Notional Amount			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
																Asset		Liability
GLM	Pay	1-Year BRL-CDI		16.400	%	01/04/2021		BRL	40	$	0		$	0		$	0	$	0
	Pay	3-Month USD-LIBOR		2.350		02/18/2021		$	200		1			2			3		0
	Pay	3-Month USD-LIBOR		2.550		02/18/2026			100		0			1			1		0
JPM	Pay	3-Month USD-LIBOR		2.350		02/18/2021			100		1			0			1		0
MYC	Pay	1-Year BRL-CDI		12.230		01/04/2021		BRL	100		0			(3	)		0		(3	)
	Pay	1-Year BRL-CDI		12.810		01/04/2021			40		0			(1	)		0		(1	)
										$	2		$	(6	)	$	5	$	(9	)
Total Swap Agreements										$	(120	)	$	(7	)	$	5	$	(132	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of December 31, 2015:

Counterparty	Financial Derivative Assets								Financial Derivative Liabilities
	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options			Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral (Received)/ Pledged		Net Exposure  (5)
AZD	$	1	$	0	$	0	$	1	$	(1	)	$	0		$	0		$	(1	)	$	0		$	0	$	0
BOA		2		0		0		2		(2	)		0			(24	)		(26	)		(24	)		0		(24	)
BPS		0		0		0		0		0			0			(3	)		(3	)		(3	)		0		(3	)
BRC		0		0		0		0		0			0			(1	)		(1	)		(1	)		0		(1	)
CBK		5		0		0		5		(5	)		0			0			(5	)		0			0		0
DUB		16		0		0		16		(3	)		0			(1	)		(4	)		12			0		12
FBF		0		0		0		0		0			0			(7	)		(7	)		(7	)		0		(7	)
GLM		1		0		4		5		(3	)		(3	)		0			(6	)		(1	)		0		(1	)
GST		0		0		0		0		0			0			(29	)		(29	)		(29	)		0		(29	)
HUS		0		0		0		0		(11	)		0			(17	)		(28	)		(28	)		0		(28	)
JPM		2		0		1		3		(7	)		(1	)		(9	)		(17	)		(14	)		0		(14	)
MSB		20		0		0		20		(1	)		(3	)		0			(4	)		16			0		16
MYC		0		0		0		0		0			0			(41	)		(41	)		(41	)		0		(41	)
NAB		0		0		0		0		(1	)		0			0			(1	)		(1	)		0		(1	)
UAG		3		0		0		3		(3	)		0			0			(3	)		0			0		0
Total Over the Counter	$	50	$	0	$	5	$	55	$	(37	)	$	(7	)	$	(132	)	$	(176	)

⁽⁵⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 7, Principal Risks, in the Notes to Financial Statements for more information regarding master netting arrangements.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2015:

	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
Swap Agreements	$	0	$	1	$	0	$	0	$	3	$	4
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	50	$	0	$	50
Swap Agreements		0		0		0		0		5		5
	$	0	$	0	$	0	$	50	$	5	$	55
	$	0	$	1	$	0	$	50	$	8	$	59
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Swap Agreements	$	0	$	0	$	0	$	0	$	7	$	7
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	37	$	0	$	37
Written Options		0		0		0		7		0		7
Swap Agreements		0		123		0		0		9		132
	$	0	$	123	$	0	$	44	$	9	$	176
	$	0	$	123	$	0	$	44	$	16	$	183

38 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2015 (Unaudited)

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2015:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts			Equity Contracts		Foreign Exchange Contracts			Interest Rate Contracts			Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0		$	15	$	0		$	0		$	15
Swap Agreements		0		(15	)		0		0			13			(2	)
	$	0	$	(15	)	$	15	$	0		$	13		$	13
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	124		$	0		$	124
Swap Agreements		0		4			0		0			2			6
	$	0	$	4		$	0	$	124		$	2		$	130
	$	0	$	(11	)	$	15	$	124		$	15		$	143
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0		$	0	$	0		$	0		$	0
Swap Agreements		0		20			0		0			6			26
	$	0	$	20		$	0	$	0		$	6		$	26
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	5		$	0		$	5
Written Options		0		0			0		(4	)		0			(4	)
Swap Agreements		0		(7	)		0		0			(8	)		(15	)
	$	0	$	(7	)	$	0	$	1		$	(8	)	$	(14	)
	$	0	$	13		$	0	$	1		$	(2	)	$	12

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2015
Investments in Securities, at Value
Asset-Backed Securities
Cayman Islands	$	0	$	163	$	0	$	163
United States		0		1,508		12		1,520
Bank Loan Obligations
United States		0		312		0		312
Common Stocks
Australia
Consumer Discretionary		0		169		0		169
Health Care		0		146		0		146
Industrials		0		184		0		184
Brazil
Health Care		0		42		0		42
Industrials		69		0		0		69
Utilities		0		41		0		41
Canada
Utilities		165		0		0		165
France
Consumer Staples		0		142		0		142
Utilities		0		194		0		194
Germany
Materials		95		0		0		95
Greece
Consumer Discretionary		0		132		0		132
Hong Kong
Telecommunication Services		0		292		0		292
Italy
Financials		0		267		0		267
Industrials		0		92		0		92
Japan
Consumer Discretionary		0		145		0		145
Mexico
Consumer Staples		44		0		0		44

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2015
Netherlands
Financials	$	0	$	431	$	0	$	431
Russia
Consumer Staples		42		0		0		42
Spain
Consumer Staples		0		139		0		139
Switzerland
Health Care		0		289		0		289
Taiwan
Information Technology		0		191		0		191
Thailand
Telecommunication Services		0		38		0		38
United Kingdom
Consumer Staples		0		97		0		97
Energy		99		0		0		99
Financials		0		768		0		768
Telecommunication Services		0		374		0		374
United States
Consumer Discretionary		639		0		0		639
Energy		189		0		0		189
Financials		278		0		0		278
Health Care		775		0		0		775
Industrials		185		0		0		185
Information Technology		975		0		0		975
Materials		238		0		0		238
Telecommunication Services		540		0		0		540
Utilities		383		0		0		383
Corporate Bonds & Notes
Brazil
Utilities		0		66		0		66
Denmark
Banking & Finance		0		33		0		33
Jersey, Channel Islands
Banking & Finance		0		4		0		4

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 39

Schedule of Investments PIMCO Balanced Income Fund (Cont.)

December 31, 2015 (Unaudited)

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2015
Luxembourg
Industrials	$	0	$	6	$	0	$	6
Netherlands
Banking & Finance		0		103		0		103
Portugal
Banking & Finance		0		5		0		5
United Kingdom
Industrials		0		18		0		18
United States
Banking & Finance		0		192		0		192
Industrials		0		286		0		286
Utilities		0		44		0		44
Non-Agency Mortgage-Backed Securities
United Kingdom		0		17		0		17
United States		0		779		0		779
Real Estate Investment Trusts
United States
Financials		468		0		0		468
Sovereign Issues
Brazil		0		191		0		191
Greece		0		49		0		49
U.S. Treasury Obligations
United States		0		688		0		688
	$	5,184	$	8,637	$	12	$	13,833

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2015
Investments in Affiliates, at Value
Short-Term Instruments
Central Funds Used for Cash Management Purposes	$	1,778	$	0		$	0	$	1,778
Total Investments	$	6,962	$	8,637		$	12	$	15,611
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		0		4			0		4
Over the counter		0		55			0		55
	$	0	$	59		$	0	$	59
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(7	)		0		(7	)
Over the counter		0		(176	)		0		(176	)
	$	0	$	(183	)	$	0	$	(183	)
Totals	$	6,962	$	8,513		$	12	$	15,487

There were no significant transfers between Levels 1, 2, or 3 during the period ended December 31, 2015.

40 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO Dividend and Income Builder Fund

December 31, 2015 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 101.0%
ASSET-BACKED SECURITIES 2.1%
UNITED STATES 2.1%
Credit Suisse First Boston Mortgage Securities Corp.
1.042% due 01/25/2032	$		1,660	$		1,445
EMC Mortgage Loan Trust
1.521% due 02/25/2041			43			42
HSI Asset Securitization Corp. Trust
0.592% due 12/25/2036			5,848			2,502
JPMorgan Mortgage Acquisition Trust
5.059% due 11/25/2036			200			202
Morgan Stanley Home Equity Loan Trust
0.522% due 12/25/2036			190			108
Residential Asset Securities Corp. Trust
1.307% due 01/25/2034			2,406			2,168
Structured Asset Investment Loan Trust
0.572% due 09/25/2036			7,494			6,002
Total Asset-Backed Securities (Cost $12,411)						12,469
BANK LOAN OBLIGATIONS 0.4%
BRAZIL 0.0%
OGX
TBD% - 13.000% due 04/10/2049			15			16
UNITED STATES 0.4%
Energy Future Intermediate Holding Co. LLC
4.250% due 06/19/2016			2,217			2,213
iHeartCommunications, Inc.
7.174% due 01/30/2019			300			212
Total Bank Loan Obligations (Cost $2,532)						2,425
		SHARES
COMMON STOCKS 88.8%
AUSTRALIA 5.2%
CONSUMER DISCRETIONARY 1.8%
G8 Education Ltd.			4,217,450			10,906
HEALTH CARE 1.4%
Sonic Healthcare Ltd.			669,633			8,670
INDUSTRIALS 2.0%
Spotless Group Holdings Ltd.			15,363,269			12,038
Total Australia						31,614
BRAZIL 1.9%
ENERGY 0.0%
OGX Petroleo e Gas S.A. ADR (b)			6,334			0
HEALTH CARE 0.5%
Qualicorp S.A.			811,499			2,886
INDUSTRIALS 1.1%
Arteris S.A.			2,685,400			6,550
UTILITIES 0.3%
Light S.A.			749,400			1,871
Total Brazil						11,307

	SHARES			MARKET VALUE (000S)
CANADA 1.6%
UTILITIES 1.6%
Capital Power Corp.		765,277	$		9,828
Total Canada					9,828
FRANCE 3.3%
CONSUMER STAPLES 1.4%
Carrefour S.A.		292,211			8,433
UTILITIES 1.9%
Engie S.A.		639,354			11,325
Total France					19,758
GERMANY 1.0%
MATERIALS 1.0%
Covestro AG (b)		161,582			5,906
Total Germany					5,906
GREECE 1.3%
CONSUMER DISCRETIONARY 1.3%
OPAP S.A.		888,397			7,796
Total Greece					7,796
HONG KONG 2.9%
TELECOMMUNICATION SERVICES 2.9%
China Mobile Ltd.		1,271,455			14,312
PCCW Ltd.		4,990,000			2,917
					17,229
Total Hong Kong					17,229
ITALY 3.9%
FINANCIALS 2.8%
Intesa Sanpaolo SpA		5,103,171			16,948
INDUSTRIALS 1.1%
Societa Iniziative Autostradali e Servizi SpA		625,887			6,651
Total Italy					23,599
JAPAN 1.4%
CONSUMER DISCRETIONARY 1.4%
Bridgestone Corp.		251,865			8,639
Total Japan					8,639
MEXICO 0.5%
CONSUMER STAPLES 0.5%
Coca-Cola Femsa S.A.B. de C.V. ‘L’		404,007			2,890
Total Mexico					2,890
NETHERLANDS 4.2%
FINANCIALS 4.2%
Aegon NV		3,007,193			17,007

	SHARES			MARKET VALUE (000S)
NN Group NV		244,626	$		8,631
					25,638
Total Netherlands					25,638
RUSSIA 0.3%
CONSUMER STAPLES 0.3%
Magnit PJSC SP - GDR		48,407			1,947
Total Russia					1,947
SPAIN 1.4%
CONSUMER STAPLES 1.4%
Ebro Foods S.A.		431,133			8,481
Total Spain					8,481
SWITZERLAND 2.8%
HEALTH CARE 2.8%
Roche Holding AG		61,451			17,029
Total Switzerland					17,029
TAIWAN 1.9%
INFORMATION TECHNOLOGY 1.9%
Taiwan Semiconductor Manufacturing Co. Ltd.		2,641,564			11,396
Total Taiwan					11,396
THAILAND 0.4%
TELECOMMUNICATION SERVICES 0.4%
Total Access Communication PCL NVDR		2,736,758			2,286
Total Thailand					2,286
UNITED KINGDOM 13.2%
CONSUMER STAPLES 0.9%
Imperial Tobacco Group PLC		109,324			5,774
ENERGY 1.1%
Golar LNG Partners LP		476,992			6,382
FINANCIALS 7.5%
HSBC Holdings PLC		2,504,827			19,774
ICAP PLC		1,138,331			8,544
Lloyds Banking Group PLC		15,811,814			17,014
					45,332
TELECOMMUNICATION SERVICES 3.7%
Vodafone Group PLC		6,877,822			22,303
Total United Kingdom					79,791
UNITED STATES 41.6%
CONSUMER DISCRETIONARY 6.4%
Comcast Corp. ‘A’		75,664			4,270
General Motors Co.		417,174			14,188
Kohl’s Corp.		153,021			7,288
Macy’s, Inc.		204,364			7,149

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 41

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

		SHARES			MARKET VALUE (000S)
SeaWorld Entertainment, Inc.			289,182	$		5,694
						38,589
ENERGY 1.9%
Schlumberger Ltd.			163,296			11,390
FINANCIALS 2.8%
Navient Corp.			486,254			5,567
Prudential Financial, Inc.			140,054			11,402
						16,969
HEALTH CARE 7.6%
AbbVie, Inc.			290,513			17,210
Merck & Co., Inc.			215,861			11,402
Pfizer, Inc.			531,643			17,161
						45,773
INDUSTRIALS 1.9%
RR Donnelley & Sons Co.			774,310			11,398
INFORMATION TECHNOLOGY 9.4%
Cisco Systems, Inc.			527,825			14,333
QUALCOMM, Inc.			452,594			22,623
Symantec Corp.			404,095			8,486
Western Digital Corp.			188,569			11,324
						56,766
MATERIALS 2.3%
International Paper Co.			375,177			14,144
TELECOMMUNICATION SERVICES 5.5%
AT&T, Inc.			651,384			22,414
CenturyLink, Inc.			427,554			10,757
						33,171
UTILITIES 3.8%
PG&E Corp.			428,679			22,802
Total United States						251,002
Total Common Stocks (Cost $590,818)						536,136
		PRINCIPAL AMOUNT (000S)
CORPORATE BONDS & NOTES 2.2%
AUSTRIA 0.0%
INDUSTRIALS 0.0%
OGX Austria GmbH
8.375% due 04/01/2022 ^	$		200			0
8.500% due 06/01/2018 ^			200			0
						0
Total Austria						0
BRAZIL 0.3%
BANKING & FINANCE 0.1%
Banco Votorantim S.A.
5.250% due 02/11/2016			200			200

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
UTILITIES 0.2%
Petrobras Global Finance BV
2.461% due 01/15/2019	$		9	$		7
2.886% due 03/17/2017			23			21
3.250% due 03/17/2017			20			19
3.406% due 03/17/2020			11			8
3.500% due 02/06/2017			28			26
4.250% due 10/02/2023	EUR		100			68
4.375% due 05/20/2023	$		45			30
4.875% due 03/17/2020			243			183
5.375% due 01/27/2021			1,083			809
6.250% due 12/14/2026	GBP		100			96
6.850% due 06/05/2115	$		90			59
						1,326
Total Brazil						1,526
CAYMAN ISLANDS 0.0%
UTILITIES 0.0%
Odebrecht Drilling Norbe Ltd.
6.350% due 06/30/2022			157			58
Total Cayman Islands						58
FRANCE 0.1%
BANKING & FINANCE 0.1%
BPCE S.A.
12.500% due 08/29/2049			100			128
12.500% due 09/30/2019 (d)	EUR		300			438
						566
Total France						566
IRELAND 0.1%
BANKING & FINANCE 0.0%
Vnesheconombank Via VEB Finance PLC
6.902% due 07/09/2020	$		100			101
INDUSTRIALS 0.1%
Russian Railways via RZD Capital PLC
7.487% due 03/25/2031	GBP		300			419
UTILITIES 0.0%
AK Transneft OJSC Via TransCapitalInvest Ltd.
8.700% due 08/07/2018	$		100			110
Total Ireland						630
LUXEMBOURG 0.9%
BANKING & FINANCE 0.2%
Sberbank of Russia Via SB Capital S.A.
3.352% due 11/15/2019	EUR		300			321
6.125% due 02/07/2022	$		1,000			1,007
						1,328
UTILITIES 0.7%
Gazprom Neft OAO Via GPN Capital S.A.
4.375% due 09/19/2022			300			266
6.000% due 11/27/2023			300			284
Gazprom OAO Via Gaz Capital S.A.
5.999% due 01/23/2021			30			30
6.605% due 02/13/2018	EUR		50			57

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
9.250% due 04/23/2019	$		3,100	$		3,471
						4,108
Total Luxembourg						5,436
MEXICO 0.0%
INDUSTRIALS 0.0%
Corp. GEO S.A.B. de C.V.
8.875% due 03/27/2022 ^	$		300			6
9.250% due 06/30/2020 ^			100			2
						8
Total Mexico						8
NETHERLANDS 0.0%
INDUSTRIALS 0.0%
Schaeffler Holding Finance BV (6.875% Cash or 6.875% PIK)
6.875% due 08/15/2018 (a)	EUR		100			113
Total Netherlands						113
UNITED KINGDOM 0.5%
BANKING & FINANCE 0.3%
Barclays Bank PLC
14.000% due 06/15/2019 (d)	GBP		300			573
Co-operative Group Holdings Ltd.
6.875% due 07/08/2020			200			322
LBG Capital PLC
15.000% due 12/21/2019			300			602
Mitchells & Butlers Finance PLC
1.033% due 12/15/2030			159			210
Royal Bank of Scotland PLC
9.500% due 03/16/2022	$		200			217
						1,924
INDUSTRIALS 0.2%
Enterprise Inns PLC
6.875% due 02/15/2021	GBP		200			314
Marstons Issuer PLC
5.641% due 07/15/2035			200			277
Priory Group PLC
8.875% due 02/15/2019			200			305
Spirit Issuer PLC
3.289% due 12/28/2031			22			30
6.582% due 12/28/2027			200			309
						1,235
Total United Kingdom						3,159
UNITED STATES 0.3%
BANKING & FINANCE 0.1%
Cantor Fitzgerald LP
7.875% due 10/15/2019	$		280			308
International Lease Finance Corp.
7.125% due 09/01/2018			325			357
						665
INDUSTRIALS 0.2%
Caesars Entertainment Operating Co., Inc.
8.500% due 02/15/2020 ^(e)			291			223
9.000% due 02/15/2020 ^(e)			244			187
11.250% due 06/01/2017 ^(e)			309			233

42 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2015 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
CVS Pass-Through Trust
8.353% due 07/10/2031	$		86	$		106
iHeartCommunications, Inc.
9.000% due 03/01/2021			3			2
9.000% due 12/15/2019			54			40
9.000% due 09/15/2022			210			146
						937
Total United States						1,602
VENEZUELA 0.0%
INDUSTRIALS 0.0%
Petroleos de Venezuela S.A.
8.500% due 11/02/2017			400			214
Total Venezuela						214
Total Corporate Bonds & Notes (Cost $14,371)						13,312
NON-AGENCY MORTGAGE-BACKED SECURITIES 2.2%
UNITED STATES 2.2%
American Home Mortgage Assets Trust
6.250% due 06/25/2037			150			109
Banc of America Alternative Loan Trust
6.000% due 04/25/2036 ^			79			68
6.000% due 06/25/2046 ^			94			77
6.000% due 07/25/2046 ^			160			132
Banc of America Funding Trust
4.007% due 05/20/2036 ^			38			35
Banc of America Mortgage Trust
5.060% due 11/20/2046 ^			18			15
6.000% due 10/25/2036 ^			45			38
Bear Stearns ALT-A Trust
2.820% due 05/25/2036 ^			180			124
3.048% due 09/25/2035 ^			131			99
Bear Stearns Mortgage Funding Trust
7.000% due 08/25/2036			212			201
Chase Mortgage Finance Trust
2.720% due 09/25/2036 ^			93			81
Citigroup Mortgage Loan Trust, Inc.
2.643% due 07/25/2046 ^			21			19
Countrywide Alternative Loan Resecuritization Trust
6.000% due 05/25/2036 ^			43			38
Countrywide Alternative Loan Trust
1.122% due 10/25/2037 ^			7,027			3,200
6.000% due 06/25/2036 ^			231			208
6.000% due 02/25/2037 ^			203			162
6.000% due 06/25/2037 ^			683			570
6.250% due 12/25/2036 ^			43			35
Countrywide Home Loan Mortgage Pass-Through Trust
0.922% due 07/25/2037 ^			36			26
2.634% due 09/25/2037 ^			122			107
Credit Suisse First Boston Mortgage Securities Corp.
6.000% due 11/25/2035 ^			25			17
6.000% due 01/25/2036			70			54
Credit Suisse Mortgage Capital Certificates
2.838% due 12/29/2037			202			120
Credit Suisse Mortgage Capital Mortgage-Backed Trust
5.000% due 03/25/2037 ^			4			4
6.750% due 08/25/2036 ^			30			24
First Horizon Alternative Mortgage Securities Trust
2.448% due 06/25/2036			729			601
HarborView Mortgage Loan Trust
4.007% due 06/19/2036 ^			27			19
HSI Asset Loan Obligation Trust
6.000% due 06/25/2037 ^			20			17

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
IndyMac Mortgage Loan Trust
2.389% due 06/25/2037	$		233	$		132
2.652% due 08/25/2035 ^			209			173
2.950% due 05/25/2037 ^			167			128
JPMorgan Alternative Loan Trust
1.799% due 05/26/2037			134			120
JPMorgan Mortgage Trust
6.500% due 07/25/2036 ^			115			87
Merrill Lynch Mortgage Investors Trust
2.658% due 03/25/2036 ^			23			16
Morgan Stanley Mortgage Loan Trust
2.809% due 06/25/2037			729			485
RBSSP Resecuritization Trust
9.391% due 06/26/2037			185			110
Residential Accredit Loans, Inc. Trust
0.822% due 10/25/2045			170			122
5.500% due 03/25/2037			813			636
6.250% due 03/25/2037 ^			60			49
Residential Funding Mortgage Securities, Inc. Trust
6.000% due 10/25/2036 ^			17			16
Structured Adjustable Rate Mortgage Loan Trust
2.655% due 10/25/2036 ^			3,766			2,800
Wells Fargo Alternative Loan Trust
2.768% due 07/25/2037 ^			2,415			2,059
Total Non-Agency Mortgage-Backed Securities (Cost $13,309)						13,133
MUNICIPAL BONDS & NOTES 0.1%
MICHIGAN 0.0%
Michigan Tobacco Settlement Finance Authority Revenue Bonds, Series 2006
7.309% due 06/01/2034			225			194
Total Michigan						194
VIRGINIA 0.0%
Tobacco Settlement Financing Corp., Virginia Revenue Bonds, Series 2007
6.706% due 06/01/2046			385			298
Total Virginia						298
WEST VIRGINIA 0.1%
Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007
7.467% due 06/01/2047			370			321
Total West Virginia						321
Total Municipal Bonds & Notes (Cost $792)						813
		SHARES
REAL ESTATE INVESTMENT TRUSTS 4.6%
UNITED STATES 4.6%
FINANCIALS 4.6%
Colony Capital, Inc. ‘A’			996,680			19,415
Outfront Media, Inc.			386,758			8,443
						27,858
Total Real Estate Investment Trusts (Cost $32,144)						27,858

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
SOVEREIGN ISSUES 0.2%
BRAZIL 0.1%
Brazil Notas do Tesouro Nacional
6.000% due 08/15/2050	BRL		718	$		156
Brazil Notas do Tesouro Nacional Inflation Linked Bond
6.000% due 05/15/2045			1,386			298
Total Brazil						454
GREECE 0.1%
Republic of Greece Government International Bond
3.800% due 08/08/2017	JPY		29,000			217
4.500% due 07/03/2017			10,000			77
4.750% due 04/17/2019	EUR		100			100
Total Greece						394
VENEZUELA 0.0%
Venezuela Government International Bond
7.750% due 10/13/2019	$		200			80
7.650% due 04/21/2025			100			38
Total Venezuela						118
Total Sovereign Issues (Cost $1,630)						966
SHORT-TERM INSTRUMENTS 0.4%
REPURCHASE AGREEMENTS (f) 0.2%
						1,159
U.S. TREASURY BILLS 0.2%
0.195% due 01/14/2016 - 01/21/2016 (c)(i)			1,487			1,487
Total Short-Term Instruments (Cost $2,646)						2,646
Total Investments in Securities (Cost $670,653)						609,774
		SHARES
INVESTMENTS IN AFFILIATES 0.8%
SHORT-TERM INSTRUMENTS 0.8%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.8%
PIMCO Short-Term Floating NAV Portfolio III			486,115			4,800
Total Short-Term Instruments (Cost $4,800)						4,800
Total Investments in Affiliates (Cost $4,800)						4,800
Total Investments 101.8% (Cost $675,453)				$		614,574
Financial Derivative Instruments (g)(h) 0.1% (Cost or Premiums, net $0)						421
Other Assets and Liabilities, net (1.9%)						(11,417	)
Net Assets 100.0%				$		603,578

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 43

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

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

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

^ Security is in default.

(a) Payment in-kind bond security.

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

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

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

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

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(f)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate	Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received), at Value			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received (1)
SSB	0.010%		12/31/2015		01/04/2016	$	1,159	Fannie Mae 2.170% due 10/17/2022	$	(1,185	)	$	1,159	$	1,159
Total Repurchase Agreements									$	(1,185	)	$	1,159	$	1,159

⁽¹⁾  Includes accrued interest.

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 (received) as of December 31, 2015:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral (Received)			Net Exposure  (2)
Global/Master Repurchase Agreement
SSB	$	1,159	$	0	$	0	$	1,159	$	(1,185	)	$	(26	)
Total Borrowings and Other Financing Transactions	$	1,159	$	0	$	0

⁽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 7, Principal Risks, in the Notes to Financial Statements for more information regarding master netting arrangements.

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

FUTURES CONTRACTS:

Description	Type	Expiration Month		# of Contracts		Unrealized Appreciation/ (Depreciation)			Variation Margin
									Asset		Liability
British pound currency March Futures	Short		03/2016		39	$	64		$	24	$	0
Euro currency March Futures	Short		03/2016		8		3			6		0
Japanese yen currency March Futures	Short		03/2016		3		(7	)		0		(1	)
Total Futures Contracts						$	60		$	30	$	(1	)

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, 2015:

Cash of $194 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2015. See Note 7, Principal Risks, in the Notes to Financial Statements for more information regarding master netting arrangements.

	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset				Total		Market Value		Variation Margin Liability				Total
	Purchased Options		Futures		Swap Agreements				Written Options		Futures		Swap Agreements
Total Exchange-Traded or Centrally Cleared	$	0	$	30	$	0	$	30	$	0	$	(1)	$	0	$	(1)

44 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2015 (Unaudited)

(h)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
									Asset		Liability
BOA		01/2016		CAD	2,822	$		2,031	$	0	$	(8	)
		01/2016		EUR	13,414			14,739		162		0
		02/2016	$		14,750		EUR	13,414		0		(162	)
CBK		01/2016			14,657			13,414		0		(79	)
		01/2016			67,565		GBP	45,528		0		(448	)
		02/2016		GBP	45,528	$		67,568		445		0
		02/2016	$		201		CAD	268		0		(8	)
		02/2016			31,810		GBP	21,587		16		0
HUS		01/2016		EUR	49,385	$		52,628		0		(1,041	)
JPM		01/2016	$		1,987		EUR	1,821		0		(9	)
MSB		01/2016		GBP	45,528	$		68,640		1,523		0
UAG		01/2016	$		53,943		EUR	49,385		0		(274	)
		02/2016		EUR	49,385	$		53,981		275		0
Total Forward Foreign Currency Contracts									$	2,421	$	(2,029	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of December 31, 2015:

(i) Securities with an aggregate market value of $1,487 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2015.

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options		Swap Agreements		Total Over the Counter			Net Market Value of OTC Derivatives			Collateral (Received)/ Pledged			Net Exposure  (1)
BOA	$	162	$	0	$	0	$	162	$	(170	)	$	0	$	0	$	(170	)	$	(8	)	$	0		$	(8	)
CBK		461		0		0		461		(535	)		0		0		(535	)		(74	)		0			(74	)
HUS		0		0		0		0		(1,041	)		0		0		(1,041	)		(1,041	)		1,487			446
JPM		0		0		0		0		(9	)		0		0		(9	)		(9	)		0			(9	)
MSB		1,523		0		0		1,523		0			0		0		0			1,523			(1,250	)		273
UAG		275		0		0		275		(274	)		0		0		(274	)		1			0			1
Total Over the Counter	$	2,421	$	0	$	0	$	2,421	$	(2,029	)	$	0	$	0	$	(2,029	)

⁽¹⁾  Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 7, Principal Risks, in the Notes to Financial Statements for more information regarding master netting arrangements.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2015:

	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	$	30	$	0	$	30
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	2,421	$	0	$	2,421
	$	0	$	0	$	0	$	2,451	$	0	$	2,451
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	1	$	0	$	1
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	2,029	$	0	$	2,029
	$	0	$	0	$	0	$	2,030	$	0	$	2,030

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 45

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

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2015:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Realized Gain on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	175	$	0	$	175
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	4,161	$	0	$	4,161
	$	0	$	0	$	0	$	4,336	$	0	$	4,336
Net Change in Unrealized Appreciation on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	164	$	0	$	164
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	1,819	$	0	$	1,819
	$	0	$	0	$	0	$	1,983	$	0	$	1,983

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2015
Investments in Securities, at Value
Asset-Backed Securities
United States	$	0	$	12,469	$	0	$	12,469
Bank Loan Obligations
Brazil		0		0		16		16
United States		0		2,425		0		2,425
Common Stocks
Australia
Consumer Discretionary		0		10,906		0		10,906
Health Care		0		8,670		0		8,670
Industrials		0		12,038		0		12,038
Brazil
Health Care		0		2,886		0		2,886
Industrials		6,550		0		0		6,550
Utilities		0		1,871		0		1,871
Canada
Utilities		9,828		0		0		9,828
France
Consumer Staples		0		8,433		0		8,433
Utilities		0		11,325		0		11,325
Germany
Materials		5,906		0		0		5,906
Greece
Consumer Discretionary		0		7,796		0		7,796
Hong Kong
Telecommunication Services		0		17,229		0		17,229
Italy
Financials		0		16,948		0		16,948
Industrials		0		6,651		0		6,651
Japan
Consumer Discretionary		0		8,639		0		8,639
Mexico
Consumer Staples		2,890		0		0		2,890
Netherlands
Financials		0		25,638		0		25,638
Russia
Consumer Staples		1,947		0		0		1,947
Spain
Consumer Staples		0		8,481		0		8,481
Switzerland
Health Care		0		17,029		0		17,029
Taiwan
Information Technology		0		11,396		0		11,396
Thailand
Telecommunication Services		0		2,286		0		2,286

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2015
United Kingdom
Consumer Staples	$	0	$	5,774	$	0	$	5,774
Energy		6,382		0		0		6,382
Financials		0		45,332		0		45,332
Telecommunication Services		0		22,303		0		22,303
United States
Consumer Discretionary		38,589		0		0		38,589
Energy		11,390		0		0		11,390
Financials		16,969		0		0		16,969
Health Care		45,773		0		0		45,773
Industrials		11,398		0		0		11,398
Information Technology		56,766		0		0		56,766
Materials		14,144		0		0		14,144
Telecommunication Services		33,171		0		0		33,171
Utilities		22,802		0		0		22,802
Corporate Bonds & Notes
Brazil
Banking & Finance		0		200		0		200
Utilities		0		1,326		0		1,326
Cayman Islands
Utilities		0		58		0		58
France
Banking & Finance		0		566		0		566
Ireland
Banking & Finance		0		101		0		101
Industrials		0		419		0		419
Utilities		0		110		0		110
Luxembourg
Banking & Finance		0		1,328		0		1,328
Utilities		0		4,108		0		4,108
Mexico
Industrials		0		8		0		8
Netherlands
Industrials		0		113		0		113
United Kingdom
Banking & Finance		0		1,924		0		1,924
Industrials		0		1,235		0		1,235
United States
Banking & Finance		0		665		0		665
Industrials		0		937		0		937
Venezuela
Industrials		0		214		0		214
Non-Agency Mortgage-Backed Securities
United States		0		13,133		0		13,133

46 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2015 (Unaudited)

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2015
Municipal Bonds & Notes
Michigan	$	0	$	194	$	0	$	194
Virginia		0		298		0		298
West Virginia		0		321		0		321
Real Estate Investment Trusts
United States
Financials		27,858		0		0		27,858
Sovereign Issues
Brazil		0		454		0		454
Greece		0		394		0		394
Venezuela		0		118		0		118
Short-Term Instruments
Repurchase Agreements		0		1,159		0		1,159
U.S. Treasury Bills		0		1,487		0		1,487
	$	312,363	$	297,395	$	16	$	609,774

Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 12/31/2015
Investments in Affiliates, at Value
Short-Term Instruments
Central Funds Used for Cash Management Purposes	$	4,800		$	0		$	0	$	4,800
Total Investments	$	317,163		$	297,395		$	16	$	614,574
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		30			0			0		30
Over the counter		0			2,421			0		2,421
	$	30		$	2,421		$	0	$	2,451
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(1	)		0			0		(1	)
Over the counter		0			(2,029	)		0		(2,029	)
	$	(1	)	$	(2,029	)	$	0	$	(2,030	)
Totals	$	317,192		$	297,787		$	16	$	614,995

There were no significant transfers between Levels 1, 2, or 3 during the period ended December 31, 2015.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 47

Schedule of Investments PIMCO EqS^® Long/Short Fund

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 67.2%
COMMON STOCKS 51.2%
UNITED KINGDOM 1.7%
FINANCIALS 1.7%
Markit Ltd. (a)		500,000	$		15,085
Total United Kingdom					15,085
UNITED STATES 49.5%
CONSUMER DISCRETIONARY 6.8%
Dollar General Corp. (e)		80,000			5,750
Kate Spade & Co. (a)		200,000			3,554
Live Nation Entertainment, Inc. (a)		1,050,000			25,798
Nordstrom, Inc.		465,000			23,162
					58,264
CONSUMER STAPLES 1.2%
Sanderson Farms, Inc. (e)		137,412			10,652
ENERGY 0.4%
Newfield Exploration Co. (a)		100,000			3,256
FINANCIALS 3.4%
Bank of New York Mellon Corp.		500,000			20,610
Citizens Financial Group, Inc. (e)		320,000			8,381
					28,991
HEALTH CARE 7.3%
DaVita HealthCare Partners, Inc. (a)(e)		250,000			17,427
Laboratory Corp. of America Holdings (a)		345,000			42,656
Mylan NV (a)		50,000			2,704
					62,787

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 10.9%
General Dynamics Corp. (e)		80,000	$		10,989
KAR Auction Services, Inc. (e)		1,000,000			37,030
Kirby Corp. (a)		350,000			18,417
Neilsen Holdings PLC (e)		350,000			16,310
Northrop Grumman Corp. (e)		60,000			11,328
					94,074
INFORMATION TECHNOLOGY 15.8%
Alphabet, Inc. ‘C’ (a)(e)		27,000			20,490
Booz Allen Hamilton Holding Corp. (e)		370,000			11,414
DST Systems, Inc. (e)		296,000			33,762
First Data Corp. ‘A’ (a)		3,150,000			50,463
Jabil Circuit, Inc. (e)		400,000			9,316
Mentor Graphics Corp.		592,000			10,905
					136,350
MATERIALS 1.1%
Sealed Air Corp. (e)		220,000			9,812
TELECOMMUNICATION SERVICES 2.6%
Level 3 Communications, Inc. (a)(e)		411,635			22,376
Total United States					426,562
Total Common Stocks (Cost $414,500)					441,647
REAL ESTATE INVESTMENT TRUSTS 5.5%
UNITED STATES 5.5%
FINANCIALS 5.5%
Iron Mountain, Inc.		1,750,000			47,268
Total Real Estate Investment Trusts (Cost $51,847)					47,268

					MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 10.5%
REPURCHASE AGREEMENTS (c) 0.1%
				$		517
		PRINCIPAL AMOUNT (000S)
U.S. TREASURY BILLS 10.4%
0.148% due 01/07/2016 -01/28/2016 (b)(g)	$		89,518			89,513
Total Short-Term Instruments (Cost $90,028)						90,030
Total Investments in Securities (Cost $556,375)						578,945
		SHARES
INVESTMENTS IN AFFILIATES 35.5%
SHORT-TERM INSTRUMENTS 35.5%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 35.5%
PIMCO Short-Term Floating NAV Portfolio III			30,967,838			305,776
Total Short-Term Instruments (Cost $307,000)						305,776
Total Investments in Affiliates (Cost $307,000)						305,776
Total Investments 102.7% (Cost $863,375)				$		884,721
Securities Sold Short (d) (37.2%) (Proceeds $327,141)						(320,587	)
Financial Derivative Instruments (f) 0.0% (Cost or Premiums, net $0)						(280	)
Other Assets and Liabilities, net 34.5%						297,369
Net Assets 100.0%				$		861,223

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

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

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

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

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(c)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate	Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received), at Value			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received (1)
SSB	0.010%		12/31/2015		01/04/2016	$	517	Fannie Mae 2.170% due 10/17/2022	$	(531	)	$	517	$	517
Total Repurchase Agreements									$	(531	)	$	517	$	517

⁽¹⁾  Includes accrued interest.

48 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2015 (Unaudited)

(d)  SECURITIES SOLD SHORT:

(e) Securities with an aggregate market value of $153,799 and cash of $324,753 have been pledged as collateral as of December 31, 2015 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.

Counterparty	Description	Shares			Proceeds			Payable for Short Sales  (2)
	Common Stocks
	Canada
	Consumer Discretionary
FOB	Lululemon Athletica, Inc.		(120,000	)	$	(6,261	)	$	(6,297	)
GSC	Restaurant Brands International, Inc.		(134,800	)		(4,841	)		(5,036	)
	Finland
	Industrials
	Kone OYJ ‘B’		(300,000	)		(11,967	)		(12,702	)
	Italy
	Consumer Discretionary
	Ferrari NV		(116,000	)		(5,855	)		(5,568	)
	Switzerland
	Energy
FOB	Transocean Ltd.		(900,000	)		(12,434	)		(11,142	)
	United Kingdom
	Consumer Discretionary
GSC	Burberry Group PLC		(100,000	)		(1,788	)		(1,775	)
	Energy
FOB	Ensco PLC ‘A’		(400,000	)		(6,183	)		(6,156	)
	United States
	Consumer Discretionary
	Buckle, Inc.		(150,000	)		(4,650	)		(4,617	)
	Darden Restaurants, Inc.		(100,000	)		(5,594	)		(6,364	)
GSC	Carter’s, Inc.		(60,000	)		(5,358	)		(5,342	)
	Cracker Barrel Old Country Store, Inc.		(52,000	)		(7,046	)		(6,595	)
	New York Times Co. ‘A’		(150,000	)		(2,073	)		(2,013	)
	Ralph Lauren Corp.		(50,000	)		(5,556	)		(5,599	)
	Restoration Hardware Holdings, Inc.		(60,000	)		(5,100	)		(4,767	)
	Sonic Corp.		(148,133	)		(4,256	)		(4,786	)
	Consumer Staples
FOB	Coty, Inc. ‘A’		(440,000	)		(12,065	)		(11,277	)
	Mead Johnson Nutrition Co.		(155,000	)		(11,882	)		(12,291	)
	Energy
	Cabot Oil & Gas Corp.		(575,000	)		(10,420	)		(10,172	)
	Gulfport Energy Corp.		(530,000	)		(12,345	)		(13,022	)
	Hess Corp.		(150,000	)		(7,232	)		(7,272	)
	Matador Resources Co.		(195,000	)		(3,844	)		(3,855	)
	Range Resources Corp.		(575,000	)		(15,693	)		(14,151	)
	National Oilwell Varco, Inc.		(300,000	)		(11,409	)		(10,047	)
	Financials
	Realogy Holdings Corp.		(70,000	)		(2,553	)		(2,567	)
GSC	LPL Financial Holdings, Inc.		(300,000	)		(11,582	)		(12,795	)
	NorthStar Asset Management Group, Inc.		(800,000	)		(14,907	)		(9,712	)
	Health Care
FOB	MEDNAX, Inc.		(70,000	)		(5,080	)		(5,016	)
GSC	Abaxis, Inc.		(200,000	)		(10,417	)		(11,136	)
	Industrials
FOB	Covanta Holding Corp.		(800,000	)		(11,511	)		(12,592	)
	Donaldson Co., Inc.		(270,000	)		(7,808	)		(7,738	)
	Lincoln Electric Holdings, Inc.		(100,000	)		(5,034	)		(5,221	)
	MSC Industrial Direct Co., Inc. ‘A’		(140,000	)		(8,442	)		(7,878	)
	WW Grainger, Inc.		(67,000	)		(13,196	)		(13,573	)
GSC	3M Co.		(50,000	)		(7,520	)		(7,532	)
	Cintas Corp.		(25,000	)		(2,285	)		(2,276	)
	Deere & Co.		(100,000	)		(7,758	)		(7,681	)
	Fastenal Co.		(140,000	)		(5,533	)		(5,715	)
	Herman Miller, Inc.		(100,000	)		(2,815	)		(2,870	)
	Oshkosh Corp.		(250,000	)		(9,933	)		(9,760	)
	XPO Logistics, Inc.		(195,800	)		(5,309	)		(5,336	)

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 49

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

Counterparty	Description	Shares			Proceeds			Payable for Short Sales  (2)
	Information Technology
FOB	Computer Sciences Corp.		(200,000	)	$	(6,631	)	$	(6,564	)
	Teradata Corp.		(200,000	)		(5,732	)		(5,284	)
GSC	Zillow Group, Inc. ‘C’		(278,534	)		(7,207	)		(6,540	)
	Materials
FOB	Tronox Ltd. ‘A’		(500,000	)		(2,036	)		(1,955	)
Total Short Sales					$	(327,141	)	$	(320,587	)

⁽²⁾  Payable for short sales includes $408 of dividends payable.

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 (received)/pledged as of December 31, 2015:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Payable for Short Sales			Total Borrowings and Other Financing Transactions			Collateral (Received)/Pledged			Net Exposure  (3)
Global/Master Repurchase Agreement
SSB	$	517	$	0	$	0	$	0		$	517		$	(531	)	$	(14	)
Prime Brokerage Agreement
FOB		0		0		0		(178,895	)		(178,895	)		221,264			42,369
GSC		0		0		0		(141,692	)		(141,692	)		257,165			115,473
MSC		0		0		0		0			0			123			123
Total Borrowings and Other Financing Transactions	$	517	$	0	$	0	$	(320,587	)

⁽³⁾  Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 7, Principal Risks, in the Notes to Financial Statements for more information regarding master netting arrangements.

(f)  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
HUS		01/2016		EUR	13,285	$		14,158	$	0	$	(280	)
UAG		01/2016	$		14,511		EUR	13,285		0		(74	)
		02/2016		EUR	13,285	$		14,521		74		0
Total Forward Foreign Currency Contracts									$	74	$	(354	)

WRITTEN OPTIONS:

AS OF DECEMBER 31, 2015, THERE WERE NO OPEN WRITTEN OPTIONS. TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS FOR THE PERIOD ENDED DECEMBER 31, 2015:

	# of Contracts			Premiums
Balance at Beginning of Period		0		$	0
Sales		2,700			(588	)
Closing Buys		0			0
Expirations		0			0
Exercised		(2,700	)		588
Balance at End of Period		0		$	0

50 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2015 (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 as of December 31, 2015:

(g) Securities with an aggregate market value of $281 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2015.

	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		Net Exposure  (1)
HUS	$	0	$	0	$	0	$	0	$	(280	)	$	0	$	0	$	(280	)	$	(280	)	$	281	$	1
UAG		74		0		0		74		(74	)		0		0		(74	)		0			0		0
Total Over the Counter	$	74	$	0	$	0	$	74	$	(354	)	$	0	$	0	$	(354	)

⁽¹⁾  Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 7, Principal Risks, in the Notes to Financial Statements for more information regarding master netting arrangements.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2015:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	74	$	0	$	74
Financial Derivative Instruments - Liabilities
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	354	$	0	$	354

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2015:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Exchange Contracts			Interest Rate Contracts		Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	(2,829	)	$	0		$	0	$	(2,829	)
Futures		0		0		(1,831	)		0			0		(1,831	)
	$	0	$	0	$	(4,660	)	$	0		$	0	$	(4,660	)
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0		$	786		$	0	$	786
	$	0	$	0	$	(4,660	)	$	786		$	0	$	(3,874	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	2,346		$	0		$	0	$	2,346
Futures		0		0		(202	)		0			0		(202	)
	$	0	$	0	$	2,144		$	0		$	0	$	2,144
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0		$	(191	)	$	0	$	(191	)
	$	0	$	0	$	2,144		$	(191	)	$	0	$	1,953

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 51

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

December 31, 2015 (Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2015
Investments in Securities, at Value
Common Stocks
United Kingdom
Financials	$	15,085	$	0	$	0	$	15,085
United States
Consumer Discretionary		58,264		0		0		58,264
Consumer Staples		10,652		0		0		10,652
Energy		3,256		0		0		3,256
Financials		28,991		0		0		28,991
Health Care		62,787		0		0		62,787
Industrials		94,074		0		0		94,074
Information Technology		136,350		0		0		136,350
Materials		9,812		0		0		9,812
Telecommunication Services		22,376		0		0		22,376
Real Estate Investment Trusts
United States
Financials		47,268		0		0		47,268
Short-Term Instruments
Repurchase Agreements		0		517		0		517
U.S. Treasury Bills		0		89,513		0		89,513
	$	488,915	$	90,030	$	0	$	578,945
Investments in Affiliates, at Value
Short-Term Instruments
Central Funds Used for Cash Management Purposes		305,776		0		0		305,776
Total Investments	$	794,691	$	90,030	$	0	$	884,721

Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 12/31/2015
Short Sales, at Value - Liabilities
Common Stocks
Canada
Consumer Discretionary	$	(11,333	)	$	0		$	0	$	(11,333	)
Finland
Industrials		0			(12,702	)		0		(12,702	)
Italy
Consumer Discretionary		(5,568	)		0			0		(5,568	)
Switzerland
Energy		(11,142	)		0			0		(11,142	)
United Kingdom
Consumer Discretionary		0			(1,775	)		0		(1,775	)
Energy		(6,156	)		0			0		(6,156	)
United States
Consumer Discretionary		(40,083	)		0			0		(40,083	)
Consumer Staples		(23,568	)		0			0		(23,568	)
Energy		(58,519	)		0			0		(58,519	)
Financials		(25,074	)		0			0		(25,074	)
Health Care		(16,152	)		0			0		(16,152	)
Industrials		(88,172	)		0			0		(88,172	)
Information Technology		(18,388	)		0			0		(18,388	)
Materials		(1,955	)		0			0		(1,955	)
	$	(306,110	)	$	(14,477	)	$	0	$	(320,587	)
Financial Derivative Instruments - Assets
Over the counter	$	0		$	74		$	0	$	74
Financial Derivative Instruments - Liabilities
Over the counter	$	0		$	(354	)	$	0	$	(354	)
Totals	$	488,581		$	75,273		$	0	$	563,854

There were no significant transfers between Levels 1, 2, or 3 during the period ended December 31, 2015.

52 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO Global Dividend Fund

December 31, 2015 (Unaudited)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 97.8%
COMMON STOCKS 93.9%
AUSTRALIA 3.5%
CONSUMER DISCRETIONARY 1.2%
G8 Education Ltd.		451,915	$		1,169
HEALTH CARE 1.0%
Sonic Healthcare Ltd.		74,674			967
INDUSTRIALS 1.3%
Spotless Group Holdings Ltd.		1,600,629			1,254
Total Australia					3,390
BRAZIL 2.1%
HEALTH CARE 0.5%
Qualicorp S.A.		137,911			490
INDUSTRIALS 1.1%
Arteris S.A.		433,300			1,057
UTILITIES 0.5%
Light S.A.		212,710			531
Total Brazil					2,078
CANADA 1.6%
UTILITIES 1.6%
Capital Power Corp.		118,796			1,526
Total Canada					1,526
FRANCE 3.4%
CONSUMER STAPLES 1.2%
Carrefour S.A.		40,677			1,174
UTILITIES 2.2%
Engie S.A.		117,929			2,089
Total France					3,263
GERMANY 1.0%
MATERIALS 1.0%
Covestro AG (a)		27,610			1,009
Total Germany					1,009
GREECE 1.3%
CONSUMER DISCRETIONARY 1.3%
OPAP S.A.		148,698			1,305
Total Greece					1,305
HONG KONG 2.4%
TELECOMMUNICATION SERVICES 2.4%
China Mobile Ltd.		211,000			2,375
Total Hong Kong					2,375

	SHARES			MARKET VALUE (000S)
ITALY 3.8%
FINANCIALS 2.6%
Intesa Sanpaolo SpA		762,293	$		2,532
INDUSTRIALS 1.2%
Societa Iniziative Autostradali e Servizi SpA		112,282			1,193
Total Italy					3,725
JAPAN 3.5%
CONSUMER DISCRETIONARY 1.5%
Bridgestone Corp.		40,946			1,404
TELECOMMUNICATION SERVICES 2.0%
Nippon Telegraph & Telephone Corp.		49,396			1,966
Total Japan					3,370
MEXICO 0.5%
CONSUMER STAPLES 0.5%
Coca-Cola Femsa S.A.B. de C.V. ‘L’		66,500			476
Total Mexico					476
NETHERLANDS 3.9%
FINANCIALS 3.9%
Aegon NV		501,672			2,837
NN Group NV		27,259			962
					3,799
Total Netherlands					3,799
RUSSIA 0.4%
CONSUMER STAPLES 0.4%
Magnit PJSC SP - GDR		10,450			420
Total Russia					420
SPAIN 1.5%
CONSUMER STAPLES 1.5%
Ebro Foods S.A.		72,985			1,436
Total Spain					1,436
SWITZERLAND 2.2%
HEALTH CARE 2.2%
Roche Holding AG		7,691			2,131
Total Switzerland					2,131
TAIWAN 1.6%
INFORMATION TECHNOLOGY 1.6%
Taiwan Semiconductor Manufacturing Co. Ltd.		370,871			1,600
Total Taiwan					1,600
UNITED KINGDOM 12.9%
CONSUMER STAPLES 1.1%
Imperial Tobacco Group PLC		20,729			1,095

	SHARES			MARKET VALUE (000S)
ENERGY 1.1%
Golar LNG Partners LP		82,182	$		1,100
FINANCIALS 7.2%
HSBC Holdings PLC		328,835			2,596
ICAP PLC		204,785			1,537
Lloyds Banking Group PLC		2,642,610			2,843
					6,976
TELECOMMUNICATION SERVICES 3.5%
Vodafone Group PLC		1,053,340			3,416
Total United Kingdom					12,587
UNITED STATES 48.3%
CONSUMER DISCRETIONARY 8.4%
Comcast Corp. ‘A’		37,924			2,140
General Motors Co.		65,072			2,213
Kohl’s Corp.		20,490			976
Macy’s, Inc.		27,218			952
SeaWorld Entertainment, Inc.		48,776			960
Time Warner, Inc.		14,996			970
					8,211
ENERGY 2.1%
Schlumberger Ltd.		29,109			2,030
FINANCIALS 6.8%
Blackstone Group LP		78,238			2,288
Navient Corp.		83,778			959
Prudential Financial, Inc.		23,395			1,905
Regions Financial Corp.		149,175			1,432
					6,584
HEALTH CARE 7.3%
AbbVie, Inc.		41,295			2,446
Merck & Co., Inc.		38,881			2,054
Pfizer, Inc.		81,421			2,628
					7,128
INDUSTRIALS 2.0%
Neilsen Holdings PLC		41,560			1,937
INFORMATION TECHNOLOGY 11.8%
Apple, Inc.		20,116			2,118
Cisco Systems, Inc.		79,366			2,155
QUALCOMM, Inc.		58,082			2,903
Symantec Corp.		69,446			1,458
Western Digital Corp.		47,321			2,842
					11,476
MATERIALS 3.1%
International Paper Co.		50,145			1,890
Steel Dynamics, Inc.		63,389			1,133
					3,023

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 53

Schedule of Investments PIMCO Global Dividend Fund (Cont.)

	SHARES			MARKET VALUE (000S)
TELECOMMUNICATION SERVICES 3.9%
AT&T, Inc.		83,303	$		2,866
CenturyLink, Inc.		37,873			953
					3,819
UTILITIES 2.9%
PG&E Corp.		53,708			2,857
Total United States					47,065
Total Common Stocks (Cost $97,890)					91,555
REAL ESTATE INVESTMENT TRUSTS 2.8%
UNITED STATES 2.8%
FINANCIALS 2.8%
Colony Capital, Inc. ‘A’		95,139			1,853
Outfront Media, Inc.		42,961			938
					2,791
Total Real Estate Investment Trusts (Cost $2,939)					2,791

					MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 1.1%
REPURCHASE AGREEMENTS (b) 0.8%
				$		766
		PRINCIPAL AMOUNT (000S)
U.S. TREASURY BILLS 0.3%
0.203% due 01/14/2016 (d)	$		281			281
Total Short-Term Instruments (Cost $1,047)						1,047
Total Investments in Securities (Cost $101,876)						95,393

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 1.3%
SHORT-TERM INSTRUMENTS 1.3%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.3%
PIMCO Short-Term Floating NAV Portfolio III		126,876	$		1,253
Total Short-Term Instruments (Cost $1,253)					1,253
Total Investments in Affiliates (Cost $1,253)					1,253
Total Investments 99.1% (Cost $103,129)			$		96,646
Financial Derivative Instruments (c) (0.1%) (Cost or Premiums, net $0)					(74	)
Other Assets and Liabilities, net 1.0%					908
Net Assets 100.0%			$		97,480

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

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

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

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(b)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate	Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received), at Value			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received (1)
SSB	0.010%		12/31/2015		01/04/2016	$	766	Fannie Mae 2.170% due 10/17/2022	$	(782	)	$	766	$	766
Total Repurchase Agreements									$	(782	)	$	766	$	766

⁽¹⁾  Includes accrued interest.

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 (received) as of December 31, 2015:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral (Received)			Net Exposure  (2)
Global/Master Repurchase Agreement
SSB	$	766	$	0	$	0	$	766	$	(782	)	$	(16	)
Total Borrowings and Other Financing Transactions	$	766	$	0	$	0

⁽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 7, Principal Risks, in the Notes to Financial Statements for more information regarding master netting arrangements.

54 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2015 (Unaudited)

(c)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
									Asset		Liability
BOA		01/2016		EUR	3,475		$	3,818	$	42	$	0
		02/2016	$		3,821		EUR	3,475		0		(42	)
CBK		01/2016			3,797			3,475		0		(20	)
		01/2016			5,843		GBP	3,937		0		(39	)
		02/2016		GBP	3,937		$	5,843		38		0
HUS		01/2016		EUR	8,757			9,333		0		(184	)
		02/2016	$		75		HKD	582		0		0
		02/2016			89		SGD	125		0		(1	)
MSB		01/2016		BRL	473		$	119		0		0
		01/2016		GBP	3,937			5,936		132		0
UAG		01/2016	$		9,566		EUR	8,758		0		(49	)
		02/2016		EUR	8,758		$	9,573		49		0
Total Forward Foreign Currency Contracts									$	261	$	(335	)

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 as of December 31, 2015:

(d) Securities with an aggregate market value of $281 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2015.

	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		Net Exposure  (1)
BOA	$	42	$	0	$	0	$	42	$	(42	)	$	0	$	0	$	(42	)	$	0		$	0	$	0
CBK		38		0		0		38		(59	)		0		0		(59	)		(21	)		0		(21	)
HUS		0		0		0		0		(185	)		0		0		(185	)		(185	)		281		96
MSB		132		0		0		132		0			0		0		0			132			0		132
UAG		49		0		0		49		(49	)		0		0		(49	)		0			0		0
Total Over the Counter	$	261	$	0	$	0	$	261	$	(335	)	$	0	$	0	$	(335	)

⁽¹⁾  Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 7, Principal Risks, in the Notes to Financial Statements for more information regarding master netting arrangements.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2015:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	261	$	0	$	261
Financial Derivative Instruments - Liabilities
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	335	$	0	$	335

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 55

Schedule of Investments PIMCO Global Dividend Fund (Cont.)

December 31, 2015 (Unaudited)

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2015:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	(10	)	$	0	$	0	$	(10	)
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0		$	336	$	0	$	336
	$	0	$	0	$	(10	)	$	336	$	0	$	326
Net Change in Unrealized Appreciation on Financial Derivative Instruments
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0		$	210	$	0	$	210

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2015
Investments in Securities, at Value
Common Stocks
Australia
Consumer Discretionary	$	0	$	1,169	$	0	$	1,169
Health Care		0		967		0		967
Industrials		0		1,254		0		1,254
Brazil
Health Care		0		490		0		490
Industrials		1,057		0		0		1,057
Utilities		0		531		0		531
Canada
Utilities		1,526		0		0		1,526
France
Consumer Staples		0		1,174		0		1,174
Utilities		0		2,089		0		2,089
Germany
Materials		1,009		0		0		1,009
Greece
Consumer Discretionary		0		1,305		0		1,305
Hong Kong
Telecommunication Services		0		2,375		0		2,375
Italy
Financials		0		2,532		0		2,532
Industrials		0		1,193		0		1,193
Japan
Consumer Discretionary		0		1,404		0		1,404
Telecommunication Services		0		1,966		0		1,966
Mexico
Consumer Staples		476		0		0		476
Netherlands
Financials		0		3,799		0		3,799
Russia
Consumer Staples		420		0		0		420
Spain
Consumer Staples		0		1,436		0		1,436
Switzerland
Health Care		0		2,131		0		2,131
Taiwan
Information Technology		0		1,600		0		1,600

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2015
United Kingdom
Consumer Staples	$	0	$	1,095		$	0	$	1,095
Energy		1,100		0			0		1,100
Financials		0		6,976			0		6,976
Telecommunication Services		0		3,416			0		3,416
United States
Consumer Discretionary		8,211		0			0		8,211
Energy		2,030		0			0		2,030
Financials		6,584		0			0		6,584
Health Care		7,128		0			0		7,128
Industrials		1,937		0			0		1,937
Information Technology		11,476		0			0		11,476
Materials		3,023		0			0		3,023
Telecommunication Services		3,819		0			0		3,819
Utilities		2,857		0			0		2,857
Real Estate Investment Trusts
United States
Financials		2,791		0			0		2,791
Short-Term Instruments
Repurchase Agreements		0		766			0		766
U.S. Treasury Bills		0		281			0		281
	$	55,444	$	39,949		$	0	$	95,393
Investments in Affiliates, at Value
Short-Term Instruments
Central Funds Used for Cash Management Purposes		1,253		0			0		1,253
Total Investments	$	56,697	$	39,949		$	0	$	96,646
Financial Derivative Instruments - Assets
Over the counter	$	0	$	261		$	0	$	261
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(335	)	$	0	$	(335	)
Totals	$	56,697	$	39,875		$	0	$	96,572

There were no significant transfers between Levels 1, 2, or 3 during the period ended December 31, 2015.

56 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO International Dividend Fund

December 31, 2015 (Unaudited)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 98.4%
COMMON STOCKS 98.4%
AUSTRALIA 8.1%
CONSUMER DISCRETIONARY 1.8%
G8 Education Ltd.		37,047	$		96
CONSUMER STAPLES 1.8%
Coca-Cola Amatil Ltd.		14,823			100
HEALTH CARE 1.5%
Sonic Healthcare Ltd.		6,258			81
INDUSTRIALS 2.0%
Spotless Group Holdings Ltd.		136,027			106
MATERIALS 1.0%
Iluka Resources Ltd.		12,636			56
Total Australia					439
BRAZIL 3.0%
HEALTH CARE 0.4%
Qualicorp S.A.		6,867			25
INDUSTRIALS 1.5%
Arteris S.A.		32,339			79
UTILITIES 1.1%
Light S.A.		23,780			59
Total Brazil					163
CANADA 2.3%
UTILITIES 2.3%
Capital Power Corp.		9,680			124
Total Canada					124
CHINA 1.4%
CONSUMER STAPLES 1.4%
Want Want China Holdings Ltd.		101,328			75
Total China					75
FRANCE 6.3%
CONSUMER STAPLES 2.9%
Carrefour S.A.		5,455			158
UTILITIES 3.4%
Engie S.A.		10,447			185
Total France					343
GERMANY 1.3%
MATERIALS 1.3%
Covestro AG (a)		1,908			70
Total Germany					70

	SHARES			MARKET VALUE (000S)
GREECE 1.3%
CONSUMER DISCRETIONARY 1.3%
OPAP S.A.		7,873	$		69
Total Greece					69
HONG KONG 5.7%
TELECOMMUNICATION SERVICES 5.7%
China Mobile Ltd.		16,052			180
PCCW Ltd.		216,865			127
					307
Total Hong Kong					307
IRELAND 2.2%
MATERIALS 2.2%
Smurfit Kappa Group PLC		4,748			122
Total Ireland					122
ISRAEL 2.0%
HEALTH CARE 2.0%
Teva Pharmaceutical Industries Ltd. SP - ADR		1,627			107
Total Israel					107
ITALY 5.5%
FINANCIALS 3.9%
Intesa Sanpaolo SpA		63,653			211
INDUSTRIALS 1.6%
Societa Iniziative Autostradali e Servizi SpA		7,991			85
Total Italy					296
JAPAN 9.4%
CONSUMER DISCRETIONARY 4.0%
Bridgestone Corp.		6,243			214
CONSUMER STAPLES 2.5%
Lawson, Inc.		1,643			134
TELECOMMUNICATION SERVICES 2.9%
Nippon Telegraph & Telephone Corp.		4,000			159
Total Japan					507
MEXICO 1.3%
CONSUMER STAPLES 1.3%
Coca-Cola Femsa S.A.B. de C.V. ‘L’		10,224			73
Total Mexico					73
NETHERLANDS 7.0%
FINANCIALS 7.0%
Aegon NV		38,086			216
NN Group NV		4,568			161
					377
Total Netherlands					377

	SHARES			MARKET VALUE (000S)
RUSSIA 0.9%
CONSUMER STAPLES 0.9%
Magnit PJSC SP - GDR		1,167	$		47
Total Russia					47
SPAIN 1.7%
CONSUMER STAPLES 1.7%
Ebro Foods S.A.		4,614			91
Total Spain					91
SWITZERLAND 4.0%
HEALTH CARE 4.0%
Roche Holding AG		781			216
Total Switzerland					216
TAIWAN 3.2%
INFORMATION TECHNOLOGY 3.2%
Taiwan Semiconductor Manufacturing Co. Ltd.		39,673			171
Total Taiwan					171
THAILAND 0.8%
TELECOMMUNICATION SERVICES 0.8%
Total Access Communication PCL NVDR		49,809			42
Total Thailand					42
UNITED KINGDOM 16.8%
CONSUMER STAPLES 1.0%
Imperial Tobacco Group PLC		1,053			56
ENERGY 1.0%
Golar LNG Partners LP		4,148			55
FINANCIALS 10.4%
HSBC Holdings PLC		26,727			211
ICAP PLC		18,193			136
Lloyds Banking Group PLC		196,842			212
					559
TELECOMMUNICATION SERVICES 4.4%
Vodafone Group PLC		72,433			235
Total United Kingdom					905
UNITED STATES 14.2%
ENERGY 3.0%
Schlumberger Ltd.		2,294			160
HEALTH CARE 4.0%
AbbVie, Inc.		1,531			91
Pfizer, Inc.		3,918			126
					217
INDUSTRIALS 2.8%
Neilsen Holdings PLC		3,192			149

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 57

Schedule of Investments PIMCO International Dividend Fund (Cont.)

	SHARES			MARKET VALUE (000S)
INFORMATION TECHNOLOGY 4.4%
Cisco Systems, Inc.		3,400	$		92
QUALCOMM, Inc.		2,920			146
					238
Total United States					764
Total Common Stocks (Cost $5,703)					5,308
Total Investments in Securities (Cost $5,703)					5,308

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 0.2%
SHORT-TERM INSTRUMENTS 0.2%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.2%
PIMCO Short-Term Floating NAV Portfolio III		1,036	$		10
Total Short-Term Instruments (Cost $10)					10
Total Investments in Affiliates (Cost $10)					10
Total Investments 98.6% (Cost $5,713)			$		5,318
Financial Derivative Instruments (b) (0.1%) (Cost or Premiums, net $0)					(8	)
Other Assets and Liabilities, net 1.5%					82
Net Assets 100.0%			$		5,392

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

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

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

(b)  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
CBK		02/2016		AUD	519	$		365	$	0	$	(13	)
HUS		02/2016		EUR	120			131		1		0
JPM		01/2016	$		168		GBP	113		0		(1	)
		02/2016		GBP	113	$		168		1		0
MSB		01/2016		BRL	16			4		0		0
		01/2016		GBP	113			170		4		0
Total Forward Foreign Currency Contracts									$	6	$	(14	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of December 31, 2015:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options		Swap Agreements		Total Over the Counter			Net Market Value of OTC Derivatives			Collateral (Received)/ Pledged		Net Exposure  (1)
CBK	$	0	$	0	$	0	$	0	$	(13	)	$	0	$	0	$	(13	)	$	(13	)	$	0	$	(13	)
HUS		1		0		0		1		0			0		0		0			1			0		1
JPM		1		0		0		1		(1	)		0		0		(1	)		0			0		0
MSB		4		0		0		4		0			0		0		0			4			0		4
Total Over the Counter	$	6	$	0	$	0	$	6	$	(14	)	$	0	$	0	$	(14	)

⁽¹⁾  Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 7, Principal Risks, in the Notes to Financial Statements for more information regarding master netting arrangements.

58 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2015 (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 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, 2015:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	6	$	0	$	6
Financial Derivative Instruments - Liabilities
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	14	$	0	$	14

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2015:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts			Interest Rate Contracts		Total
Net Realized Gain on Financial Derivative Instruments
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	23		$	0	$	23
Net Change in Unrealized (Depreciation) on Financial Derivative Instruments
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	(9	)	$	0	$	(9	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2015
Investments in Securities, at Value
Common Stocks
Australia
Consumer Discretionary	$	0	$	96	$	0	$	96
Consumer Staples		0		100		0		100
Health Care		0		81		0		81
Industrials		0		106		0		106
Materials		0		56		0		56
Brazil
Health Care		0		25		0		25
Industrials		79		0		0		79
Utilities		0		59		0		59
Canada
Utilities		124		0		0		124
China
Consumer Staples		0		75		0		75
France
Consumer Staples		0		158		0		158
Utilities		0		185		0		185
Germany
Materials		70		0		0		70
Greece
Consumer Discretionary		0		69		0		69
Hong Kong
Telecommunication Services		0		307		0		307
Ireland
Materials		0		122		0		122
Israel
Health Care		107		0		0		107
Italy
Financials		0		211		0		211
Industrials		0		85		0		85

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2015
Japan
Consumer Discretionary	$	0	$	214	$	0	$	214
Consumer Staples		0		134		0		134
Telecommunication Services		0		159		0		159
Mexico
Consumer Staples		73		0		0		73
Netherlands
Financials		0		377		0		377
Russia
Consumer Staples		47		0		0		47
Spain
Consumer Staples		0		91		0		91
Switzerland
Health Care		0		216		0		216
Taiwan
Information Technology		0		171		0		171
Thailand
Telecommunication Services		0		42		0		42
United Kingdom
Consumer Staples		0		56		0		56
Energy		55		0		0		55
Financials		0		559		0		559
Telecommunication Services		0		235		0		235
United States
Energy		160		0		0		160
Health Care		217		0		0		217
Industrials		149		0		0		149
Information Technology		238		0		0		238
	$	1,319	$	3,989	$	0	$	5,308

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 59

Schedule of Investments PIMCO International Dividend Fund (Cont.)

December 31, 2015 (Unaudited)

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2015
Investments in Affiliates, at Value
Short-Term Instruments
Central Funds Used for Cash Management Purposes	$	10	$	0	$	0	$	10
Total Investments	$	1,329	$	3,989	$	0	$	5,318

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2015
Financial Derivative Instruments - Assets
Over the counter	$	0	$	6		$	0	$	6
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(14	)	$	0	$	(14	)
Totals	$	1,329	$	3,981		$	0	$	5,310

There were assets and liabilities valued at $59 transferred from Level 1 to Level 2 during the period ended December 31, 2015. There were no significant assets and liabilities transferred from Level 2 to Level 1 during the period ended December 31, 2015. There were no significant transfers between Levels 2 and 3 during the period ended December 31, 2015.

60 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO U.S. Dividend Fund

December 31, 2015 (Unaudited)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 96.2%
COMMON STOCKS 91.5%
SWITZERLAND 4.0%
HEALTH CARE 4.0%
Roche Holding AG		844	$		234
Total Switzerland					234
UNITED KINGDOM 1.0%
ENERGY 1.0%
Golar LNG Partners LP		4,452			59
Total United Kingdom					59
UNITED STATES 86.5%
CONSUMER DISCRETIONARY 16.2%
Comcast Corp. ‘A’		5,085			287
General Motors Co.		6,737			229
Kohl’s Corp.		1,854			88
Macy’s, Inc.		2,474			87
SeaWorld Entertainment, Inc.		4,373			86
Time Warner, Inc.		2,715			176
					953
ENERGY 2.9%
Schlumberger Ltd.		2,478			173
FINANCIALS 10.6%
Blackstone Group LP		4,750			139
JPMorgan Chase & Co.		1,782			118
Navient Corp.		4,538			52
Prudential Financial, Inc.		2,051			167
Regions Financial Corp.		15,005			144
					620

	SHARES			MARKET VALUE (000S)
HEALTH CARE 13.5%
AbbVie, Inc.		4,485	$		266
Merck & Co., Inc.		4,566			241
Pfizer, Inc.		8,932			288
					795
INDUSTRIALS 7.9%
Neilsen Holdings PLC		6,155			287
Quad/Graphics, Inc.		3,090			28
RR Donnelley & Sons Co.		9,905			146
					461
INFORMATION TECHNOLOGY 15.7%
Apple, Inc.		2,427			255
Cisco Systems, Inc.		7,506			204
QUALCOMM, Inc.		5,880			294
Western Digital Corp.		2,856			172
					925
MATERIALS 5.4%
International Paper Co.		5,295			199
Steel Dynamics, Inc.		6,533			117
					316
TELECOMMUNICATION SERVICES 9.4%
AT&T, Inc.		9,248			318
CenturyLink, Inc.		9,212			232
					550
UTILITIES 4.9%
PG&E Corp.		5,401			287
Total United States					5,080
Total Common Stocks (Cost $5,659)					5,373

	SHARES			MARKET VALUE (000S)
REAL ESTATE INVESTMENT TRUSTS 4.7%
UNITED STATES 4.7%
FINANCIALS 4.7%
Colony Capital, Inc. ‘A’		8,613	$		168
Outfront Media, Inc.		5,027			110
					278
Total Real Estate Investment Trusts (Cost $332)					278
Total Investments in Securities (Cost $5,991)					5,651
INVESTMENTS IN AFFILIATES 2.4%
SHORT-TERM INSTRUMENTS 2.4%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.4%
PIMCO Short-Term Floating NAV Portfolio III		14,217			140
Total Short-Term Instruments (Cost $140)					140
Total Investments in Affiliates (Cost $140)					140
Total Investments 98.6% (Cost $6,131)			$		5,791
Financial Derivative Instruments (a) 0.0% (Cost or Premiums, net $0)					(1	)
Other Assets and Liabilities, net 1.4%					81
Net Assets 100.0%			$		5,871

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

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

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

FUTURES CONTRACTS:

Description	Type	Expiration Month		# of Contracts		Unrealized (Depreciation)			Variation Margin
									Asset		Liability
E-mini S&P 500 Index March Futures	Long		03/2016		1	$	(1	)	$	0	$	(1	)
Total Futures Contracts						$	(1	)	$	0	$	(1	)

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 61

Schedule of Investments PIMCO U.S. Dividend Fund (Cont.)

December 31, 2015 (Unaudited)

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, 2015:

Cash of $19 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2015. See Note 7, Principal Risks, in the Notes to Financial Statements for more information regarding master netting arrangements.

	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset				Total		Market Value		Variation Margin Liability				Total
	Purchased Options		Futures		Swap Agreements				Written Options		Futures		Swap Agreements
Total Exchange-Traded or Centrally Cleared	$	0	$	0	$	0	$	0	$	0		$    (1)	$	0		$    (1)

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2015:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	1	$	0	$	0	$	1

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2015:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Realized (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	(1	)	$	0	$	0	$	(1	)
Net Change in Unrealized (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	(1	)	$	0	$	0	$	(1	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2015
Investments in Securities, at Value
Common Stocks
Switzerland
Health Care	$	0	$	234	$	0	$	234
United Kingdom
Energy		59		0		0		59
United States
Consumer Discretionary		953		0		0		953
Energy		173		0		0		173
Financials		620		0		0		620
Health Care		795		0		0		795
Industrials		461		0		0		461
Information Technology		925		0		0		925
Materials		316		0		0		316
Telecommunication Services		550		0		0		550
Utilities		287		0		0		287

Category and Subcategory	Level 1			Level 2		Level 3		Fair Value at 12/31/2015
Real Estate Investment Trusts
United States
Financials	$	278		$	0	$	0	$	278
	$	5,417		$	234	$	0	$	5,651
Investments in Affiliates, at Value
Short-Term Instruments
Central Funds Used for Cash Management Purposes		140			0		0		140
Total Investments	$	5,557		$	234	$	0	$	5,791
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared	$	(1	)	$	0	$	0	$	(1	)
Totals	$	5,556		$	234	$	0	$	5,790

There were no significant transfers between Levels 1, 2, or 3 during the period ended December 31, 2015.

62 PIMCO EQUITY SERIES See Accompanying Notes

Notes to Financial Statements

December 31, 2015 (Unaudited)

1. ORGANIZATION

PIMCO Equity Series (the “Trust”) was established as a Delaware statutory trust on December 28, 2009. The Trust is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, Class P, Class D, Class A, Class C and Class R 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.

2. SIGNIFICANT ACCOUNTING POLICIES

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

(a) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 15 days or more after the trade date. Realized gains and 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 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 and losses on mortgage-related and other asset-backed securities are recorded as components of interest income on the Statements of Operations. Income or short-term capital

gain distributions received from registered investment companies are recorded as dividend income. Long-term capital gain distributions received from registered investment companies are recorded as realized gains.

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

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

(c) Multiclass Operations  Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains and 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

SEMIANNUAL REPORT DECEMBER 31, 2015 63

Notes to Financial Statements (Cont.)

and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value (“NAV”) of a class of the respective Fund’s shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(d) Dividends and Distributions to Shareholders  Dividends from net investment income, if any, of the PIMCO EqS^® Long/Short Fund, are declared and distributed to shareholders annually. Dividends from net investment income, if any, of each Fund, except the PIMCO EqS^® Long/Short Fund are declared daily and distributed to shareholders quarterly. Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than once each year.

Income dividends 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. Examples of events that give rise to timing differences include wash sales, straddles and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of transactions that may cause character differences include the treatment of paydowns on mortgage-backed securities, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends 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.

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

(e) Statements of Cash Flows  U.S. GAAP requires entities providing financial statements that report both financial position and results of operations to also provide a Statement of Cash Flows for each period for which results of operations are provided, but exempts investment companies meeting certain conditions. One of the conditions is that substantially all of the enterprise’s investments were carried at fair value during the period and classified as Level 1 or Level 2 in the fair value hierarchy in accordance with the requirements of U.S. GAAP. Another condition is that the enterprise had little or no debt, based on the average debt outstanding during the period, in relation to average total assets. Funds with certain degrees of borrowing activity, typically

through the use of reverse repurchase agreements or sale-buyback transactions, or a line of credit, have been determined to be at a level requiring a Statement of Cash Flows. Statements of Cash Flows, as applicable, have been prepared using the indirect method which requires net increase (decrease) in net assets resulting from operations to be adjusted to reconcile to net cash flows from operating activities.

(f) New Accounting Pronouncements  In June 2014, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”), ASU 2014-11, that expanded secured borrowing accounting for certain repurchase agreements. The ASU also sets forth additional disclosure requirements for certain transactions accounted for as sales in order to provide financial statement users with information to compare to similar transactions accounted for as secured borrowings. The ASU became effective prospectively for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. The Funds have adopted the ASU. The financial statements have been modified to provide enhanced disclosures surrounding secured borrowing transactions, if any. See the Notes to Schedules of Investments for additional details.

In August 2014, the FASB issued ASU 2014-15 requiring management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern. The ASU is effective prospectively for annual periods ending after December 15, 2016, and interim periods thereafter. At this time, management is evaluating the implications of these changes on the financial statements.

In May 2015, the FASB issued ASU 2015-07 which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the NAV per share practical expedient. The ASU also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the NAV per share practical expedient. The ASU is effective for annual periods beginning after December 15, 2015 and interim periods within those annual periods. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies  The price of a Fund’s shares is based on the Fund’s NAV. The NAV of a Fund, or each of its share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to that Fund or class, less any liabilities, by the total number of shares outstanding of that Fund or class. On each day that the New York Stock Exchange (“NYSE”) is open, Fund shares are ordinarily valued as of the close of

64 PIMCO EQUITY SERIES

December 31, 2015 (Unaudited)

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

For purposes of calculating NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of official closing prices or the last reported sales prices, or if no sales are reported, based on quotes obtained from established market makers or prices (including evaluated prices) supplied by the Funds’ approved pricing services, quotation reporting systems and other third-party sources (together, “Pricing Services”). The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by the Adviser to be the primary exchange. A foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange. Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Services using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Services may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Services or other pricing sources. With respect to any portion of the Fund’s assets that are invested in one or more open-end management investment companies (other than exchange-traded funds (“ETFs”)), a Fund’s NAV will be calculated based upon the NAVs of such investments.

If a foreign (non-U.S.) equity security’s value has materially changed after the close of the security’s primary exchange or principal market but before the NYSE Close, the security may be valued at fair value based on procedures established and approved by the Board of

Trustees of the Trust (the “Board”). Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the Fund may determine the fair value of investments based on information provided by Pricing Services and other third-party vendors, which may recommend fair value or adjustments with reference to other securities, indices or assets. In considering whether fair valuation is required and in determining fair values, the Fund may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of non-U.S. securities. Foreign (non-U.S.) exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in a Fund’s portfolio investments being affected when shareholders are unable to buy or sell shares.

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

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Services. As a result, the value of such investments and, in turn, the NAV of 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 a Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Fund’s next calculated NAV.

Investments for which market quotes or market based valuations are not readily available are valued at fair value as determined in good faith by the Board or persons acting at their direction. The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to the Adviser the responsibility for applying the fair

SEMIANNUAL REPORT DECEMBER 31, 2015 65

Notes to Financial Statements (Cont.)

valuation methods. In the event that market quotes or market based valuations are not readily available, and the security or asset cannot be valued pursuant to a Board approved valuation method, the value of the security or asset will be determined in good faith by the Valuation Oversight Committee of the Board (“Valuation Oversight Committee”), generally based on recommendations provided by the Adviser. Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/ask information, indicative market quotations (“Broker Quotes”), Pricing Services’ prices), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of a Fund’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to the Adviser the responsibility for monitoring significant events that may materially affect the values of the Fund’s securities or assets and for determining whether the value of the applicable securities or assets should be reevaluated in light of such significant events.

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

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

those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:

ⁿ  Level 1 — Inputs using (unadjusted) quoted prices in active markets or exchanges for identical assets and liabilities.

ⁿ  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.

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

In accordance with the requirements of U.S. GAAP, the amounts of transfers between Levels 1 and 2 and transfers in and out of Level 3, if material, are disclosed in the Notes to Schedules 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 in and out of the Level 3 category during the period. The end of period timing recognition 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 Schedules of Investments for each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

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

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and

66 PIMCO EQUITY SERIES

December 31, 2015 (Unaudited)

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

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

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

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

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

Equity-linked securities are valued by referencing the last reported sale or settlement price of the linked referenced equity on the day of valuation. Foreign exchange adjustments are applied to the last reported price to convert the linked equity’s trading currency to the

contract’s settling currency. These investments are categorized as Level 2 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted. Investments in privately held investment funds with significant restrictions on redemption where the inputs to the NAVs are observable will be valued based upon the NAVs of such investments and are categorized as Level 2 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost of such short-term debt instrument is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. Prior to July 31, 2015, short-term investments having a maturity of 60 days or less and repurchase agreements were generally valued at amortized cost which approximates fair value. Short-term debt instruments having a remaining maturity of 60 days or less are categorized as Level 2 of the fair value hierarchy.

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

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange (if available). For centrally cleared credit default swaps, the clearing facility requires

SEMIANNUAL REPORT DECEMBER 31, 2015 67

Notes to Financial Statements (Cont.)

its members to provide actionable price levels across complete term structures. These levels along with external third-party prices are used to produce daily settlement prices. These securities are categorized as Level 2 of the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates including the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to produce the daily settlement price. These securities are categorized as Level 2 of the fair value hierarchy.

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

The validity of the fair value is reviewed by the Adviser on a periodic basis and may be amended in accordance with the Trust’s valuation procedures.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

Each Fund may invest in the PIMCO Short-Term Floating NAV Portfolio III (“Central Fund”) to the extent permitted by the Act and rules thereunder. The Central Fund is a registered investment company 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 Fund are money market and short maturity fixed income instruments. The Central Fund may incur expenses related to its investment activities, but does not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Fund is considered to be affiliated with the Funds. The table below shows the Funds’ transactions in and earnings from investments in the affiliated Central Fund for the period ended December 31, 2015 (amounts in thousands^†):

Investments in PIMCO Short-Term Floating NAV Portfolio III

Fund Name	Market Value 06/30/2015		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2015		Dividend Income  (1)		Realized Net Capital Gain Distributions (1)
PIMCO Balanced Income Fund	$	1,974	$	6,013	$	(6,200	)	$	(4	)	$	(5	)	$	1,778	$	14	$	0
PIMCO Dividend and Income Builder Fund		32,430		203,383		(230,950	)		(63	)		0			4,800		83		0
PIMCO EqS® Long/Short Fund		122,481		981,050		(796,400	)		(142	)		(1,213	)		305,776		1,950		0
PIMCO Global Dividend Fund		3,024		28,105		(29,875	)		(1	)		0			1,253		5		0
PIMCO International Dividend Fund		110		400		(500	)		0			0			10		0		0
PIMCO U.S. Dividend Fund		10		1,002		(870	)		(2	)		0			140		2		0

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

⁽¹⁾  A portion of this may be recharacterized to return of capital and reflected as such on tax forms mailed to shareholders on or about January 31st following each calendar year.

(b) Investments in Securities

Inflation-Indexed Bonds  Certain Funds may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted to 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 Statements of Operations, even though investors do not receive their principal until maturity.

Loan Participations, Assignments and Originations Certain  Funds may invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. A Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from

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

The types of loans and related investments in which the Funds may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and

68 PIMCO EQUITY SERIES

December 31, 2015 (Unaudited)

structured loans. The Funds may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower’s obligation to the holder of such a loan, including in the event of the borrower’s insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate a Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan agreement and only upon receipt of payments by the lender from the borrower. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, a Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statements of Operations. As of December 31, 2015, the Funds had no unfunded loan commitments outstanding.

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

mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments, and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including auto loans, credit card receivables, home equity loans, and student loans.

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

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

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

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home

SEMIANNUAL REPORT DECEMBER 31, 2015 69

Notes to Financial Statements (Cont.)

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

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The 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 is described below. For a detailed description of credit and counterparty risks that can be associated with borrowings and other financing transactions, please see Note 7, Principal Risks.

(a) Repurchase Agreements  Certain Funds may engage in repurchase agreements. Under the terms of a typical repurchase agreement, a Fund takes possession of 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. The underlying securities for all repurchase agreements are held in safekeeping at the Fund’s custodian or designated subcustodians under tri-party repurchase agreements. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, 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) Short Sales  Certain Funds may enter into short sales transactions. A short sale is a transaction in which a Fund sells securities it may not own in anticipation of a decline in the fair value of the securities. Securities sold in short sale transactions and the interest payable on such securities, if any, are reflected as a liability on the Statements of Assets and Liabilities. A Fund is obligated to deliver securities at the trade price at the time the short position is covered. Possible losses

from short sales may be unlimited, whereas losses from purchases cannot exceed the total amount invested.

6. FINANCIAL DERIVATIVE INSTRUMENTS

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

(a) Forward Foreign Currency Contracts  Certain Funds may enter into forward foreign currency contracts 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 a 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 or loss. Realized gains or 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 or loss reflected on the Statements of Assets and Liabilities. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts  Certain Funds may enter into futures contracts. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures

70 PIMCO EQUITY SERIES

December 31, 2015 (Unaudited)

contract, a Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Fund (“Futures Variation Margin”). Gains or losses are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statements of Assets and Liabilities.

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

Certain Funds may also purchase put and call options. 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 or loss when the underlying transaction is executed.

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

(d) Swap Agreements  Certain Funds may invest in swap agreements. 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 included within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. 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 gains or losses 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

SEMIANNUAL REPORT DECEMBER 31, 2015 71

Notes to Financial Statements (Cont.)

as realized gain or loss on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gains or losses on the Statements of Operations.

For purposes of applying a Fund’s investment policies and restrictions, swap agreements are generally valued by a Fund at market value. In the case of a credit default swap (see below), however, 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 reflects a Fund’s actual economic exposure during the term of the credit default swap agreement. 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 these agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates.

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 is mitigated by having a master netting arrangement between a Fund and the counterparty and by the posting of collateral to a Fund to cover a Fund’s exposure to the counterparty.

Credit Default Swap Agreements  A Fund may use credit default swaps on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the

swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

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

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

72 PIMCO EQUITY SERIES

December 31, 2015 (Unaudited)

standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Fund may use credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indices are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

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

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

Interest Rate Swap Agreements  Certain Funds are subject to interest rate risk exposure in the normal course of pursuing their investment objectives. Because a Fund holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this

risk and to maintain its ability to generate income at prevailing market rates, a Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by a Fund with another party for their respective commitment to pay or 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 RISKS

In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to such things as changes in the market (market risk) or failure or inability of the other party to a transaction to perform (credit and counterparty risk). See below for a detailed description of select principal risks. For a more comprehensive list of potential risks the Funds may be subject to, please see the Important Information About the Funds.

Market Risks  A Fund’s investments in financial derivative instruments and other financial instruments expose the Fund to various risks such as, but not limited to, interest rate, foreign currency, equity and commodity risks.

The market values of equities, such as common stocks and preferred securities or equity related investments such as futures and options, 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. They may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Different types of

SEMIANNUAL REPORT DECEMBER 31, 2015 73

Notes to Financial Statements (Cont.)

equity securities may react differently to these developments. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

Issuers that have paid regular dividends or distributions to shareholders may not continue to do so in the future. An issuer may reduce or eliminate future dividends or distributions at any time and for any reason. Moreover, a Fund may use a dividend capture strategy (i.e., purchasing an equity security shortly before the issuer pays a dividend and selling it shortly thereafter), which may expose the Fund to higher portfolio turnover, increased trading costs and the potential for capital loss or gain, particularly in the event of significant short-term price movements of stocks subject to dividend capture trading. Also, securities purchased to capture a dividend often decline in value at the time of sale (i.e., shortly following the dividend) and the resulting realized loss to the Fund may exceed the amount of the dividend received, thereby negatively impacting the Fund’s net asset value.

Interest rate risk is the risk that fixed income securities will decline in value because of an increase in interest rates. As nominal interest rates rise, the value of certain fixed income securities held by a Fund is likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Interest rate changes can be sudden and unpredictable, and a Fund may lose money if these changes are not anticipated by the Fund’s management. A Fund may not be able to hedge against changes in interest rates or may choose not to do so for cost or other reasons. In addition, any hedges may not work as intended.

Duration is a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements that incorporates a security’s yield, coupon, final maturity and call features, among other characteristics. Convexity is an additional measure of interest rate sensitivity that measures the rate of change of duration in response to changes in interest rates. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. A wide variety of factors can cause interest rates to rise (e.g., central bank monetary policies, inflation rates, general economic conditions). At present, the U.S. is experiencing historically low interest rates. The Funds may be subject to heightened interest rate risk because the Fed has ended its quantitative easing program and has begun, and may continue, to raise interest rates. Further, while U.S. bond markets have steadily grown over the past three decades, dealer “market making” ability has remained relatively stagnant. Given the importance of intermediary “market making” in creating a robust and active market, fixed income securities are currently facing increased volatility and liquidity risks. All of these factors, collectively and/or individually, could

cause a Fund to lose value. If a Fund lost enough value, the Fund could face increased redemptions by shareholders, which could further impair its performance.

To the extent that a Fund may invest in securities and instruments that are economically tied to Russia, the Fund is 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, and unpredictable taxation. Investments in Russia are particularly subject to the risk that further economic sanctions may be imposed by the United States and/or other countries. Such sanctions — which may impact companies in many sectors, including energy, financial services and defense, among others — may negatively impact a Fund’s performance and/or ability to achieve its investment objective. The Russian securities market, as compared to U.S. markets, has significant price volatility, less liquidity, difficulties in obtaining accurate prices, a smaller market capitalization and a smaller number of traded securities. Settlement, clearing and registration of securities transactions are subject to risks, which may result in significant delays or problems in registering the transfer of securities, including issues with foreign nominee accounts held with custodian banks. It is possible that the ownership rights of a Fund could be lost through fraud or negligence. In addition, it may be difficult for a Fund to enforce any rights it may have in the event of loss of share registration. Adverse currency exchange rates are a risk and there may be a lack of available currency hedging instruments. Investments in Russia may be subject to the risk of nationalization or expropriation of assets. Oil, natural gas, metals, and timber account for a significant portion of Russia’s exports, leaving the country vulnerable to swings in world prices.

If a Fund invests directly in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, foreign (non-U.S.) currencies, or in financial derivative instruments that provide exposure to foreign (non-U.S.) currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund (or Acquired Funds), or, in the case of hedging positions, that the Fund’s base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, a Fund’s investments in foreign currency-denominated securities may reduce the Fund’s returns.

74 PIMCO EQUITY SERIES

December 31, 2015 (Unaudited)

Credit and Counterparty Risks  A Fund will be exposed to credit risk to parties with whom it trades and will also bear the risk of settlement default. A Fund minimizes concentrations of credit risk by undertaking transactions with a large number of customers and counterparties on recognized and reputable exchanges, where applicable. For financial derivative instruments traded on exchanges or clearinghouses, the primary credit risk is the creditworthiness of a Fund’s clearing broker or the exchange or clearinghouse itself. A Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a financial derivative instruments contract, repurchase agreement or a loan of portfolio securities, is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Securities and financial derivative instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings.

Similar to credit risk, a Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default. PIMCO, as the Adviser, minimizes counterparty risks to the Funds through a number of ways. Prior to entering into transactions with a new counterparty, the PIMCO Counterparty Risk Committee conducts an extensive credit review of such counterparty and must approve the use of such counterparty. Furthermore, pursuant to the terms of the underlying contract, to the extent that unpaid amounts owed to a Fund exceed a predetermined threshold, such counterparty shall advance collateral to the Fund in the form of cash or securities equal in value to the unpaid amount owed to the Fund. A Fund may invest such collateral in securities or other instruments and will typically pay interest to the counterparty on the collateral received. If the unpaid amount owed to a Fund subsequently decreases, the Fund would be required to return to the counterparty all or a portion of the collateral previously advanced.

All transactions in listed securities are settled/paid for upon delivery using approved counterparties. The risk of default is considered minimal, as delivery of securities sold is only made once a Fund has received payment. Payment is made on a purchase once the securities have been delivered by the counterparty. The trade will fail if either party fails to meet its obligation.

Master Netting Arrangements  A Fund may be subject to various netting arrangements (“Master Agreements”) with select counterparties. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements

with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

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

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

Master Securities Forward Transaction Agreements (“Master Forward Agreements”) govern certain forward settling transactions, such as To-Be-Announced securities, delayed-delivery or sale-buyback transactions by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, 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

SEMIANNUAL REPORT DECEMBER 31, 2015 75

Notes to Financial Statements (Cont.)

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 over the counter (“OTC”) derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant (“FCM”) registered with the Commodity Futures Trading Commission (“CFTC”). In the United States, counterparty risk is significantly reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. Additionally, portability of exposure in the event of an FCM default scenario further reduces risk to the Funds. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end is disclosed in the Notes to Schedules of Investments.

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

8. FEES AND EXPENSES

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

	Investment Advisory Fee		Supervisory and Administrative Fee
Fund Name	All Classes		Institutional Class		Class P		Administrative Class		Class D		A, C and R Classes
PIMCO Balanced Income Fund		0.60%		0.30%		0.40%		N/A		0.40%		0.40%
PIMCO Dividend and Income Builder Fund		0.69%		0.30%		0.40%		N/A		0.40%		0.40%
PIMCO EqS® Long/Short Fund		1.04%		0.45%		0.55%		N/A		0.55%		0.55%
PIMCO Global Dividend Fund		0.69%		0.30%		0.40%		N/A		0.40%		0.40%
PIMCO International Dividend Fund		0.69%		0.30%		0.40%		N/A		0.40%		0.40%
PIMCO U.S. Dividend Fund		0.60%		0.30%		0.40%		N/A		0.40%		0.40%

(c) Distribution and Servicing Fees  PIMCO Investments LLC (“PI”), 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, Class C and Class R shares of the Trust pursuant to Rule 12b-1 under the Act. In connection with the distribution of Class C and Class R shares of the Trust, the Distributor receives distribution fees from the Trust of up to 0.75% for Class C shares and 0.25% for Class R shares, and in connection with personal services

rendered to Class A, Class C 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, Class C and Class R shares (percentages reflect annual rates of the average daily net assets attributable to the applicable class).

The Trust has adopted a Distribution and Servicing Plan with respect to the Class D shares of each Fund pursuant to Rule 12b-1 under the Act (the “Class D Plan”). Under the terms of the Class D Plan, a Fund is permitted to compensate the Distributor out of the assets attributable

76 PIMCO EQUITY SERIES

December 31, 2015 (Unaudited)

to the Class D shares of the Fund, in an amount up to 0.25% on an annual basis of the average daily net assets of the Fund’s Class D shares for providing, or procuring through financial intermediaries, distribution, shareholder services, and/or maintenance of shareholder accounts with respect to Class D shareholders of the Fund, some of which may be deemed to be primarily intended to result in the sale of Class D shares.

The Trust has adopted a Distribution and Servicing Plan with respect to the Administrative Class shares of each Fund pursuant to Rule 12b-1 under the Act (the “Administrative Class Plan”). Under the terms of the 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 set forth in the following table (calculated as a percentage of each Fund’s average daily net assets attributable to each class):

	Distribution Fee		Servicing Fee
Administrative Class		—		0.25%
Class D		—		0.25%
Class A		—		0.25%
Class C		0.75%		0.25%
Class R		0.25%		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, 2015, the Distributor retained $108,108 representing commissions (sales charges) and contingent deferred sales charges from the Trust.

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

payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust’s Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class as disclosed in the Prospectus.

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

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

(e) Expense Limitation  PIMCO has agreed to waive a portion of the Funds’ Supervisory and Administrative Fees in each Fund’s first fiscal year, to the extent that the payment of each Fund’s pro rata share of organizational expenses and Trustee Fees cause the actual expense ratio to rise above the rates disclosed in the then-current prospectus plus 0.0049%, the “Expense Limit” (calculated as a percentage of each Fund’s average daily net assets attributable to each class).

PIMCO has contractually agreed to waive a portion of the Investment Advisory Fee as set forth in the following table (calculated as a percentage of each Fund’s average daily net assets).

Fund Name	Fee Waiver		Expiration Date
PIMCO Balanced Income Fund		0.15%		10/31/2016
PIMCO Dividend and Income Builder Fund		0.16%		10/31/2016
PIMCO Global Dividend Fund		0.16%		10/31/2016
PIMCO International Dividend Fund		0.16%		10/31/2016
PIMCO U.S. Dividend Fund		0.16%		10/31/2016

Under the Fee Limitation Agreement, PIMCO is entitled to reimbursement by each Fund of any portion of the Supervisory and Administrative Fee and/or Investment Advisory Fee waived, reduced or reimbursed pursuant to the Fee Limitation Agreement or the Expense Limitation Agreement, respectively (the “Reimbursement Amount”)

SEMIANNUAL REPORT DECEMBER 31, 2015 77

Notes to Financial Statements (Cont.)

during the previous three years, provided that such amount paid to PIMCO will not: 1) together with any recoupment of organizational expenses and pro rata Trustees’ fees pursuant to the Expense Limitation Agreement, exceed the Expense Limit; 2) exceed the total Reimbursement Amount; or 3) include any amounts previously reimbursed to PIMCO. The Fee 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.

PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months after the waiver. Expenses that have been waived may still be reimbursed by the Administrator, to the extent the Fund’s annualized total portfolio operating expenses plus the amount reimbursed does not exceed the Expense Limit. The recoverable amounts to PIMCO at December 31, 2015, were as follows (amounts in thousands):

Fund Name	Recoverable Amounts
PIMCO Balanced Income Fund	$	151
PIMCO Dividend and Income Builder Fund		137
PIMCO EqS® Long/Short Fund		176
PIMCO Global Dividend Fund		97
PIMCO International Dividend Fund		86
PIMCO U.S. Dividend Fund		84

9. RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties. Fees payable to these parties are disclosed in Note 8 and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

Certain Funds are permitted to purchase or sell securities from or to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate, or affiliate of an affiliate, by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 under the Act.

Further, as defined under the procedures, each transaction is effected at the current market price. During the period ended December 31, 2015, the Funds below engaged in purchases and sales of securities pursuant to Rule 17a-7 under the Act (amounts in thousands^†):

Fund Name	Purchases		Sales
PIMCO Balanced Income Fund	$	91	$	16
PIMCO Dividend and Income Builder Fund		0		12,968
PIMCO Global Dividend Fund		0		39

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

10. GUARANTEES AND INDEMNIFICATIONS

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

11. PURCHASES AND SALES OF SECURITIES

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

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2015, were as follows (amounts in thousands^†):

	U.S. Government/Agency				All Other
Fund Name	Purchases		Sales		Purchases		Sales
PIMCO Balanced Income Fund	$	774	$	280	$	5,093	$	3,949
PIMCO Dividend and Income Builder Fund		0		0		275,002		463,118
PIMCO EqS® Long/Short Fund		8,800		8,803		3,989,209		4,281,500
PIMCO Global Dividend Fund		0		0		50,194		59,569
PIMCO International Dividend Fund		0		0		2,778		4,486
PIMCO U.S. Dividend Fund		0		0		3,096		2,032

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

78 PIMCO EQUITY SERIES

December 31, 2015 (Unaudited)

12. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands^†):

	PIMCO Balanced Income Fund(1)												PIMCO Dividend and Income Builder Fund												PIMCO EqS® Long/Short Fund
	Six Months Ended 12/31/2015						Year Ended 06/30/2015						Six Months Ended 12/31/2015						Year Ended 06/30/2015						Six Months Ended 12/31/2015						Year Ended 06/30/2015
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		3		$	12			187		$	1,919			384		$	4,445			1,504		$	19,087			5,066		$	60,468			4,616		$	54,428
Class P		1			8			23			227			1,654			19,013			7,885			100,872			10,413			124,355			18,402			216,705
Class D		25			247			43			439			602			6,902			1,954			24,794			1,840			21,721			2,701			31,509
Class A		252			2,328			454			4,634			3,339			38,156			8,330			105,843			3,189			37,701			3,937			46,184
Class C		246			2,311			406			4,097			3,137			35,222			8,613			108,921			3,137			36,291			3,298			38,089
Class R		0			0			0			0			1			15			1			14			0			0			0			0
Issued as reinvestment of distributions
Institutional Class		27			243			22			216			345			3,428			346			4,277			218			2,550			163			1,887
Class P		0			4			0			3			490			4,882			409			5,058			264			3,078			108			1,248
Class D		2			16			1			6			239			2,367			137			1,691			55			640			22			247
Class A		15			137			5			49			1,814			17,961			1,157			14,302			152			1,763			83			957
Class C		15			133			4			45			1,877			18,499			1,088			13,410			161			1,820			70			784
Class R		0			0			0			0			2			22			2			22			0			0			0			0
Cost of shares redeemed
Institutional Class		(61	)		(587	)		(80	)		(808	)		(2,951	)		(32,999	)		(3,158	)		(39,875	)		(10,975	)		(131,448	)		(25,702	)		(299,684	)
Class P		(2	)		(20	)		(10	)		(99	)		(9,577	)		(105,483	)		(6,531	)		(81,608	)		(4,237	)		(50,526	)		(24,620	)		(285,630	)
Class D		(12	)		(124	)		(8	)		(85	)		(1,655	)		(18,666	)		(1,226	)		(15,462	)		(753	)		(8,889	)		(5,605	)		(64,780	)
Class A		(171	)		(1,632	)		(54	)		(547	)		(6,742	)		(73,916	)		(9,822	)		(124,012	)		(4,357	)		(51,350	)		(21,852	)		(254,288	)
Class C		(108	)		(1,006	)		(78	)		(786	)		(8,165	)		(89,521	)		(7,481	)		(93,888	)		(1,772	)		(20,491	)		(9,708	)		(110,601	)
Class R		0			0			0			0			(1	)		(15	)		(15	)		(186	)		0			0			0			0
Net increase (decrease) resulting from Fund share transactions		232		$	2,070			915		$	9,310			(15,207	)	$	(169,688	)		3,193		$	43,260			2,401		$	27,683			(54,087	)	$	(622,945	)

SEMIANNUAL REPORT DECEMBER 31, 2015 79

Notes to Financial Statements (Cont.)

	PIMCO Global Dividend Fund(2)												PIMCO International Dividend Fund(3)												PIMCO U.S. Dividend Fund(4)
	Six Months Ended 12/31/2015						Year Ended 06/30/2015						Six Months Ended 12/31/2015						Inception date through June 30, 2015						Six Months Ended 12/31/2015						Inception date through June 30, 2015
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		1,725		$	11,244			1,476		$	13,197			5		$	52			436		$	4,410			20		$	174			410		$	4,113
Class P		31			199			281			2,945			1			19			497			5,519			0			0			1			10
Class D		4			29			83			749			6			63			24			260			6			63			7			69
Class A		554			3,529			2,242			19,211			47			468			100			1,095			87			786			78			817
Class C		463			2,903			1,178			10,003			18			187			58			627			58			533			62			649
Class R		1			1			1			7			0			0			0			0			0			0			0			0
Issued as reinvestment of distributions
Institutional Class		1,444			7,912			3,460			25,542			16			139			6			65			15			126			5			56
Class P		42			234			278			2,029			1			6			1			15			0			0			0			0
Class D		34			186			283			2,071			1			7			0			2			0			2			0			0
Class A		681			3,736			2,622			19,146			3			26			0			5			3			30			0			4
Class C		475			2,585			1,868			13,534			2			18			0			3			3			23			0			2
Class R		0			1			8			59			0			0			0			0			0			0			0			0
Cost of shares redeemed
Institutional Class		(1,967	)		(11,614	)		(20,589	)		(252,716	)		(31	)		(303	)		0			0			(8	)		(72	)		0			(3	)
Class P		(203	)		(1,251	)		(489	)		(3,951	)		(163	)		(1,683	)		(333	)		(3,588	)		0			0			0			0
Class D		(122	)		(815	)		(655	)		(6,018	)		(9	)		(89	)		(1	)		(16	)		(1	)		(10	)		(5	)		(49	)
Class A		(1,613	)		(10,367	)		(4,386	)		(40,315	)		(59	)		(596	)		(5	)		(56	)		(28	)		(260	)		(4	)		(42	)
Class C		(1,218	)		(7,931	)		(2,419	)		(21,403	)		(8	)		(79	)		(1	)		(16	)		(16	)		(146	)		(2	)		(21	)
Class R		(8	)		(54	)		(16	)		(137	)		0			0			0			0			0			0			0			0
Net increase (decrease) resulting from Fund share transactions		323		$	527			(14,774	)	$	(216,047	)		(170	)	$	(1,765	)		782		$	8,325			139		$	1,249			552		$	5,605

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

⁽¹⁾  As of December 31, 2015, one shareholder owned 10% or more of the Fund’s total outstanding shares comprising 18% of the Fund, and the shareholder is a related party of the Fund.*

⁽²⁾  As of December 31, 2015, one shareholder owned 10% or more of the Fund’s total outstanding shares comprising 43% of the Fund, and the shareholder is a related party of the Fund.*

⁽³⁾ As of December 31, 2015, one shareholder owned 10% or more of the Fund’s total outstanding shares comprising 52% of the Fund, and the shareholder is a related party of the Fund.*

⁽⁴⁾  As of December 31, 2015, one shareholder owned 10% or more of the Fund’s total outstanding shares comprising 46% of the Fund, and the shareholder is a related party of the Fund.*

* Related parties may include, but are not limited to, the investment manager and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.

13. REGULATORY AND LITIGATION MATTERS

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

PIMCO has received a Wells Notice from the staff of the U.S. Securities and Exchange Commission (“SEC”) that relates to the PIMCO Total Return Active Exchange-Traded Fund (“BOND”), a series of PIMCO ETF Trust. The notice indicates the staff’s preliminary determination to recommend that the SEC commence a civil action against PIMCO stemming from a non-public investigation relating to BOND. A Wells Notice is neither a formal allegation of wrongdoing nor a finding that any law was violated.

This matter principally pertains to the valuation of smaller sized positions in non-agency mortgage-backed securities purchased by

BOND between its inception on February 29, 2012 and June 30, 2012, BOND’s performance disclosures for that period, and PIMCO’s compliance policies and procedures related to these matters.

The Wells process provides PIMCO with the opportunity to demonstrate to the SEC staff why it believes its conduct was appropriate, in keeping with industry standards, and that no action should be taken. PIMCO believes that this matter is unlikely to have a material adverse effect on any Fund or on PIMCO’s ability to provide investment management services to any Fund.

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

14. FEDERAL INCOME TAX MATTERS

Each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the “Code”) and distribute all

80 PIMCO EQUITY SERIES

December 31, 2015 (Unaudited)

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, 2015, 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. tax returns. While the statute of limitations remains open to examine the Funds’ U.S. tax returns filed for the fiscal years ending in 2012-2014, no examinations are in progress or anticipated at this time. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

As of June 30, 2015, the Funds had the following post-effective capital losses with no expiration (amounts in thousands):

	Short-Term		Long-Term
PIMCO Balanced Income Fund	$	—	$	—
PIMCO Dividend and Income Builder Fund		—		—
PIMCO Emerging Multi-Asset Fund		390		5,710
PIMCO EqS® Emerging Markets Fund		28,573		8,751
PIMCO EqS® Long/Short Fund		—		—
PIMCO Global Dividend Fund		—		—
PIMCO International Dividend Fund		—		—
PIMCO US Dividend Fund		—		—
PIMCO EqS Pathfinder Fund®		262		393

As of December 31, 2015, the aggregate cost and the net unrealized appreciation (depreciation) of investments for federal income tax purposes are as follows (amounts in thousands):

Fund Name	Federal Tax Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation) (1)
PIMCO Balanced Income Fund	$	16,821	$	213	$	(1,423	)	$	(1,210	)
PIMCO Dividend and Income Builder Fund		681,222		22,037		(88,685	)		(66,648	)
PIMCO EqS® Long/Short Fund		880,194		14,557		(10,030	)		4,527
PIMCO Global Dividend Fund		103,386		5,236		(11,976	)		(6,740	)
PIMCO International Dividend Fund		5,888		199		(769	)		(570	)
PIMCO U.S. Dividend Fund		6,189		64		(462	)		(398	)

⁽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.

15. SUBSEQUENT EVENTS

On November 6, 2015, the Board approved the liquidation of Class R shares of PIMCO Dividend and Income Builder Fund and PIMCO Global Dividend Fund. The liquidation of Class R shares occurred on January 22, 2016.

There were no other subsequent events identified that require recognition or disclosure.

SEMIANNUAL REPORT DECEMBER 31, 2015 81

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

(Unaudited)

Counterparty Abbreviations:
AZD	Australia and New Zealand Banking Group	GSC	Goldman Sachs & Co.	PIP	US Bancorp Piper Jaffray
BCY	Barclays Capital, Inc.	GST	Goldman Sachs International	RDR	RBC Capital Markets
BNP	BNP Capital Markets Ltd.	HUS	HSBC Bank USA N.A.	RJA	Raymond James and Associates
BOA	Bank of America N.A.	JEF	Jefferies & Co., Inc.	SAL	Citigroup Global Markets, Inc.
BPS	BNP Paribas S.A.	JPM	JPMorgan Chase Bank N.A.	SCX	Standard Chartered Bank
BRC	Barclays Bank PLC	KCG	Knight Capital Group	SNF	Sanford C. Bernstein & Co.
CBK	Citibank N.A.	MRJ	Merrill Lynch Professional Clearing Corp	SSB	State Street Bank and Trust Co.
DEU	Deutsche Bank Securities, Inc.	MSB	Morgan Stanley Bank, N.A	UAG	UBS AG Stamford
DUB	Deutsche Bank AG	MSC	Morgan Stanley & Co., Inc.	UBS	UBS Securities LLC
FBF	Credit Suisse International	MYC	Morgan Stanley Capital Services, Inc.	WFS	Wells Fargo Securities, LLC
FOB	Credit Suisse Securities (USA) LLC	NAB	National Australia Bank Ltd.
GLM	Goldman Sachs Bank USA	PER	Pershing LLC
Currency Abbreviations:
AUD	Australian Dollar	GBP	British Pound	SGD	Singapore Dollar
BRL	Brazilian Real	HKD	Hong Kong Dollar	USD (or $)	United States Dollar
CAD	Canadian Dollar	JPY	Japanese Yen	ZAR	South African Rand
DKK	Danish Krone	MXN	Mexican Peso
EUR	Euro	RUB	Russian Ruble
Exchange Abbreviations:
OTC	Over the Counter
Index/Spread Abbreviations:
ABX.HE	Asset-Backed Securities Index - Home Equity	CDX.HY	Credit Derivatives Index - High Yield	CMBX	Commercial Mortgage-Backed Index
Other Abbreviations:
ABS	Asset-Backed Security	CDI	Brazil Interbank Deposit Rate	SP - ADR	Sponsored American Depositary Receipt
ADR	American Depositary Receipt	LIBOR	London Interbank Offered Rate	SP - GDR	Sponsored Global Depositary Receipt
ALT	Alternate Loan Trust	NVDR	Non-Voting Depositary Receipt	TBD%	Interest rate to be determined when loan settles
BBR	Bank Bill Rate	PIK	Payment-in-Kind	TIIE	Tasa de Interés Interbancaria de Equilibrio
BBSW	Bank Bill Swap Reference Rate	REMIC	Real Estate Mortgage Investment Conduit

82 PIMCO EQUITY SERIES

Approval of Investment Advisory Contract and Other Agreements

(Unaudited)

Approval of Renewal of the Investment Advisory Contract and Second Amended and Restated Supervision and Administration Agreement

At a meeting held on August 12, 2015, the Board of Trustees (the “Board”) of PIMCO Equity Series (the “Trust”), including all of the Trustees who are not “interested persons” of the Trust under the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered and unanimously approved the Investment Advisory Contract (the “Investment Advisory Contract”) between the Trust, on behalf of each of the Trust’s series (the “Funds”), and Pacific Investment Management Company LLC (“PIMCO”) for an additional one-year term through August 31, 2016. The Board also considered and unanimously approved for an additional one-year term through August 31, 2016, the Second Amended and Restated Supervision and Administration Agreement (the “Supervision and Administration Agreement” and together with the Investment Advisory Contract, the “Agreements”) between the Trust, on behalf of the Funds, and PIMCO.

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 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. In considering whether to approve the renewal of the Agreements, the Board also reviewed supplementary 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, information regarding the profitability to PIMCO of its relationship with the Funds, information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Funds, and information about the fees charged and services provided to other clients with similar investment mandates as the Funds (where applicable). In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees, which included, among other things, memoranda outlining legal duties of the Board in considering the continuation of the Agreements.

(b) Review Process:  In connection with the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO in response to requests from counsel to the Trust and the Independent Trustees. The Board requested and received assistance and advice regarding applicable legal standards from counsel to the Trust and the

Independent Trustees, and reviewed comparative fee and performance data prepared at the Board’s request by Lipper, Inc. (“Lipper”), an independent provider of investment company performance and fee and expense data. The Board heard oral 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 12, 2015 meeting. The Independent Trustees also conducted a telephonic meeting with counsel to the Trust and the Independent Trustees on July 30, 2015 to discuss the materials presented. In addition, the Independent Trustees requested and received from PIMCO additional information including, but not limited to, information related to profitability and comparative performance information.

The approval determinations were made on the basis of each Trustee’s business judgment after consideration 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. This summary describes the most important, but not 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: 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 assets under management. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment Advisory Contract. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted that PIMCO is making a long-term commitment to building an equity asset management platform, and that PIMCO continues to invest in personnel and global infrastructure necessary to support the equity business. In this regard, the Board considered PIMCO’s commitment to investing in information technology supporting investment management and compliance, as well as PIMCO’s continuing efforts to attract and retain qualified personnel, including personnel with relevant equities experience, and to maintain and enhance its resources and systems. The Board considered PIMCO’s policies, procedures and systems to reasonably assure compliance with applicable laws and regulations and its

SEMIANNUAL REPORT DECEMBER 31, 2015 83

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

commitment to these programs, its oversight of matters that may involve conflicts of interest between the Funds’ investments and those of other accounts managed by PIMCO, and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered PIMCO’s continuous investment in new disciplines and talented personnel, which has enhanced PIMCO’s service to the Funds and has allowed PIMCO to introduce innovative new funds over time.

The Trustees considered information they had received about the steps that PIMCO has taken in recent years with respect to active management of counterparty risk, such as implementing procedures requiring daily collateral adjustments and frequent communication between credit analysts and the counterparty risk committee, which oversees counterparty risk on a firm-wide basis, continually evaluating requests to add or remove approved counterparties as market needs and conditions warrant. The Trustees also considered that, over the last several years, PIMCO has continued to strengthen the process it uses to assess the financial stability of counterparties with which the Funds do business, to manage collateral and to protect portfolios from an unforeseen deterioration in the creditworthiness of trading counterparties. The Trustees noted that, consistent with its fiduciary duty, PIMCO executes transactions through a competitive best execution process and uses only those counterparties that meet its stringent and monitored criteria. The Trustees considered that PIMCO’s collateral management team utilizes a counterparty risk system to analyze portfolio level exposure and collateral being exchanged with counterparties.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented since the Board renewed the Agreements in 2014, including, but not limited to: conducting a targeted review of quality and efficiency in the valuation process; expanding the analytical review of shareholder reports by State Street Bank and Trust Company, the Funds’ custodian; developing a process for monthly forecasts of taxable and book income to enhance portfolio management of investment income; continuing the expansion of a proprietary performance reconciliation tool, which includes next-day comparison of daily internal performance to custodian bank performance to identify potential errors and guardrail net asset value calculations; developing and implementing the Global Process Monitor application, which includes real-time tracking and escalation protocols for critical activities; and implementing monthly cash flow reporting processes to support client and media demands for information about investor flows and assets under management data.

Ultimately, the Board concluded that the nature, extent and quality of services proposed to be provided by PIMCO under the Agreements are likely to benefit the Funds and their respective shareholders.

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

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

3. INVESTMENT PERFORMANCE

The Board received and examined information from PIMCO concerning the Funds’ performance, as available, over short- and long-term periods ended May 31, 2015 and other performance data, as available, over short- and long-term periods ended June 30, 2015 (the “PIMCO Report”) and from Lipper concerning the Funds’ performance, as available, over short- and long-term periods ended May 31, 2015 (the “Lipper Report”). The Board considered that limited performance information was available for the PIMCO RealPath Blend Funds because the Funds recently commenced operations. The Board also considered information regarding both the short- and long-term investment performance of each Fund relative to its peer group and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Lipper Report, which were provided in advance of the August 12, 2015 meeting.

The Board noted that, according to Lipper, certain Funds had underperformed in comparison to their respective peer groups or benchmark indexes, or both, over short- and long-term periods. The Board discussed with PIMCO the reasons for the underperformance of certain Funds over short- and long-term periods. The Board also discussed actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO’s plans to monitor performance going forward.

84 PIMCO EQUITY SERIES

(Unaudited)

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 continuation of the Agreements.

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

The Board considered that PIMCO seeks to price funds to scale at the outset with reference to the total expense ratios of the respective Lipper median (if available), while providing a premium for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Fund or class of shares, it considers a number of factors, including the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services, the impact on potential returns from different levels of fees, the competitive marketplace for financial products, and the attractiveness of potential Fund returns to current and potential investors. Fees charged to or proposed for different Funds for advisory services and supervisory and administrative services may vary in light of these various factors. The Board also considered that PIMCO reviews the Funds’ fee levels and carefully considers reductions where appropriate.

The Board reviewed the advisory fees, supervisory and administrative fees and total expenses of the Funds (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. With respect to advisory fees, the Board reviewed data from Lipper that compared the average and median advisory fees of other funds in a “Peer Group” of comparable funds, as well as the universe of other similar funds. The Board noted that PIMCO had contractually agreed, through October 31, 2015, to reduce its advisory fee by amounts shown in the table below:

PIMCO Balanced Income Fund	0.15%
PIMCO Dividend and Income Builder Fund	0.16%
PIMCO Global Dividend Fund	0.16%
PIMCO International Dividend Fund	0.16%
PIMCO U.S. Dividend Fund	0.16%

The Board further noted that the PIMCO Emerging Multi-Asset, PIMCO EqS^® Emerging Markets and PIMCO EqS^® Pathfinder Funds liquidated on July 14, 2015.

The Board also reviewed data comparing the Funds’ advisory fees to the standard fee rate PIMCO charges to separate accounts and to other investment companies with similar investment strategies, including differences in advisory services provided. The Board discussed separate

account and/or U.S. and non-U.S. registered fund comparisons to the PIMCO Global Dividend Fund, PIMCO Balanced Income Fund and PIMCO Dividend and Income Builder Fund (as available), noting that for the remaining Funds, there were no appropriate comparisons among separate accounts or non-U.S. registered funds at the time that the Board considered the Agreements. For PIMCO Global Dividend Fund, for which PIMCO offers a separate account with an investment strategy similar to the Fund, the Board noted that the separate account fee was lower than that charged to the Fund, but also noted that the differences in fees were attributable to various factors, including differences in the advisory and other services provided by PIMCO to the Fund, 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 that justify different levels of fees. The Board noted that the advisory fees (or management fees, where applicable) for most Funds were similar to the fee rates charged to other investment companies with the same investment strategies as the Funds.

In considering the fees paid by the Funds, the Board noted that retail investors in the Funds receive the benefit of PIMCO’s advisory services at the same advisory fee rates as institutional investors in the Funds.

The Board considered the Funds’ supervisory and administrative fees, comparing them to similar funds in the report supplied by Lipper. The Board also considered that as the Funds’ business has become increasingly complex and the number of Funds has grown, 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 and, in return, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Board further considered that many other funds pay for these 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, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it implicitly reflects economies of scale by fixing the absolute level of Fund fees at competitive levels even if the Funds’ operating costs rise when assets remain flat or decrease. 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

SEMIANNUAL REPORT DECEMBER 31, 2015 85

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

(Unaudited)

Supervision and Administration Agreement represent, in effect, a cap on overall Fund fees, which is beneficial to the Funds and their shareholders.

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

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

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

The Board reviewed information regarding PIMCO’s costs of providing services to the Funds as a whole and considered that PIMCO continues to invest in the equity asset management platform and does not expect to derive any profit from the Funds during the Trust’s fiscal year ended December 31, 2015. The Board noted that it had received information regarding the structure and manner in which PIMCO’s investment professionals were compensated, and PIMCO’s view of the relationship of such compensation to the attraction and retention of quality personnel. The Board considered PIMCO’s need to invest in technology, cyber security, information security, shareholder privacy, business continuity planning, infrastructure and staff to reinforce and offer new services and to accommodate changing regulatory requirements.

With respect to potential economies of scale, the Board noted that PIMCO shares the benefits of economies of scale with the Funds and their shareholders in a number of ways, including through 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 noted that retail investors in the Funds receive the benefit of PIMCO’s advisory services at the same advisory fee rates as institutional investors in the Funds. The Board considered that the Funds’ unified fee rates had been set competitively and/or priced to scale from inception and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing Fund shareholders of the fees associated with the Funds, and that the Funds bear certain expenses that are not covered by the advisory fee or the unified fee.

The Trustees considered that the unified fee has provided inherent economies of scale because a Fund maintains competitive fixed unified fees even if the particular Fund’s assets decline and/or operating costs

rise. The Trustees further considered that, in contrast, breakpoints are a proxy for charging higher fees on lower asset levels and that when a fund’s assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also considered that, unlike the Funds’ unified fee structure, funds with “pass through” administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also considered that the unified fee protects shareholders from a rise in operating costs that may result from, among other things, PIMCO’s investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO’s investments in these areas are extensive.

The Board concluded that the Funds’ cost structures were reasonable and that the unified fee structure inherently involves the sharing of economies of scale between PIMCO and each of the Funds, to the benefit of their respective shareholders.

6. ANCILLARY BENEFITS

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

7. CONCLUSIONS

Based on their review, including their consideration of each of the factors 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 favored 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 Funds’ shareholders received reasonable value in return for the fees paid to PIMCO by the Funds under the Agreements, and that the renewal of the Agreements was in the best interests of the Funds and their shareholders.

86 PIMCO EQUITY SERIES

Results of Proxy Voting

(Unaudited)

A special meeting of shareholders of the series of the Trust was held on February 5, 2016. The special meeting was held for the purpose of electing two (2) Trustees to the Trust’s Board of Trustees. Shareholders of all series of the Trust voted together on the proposal, and elected the following two (2) Trustees at the special meeting:

ⁿ  Jennifer Holden Dunbar

ⁿ  Ronald C. Parker

The results of the proxy solicitation on the preceding matter were as follows:

PIMCO Equity Series

Trustee Nominee	For*		Withheld*
Jennifer Holden Dunbar		197,882,087		3,114,282
Ronald C. Parker		197,892,770		3,103,598

* Certain series of the Trust’s shares were held by PIMCO-advised funds or accounts for which PIMCO had discretionary authority to vote proxies. Accordingly, PIMCO voted such shares in proportion to the votes of all other Trust shareholders voting on the proposal.

SEMIANNUAL REPORT DECEMBER 31, 2015 87

General Information

Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

Transfer Agent

Boston Financial Data Services

Institutional Class, Class P, Administrative Class, Class D

330 W. 9th Street, 5th Floor

Kansas City, MO 64105

Boston Financial Data Services

Class A, Class C, Class R

P.O. Box 55060

Boston, MA 02205-5060

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

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

PES4001SAR_123115

PIMCO Equity Series^®

Semiannual Report

December 31, 2015

PIMCO RAE Fundamental Emerging Markets Fund

PIMCO RAE Fundamental Global Fund

PIMCO RAE Fundamental Global ex-US Fund

PIMCO RAE Fundamental International Fund

PIMCO RAE Fundamental US Fund

PIMCO RAE Fundamental US Small Fund

Share Classes

n Institutional

n P

n A

n C

Table of Contents

	Page
Chairman’s Letter		2
Important Information About the Funds		4
Expense Examples		20
Financial Highlights		22
Statements of Assets and Liabilities		26
Statements of Operations		28
Statements of Changes in Net Assets		29
Notes to Financial Statements		64
Glossary		78
Approval of Investment Advisory Contract and Other Agreements		79
Results of Proxy Voting		83

Fund	Fund Summary		Schedule of Investments
PIMCO RAE Fundamental Emerging Markets Fund		8		31
PIMCO RAE Fundamental Global Fund		10		39
PIMCO RAE Fundamental Global ex-US Fund		12		40
PIMCO RAE Fundamental International Fund		14		41
PIMCO RAE Fundamental US Fund		16		51
PIMCO RAE Fundamental US Small Fund		18		56

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

Chairman’s Letter

Dear Shareholder,

Please find enclosed the Semiannual Report for the PIMCO Equity Series covering the six-month reporting period ended December 31, 2015. The following pages contain specific details about the investment performance of each fund and a discussion of the factors that most affected performance during the reporting period.

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

ⁿ   Heightened market volatility throughout the reporting period was sparked by a mix of investor concerns including geopolitical developments, monetary policy and the potential for slowing global economic growth, which generally contributed to dampened investor sentiment. In particular, increasing concern over the outlook for Chinese growth sent commodity prices and inflation expectations lower, while also negatively impacting prices of emerging market (“EM”) debt and equities. In addition, the Chinese equity market began a strong decline in June 2015, which prompted the Chinese government to prop-up equity share prices and devalue the Chinese yuan. Volatility in Chinese equity markets continued into January 2016 on renewed concern over slowing Chinese economic growth. Furthermore, rising tension in the Middle East and the continued debt crisis in Greece also contributed to investor unease throughout the reporting period.

ⁿ   Economic data in the U.S. continued to confirm a healthy economy, particularly labor market indicators such as employment and wages. Still, signs of caution remained, particularly as U.S. consumers appeared to be more selective in their spending and chose to save rather than spend their windfall from lower gas prices. Additionally, consumer sentiment and certain housing indicators softened towards the end of the reporting period, and December 2015 U.S. manufacturing data indicated the fastest contraction in six years. Within the Eurozone, volatility increased despite gradual improvement in the underlying economies. Eurozone economic data also showed generally positive signs of an early recovery but were tempered slightly by sluggish inflation.

ⁿ   The theme of divergent global central bank monetary policy continued throughout the reporting period. The European Central Bank (“ECB”) expressed its commitment to increase quantitative easing (or large-scale asset purchases), along with the Bank of Japan and the People’s Bank of China who also indicated their intent to accelerate such measures. The Federal Reserve (“Fed”), on the other hand, moved on December 16 to raise the Federal Funds Rate by 0.25% to a new range of 0.25% – 0.50%, marking its first rate hike in nine years. However, the Fed noted that future increases in its target rate would be “gradual” and in-line with their previous projections, which helped to ease investor concerns. Outside of the reporting period on January 27, the Fed opted to leave the Federal Funds Rate unchanged, noting their intent to closely monitor how the global economy and markets influence the U.S. economic outlook.

ⁿ   U.S. equities, as represented by the S&P 500 Index, returned 0.15% due to an improving economic outlook and stronger jobs growth. Internationally, equity markets experienced weak performance, as the MSCI EAFE Net Dividend Index (USD Hedged) declined 3.13% and the MSCI EAFE Net Dividend Index (USD Unhedged) declined 6.01% over the reporting period. During the first half of the reporting period, declining commodities prices and China’s economic deceleration drove concerns of slowing global growth, which weighed on equities. However, in the last half of the reporting period, developed market equities rebounded from lows reached in the first half as the theme of diverging monetary policy came into focus with the Federal Reserve raising interest rates for the first time in nearly a decade, while central banks around the world continued to implement accommodative monetary policies.

ⁿ   Emerging market (“EM”) equities, as represented by the MSCI Emerging Markets Index (Net Dividends in USD), declined 17.36% over the reporting period. Concerns over China’s struggling economy continued as weak data and several attempts to support the Chinese equity market by the People’s Bank of China added to fears of slowing global growth. In addition, Brazil’s economic and political woes continued over the reporting period as the country’s credit rating was downgraded by S&P and Fitch to sub-investment grade, while President Dilma Rousseff faced increased scrutiny over her ability to revive the country’s economy.

2 PIMCO EQUITY SERIES

ⁿ   Style-wise, growth equities outperformed value equities globally as the MSCI All Country World Growth Index (Net Dividends in USD) declined 3.13% and the MSCI All Country World Value Index (Net Dividends in USD) declined 6.68%. In general, the consumer staples and information technology sectors were the top performing equity sectors, while the energy and materials sectors were the worst performing equity sectors over the reporting period.

ⁿ   U.S. Treasuries, as represented by the Barclays U.S. Treasury Index, returned 0.81% for the reporting period. Longer-maturity yields (i.e., ten to thirty year yields) declined, with prices therefore higher, while shorter-maturity yields (i.e., six month to seven year yields) rose. The benchmark ten-year U.S. Treasury note yielded 2.27% at the end of the reporting period, down from 2.35% on June 30, 2015. The Barclays U.S. Aggregate Index, a widely used index of U.S. investment-grade bonds, returned 0.65% for the reporting period.

If you have any questions regarding the PIMCO Equity Series, please contact your account manager or financial adviser, or call one of our shareholder associates at 888.87.PIMCO (888.877.4626). We also invite you to visit our website at www.pimco.com to learn more about our views and global thought leadership.

Thank you again for the trust you have placed in us. We value your commitment and will continue to work diligently to meet your broad investment needs.

Sincerely,   Brent R. Harris Chairman of the Board,
PIMCO Equity Series February 22, 2016

SEMIANNUAL REPORT DECEMBER 31, 2015 3

Important Information About the Funds

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

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

The values of equity securities, such as common stocks and preferred stocks, 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 the Funds’ prospectus. Some of these risks may include, but are not limited to, the following: new/small fund risk, allocation risk, Acquired Fund risk, equity risk, value investing risk, foreign (non-U.S.) investment risk, emerging markets risk, issuer non-diversification risk, market risk, issuer risk, credit risk, distressed company risk, currency risk, liquidity risk, leveraging risk, management risk, small company risk, arbitrage risk, derivatives risk and model risk. A complete description of these and other risks is contained in the Funds’ prospectus.

The Funds may use derivative instruments for hedging purposes or as part of an investment strategy. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, leverage risk, management risk and the risk that a Fund may not be able to close out a position when it would be most advantageous to do so. Certain derivative transactions may have a leveraging effect on a Fund. For example, a small investment in a derivative instrument may have a significant impact on a Fund’s exposure to interest rates, currency exchange rates or other investments. As a result, a relatively small price movement in an asset, instrument or component of the index underlying a derivative instrument may cause an immediate and substantial loss or gain, which translates into heightened volatility for the Funds. A Fund may engage in such transactions regardless of whether the Fund owns the asset, instrument or components of the index underlying the derivative instrument. A Fund may invest a significant portion of its assets in these types of instruments. If it does, the Fund’s investment exposure could far exceed the value of its portfolio securities and its investment performance could be primarily dependent upon securities it does not own. Investing in foreign (non-U.S.) securities may entail risk due to foreign (non-U.S.) economic and political developments; this risk may be increased when investing in emerging markets. For example, if an Underlying Fund invests in emerging market debt, it may face increased exposure to interest rate, liquidity, volatility, and redemption risk due to the specific economic, political, geographical, or legal background of the foreign (non-U.S.) issuer.

The value of an equity security of an issuer that has paid dividends in the past may decrease if the issuer reduces or eliminates future payments to its shareholders. If the dividends or distributions received by a Fund decrease, the Fund may have less income to distribute to the

4 PIMCO EQUITY SERIES

Fund’s shareholders. In addition, during certain market conditions, the equity securities of issuers that have paid regular dividends or distributions may not be widely available or may be highly concentrated in particular sectors of the market. A Fund may invest a significant portion of its assets in value stocks. Value stocks may perform differently from other types of stocks and the market as a whole. 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.

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

On each individual Fund Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. Class A shares are subject to an initial sales charge. A Contingent Deferred Sales Charge (“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 (i) 18 months after

purchase for purchases made prior to August 10, 2015 and (ii) 12 months after purchase for purchases made on or after August 10, 2015. The Cumulative Returns chart reflects only Institutional Class performance. Performance for Class P, Administrative Class, Class D, Class A, Class C and Class R shares, if applicable, are typically lower than Institutional Class performance due to the lower expenses paid by Institutional Class shares. Performance shown is net of fees and expenses. A Fund’s total annual operating expense ratios on each individual Fund Summary page are as of the currently effective prospectus, as supplemented to date. The Cumulative Returns chart assumes the initial investment of $1,000,000 was made at the end of the month that the Institutional Class of the relevant Fund commenced operations. The minimum initial investment amount for Institutional Class, Class P and Administrative Class shares is $1,000,000. The minimum initial investment amount for Class A, Class C and Class D shares is $1,000. There is no minimum initial investment for Class R shares. Each Fund measures its performance against a 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.

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

Fund Name

Fund Inception

Institutional Class

Class P

Administrative Class

Class D

Class A

Class C

Class R

Diversification Status

PIMCO RAE Fundamental Emerging Markets Fund

06/05/15

06/05/15

—

—

—

06/05/15

06/05/15

—

Non-diversified

PIMCO RAE Fundamental Global Fund

06/05/15

06/05/15

—

—

—

06/05/15

06/05/15

—

Non-diversified

PIMCO RAE Fundamental Global ex-US Fund

06/05/15

06/05/15

—

—

—

06/05/15

06/05/15

—

Non-diversified

PIMCO RAE Fundamental International Fund

06/05/15

06/05/15

—

—

—

06/05/15

06/05/15

—

Non-diversified

PIMCO RAE Fundamental US Fund

06/05/15

06/05/15

—

—

—

06/05/15

06/05/15

—

Non-diversified

PIMCO RAE Fundamental US Small Fund

06/05/15

06/05/15

—

—

—

06/05/15

06/05/15

—

Non-diversified

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

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund’s prospectus nor a Fund’s summary prospectus, the Trust’s Statement of Additional Information (“SAI”), any contracts filed as exhibits to the Trust’s registration statement, nor

any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or a Fund creates a contract between or among any shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to a Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to

SEMIANNUAL REPORT DECEMBER 31, 2015 5

Important Information About the Funds (Cont.)

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 PIMCO Equity Series 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.

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

6 PIMCO EQUITY SERIES

(THIS PAGE INTENTIONALLY LEFT BLANK)

SEMIANNUAL REPORT DECEMBER 31, 2015 7

PIMCO RAE Fundamental Emerging Markets Fund

Cumulative Returns Through December 31, 2015*

Investment Objective and Strategy Overview

» The PIMCO RAE Fundamental Emerging Markets Fund seeks long-term capital appreciation by investing under normal circumstances at least 80% of its assets in investments that are economically tied to emerging market countries. Specifically, under normal circumstances, the Fund will obtain exposure to a portfolio of stocks economically tied to emerging market countries (“RAE Fundamental Emerging Markets Portfolio”). The stocks are selected by the Fund’s subadviser, Research Affiliates, LLC (“Sub-Adviser”), from a broad universe of companies which satisfy certain liquidity and capacity requirements.

Cumulative Total Return for the period ended December 31, 2015*
		6 Months**		1 Year		5 Year		Fund Inception (05/31/06)
	PIMCO RAE Fundamental Emerging Markets Fund Institutional Class		(22.85)%		(23.44)%		(6.99)%		3.07%
	PIMCO RAE Fundamental Emerging Markets Fund Class P		(22.98)%		(23.49)%		(7.00)%		3.07%
	PIMCO RAE Fundamental Emerging Markets Fund Class A		(23.00)%		(23.51)%		(7.00)%		3.06%
	PIMCO RAE Fundamental Emerging Markets Fund Class A (adjusted)		(25.90)%		(26.38)%		(7.71)%		2.65%
	PIMCO RAE Fundamental Emerging Markets Fund Class C		(23.30)%		(23.88)%		(7.09)%		3.01%
	PIMCO RAE Fundamental Emerging Markets Fund Class C (adjusted)		(24.05)%		(24.63)%		(7.09)%		3.01%
	MSCI Emerging Markets Index (Net Dividends in USD)±		(17.36)%		(14.92)%		(4.81)%		3.00%

All Fund returns are net of fees and expenses.

** Cumulative return.

^± The MSCI Emerging Markets Index (Net Dividends in USD) 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. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The adjusted returns take into account the maximum sales charge of 3.75% on Class A shares and 1.00% CDSC on Class C shares. The Fund’s total annual operating expense ratio as stated in the Fund’s current prospectus, as supplemented to date, is 0.95% for the Institutional Class shares, 1.05% for the Class P shares, 1.30% for the Class A shares and 2.05% for the Class C shares. Details regarding any Fund’s operating expenses can be found in the Fund’s prospectus. For performance current to the most recent month-end, visit www.pimco.com.

* 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.

8 PIMCO EQUITY SERIES

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

Top 10 Holdings¹

China Construction Bank Corp. ‘H’	3.7%
Samsung Electronics Co. Ltd.	3.3%
Gazprom PAO SP — ADR	3.1%
Industrial & Commercial Bank of China Ltd. ‘H’	3.0%
China Mobile Ltd.	2.8%
Lukoil PJSC SP — ADR	2.7%
Bank of China Ltd. ‘H’	2.5%
Vale S.A.	2.2%
Surgutneftegas OAO SP — ADR	2.1%
Taiwan Semiconductor Manufacturing Co. Ltd. SP — ADR	1.9%

Geographic Breakdown¹

China	20.9%
South Korea	14.4%
Russia	13.9%
Brazil	13.0%
South Africa	8.9%
Taiwan	8.1%
Hong Kong	5.6%
Mexico	3.2%
Thailand	2.8%
Poland	2.3%
Indonesia	1.7%
Luxembourg	1.5%
India	1.4%
Ireland	1.0%
Other	1.3%

¹ % of Investments, at value as of 12/31/2015. Top 10 Holdings and Geographic Breakdown solely reflect long positions. Securities sold short, financial derivative instruments and short-term instruments are not taken into consideration.

Fund Insights

» The Fund commenced operations on June 5, 2015.

» The Fund’s value orientation detracted from performance, as MSCI Emerging Market value stocks underperformed the MSCI Emerging Market Index over the reporting period.

» An overweight exposure to the metals & mining industry detracted from relative performance, as this industry significantly underperformed the MSCI Emerging Market Index over the reporting period.

» An overweight exposure to Brazil detracted from relative performance, as Brazil significantly underperformed the MSCI Emerging Market Index over the reporting period.

» An underweight exposure to the industrials sector positively contributed to relative performance, as the sector underperformed the MSCI Emerging Market Index over the reporting period.

SEMIANNUAL REPORT DECEMBER 31, 2015 9

PIMCO RAE Fundamental Global Fund

Cumulative Returns Through December 31, 2015

Investment Objective and Strategy Overview

» The PIMCO RAE Fundamental Global Fund seeks long-term capital appreciation by investing under normal circumstances substantially all of its assets in (i) Institutional Class shares of the PIMCO RAE Fundamental US Fund (“US Fund”), the PIMCO RAE Fundamental International Fund (“International Fund”), and the PIMCO RAE Fundamental Emerging Markets Fund (“Emerging Markets Fund”) (together, the US Fund, the International Fund and the Emerging Markets Fund are referred to as the “Underlying Funds”) and (ii) equity securities that are eligible investments for the Underlying Funds. Under normal circumstances, each of the Underlying Funds obtains exposure to a portfolio of stocks (each, a “RAE Fundamental Portfolio”). The stocks are selected by the Fund’s sub-adviser, Research Affiliates, LLC (“Sub-Adviser”), from a broad universe of companies which satisfy certain liquidity and capacity requirements.

Cumulative Total Return for the period ended December 31, 2015
		6 Months*		Fund Inception (06/05/15)
	PIMCO RAE Fundamental Global Fund Institutional Class		(8.38)%		(9.66)%
	PIMCO RAE Fundamental Global Fund Class P		(8.34)%		(9.72)%
	PIMCO RAE Fundamental Global Fund Class A		(8.41)%		(9.78)%
	PIMCO RAE Fundamental Global Fund Class A (adjusted)		(11.81)%		(13.17)%
	PIMCO RAE Fundamental Global Fund Class C		(8.68)%		(10.14)%
	PIMCO RAE Fundamental Global Fund Class C (adjusted)		(9.58)%		(11.03)%
	MSCI All Country World Index±		(4.90)%		(6.06)%

All Fund returns are net of fees and expenses.

* Cumulative return.

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

It is not possible to invest directly in the index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The adjusted returns take into account the maximum sales charge of 3.75% on Class A shares and 1.00% CDSC on Class C shares. The Fund’s total annual operating expense ratio as stated in the Fund’s current prospectus, as supplemented to date, is 1.18% for the Institutional Class shares, 1.28% for the Class P shares, 1.53% for the Class A shares and 2.28% for the Class C shares. Details regarding any Fund’s operating expenses can be found in the Fund’s prospectus. For performance current to the most recent month-end, visit www.pimco.com.

10 PIMCO EQUITY SERIES

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

Top Holdings¹

PIMCO RAE Fundamental US Fund	55.5%
PIMCO RAE Fundamental International Fund	35.7%
PIMCO RAE Fundamental Emerging Markets Fund	8.8%

Sector Breakdown¹

Mutual Funds 100.0%

¹ % of Investments, at value as of 12/31/2015. Top Holdings and Sector Breakdown solely reflect long positions. Securities sold short, financial derivative instruments and short-term instruments are not taken into consideration.

Fund Insights

» The Fund commenced operations on June 5, 2015.

» The Fund’s value orientation detracted from performance, as MSCI ACWI value stocks underperformed the MSCI ACWI Index over the reporting period.

» An overweight exposure to the energy sector detracted from relative performance, as this sector significantly underperformed the MSCI ACWI over the reporting period.

» An overweight exposure to the metals & mining industry detracted from relative performance, as this industry significantly underperformed the MSCI ACWI over the reporting period.

» An overweight exposure to the diversified telecommunication services industry contributed to relative performance, as this sector outperformed the MSCI ACWI over the reporting period.

SEMIANNUAL REPORT DECEMBER 31, 2015 11

PIMCO RAE Fundamental Global ex-US Fund

Cumulative Returns Through December 31, 2015

Investment Objective and Strategy Overview

» The PIMCO RAE Fundamental 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 Fundamental International Fund (“International Fund”) and the PIMCO RAE Fundamental Emerging Markets Fund (“Emerging Markets Fund”) (together, the International Fund and the Emerging Markets Fund are referred to as the “Underlying Funds”), (ii) equity securities of small companies economically tied to non-U.S. countries, and (iii) 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 Fundamental Portfolio”). The stocks are selected by the Fund’s sub-adviser, Research Affiliates, LLC (“Sub-Adviser”), from a broad universe of companies which satisfy certain liquidity and capacity requirements.

Cumulative Total Return for the period ended December 31, 2015
		6 Months*		Fund Inception (06/05/15)
	PIMCO RAE Fundamental Global ex-US Fund Institutional Class		(12.98)%		(14.20)%
	PIMCO RAE Fundamental Global ex-US Fund Class P		(13.02)%		(14.24)%
	PIMCO RAE Fundamental Global ex-US Fund Class A		(13.13)%		(14.35)%
	PIMCO RAE Fundamental Global ex-US Fund Class A (adjusted)		(16.36)%		(17.56)%
	PIMCO RAE Fundamental Global ex-US Fund Class C		(13.43)%		(14.73)%
	PIMCO RAE Fundamental Global ex-US Fund Class C (adjusted)		(14.29)%		(15.58)%
	MSCI All Country World ex US Index±		(9.32)%		(10.33)%

All Fund returns are net of fees and expenses.

* Cumulative return.

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

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The adjusted returns take into account the maximum sales charge of 3.75% on Class A shares and 1.00% CDSC on Class C shares. The Fund’s total annual operating expense ratio as stated in the Fund’s current prospectus, as supplemented to date, is 1.31% for the Institutional Class shares, 1.41% for the Class P shares, 1.66% for the Class A shares and 2.41% for the Class C shares. Details regarding any Fund’s operating expenses can be found in the Fund’s prospectus. For performance current to the most recent month-end, visit www.pimco.com.

12 PIMCO EQUITY SERIES

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

Top Holdings¹

PIMCO RAE Fundamental International Fund	80.4%
PIMCO RAE Fundamental Emerging Markets Fund	19.6%

Sector Breakdown¹

Mutual Funds 100.0%

¹ % of Investments, at value as of 12/31/2015. Top Holdings and Sector Breakdown solely reflect long positions. Securities sold short, financial derivative instruments and short-term instruments are not taken into consideration.

Fund Insights

» The Fund commenced operations on June 5, 2015.

» The Fund’s value orientation detracted from performance, as MSCI All Country World ex-US value stocks underperformed the MSCI All Country World ex-US Index over the reporting period.

» An overweight exposure to the energy sector detracted from relative performance, as this sector significantly underperformed the MSCI All Country World ex-US Index over the reporting period.

» An overweight exposure to the metals & mining industry detracted from relative performance, as this industry significantly underperformed the MSCI All Country World ex-US Index over the reporting period.

» Overweight exposure to the diversified telecommunication services industry contributed to relative performance as this sector outperformed the MSCI All Country World ex-US Index over the reporting period.

SEMIANNUAL REPORT DECEMBER 31, 2015 13

PIMCO RAE Fundamental International Fund

Cumulative Returns Through December 31, 2015

Investment Objective and Strategy Overview

» The PIMCO RAE Fundamental International Fund seeks long-term capital appreciation by investing under normal circumstances by obtaining exposure to a portfolio of stocks economically tied to at least three foreign (non-U.S.) countries (“RAE Fundamental International Portfolio”). The stocks are selected by the Fund’s sub-adviser, Research Affiliates, LLC (“Sub-Adviser”), from a broad universe of companies which satisfy certain liquidity and capacity requirements.

Cumulative Total Return for the period ended December 31, 2015
		6 Months*		Fund Inception (06/05/15)
	PIMCO RAE Fundamental International Fund Institutional Class		(9.66)%		(11.20)%
	PIMCO RAE Fundamental International Fund Class P		(9.65)%		(11.19)%
	PIMCO RAE Fundamental International Fund Class A		(9.80)%		(11.34)%
	PIMCO RAE Fundamental International Fund Class A (adjusted)		(13.16)%		(14.67)%
	PIMCO RAE Fundamental International Fund Class C		(10.23)%		(11.76)%
	PIMCO RAE Fundamental International Fund Class C (adjusted)		(11.11)%		(12.62)%
	MSCI EAFE Net Dividend Index (USD Unhedged)±		(6.01)%		(7.08)%

All Fund returns are net of fees and expenses.

* Cumulative return.

^± MSCI EAFE Net Dividend Index (USD Unhedged) is an unmanaged index of issuers in countries of Europe, Australia, and the Far East represented in U.S. Dollars on a unhedged 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. The adjusted returns take into account the maximum sales charge of 3.75% on Class A shares and 1.00% CDSC on Class C shares. The Fund’s total annual operating expense ratio as stated in the Fund’s current prospectus, as supplemented to date, is 0.60% for the Institutional Class shares, 0.70% for the Class P shares, 0.95% for the Class A shares and 1.70% for the Class C shares. Details regarding any Fund’s operating expenses can be found in the Fund’s prospectus. For performance current to the most recent month-end, visit www.pimco.com.

14 PIMCO EQUITY SERIES

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

Top 10 Holdings¹

HSBC Holdings PLC	2.1%
Royal Dutch Shell PLC ‘A’	2.1%
Total S.A.	1.5%
BP PLC	1.5%
Orange S.A.	1.3%
Banco Santander S.A.	1.0%
Engie S.A.	1.0%
Novartis AG	0.9%
Westpac Banking Corp.	0.9%
Telefonica S.A.	0.9%

Geographic Breakdown¹

United Kingdom	17.1%
Japan	14.3%
France	11.6%
Germany	10.2%
Australia	9.3%
Canada	8.3%
Switzerland	5.3%
Netherlands	4.5%
Spain	3.4%
Italy	3.1%
Sweden	2.1%
Hong Kong	1.9%
Denmark	1.4%
Norway	1.2%
Singapore	1.1%
Ireland	1.0%
Belgium	1.0%
Other	3.2%

¹ % of Investments, at value as of 12/31/2015. Top 10 Holdings and Geographic Breakdown solely reflect long positions. Securities sold short, financial derivative instruments and short-term instruments are not taken into consideration.

Fund Insights

» The Fund commenced operations on June 5, 2015.

» The Fund’s value orientation detracted from performance, as MSCI EAFE value stocks underperformed the MSCI EAFE Index over the reporting period.

» An overweight exposure to the energy sector detracted from relative performance, as this sector significantly underperformed the MSCI EAFE Index over the reporting period.

» An underweight exposure to the consumer staples sector detracted from relative performance, as this sector significantly outperformed the MSCI EAFE Index over the reporting period.

» An overweight exposure to the diversified telecommunication services industry contributed to relative performance, as this sector outperformed the MSCI EAFE Index over the reporting period.

SEMIANNUAL REPORT DECEMBER 31, 2015 15

PIMCO RAE Fundamental US Fund

Cumulative Returns Through December 31, 2015*

Investment Objective and Strategy Overview

» The PIMCO RAE Fundamental US Fund seeks long-term capital appreciation by investing under normal circumstances at least 80% of its assets in securities of U.S. companies. Specifically, under normal circumstances, the Fund will obtain exposure to a portfolio of stocks of U.S. companies (“RAE Fundamental US Portfolio”). The stocks are selected by the Fund’s sub-adviser, Research Affiliates, LLC (“Sub-Adviser”), from a broad universe of companies which satisfy certain liquidity and capacity requirements.

Cumulative Total Return for the period ended December 31, 2015*
		6 Months**		1 Year		5 Year		10 Year		Fund Inception (12/22/04)
	PIMCO RAE Fundamental US Fund Institutional Class		(2.72)%		(3.25)%		11.92%		7.44%		7.31%
	PIMCO RAE Fundamental US Fund Class P		(2.79)%		(3.33)%		11.90%		7.43%		7.30%
	PIMCO RAE Fundamental US Fund Class A		(2.99)%		(3.42)%		11.88%		7.42%		7.29%
	PIMCO RAE Fundamental US Fund Class A (adjusted)		(6.59)%		(7.04)%		11.03%		7.01%		6.92%
	PIMCO RAE Fundamental US Fund Class C		(3.46)%		(3.99)%		11.75%		7.35%		7.23%
	PIMCO RAE Fundamental US Fund Class C (adjusted)		(4.39)%		(4.92)%		11.75%		7.35%		7.23%
	S&P 500 Index±		0.15%		1.38%		12.57%		7.31%		7.09%	***

All Fund returns are net of fees and expenses.

** Cumulative return.

*** Average annual total return since 12/31/2004.

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

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

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. The adjusted returns take into account the maximum sales charge of 3.75% on Class A shares and 1.00% CDSC on Class C shares. The Fund’s total annual operating expense ratio as stated in the Fund’s current prospectus, as supplemented to date, is 0.50% for the Institutional Class shares, 0.60% for the Class P shares, 0.90% for the Class A shares and 1.65% for the Class C shares. Details regarding any Fund’s operating expenses can be found in the Fund’s prospectus. For performance current to the most recent month-end, visit www.pimco.com.

* 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.

16 PIMCO EQUITY SERIES

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

Top 10 Holdings¹

AT&T, Inc.	3.2%
Exxon Mobil Corp.	2.8%
International Business Machines Corp.	2.3%
Apple, Inc.	2.3%
Chevron Corp.	2.2%
JPMorgan Chase & Co.	2.1%
Microsoft Corp.	2.0%
Intel Corp.	1.8%
Pfizer, Inc.	1.3%
Verizon Communications, Inc.	1.3%

Sector Breakdown¹

Information Technology	20.3%
Consumer Discretionary	15.1%
Financials	13.2%
Health Care	12.1%
Consumer Staples	9.7%
Energy	9.2%
Industrials	7.6%
Utilities	5.7%
Telecommunication Services	5.4%
Materials	1.7%

¹ % of Investments, at value as of 12/31/2015. Top 10 Holdings and Sector Breakdown solely reflect long positions. Securities sold short, financial derivative instruments and short-term instruments are not taken into consideration.

Fund Insights

» The Fund commenced operations on June 5, 2015.

» The Fund’s value orientation detracted from performance, as S&P 500 value stocks underperformed the S&P 500 Index over the reporting period.

» An underweight exposure to the internet & catalog retail industry, most notably an underweight to Amazon.com, detracted from relative performance, as this industry and stock significantly outperformed the S&P 500 Index over the reporting period.

» An overweight exposure to the oil, gas & consumable fuels industry detracted from relative performance, as this industry significantly underperformed the S&P 500 Index over the reporting period.

» An overweight exposure to the utilities sector positively contributed to relative performance, as the sector significantly outperformed the S&P 500 Index over the reporting period.

SEMIANNUAL REPORT DECEMBER 31, 2015 17

PIMCO RAE Fundamental US Small Fund

Cumulative Returns Through December 31, 2015*

Investment Objective and Strategy Overview

» The PIMCO RAE Fundamental US Small Fund seeks long-term capital appreciation by investing under normal circumstances at least 80% of its assets in securities of U.S. small companies. Specifically, under normal circumstances, the Fund will obtain exposure to a portfolio of stocks of U.S. small companies (“RAE Fundamental US Small Portfolio”). The stocks are selected by the Fund’s sub-adviser, Research Affiliates, LLC (“Sub-Adviser”), from a broad universe of companies which satisfy certain liquidity and capacity requirements.

Cumulative Total Return for the period ended December 31, 2015*
		6 Months**		1 Year		5 Year		10 Year		Fund Inception (09/29/05)
	PIMCO RAE Fundamental US Small Fund Institutional Class		(9.19)%		(6.92)%		9.46%		7.14%		7.19%
	PIMCO RAE Fundamental US Small Fund Class P		(9.20)%		(7.03)%		9.44%		7.12%		7.18%
	PIMCO RAE Fundamental US Small Fund Class A		(9.40)%		(7.24)%		9.39%		7.10%		7.15%
	PIMCO RAE Fundamental US Small Fund Class A (adjusted)		(12.83)%		(10.72)%		8.55%		6.69%		6.75%
	PIMCO RAE Fundamental US Small Fund Class C		(9.59)%		(7.52)%		9.32%		7.07%		7.12%
	PIMCO RAE Fundamental US Small Fund Class C (adjusted)		(10.47)%		(8.43)%		9.32%		7.07%		7.12%
	Russell 2000® Index±		(8.75)%		(4.41)%		9.19%		6.80%		6.75%	***

All Fund returns are net of fees and expenses.

** Cumulative return.

*** Average annual total return since 9/30/2005.

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

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

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. The adjusted returns take into account the maximum sales charge of 3.75% on Class A shares and 1.00% CDSC on Class C shares. The Fund’s total annual operating expense ratio as stated in the Fund’s current prospectus, as supplemented to date, is 0.60% for the Institutional Class shares, 0.70% for the Class P shares, 1.00% for the Class A shares and 1.75% for the Class C shares. Details regarding any Fund’s operating expenses can be found in the Fund’s prospectus. For performance current to the most recent month-end, visit www.pimco.com.

* 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.

18 PIMCO EQUITY SERIES

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

Top 10 Holdings¹

Penn National Gaming, Inc.	0.7%
Boyd Gaming Corp.	0.6%
NETGEAR, Inc.	0.5%
MedAssets, Inc.	0.5%
EarthLink Holdings Corp.	0.5%
WebMD Health Corp.	0.5%
PMC-Sierra, Inc.	0.5%
Select Medical Holdings Corp.	0.5%
Chemed Corp.	0.5%
Ingles Markets, Inc. ‘A’	0.5%

Sector Breakdown¹

Information Technology	20.9%
Consumer Discretionary	20.0%
Financials	16.4%
Industrials	14.3%
Health Care	11.5%
Consumer Staples	4.5%
Materials	4.0%
Energy	3.9%
Telecommunication Services	2.5%
Utilities	2.0%

¹ % of Investments, at value as of 12/31/2015. Top 10 Holdings and Sector Breakdown solely reflect long positions. Securities sold short, financial derivative instruments and short-term instruments are not taken into consideration.

Fund Insights

» The Fund commenced operations on June 5, 2015.

» An underweight exposure to the financials sector detracted from relative performance, as this sector significantly outperformed the Russell 2000 Index over the reporting period.

» An overweight exposure to the specialty retail industry detracted from relative performance, as this industry significantly underperformed the Russell 2000 Index over the reporting period.

» An overweight exposure to the energy equipment & services industry detracted from relative performance, as this industry significantly underperformed the Russell 2000 Index over the reporting period.

» An underweight exposure to the biotechnology industry positively contributed to relative performance, as this industry significantly underperformed the Russell 2000 Index over the reporting period.

SEMIANNUAL REPORT DECEMBER 31, 2015 19

Expense Examples

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for all Funds and share classes is from July 1, 2015 to December 31, 2015 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 the information in these columns, 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 column for your share class, in the column entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

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

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (07/01/15)		Ending Account Value (12/31/15)		Expenses Paid During Period*		Beginning Account Value (07/01/15)		Ending Account Value (12/31/15)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO RAE Fundamental Emerging Markets Fund
Institutional Class	$	1,000.00	$	771.50	$	3.39	$	1,000.00	$	1,021.71	$	3.87		0.75	%
Class P		1,000.00		770.20		3.84		1,000.00		1,021.20		4.39		0.85
Class A		1,000.00		770.00		4.97		1,000.00		1,019.93		5.68		1.10
Class C		1,000.00		767.00		8.35		1,000.00		1,016.09		9.53		1.85
PIMCO RAE Fundamental Global Fund
Institutional Class	$	1,000.00	$	916.20	$	0.15	$	1,000.00	$	1,025.39	$	0.16		0.03	%
Class P		1,000.00		916.60		0.64		1,000.00		1,024.88		0.67		0.13
Class A		1,000.00		915.90		1.86		1,000.00		1,023.60		1.96		0.38
Class C		1,000.00		913.20		5.52		1,000.00		1,019.77		5.83		1.13
PIMCO RAE Fundamental Global ex-US Fund
Institutional Class	$	1,000.00	$	870.20	$	0.00	$	1,000.00	$	1,025.55	$	0.00		0.00	%
Class P		1,000.00		869.80		0.48		1,000.00		1,025.04		0.52		0.10
Class A		1,000.00		868.70		1.67		1,000.00		1,023.76		1.81		0.35
Class C		1,000.00		865.70		5.24		1,000.00		1,019.93		5.68		1.10

20 PIMCO EQUITY SERIES

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (07/01/15)		Ending Account Value (12/31/15)		Expenses Paid During Period*		Beginning Account Value (07/01/15)		Ending Account Value (12/31/15)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO RAE Fundamental International Fund
Institutional Class	$	1,000.00	$	903.40	$	2.43	$	1,000.00	$	1,022.99	$	2.58		0.50	%
Class P		1,000.00		903.50		2.92		1,000.00		1,022.48		3.10		0.60
Class A		1,000.00		902.00		4.13		1,000.00		1,021.20		4.39		0.85
Class C		1,000.00		897.70		7.76		1,000.00		1,017.37		8.25		1.60
PIMCO RAE Fundamental US Fund
Institutional Class	$	1,000.00	$	972.80	$	2.02	$	1,000.00	$	1,023.50	$	2.07		0.40	%
Class P		1,000.00		972.10		2.52		1,000.00		1,022.99		2.58		0.50
Class A		1,000.00		970.10		4.03		1,000.00		1,021.46		4.13		0.80
Class C		1,000.00		965.40		7.78		1,000.00		1,017.63		7.99		1.55
PIMCO RAE Fundamental US Small Fund
Institutional Class	$	1,000.00	$	908.10	$	2.44	$	1,000.00	$	1,022.99	$	2.58		0.50	%
Class P		1,000.00		908.00		2.92		1,000.00		1,022.48		3.10		0.60
Class A		1,000.00		906.00		4.38		1,000.00		1,020.95		4.65		0.90
Class C		1,000.00		904.10		8.03		1,000.00		1,017.12		8.50		1.65

* 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 187/366 (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 can be found in Note 7 in the Notes to Financial Statements.

SEMIANNUAL REPORT DECEMBER 31, 2015 21

Financial Highlights

Selected Per Share Data for the Year or Period Ended:	Net Asset  Value Beginning of Year or Period		Net Investment Income (Loss) (a)			Net Realized/ Unrealized (Loss)			Total from Investment Operations			Dividends from Net Investment Income (b)			Distributions from Net Realized Capital Gains (b)			Total Distributions
PIMCO RAE Fundamental Emerging Markets Fund
Institutional Class
07/01/2015 - 12/31/2015+	$	9.95	$	0.11		$	(2.38	)	$	(2.27	)	$	(0.17	)	$	0.00		$	(0.17	)
06/05/2015 - 06/30/2015		10.00		0.06			(0.11	)		(0.05	)		0.00			0.00			0.00
Class P
07/01/2015 - 12/31/2015+		9.96		0.11			(2.40	)		(2.29	)		(0.18	)		0.00			(0.18	)
06/05/2015 - 06/30/2015		10.00		0.06			(0.10	)		(0.04	)		0.00			0.00			0.00
Class A
07/01/2015 - 12/31/2015+		9.96		0.09			(2.38	)		(2.29	)		(0.15	)		0.00			(0.15	)
06/05/2015 - 06/30/2015		10.00		0.08			(0.12	)		(0.04	)		0.00			0.00			0.00
Class C
07/01/2015 - 12/31/2015+		9.95		0.04			(2.36	)		(2.32	)		(0.13	)		0.00			(0.13	)
06/05/2015 - 06/30/2015		10.00		0.06			(0.11	)		(0.05	)		0.00			0.00			0.00
PIMCO RAE Fundamental Global Fund
Institutional Class
07/01/2015 - 12/31/2015+	$	9.86	$	0.34		$	(1.17	)	$	(0.83	)	$	(0.10	)	$	0.00		$	(0.10	)
06/05/2015 - 06/30/2015		10.00		(0.00	)^		(0.14	)		(0.14	)		0.00			0.00			0.00
Class P
07/01/2015 - 12/31/2015+		9.85		0.10			(0.92	)		(0.82	)		(0.10	)		0.00			(0.10	)
06/05/2015 - 06/30/2015		10.00		(0.00	)^		(0.15	)		(0.15	)		0.00			0.00			0.00
Class A
07/01/2015 - 12/31/2015+		9.85		0.20			(1.03	)		(0.83	)		(0.10	)		0.00			(0.10	)
06/05/2015 - 06/30/2015		10.00		(0.00	)^		(0.15	)		(0.15	)		0.00			0.00			0.00
Class C
07/01/2015 - 12/31/2015+		9.84		0.37			(1.22	)		(0.85	)		(0.10	)		0.00			(0.10	)
06/05/2015 - 06/30/2015		10.00		(0.01	)		(0.15	)		(0.16	)		0.00			0.00			0.00
PIMCO RAE Fundamental Global ex-US Fund
Institutional Class
07/01/2015 - 12/31/2015+	$	9.86	$	0.10		$	(1.38	)	$	(1.28	)	$	(0.10	)	$	0.00		$	(0.10	)
06/05/2015 - 06/30/2015		10.00		(0.00	)^		(0.14	)		(0.14	)		0.00			0.00			0.00
Class P
07/01/2015 - 12/31/2015+		9.86		0.09			(1.37	)		(1.28	)		(0.10	)		0.00			(0.10	)
06/05/2015 - 06/30/2015		10.00		(0.00	)^		(0.14	)		(0.14	)		0.00			0.00			0.00
Class A
07/01/2015 - 12/31/2015+		9.86		0.08			(1.37	)		(1.29	)		(0.09	)		0.00			(0.09	)
06/05/2015 - 06/30/2015		10.00		(0.00	)^		(0.14	)		(0.14	)		0.00			0.00			0.00
Class C
07/01/2015 - 12/31/2015+		9.85		0.08			(1.40	)		(1.32	)		(0.07	)		0.00			(0.07	)
06/05/2015 - 06/30/2015		10.00		(0.01	)		(0.14	)		(0.15	)		0.00			0.00			0.00
PIMCO RAE Fundamental International Fund
Institutional Class
07/01/2015 - 12/31/2015+	$	9.83	$	0.09		$	(1.04	)	$	(0.95	)	$	(0.08	)	$	(0.15	)	$	(0.23	)
06/05/2015 - 06/30/2015		10.00		0.02			(0.19	)		(0.17	)		0.00			0.00			0.00
Class P
07/01/2015 - 12/31/2015+		9.83		0.07			(1.02	)		(0.95	)		(0.08	)		(0.15	)		(0.23	)
06/05/2015 - 06/30/2015		10.00		0.02			(0.19	)		(0.17	)		0.00			0.00			0.00
Class A
07/01/2015 - 12/31/2015+		9.83		0.08			(1.05	)		(0.97	)		(0.05	)		(0.15	)		(0.20	)
06/05/2015 - 06/30/2015		10.00		0.01			(0.18	)		(0.17	)		0.00			0.00			0.00
Class C
07/01/2015 - 12/31/2015+		9.83		0.02			(1.03	)		(1.01	)		(0.08	)		(0.15	)		(0.23	)
06/05/2015 - 06/30/2015		10.00		0.01			(0.18	)		(0.17	)		0.00			0.00			0.00
PIMCO RAE Fundamental US Fund
Institutional Class
07/01/2015 - 12/31/2015+	$	9.85	$	0.11		$	(0.37	)	$	(0.26	)	$	(0.11	)	$	(0.22	)	$	(0.33	)
06/05/2015 - 06/30/2015		10.00		0.01			(0.16	)		(0.15	)		0.00			0.00			0.00

Please see footnotes on page 24.

22 PIMCO EQUITY SERIES See Accompanying Notes

Net Asset Value End of Year or Period		Total Return			Net Assets End of Year or Period (000s)		Ratio of Expenses to Average Net Assets			Ratio of Expenses to Average Net Assets Excluding Waivers			Ratio of Expenses to Average Net Assets Excluding Interest Expense			Ratio of Expenses to Average Net Assets Excluding Interest Expense and Waivers			Ratio of Net Investment Income (Loss) to Average Net  Assets			Portfolio Turnover Rate
$	7.51		(22.85	)%	$	173,690		0.75	%*		0.96	%*		0.75	%*		0.96	%*		2.62	%*		21	%
	9.95		(0.50	)		199,378		0.75	*		0.98	*		0.75	*		0.98	*		10.11	*		7
	7.49		(22.98	)		2,476		0.85	*		1.06	*		0.85	*		1.06	*		2.77	*		21
	9.96		(0.40	)		10		0.85	*		1.08	*		0.85	*		1.08	*		10.09	*		7
	7.52		(23.00	)		57		1.10	*		1.31	*		1.10	*		1.31	*		2.16	*		21
	9.96		(0.40	)		19		1.10	*		1.33	*		1.10	*		1.33	*		13.46	*		7
	7.50		(23.30	)		26		1.85	*		2.06	*		1.85	*		2.06	*		0.93	*		21
	9.95		(0.50	)		10		1.85	*		2.08	*		1.85	*		2.08	*		9.08	*		7
$	8.93		(8.38	)%	$	204,219		0.03	%*		0.70	%*		0.03	%*		0.70	%*		7.24	%*		6	%
	9.86		(1.40	)		38,160		0.04	*		0.86	*		0.04	*		0.86	*		(0.04	)*		2
	8.93		(8.34	)		11		0.13	*		0.80	*		0.13	*		0.80	*		2.11	*		6
	9.85		(1.50	)		10		0.14	*		0.96	*		0.14	*		0.96	*		(0.14	)*		2
	8.92		(8.41	)		153		0.38	*		1.05	*		0.38	*		1.05	*		4.14	*		6
	9.85		(1.50	)		10		0.39	*		1.21	*		0.39	*		1.21	*		(0.40	)*		2
	8.89		(8.68	)		282		1.13	*		1.80	*		1.13	*		1.80	*		7.97	*		6
	9.84		(1.60	)		17		1.14	*		1.96	*		1.14	*		1.96	*		(1.06	)*		2
$	8.48		(12.98	)%	$	61,251		0.00	%*		0.76	%*		0.00	%*		0.76	%*		2.09	%*		4	%
	9.86		(1.40	)		70,077		0.01	*		0.84	*		0.01	*		0.84	*		(0.02	)*		2
	8.48		(13.02	)		9		0.10	*		0.86	*		0.10	*		0.86	*		2.00	*		4
	9.86		(1.40	)		10		0.11	*		0.94	*		0.11	*		0.94	*		(0.11	)*		2
	8.48		(13.13	)		9		0.35	*		1.11	*		0.35	*		1.11	*		1.74	*		4
	9.86		(1.40	)		10		0.36	*		1.19	*		0.36	*		1.19	*		(0.37	)*		2
	8.46		(13.43	)		13		1.10	*		1.86	*		1.10	*		1.86	*		1.80	*		4
	9.85		(1.50	)		10		1.11	*		1.94	*		1.11	*		1.94	*		(1.12	)*		2
$	8.65		(9.66	)%	$	200,658		0.50	%*		0.61	%*		0.50	%*		0.61	%*		1.88	%*		13	%
	9.83		(1.70	)		151,532		0.50	*		0.64	*		0.50	*		0.64	*		2.68	*		7
	8.65		(9.65	)		989		0.60	*		0.71	*		0.60	*		0.71	*		1.61	*		13
	9.83		(1.70	)		10		0.60	*		0.74	*		0.60	*		0.74	*		2.57	*		7
	8.66		(9.80	)		9		0.85	*		0.96	*		0.85	*		0.96	*		1.64	*		13
	9.83		(1.70	)		10		0.85	*		0.99	*		0.85	*		0.99	*		2.32	*		7
	8.59		(10.23	)		168		1.60	*		1.71	*		1.60	*		1.71	*		0.33	*		13
	9.83		(1.70	)		10		1.60	*		1.74	*		1.60	*		1.74	*		1.56	*		7
$	9.26		(2.72	)%	$	484,174		0.40	%*		0.51	%*		0.40	%*		0.51	%*		2.16	%*		29	%
	9.85		(1.50	)		447,755		0.40	*		0.51	*		0.40	*		0.51	*		2.03	*		5

Please see footnotes on page 24.

SEMIANNUAL REPORT DECEMBER 31, 2015 23

Financial Highlights (Cont.)

Selected Per Share Data for the Year or Period Ended:	Net Asset  Value Beginning of Year or Period		Net Investment Income (Loss) (a)			Net Realized/ Unrealized (Loss)			Total from Investment Operations			Dividends from Net Investment Income (b)			Distributions from Net Realized Capital Gains (b)			Total Distributions
PIMCO RAE Fundamental US Fund (Cont.)
Class P
07/01/2015 - 12/31/2015+	$	9.85	$	0.10		$	(0.37	)	$	(0.27	)	$	(0.11	)	$	(0.22	)	$	(0.33	)
06/05/2015 - 06/30/2015		10.00		0.01			(0.16	)		(0.15	)		0.00			0.00			0.00
Class A
07/01/2015 - 12/31/2015+		9.86		0.09			(0.38	)		(0.29	)		(0.10	)		(0.22	)		(0.32	)
06/05/2015 - 06/30/2015		10.00		0.01			(0.15	)		(0.14	)		0.00			0.00			0.00
Class C
07/01/2015 - 12/31/2015+		9.85		0.05			(0.39	)		(0.34	)		(0.09	)		(0.22	)		(0.31	)
06/05/2015 - 06/30/2015		10.00		0.01			(0.16	)		(0.15	)		0.00			0.00			0.00
PIMCO RAE Fundamental US Small Fund
Institutional Class
07/01/2015 - 12/31/2015+	$	9.93	$	0.05		$	(0.96	)	$	(0.91	)	$	(0.04	)	$	(0.11	)	$	(0.15	)
06/05/2015 - 06/30/2015		10.00		0.01			(0.08	)		(0.07	)		0.00			0.00			0.00
Class P
07/01/2015 - 12/31/2015+		9.92		0.04			(0.95	)		(0.91	)		(0.04	)		(0.11	)		(0.15	)
06/05/2015 - 06/30/2015		10.00		0.01			(0.09	)		(0.08	)		0.00			0.00			0.00
Class A
07/01/2015 - 12/31/2015+		9.92		0.03			(0.97	)		(0.94	)		(0.00	)^		(0.11	)		(0.11	)
06/05/2015 - 06/30/2015		10.00		0.01			(0.09	)		(0.08	)		0.00			0.00			0.00
Class C
07/01/2015 - 12/31/2015+		9.91		0.00	^		(0.95	)		(0.95	)		(0.04	)		(0.11	)		(0.15	)
06/05/2015 - 06/30/2015		10.00		0.00	^		(0.09	)		(0.09	)		0.00			0.00			0.00

+ Unaudited

* Annualized

^ Reflects an amount rounding to less than one cent.

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

^(b)  Determined in accordance with federal income tax regulations, see Note 2(d) in the Notes to Financial Statements for more information.

24 PIMCO EQUITY SERIES See Accompanying Notes

Net Asset Value End of Year or Period		Total Return			Net Assets End of Year or Period (000s)		Ratio of Expenses to Average Net Assets			Ratio of Expenses to Average Net Assets Excluding Waivers			Ratio of Expenses to Average Net Assets Excluding Interest Expense			Ratio of Expenses to Average Net Assets Excluding Interest Expense and Waivers			Ratio of Net Investment Income (Loss) to Average Net  Assets			Portfolio Turnover Rate
$	9.25		(2.79	)%	$	1,818		0.50	%*		0.61	%*		0.50	%*		0.61	%*		2.12	%*		29	%
	9.85		(1.50	)		10		0.50	*		0.61	*		0.50	*		0.61	*		1.92	*		5
	9.25		(2.99	)		1,593		0.80	*		0.91	*		0.80	*		0.91	*		1.81	*		29
	9.86		(1.40	)		14		0.80	*		0.91	*		0.80	*		0.91	*		1.67	*		5
	9.20		(3.46	)		399		1.55	*		1.66	*		1.55	*		1.66	*		1.01	*		29
	9.85		(1.50	)		10		1.55	*		1.66	*		1.55	*		1.66	*		0.86	*		5
$	8.87		(9.19	)%	$	105,932		0.50	%*		0.61	%*		0.50	%*		0.61	%*		1.01	%*		53	%
	9.93		(0.70	)		46,426		0.50	*		0.73	*		0.50	*		0.73	*		1.44	*		9
	8.86		(9.20	)		171		0.60	*		0.71	*		0.60	*		0.71	*		0.91	*		53
	9.92		(0.80	)		10		0.60	*		0.83	*		0.60	*		0.83	*		1.33	*		9
	8.87		(9.40	)		101		0.90	*		1.01	*		0.90	*		1.01	*		0.71	*		53
	9.92		(0.80	)		10		0.90	*		1.13	*		0.90	*		1.13	*		1.04	*		9
	8.81		(9.59	)		144		1.65	*		1.76	*		1.65	*		1.76	*		0.04	*		53
	9.91		(0.90	)		10		1.65	*		1.88	*		1.65	*		1.88	*		0.28	*		9

SEMIANNUAL REPORT DECEMBER 31, 2015 25

Statements of Assets and Liabilities

(Amounts in thousands†, except per share amounts)	PIMCO RAE Fundamental Emerging Markets Fund			PIMCO RAE Fundamental Global Fund			PIMCO RAE Fundamental Global ex-US Fund			PIMCO RAE Fundamental International Fund			PIMCO RAE Fundamental US Fund			PIMCO RAE Fundamental US Small Fund
Assets:
Investments, at value
Investments in securities	$	186,346		$	0		$	0		$	201,798		$	486,107		$	105,911
Investments in Affiliates		0			204,548			61,248			0			0			0
Cash		3,216			0			35			803			1,852			882
Foreign currency, at value		221			0			0			173			0			0
Receivable for investments sold		590			0			0			138			520			2
Receivable for investments in Affiliates sold		0			2,165			0			0			0			0
Receivable for Fund shares sold		18			1			0			0			47			0
Interest and dividends receivable		411			0			0			286			702			129
Reimbursement receivable from PIMCO		3			0			2			2			7			0
Other assets		551			0			0			13			0			0
Total Assets		191,356			206,714			61,285			203,213			489,235			106,924
Liabilities:
Financial Derivative Instruments
Over the counter	$	32		$	0		$	0		$	0		$	0		$	0
Payable for investments purchased		3,398			0			0			0			0			517
Deposits from counterparty		160			0			0			280			0			0
Payable for Fund shares redeemed		11,339			0			0			988			1,053			0
Overdraft due to custodian		0			2,042			0			0			0			0
Accrued investment advisory fees		49			0			0			35			67			25
Accrued supervisory and administrative fees		74			5			0			53			112			25
Accrued servicing fees		0			0			0			0			0			6
Other liabilities		55			2			3			33			19			3
Total Liabilities		15,107			2,049			3			1,389			1,251			576
Net Assets	$	176,249		$	204,665		$	61,282		$	201,824		$	487,984		$	106,348
Net Assets Consist of:
Paid in capital	$	235,085		$	214,785		$	72,089		$	199,274		$	409,997		$	105,094
(Overdistributed) net investment income		(449	)		(85	)		(30	)		(273	)		(1	)		(57	)
Accumulated undistributed net realized gain (loss)		(13,453	)		3,391			336			(2,318	)		9,860			(3,807	)
Net unrealized appreciation (depreciation)		(44,934	)		(13,426	)		(11,113	)		5,141			68,128			5,118
	$	176,249		$	204,665		$	61,282		$	201,824		$	487,984		$	106,348
Cost of investments in securities	$	231,275		$	0		$	0		$	196,654		$	417,979		$	100,793
Cost of investments in Affiliates	$	0		$	217,974		$	72,361		$	0		$	0		$	0
Cost of foreign currency held	$	222		$	0		$	0		$	173		$	0		$	0

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

26 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2015 (Unaudited)

	PIMCO RAE Fundamental Emerging Markets Fund		PIMCO RAE Fundamental Global Fund		PIMCO RAE Fundamental Global  ex-US Fund		PIMCO RAE Fundamental International Fund		PIMCO RAE Fundamental US Fund		PIMCO RAE Fundamental US Small Fund
Net Assets:
Institutional Class	$	173,690	$	204,219	$	61,251	$	200,658	$	484,174	$	105,932
Class P		2,476		11		9		989		1,818		171
Class A		57		153		9		9		1,593		101
Class C		26		282		13		168		399		144
Shares Issued and Outstanding:
Institutional Class		23,127		22,857		7,223		23,199		52,309		11,949
Class P		331		1		1		114		197		19
Class A		8		17		1		1		172		11
Class C		3		32		2		20		43		16
Net Asset Value and Redemption Price^ Per Share Outstanding:
Institutional Class	$	7.51	$	8.93	$	8.48	$	8.65	$	9.26	$	8.87
Class P		7.49		8.93		8.48		8.65		9.25		8.86
Class A		7.52		8.92		8.48		8.66		9.25		8.87
Class C		7.50		8.89		8.46		8.59		9.20		8.81

^ With respect to Class A and Class C, the redemption price varies by the length of time the shares are held.

SEMIANNUAL REPORT DECEMBER 31, 2015 27

Statements of Operations

(Unaudited)

Six Months Ended December 31, 2015
(Amounts in thousands†)	PIMCO RAE Fundamental Emerging Markets Fund			PIMCO RAE Fundamental Global Fund			PIMCO RAE Fundamental Global ex-US Fund			PIMCO RAE Fundamental International Fund			PIMCO RAE Fundamental US Fund			PIMCO RAE Fundamental US Small Fund
Investment Income:
Interest	$	0		$	0		$	0		$	16		$	0		$	0
Dividends, net of foreign taxes*		3,054			0			0			1,861			5,842			677
Dividends from Investments in Affiliates		0			2,327			692			0			0			0
Total Income		3,054			2,327			692			1,877			5,842			677
Expenses:
Investment advisory fees		453			127			132			237			570			156
Supervisory and administrative fees		408			95			116			238			571			111
Distribution fees - Class C		0			0			0			0			1			0
Servicing fees - Class A		0			0			0			0			1			0
Trustee fees		8			2			3			6			19			3
Interest expense		3			0			0			0			0			0
Miscellaneous expense		4			2			2			4			11			2
Total Expenses		876			226			253			485			1,173			272
Waiver and/or Reimbursement by PIMCO		(189	)		(215	)		(252	)		(85	)		(247	)		(47	)
Net Expenses		687			11			1			400			926			225
Net Investment Income		2,367			2,316			691			1,477			4,916			452
Net Realized Gain (Loss):
Investments in securities		(10,070	)		0			0			(248	)		18,590			(3,268	)
Investments in Affiliates		0			(482	)		(496	)		0			0			0
Net capital gain distributions received from Affiliate investments		0			3,885			854			0			0			0
Over the counter financial derivative instruments		(5	)		0			0			4			0			0
Foreign currency		(30	)		0			0			(62	)		0			0
Net Realized Gain (Loss)		(10,105	)		3,403			358			(306	)		18,590			(3,268	)
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		(39,649	)		0			0			(17,725	)		(38,373	)		(2,393	)
Investments in Affiliates		0			(12,882	)		(10,156	)		0			0			0
Over the counter financial derivative instruments		(32	)		0			0			0			0			0
Foreign currency assets and liabilities		27			0			0			(3	)		0			0
Net Change in Unrealized (Depreciation)		(39,654	)		(12,882	)		(10,156	)		(17,728	)		(38,373	)		(2,393	)
Net (Decrease) in Net Assets Resulting from Operations	$	(47,392	)	$	(7,163	)	$	(9,107	)	$	(16,557	)	$	(14,867	)	$	(5,209	)
* Foreign tax withholdings - Dividends	$	370		$	0		$	0		$	140		$	0		$	0

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

28 PIMCO EQUITY SERIES See Accompanying Notes

Statements of Changes in Net Assets

	PIMCO RAE Fundamental Emerging Markets Fund						PIMCO RAE Fundamental Global Fund						PIMCO RAE Fundamental Global ex-US  Fund
(Amounts in thousands†)	Six Months Ended December 31, 2015 (Unaudited)			Inception date through June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Inception date through June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Inception date through June 30, 2015
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	2,367		$	1,265		$	2,316		$	(1	)	$	691		$	(1	)
Net realized gain (loss)		(10,105	)		(1,514	)		3,403			(12	)		358			(22	)
Net change in unrealized (depreciation)		(39,654	)		(1,205	)		(12,882	)		(544	)		(10,156	)		(957	)
Net (Decrease) in Net Assets Resulting from Operations		(47,392	)		(1,454	)		(7,163	)		(557	)		(9,107	)		(980	)
Distributions to Shareholders:
From net investment income (a)
Institutional Class		(3,853	)		0			(2,395	)		0			(720	)		0
Class P		(61	)		0			(0	)		0			(0	)		0
Class A		(1	)		0			(2	)		0			(0	)		0
Class C		(0	)		0			(3	)		0			(0	)		0
From net realized capital gains (a)
Institutional Class		0			0			0			0			0			0
Class P		0			0			0			0			0			0
Class A		0			0			0			0			0			0
Class C		0			0			0			0			0			0
Total Distributions		(3,915	)		0			(2,400	)		0			(720	)		0
Portfolio Share Transactions:
Net increase resulting from Fund share transactions**		28,139			200,871			176,031			38,754			1,002			71,087
Total Increase (Decrease) in Net Assets		(23,168	)		199,417			166,468			38,197			(8,825	)		70,107
Net Assets:
Beginning of period		199,417			0			38,197			0			70,107			0
End of period*	$	176,249		$	199,417		$	204,665		$	38,197		$	61,282		$	70,107
* Including undistributed (overdistributed) net investment income of:	$	(449	)	$	1,099		$	(85	)	$	(1	)	$	(30	)	$	(1	)

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

** See Note 11 in the Notes to Financial Statements.

^(a)  Determined in accordance with federal income tax regulations, see Note 2(d) in the Notes to Financial Statements for more information.

SEMIANNUAL REPORT DECEMBER 31, 2015 29

Statements of Changes in Net Assets (Cont.)

	PIMCO RAE Fundamental International Fund						PIMCO RAE Fundamental US Fund						PIMCO RAE Fundamental US Small Fund
(Amounts in thousands†)	Six Months Ended December 31, 2015 (Unaudited)			Inception date through June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Inception date through June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Inception date through June 30, 2015
Increase in Net Assets from:
Operations:
Net investment income (loss)	$	1,477		$	265		$	4,916		$	581		$	452		$	43
Net realized gain (loss)		(306	)		1,954			18,590			4,427			(3,268	)		918
Net change in unrealized (depreciation)		(17,728	)		(4,949	)		(38,373	)		(11,647	)		(2,393	)		(1,306	)
Net (Decrease) in Net Assets Resulting from Operations		(16,557	)		(2,730	)		(14,867	)		(6,639	)		(5,209	)		(345	)
Distributions to Shareholders:
From net investment income (a)
Institutional Class		(1,748	)		0			(5,444	)		0			(518	)		0
Class P		(9	)		0			(21	)		0			(1	)		0
Class A		(0	)		0			(15	)		0			(0	)		0
Class C		(2	)		0			(3	)		0			(1	)		0
From net realized capital gains (a)
Institutional Class		(3,508	)		0			(11,342	)		0			(1,268	)		0
Class P		(17	)		0			(43	)		0			(2	)		0
Class A		(0	)		0			(32	)		0			(5	)		0
Class C		(1	)		0			(6	)		0			(0	)		0
Total Distributions		(5,285	)		0			(16,906	)		0			(1,795	)		0
Portfolio Share Transactions:
Net increase resulting from Fund share transactions**		72,104			154,292			71,968			454,428			66,896			46,801
Total Increase in Net Assets		50,262			151,562			40,195			447,789			59,892			46,456
Net Assets:
Beginning of period		151,562			0			447,789			0			46,456			0
End of period*	$	201,824		$	151,562		$	487,984		$	447,789		$	106,348		$	46,456
* Including undistributed (overdistributed) net investment income of:	$	(273	)	$	9		$	(1	)	$	566		$	(57	)	$	11

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

** See Note 11 in the Notes to Financial Statements.

^(a)  Determined in accordance with federal income tax regulations, see Note 2(d) in the Notes to Financial Statements for more information.

30 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAE Fundamental Emerging Markets Fund

December 31, 2015 (Unaudited)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 105.7%
COMMON STOCKS 96.4%
BRAZIL 9.0%
CONSUMER DISCRETIONARY 0.0%
Lojas Renner S.A.		12,500	$		54
CONSUMER STAPLES 0.8%
AMBEV S.A. ADR		90,557			404
BRF S.A.		5,300			74
JBS S.A.		75,500			234
Marfrig Global Foods S.A. (a)		131,900			211
Natura Cosmeticos S.A.		91,400			541
					1,464
ENERGY 0.2%
Petroleo Brasileiro S.A. SP - ADR (a)		71,494			307
Ultrapar Participacoes S.A.		2,700			41
					348
FINANCIALS 3.7%
Banco Bradesco S.A. ADR		205,417			988
Banco do Brasil S.A.		424,000			1,570
BM&FBovespa S.A. - Bolsa de Valores Mercadorias e Futuros		95,700			262
BR Malls Participacoes S.A.		16,300			45
Itau Unibanco Holding S.A. SP - ADR		486,148			3,165
Sul America S.A.		91,459			429
					6,459
INDUSTRIALS 0.2%
CCR S.A.		59,300			187
Embraer S.A. SP - ADR		1,663			49
Rumo Logistica Operadora Multimodal S.A. (a)		19,070			30
					266
MATERIALS 0.9%
Cia Siderurgica Nacional S.A. SP - ADR		839,523			819
Fibria Celulose S.A. SP - ADR		16,289			207
Gerdau S.A. SP - ADR		507,915			610
					1,636
TELECOMMUNICATION SERVICES 0.8%
Telefonica Brasil S.A. ADR		112,285			1,014
Tim Participacoes S.A. ADR		46,631			395
					1,409
UTILITIES 2.4%
Alupar Investimento S.A.		4,600			15
Cia de Saneamento Basico do Estado de Sao Paulo ADR		180,352			830
Cia de Saneamento de Minas Gerais-COPASA		7,500			30
Cia Energetica de Minas Gerais SP - ADR		812,654			1,219

	SHARES			MARKET VALUE (000S)
CPFL Energia S.A. ADR (a)		95,276	$		707
EDP - Energias do Brasil S.A.		213,300			647
Light S.A.		93,100			232
Tractebel Energia S.A.		57,400			484
Transmissora Alianca de Energia Eletrica S.A.		26,500			112
					4,276
Total Brazil					15,912
CHINA 22.1%
CONSUMER DISCRETIONARY 0.1%
Belle International Holdings Ltd.		44,000			33
GOME Electrical Appliances Holding Ltd.		1,013,000			168
Great Wall Motor Co. Ltd. ‘H’		32,000			37
					238
CONSUMER STAPLES 0.0%
Hengan International Group Co. Ltd.		3,000			28
ENERGY 3.4%
China Petroleum & Chemical Corp. ‘H’		3,474,400			2,091
China Shenhua Energy Co. Ltd. ‘H’		490,000			767
CNOOC Ltd.		2,036,000			2,119
Inner Mongolia Yitai Coal Co. Ltd. ‘B’		408,509			371
PetroChina Co. Ltd. ‘H’		788,000			517
Yanzhou Coal Mining Co. Ltd. ‘H’		130,000			60
					5,925
FINANCIALS 16.6%
Agile Property Holdings Ltd.		1,008,000			560
Agricultural Bank of China Ltd. ‘H’		4,765,000			1,939
Bank of China Ltd. ‘H’		10,447,000			4,635
Bank of Communications Co. Ltd. ‘H’		1,523,000			1,068
China CITIC Bank Corp. Ltd. ‘H’		702,000			452
China Construction Bank Corp. ‘H’		10,046,000			6,853
China Everbright Bank Co. Ltd. ‘H’		567,000			275
China Life Insurance Co. Ltd. ‘H’		262,000			843
China Merchants Bank Co. Ltd. ‘H’		492,500			1,154
China Minsheng Banking Corp. Ltd. ‘H’		735,100			727
China Vanke Co. Ltd. ‘H’		13,000			39
Chongqing Rural Commercial Bank Co. Ltd. ‘H’		656,000			395
Country Garden Holdings Co. Ltd.		565,000			230
Dalian Wanda Commercial Properties Co. Ltd. ‘H’		44,800			260
Evergrande Real Estate Group Ltd.		1,547,000			1,354
Guangzhou R&F Properties Co. Ltd. ‘H’		722,800			886

	SHARES			MARKET VALUE (000S)
Industrial & Commercial Bank of China Ltd. ‘H’		9,387,000	$		5,627
New China Life Insurance Co. Ltd. ‘H’		45,200			189
People’s Insurance Co. Group of China Ltd. ‘H’		258,000			126
PICC Property & Casualty Co. Ltd. ‘H’		52,000			103
Ping An Insurance Group Co. of China Ltd. ‘H’		181,000			996
Sino-Ocean Land Holdings Ltd.		278,500			178
SOHO China Ltd.		959,000			464
					29,353
INDUSTRIALS 0.2%
China Communications Construction Co. Ltd. ‘H’		240,000			243
Fosun International Ltd.		24,500			38
					281
INFORMATION TECHNOLOGY 0.1%
Lenovo Group Ltd.		108,000			109
Semiconductor Manufacturing International Corp. (a)		264,000			27
Sohu.com, Inc. (a)		1,575			90
					226
MATERIALS 0.5%
Anhui Conch Cement Co. Ltd. ‘H’		21,500			57
China National Building Material Co. Ltd. ‘H’		1,586,000			757
Jiangxi Copper Co. Ltd. ‘H’		39,000			46
					860
TELECOMMUNICATION SERVICES 1.0%
China Telecom Corp. Ltd. ‘H’		3,848,000			1,795
UTILITIES 0.2%
Huaneng Power International, Inc. ‘H’		320,000			275
Total China					38,981
GREECE 0.0%
TELECOMMUNICATION SERVICES 0.0%
Hellenic Telecommunications Organization S.A.		3,469			35
Total Greece					35
HONG KONG 5.9%
CONSUMER STAPLES 0.5%
China Resources Beer Holdings Company Ltd.		402,000			859
ENERGY 0.0%
Kunlun Energy Co. Ltd.		46,000			41
FINANCIALS 1.1%
BOC Hong Kong Holdings Ltd.		148,000			449
China Overseas Land & Investment Ltd.		72,000			250

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 31

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

	SHARES			MARKET VALUE (000S)
China Resources Land Ltd.		68,000	$		197
China Taiping Insurance Holdings Co. Ltd. (a)		172,400			530
Poly Property Group Co. Ltd.		1,303,000			421
Yuexiu Property Co. Ltd.		608,000			105
					1,952
INDUSTRIALS 0.2%
China Merchants Holdings International Co. Ltd.		12,000			38
Shanghai Industrial Holdings Ltd.		99,000			259
					297
TELECOMMUNICATION SERVICES 3.9%
China Mobile Ltd.		457,000			5,144
China Unicom Hong Kong Ltd.		1,444,000			1,746
					6,890
UTILITIES 0.2%
China Power International Development Ltd.		223,000			128
China Resources Power Holdings Co. Ltd.		138,000			266
Guangdong Investment Ltd.		22,000			31
					425
Total Hong Kong					10,464
INDIA 1.5%
CONSUMER DISCRETIONARY 0.2%
Tata Motors Ltd. SP - ADR (a)		9,962			294
ENERGY 0.2%
Reliance Industries Ltd. SP - GDR		12,004			367
FINANCIALS 0.5%
State Bank of India GDR		25,189			847
INFORMATION TECHNOLOGY 0.5%
Infosys Ltd. SP - ADR		49,715			833
MATERIALS 0.1%
Vedanta Resources PLC		64,511			260
Total India					2,601
INDONESIA 1.8%
CONSUMER DISCRETIONARY 0.2%
Astra International Tbk PT		759,900			327
CONSUMER STAPLES 0.1%
Indofood Sukses Makmur Tbk PT		503,800			188
ENERGY 0.1%
Adaro Energy Tbk PT		1,455,700			54
Bumi Resources Tbk PT (a)		15,577,800			56
					110

	SHARES			MARKET VALUE (000S)
FINANCIALS 0.5%
Bank Central Asia Tbk PT		225,700	$		216
Bank Mandiri Persero Tbk PT		313,100			208
Bank Negara Indonesia Persero Tbk PT		546,400			196
Bank Rakyat Indonesia Persero Tbk PT		233,700			192
					812
INDUSTRIALS 0.0%
Berlian Laju Tanker Tbk PT (a)		707,200			0
United Tractors Tbk PT		69,500			85
					85
MATERIALS 0.1%
Semen Indonesia Persero Tbk PT		190,900			156
TELECOMMUNICATION SERVICES 0.6%
Telekomunikasi Indonesia Persero Tbk PT		5,069,500			1,135
UTILITIES 0.2%
Perusahaan Gas Negara Persero Tbk		1,401,000			276
Total Indonesia					3,089
MEXICO 3.3%
CONSUMER DISCRETIONARY 0.0%
El Puerto de Liverpool S.A.B. de C.V.		2,900			35
Grupo Televisa S.A.B. SP - ADR		760			21
Urbi Desarrollos Urbanos S.A.B. de C.V. (a)		212,200			0
					56
CONSUMER STAPLES 0.7%
Coca-Cola Femsa S.A.B. de C.V. SP - ADR		500			35
Fomento Economico Mexicano S.A.B. de C.V. SP - ADR		3,274			302
Gruma S.A.B. de C.V. ‘B’		2,600			37
Grupo Bimbo S.A.B. de C.V. ‘A’ (a)		132,100			351
Kimberly-Clark de Mexico S.A.B. de C.V. ‘A’		71,100			166
Wal-Mart de Mexico S.A.B. de C.V.		160,700			406
					1,297
FINANCIALS 0.4%
Grupo Financiero Inbursa S.A.B. de C.V. ‘O’		10,700			19
Grupo Financiero Santander Mexico S.A.B. de C.V. ADR ‘B’		81,631			708
					727
INDUSTRIALS 0.2%
Alfa S.A.B. de C.V. ‘A’		13,800			27
Empresas ICA S.A.B. de C.V. (a)		371,700			77
Grupo Aeromexico S.A.B. de C.V. (a)		60,722			140
					244

	SHARES			MARKET VALUE (000S)
MATERIALS 0.4%
Cemex S.A.B. de C.V. SP - ADR (a)		59,737	$		333
Fresnillo PLC		10,000			104
Grupo Mexico S.A.B. de C.V. ‘B’		68,799			147
Industrias Penoles S.A.B. de C.V.		13,320			137
					721
TELECOMMUNICATION SERVICES 1.6%
America Movil S.A.B. de C.V. SP - ADR ‘L’		203,301			2,858
Total Mexico					5,903
NETHERLANDS 0.1%
CONSUMER DISCRETIONARY 0.1%
Steinhoff International Holdings NV		24,155			125
Total Netherlands					125
PERU 0.1%
MATERIALS 0.1%
Southern Copper Corp.		5,591			146
Total Peru					146
POLAND 2.5%
ENERGY 0.7%
Polski Koncern Naftowy Orlen S.A.		61,896			1,066
Polskie Gornictwo Naftowe i Gazownictwo S.A.		152,659			199
					1,265
FINANCIALS 0.4%
Bank Pekao S.A.		4,072			148
Powszechna Kasa Oszczednosci Bank Polski S.A.		61,153			425
Powszechny Zaklad Ubezpieczen S.A.		20,496			177
					750
INDUSTRIALS 0.0%
PKP Cargo S.A.		3,789			66
INFORMATION TECHNOLOGY 0.1%
Asseco Poland S.A.		10,424			150
MATERIALS 0.4%
KGHM Polska Miedz S.A.		38,772			625
TELECOMMUNICATION SERVICES 0.3%
Orange Polska S.A.		282,679			473
UTILITIES 0.6%
Enea S.A.		48,355			138
Energa S.A.		36,336			117
PGE Polska Grupa Energetyczna S.A.		182,222			591
Tauron Polska Energia S.A.		281,224			206
					1,052
Total Poland					4,381

32 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2015 (Unaudited)

	SHARES			MARKET VALUE (000S)
RUSSIA 14.0%
CONSUMER STAPLES 0.1%
Lenta Ltd. GDR (a)		7,923	$		54
X5 Retail Group NV SP - GDR (a)		6,444			122
					176
ENERGY 10.0%
Gazprom Neft PAO		16,165			173
Gazprom PAO SP - ADR		1,572,780			5,848
Lukoil PJSC SP - ADR		153,179			4,959
Rosneft OAO SP - GDR		509,114			1,775
Surgutneftegas OAO SP - ADR		858,016			3,980
Tatneft PAO SP - ADR		35,139			929
					17,664
FINANCIALS 0.5%
Sberbank of Russia SP - ADR		101,343			595
VTB Bank PJSC GDR		92,766			195
					790
INDUSTRIALS 0.3%
Aeroflot - Russian Airlines OJSC		592,660			456
MATERIALS 1.6%
Alrosa PAO		61,468			47
Evraz PLC (a)		33,342			36
Mechel SP - ADR		165,977			136
MMC Norilsk Nickel PJSC ADR		165,209			2,094
PhosAgro OAO GDR		16,037			206
Severstal PAO GDR		42,583			355
					2,874
TELECOMMUNICATION SERVICES 1.4%
MegaFon PJSC SP - GDR		61,030			710
Mobile TeleSystems PJSC		359,810			1,038
Rostelecom PJSC		286,530			356
Sistema JSFC SP - GDR		72,334			426
					2,530
UTILITIES 0.1%
Federal Grid Co. Unified Energy System PJSC		114,440,000			92
Inter RAO UES PJSC		1,990,000			30
RusHydro PJSC		4,348,000			40
					162
Total Russia					24,652
SOUTH AFRICA 9.4%
CONSUMER DISCRETIONARY 0.4%
Foschini Group Ltd.		22,055			173
Imperial Holdings Ltd.		29,297			227
Mr Price Group Ltd.		2,298			30
Truworths International Ltd.		15,775			93

	SHARES			MARKET VALUE (000S)
Woolworths Holdings Ltd.		17,235	$		112
					635
CONSUMER STAPLES 0.1%
Shoprite Holdings Ltd.		9,647			90
Tiger Brands Ltd.		2,501			51
					141
ENERGY 1.1%
Exxaro Resources Ltd.		47,370			135
Sasol Ltd.		67,530			1,823
					1,958
FINANCIALS 2.8%
Barclays Africa Group Ltd.		109,073			1,012
Discovery Ltd.		2,910			25
FirstRand Ltd.		134,840			368
Investec Ltd.		11,519			81
Liberty Holdings Ltd.		59,351			442
MMI Holdings Ltd.		18,521			26
Nedbank Group Ltd.		34,038			416
Sanlam Ltd.		154,160			603
Standard Bank Group Ltd.		262,700			1,926
					4,899
HEALTH CARE 0.0%
Netcare Ltd.		32,946			72
INDUSTRIALS 0.5%
Aveng Ltd.		71,944			10
Barloworld Ltd.		93,912			378
Bidvest Group Ltd.		13,978			297
Reunert Ltd.		39,822			176
					861
MATERIALS 2.8%
AngloGold Ashanti Ltd. SP - ADR (a)		134,372			954
Gold Fields Ltd. SP - ADR		645,176			1,787
Impala Platinum Holdings Ltd. (a)		146,021			236
Kumba Iron Ore Ltd.		90,317			241
Lonmin PLC		38,850			48
Mondi Ltd.		1,818			36
Nampak Ltd.		185,502			298
PPC Ltd.		215,716			215
Sappi Ltd. (a)		119,832			503
Sibanye Gold Ltd.		390,444			592
					4,910
TELECOMMUNICATION SERVICES 1.7%
MTN Group Ltd.		220,870			1,902
Telkom S.A. SOC Ltd.		151,217			628
Vodacom Group Ltd.		49,378			487
					3,017
Total South Africa					16,493

	SHARES			MARKET VALUE (000S)
SOUTH KOREA 15.2%
CONSUMER DISCRETIONARY 2.6%
Hankook Tire Co. Ltd.		1,320	$		53
Hyundai Department Store Co. Ltd.		606			65
Hyundai Mobis Co. Ltd.		761			159
Hyundai Motor Co.		11,999			1,513
Kia Motors Corp.		21,882			976
LG Electronics, Inc.		34,323			1,561
Lotte Shopping Co. Ltd.		1,496			294
					4,621
CONSUMER STAPLES 0.2%
E-MART Inc.		1,346			216
KT&G Corp.		2,071			184
					400
ENERGY 0.8%
GS Holdings Corp.		9,500			407
S-Oil Corp.		3,479			233
SK Innovation Co. Ltd.		7,349			806
					1,446
FINANCIALS 3.3%
DGB Financial Group, Inc.		13,633			116
Dongbu Insurance Co. Ltd.		1,511			90
Hana Financial Group, Inc.		12,473			249
Hanwha Life Insurance Co. Ltd.		41,801			264
Hyundai Marine & Fire Insurance Co. Ltd.		13,352			409
Industrial Bank of Korea		49,003			512
KB Financial Group, Inc.		28,100			792
Mirae Asset Life Insurance Co. Ltd. (a)		17,057			73
Samsung Fire & Marine Insurance Co. Ltd.		203			53
Samsung Life Insurance Co. Ltd.		9,410			879
Shinhan Financial Group Co. Ltd.		32,059			1,077
Tongyang Life Insurance Co. Ltd.		5,511			55
Woori Bank		168,310			1,259
					5,828
INDUSTRIALS 1.6%
CJ Corp.		3,021			642
Doosan Heavy Industries & Construction Co. Ltd.		7,661			133
Doosan Infracore Co. Ltd. (a)		20,710			82
Hanwha Corp.		11,625			385
Korean Air Lines Co. Ltd. (a)		7,292			171
LS Corp.		9,784			333
SK Holdings Co. Ltd.		5,048			1,029
SK Networks Co. Ltd.		12,114			56
					2,831
INFORMATION TECHNOLOGY 3.9%
LG Display Co. Ltd.		27,007			560
Samsung Electro-Mechanics Co. Ltd.		3,818			203

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 33

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

	SHARES			MARKET VALUE (000S)
Samsung Electronics Co. Ltd.		5,707	$		6,087
SK Hynix, Inc.		2,100			54
					6,904
MATERIALS 0.7%
Hyosung Corp.		1,520			150
LG Chem Ltd.		686			190
POSCO Processing & Service Co. Ltd.		5,506			771
					1,111
TELECOMMUNICATION SERVICES 1.8%
KT Corp. SP - ADR (a)		113,975			1,357
LG Uplus Corp.		106,662			942
SK Telecom Co. Ltd. SP - ADR		40,701			820
					3,119
UTILITIES 0.3%
Korea Electric Power Corp.		12,288			521
Total South Korea					26,781
TAIWAN 8.6%
CONSUMER DISCRETIONARY 0.3%
Pou Chen Corp.		320,000			418
Ruentex Industries Ltd.		26,000			48
					466
CONSUMER STAPLES 0.2%
Uni-President Enterprises Corp.		260,640			435
FINANCIALS 0.9%
China Development Financial Holding Corp.		724,000			181
China Life Insurance Co. Ltd.		764,300			584
CTBC Financial Holding Co. Ltd.		154,624			79
First Financial Holding Co. Ltd.		105,900			49
Fubon Financial Holding Co. Ltd.		58,000			79
Hua Nan Financial Holdings Co. Ltd.		75,748			35
Mega Financial Holding Co. Ltd.		327,658			211
Shanghai Commercial & Savings Bank Ltd.		50,018			47
Shin Kong Financial Holding Co. Ltd.		490,903			106
SinoPac Financial Holdings Co. Ltd.		286,144			81
Taishin Financial Holding Co. Ltd.		233,000			81
Yuanta Financial Holding Co. Ltd.		123,147			45
					1,578
INDUSTRIALS 0.1%
Far Eastern New Century Corp.		318,520			249
INFORMATION TECHNOLOGY 5.5%
Acer, Inc. (a)		332,000			122
Advanced Semiconductor Engineering, Inc.		93,000			107
Asustek Computer, Inc.		64,000			528

	SHARES			MARKET VALUE (000S)
AU Optronics Corp.		960,000	$		283
Catcher Technology Co. Ltd.		8,000			67
Compal Electronics, Inc.		1,141,000			638
Delta Electronics, Inc.		10,312			48
Hon Hai Precision Industry Co. Ltd.		428,950			1,050
HTC Corp.		171,000			404
Innolux Corp.		1,094,000			329
Inventec Corp.		113,000			74
Lite-On Technology Corp.		537,770			519
MediaTek, Inc.		3,000			23
Pegatron Corp.		169,000			367
Powertech Technology, Inc.		154,000			304
Quanta Computer, Inc.		101,000			162
Siliconware Precision Industries Co. Ltd.		24,000			38
Synnex Technology International Corp.		20,000			19
Taiwan Semiconductor Manufacturing Co. Ltd. SP- ADR		160,436			3,650
United Microelectronics Corp.		1,501,000			548
Wistron Corp.		549,821			308
WPG Holdings Ltd.		47,000			45
					9,633
MATERIALS 0.4%
Asia Cement Corp.		78,000			65
China Steel Corp.		545,000			297
Formosa Chemicals & Fibre Corp.		58,000			130
Taiwan Cement Corp.		277,000			229
					721
TELECOMMUNICATION SERVICES 1.2%
Chunghwa Telecom Co. Ltd.		511,000			1,540
Far EasTone Telecommunications Co. Ltd.		128,000			263
Taiwan Mobile Co. Ltd.		87,000			264
					2,067
Total Taiwan					15,149
THAILAND 2.9%
CONSUMER STAPLES 0.0%
Charoen Pokphand Foods PCL		86,200			43
ENERGY 1.4%
Banpu Public Co. Ltd.		1,220,100			540
PTT Exploration & Production PCL		388,000			615
PTT PCL		174,500			1,175
Thai Oil PCL		132,200			241
					2,571
FINANCIALS 1.2%
Bangkok Bank PCL		204,700			874
Kasikornbank PCL		97,300			402
Krung Thai Bank PCL		1,082,075			499

	SHARES			MARKET VALUE (000S)
Siam Commercial Bank PCL		112,600	$		372
					2,147
MATERIALS 0.2%
PTT Global Chemical PCL		144,600			200
Siam Cement PCL		10,000			126
					326
TELECOMMUNICATION SERVICES 0.1%
Advanced Info Service PCL		25,200			106
Total Thailand					5,193
Total Common Stocks (Cost $209,914)					169,905
EQUITY-LINKED SECURITIES 3.8%
CURACAO 0.0%
FINANCIALS 0.0%
Merrill Lynch International & Co., Housing Development Finance Corp. Ltd. - Exp. 05/22/2018		1,496			29
Total Curacao					29
IRELAND 1.1%
CONSUMER DISCRETIONARY 0.1%
Citigroup Global Markets Holdings, Inc., Hero MotoCorp Ltd. - Exp. 02/12/2016		954			39
Citigroup Global Markets Holdings, Inc., Mahindra & Mahindra Ltd. - Exp. 02/12/2016		7,943			152
					191
ENERGY 0.8%
Citigroup Global Markets Holdings, Inc., Bharat Petroleum Corp. Ltd. - Exp. 02/12/2016		17,992			242
Citigroup Global Markets Holdings, Inc., Coal India Ltd. - Exp. 02/12/2016		29,464			147
Citigroup Global Markets Holdings, Inc., Hindustan Petroleum Corp. Ltd. - Exp. 02/12/2016		47,360			598
Citigroup Global Markets Holdings, Inc., Jindal Steel & Power Ltd. - Exp. 02/12/2016		30,745			45
Citigroup Global Markets Holdings, Inc., Oil & Natural Gas Corp. Ltd. - Exp. 02/12/2016		84,866			310
					1,342
FINANCIALS 0.0%
Citigroup Global Markets Holdings, Inc., Yes Bank Ltd. - Exp. 02/12/2016		3,056			34
INFORMATION TECHNOLOGY 0.0%
Citigroup Global Markets Holdings, Inc., HCL Technologies Ltd. - Exp. 02/12/2016		1,961			25

34 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2015 (Unaudited)

	SHARES			MARKET VALUE (000S)
TELECOMMUNICATION SERVICES 0.2%
Citigroup Global Markets Holdings, Inc., Bharti Airtel Ltd. - Exp. 02/12/2016		20,296	$		104
Citigroup Global Markets Holdings, Inc., Reliance Communications Ltd. - Exp. 02/12/2016		146,592			196
					300
Total Ireland					1,892
LUXEMBOURG 1.6%
CONSUMER DISCRETIONARY 0.3%
JP Morgan Chase Bank, N.A., Bajaj Auto Ltd. - Exp. 07/29/2016		1,314			50
Merrill Lynch International & Co., ITC Ltd. - Exp. 05/22/2018		95,007			471
					521
ENERGY 0.1%
JP Morgan Chase Bank, N.A., Indian Oil Corp. Ltd. - Exp. 09/02/2019		7,260			47
Merrill Lynch International & Co., Cairn India Ltd. - Exp. 05/31/2018		16,897			35
					82
FINANCIALS 0.4%
JP Morgan Chase Bank, N.A., Axis Bank Ltd. - Exp. 01/25/2018		26,967			183
JP Morgan Chase Bank, N.A., ICICI Bank Ltd. - Exp. 07/02/2019		97,833			386
JP Morgan Chase Bank, N.A., Punjab National Bank - Exp. 05/05/2016		111,129			194
					763
HEALTH CARE 0.3%
JP Morgan Chase Bank, N.A., Dr Reddy’s Laboratories Ltd. - Exp. 03/03/2020		1,726			81
JP Morgan Chase Bank, N.A., Sun Pharmaceutical Industries Ltd. - Exp. 04/03/2018		27,397			340
					421
INDUSTRIALS 0.0%
Merrill Lynch International & Co., Hindalco Industries Ltd. - Exp. 11/25/2019		46,255			59
INFORMATION TECHNOLOGY 0.3%
Merrill Lynch International & Co., Hindustan Unilever Ltd. - Exp. 06/17/2019		15,484			202
Merrill Lynch International & Co., Larsen & Toubro Ltd. - Exp. 05/29/2018		6,182			119
Merrill Lynch International & Co., Tata Consultancy Services Ltd. - Exp. 01/08/2019		6,570			242
					563

	SHARES			MARKET VALUE (000S)
TELECOMMUNICATION SERVICES 0.0%
Merrill Lynch International & Co., Idea Cellular Ltd. - Exp. 06/07/2018		11,162	$		24
UTILITIES 0.2%
JP Morgan Chase Bank, N.A., Power Grid Corp. of India Ltd. - Exp. 12/05/2018		34,613			74
JP Morgan Chase Bank, N.A., Tata Power Co. Ltd. - Exp. 04/05/2019		261,265			268
JP Morgan Chase Bank, N.A., Tata Power Co. Ltd. - Exp. 04/26/2016		38,588			39
					381
Total Luxembourg					2,814
NETHERLANDS 0.5%
MATERIALS 0.5%
JP Morgan Chase Bank, N.A., Tata Steel Ltd. - Exp. 12/08/2020		235,079			922
Total Netherlands					922
UNITED KINGDOM 0.6%
FINANCIALS 0.1%
HSBC Bank PLC, Bank of Boroda - Exp. 06/30/2016		83,933			199
INDUSTRIALS 0.3%
HSBC Bank PLC, Bharat Heavy Electricals Ltd. - Exp. 06/30/2016		54,811			140
HSBC Bank PLC, Jaiprakash Associates Ltd. - Exp. 10/28/2016		1,161,854			209
HSBC Bank PLC, JSW Steel Ltd. - Exp. 06/30/2016		9,242			144
					493
UTILITIES 0.1%
HSBC Bank PLC, GAIL India Ltd. - Exp. 03/10/2016		9,592			54
HSBC Bank PLC, NTPC Ltd. - Exp. 03/10/2016		106,627			236
					290
TELECOMMUNICATION SERVICES 0.1%
HSBC Bank PLC, Aditya Birla Nuvo Ltd. - Exp. 06/30/2016		5,177			169
Total United Kingdom					1,151
Total Equity-Linked Securities (Cost $7,151)					6,808
PREFERRED STOCKS 5.4%
BRAZIL 4.7%
CONSUMER DISCRETIONARY 0.2%
Oi S.A.		773,070			379
CONSUMER STAPLES 0.2%
Cia Brasileira de Distribuicao		39,900			420

	SHARES			MARKET VALUE (000S)
FINANCIALS 0.1%
Banco do Estado do Rio Grande do Sul S.A.		108,700	$		161
MATERIALS 2.8%
Braskem S.A.		57,400			399
Metalurgica Gerdau S.A.		519,800			217
Suzano Papel e Celulose S.A.		22,600			107
Usinas Siderurgicas de Minas Gerais S.A.		145,400			56
Vale S.A.		1,625,400			4,164
					4,943
UTILITIES 1.4%
AES Tiete S.A.		125,800			460
Centrais Eletricas Brasileiras S.A.		443,400			1,164
Cia Energetica de Sao Paulo		117,800			397
Cia Paranaense de Energia		36,300			222
Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A.		107,700			228
					2,471
Total Brazil					8,374
RUSSIA 0.7%
ENERGY 0.7%
AK Transneft OAO		339			902
Bashneft PAO		11,073			261
					1,163
Total Russia					1,163
Total Preferred Stocks (Cost $14,093)					9,537
REAL ESTATE INVESTMENT TRUSTS 0.1%
SOUTH AFRICA 0.1%
FINANCIALS 0.1%
Growthpoint Properties Ltd.		49,382			74
Redefine Properties Ltd.		34,876			22
					96
Total Real Estate Investment Trusts (Cost $117)					96
RIGHTS 0.0%
BRAZIL 0.0%
INDUSTRIALS 0.0%
Rumo Logistica Operadora Multimodal S.A.		6,852			0
Total Rights (Cost $0)					0
Total Investments in Securities (Cost $231,275)					186,346
Total Investments 105.7% (Cost $231,275)			$		186,346
Financial Derivative Instruments (b) 0.0% (Cost or Premiums, net $0)					(32	)
Other Assets and Liabilities, net (5.7%)					(10,065	)
Net Assets 100.0%			$		176,249

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 35

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

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

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

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

(b)  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
SSB		01/2016		BRL	272	$		69	$	0	$	0
		01/2016	$		922		BRL	3,558		0		(23	)
		01/2016			1,049		ZAR	16,089		0		(9	)
		01/2016		ZAR	557	$		36		0		0
Total Forward Foreign Currency Contracts									$	0	$	(32	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of December 31, 2015:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options		Swap Agreements		Total Over the Counter			Net Market Value of OTC Derivatives			Collateral (Received)/ Pledged		Net Exposure  (1)
SSB	$	0	$	0	$	0	$	0	$	(32	)	$	0	$	0	$	(32	)	$	(32	)	$	0	$	(32	)

⁽¹⁾  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 6, Principal Risks, in the Notes to Financial Statements for more information regarding master netting arrangements.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2015:

	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
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	32	$	0	$	32

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2015:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts			Interest Rate Contracts		Total
Net Realized (Loss) on Financial Derivative Instruments
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	(5	)	$	0	$	(5	)
Net Change in Unrealized (Depreciation) on Financial Derivative Instruments
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	(32	)	$	0	$	(32	)

36 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2015 (Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2015
Investments in Securities, at Value
Common Stocks
Brazil
Consumer Discretionary	$	0	$	54	$	0	$	54
Consumer Staples		404		1,060		0		1,464
Energy		307		41		0		348
Financials		4,153		2,306		0		6,459
Industrials		49		217		0		266
Materials		1,636		0		0		1,636
Telecommunication Services		1,409		0		0		1,409
Utilities		2,756		1,520		0		4,276
China
Consumer Discretionary		0		238		0		238
Consumer Staples		0		28		0		28
Energy		0		5,925		0		5,925
Financials		0		29,314		39		29,353
Industrials		0		281		0		281
Information Technology		90		136		0		226
Materials		0		860		0		860
Telecommunication Services		0		1,795		0		1,795
Utilities		0		275		0		275
Greece
Telecommunication Services		0		35		0		35
Hong Kong
Consumer Staples		0		859		0		859
Energy		0		41		0		41
Financials		0		1,952		0		1,952
Industrials		0		297		0		297
Telecommunication Services		0		6,890		0		6,890
Utilities		0		425		0		425
India
Consumer Discretionary		294		0		0		294
Energy		367		0		0		367
Financials		0		847		0		847
Information Technology		833		0		0		833
Materials		0		260		0		260
Indonesia
Consumer Discretionary		0		327		0		327
Consumer Staples		0		188		0		188
Energy		0		110		0		110
Financials		0		812		0		812
Industrials		0		85		0		85
Materials		0		156		0		156
Telecommunication Services		0		1,135		0		1,135
Utilities		0		276		0		276
Mexico
Consumer Discretionary		56		0		0		56
Consumer Staples		1,297		0		0		1,297
Financials		727		0		0		727
Industrials		244		0		0		244
Materials		617		104		0		721
Telecommunication Services		2,858		0		0		2,858
Netherlands
Consumer Discretionary		125		0		0		125
Peru
Materials		146		0		0		146
Poland
Energy		0		1,265		0		1,265
Financials		0		750		0		750
Industrials		0		66		0		66
Information Technology		0		150		0		150
Materials		0		625		0		625
Telecommunication Services		473		0		0		473
Utilities		0		1,052		0		1,052
Russia
Consumer Staples		122		54		0		176
Energy		0		17,664		0		17,664

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2015
Financials	$	0	$	790	$	0	$	790
Industrials		0		456		0		456
Materials		136		2,738		0		2,874
Telecommunication Services		0		2,530		0		2,530
Utilities		0		162		0		162
South Africa
Consumer Discretionary		30		605		0		635
Consumer Staples		0		141		0		141
Energy		0		1,958		0		1,958
Financials		0		4,899		0		4,899
Health Care		0		72		0		72
Industrials		176		685		0		861
Materials		2,741		2,169		0		4,910
Telecommunication Services		0		3,017		0		3,017
South Korea
Consumer Discretionary		0		4,621		0		4,621
Consumer Staples		0		400		0		400
Energy		0		1,446		0		1,446
Financials		264		5,564		0		5,828
Industrials		0		2,831		0		2,831
Information Technology		0		6,904		0		6,904
Materials		0		1,111		0		1,111
Telecommunication Services		2,177		942		0		3,119
Utilities		0		521		0		521
Taiwan
Consumer Discretionary		0		466		0		466
Consumer Staples		0		435		0		435
Financials		47		1,531		0		1,578
Industrials		0		249		0		249
Information Technology		3,650		5,983		0		9,633
Materials		0		721		0		721
Telecommunication Services		0		2,067		0		2,067
Thailand
Consumer Staples		0		43		0		43
Energy		0		2,571		0		2,571
Financials		0		2,147		0		2,147
Materials		0		326		0		326
Telecommunication Services		0		106		0		106
Equity-Linked Securities
Curacao
Financials		0		29		0		29
Ireland
Consumer Discretionary		0		191		0		191
Energy		0		1,342		0		1,342
Financials		0		34		0		34
Information Technology		0		25		0		25
Telecommunication Services		0		300		0		300
Luxembourg
Consumer Discretionary		0		521		0		521
Energy		0		82		0		82
Financials		0		763		0		763
Health Care		0		421		0		421
Industrials		0		59		0		59
Information Technology		0		563		0		563
Telecommunication Services		0		24		0		24
Utilities		0		381		0		381
Netherlands
Materials		0		922		0		922
United Kingdom
Financials		0		199		0		199
Industrials		0		493		0		493
Utilities		0		290		0		290
Telecommunication Services		0		169		0		169
Preferred Stocks
Brazil
Consumer Discretionary		0		379		0		379
Consumer Staples		0		420		0		420

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 37

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

December 31, 2015 (Unaudited)

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2015
Financials	$	0	$	161	$	0	$	161
Materials		0		4,943		0		4,943
Utilities		460		2,011		0		2,471
Russia
Energy		0		1,163		0		1,163
Real Estate Investment Trusts
South Africa
Financials		0		96		0		96
Total Investments	$	28,644	$	157,663	$	39	$	186,346

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2015
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(32	)	$	0	$	(32	)
Totals	$	28,644	$	157,631		$	39	$	186,314

There were assets and liabilities valued at $16,333 transferred from Level 1 to Level 2 during the period ended December 31, 2015. There were no significant assets and liabilities transferred from Level 2 to Level 1 during the period ended December 31, 2015. There were no significant transfers between Levels 2 and 3 during the period ended December 31, 2015.

38 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAE Fundamental Global Fund

December 31, 2015 (Unaudited)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 99.9%
MUTUAL FUNDS (a) 99.9%
UNITED STATES 99.9%
PIMCO RAE Fundamental Emerging Markets Fund		2,395,852	$		17,993
PIMCO RAE Fundamental International Fund		8,447,196			73,068
PIMCO RAE Fundamental US Fund		12,255,585			113,487
Total Mutual Funds (Cost $217,974)					204,548
Total Investments in Affiliates (Cost $217,974)					204,548
Total Investments 99.9% (Cost $217,974)			$		204,548
Other Assets and Liabilities, net 0.1%					117
Net Assets 100.0%			$		204,665

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

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

(a) Institutional Class Shares of each Fund.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2015
Investments in Affiliates, at Value
Mutual Funds
United States	$	204,548	$	0	$	0	$	204,548
Totals	$	204,548	$	0	$	0	$	204,548

There were no significant transfers between Levels 1, 2, or 3 during the period ended December 31, 2015.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 39

Schedule of Investments PIMCO RAE Fundamental Global ex-US Fund

December 31, 2015 (Unaudited)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 99.9%
MUTUAL FUNDS (a) 99.9%
UNITED STATES 99.9%
PIMCO RAE Fundamental Emerging Markets Fund		1,601,939	$		12,030
PIMCO RAE Fundamental International Fund		5,689,906			49,218
Total Mutual Funds (Cost $72,361)					61,248
Total Investments in Affiliates (Cost $72,361)					61,248
Total Investments 99.9% (Cost $72,361)			$		61,248
Other Assets and Liabilities, net 0.1%					34
Net Assets 100.0%			$		61,282

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

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

(a) Institutional Class Shares of each Fund.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2015
Investments in Affiliates, at Value
Mutual Funds
United States	$	61,248	$	0	$	0	$	61,248
Totals	$	61,248	$	0	$	0	$	61,248

There were no significant transfers between Levels 1, 2, or 3 during the period ended December 31, 2015.

40 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAE Fundamental International Fund

December 31, 2015 (Unaudited)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 100.0%
COMMON STOCKS 98.5%
AUSTRALIA 9.0%
CONSUMER DISCRETIONARY 0.3%
Fairfax Media Ltd.		146,110	$		97
Myer Holdings Ltd.		76,829			66
Tabcorp Holdings Ltd.		67,785			231
Tatts Group Ltd.		65,533			208
					602
CONSUMER STAPLES 0.9%
Coca-Cola Amatil Ltd.		30,150			203
Metcash Ltd.		166,829			195
Wesfarmers Ltd.		25,162			759
Woolworths Ltd.		33,545			595
					1,752
ENERGY 0.3%
Caltex Australia Ltd.		1,156			32
Santos Ltd.		96,992			258
Woodside Petroleum Ltd.		17,666			368
					658
FINANCIALS 4.4%
AMP Ltd.		162,342			684
Australia & New Zealand Banking Group Ltd.		69,313			1,399
Bendigo & Adelaide Bank Ltd.		22,229			192
Commonwealth Bank of Australia		25,341			1,567
Insurance Australia Group Ltd.		30,472			122
Lend Lease Group		3,164			33
Macquarie Group Ltd.		5,435			325
National Australia Bank Ltd.		68,730			1,500
QBE Insurance Group Ltd.		51,654			470
Suncorp Group Ltd.		90,675			796
Westpac Banking Corp.		74,928			1,816
					8,904
HEALTH CARE 0.3%
CSL Ltd.		4,833			368
Primary Health Care Ltd.		51,996			88
Ramsay Health Care Ltd.		398			20
Sonic Healthcare Ltd.		7,148			92
					568
INDUSTRIALS 0.7%
ALS Ltd.		4,546			12
Asciano Ltd.		23,416			149
Aurizon Holdings Ltd.		30,053			95
Brambles Ltd.		8,198			69
CIMIC Group Ltd.		7,972			140
Downer EDI Ltd.		48,657			127
Qantas Airways Ltd.		175,298			520
Transpacific Industries Group Ltd.		115,495			66
Transurban Group		6,640			50
UGL Ltd. (a)		17,358			30

	SHARES			MARKET VALUE (000S)
WorleyParsons Ltd.		33,872	$		114
					1,372
MATERIALS 1.7%
Amcor Ltd.		9,288			90
BHP Billiton Ltd.		112,149			1,443
BHP Billiton PLC		60,857			679
BlueScope Steel Ltd.		17,685			56
Boral Ltd.		19,454			83
CSR Ltd.		51,971			108
Fortescue Metals Group Ltd.		94,183			127
Iluka Resources Ltd.		11,937			53
Incitec Pivot Ltd.		79,630			228
Newcrest Mining Ltd.		14,436			137
Orica Ltd.		26,705			299
OZ Minerals Ltd.		47,959			140
					3,443
TELECOMMUNICATION SERVICES 0.2%
Telstra Corp. Ltd.		120,798			491
UTILITIES 0.2%
AGL Energy Ltd.		8,628			113
DUET Group		37,705			63
Origin Energy Ltd.		53,638			181
					357
Total Australia					18,147
AUSTRIA 0.7%
ENERGY 0.2%
OMV AG		15,686			445
FINANCIALS 0.4%
Erste Group Bank AG		14,798			463
Raiffeisen Bank International AG		18,391			270
					733
MATERIALS 0.1%
voestalpine AG		3,428			105
Wienerberger AG		3,650			67
					172
UTILITIES 0.0%
Verbund AG		2,082			27
Total Austria					1,377
BELGIUM 1.0%
CONSUMER STAPLES 0.6%
Anheuser-Busch InBev NV		4,654			579
Delhaize Group		5,498			535
					1,114
FINANCIALS 0.2%
Ageas		8,125			377
KBC Groep NV		2,004			125
					502

	SHARES			MARKET VALUE (000S)
MATERIALS 0.1%
Solvay S.A.		647	$		69
Umicore S.A.		1,084			46
					115
TELECOMMUNICATION SERVICES 0.1%
Proximus		7,953			259
Total Belgium					1,990
CANADA 8.2%
CONSUMER DISCRETIONARY 0.2%
Canadian Tire Corp. Ltd. ‘A’		1,010			86
Magna International, Inc.		3,619			147
Quebecor, Inc. ‘B’		6,356			155
Shaw Communications, Inc. ‘B’		2,784			48
					436
CONSUMER STAPLES 0.2%
George Weston Ltd.		3,013			233
Loblaw Cos. Ltd.		1,352			64
Metro, Inc.		1,857			52
					349
ENERGY 1.9%
Baytex Energy Corp.		35,215			114
Bonavista Energy Corp.		37,299			49
Canadian Natural Resources Ltd.		9,410			205
Canadian Oil Sands Ltd.		88,491			529
Cenovus Energy, Inc.		43,676			552
Crescent Point Energy Corp.		10,949			128
Encana Corp.		43,332			220
Enerplus Corp.		50,731			173
Husky Energy, Inc.		18,639			193
Pengrowth Energy Corp.		87,876			64
Penn West Petroleum Ltd.		146,496			124
Precision Drilling Corp.		23,449			93
ShawCor Ltd.		1,511			31
Suncor Energy, Inc.		46,489			1,200
TransCanada Corp.		7,429			243
					3,918
FINANCIALS 3.4%
Bank of Montreal		14,580			823
Bank of Nova Scotia		18,611			753
Brookfield Asset Management, Inc. ‘A’		10,641			336
Canadian Imperial Bank of Commerce (b)		10,426			687
Great-West Lifeco, Inc. (b)		8,643			216
IGM Financial, Inc.		3,140			80
Intact Financial Corp.		1,402			90
Manulife Financial Corp.		45,831			687
National Bank of Canada		9,278			270
Onex Corp.		2,721			167
Power Corp. of Canada		18,379			384
Power Financial Corp.		4,592			105

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 41

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

	SHARES			MARKET VALUE (000S)
Royal Bank of Canada		17,052	$		914
Sun Life Financial, Inc.		16,143			503
Toronto-Dominion Bank		22,057			865
					6,880
INDUSTRIALS 0.6%
Air Canada (a)		48,091			355
Bombardier, Inc. ‘B’		185,423			179
Canadian National Railway Co.		8,474			474
Canadian Pacific Railway Ltd.		979			125
Finning International, Inc.		5,038			68
WestJet Airlines Ltd.		1,938			28
					1,229
INFORMATION TECHNOLOGY 0.2%
BlackBerry Ltd. (a)		49,171			456
MATERIALS 1.0%
Agrium, Inc.		2,994			268
Barrick Gold Corp.		50,978			376
Domtar Corp.		8,105			299
Goldcorp, Inc.		4,893			57
IAMGOLD Corp. (a)		45,120			64
Kinross Gold Corp. (a)		93,836			171
Potash Corp. of Saskatchewan, Inc.		10,297			176
Teck Resources Ltd. ‘B’		72,284			279
Yamana Gold, Inc.		122,474			228
					1,918
TELECOMMUNICATION SERVICES 0.5%
BCE, Inc.		4,846			187
Manitoba Telecom Services, Inc.		8,134			175
Rogers Communications, Inc. ‘B’		16,556			571
TELUS Corp.		5,875			163
					1,096
UTILITIES 0.2%
Atco Ltd. ‘I’		4,095			106
Capital Power Corp.		3,830			49
Fortis, Inc.		2,829			77
TransAlta Corp.		35,068			124
					356
Total Canada					16,638
CHILE 0.1%
MATERIALS 0.1%
Antofagasta PLC		14,980			103
Total Chile					103
CHINA 0.0%
CONSUMER DISCRETIONARY 0.0%
Belle International Holdings Ltd.		33,000			25
Total China					25

	SHARES			MARKET VALUE (000S)
COLOMBIA 0.0%
ENERGY 0.0%
Pacific Exploration and Production Corp.		79,200	$		98
Total Colombia					98
DENMARK 1.4%
CONSUMER DISCRETIONARY 0.0%
Pandora A/S		242			30
CONSUMER STAPLES 0.2%
Carlsberg A/S ‘B’		3,257			289
FINANCIALS 0.1%
Danske Bank A/S		6,147			165
Sydbank A/S		2,404			77
					242
HEALTH CARE 0.5%
Coloplast A/S ‘B’		447			36
Novo Nordisk A/S ‘B’		16,263			942
					978
INDUSTRIALS 0.4%
AP Moeller - Maersk A/S ‘B’		345			450
FLSmidth & Co. A/S		1,371			48
ISS A/S		8,557			308
					806
TELECOMMUNICATION SERVICES 0.2%
TDC A/S		80,565			401
Total Denmark					2,746
FINLAND 0.5%
CONSUMER DISCRETIONARY 0.0%
Nokian Renkaat OYJ		828			30
CONSUMER STAPLES 0.0%
Kesko OYJ ‘B’		2,219			78
ENERGY 0.1%
Neste OYJ		2,890			86
HEALTH CARE 0.0%
Orion OYJ ‘B’		1,075			37
INDUSTRIALS 0.0%
Metso OYJ		1,208			27
YIT OYJ		5,301			30
					57
INFORMATION TECHNOLOGY 0.1%
Nokia OYJ		10,206			72
Tieto OYJ		4,583			123
					195

	SHARES			MARKET VALUE (000S)
MATERIALS 0.2%
Stora Enso OYJ ‘R’		21,429	$		194
UPM-Kymmene OYJ		11,047			205
					399
TELECOMMUNICATION SERVICES 0.0%
Elisa OYJ		1,148			43
UTILITIES 0.1%
Fortum OYJ		7,784			117
Total Finland					1,042
FRANCE 11.4%
CONSUMER DISCRETIONARY 1.4%
Accor S.A.		1,774			77
Christian Dior SE		822			139
Cie Generale des Etablissements Michelin		3,484			331
Kering		635			108
Lagardere S.C.A.		6,624			198
LVMH Moet Hennessy Louis Vuitton SE		2,660			418
Peugeot S.A. (a)		8,492			149
Publicis Groupe S.A.		1,248			83
Renault S.A.		3,664			367
Solocal Group (a)		5,089			38
Valeo S.A.		855			132
Vivendi S.A.		39,567			850
					2,890
CONSUMER STAPLES 0.7%
Carrefour S.A.		13,282			383
Casino Guichard Perrachon S.A.		4,587			211
Danone S.A.		4,229			286
L’Oreal S.A.		1,332			224
Pernod-Ricard S.A.		1,566			179
Rallye S.A.		873			13
Wendel S.A.		537			64
					1,360
ENERGY 1.7%
CGG S.A. (a)		58,169			170
Technip S.A.		1,427			71
Total S.A.		68,855			3,087
Vallourec S.A.		10,022			93
					3,421
FINANCIALS 1.9%
AXA S.A.		39,862			1,089
BNP Paribas S.A.		30,461			1,723
CNP Assurances		6,922			93
Credit Agricole S.A.		20,872			246
Natixis S.A.		7,675			44
SCOR SE		3,878			145
Societe Generale S.A.		10,865			501
					3,841

42 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2015 (Unaudited)

	SHARES			MARKET VALUE (000S)
HEALTH CARE 0.7%
Essilor International S.A.		1,021	$		127
Sanofi		14,243			1,214
					1,341
INDUSTRIALS 1.8%
Air France-KLM (a)		72,705			553
Airbus Group SE		4,279			288
Alstom S.A.		7,326			224
Bouygues S.A.		10,888			432
Cie de Saint-Gobain		10,650			461
Eiffage S.A.		4,560			295
Rexel S.A.		20,328			271
Safran S.A.		2,774			191
Schneider Electric SE		2,926			166
Societe BIC S.A.		183			30
Teleperformance S.E.		998			84
Thales S.A.		840			63
Vinci S.A.		10,308			661
					3,719
INFORMATION TECHNOLOGY 0.3%
Alcatel-Lucent (a)		12,399			49
Atos SE		1,825			153
Cap Gemini S.A.		1,408			131
Dassault Systemes		371			30
Neopost S.A.		3,043			74
UBISOFT Entertainment (a)		4,438			128
					565
MATERIALS 0.2%
Air Liquide S.A.		2,626			295
Arkema S.A.		1,107			77
					372
TELECOMMUNICATION SERVICES 1.3%
Orange S.A.		160,680			2,688
UTILITIES 1.4%
Electricite de France S.A.		13,311			196
Engie S.A.		109,432			1,938
Suez Environnement Co.		14,414			270
Veolia Environnement S.A.		21,147			502
					2,906
Total France					23,103
GERMANY 9.6%
CONSUMER DISCRETIONARY 1.4%
adidas AG		3,188			310
Bayerische Motoren Werke AG		7,436			783
Continental AG		933			226
Daimler AG		14,425			1,205
ProSiebenSat.1 Media SE		4,739			239
					2,763

	SHARES			MARKET VALUE (000S)
CONSUMER STAPLES 0.5%
METRO AG		23,813	$		759
Suedzucker AG		10,948			217
					976
FINANCIALS 1.5%
Commerzbank AG (a)		46,445			479
Deutsche Bank AG		47,625			1,157
Deutsche Boerse AG		2,509			221
Hannover Rueck SE		1,981			226
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		4,939			984
					3,067
HEALTH CARE 1.0%
Bayer AG		7,724			965
Fresenius Medical Care AG & Co. KGaA		2,606			219
Fresenius SE & Co. KGaA		6,241			445
Merck KGaA		1,498			145
Rhoen Klinikum AG		5,548			166
STADA Arzneimittel AG		2,087			84
					2,024
INDUSTRIALS 1.8%
Bilfinger SE		4,714			221
Brenntag AG		2,247			117
Deutsche Lufthansa AG		65,740			1,035
Deutsche Post AG		24,281			679
Fraport AG Frankfurt Airport Services Worldwide		1,543			98
GEA Group AG		1,600			65
HOCHTIEF AG		4,225			392
OSRAM Licht AG		2,032			85
Rheinmetall AG		3,202			213
Siemens AG		8,192			793
					3,698
INFORMATION TECHNOLOGY 0.3%
Infineon Technologies AG		2,433			35
SAP SE		8,001			635
					670
MATERIALS 1.3%
Aurubis AG		2,223			113
BASF SE		12,491			952
Evonik Industries AG		3,523			116
HeidelbergCement AG		5,242			427
K+S AG		9,534			243
LANXESS AG		3,088			142
Linde AG		1,930			279
Salzgitter AG		5,788			141
Symrise AG		1,792			119
ThyssenKrupp AG		3,607			71
					2,603

	SHARES			MARKET VALUE (000S)
TELECOMMUNICATION SERVICES 0.9%
Deutsche Telekom AG		95,296	$		1,712
Freenet AG		2,027			68
					1,780
UTILITIES 0.9%
E.ON SE		79,417			762
RWE AG		75,322			950
					1,712
Total Germany					19,293
HONG KONG 1.8%
CONSUMER DISCRETIONARY 0.2%
Esprit Holdings Ltd.		83,014			91
Li & Fung Ltd.		106,000			72
SJM Holdings Ltd.		150,000			107
Yue Yuen Industrial Holdings Ltd.		12,000			40
					310
CONSUMER STAPLES 0.2%
Swire Pacific Ltd. ‘A’		26,000			292
Wharf Holdings Ltd.		22,000			122
					414
FINANCIALS 1.1%
AIA Group Ltd.		105,200			629
Bank of East Asia Ltd.		11,800			44
First Pacific Co. Ltd.		36,000			24
Hang Lung Properties Ltd.		18,000			41
Hang Seng Bank Ltd.		10,500			200
Henderson Land Development Co. Ltd.		4,400			27
Hong Kong Exchanges and Clearing Ltd.		9,900			252
Hongkong Land Holdings Ltd.		23,400			163
Hysan Development Co. Ltd.		14,000			57
Kerry Properties Ltd.		25,000			68
New World Development Co. Ltd.		226,000			222
Shimao Property Holdings Ltd.		79,500			140
Sun Hung Kai Properties Ltd.		18,000			217
Swire Properties Ltd.		12,800			37
Wheelock & Co. Ltd.		23,000			97
					2,218
INDUSTRIALS 0.2%
Cathay Pacific Airways Ltd.		44,000			76
CK Hutchison Holdings Ltd.		11,543			155
Jardine Matheson Holdings Ltd.		1,400			68
MTR Corp. Ltd.		22,500			111
Noble Group Ltd.		105,600			29
					439
TELECOMMUNICATION SERVICES 0.0%
PCCW Ltd.		121,000			71

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 43

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

	SHARES			MARKET VALUE (000S)
UTILITIES 0.1%
CLP Holdings Ltd.		28,500	$		242
Total Hong Kong					3,694
IRELAND 1.0%
HEALTH CARE 0.6%
Medtronic PLC		10,971			844
Perrigo Co. PLC		798			115
Shire PLC		5,251			360
					1,319
INDUSTRIALS 0.1%
DCC PLC		600			50
Experian PLC		7,966			141
					191
MATERIALS 0.3%
CRH PLC		12,130			350
Smurfit Kappa Group PLC		7,178			184
					534
Total Ireland					2,044
ISRAEL 0.9%
FINANCIALS 0.2%
Bank Hapoalim BM		26,528			137
Bank Leumi Le-Israel BM (a)		52,089			181
Israel Discount Bank Ltd.‘A’ (a)		35,472			64
					382
HEALTH CARE 0.4%
Teva Pharmaceutical Industries Ltd. SP - ADR		13,539			889
MATERIALS 0.1%
Israel Chemicals Ltd.		32,161			130
TELECOMMUNICATION SERVICES 0.2%
Bezeq The Israeli Telecommunication Corp. Ltd.		168,503			371
Total Israel					1,772
ITALY 3.1%
CONSUMER DISCRETIONARY 0.1%
Luxottica Group SpA		447			29
Mediaset SpA		21,050			87
					116
ENERGY 0.9%
Eni SpA		112,712			1,675
Saipem SpA		24,312			196
					1,871
FINANCIALS 0.8%
Assicurazioni Generali SpA		10,423			191
Banca Popolare di Sondrio SCARL		16,580			74
Intesa Sanpaolo SpA		196,091			651

	SHARES			MARKET VALUE (000S)
UniCredit SpA		85,030	$		470
Unione di Banche Italiane SCpA		21,420			143
Unipol Gruppo Finanziario SpA		14,351			74
					1,603
INDUSTRIALS 0.0%
Prysmian SpA		3,500			77
MATERIALS 0.1%
Italcementi SpA		16,462			184
TELECOMMUNICATION SERVICES 0.5%
Telecom Italia SpA		732,474			928
UTILITIES 0.7%
A2A SpA		100,720			136
Enel SpA		297,302			1,247
Snam SpA		15,737			82
					1,465
Total Italy					6,244
JAPAN 14.3%
CONSUMER DISCRETIONARY 1.8%
Aisin Seiki Co. Ltd.		1,100			47
Aoyama Trading Co. Ltd.		1,000			38
Bridgestone Corp.		2,000			69
Daihatsu Motor Co. Ltd.		8,200			111
Fuji Heavy Industries Ltd.		1,600			66
Fuji Media Holdings, Inc.		2,500			29
Honda Motor Co. Ltd.		20,900			668
Isetan Mitsukoshi Holdings Ltd.		3,600			47
Nikon Corp.		7,900			106
Nissan Motor Co. Ltd.		45,600			477
Nitori Holdings Co. Ltd.		400			34
Oriental Land Co. Ltd.		1,100			67
Panasonic Corp.		11,700			119
Sankyo Co. Ltd.		700			26
Sekisui Chemical Co. Ltd.		6,000			78
Sekisui House Ltd.		2,600			44
Skylark Co. Ltd.		4,400			57
Sony Corp.		28,900			710
Sumitomo Electric Industries Ltd.		3,900			55
Sumitomo Forestry Co. Ltd.		5,300			71
Sumitomo Rubber Industries Ltd.		5,200			68
Suzuki Motor Corp.		1,900			58
Takashimaya Co. Ltd.		4,000			36
Toyota Motor Corp.		7,435			458
Yamada Denki Co. Ltd.		10,500			45
Yamaha Corp.		1,700			41
Yamaha Motor Co. Ltd.		1,600			36
					3,661
CONSUMER STAPLES 1.3%
Aeon Co. Ltd.		36,947			569
Ajinomoto Co., Inc.		5,000			118
Asahi Group Holdings Ltd.		1,700			53

	SHARES			MARKET VALUE (000S)
Japan Tobacco, Inc.		2,756	$		101
Kao Corp.		1,100			57
Kirin Holdings Co. Ltd.		32,900			447
MEIJI Holdings Co. Ltd.		3,400			281
Morinaga Milk Industry Co. Ltd.		20,000			91
NH Foods Ltd.		4,000			78
Nisshin Seifun Group, Inc.		4,200			69
Sapporo Holdings Ltd.		7,000			31
Seven & Holdings Co. Ltd.		1,500			69
Shiseido Co. Ltd.		6,300			131
Suntory Beverage & Food Ltd.		800			35
UNY Group Holdings Co. Ltd.		28,000			176
Yamazaki Baking Co. Ltd.		11,000			247
					2,553
ENERGY 0.5%
Idemitsu Kosan Co. Ltd.		7,700			123
Inpex Corp.		37,800			369
JX Holdings, Inc.		100,200			421
Showa Shell Sekiyu KK		4,200			34
TonenGeneral Sekiyu KK		1,000			8
					955
FINANCIALS 2.8%
77 Bank Ltd.		10,000			54
Aozora Bank Ltd.		17,000			59
Bank of Yokohama Ltd.		15,000			92
Chiba Bank Ltd.		6,000			42
Chugoku Bank Ltd.		3,800			51
Dai-ichi Life Insurance Co. Ltd.		29,800			496
Daito Trust Construction Co. Ltd.		200			23
Daiwa House Industry Co. Ltd.		2,500			72
Fukuoka Financial Group, Inc.		26,000			129
Gunma Bank Ltd.		12,000			70
Hachijuni Bank Ltd.		10,000			61
Hokuhoku Financial Group, Inc.		42,000			86
Mitsubishi UFJ Financial Group, Inc.		256,100			1,586
Mizuho Financial Group, Inc.		519,600			1,039
MS&AD Insurance Group Holdings, Inc.		2,900			85
Nishi-Nippon City Bank Ltd.		44,000			116
North Pacific Bank Ltd.		8,100			28
Resona Holdings, Inc.		51,600			251
Sompo Japan Nipponkoa Holdings, Inc.		2,100			69
Sony Financial Holdings, Inc.		4,400			79
Sumitomo Mitsui Financial Group, Inc.		22,800			860
T&D Holdings, Inc.		7,700			102
Tokio Marine Holdings, Inc.		2,200			85
Tokyu Fudosan Holdings Corp.		4,400			27
Yamaguchi Financial Group, Inc.		5,000			59
					5,621
HEALTH CARE 0.9%
Alfresa Holdings Corp.		1,500			30
Astellas Pharma, Inc.		5,200			74

44 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2015 (Unaudited)

	SHARES			MARKET VALUE (000S)
Daiichi Sankyo Co. Ltd.		17,116	$		353
Eisai Co. Ltd.		5,600			371
Hoya Corp.		2,300			94
Medipal Holdings Corp.		4,300			73
Otsuka Holdings Co. Ltd.		2,628			93
Shionogi & Co. Ltd.		3,800			172
Suzuken Co. Ltd/Aichi Japan		800			30
Takeda Pharmaceutical Co. Ltd.		10,500			524
					1,814
INDUSTRIALS 1.8%
ANA Holdings, Inc.		22,000			63
Central Japan Railway Co.		1,100			195
Dai Nippon Printing Co. Ltd.		21,000			208
East Japan Railway Co.		1,700			160
FANUC Corp.		500			86
Furukawa Electric Co. Ltd.		15,000			32
Hitachi Construction Machinery Co. Ltd.		1,900			30
ITOCHU Corp.		26,300			311
Japan Airlines Co. Ltd.		10,700			383
Komatsu Ltd.		2,200			36
Mitsubishi Corp.		15,100			251
Mitsui & Co. Ltd.		39,800			473
Nippon Yusen KK		17,000			41
NTN Corp.		3,000			13
Recruit Holdings Co. Ltd.		1,000			29
Sojitz Corp.		83,600			175
Sumitomo Corp.		32,800			334
Sumitomo Heavy Industries Ltd.		11,000			49
Toppan Printing Co. Ltd.		21,000			194
Toshiba Corp.		144,000			296
Toyota Tsusho Corp.		1,200			28
West Japan Railway Co.		5,100			353
					3,740
INFORMATION TECHNOLOGY 1.7%
Brother Industries Ltd.		3,500			40
Canon, Inc.		22,250			673
DeNA Co. Ltd.		8,900			139
FUJIFILM Holdings Corp.		9,400			392
Fujitsu Ltd.		48,000			240
Hitachi Ltd.		78,000			442
Japan Display, Inc. (a)		10,100			29
Konica Minolta, Inc.		18,400			184
Kyocera Corp.		700			33
Murata Manufacturing Co. Ltd.		1,200			173
NEC Corp.		73,000			231
Nintendo Co. Ltd.		500			69
Nippon Electric Glass Co. Ltd.		17,500			88
NTT Data Corp.		1,100			53
Ricoh Co. Ltd.		41,400			426
TDK Corp.		2,200			141
					3,353
MATERIALS 1.5%
Asahi Glass Co. Ltd.		83,000			476

	SHARES			MARKET VALUE (000S)
Asahi Kasei Corp.		16,000	$		108
Daicel Corp.		6,500			97
Denki Kagaku Kogyo KK		8,000			35
DIC Corp.		33,000			89
JFE Holdings, Inc.		2,600			41
Kaneka Corp.		6,000			62
Kobe Steel Ltd.		64,000			70
Kuraray Co. Ltd.		2,400			29
Mitsubishi Chemical Holdings Corp.		80,100			508
Mitsubishi Materials Corp.		16,000			50
Mitsui Chemicals, Inc.		32,000			142
Nippon Paper Industries Co. Ltd.		6,418			104
Nitto Denko Corp.		1,800			131
Oji Holdings Corp.		35,000			141
Shin-Etsu Chemical Co. Ltd.		600			33
Showa Denko KK		74,000			87
Sumitomo Chemical Co. Ltd.		73,000			419
Teijin Ltd.		62,000			211
Tosoh Corp.		10,000			51
Toyo Seikan Group Holdings Ltd.		1,500			28
Ube Industries Ltd.		42,000			89
					3,001
TELECOMMUNICATION SERVICES 1.2%
KDDI Corp.		7,900			205
Nippon Telegraph & Telephone Corp.		41,600			1,656
NTT DOCOMO, Inc.		32,900			675
					2,536
UTILITIES 0.8%
Chubu Electric Power Co., Inc.		37,400			512
Electric Power Development Co. Ltd.		3,900			139
Hokuriku Electric Power Co.		9,588			142
Kansai Electric Power Co., Inc. (a)		26,400			316
Osaka Gas Co. Ltd.		5,000			18
Shikoku Electric Power Co., Inc.		5,700			89
Tohoku Electric Power Co., Inc.		25,900			324
Tokyo Electric Power Co., Inc. (a)		9,700			56
Tokyo Gas Co. Ltd.		6,000			28
					1,624
Total Japan					28,858
LUXEMBOURG 0.2%
CONSUMER DISCRETIONARY 0.1%
RTL Group S.A.		1,046			87
SES S.A.		2,974			83
					170
MATERIALS 0.1%
ArcelorMittal		76,132			321
Total Luxembourg					491

	SHARES			MARKET VALUE (000S)
NETHERLANDS 4.5%
CONSUMER DISCRETIONARY 0.1%
Wolters Kluwer NV		3,370	$		113
CONSUMER STAPLES 0.6%
Heineken Holding NV		3,899			300
Heineken NV		2,533			216
Koninklijke Ahold NV		36,150			763
					1,279
ENERGY 2.1%
Fugro NV		9,088			149
Royal Dutch Shell PLC ‘A’		183,017			4,174
					4,323
FINANCIALS 0.9%
Aegon NV		27,415			155
ING Groep NV - Dutch Certificate		101,464			1,373
NN Group NV		5,317			187
					1,715
INDUSTRIALS 0.3%
Koninklijke BAM Groep NV		15,329			85
Koninklijke Philips NV		13,247			338
PostNL NV (a)		49,558			188
Randstad Holding NV		1,030			64
TNT Express NV		2,541			22
					697
MATERIALS 0.2%
Akzo Nobel NV		3,594			240
Koninklijke DSM NV		1,266			64
					304
TELECOMMUNICATION SERVICES 0.3%
Koninklijke KPN NV		114,070			431
VimpelCom Ltd. SP - ADR		37,152			122
					553
Total Netherlands					8,984
NEW ZEALAND 0.2%
MATERIALS 0.0%
Fletcher Building Ltd.		15,429			77
TELECOMMUNICATION SERVICES 0.2%
Spark New Zealand Ltd.		125,612			283
UTILITIES 0.0%
Meridian Energy Ltd.		18,061			30
Total New Zealand					390
NORWAY 1.2%
CONSUMER STAPLES 0.1%
Marine Harvest ASA		4,600			62
Orkla ASA		12,893			101
					163

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 45

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

	SHARES			MARKET VALUE (000S)
ENERGY 0.8%
Petroleum Geo-Services ASA		46,082	$		188
Statoil ASA		101,846			1,421
TGS Nopec Geophysical Co. ASA		1,510			24
					1,633
FINANCIALS 0.1%
DNB ASA		11,369			140
Gjensidige Forsikring ASA		3,759			60
					200
MATERIALS 0.1%
Norsk Hydro ASA		15,180			56
Yara International ASA		5,384			232
					288
TELECOMMUNICATION SERVICES 0.1%
Telenor ASA		11,753			196
Total Norway					2,480
PORTUGAL 0.2%
CONSUMER STAPLES 0.0%
Jeronimo Martins SGPS S.A.		2,149			28
FINANCIALS 0.0%
Banco Espirito Santo S.A. (a)		59,573			1
TELECOMMUNICATION SERVICES 0.0%
Pharol SGPS S.A. (a)		110,951			32
UTILITIES 0.2%
EDP - Energias de Portugal S.A.		117,585			424
Total Portugal					485
SINGAPORE 1.1%
CONSUMER DISCRETIONARY 0.1%
Jardine Cycle & Carriage Ltd.		4,200			103
Singapore Press Holdings Ltd.		30,100			83
					186
FINANCIALS 0.5%
CapitaLand Ltd.		43,400			102
City Developments Ltd.		5,900			32
DBS Group Holdings Ltd.		29,610			347
Oversea-Chinese Banking Corp. Ltd.		37,300			231
United Overseas Bank Ltd.		15,800			218
UOL Group Ltd.		6,900			30
					960
INDUSTRIALS 0.3%
ComfortDelGro Corp. Ltd.		35,600			76
Hutchison Port Holdings Trust		283,400			150
Keppel Corp. Ltd.		17,700			81
Singapore Airlines Ltd.		37,367			294
					601

	SHARES			MARKET VALUE (000S)
INFORMATION TECHNOLOGY 0.1%
Avago Technologies Ltd.		1,523	$		221
TELECOMMUNICATION SERVICES 0.1%
Singapore Telecommunications Ltd.		112,600			290
Total Singapore					2,258
SOUTH AFRICA 0.1%
FINANCIALS 0.0%
Investec PLC		8,785			62
MATERIALS 0.1%
Mondi PLC		6,306			124
Total South Africa					186
SPAIN 3.4%
CONSUMER DISCRETIONARY 0.2%
Inditex S.A.		9,614			330
ENERGY 0.1%
Repsol S.A.		26,188			288
FINANCIALS 1.2%
Banco Bilbao Vizcaya Argentaria S.A.		64,311			470
Banco Santander S.A.		397,519			1,955
Mapfre S.A.		44,708			112
					2,537
INDUSTRIALS 0.4%
Abengoa S.A. ‘B’		99,482			21
Abertis Infraestructuras S.A.		3,690			58
Acciona S.A.		2,454			210
ACS Actividades de Construccion y Servicios S.A.		4,482			131
Ferrovial S.A.		9,551			216
Fomento de Construcciones y Contratas S.A.		21,172			161
					797
INFORMATION TECHNOLOGY 0.0%
Indra Sistemas S.A. (a)		2,936			28
TELECOMMUNICATION SERVICES 0.9%
Telefonica S.A.		162,142			1,799
UTILITIES 0.6%
Endesa S.A.		26,132			525
Gas Natural SDG S.A.		6,690			136
Iberdrola S.A.		68,275			484
					1,145
Total Spain					6,924
SWEDEN 2.1%
CONSUMER DISCRETIONARY 0.2%
Autoliv, Inc.		475			59

	SHARES			MARKET VALUE (000S)
Electrolux AB ‘B’		5,544	$		134
Hennes & Mauritz AB ‘B’		5,797			206
Husqvarna AB ‘B’		4,479			30
					429
CONSUMER STAPLES 0.2%
Svenska Cellulosa AB S.C.A. ‘B’		5,486			159
Swedish Match AB		4,555			161
					320
FINANCIALS 0.4%
Nordea Bank AB		39,678			435
Ratos AB ‘B’		10,644			62
Skandinaviska Enskilda Banken AB		12,093			127
Svenska Handelsbanken AB ‘A’		9,299			124
Swedbank AB ‘A’		8,046			177
					925
HEALTH CARE 0.0%
Getinge AB ‘B’		1,336			35
INDUSTRIALS 0.5%
Assa Abloy AB		1,452			31
Atlas Copco AB ‘A’		7,753			190
NCC AB ‘B’		2,591			80
Sandvik AB		14,791			129
Securitas AB ‘B’		9,344			143
Skanska AB ‘B’		6,292			122
SKF AB ‘B’		3,298			53
Volvo AB ‘B’		26,201			243
					991
INFORMATION TECHNOLOGY 0.2%
Telefonaktiebolaget LM Ericsson ‘B’		44,664			430
MATERIALS 0.1%
Boliden AB		10,495			176
TELECOMMUNICATION SERVICES 0.5%
Tele2 AB ‘B’		52,724			526
TeliaSonera AB		81,834			406
					932
Total Sweden					4,238
SWITZERLAND 5.3%
CONSUMER STAPLES 0.7%
Coca-Cola HBC AG		2,577			55
Nestle S.A.		17,053			1,266
					1,321
ENERGY 0.3%
Transocean Ltd.		35,109			434
Weatherford International PLC (a)		26,301			221
					655

46 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2015 (Unaudited)

	SHARES			MARKET VALUE (000S)
FINANCIALS 1.7%
Allied World Assurance Co. Holdings AG		3,127	$		116
Baloise Holding AG		673			85
Credit Suisse Group AG		33,662			725
Helvetia Holding AG		158			89
Swiss Life Holding AG		631			170
Swiss Re AG		11,097			1,084
UBS Group AG		10,476			203
Zurich Insurance Group AG		3,750			964
					3,436
HEALTH CARE 1.7%
Novartis AG		22,387			1,926
Roche Holding AG		5,632			1,560
					3,486
INDUSTRIALS 0.3%
ABB Ltd.		13,973			249
Adecco S.A.		899			62
Schindler Holding AG		1,235			207
Wolseley PLC		2,560			139
					657
INFORMATION TECHNOLOGY 0.2%
STMicroelectronics NV		8,273			55
TE Connectivity Ltd.		3,787			245
					300
MATERIALS 0.4%
Clariant AG		2,656			50
Givaudan S.A.		33			60
Glencore PLC		149,375			198
LafargeHolcim Ltd.		1,250			63
Syngenta AG		1,060			415
					786
Total Switzerland					10,641
UNITED KINGDOM 17.0%
CONSUMER DISCRETIONARY 1.6%
Barratt Developments PLC		3,295			30
British Sky Broadcasting Group PLC		12,518			205
Burberry Group PLC		3,068			54
Compass Group PLC		21,239			368
Fiat Chrysler Automobiles NV (a)		39,584			554
Greene King PLC		2,953			41
Home Retail Group PLC		82,860			121
Inchcape PLC		4,252			49
Informa PLC		3,244			29
InterContinental Hotels Group PLC		2,976			116
ITV PLC		34,245			140
Kingfisher PLC		40,171			195
Marks & Spencer Group PLC		33,224			221
Next PLC		1,241			133
Pearson PLC		12,792			138

	SHARES			MARKET VALUE (000S)
RELX NV		7,379	$		124
RELX PLC		5,014			89
Thomas Cook Group PLC (a)		117,112			209
WPP PLC		20,174			464
					3,280
CONSUMER STAPLES 2.9%
Associated British Foods PLC		1,151			57
British American Tobacco PLC		23,177			1,287
Diageo PLC		20,401			557
Imperial Tobacco Group PLC		16,374			865
J Sainsbury PLC		66,870			255
Reckitt Benckiser Group PLC		5,280			488
SABMiller PLC		6,782			406
Tate & Lyle PLC		3,297			29
Tesco PLC		206,744			454
Unilever NV - Dutch Certificate		12,762			556
Unilever PLC		7,013			301
WM Morrison Supermarkets PLC		237,891			518
					5,773
ENERGY 1.7%
BG Group PLC		23,443			340
BP PLC		576,590			2,996
Petrofac Ltd.		2,951			35
Subsea 7 S.A.		13,255			94
Tullow Oil PLC		21,289			52
					3,517
FINANCIALS 5.3%
3i Group PLC		4,182			30
Admiral Group PLC		1,231			30
Amlin PLC		13,439			131
Aviva PLC		65,885			500
Barclays PLC		477,696			1,538
Direct Line Insurance Group PLC		39,358			236
HSBC Holdings PLC		535,875			4,230
ICAP PLC		24,723			186
IG Group Holdings PLC		2,578			31
Intermediate Capital Group PLC		10,343			95
Lancashire Holdings Ltd.		15,823			146
Legal & General Group PLC		35,576			140
Lloyds Banking Group PLC		1,008,419			1,085
Man Group PLC		145,509			374
Old Mutual PLC		184,106			484
Prudential PLC		5,433			122
Royal Bank of Scotland Group PLC (a)		94,895			422
RSA Insurance Group PLC		12,701			80
Standard Chartered PLC		86,574			718
Standard Life PLC		18,423			106
					10,684
HEALTH CARE 1.4%
AstraZeneca PLC		22,555			1,523
GlaxoSmithKline PLC		57,521			1,162

	SHARES			MARKET VALUE (000S)
Smith & Nephew PLC		5,711	$		102
					2,787
INDUSTRIALS 1.1%
AA PLC		5,926			27
BAE Systems PLC		87,811			647
Balfour Beatty PLC		7,635			30
Bunzl PLC		1,963			54
Capita PLC		1,610			29
Carillion PLC		5,103			23
CNH Industrial NV		44,826			307
easyJet PLC		676			17
Firstgroup PLC (a)		70,719			112
G4S PLC		17,757			59
International Consolidated Airlines Group S.A.		31,661			285
National Express Group PLC		14,508			71
QinetiQ Group PLC		13,681			55
Rentokil Initial PLC		44,234			104
Rolls-Royce Holdings PLC		11,865			100
Royal Mail PLC		48,047			315
Smiths Group PLC		1,979			27
					2,262
INFORMATION TECHNOLOGY 0.2%
ARM Holdings PLC		7,722			118
Sage Group PLC		21,221			188
					306
MATERIALS 1.0%
Anglo American PLC		107,604			472
DS Smith PLC		8,140			48
KAZ Minerals PLC (a)		19,733			30
Rexam PLC		6,452			57
Rio Tinto Ltd.		16,528			534
Rio Tinto PLC		29,352			855
					1,996
TELECOMMUNICATION SERVICES 1.0%
BT Group PLC		76,922			534
Cable & Wireless Communications PLC		88,081			97
Vodafone Group PLC		422,495			1,370
					2,001
UTILITIES 0.8%
Centrica PLC		148,646			477
Drax Group PLC		8,632			31
National Grid PLC		44,603			615
Severn Trent PLC		3,142			100
SSE PLC		12,553			282
United Utilities Group PLC		8,471			117
					1,622
Total United Kingdom					34,228

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 47

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

	SHARES			MARKET VALUE (000S)
UNITED STATES 0.2%
CONSUMER DISCRETIONARY 0.2%
Carnival PLC		3,211	$		183
Thomson Reuters Corp.		4,918			186
					369
Total United States					369
Total Common Stocks (Cost $193,721)					198,848
PREFERRED STOCKS 0.7%
GERMANY 0.7%
CONSUMER DISCRETIONARY 0.5%
Porsche Automobil Holding SE		1,455			78
Volkswagen AG		6,743			974
					1,052
CONSUMER STAPLES 0.2%
Henkel AG & Co. KGaA		2,741			306
Total Preferred Stocks (Cost $1,346)					1,358
REAL ESTATE INVESTMENT TRUSTS 0.8%
AUSTRALIA 0.3%
FINANCIALS 0.3%
Dexus Property Group		18,776			102
GPT Group		10,602			37
Mirvac Group		58,086			83
Scentre Group		28,991			88

	SHARES			MARKET VALUE (000S)
Stockland		65,494	$		194
Westfield Corp.		24,643			170
					674
Total Australia					674
CANADA 0.1%
FINANCIALS 0.1%
Cominar Real Estate Investment Trust		2,714			29
RioCan Real Estate Investment Trust		2,147			37
Smart Real Estate Investment Trust		1,971			43
					109
Total Canada					109
FRANCE 0.1%
FINANCIALS 0.1%
Fonciere Des Regions		827			74
Unibail-Rodamco SE		917			233
					307
Total France					307
HONG KONG 0.1%
FINANCIALS 0.1%
Link REIT		24,500			146
Total Hong Kong					146

	SHARES			MARKET VALUE (000S)
UNITED KINGDOM 0.2%
FINANCIALS 0.2%
Hammerson PLC		6,826	$		60
Intu Properties PLC		6,308			29
Land Securities Group PLC		7,010			122
Segro PLC		22,881			145
					356
Total United Kingdom					356
Total Real Estate Investment Trusts (Cost $1,587)					1,592
RIGHTS 0.0%
ITALY 0.0%
FINANCIALS 0.0%
UBI BANCA RIGHTS		21,420			0
Unipol Gruppo Finanziario SpA		8,246			0
					0
Total Rights (Cost $0)					0
Total Investments in Securities (Cost $196,654)					201,798
Total Investments 100.0% (Cost $196,654)			$		201,798
Other Assets and Liabilities, net 0.0%					26
Net Assets 100.0%			$		201,824

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

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

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

(b)  RESTRICTED SECURITIES:

Issuer Description	Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets
Canadian Imperial Bank of Commerce		06/08/2015	$	789	$	687		0.34%
Great-West Lifeco, Inc.		06/08/2015		231		216		0.11%
			$	1,020	$	903		0.45%

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2015:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Realized Gain on Financial Derivative Instruments
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	4	$	0	$	4

48 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2015 (Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2015
Investments in Securities, at Value
Common Stocks
Australia
Consumer Discretionary	$	0	$	602	$	0	$	602
Consumer Staples		0		1,752		0		1,752
Energy		0		658		0		658
Financials		0		8,904		0		8,904
Health Care		0		568		0		568
Industrials		0		1,372		0		1,372
Materials		0		3,443		0		3,443
Telecommunication Services		0		491		0		491
Utilities		0		357		0		357
Austria
Energy		0		445		0		445
Financials		0		733		0		733
Materials		0		172		0		172
Utilities		27		0		0		27
Belgium
Consumer Staples		0		1,114		0		1,114
Financials		0		502		0		502
Materials		0		115		0		115
Telecommunication Services		0		259		0		259
Canada
Consumer Discretionary		436		0		0		436
Consumer Staples		349		0		0		349
Energy		3,918		0		0		3,918
Financials		6,880		0		0		6,880
Industrials		1,229		0		0		1,229
Information Technology		456		0		0		456
Materials		1,918		0		0		1,918
Telecommunication Services		1,096		0		0		1,096
Utilities		356		0		0		356
Chile
Materials		0		103		0		103
China
Consumer Discretionary		0		25		0		25
Colombia
Energy		98		0		0		98
Denmark
Consumer Discretionary		0		30		0		30
Consumer Staples		0		289		0		289
Financials		0		242		0		242
Health Care		0		978		0		978
Industrials		0		806		0		806
Telecommunication Services		0		401		0		401
Finland
Consumer Discretionary		0		30		0		30
Consumer Staples		0		78		0		78
Energy		0		86		0		86
Health Care		0		37		0		37
Industrials		0		57		0		57
Information Technology		0		195		0		195
Materials		0		399		0		399
Telecommunication Services		0		43		0		43
Utilities		0		117		0		117
France
Consumer Discretionary		0		2,890		0		2,890
Consumer Staples		0		1,360		0		1,360
Energy		0		3,421		0		3,421
Financials		0		3,841		0		3,841
Health Care		0		1,341		0		1,341
Industrials		0		3,719		0		3,719
Information Technology		49		516		0		565
Materials		0		372		0		372
Telecommunication Services		0		2,688		0		2,688
Utilities		0		2,906		0		2,906

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2015
Germany
Consumer Discretionary	$	0	$	2,763	$	0	$	2,763
Consumer Staples		0		976		0		976
Financials		0		3,067		0		3,067
Health Care		0		2,024		0		2,024
Industrials		0		3,698		0		3,698
Information Technology		0		670		0		670
Materials		0		2,603		0		2,603
Telecommunication Services		0		1,780		0		1,780
Utilities		0		1,712		0		1,712
Hong Kong
Consumer Discretionary		0		310		0		310
Consumer Staples		0		414		0		414
Financials		0		2,218		0		2,218
Industrials		0		439		0		439
Telecommunication Services		0		71		0		71
Utilities		0		242		0		242
Ireland
Health Care		959		360		0		1,319
Industrials		0		191		0		191
Materials		0		534		0		534
Israel
Financials		0		382		0		382
Health Care		889		0		0		889
Materials		0		130		0		130
Telecommunication Services		0		371		0		371
Italy
Consumer Discretionary		0		116		0		116
Energy		0		1,871		0		1,871
Financials		0		1,603		0		1,603
Industrials		0		77		0		77
Materials		184		0		0		184
Telecommunication Services		0		928		0		928
Utilities		0		1,465		0		1,465
Japan
Consumer Discretionary		0		3,661		0		3,661
Consumer Staples		0		2,553		0		2,553
Energy		0		955		0		955
Financials		0		5,621		0		5,621
Health Care		0		1,814		0		1,814
Industrials		0		3,740		0		3,740
Information Technology		0		3,353		0		3,353
Materials		0		3,001		0		3,001
Telecommunication Services		0		2,536		0		2,536
Utilities		0		1,624		0		1,624
Luxembourg
Consumer Discretionary		0		170		0		170
Materials		0		321		0		321
Netherlands
Consumer Discretionary		0		113		0		113
Consumer Staples		0		1,279		0		1,279
Energy		0		4,323		0		4,323
Financials		1,373		342		0		1,715
Industrials		0		697		0		697
Materials		0		304		0		304
Telecommunication Services		122		431		0		553
New Zealand
Materials		0		77		0		77
Telecommunication Services		0		283		0		283
Utilities		0		30		0		30
Norway
Consumer Staples		0		163		0		163
Energy		0		1,633		0		1,633
Financials		0		200		0		200
Materials		0		288		0		288
Telecommunication Services		0		196		0		196

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 49

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

December 31, 2015 (Unaudited)

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2015
Portugal
Consumer Staples	$	0	$	28	$	0	$	28
Financials		0		0		1		1
Telecommunication Services		0		32		0		32
Utilities		0		424		0		424
Singapore
Consumer Discretionary		0		186		0		186
Financials		0		960		0		960
Industrials		0		601		0		601
Information Technology		221		0		0		221
Telecommunication Services		0		290		0		290
South Africa
Financials		0		62		0		62
Materials		0		124		0		124
Spain
Consumer Discretionary		0		330		0		330
Energy		0		288		0		288
Financials		0		2,537		0		2,537
Industrials		21		776		0		797
Information Technology		0		28		0		28
Telecommunication Services		0		1,799		0		1,799
Utilities		0		1,145		0		1,145
Sweden
Consumer Discretionary		59		370		0		429
Consumer Staples		0		320		0		320
Financials		0		925		0		925
Health Care		0		35		0		35
Industrials		0		991		0		991
Information Technology		0		430		0		430
Materials		0		176		0		176
Telecommunication Services		0		932		0		932
Switzerland
Consumer Staples		0		1,321		0		1,321
Energy		655		0		0		655
Financials		116		3,320		0		3,436

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2015
Health Care	$	0	$	3,486	$	0	$	3,486
Industrials		0		657		0		657
Information Technology		245		55		0		300
Materials		0		786		0		786
United Kingdom
Consumer Discretionary		554		2,726		0		3,280
Consumer Staples		556		5,217		0		5,773
Energy		0		3,517		0		3,517
Financials		0		10,684		0		10,684
Health Care		0		2,787		0		2,787
Industrials		71		2,191		0		2,262
Information Technology		0		306		0		306
Materials		0		1,996		0		1,996
Telecommunication Services		0		2,001		0		2,001
Utilities		0		1,622		0		1,622
United States
Consumer Discretionary		186		183		0		369
Preferred Stocks
Germany
Consumer Discretionary		0		1,052		0		1,052
Consumer Staples		0		306		0		306
Real Estate Investment Trusts
Australia
Financials		0		674		0		674
Canada
Financials		109		0		0		109
France
Financials		0		307		0		307
Hong Kong
Financials		0		146		0		146
United Kingdom
Financials		0		356		0		356
Total Investments	$	23,132	$	178,665	$	1	$	201,798

There were assets and liabilities valued at $2,254 transferred from Level 2 to Level 1 during the period ended December 31, 2015. There were no significant assets and liabilities transferred from Level 1 to Level 2 during the period ended December 31, 2015. There were no significant transfers between Levels 2 and 3 during the period ended December 31, 2015.

50 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAE Fundamental US Fund

December 31, 2015 (Unaudited)

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.6%
COMMON STOCKS 98.7%
IRELAND 0.3%
FINANCIALS 0.0%
XL Group PLC		2,489	$		98
INFORMATION TECHNOLOGY 0.3%
Accenture PLC ‘A’		14,434			1,508
Total Ireland					1,606
PERU 0.0%
MATERIALS 0.0%
Southern Copper Corp.		3,286			86
Total Peru					86
UNITED STATES 98.4%
CONSUMER DISCRETIONARY 15.0%
Aaron’s, Inc.		18,499			414
Abercrombie & Fitch Co. ‘A’		29,857			806
Advance Auto Parts, Inc.		351			53
Amazon.com, Inc. (a)		5,852			3,955
American Eagle Outfitters, Inc.		38,373			595
Apollo Education Group, Inc. (a)		26,379			202
Aramark		2,689			87
Ascena Retail Group, Inc. (a)		2,925			29
AutoNation, Inc. (a)		2,761			165
AutoZone, Inc. (a)		371			275
Barnes & Noble, Inc.		9,004			78
Bed Bath & Beyond, Inc. (a)		24,757			1,194
Best Buy Co., Inc.		33,777			1,028
Big Lots, Inc.		17,633			680
Bloomin’ Brands, Inc.		23,239			392
Bob Evans Farms, Inc.		5,858			228
Boyd Gaming Corp. (a)		3,956			79
Brinker International, Inc.		3,927			188
Burlington Stores, Inc. (a)		9,769			419
Cabela’s, Inc. (a)		1,679			78
Cablevision Systems Corp. ‘A’		28,839			920
Caesars Entertainment Corp. (a)		21,689			171
Carnival Corp.		16,917			922
Carter’s, Inc.		539			48
CBS Corp. ‘B’		11,588			546
Charter Communications, Inc. ‘A’ (a)		358			65
Chico’s FAS, Inc.		30,131			321
Cinemark Holdings, Inc.		9,221			308
Coach, Inc.		41,921			1,372
Comcast Corp. ‘A’		51,052			2,881
Cooper Tire & Rubber Co.		1,923			73
Cracker Barrel Old Country Store, Inc.		1,393			177
CST Brands, Inc.		2,399			94
Dana Holding Corp.		3,115			43
DeVry Education Group, Inc.		10,550			267
Dick’s Sporting Goods, Inc.		2,028			72
Dillard’s, Inc. ‘A’		6,710			441

	SHARES			MARKET VALUE (000S)
Discovery Communications, Inc. ‘A’ (a)		5,890	$		157
Dollar General Corp.		6,258			450
Dollar Tree, Inc. (a)		7,118			550
Domino’s Pizza, Inc.		744			83
Expedia, Inc.		2,818			350
Express, Inc. (a)		4,410			76
Foot Locker, Inc.		2,538			165
Ford Motor Co.		18,670			263
Fossil Group, Inc. (a)		9,056			331
GameStop Corp. ‘A’		20,175			566
Gap, Inc.		37,658			930
Genesco, Inc. (a)		5,201			296
Genuine Parts Co.		2,058			177
GNC Holdings, Inc. ‘A’		7,757			241
Graham Holdings Co. ‘B’		523			254
Guess?, Inc.		22,286			421
Hasbro, Inc.		7,506			506
Hilton Worldwide Holdings, Inc.		3,434			73
Home Depot, Inc.		37,688			4,984
Interpublic Group of Cos., Inc.		36,837			858
Kohl’s Corp.		38,374			1,828
L Brands, Inc.		10,104			968
Leggett & Platt, Inc.		2,389			100
Liberty Interactive Corp. ‘A’ (a)		26,681			729
Lowe’s Cos., Inc.		45,290			3,444
Macy’s, Inc.		17,615			616
Marriott International, Inc. ‘A’		1,120			75
Mattel, Inc.		35,907			976
McDonald’s Corp.		34,653			4,094
Murphy USA, Inc. (a)		5,199			316
NIKE, Inc. ‘B’		33,882			2,118
Nordstrom, Inc.		6,828			340
Norwegian Cruise Line Holdings Ltd. (a)		4,047			237
O’Reilly Automotive, Inc. (a)		3,265			827
Omnicom Group, Inc.		16,203			1,226
Outerwall, Inc.		5,684			208
Panera Bread Co. ‘A’ (a)		362			70
Ralph Lauren Corp.		4,619			515
Regal Entertainment Group ‘A’		13,872			262
Rent-A-Center, Inc.		18,012			270
Ross Stores, Inc.		7,134			384
Royal Caribbean Cruises Ltd.		5,702			577
Safeway Casa Ley CVR		38,866			5
Safeway PDC LLC CVR		38,866			2
Sally Beauty Holdings, Inc. (a)		5,416			151
Scholastic Corp.		2,102			81
Sears Holdings Corp. (a)		10,010			206
SeaWorld Entertainment, Inc.		27,660			545
Service Corp. International		1,838			48
Six Flags Entertainment Corp.		1,512			83
Staples, Inc.		103,836			983
Starbucks Corp.		9,169			550
Target Corp.		50,583			3,673
Tenneco, Inc. (a)		3,915			180
Time Warner Cable, Inc.		20,098			3,730

	SHARES			MARKET VALUE (000S)
Time Warner, Inc.		47,114	$		3,047
Time, Inc.		23,144			363
TJX Cos., Inc.		6,889			488
Tractor Supply Co.		1,863			159
Tribune Media Co. ‘A’		8,830			298
Tupperware Brands Corp.		7,508			418
Urban Outfitters, Inc. (a)		7,417			169
VF Corp.		2,508			156
Viacom, Inc. ‘B’		35,026			1,442
Walt Disney Co.		23,907			2,512
Weight Watchers International, Inc. (a)		28,568			651
Wendy’s Co.		14,267			154
Whirlpool Corp.		874			128
Williams-Sonoma, Inc.		1,201			70
Wyndham Worldwide Corp.		8,031			583
Wynn Resorts Ltd.		5,526			382
Yum! Brands, Inc.		6,004			439
					73,273
CONSUMER STAPLES 9.6%
Altria Group, Inc.		41,441			2,412
Archer-Daniels-Midland Co.		2,854			105
Avon Products, Inc.		110,520			448
Bunge Ltd.		5,080			347
Campbell Soup Co.		1,120			59
Casey’s General Stores, Inc.		1,928			232
Clorox Co.		518			66
Coca-Cola Co.		69,700			2,994
Coca-Cola Enterprises, Inc.		13,539			667
Colgate-Palmolive Co.		12,512			834
ConAgra Foods, Inc.		18,837			794
Costco Wholesale Corp.		6,792			1,097
CVS Health Corp.		26,062			2,548
Dr Pepper Snapple Group, Inc.		11,881			1,107
Edgewell Personal Care Co.		794			62
Estee Lauder Cos., Inc. ‘A’		3,133			276
General Mills, Inc.		16,413			946
Herbalife Ltd. (a)		15,562			834
Ingredion, Inc.		1,223			117
JM Smucker Co.		4,003			494
Kellogg Co.		6,131			443
Kimberly-Clark Corp.		937			119
Kraft Heinz Co.		5,690			414
Kroger Co.		63,273			2,647
McCormick & Co., Inc.		931			80
Molson Coors Brewing Co. ‘B’		1,391			131
Mondelez International, Inc. ‘A’		40,980			1,837
Monster Beverage Corp. (a)		1,619			241
Nu Skin Enterprises, Inc. ‘A’		4,908			186
PepsiCo, Inc.		36,425			3,640
Philip Morris International, Inc.		60,770			5,342
Procter & Gamble Co.		65,031			5,164
Reynolds American, Inc.		22,294			1,029
Rite Aid Corp. (a)		91,372			716
SUPERVALU, Inc. (a)		14,115			96
Sysco Corp.		20,785			852

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 51

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

	SHARES			MARKET VALUE (000S)
Universal Corp.		4,860	$		272
Wal-Mart Stores, Inc.		88,705			5,438
Walgreens Boots Alliance, Inc.		19,145			1,630
Whole Foods Market, Inc.		5,276			177
					46,893
ENERGY 9.2%
Anadarko Petroleum Corp.		4,617			224
Apache Corp.		8,678			386
Archrock, Inc.		2,527			19
Baker Hughes, Inc.		6,609			305
Bill Barrett Corp. (a)		32,557			128
California Resources Corp.		193,993			452
Cameron International Corp. (a)		10,194			644
Chesapeake Energy Corp.		104,961			472
Chevron Corp.		120,485			10,839
ConocoPhillips		116,083			5,420
CONSOL Energy, Inc.		11,233			89
Devon Energy Corp.		10,753			344
Diamond Offshore Drilling, Inc.		8,353			176
Energen Corp.		5,797			238
Energy Ltd.		28,955			29
EOG Resources, Inc.		4,180			296
Exterran Corp. (a)		1,263			20
Exxon Mobil Corp.		177,007			13,798
Halliburton Co.		16,325			556
Hess Corp.		13,185			639
HollyFrontier Corp.		18,084			721
LinnCo LLC		14,352			15
Marathon Oil Corp.		90,201			1,136
Marathon Petroleum Corp.		20,192			1,047
Murphy Oil Corp.		23,985			538
National Oilwell Varco, Inc.		16,192			542
Newfield Exploration Co. (a)		9,761			318
Occidental Petroleum Corp.		23,767			1,607
Patterson-UTI Energy, Inc.		7,477			113
Peabody Energy Corp.		1,013			8
Phillips 66		3,572			292
Rowan Cos. PLC ‘A’		4,292			73
SandRidge Energy, Inc. (a)		26,107			5
Schlumberger Ltd.		14,423			1,006
SEACOR Holdings, Inc. (a)		4,160			219
Seventy Seven Energy, Inc. (a)		16,637			17
Spectra Energy Corp.		9,285			222
Stone Energy Corp. (a)		50,731			218
Tesoro Corp.		4,186			441
Unit Corp. (a)		8,746			107
Valero Energy Corp.		11,010			779
Whiting Petroleum Corp. (a)		20,915			197
WPX Energy, Inc. (a)		26,363			151
					44,846
FINANCIALS 12.3%
Aircastle Ltd.		6,193			129
Allstate Corp.		14,291			887
Ally Financial, Inc. (a)		9,629			179

	SHARES			MARKET VALUE (000S)
Ambac Financial Group, Inc. (a)		11,986	$		169
American Equity Investment Life Holding Co.		9,023			217
American Express Co.		11,012			766
American Financial Group, Inc.		4,410			318
American International Group, Inc.		64,103			3,972
Assurant, Inc.		6,209			500
Bank of America Corp.		323,083			5,438
Bank of New York Mellon Corp.		8,662			357
BB&T Corp.		13,967			528
Berkshire Hathaway, Inc. ‘B’ (a)		3,836			507
BGC Partners, Inc. ‘A’		22,342			219
Capital One Financial Corp.		24,242			1,750
Capitol Federal Financial, Inc.		11,022			138
Chubb Corp.		13,061			1,732
CIT Group, Inc.		7,580			301
Citigroup, Inc.		87,820			4,545
Citizens Financial Group, Inc.		14,749			386
CME Group, Inc.		9,374			849
CoreLogic, Inc. (a)		4,705			159
Discover Financial Services		5,551			298
E*TRADE Financial Corp. (a)		8,686			257
Fifth Third Bancorp		43,409			873
First Horizon National Corp.		23,629			343
First Niagara Financial Group, Inc.		31,236			339
FNF Group		4,561			158
Goldman Sachs Group, Inc.		7,141			1,287
Great Western Bancorp, Inc.		5,957			173
Hartford Financial Services Group, Inc.		11,490			499
JPMorgan Chase & Co.		150,988			9,970
Kemper Corp.		3,257			121
Legg Mason, Inc.		9,944			390
Loews Corp.		13,323			512
Mastercard, Inc. ‘A’		15,953			1,553
McGraw Hill Financial, Inc.		4,464			440
MetLife, Inc.		1,558			75
NASDAQ, Inc.		7,169			417
New York Community Bancorp, Inc.		21,095			344
Northwest Bancshares, Inc.		7,457			100
OneMain Holdings, Inc. (a)		3,675			153
People’s United Financial, Inc.		27,991			452
PHH Corp. (a)		10,996			178
PNC Financial Services Group, Inc.		16,022			1,527
Primerica, Inc.		1,945			92
Progressive Corp.		5,426			173
Regions Financial Corp.		36,020			346
Reinsurance Group of America, Inc.		4,165			356
Santander Consumer USA Holdings, Inc. (a)		19,619			311
SLM Corp. (a)		66,379			433
StanCorp Financial Group, Inc.		951			108
State Street Corp.		2,994			199
SunTrust Banks, Inc.		6,922			297
Synchrony Financial (a)		13,884			422
Travelers Cos., Inc.		33,626			3,795
Trustmark Corp.		7,418			171
Unum Group		9,246			308

	SHARES			MARKET VALUE (000S)
Visa, Inc. ‘A’		40,477	$		3,139
Voya Financial, Inc.		14,172			523
Walter Investment Management Corp. (a)		5,755			82
Wells Fargo & Co.		79,299			4,311
WR Berkley Corp.		1,263			69
					59,640
HEALTH CARE 12.0%
Abbott Laboratories		27,503			1,235
AbbVie, Inc.		28,024			1,660
Aetna, Inc.		16,625			1,798
Alere, Inc. (a)		2,478			97
Alexion Pharmaceuticals, Inc. (a)		1,164			222
AmerisourceBergen Corp.		3,445			357
Amgen, Inc.		20,976			3,405
Anthem, Inc.		25,011			3,488
Baxter International, Inc.		18,056			689
Becton Dickinson and Co.		5,947			916
Bio-Rad Laboratories, Inc. ‘A’ (a)		2,971			412
Biogen, Inc. (a)		3,222			987
Boston Scientific Corp. (a)		33,991			627
Bristol-Myers Squibb Co.		37,411			2,574
Cardinal Health, Inc.		5,588			499
Celgene Corp. (a)		13,747			1,646
Centene Corp. (a)		2,820			186
Cerner Corp. (a)		1,342			81
Charles River Laboratories International, Inc. (a)		1,584			127
Cigna Corp.		2,667			390
Community Health Systems, Inc. (a)		19,924			529
CR Bard, Inc.		2,501			474
DaVita HealthCare Partners, Inc. (a)		1,553			108
Edwards Lifesciences Corp. (a)		4,230			334
Eli Lilly & Co.		30,228			2,547
Envision Healthcare Holdings, Inc. (a)		7,597			197
Express Scripts Holding Co. (a)		10,970			959
Gilead Sciences, Inc.		20,391			2,063
Halyard Health, Inc. (a)		7,356			246
HCA Holdings, Inc. (a)		38,010			2,571
Health Net, Inc. (a)		8,384			574
Henry Schein, Inc. (a)		1,213			192
Hologic, Inc. (a)		2,541			98
Humana, Inc.		5,227			933
Illumina, Inc. (a)		985			189
Intuitive Surgical, Inc. (a)		154			84
Johnson & Johnson		48,611			4,993
Kindred Healthcare, Inc.		13,767			164
Laboratory Corp. of America Holdings (a)		580			72
LifePoint Hospitals, Inc. (a)		4,527			332
Magellan Health, Inc. (a)		5,564			343
Mallinckrodt PLC (a)		1,214			91
McKesson Corp.		3,662			722
MEDNAX, Inc. (a)		704			50
Merck & Co., Inc.		56,889			3,005

52 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2015 (Unaudited)

	SHARES			MARKET VALUE (000S)
Mettler-Toledo International, Inc. (a)		235	$		80
Mylan NV (a)		3,855			208
Owens & Minor, Inc.		5,199			187
Patterson Cos., Inc.		5,804			262
Pfizer, Inc.		201,503			6,505
Quest Diagnostics, Inc.		19,881			1,414
Quintiles Transnational Holdings, Inc. (a)		1,168			80
Regeneron Pharmaceuticals, Inc. (a)		788			428
St Jude Medical, Inc.		9,009			557
Stryker Corp.		3,796			353
Tenet Healthcare Corp. (a)		3,164			96
Thermo Fisher Scientific, Inc.		1,434			203
United Therapeutics Corp. (a)		1,037			162
UnitedHealth Group, Inc.		29,259			3,442
Universal Health Services, Inc. ‘B’		2,570			307
VCA, Inc. (a)		1,781			98
WellCare Health Plans, Inc. (a)		2,724			213
Zimmer Biomet Holdings, Inc.		4,236			435
Zoetis, Inc.		6,746			323
					58,619
INDUSTRIALS 7.6%
3M Co.		11,465			1,727
ADT Corp.		24,572			810
AGCO Corp.		8,617			391
Alaska Air Group, Inc.		4,416			356
Avis Budget Group, Inc. (a)		4,096			149
Boeing Co.		8,026			1,160
Brink’s Co.		4,303			124
Caterpillar, Inc.		20,165			1,370
CH Robinson Worldwide, Inc.		2,019			125
Cintas Corp.		1,350			123
Civeo Corp.		24,494			35
Clean Harbors, Inc. (a)		1,848			77
CSX Corp.		40,557			1,052
Cummins, Inc.		1,392			123
Danaher Corp.		9,069			842
Deere & Co.		24,539			1,872
Delta Air Lines, Inc.		2,375			120
Dover Corp.		5,273			323
Dun & Bradstreet Corp.		4,054			421
Emerson Electric Co.		26,874			1,285
Equifax, Inc.		1,083			121
Essendant, Inc.		2,232			73
FedEx Corp.		1,304			194
Flowserve Corp.		880			37
Fluor Corp.		6,976			329
FTI Consulting, Inc. (a)		4,725			164
GATX Corp.		3,476			148
General Dynamics Corp.		5,663			778
General Electric Co.		166,130			5,175
Harsco Corp.		9,544			75
HD Supply Holdings, Inc. (a)		2,680			81
Hertz Global Holdings, Inc. (a)		19,860			283

	SHARES			MARKET VALUE (000S)
Honeywell International, Inc.		9,262	$		959
Illinois Tool Works, Inc.		10,023			929
Ingersoll-Rand PLC		6,040			334
Jacobs Engineering Group, Inc. (a)		984			41
JetBlue Airways Corp. (a)		33,052			749
KBR, Inc.		24,555			415
KLX, Inc. (a)		10,007			308
L-3 Communications Holdings, Inc.		3,197			382
Lockheed Martin Corp.		5,457			1,185
ManpowerGroup, Inc.		1,469			124
Norfolk Southern Corp.		10,789			913
Northrop Grumman Corp.		12,386			2,339
Orbital ATK, Inc.		1,015			91
Owens Corning		2,603			122
PACCAR, Inc.		1,269			60
Parker-Hannifin Corp.		1,833			178
Raytheon Co.		12,384			1,542
Republic Services, Inc.		13,960			614
Rexnord Corp. (a)		3,930			71
Rockwell Collins, Inc.		2,382			220
RR Donnelley & Sons Co.		27,360			403
Ryder System, Inc.		3,092			176
SkyWest, Inc.		14,365			273
Snap-on, Inc.		465			80
Southwest Airlines Co.		4,352			187
SPX Corp.		3,968			37
Tidewater, Inc.		4,497			31
Timken Co.		5,061			145
Towers Watson & Co. ‘A’		982			126
TransDigm Group, Inc. (a)		679			155
Union Pacific Corp.		13,199			1,032
United Continental Holdings, Inc. (a)		3,382			194
United Parcel Service, Inc. ‘B’		1,181			114
United Technologies Corp.		14,145			1,359
Waste Management, Inc.		20,328			1,085
WESCO International, Inc. (a)		1,665			73
WW Grainger, Inc.		399			81
YRC Worldwide, Inc. (a)		3,065			43
					37,113
INFORMATION TECHNOLOGY 19.9%
Activision Blizzard, Inc.		53,652			2,077
Alphabet, Inc. ‘A’ (a)		1,319			1,026
Alphabet, Inc. ‘C’ (a)		7,327			5,560
Amdocs Ltd.		7,937			433
Analog Devices, Inc.		1,107			61
Anixter International, Inc. (a)		6,247			377
Apple, Inc.		105,814			11,138
Applied Materials, Inc.		5,526			103
Arrow Electronics, Inc. (a)		11,167			605
Automatic Data Processing, Inc.		6,759			573
Avnet, Inc.		17,893			767
Booz Allen Hamilton Holding Corp.		21,145			652
Broadcom Corp. ‘A’		8,302			480

	SHARES			MARKET VALUE (000S)
Broadridge Financial Solutions, Inc.		3,216	$		173
Brocade Communications Systems, Inc.		19,453			179
CA, Inc.		33,835			966
CACI International, Inc. ‘A’ (a)		3,733			346
CDW Corp.		1,196			50
Cisco Systems, Inc.		215,919			5,863
Citrix Systems, Inc. (a)		1,736			131
Cognizant Technology Solutions Corp. ‘A’ (a)		9,105			546
CommScope Holding Co., Inc. (a)		2,797			72
Convergys Corp.		8,549			213
Corning, Inc.		66,941			1,224
CSRA, Inc.		2,760			83
Diebold, Inc.		3,544			107
DST Systems, Inc.		839			96
eBay, Inc. (a)		15,212			418
EchoStar Corp. ‘A’ (a)		1,835			72
Electronic Arts, Inc. (a)		7,005			481
EMC Corp.		70,944			1,822
Facebook, Inc. ‘A’ (a)		6,218			651
Fairchild Semiconductor International, Inc. (a)		5,415			112
Fidelity National Information Services, Inc.		7,534			457
Fiserv, Inc. (a)		5,138			470
Flextronics International Ltd. (a)		26,750			300
FLIR Systems, Inc.		2,643			74
Global Payments, Inc.		5,543			358
Harris Corp.		6,971			606
Hewlett Packard Enterprise Co.		235,189			3,575
HP, Inc.		208,260			2,466
Ingram Micro, Inc. ‘A’		17,659			536
Intel Corp.		256,417			8,834
InterActiveCorp		8,477			509
International Business Machines Corp.		81,197			11,174
Intuit, Inc.		4,942			477
Jabil Circuit, Inc.		23,388			545
Juniper Networks, Inc.		34,557			954
Keysight Technologies, Inc. (a)		8,260			234
KLA-Tencor Corp.		4,129			286
Lam Research Corp.		3,592			285
Leidos Holdings, Inc.		7,157			403
Lexmark International, Inc. ‘A’		19,219			624
Maxim Integrated Products, Inc.		14,099			536
Microsoft Corp.		173,123			9,605
Motorola Solutions, Inc.		18,490			1,266
NCR Corp. (a)		4,904			120
NetApp, Inc.		18,587			493
NeuStar, Inc. ‘A’ (a)		14,020			336
NVIDIA Corp.		5,806			191
ON Semiconductor Corp. (a)		3,847			38
Oracle Corp.		95,455			3,487
Paychex, Inc.		4,173			221
Pitney Bowes, Inc.		23,701			489
Polycom, Inc. (a)		36,520			460
QLogic Corp. (a)		30,632			374

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 53

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

	SHARES			MARKET VALUE (000S)
QUALCOMM, Inc.		17,535	$		876
Red Hat, Inc. (a)		970			80
Rovi Corp. (a)		8,122			135
SanDisk Corp.		1,686			128
Seagate Technology PLC		23,637			867
Skyworks Solutions, Inc.		2,127			163
Symantec Corp.		58,373			1,226
SYNNEX Corp.		583			52
Synopsys, Inc. (a)		2,860			130
Take-Two Interactive Software, Inc. (a)		5,703			199
Tech Data Corp. (a)		7,425			493
Teradata Corp. (a)		13,247			350
Teradyne, Inc.		5,069			105
Texas Instruments, Inc.		23,989			1,315
Total System Services, Inc.		1,430			71
Unisys Corp. (a)		12,089			134
Vishay Intertechnology, Inc.		31,690			382
Western Digital Corp.		1,888			113
Western Union Co.		61,458			1,101
Xerox Corp.		72,746			773
Yahoo!, Inc. (a)		5,778			192
Zynga, Inc. ‘A’ (a)		31,008			83
					97,208
MATERIALS 1.7%
Air Products & Chemicals, Inc.		2,510			327
Airgas, Inc.		3,176			439
Alcoa, Inc.		17,516			173
Armstrong World Industries, Inc. (a)		13,455			615
Ashland, Inc.		1,983			204
Ball Corp.		3,547			258
Bemis Co., Inc.		4,594			205
Berry Plastics Group, Inc. (a)		2,199			79
CF Industries Holdings, Inc.		10,845			443
Commercial Metals Co.		3,881			53
Dow Chemical Co.		17,772			915
E.I. du Pont de Nemours & Co.		15,244			1,015
Freeport-McMoRan, Inc.		40,627			275
Greif, Inc. ‘A’		2,357			73
LyondellBasell Industries NV ‘A’		6,640			577
Monsanto Co.		5,508			543
Mosaic Co.		16,481			455
Newmont Mining Corp.		44,484			800
Owens-Illinois, Inc. (a)		2,418			42
PPG Industries, Inc.		2,035			201
Praxair, Inc.		2,495			255

	SHARES			MARKET VALUE (000S)
Sherwin-Williams Co.		1,389	$		361
Sonoco Products Co.		1,511			62
					8,370
TELECOMMUNICATION SERVICES 5.4%
AT&T, Inc.		444,294			15,288
CenturyLink, Inc.		83,965			2,113
Contra Leap Wireless		22,373			56
Frontier Communications Corp.		262,004			1,224
T-Mobile US, Inc. (a)		5,965			233
Telephone & Data Systems, Inc.		13,279			344
Verizon Communications, Inc.		138,954			6,422
West Corp.		4,381			95
Windstream Holdings, Inc.		76,040			490
					26,265
UTILITIES 5.7%
AES Corp.		20,258			194
AGL Resources, Inc.		1,754			112
Alliant Energy Corp.		857			54
Ameren Corp.		22,757			984
American Electric Power Co., Inc.		22,875			1,333
Atmos Energy Corp.		1,642			103
Avista Corp.		6,248			221
Calpine Corp. (a)		26,920			390
CenterPoint Energy, Inc.		36,430			669
CMS Energy Corp.		17,168			619
Consolidated Edison, Inc.		30,887			1,985
Dominion Resources, Inc.		6,404			433
DTE Energy Co.		12,106			971
Duke Energy Corp.		21,907			1,564
Edison International		16,442			974
El Paso Electric Co.		5,193			200
Entergy Corp.		25,754			1,761
Exelon Corp.		49,464			1,374
FirstEnergy Corp.		34,097			1,082
Great Plains Energy, Inc.		10,672			291
MDU Resources Group, Inc.		30,620			561
NextEra Energy, Inc.		8,164			848
NiSource, Inc.		10,984			214
ONE Gas, Inc.		5,086			255
Pepco Holdings, Inc.		22,262			579
PG&E Corp.		23,251			1,237
Pinnacle West Capital Corp.		11,229			724
PNM Resources, Inc.		10,631			325
Portland General Electric Co.		4,788			174
PPL Corp.		20,029			684

	SHARES			MARKET VALUE (000S)
Public Service Enterprise Group, Inc.		33,937	$		1,313
SCANA Corp.		6,233			377
Sempra Energy		4,513			424
Southern Co.		40,151			1,879
Southwest Gas Corp.		4,410			243
TECO Energy, Inc.		28,612			762
UGI Corp.		4,133			140
Vectren Corp.		7,049			299
WEC Energy Group, Inc.		3,418			175
Westar Energy, Inc.		9,700			411
WGL Holdings, Inc.		2,656			167
Xcel Energy, Inc.		22,383			804
					27,909
Total United States					480,136
Total Common Stocks (Cost $413,167)					481,828
REAL ESTATE INVESTMENT TRUSTS 0.9%
UNITED STATES 0.9%
FINANCIALS 0.9%
American Capital Agency Corp.		20,731			360
Annaly Capital Management, Inc.		147,650			1,385
Columbia Property Trust, Inc.		11,383			267
Corrections Corp. of America		9,408			249
Digital Realty Trust, Inc.		1,472			111
Hatteras Financial Corp.		18,879			248
Iron Mountain, Inc.		23,062			623
Mack-Cali Realty Corp.		2,187			51
MFA Financial, Inc.		15,120			100
New Residential Investment Corp.		12,321			150
Outfront Media, Inc.		11,731			256
Piedmont Office Realty Trust, Inc. ‘A’		10,291			194
Simon Property Group, Inc.		1,203			234
Two Harbors Investment Corp.		6,265			51
					4,279
Total Real Estate Investment Trusts (Cost $4,812)					4,279
Total Investments in Securities (Cost $417,979)					486,107
Total Investments 99.6% (Cost $417,979)			$		486,107
Other Assets and Liabilities, net 0.4%					1,877
Net Assets 100.0%			$		487,984

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

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

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

54 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2015 (Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2015
Investments in Securities, at Value
Common Stocks
Ireland
Financials	$	98	$	0	$	0	$	98
Information Technology		1,508		0		0		1,508
Peru
Materials		86		0		0		86
United States
Consumer Discretionary		73,266		0		7		73,273
Consumer Staples		46,893		0		0		46,893
Energy		44,846		0		0		44,846

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2015
Financials	$	59,640	$	0	$	0	$	59,640
Health Care		58,619		0		0		58,619
Industrials		37,113		0		0		37,113
Information Technology		97,208		0		0		97,208
Materials		8,370		0		0		8,370
Telecommunication Services		26,209		0		56		26,265
Utilities		27,909		0		0		27,909
Real Estate Investment Trusts
United States
Financials		4,279		0		0		4,279
Total Investments	$	486,044	$	0	$	63	$	486,107

There were no significant transfers between Levels 1, 2, or 3 during the period ended December 31, 2015.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 55

Schedule of Investments PIMCO RAE Fundamental US Small Fund

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.6%
COMMON STOCKS 95.2%
UNITED KINGDOM 0.1%
HEALTH CARE 0.1%
LivaNova PLC (a)		1,358	$		81
MATERIALS 0.0%
Ferroglobe PLC		2,716			29
Total United Kingdom					110
UNITED STATES 95.1%
CONSUMER DISCRETIONARY 19.9%
1-800-Flowers.com, Inc. ‘A’ (a)		6,880			50
2U, Inc. (a)		707			20
A H Belo Corp. ‘A’		667			3
Aeropostale, Inc. (a)		5,027			1
AMC Entertainment Holdings, Inc. ‘A’		9,534			229
America’s Car-Mart, Inc. (a)		2,330			62
American Axle & Manufacturing Holdings, Inc. (a)		2,464			47
American Public Education, Inc. (a)		6,060			113
Arctic Cat, Inc.		4,873			80
Asbury Automotive Group, Inc. (a)		2,176			147
Ascent Capital Group, Inc. ‘A’ (a)		4,536			76
Barnes & Noble, Inc.		20,404			178
Bassett Furniture Industries, Inc.		3,373			85
bebe stores, Inc.		17,042			10
Big 5 Sporting Goods Corp.		10,765			108
Biglari Holdings, Inc. (a)		98			32
BJ’s Restaurants, Inc. (a)		5,290			230
Blue Nile, Inc. (a)		1,273			47
Boot Barn Holdings, Inc. (a)		488			6
Boyd Gaming Corp. (a)		30,805			612
Bravo Brio Restaurant Group, Inc. (a)		6,130			55
Bridgepoint Education, Inc. (a)		6,591			50
Bright Horizons Family Solutions, Inc. (a)		2,018			135
Buckle, Inc.		11,552			356
Build-A-Bear Workshop, Inc. (a)		3,392			41
CalAtlantic Group, Inc.		532			20
Caleres, Inc.		12,132			325
Callaway Golf Co.		11,060			104
Capella Education Co.		5,696			263
Career Education Corp. (a)		18,783			68
Carrols Restaurant Group, Inc. (a)		17,421			204
Cato Corp. ‘A’		6,681			246
Cheesecake Factory, Inc.		3,347			154
Chegg, Inc. (a)		4,120			28
Children’s Place, Inc.		8,205			453
Choice Hotels International, Inc.		5,446			275
Christopher & Banks Corp. (a)		8,699			14
Churchill Downs, Inc.		406			57
Citi Trends, Inc.		7,495			159
Clear Channel Outdoor Holdings, Inc. ‘A’ (a)		9,912			55
ClubCorp Holdings, Inc.		5,594			102
Collectors Universe, Inc.		952			15

	SHARES			MARKET VALUE (000S)
Columbia Sportswear Co.		3,897	$		190
Conn’s, Inc. (a)		5,392			127
Container Store Group, Inc. (a)		10,435			86
Cooper-Standard Holding, Inc. (a)		3,004			233
Core-Mark Holding Co., Inc.		3,690			302
Crocs, Inc. (a)		32,720			335
Crown Media Holdings, Inc. (a)		3,585			20
CSS Industries, Inc.		1,910			54
Cumulus Media, Inc. ‘A’ (a)		11,787			4
Dave & Buster’s Entertainment, Inc. (a)		2,484			104
Del Frisco’s Restaurant Group, Inc. (a)		995			16
Denny’s Corp. (a)		20,628			203
Destination Maternity Corp.		4,309			38
Destination XL Group, Inc. (a)		13,394			74
Diamond Resorts International, Inc. (a)		4,324			110
DineEquity, Inc.		2,315			196
Dorman Products, Inc. (a)		410			19
DreamWorks Animation SKG, Inc. ‘A’ (a)		2,895			75
Drew Industries, Inc.		971			59
El Pollo Loco Holdings, Inc. (a)		2,532			32
Entercom Communications Corp. ‘A’ (a)		4,385			49
Eros International PLC (a)		4,410			40
Ethan Allen Interiors, Inc.		3,347			93
EVINE Live, Inc. (a)		8,647			15
EW Scripps Co. ‘A’		2,532			48
Express, Inc. (a)		14,191			245
Extended Stay America, Inc.		6,001			95
Famous Dave’s of America, Inc. (a)		822			6
Federal-Mogul Holdings Corp. (a)		1,869			13
Fiesta Restaurant Group, Inc. (a)		2,330			78
Finish Line, Inc. ‘A’		21,450			388
Five Below, Inc. (a)		1,073			34
Flexsteel Industries, Inc.		963			43
Francesca’s Holdings Corp. (a)		5,143			90
Fred’s, Inc.		11,223			184
FTD Cos., Inc. (a)		4,629			121
Fuel Systems Solutions, Inc. (a)		6,799			33
G-III Apparel Group Ltd. (a)		938			41
GoPro, Inc. ‘A’ (a)		1,373			25
Grand Canyon Education, Inc. (a)		263			11
Groupon, Inc. (a)		28,278			87
Harte-Hanks, Inc.		10,286			33
Haverty Furniture Cos., Inc.		5,365			115
hhgregg, Inc. (a)		7,294			27
Hibbett Sports, Inc. (a)		4,591			139
Hooker Furniture Corp.		2,700			68
Houghton Mifflin Harcourt Co. (a)		5,005			109
HSN, Inc.		3,510			178
Hyatt Hotels Corp. ‘A’ (a)		2,927			138
Iconix Brand Group, Inc. (a)		3,397			23
Installed Building Products, Inc. (a)		868			22
International Speedway Corp. ‘A’		5,856			197
Interval Leisure Group, Inc.		2,902			45

	SHARES			MARKET VALUE (000S)
Isle of Capri Casinos, Inc. (a)		14,228	$		198
Jamba, Inc. (a)		2,765			37
Jindal Steel & Power Ltd. (a)		23,507			187
Johnson Outdoors, Inc. ‘A’		189			4
K12, Inc. (a)		12,437			109
Kirkland’s, Inc.		3,909			57
La Quinta Holdings, Inc. (a)		3,928			53
La-Z-Boy, Inc.		1,609			39
Lands’ End, Inc. (a)		18,629			437
Lee Enterprises, Inc. (a)		14,752			25
LGI Homes, Inc. (a)		645			16
Libbey, Inc.		4,972			106
Liberty TripAdvisor Holdings, Inc. ‘A’ (a)		11,912			361
LifeLock, Inc. (a)		3,010			43
Lifetime Brands, Inc.		380			5
Lions Gate Entertainment Corp.		881			29
Lithia Motors, Inc. ‘A’		207			22
Loral Space & Communications, Inc. (a)		2,076			84
Lumber Liquidators Holdings, Inc. (a)		11,067			192
Marcus Corp.		4,741			90
Marriott Vacations Worldwide Corp.		3,564			203
Mattress Firm Holding Corp. (a)		1,732			77
MDC Holdings, Inc.		1,046			27
Meritage Homes Corp. (a)		2,581			88
Metaldyne Performance Group, Inc.		1,469			27
Michaels Cos., Inc. (a)		9,957			220
Modine Manufacturing Co. (a)		5,195			47
Monarch Casino & Resort, Inc. (a)		2,074			47
Monro Muffler Brake, Inc.		2,068			137
Movado Group, Inc.		4,812			124
MSG Networks, Inc. ‘A’ (a)		956			20
NACCO Industries, Inc. ‘A’		1,435			61
National CineMedia, Inc.		15,801			248
Nautilus, Inc. (a)		2,311			39
Nexstar Broadcasting Group, Inc. ‘A’		1,123			66
Noodles & Co. (a)		4,088			40
Nutrisystem, Inc.		8,764			190
Overstock.com, Inc. (a)		2,082			26
Oxford Industries, Inc.		2,475			158
Pacific Sunwear of California, Inc. (a)		23,256			6
Papa John’s International, Inc.		3,236			181
Papa Murphy’s Holdings, Inc. (a)		1,654			19
Party City Holdco, Inc. (a)		1,699			22
Penn National Gaming, Inc. (a)		43,954			704
Pep Boys-Manny Moe & Jack (a)		19,213			354
Perry Ellis International, Inc. (a)		6,043			111
PetMed Express, Inc.		8,095			139
Pier 1 Imports, Inc.		70,419			358
Pinnacle Entertainment, Inc. (a)		947			29
Popeyes Louisiana Kitchen, Inc. (a)		1,134			66
Potbelly Corp. (a)		8,797			103
Radio One, Inc. ‘D’ (a)		4,072			7
Reading International, Inc. ‘A’ (a)		1,648			22
Red Robin Gourmet Burgers, Inc. (a)		1,276			79

56 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2015 (Unaudited)

	SHARES			MARKET VALUE (000S)
Regis Corp. (a)		19,542	$		276
Ruby Tuesday, Inc. (a)		5,942			33
Ruth’s Hospitality Group, Inc.		7,075			113
Scholastic Corp.		5,485			211
Sears Hometown and Outlet Stores, Inc. (a)		4,157			33
Select Comfort Corp. (a)		10,811			231
ServiceMaster Global Holdings, Inc. (a)		924			36
Shoe Carnival, Inc.		4,022			93
Sinclair Broadcast Group, Inc. ‘A’		1,334			43
Sizmek, Inc. (a)		2,731			10
Skechers U.S.A., Inc. ‘A’ (a)		6,353			192
Smith & Wesson Holding Corp. (a)		13,127			289
Sonic Automotive, Inc. ‘A’		5,844			133
Sonic Corp.		3,409			110
Sotheby’s		4,684			121
Speedway Motorsports, Inc.		2,876			60
Sportsman’s Warehouse Holdings, Inc. (a)		7,065			91
Stage Stores, Inc.		8,941			81
Standard Motor Products, Inc.		2,040			78
Stein Mart, Inc.		9,576			64
Steven Madden Ltd. (a)		3,611			109
Stoneridge, Inc. (a)		4,102			61
Strayer Education, Inc. (a)		7,885			474
Sturm Ruger & Co., Inc.		3,721			222
Superior Industries International, Inc.		4,332			80
Taylor Morrison Home Corp. ‘A’ (a)		935			15
Texas Roadhouse, Inc.		11,016			394
Tile Shop Holdings, Inc. (a)		3,519			58
Tilly’s, Inc. ‘A’ (a)		5,947			39
Tower International, Inc.		3,560			102
Town Sports International Holdings, Inc. (a)		9,061			11
Townsquare Media, Inc. ‘A’ (a)		506			6
Tuesday Morning Corp. (a)		6,014			39
Tumi Holdings, Inc. (a)		1,878			31
Universal Technical Institute, Inc.		3,980			19
Vera Bradley, Inc. (a)		9,459			149
Vince Holding Corp. (a)		5,879			27
Vitamin Shoppe, Inc. (a)		7,846			257
VOXX International Corp. (a)		2,663			14
West Marine, Inc. (a)		1,216			10
Weyco Group, Inc.		68			2
Wolverine World Wide, Inc.		2,254			38
World Wrestling Entertainment, Inc. ‘A’		6,187			110
Zumiez, Inc. (a)		3,191			48
					21,177
CONSUMER STAPLES 4.5%
Alliance One International, Inc. (a)		3,571			41
Andersons, Inc.		1,494			47
B&G Foods, Inc.		3,721			130
Boston Beer Co., Inc. ‘A’ (a)		404			82
Cal-Maine Foods, Inc.		2,784			129
Central Garden & Pet Co. ‘A’ (a)		17,899			243

	SHARES			MARKET VALUE (000S)
Coca-Cola Bottling Co. Consolidated		1,336	$		244
Coty, Inc. ‘A’		9,551			245
Elizabeth Arden, Inc. (a)		15,015			149
Fresh Del Monte Produce, Inc.		8,683			338
Fresh Market, Inc. (a)		3,780			89
HRG Group, Inc. (a)		27,434			372
Ingles Markets, Inc. ‘A’		11,264			497
Inter Parfums, Inc.		3,750			89
J&J Snack Foods Corp.		638			74
John B Sanfilippo & Son, Inc.		1,380			75
Lancaster Colony Corp.		677			78
Medifast, Inc.		4,164			126
National Beverage Corp. (a)		2,457			112
Nutraceutical International Corp. (a)		1,195			31
Omega Protein Corp. (a)		8,763			195
Pilgrim’s Pride Corp.		1,198			26
Post Holdings, Inc. (a)		948			58
PriceSmart, Inc.		1,238			103
Revlon, Inc. ‘A’ (a)		746			21
Sanderson Farms, Inc.		469			36
Seaboard Corp. (a)		22			64
Smart & Final Stores, Inc. (a)		4,761			87
Snyder’s-Lance, Inc.		3,180			109
SpartanNash Co.		9,575			207
Spectrum Brands Holdings, Inc.		934			95
USANA Health Sciences, Inc. (a)		783			100
Vector Group Ltd.		9,685			228
Village Super Market, Inc. ‘A’		1,040			27
WD-40 Co.		1,083			107
Weis Markets, Inc.		2,375			105
					4,759
ENERGY 3.9%
Alon USA Energy, Inc.		6,853			102
Antero Resources Corp. (a)		1,992			43
Basic Energy Services, Inc. (a)		17,805			48
Bonanza Creek Energy, Inc. (a)		22,393			118
C&J Energy Services Ltd. (a)		6,454			31
CARBO Ceramics, Inc.		10,426			179
Carrizo Oil & Gas, Inc. (a)		3,464			102
Clayton Williams Energy, Inc. (a)		1,556			46
Contango Oil & Gas Co. (a)		2,327			15
CVR Energy, Inc.		6,208			244
Delek U.S. Holdings, Inc.		8,191			202
Enbridge Energy Management LLC (a)		3,184			71
EP Energy Corp. ‘A’ (a)		32,850			144
Era Group, Inc. (a)		5,940			66
EXCO Resources, Inc. (a)		31,828			39
Fairmount Santrol Holdings, Inc. (a)		23,107			54
Forum Energy Technologies, Inc. (a)		11,917			149
Geospace Technologies Corp. (a)		11,976			169
Green Plains, Inc.		1,077			25
Gulf Island Fabrication, Inc.		2,959			31
Gulfmark Offshore, Inc. ‘A’		15,298			71
Hallador Energy Co.		3,301			15

	SHARES			MARKET VALUE (000S)
Helix Energy Solutions Group, Inc. (a)		32,229	$		170
Hornbeck Offshore Services, Inc. (a)		5,369			53
ION Geophysical Corp. (a)		32,789			17
Key Energy Services, Inc. (a)		33,366			16
Kosmos Energy Ltd. (a)		7,657			40
Laredo Petroleum, Inc. (a)		21,877			175
Matador Resources Co. (a)		4,290			85
Matrix Service Co. (a)		769			16
McDermott International, Inc. (a)		29,998			101
Memorial Resource Development Corp. (a)		2,521			41
Natural Gas Services Group, Inc. (a)		1,588			35
Newpark Resources, Inc. (a)		19,360			102
Northern Oil and Gas, Inc. (a)		43,826			169
Nuverra Environmental Solutions, Inc. (a)		3,453			2
Oasis Petroleum, Inc. (a)		1,028			8
Pacific Drilling S.A. (a)		20,621			17
Panhandle Oil and Gas, Inc. ‘A’		1,320			21
Parker Drilling Co. (a)		53,990			98
Parsley Energy, Inc. ‘A’ (a)		1,868			34
PDC Energy, Inc. (a)		1,728			92
Penn Virginia Corp. (a)		9,754			3
PHI, Inc. (a)		1,325			22
Pioneer Energy Services Corp. (a)		9,905			22
Renewable Energy Group, Inc. (a)		7,522			70
REX American Resources Corp. (a)		245			13
Rex Energy Corp. (a)		12,632			13
Rice Energy, Inc. (a)		1,467			16
RPC, Inc.		10,002			120
RSP Permian, Inc. (a)		1,361			33
Sanchez Energy Corp. (a)		17,806			77
Tesco Corp.		13,178			95
TETRA Technologies, Inc. (a)		27,404			206
U.S. Silica Holdings, Inc.		580			11
Ultra Petroleum Corp. (a)		9,055			23
VAALCO Energy, Inc. (a)		12,786			20
W&T Offshore, Inc.		57,347			132
Westmoreland Coal Co. (a)		2,664			16
Willbros Group, Inc. (a)		5,328			14
					4,162
FINANCIALS 11.9%
1st Source Corp.		2,310			71
Access National Corp.		646			13
Alexander & Baldwin, Inc.		649			23
AMERISAFE, Inc.		336			17
AmTrust Financial Services, Inc.		1,185			73
Arrow Financial Corp.		2,976			81
Astoria Financial Corp.		13,215			209
Baldwin & Lyons, Inc. ‘B’		926			22
BancFirst Corp.		570			33
Bancorp, Inc. (a)		6,473			41
Bank Mutual Corp.		5,597			44
Bank of Marin Bancorp		35			2
Bank of the Ozarks, Inc.		580			29

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 57

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

	SHARES			MARKET VALUE (000S)
Beneficial Bancorp, Inc. (a)		4,168	$		56
Berkshire Hills Bancorp, Inc.		2,944			86
BOK Financial Corp.		4,283			256
Brookline Bancorp, Inc.		11,661			134
Bryn Mawr Bank Corp.		706			20
Calamos Asset Management, Inc. ‘A’		7,798			76
Camden National Corp.		741			33
Capital Bank Financial Corp. ‘A’		3,590			115
Cash America International, Inc.		15,192			455
Cathay General Bancorp		664			21
Charter Financial Corp.		637			8
Chemical Financial Corp.		2,092			72
City Holding Co.		2,277			104
CNA Financial Corp.		5,539			195
Columbia Banking System, Inc.		1,260			41
Community Bank System, Inc.		2,080			83
Community Trust Bancorp, Inc.		2,594			91
Consumer Portfolio Services, Inc. (a)		8,138			42
Cowen Group, Inc. ‘A’ (a)		6,183			24
Crawford & Co. ‘B’		2,484			13
Credit Acceptance Corp. (a)		1,380			295
Customers Bancorp, Inc. (a)		1,410			38
Dime Community Bancshares, Inc.		6,179			108
Eagle Bancorp, Inc. (a)		777			39
eHealth, Inc. (a)		10,740			107
EMC Insurance Group, Inc.		792			20
Employers Holdings, Inc.		6,747			184
Enova International, Inc. (a)		11,883			79
Enterprise Financial Services Corp.		1,357			39
Ezcorp, Inc. ‘A’ (a)		20,943			105
FBL Financial Group, Inc. ‘A’		2,798			178
FBR & Co.		1,789			36
FCB Financial Holdings, Inc. ‘A’ (a)		1,970			71
Federal Agricultural Mortgage Corp. ‘C’		515			16
Fidelity & Guaranty Life		9,667			245
Fidelity Southern Corp.		3,527			79
Financial Institutions, Inc.		2,429			68
First Bancorp		2,423			45
First Busey Corp.		2,409			50
First Cash Financial Services, Inc. (a)		1,824			68
First Commonwealth Financial Corp.		8,235			75
First Community Bancshares, Inc.		3,392			63
First Connecticut Bancorp, Inc.		1,446			25
First Defiance Financial Corp.		1,370			52
First Financial Bancorp		10,994			199
First Financial Corp.		2,251			77
First Interstate BancSystem, Inc. ‘A’		2,037			59
First Midwest Bancorp, Inc.		1,397			26
First NBC Bank Holding Co. (a)		761			28
First of Long Island Corp.		982			29
Flushing Financial Corp.		5,009			108
Forestar Group, Inc. (a)		3,606			39
GAIN Capital Holdings, Inc.		4,716			38
German American Bancorp, Inc.		593			20
GFI Group, Inc. (a)		10,665			65
Great Southern Bancorp, Inc.		2,258			102

	SHARES			MARKET VALUE (000S)
Great Western Bancorp, Inc.		6,307	$		183
Greenhill & Co., Inc.		2,313			66
GSV Capital Corp. (a)		7,066			66
Heartland Financial USA, Inc.		2,079			65
Heritage Insurance Holdings, Inc.		2,443			53
HFF, Inc. ‘A’		2,587			80
Hilltop Holdings, Inc. (a)		5,260			101
HomeStreet, Inc. (a)		2,658			58
HomeTrust Bancshares, Inc. (a)		1,759			36
Horace Mann Educators Corp.		694			23
Horizon Bancorp		1,141			32
Independent Bank Corp.		885			41
Infinity Property & Casualty Corp.		2,051			169
International Bancshares Corp.		2,161			56
INTL. FCStone, Inc. (a)		3,701			124
Investment Technology Group, Inc.		3,482			59
Janus Capital Group, Inc.		8,184			115
Kansas City Life Insurance Co.		259			10
KCG Holdings, Inc. ‘A’ (a)		25,005			308
Lakeland Bancorp, Inc.		3,594			42
LegacyTexas Financial Group, Inc.		785			20
LendingTree, Inc. (a)		415			37
MainSource Financial Group, Inc.		2,727			62
Marlin Business Services Corp.		2,080			33
MB Financial, Inc.		324			11
Mercury General Corp.		3,859			180
Meridian Bancorp, Inc.		1,403			20
Metro Bancorp, Inc.		940			30
Morningstar, Inc.		1,804			145
National Bank Holdings Corp. ‘A’		5,662			121
National Bankshares, Inc.		59			2
National General Holdings Corp.		919			20
National Penn Bancshares, Inc.		3,211			40
National Western Life Group, Inc. ‘A’		308			78
Navigators Group, Inc. (a)		1,015			87
NBT Bancorp, Inc.		6,955			194
Nelnet, Inc. ‘A’		6,202			208
NMI Holdings, Inc. ‘A’ (a)		5,716			39
Northfield Bancorp, Inc.		7,156			114
Northwest Bancshares, Inc.		15,553			208
OceanFirst Financial Corp.		2,084			42
Old National Bancorp		6,966			94
OneBeacon Insurance Group Ltd. ‘A’		8,170			101
OneMain Holdings, Inc. (a)		2,801			116
Oppenheimer Holdings, Inc. ‘A’		716			12
Oritani Financial Corp.		3,870			64
Pacific Premier Bancorp, Inc. (a)		1,313			28
Park National Corp.		1,614			146
PennyMac Financial Services, Inc. ‘A’ (a)		1,300			20
Peoples Bancorp, Inc.		816			15
Phoenix Cos., Inc. (a)		1,330			49
Pinnacle Financial Partners, Inc.		1,124			58
Piper Jaffray Cos. (a)		2,534			102
Preferred Bank		591			20
PrivateBancorp, Inc.		303			12
Provident Financial Services, Inc.		6,495			131

	SHARES			MARKET VALUE (000S)
RE/MAX Holdings, Inc. ‘A’		3,419	$		128
Regional Management Corp. (a)		5,407			84
Renasant Corp.		1,400			48
Republic Bancorp, Inc. ‘A’		2,561			68
RLI Corp.		2,479			153
RMR Group, Inc. ‘A’		98			1
S&T Bancorp, Inc.		1,272			39
Safety Insurance Group, Inc.		2,505			141
Sandy Spring Bancorp, Inc.		2,308			62
Selective Insurance Group, Inc.		1,856			62
ServisFirst Bancshares, Inc.		1,676			80
Sierra Bancorp		129			2
Simmons First National Corp. ‘A’		426			22
South State Corp.		309			22
Southside Bancshares, Inc.		1,102			27
State Bank Financial Corp.		2,382			50
Stewart Information Services Corp.		1,063			40
Stock Yards Bancorp, Inc.		1,237			47
Stonegate Bank		1,171			39
Stonegate Mortgage Corp. (a)		2,073			11
Suffolk Bancorp		1,247			35
Talmer Bancorp, Inc. ‘A’		11,093			201
Territorial Bancorp, Inc.		2,291			64
Tompkins Financial Corp.		1,607			90
Towne Bank		553			12
TriState Capital Holdings, Inc. (a)		3,098			43
TrustCo Bank Corp.		17,214			106
United Bankshares, Inc.		685			25
United Fire Group, Inc.		1,767			68
United Insurance Holdings Corp.		592			10
Universal Insurance Holdings, Inc.		3,750			87
Univest Corp. of Pennsylvania		3,183			66
Walker & Dunlop, Inc. (a)		2,542			73
Washington Trust Bancorp, Inc.		1,217			48
Waterstone Financial, Inc.		4,404			62
WesBanco, Inc.		709			21
Westamerica BanCorp.		3,374			158
Westwood Holdings Group, Inc.		606			32
World Acceptance Corp. (a)		12,679			470
WSFS Financial Corp.		1,198			39
Yadkin Financial Corp.		710			18
					12,658
HEALTH CARE 11.4%
Abaxis, Inc.		1,196			67
ABIOMED, Inc. (a)		1,090			98
Acceleron Pharma, Inc. (a)		485			24
Aceto Corp.		721			19
Acorda Therapeutics, Inc. (a)		2,873			123
Addus HomeCare Corp. (a)		1,169			27
Affymetrix, Inc. (a)		11,868			120
Air Methods Corp. (a)		2,473			104
Akorn, Inc. (a)		1,172			44
Alliance HealthCare Services, Inc. (a)		1,410			13
Almost Family, Inc. (a)		3,358			128
AMAG Pharmaceuticals, Inc. (a)		1,652			50

58 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2015 (Unaudited)

	SHARES			MARKET VALUE (000S)
Amedisys, Inc. (a)		11,347	$		446
AMN Healthcare Services, Inc. (a)		2,926			91
Amphastar Pharmaceuticals, Inc. (a)		3,692			53
Anacor Pharmaceuticals, Inc. (a)		974			110
Analogic Corp.		1,402			116
AngioDynamics, Inc. (a)		9,542			116
Anika Therapeutics, Inc. (a)		703			27
Array BioPharma, Inc. (a)		6,295			27
BioScrip, Inc. (a)		24,529			43
BioTelemetry, Inc. (a)		2,949			34
Bruker Corp. (a)		14,582			354
Cambrex Corp. (a)		4,348			205
Cantel Medical Corp.		2,174			135
Capital Senior Living Corp. (a)		1,984			41
Cardiovascular Systems, Inc. (a)		1,294			20
Catalent, Inc. (a)		2,400			60
Chemed Corp.		3,344			501
Chimerix, Inc. (a)		1,250			11
Civitas Solutions, Inc. (a)		2,955			85
Computer Programs & Systems, Inc.		1,099			55
CONMED Corp.		4,494			198
Cross Country Healthcare, Inc. (a)		3,025			50
Cynosure, Inc. ‘A’ (a)		2,681			120
Depomed, Inc. (a)		4,378			79
Diplomat Pharmacy, Inc. (a)		630			22
Emergent BioSolutions, Inc. (a)		6,085			243
Ensign Group, Inc.		3,633			82
Exactech, Inc. (a)		3,050			55
Exelixis, Inc. (a)		1,677			9
Five Star Quality Care, Inc. (a)		14,703			47
Genomic Health, Inc. (a)		987			35
Globus Medical, Inc. ‘A’ (a)		5,998			167
Greatbatch, Inc. (a)		2,862			150
Haemonetics Corp. (a)		5,119			165
Hanger, Inc. (a)		13,998			230
HealthEquity, Inc. (a)		772			19
Healthways, Inc. (a)		7,861			101
HeartWare International, Inc. (a)		798			40
HMS Holdings Corp. (a)		9,933			123
ICU Medical, Inc. (a)		1,664			188
Impax Laboratories, Inc. (a)		578			25
IMS Health Holdings, Inc. (a)		1,270			32
INC Research Holdings, Inc. ‘A’ (a)		416			20
Insulet Corp. (a)		2,241			85
Integra LifeSciences Holdings Corp. (a)		5,246			356
Invacare Corp.		9,296			162
K2M Group Holdings, Inc. (a)		1,002			20
Landauer, Inc.		686			23
Lannett Co., Inc. (a)		1,326			53
LDR Holding Corp. (a)		1,322			33
LeMaitre Vascular, Inc.		1,497			26
LHC Group, Inc. (a)		3,482			158
Ligand Pharmaceuticals, Inc. (a)		689			75
Luminex Corp. (a)		2,445			52
Masimo Corp. (a)		10,919			453
MedAssets, Inc. (a)		17,808			551

	SHARES			MARKET VALUE (000S)
Medicines Co. (a)		5,729	$		214
Meridian Bioscience, Inc.		4,610			95
Merit Medical Systems, Inc. (a)		9,009			167
Molina Healthcare, Inc. (a)		1,306			79
Momenta Pharmaceuticals, Inc. (a)		505			7
Myriad Genetics, Inc. (a)		5,635			243
National HealthCare Corp.		1,075			66
Natus Medical, Inc. (a)		3,294			158
Nektar Therapeutics (a)		6,884			116
Neogen Corp. (a)		2,255			127
NuVasive, Inc. (a)		3,395			184
NxStage Medical, Inc. (a)		3,341			73
Omnicell, Inc. (a)		2,707			84
OraSure Technologies, Inc. (a)		3,054			20
Pacira Pharmaceuticals, Inc. (a)		865			66
PDL BioPharma, Inc.		89,619			317
PharMerica Corp. (a)		7,376			258
Phibro Animal Health Corp. ‘A’		1,553			47
PRA Health Sciences, Inc. (a)		1,055			48
Premier, Inc. ‘A’ (a)		2,193			77
Prestige Brands Holdings, Inc. (a)		2,134			110
Providence Service Corp. (a)		1,304			61
Quality Systems, Inc.		14,952			241
Quidel Corp. (a)		1,536			33
RadNet, Inc. (a)		18,230			113
Repligen Corp. (a)		2,546			72
Rigel Pharmaceuticals, Inc. (a)		7,648			23
RTI Surgical, Inc. (a)		6,556			26
Sagent Pharmaceuticals, Inc. (a)		1,538			24
SciClone Pharmaceuticals, Inc. (a)		6,309			58
Select Medical Holdings Corp.		42,344			504
Spectrum Pharmaceuticals, Inc. (a)		10,071			61
Surgical Care Affiliates, Inc. (a)		7,587			302
SurModics, Inc. (a)		4,740			96
U.S. Physical Therapy, Inc.		760			41
Universal American Corp.		14,116			99
Vascular Solutions, Inc. (a)		945			32
Veeva Systems, Inc. ‘A’ (a)		2,789			80
VWR Corp. (a)		833			24
Zeltiq Aesthetics, Inc. (a)		1,861			53
					12,093
INDUSTRIALS 14.3%
AAON, Inc.		1,474			34
AAR Corp.		7,408			195
ABM Industries, Inc.		10,208			291
ACCO Brands Corp. (a)		24,915			178
Actuant Corp. ‘A’		11,532			276
Advanced Drainage Systems, Inc.		3,351			81
Advisory Board Co. (a)		1,391			69
Aerovironment, Inc. (a)		2,555			75
Air Transport Services Group, Inc. (a)		10,589			107
Alamo Group, Inc.		1,117			58
Albany International Corp. ‘A’		3,809			139
Allegiant Travel Co.		611			103
Altra Industrial Motion Corp.		1,806			45

	SHARES			MARKET VALUE (000S)
AMERCO		142	$		55
Ameresco, Inc. ‘A’ (a)		2,000			12
American Science & Engineering, Inc.		3,646			151
American Woodmark Corp. (a)		623			50
Apogee Enterprises, Inc.		2,061			90
Applied Industrial Technologies, Inc.		9,547			387
ARC Document Solutions, Inc. (a)		6,138			27
ArcBest Corp.		516			11
Astec Industries, Inc.		1,918			78
AZZ, Inc.		693			39
Barnes Group, Inc.		4,151			147
Barrett Business Services, Inc.		789			34
Beacon Roofing Supply, Inc. (a)		6,121			252
Blount International, Inc. (a)		19,268			189
BMC Stock Holdings, Inc. (a)		590			10
Brady Corp. ‘A’		14,962			344
Briggs & Stratton Corp.		14,205			246
Builders FirstSource, Inc. (a)		3,295			37
BWX Technologies, Inc.		3,794			121
CAI International, Inc. (a)		3,479			35
Casella Waste Systems, Inc. ‘A’ (a)		12,137			73
CBIZ, Inc. (a)		13,794			136
CDI Corp.		3,591			24
Cenveo, Inc. (a)		21,933			19
Chart Industries, Inc. (a)		8,697			156
Columbus McKinnon Corp.		1,754			33
Comfort Systems USA, Inc.		4,419			126
Commercial Vehicle Group, Inc. (a)		2,825			8
Covenant Transportation Group, Inc. ‘A’ (a)		2,348			44
CRA International, Inc. (a)		2,721			51
Cubic Corp.		2,785			132
Dorian LPG Ltd. (a)		1,728			20
Douglas Dynamics, Inc.		3,427			72
Ducommun, Inc. (a)		2,465			40
DXP Enterprises, Inc. (a)		3,840			88
Dycom Industries, Inc. (a)		2,318			162
Dynamic Materials Corp.		2,549			18
Eagle Bulk Shipping, Inc. (a)		835			3
Echo Global Logistics, Inc. (a)		2,247			46
Encore Wire Corp.		1,781			66
Engility Holdings, Inc.		631			20
Ennis, Inc.		7,403			143
EnPro Industries, Inc.		3,062			134
ESCO Technologies, Inc.		2,998			108
Exponent, Inc.		1,306			65
Forward Air Corp.		510			22
Franklin Covey Co. (a)		758			13
Franklin Electric Co., Inc.		865			23
G&K Services, Inc. ‘A’		1,879			118
Gibraltar Industries, Inc. (a)		872			22
Global Brass & Copper Holdings, Inc.		10,857			231
Global Power Equipment Group, Inc.		3,239			11
GP Strategies Corp. (a)		818			21
Granite Construction, Inc.		2,361			101
Great Lakes Dredge & Dock Corp. (a)		15,079			60
Griffon Corp.		11,520			205

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 59

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

	SHARES			MARKET VALUE (000S)
H&E Equipment Services, Inc.		8,487	$		148
Hawaiian Holdings, Inc. (a)		6,627			234
HC2 Holdings, Inc. (a)		9,481			50
Healthcare Services Group, Inc.		544			19
Heartland Express, Inc.		4,592			78
Heidrick & Struggles International, Inc.		5,187			141
Herman Miller, Inc.		372			11
Hill International, Inc. (a)		10,367			40
Hillenbrand, Inc.		4,850			144
HNI Corp.		2,925			105
Hub Group, Inc. ‘A’ (a)		1,110			37
Hurco Cos., Inc.		1,243			33
Huron Consulting Group, Inc. (a)		1,870			111
Hyster-Yale Materials Handling, Inc.		885			46
ICF International, Inc. (a)		4,352			155
InnerWorkings, Inc. (a)		4,113			31
Insperity, Inc.		4,098			197
Interface, Inc.		3,158			60
John Bean Technologies Corp.		1,823			91
Kadant, Inc.		1,177			48
Kaman Corp.		5,858			239
Kelly Services, Inc. ‘A’		6,745			109
KEYW Holding Corp. (a)		7,650			46
Kforce, Inc.		5,285			134
Kimball International, Inc. ‘B’		5,320			52
Knight Transportation, Inc.		4,182			101
Knoll, Inc.		6,860			129
Korn/Ferry International		10,989			365
Kratos Defense & Security Solutions, Inc. (a)		23,516			96
Layne Christensen Co. (a)		4,699			25
LB Foster Co. ‘A’		1,260			17
Lindsay Corp.		981			71
LSI Industries, Inc.		3,387			41
Lydall, Inc. (a)		480			17
Manitowoc Co., Inc.		1,856			28
Marten Transport Ltd.		3,229			57
MasTec, Inc. (a)		16,933			294
Matson, Inc.		3,119			133
Matthews International Corp. ‘A’		4,587			245
McGrath RentCorp		5,280			133
Miller Industries, Inc.		1,335			29
Mistras Group, Inc. (a)		2,987			57
Mobile Mini, Inc.		5,516			172
MSA Safety, Inc.		725			32
Mueller Industries, Inc.		2,467			67
Multi-Color Corp.		249			15
MYR Group, Inc. (a)		3,908			81
National Presto Industries, Inc.		1,588			132
Navigant Consulting, Inc. (a)		10,584			170
Nortek, Inc. (a)		1,650			72
PAM Transportation Services, Inc. (a)		810			22
Performant Financial Corp. (a)		1,160			2
PGT, Inc. (a)		1,842			21
Ply Gem Holdings, Inc. (a)		2,756			35
Powell Industries, Inc.		1,045			27

	SHARES			MARKET VALUE (000S)
Primoris Services Corp.		2,389	$		53
Quad/Graphics, Inc.		5,487			51
Quanex Building Products Corp.		2,978			62
Raven Industries, Inc.		2,511			39
RBC Bearings, Inc. (a)		1,527			99
Resources Connection, Inc.		11,686			191
Roadrunner Transportation Systems, Inc. (a)		2,824			27
Rollins, Inc.		2,642			68
RPX Corp. (a)		7,200			79
Rush Enterprises, Inc. ‘A’ (a)		6,632			145
Saia, Inc. (a)		1,403			31
Simpson Manufacturing Co., Inc.		3,558			121
SPX Corp.		6,405			60
Standex International Corp.		255			21
Steelcase, Inc. ‘A’		13,739			205
Sun Hydraulics Corp.		1,110			35
TAL International Group, Inc.		16,781			267
TASER International, Inc. (a)		3,752			65
Team, Inc. (a)		1,817			58
Tennant Co.		848			48
Tetra Tech, Inc.		1,640			43
Thermon Group Holdings, Inc. (a)		2,151			36
Titan International, Inc.		17,509			69
TriMas Corp. (a)		8,624			161
TriNet Group, Inc. (a)		1,614			31
TrueBlue, Inc. (a)		925			24
Tutor Perini Corp. (a)		4,372			73
U.S. Ecology, Inc.		575			21
UniFirst Corp.		987			103
Univar, Inc. (a)		4,085			69
Universal Forest Products, Inc.		1,468			100
USA Truck, Inc. (a)		3,299			58
UTi Worldwide, Inc. (a)		33,849			238
Veritiv Corp. (a)		3,820			138
Viad Corp.		581			16
Vicor Corp. (a)		2,628			24
Watts Water Technologies, Inc. ‘A’		2,972			148
Werner Enterprises, Inc.		11,419			267
Wesco Aircraft Holdings, Inc. (a)		12,739			152
Xerium Technologies, Inc. (a)		6,686			79
					15,200
INFORMATION TECHNOLOGY 20.8%
3D Systems Corp. (a)		3,058			27
ACI Worldwide, Inc. (a)		1,561			33
Actua Corp. (a)		1,746			20
Acxiom Corp. (a)		9,868			206
ADTRAN, Inc.		24,644			424
Advanced Energy Industries, Inc. (a)		3,417			97
Alpha & Omega Semiconductor Ltd. (a)		3,376			31
Amkor Technology, Inc. (a)		56,971			346
Applied Micro Circuits Corp. (a)		4,411			28
Arista Networks, Inc. (a)		666			52
Avid Technology, Inc. (a)		17,607			128

	SHARES			MARKET VALUE (000S)
AVX Corp.		10,970	$		133
Axcelis Technologies, Inc. (a)		14,755			38
Badger Meter, Inc.		178			10
Bankrate, Inc. (a)		12,106			161
Bel Fuse, Inc. ‘B’		1,137			20
Belden, Inc.		649			31
Benchmark Electronics, Inc. (a)		17,431			360
Black Box Corp.		4,521			43
Blackbaud, Inc.		1,902			125
Blackhawk Network Holdings, Inc. (a)		3,990			176
Blucora, Inc. (a)		11,518			113
Bottomline Technologies de, Inc. (a)		353			11
Brooks Automation, Inc.		8,485			91
Cabot Microelectronics Corp. (a)		8,792			385
CalAmp Corp. (a)		1,477			29
Calix, Inc. (a)		12,372			97
Callidus Software, Inc. (a)		1,325			25
Cardtronics, Inc. (a)		3,445			116
Cascade Microtech, Inc. (a)		1,231			20
Cass Information Systems, Inc.		204			11
CEVA, Inc. (a)		1,739			41
Checkpoint Systems, Inc.		13,172			83
Ciber, Inc. (a)		21,446			75
Ciena Corp. (a)		2,429			50
Cirrus Logic, Inc. (a)		15,056			445
Coherent, Inc. (a)		3,031			197
Cohu, Inc.		3,633			44
CommScope Holding Co., Inc. (a)		3,563			92
CommVault Systems, Inc. (a)		2,677			105
comScore, Inc. (a)		2,471			102
Comtech Telecommunications Corp.		6,868			138
Constant Contact, Inc. (a)		2,234			65
Cray, Inc. (a)		1,639			53
CSG Systems International, Inc.		7,567			272
CTS Corp.		1,658			29
Cypress Semiconductor Corp.		10,444			103
Daktronics, Inc.		7,065			62
Datalink Corp. (a)		6,953			47
DHI Group, Inc. (a)		17,710			162
Digi International, Inc. (a)		5,485			62
Digimarc Corp. (a)		293			11
Diodes, Inc. (a)		8,797			202
Dolby Laboratories, Inc. ‘A’		8,112			273
DSP Group, Inc. (a)		6,024			57
DTS, Inc. (a)		1,460			33
EarthLink Holdings Corp.		74,070			550
Ebix, Inc.		5,568			183
Electro Rent Corp.		3,393			31
Electro Scientific Industries, Inc.		5,162			27
Electronics For Imaging, Inc. (a)		3,782			177
Ellie Mae, Inc. (a)		1,201			72
EnerNOC, Inc. (a)		5,238			20
Entegris, Inc. (a)		14,830			197
EPAM Systems, Inc. (a)		796			63
Epiq Systems, Inc.		5,941			78
ePlus, Inc. (a)		1,369			128

60 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2015 (Unaudited)

	SHARES			MARKET VALUE (000S)
Euronet Worldwide, Inc. (a)		1,235	$		89
Everi Holdings, Inc. (a)		16,840			74
ExlService Holdings, Inc. (a)		4,236			190
Extreme Networks, Inc. (a)		62,069			253
Fair Isaac Corp.		3,176			299
Fairchild Semiconductor International, Inc. (a)		18,877			391
FARO Technologies, Inc. (a)		1,683			50
Finisar Corp. (a)		3,622			53
FormFactor, Inc. (a)		4,696			42
Forrester Research, Inc.		1,232			35
GSI Group, Inc. (a)		4,512			61
Hackett Group, Inc.		4,998			80
Harmonic, Inc. (a)		27,929			114
Heartland Payment Systems, Inc.		1,112			105
II-VI, Inc. (a)		8,487			158
Imation Corp. (a)		11,353			16
Infinera Corp. (a)		1,088			20
Infoblox, Inc. (a)		1,213			22
Insight Enterprises, Inc. (a)		13,569			341
Interactive Intelligence Group, Inc. (a)		905			28
InterDigital, Inc.		9,614			472
Internap Corp. (a)		9,406			60
Intersil Corp. ‘A’		35,745			456
Intralinks Holdings, Inc. (a)		12,532			114
Itron, Inc. (a)		8,430			305
Ixia (a)		19,448			242
IXYS Corp.		4,200			53
Lattice Semiconductor Corp. (a)		14,166			92
Limelight Networks, Inc. (a)		13,914			20
Lionbridge Technologies, Inc. (a)		5,175			25
Liquidity Services, Inc. (a)		17,902			116
Littelfuse, Inc.		950			102
LivePerson, Inc. (a)		3,013			20
LogMeIn, Inc. (a)		1,702			114
M/A-COM Technology Solutions Holdings, Inc. (a)		1,719			70
ManTech International Corp. ‘A’		8,442			255
Maxwell Technologies, Inc. (a)		7,293			52
Mentor Graphics Corp.		2,681			49
Methode Electronics, Inc.		935			30
MicroStrategy, Inc. ‘A’ (a)		758			136
MKS Instruments, Inc.		5,388			194
ModusLink Global Solutions, Inc. (a)		6,678			17
MoneyGram International, Inc. (a)		11,496			72
Monolithic Power Systems, Inc.		388			25
Monotype Imaging Holdings, Inc.		1,988			47
Monster Worldwide, Inc. (a)		81,346			466
MTS Systems Corp.		2,175			138
Multi-Fineline Electronix, Inc. (a)		5,160			107
Nanometrics, Inc. (a)		1,228			19
NETGEAR, Inc. (a)		13,866			581
NetScout Systems, Inc. (a)		1,270			39
Newport Corp. (a)		8,647			137
NIC, Inc.		4,142			82
OmniVision Technologies, Inc. (a)		12,932			375
OSI Systems, Inc. (a)		1,945			172

	SHARES			MARKET VALUE (000S)
Park Electrochemical Corp.		4,241	$		64
PC Connection, Inc.		2,972			67
Pegasystems, Inc.		2,694			74
Perficient, Inc. (a)		3,162			54
Photronics, Inc. (a)		19,275			240
Plantronics, Inc.		3,713			176
Plexus Corp. (a)		5,505			192
PMC-Sierra, Inc. (a)		43,607			507
Power Integrations, Inc.		1,183			58
Progress Software Corp. (a)		17,613			423
Qualys, Inc. (a)		1,320			44
Quantum Corp. (a)		31,595			29
QuinStreet, Inc. (a)		4,935			21
Rambus, Inc. (a)		2,239			26
RealD, Inc. (a)		4,120			44
RealNetworks, Inc. (a)		10,262			44
RealPage, Inc. (a)		2,104			47
RetailMeNot, Inc. (a)		7,424			74
RingCentral, Inc. ‘A’ (a)		1,897			45
Rofin-Sinar Technologies, Inc. (a)		4,696			126
Rogers Corp. (a)		1,383			71
Rosetta Stone, Inc. (a)		5,188			35
Rovi Corp. (a)		11,221			187
Rudolph Technologies, Inc. (a)		8,662			123
Sabre Corp.		1,297			36
Sanmina Corp. (a)		9,528			196
ScanSource, Inc. (a)		5,230			169
Science Applications International Corp.		5,031			230
Seachange International, Inc. (a)		11,095			75
Semtech Corp. (a)		5,101			97
ShoreTel, Inc. (a)		8,771			78
Shutterstock, Inc. (a)		839			27
Sigma Designs, Inc. (a)		15,951			101
Silicon Graphics International Corp. (a)		12,044			71
Silicon Laboratories, Inc. (a)		2,985			145
Sonus Networks, Inc. (a)		10,430			74
Stamps.com, Inc. (a)		846			93
SunEdison Semiconductor Ltd. (a)		10,865			85
Super Micro Computer, Inc. (a)		1,989			49
Sykes Enterprises, Inc. (a)		11,062			341
Synchronoss Technologies, Inc. (a)		2,237			79
Syntel, Inc. (a)		1,312			59
Tangoe, Inc. (a)		3,687			31
TechTarget, Inc. (a)		3,393			27
TeleCommunication Systems, Inc. ‘A’ (a)		15,524			77
Telenav, Inc. (a)		7,485			43
TeleTech Holdings, Inc.		4,084			114
TESSCO Technologies, Inc.		1,446			28
Tessera Technologies, Inc.		3,441			103
TiVo, Inc. (a)		2,816			24
TTM Technologies, Inc. (a)		33,704			219
Ultra Clean Holdings, Inc. (a)		9,654			49
United Online, Inc. (a)		7,819			92
VASCO Data Security International, Inc. (a)		2,418			40

	SHARES			MARKET VALUE (000S)
Viavi Solutions, Inc. (a)		14,403	$		88
Vishay Precision Group, Inc. (a)		1,678			19
Web.com Group, Inc. (a)		1,362			27
WebMD Health Corp. (a)		11,008			532
Xcerra Corp. (a)		3,071			19
XO Group, Inc. (a)		5,120			82
Xura, Inc. (a)		4,297			106
Zix Corp. (a)		6,187			31
Zynga, Inc. ‘A’ (a)		63,887			171
					22,089
MATERIALS 4.0%
A Schulman, Inc. ‘A’		5,239			161
AEP Industries, Inc. (a)		1,216			94
AK Steel Holding Corp. (a)		14,382			32
American Vanguard Corp.		9,942			139
Ampco-Pittsburgh Corp.		1,614			17
Axalta Coating Systems Ltd. (a)		1,363			36
Balchem Corp.		1,444			88
Boise Cascade Co. (a)		2,386			61
Calgon Carbon Corp.		3,532			61
Carpenter Technology Corp.		5,467			165
Chemtura Corp. (a)		6,456			176
Clearwater Paper Corp. (a)		2,567			117
Coeur Mining, Inc. (a)		11,122			28
Core Molding Technologies, Inc. (a)		503			6
Flotek Industries, Inc. (a)		2,510			29
FutureFuel Corp.		7,008			95
Gold Resource Corp.		7,418			12
Hawkins, Inc.		1,356			48
Haynes International, Inc.		1,357			50
HB Fuller Co.		4,020			147
Headwaters, Inc. (a)		3,774			64
Innophos Holdings, Inc.		4,109			119
Innospec, Inc.		2,066			112
Intrepid Potash, Inc. (a)		5,885			17
Kaiser Aluminum Corp.		4,090			342
Koppers Holdings, Inc.		8,735			159
Kraton Performance Polymers, Inc. (a)		7,303			121
Louisiana-Pacific Corp. (a)		3,003			54
Materion Corp.		3,209			90
Minerals Technologies, Inc.		2,217			102
Myers Industries, Inc.		6,308			84
Neenah Paper, Inc.		1,083			68
Olympic Steel, Inc.		1,933			22
OMNOVA Solutions, Inc. (a)		7,316			45
PH Glatfelter Co.		2,467			45
Quaker Chemical Corp.		725			56
Ryerson Holding Corp. (a)		4,606			22
Schnitzer Steel Industries, Inc. ‘A’		4,835			69
Schweitzer-Mauduit International, Inc.		4,017			169
Stepan Co.		3,186			158
Summit Materials, Inc. ‘A’ (a)		2,316			46
SunCoke Energy, Inc.		31,963			111
Tredegar Corp.		2,857			39

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 61

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

	SHARES			MARKET VALUE (000S)
Trinseo S.A. (a)		2,483	$		70
Tronox Ltd. ‘A’		42,280			165
U.S. Concrete, Inc. (a)		523			28
Wausau Paper Corp.		5,069			52
Westlake Chemical Corp.		730			40
Worthington Industries, Inc.		5,991			181
					4,212
TELECOMMUNICATION SERVICES 2.5%
Atlantic Tele-Network, Inc.		944			74
Boingo Wireless, Inc. (a)		5,356			35
Cogent Communications Holdings, Inc.		2,179			76
Consolidated Communications Holdings, Inc.		12,817			268
FairPoint Communications, Inc. (a)		5,660			91
General Communication, Inc. ‘A’ (a)		11,666			231
Hawaiian Telcom Holdco, Inc. (a)		1,323			33
IDT Corp. ‘B’		3,605			42
Inteliquent, Inc.		9,998			178
Iridium Communications, Inc. (a)		43,584			367
Lumos Networks Corp.		3,859			43
NTELOS Holdings Corp. (a)		20,128			184
Shenandoah Telecommunications Co.		1,805			78
Spok Holdings, Inc.		4,931			90
U.S. Cellular Corp. (a)		5,661			231
Vonage Holdings Corp. (a)		83,847			481
West Corp.		7,151			154
					2,656
UTILITIES 1.9%
American States Water Co.		6,531			274
Artesian Resources Corp. ‘A’		1,163			32
California Water Service Group		9,208			214
Chesapeake Utilities Corp.		1,305			74
Connecticut Water Service, Inc.		1,324			51
Empire District Electric Co.		12,657			355
MGE Energy, Inc.		4,570			212
Middlesex Water Co.		2,638			70
New Jersey Resources Corp.		1,748			58
Northwest Natural Gas Co.		7,256			367
Otter Tail Corp.		5,415			144
Pattern Energy Group, Inc.		753			16

	SHARES			MARKET VALUE (000S)
SJW Corp.		3,041	$		90
Unitil Corp.		3,227			116
					2,073
Total United States					101,079
Total Common Stocks (Cost $95,954)					101,189
REAL ESTATE INVESTMENT TRUSTS 4.4%
UNITED STATES 4.4%
FINANCIALS 4.4%
AG Mortgage Investment Trust, Inc.		5,703			73
Agree Realty Corp.		600			20
American Assets Trust, Inc.		1,389			53
American Capital Mortgage Investment Corp.		13,269			185
American Residential Properties, Inc.		2,956			56
Anworth Mortgage Asset Corp.		49,852			217
Apollo Commercial Real Estate Finance, Inc.		4,681			81
Apollo Residential Mortgage, Inc.		4,216			50
Armada Hoffler Properties, Inc.		1,887			20
ARMOUR Residential REIT, Inc.		9,121			199
Ashford Hospitality Trust, Inc.		5,816			37
Campus Crest Communities, Inc.		5,583			38
Capstead Mortgage Corp.		26,899			235
Cedar Realty Trust, Inc.		5,843			41
Chatham Lodging Trust		961			20
Chesapeake Lodging Trust		1,402			35
Colony Capital, Inc. ‘A’		476			9
Colony Starwood Homes		1,821			41
CorEnergy Infrastructure Trust, Inc.		800			12
CoreSite Realty Corp.		1,478			84
CyrusOne, Inc.		1,678			63
CYS Investments, Inc.		27,610			197
DuPont Fabros Technology, Inc.		5,483			174
Dynex Capital, Inc.		18,681			119
EastGroup Properties, Inc.		650			36
Equity One, Inc.		2,234			61
First Potomac Realty Trust		8,858			101
Franklin Street Properties Corp.		13,510			140
Getty Realty Corp.		2,399			41
Gladstone Commercial Corp.		2,564			37

	SHARES			MARKET VALUE (000S)
Government Properties Income Trust		6,130	$		97
Gramercy Property Trust		10,605			82
Healthcare Realty Trust, Inc.		4,021			114
Investors Real Estate Trust		14,770			103
Lexington Realty Trust		15,754			126
LTC Properties, Inc.		287			12
Monmouth Real Estate Investment Corp.		652			7
Pennsylvania Real Estate Investment Trust		2,237			49
PennyMac Mortgage Investment Trust		6,808			104
Potlatch Corp.		1,984			60
Preferred Apartment Communities, Inc. ‘A’		2,506			33
PS Business Parks, Inc.		808			71
QTS Realty Trust, Inc. ‘A’		1,793			81
Ramco-Gershenson Properties Trust		838			14
Redwood Trust, Inc.		21,114			279
Resource Capital Corp.		2,698			34
Rexford Industrial Realty, Inc.		2,635			43
Rouse Properties, Inc.		1,783			26
Ryman Hospitality Properties, Inc.		5,859			303
Sabra Health Care REIT, Inc.		1,950			39
Select Income REIT		4,649			92
Silver Bay Realty Trust Corp.		3,396			53
Summit Hotel Properties, Inc.		6,133			73
Tier REIT, Inc.		1,252			19
United Development Funding		5,207			57
Urstadt Biddle Properties, Inc. ‘A’		2,213			43
Washington Real Estate Investment Trust		5,899			160
Western Asset Mortgage Capital Corp.		7,188			73
					4,722
Total Real Estate Investment Trusts (Cost $4,839)					4,722
Total Investments in Securities (Cost $100,793)					105,911
Total Investments 99.6% (Cost $100,793)			$		105,911
Other Assets and Liabilities, net 0.4%					437
Net Assets 100.0%			$		106,348

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

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

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

62 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2015 (Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2015
Investments in Securities, at Value
Common Stocks
United Kingdom
Health Care	$	81	$	0	$	0	$	81
Materials		29		0		0		29
United States
Consumer Discretionary		21,177		0		0		21,177
Consumer Staples		4,759		0		0		4,759
Energy		4,162		0		0		4,162
Financials		12,658		0		0		12,658
Health Care		12,093		0		0		12,093

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2015
Industrials	$	15,200	$	0	$	0	$	15,200
Information Technology		22,089		0		0		22,089
Materials		4,212		0		0		4,212
Telecommunication Services		2,656		0		0		2,656
Utilities		2,073		0		0		2,073
Real Estate Investment Trusts
United States
Financials		4,722		0		0		4,722
Total Investments	$	105,911	$	0	$	0	$	105,911

There were no significant transfers between Levels 1, 2, or 3 during the period ended December 31, 2015.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 63

Notes to Financial Statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

(a) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 15 days or more after the trade date. Realized gains and 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 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 and losses on mortgage-related and other asset-backed securities are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies are recorded as dividend income. Long-term capital gain distributions received from registered investment companies are recorded as realized gains.

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

(c) Multiclass Operations  Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains and 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

64 PIMCO EQUITY SERIES

December 31, 2015 (Unaudited)

another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(d) Dividends and Distributions to Shareholders  Dividends from net investment income, if any, of each Fund, are declared and distributed to shareholders annually. Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than once each year.

Income dividends 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. Examples of events that give rise to timing differences include wash sales, straddles and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of transactions that may cause character differences include the treatment of paydowns on mortgage-backed securities, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends 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.

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

(e) New Accounting Pronouncements  In June 2014, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”), ASU 2014-11, that expanded secured borrowing accounting for certain repurchase agreements. The ASU also sets forth additional disclosure requirements for certain transactions accounted for as sales in order to provide financial statement users with information to compare to similar transactions accounted for as secured borrowings. The ASU became effective prospectively for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. The Funds have adopted the ASU. The financial statements have been modified to provide enhanced disclosures surrounding secured borrowing transactions, if any. See the Notes to Schedules of Investments for additional details.

In August 2014, the FASB issued ASU 2014-15 requiring management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern. The ASU is effective prospectively for

annual periods ending after December 15, 2016, and interim periods thereafter. At this time, management is evaluating the implications of these changes on the financial statements.

In May 2015, the FASB issued ASU 2015-07 which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the NAV per share practical expedient. The ASU also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the NAV per share practical expedient. The ASU is effective for annual periods beginning after December 15, 2015 and interim periods within those annual periods. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies  The price of a Fund’s shares is based on the Fund’s NAV. The NAV of a Fund, or each of its share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to that Fund or class, less any liabilities, by the total number of shares outstanding of that Fund or class. On each day that the New York Stock Exchange (“NYSE”) is open, Fund shares are ordinarily valued as of the close of regular trading (“NYSE Close”). Information that becomes known to the Funds or their agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. Each Fund reserves the right to change the time its respective NAV is calculated if the Fund closes earlier, or as permitted by the SEC.

For purposes of calculating NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of official closing prices or the last reported sales prices, or if no sales are reported, based on quotes obtained from established market makers or prices (including evaluated prices) supplied by the Funds’ approved pricing services, quotation reporting systems and other third-party sources (together, “Pricing Services”). The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by the Adviser to be the primary exchange. A foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange. Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of

SEMIANNUAL REPORT DECEMBER 31, 2015 65

Notes to Financial Statements (Cont.)

quotes obtained from brokers and dealers or Pricing Services using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Services may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures (which are discussed below), are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Services or other pricing sources. With respect to any portion of the Fund’s assets that are invested in one or more open-end management investment companies (other than exchange-traded funds (“ETFs”)), a Fund’s NAV will be calculated based upon the NAVs of such investments.

If a foreign (non-U.S.) equity security’s value has materially changed after the close of the security’s primary exchange or principal market but before the NYSE Close, the security may be valued at fair value based on procedures established and approved by the Board of Trustees of the Trust (the “Board”). Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the Fund may determine the fair value of investments based on information provided by Pricing Services and other third-party vendors, which may recommend fair value or adjustments with reference to other securities, indices or assets. In considering whether fair valuation is required and in determining fair values, the Fund may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of non-U.S. securities. Foreign (non-U.S.) exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in a Fund’s portfolio investments being affected when shareholders are unable to buy or sell shares.

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

loans, if any, and (d) recent prices in the market for instruments of similar quality, rate, period until next interest rate reset and maturity.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Services. As a result, the value of such investments and, in turn, the NAV of 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 a Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Fund’s next calculated NAV.

Investments for which market quotes or market based valuations are not readily available are valued at fair value as determined in good faith by the Board or persons acting at their direction. The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to the Adviser the responsibility for applying the fair valuation methods. In the event that market quotes or market based valuations are not readily available, and the security or asset cannot be valued pursuant to a Board approved valuation method, the value of the security or asset will be determined in good faith by the Valuation Oversight Committee of the Board (“Valuation Oversight Committee”), generally based on recommendations provided by the Adviser. The Adviser may consult with the Sub-Adviser or Parametric in providing such recommendations or otherwise with respect to valuation of a Fund’s portfolio securities or other assets. Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/ask information, indicative market quotations (“Broker Quotes”), Pricing Services’ prices), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of a Fund’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to the Adviser the responsibility for monitoring significant events that may materially affect the values of the Fund’s securities or assets and for determining whether the value of the applicable securities or assets should be reevaluated in light of such significant events.

When a Fund uses fair valuation to determine the value of a portfolio security or other asset for purposes of calculating its NAV, such investments will not be priced on the basis of quotes from the primary

66 PIMCO EQUITY SERIES

December 31, 2015 (Unaudited)

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

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

ⁿ  Level 1 — Inputs using (unadjusted) quoted prices in active markets or exchanges for identical assets and liabilities.

ⁿ  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.

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

In accordance with the requirements of U.S. GAAP, the amounts of transfers between Levels 1 and 2 and transfers in and out of Level 3, if material, are disclosed in the Notes to Schedules 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 in and out of the Level 3 category during the period. The end of period timing recognition 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 Schedules of Investments for each respective Fund.

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

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

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

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

Level 3 trading assets and trading liabilities, at fair value  When a fair valuation method is applied by the Adviser that uses significant

SEMIANNUAL REPORT DECEMBER 31, 2015 67

Notes to Financial Statements (Cont.)

unobservable inputs, investments will be priced by a method that the Board or persons acting at their direction believe reflects fair value and are categorized as Level 3 of the fair value hierarchy.

The validity of the fair value is reviewed by the Adviser on a periodic basis and may be amended in accordance with the Trust’s valuation procedures.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

The PIMCO RAE Fundamental Global Fund and PIMCO RAE Fundamental Global ex-US Fund invest substantially all of their assets in Institutional Class shares of the Underlying Funds and may also 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”). The Underlying Funds are considered to be affiliated with the PIMCO RAE Fundamental Global Fund and PIMCO RAE Fundamental Global ex-US Fund. Each Fund may also invest in the PIMCO Short-Term Floating NAV Portfolio III (“Central Fund”) to the extent permitted by the Act and rules thereunder. The Central Fund is a registered investment company 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 Fund are money market and short maturity fixed income instruments. The Central Fund may incur expenses related to its investment activities, but does not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Fund is considered to be affiliated with the Funds. The tables below show the Funds’ transactions in and earnings from investments in these affiliated Funds for the period ended December 31, 2015 (amounts in thousands^†):

PIMCO RAE Fundamental Global Fund
Underlying PIMCO Funds	Market Value 06/30/2015		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2015		Dividend Income  (1)		Realized Net Capital Gain Distributions (1)
PIMCO RAE Fundamental Emerging Markets Fund	$	4,767	$	16,223	$	(872	)	$	(203	)	$	(1,922	)	$	17,993	$	401	$	0
PIMCO RAE Fundamental International Fund		13,546		65,818		(1,396	)		(187	)		(4,713	)		73,068		642		1,285
PIMCO RAE Fundamental US Fund		19,847		101,473		(1,494	)		(92	)		(6,247	)		113,487		1,284		2,600
Totals	$	38,160	$	183,514	$	(3,762	)	$	(482	)	$	(12,882	)	$	204,548	$	2,327	$	3,885

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

⁽¹⁾  A portion of this may be recharacterized to return of capital and reflected as such on tax forms mailed to shareholders on or about January 31st following each calendar year.

PIMCO RAE Fundamental Global ex-US Fund
Underlying PIMCO Funds	Market Value 06/30/2015		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2015		Dividend Income  (1)		Realized Net Capital Gain Distributions (1)
PIMCO RAE Fundamental Emerging Markets Fund	$	18,231	$	335	$	(2,246	)	$	(492	)	$	(3,798	)	$	12,030	$	266	$	0
PIMCO RAE Fundamental International Fund		51,806		3,810		(36	)		(4	)		(6,358	)		49,218		426		853
Totals	$	70,037	$	4,145	$	(2,282	)	$	(496	)	$	(10,156	)	$	61,248	$	692	$	853

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

⁽¹⁾  A portion of this may be recharacterized to return of capital and reflected as such on tax forms mailed to shareholders on or about January 31st following each calendar year.

(b) Investments in Securities

Equity-Linked Securities  Certain Funds may invest in equity-linked securities. Equity-linked securities are privately issued securities that have a return component based on the performance of a single stock, a basket of stocks, or a stock index. Equity-linked securities are often used for many of the same purposes as, and share many of the same risks with derivative instruments.

Restricted Securities  Certain Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities may be sold privately, but are 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 securities may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted securities outstanding at December 31, 2015 are disclosed in the Notes to Schedules of Investments.

5. FINANCIAL DERIVATIVE INSTRUMENTS

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

68 PIMCO EQUITY SERIES

December 31, 2015 (Unaudited)

and cash flows. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statements of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedules of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.

(a) Forward Foreign Currency Contracts  Certain Funds may enter into forward foreign currency contracts 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 a 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 or loss. Realized gains or 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 or loss reflected on the Statements of Assets and Liabilities. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

6. PRINCIPAL RISKS

In the normal course of business, the Funds (or Acquired Funds) trade financial instruments and enter into financial transactions where risk of potential loss exists due to such things as changes in the market (market risk) or failure or inability of the other party to a transaction to perform (credit and counterparty risk). See below for a detailed description of select principal risks. For a more comprehensive list of potential risks the Funds may be subject to, please see the Important Information About the Funds.

Investments in Mutual Funds  To the extent that certain Funds invest substantially all of their respective assets in Acquired Funds, the risks associated with investing in these Funds will be closely related to the risks associated with the securities and other investments held by the Acquired Funds. The ability of the Funds to achieve their respective investment objectives may depend upon the ability of the Acquired

Funds to achieve their respective investment objectives. There can be no assurance that the investment objective of any Acquired Fund will be achieved. The NAV of each Fund will fluctuate in response to changes in the respective NAV of the Acquired Funds in which it invests. The extent to which the investment performance and risks associated with the Funds correlate to those of a particular Acquired Fund will depend upon the extent to which the assets of the Funds are allocated from time to time for investment in the Acquired Funds, which will vary.

Certain Funds’ investment performance depends upon how each Fund’s assets are allocated and reallocated according to each Fund’s asset allocation targets and ranges. A principal risk of investing in each Fund is that the Funds’ asset allocation sub-adviser will make less than optimal or poor asset allocation decisions. The asset allocation sub-adviser attempts to identify investment allocations for the Acquired Funds that will provide consistent, quality performance for the Funds, but there is no guarantee that such allocation techniques will produce the desired results.

Market Risks  A Fund’s (or Acquired Funds’) investments in financial derivative instruments and other financial instruments expose the Fund to various risks such as, but not limited to, interest rate, foreign currency, equity and commodity risks.

The market values of equities, such as common stocks and preferred securities or equity related investments such as futures and options, 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. They may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Different types of equity securities may react differently to these developments. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

Issuers that have paid regular dividends or distributions to shareholders may not continue to do so in the future. An issuer may reduce or eliminate future dividends or distributions at any time and for any reason. Moreover, a Fund may use a dividend capture strategy (i.e., purchasing an equity security shortly before the issuer pays a dividend and selling it shortly thereafter) which may expose the Fund to higher portfolio turnover, increased trading costs and the potential for capital loss or gain, particularly in the event of significant short-term price movements of stocks subject to dividend capture trading. Also, securities purchased to capture a dividend often decline in value at the

SEMIANNUAL REPORT DECEMBER 31, 2015 69

Notes to Financial Statements (Cont.)

time of sale (i.e., shortly following the dividend) and the resulting realized loss to the Fund may exceed the amount of the dividend received, thereby negatively impacting the Fund’s net asset value.

Interest rate risk is the risk that fixed income securities will decline in value because of an increase in interest rates. As nominal interest rates rise, the value of certain fixed income securities held by a Fund (or Acquired Funds) is likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Interest rate changes can be sudden and unpredictable, and a Fund (or Acquired Funds) may lose money if these changes are not anticipated by the Fund’s (or Acquired Funds) management. A Fund (or Acquired Funds) may not be able to hedge against changes in interest rates or may choose not to do so for cost or other reasons. In addition, any hedges may not work as intended.

Duration is a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements that incorporates a security’s yield, coupon, final maturity and call features, among other characteristics. Convexity is an additional measure of interest rate sensitivity that measures the rate of change of duration in response to changes in interest rates. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. A wide variety of factors can cause interest rates to rise (e.g., central bank monetary policies, inflation rates, general economic conditions). At present, the U.S. is experiencing historically low interest rates. The Funds may be subject to heightened interest rate risk because the Fed has ended its quantitative easing program and has begun, and may continue, to raise interest rates. Further, while U.S. bond markets have steadily grown over the past three decades, dealer “market making” ability has remained relatively stagnant. Given the importance of intermediary “market making” in creating a robust and active market, fixed income securities are currently facing increased volatility and liquidity risks. All of these factors, collectively and/or individually, could cause a Fund (or Acquired Funds) to lose value. If a Fund (or Acquired Funds) lost enough value, the Fund (or Acquired Funds) could face increased redemptions by shareholders, which could further impair its performance.

To the extent that a Fund (or Acquired Fund) may invest in securities and instruments that are economically tied to Russia, the Fund (or Acquired Fund) is 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, and unpredictable taxation. Investments in Russia are particularly subject to the risk that further economic sanctions may be imposed by the United States and/or other countries. Such sanctions — which may impact companies in many sectors, including energy,

financial services and defense, among others — may negatively impact a Fund’s (or Acquired Fund’s) performance and/or ability to achieve its investment objective. The Russian securities market, as compared to U.S. markets, has significant price volatility, less liquidity, difficulties in obtaining accurate prices, a smaller market capitalization and a smaller number of traded securities. Settlement, clearing and registration of securities transactions are subject to risks, which may result in significant delays or problems in registering the transfer of securities, including issues with foreign nominee accounts held with custodian banks. It is possible that the ownership rights of a Fund (or Acquired Fund) could be lost through fraud or negligence. In addition, it may be difficult for a Fund (or Acquired Fund) to enforce any rights it may have in the event of loss of share registration. Adverse currency exchange rates are a risk and there may be a lack of available currency hedging instruments. Investments in Russia may be subject to the risk of nationalization or expropriation of assets. Oil, natural gas, metals, and timber account for a significant portion of Russia’s exports, leaving the country vulnerable to swings in world prices.

If a Fund (or Acquired Funds) invests directly in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, foreign (non-U.S.) currencies, or in financial derivative instruments that provide exposure to foreign (non-U.S.) currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund (or Acquired Funds), or, in the case of hedging positions, that the Fund’s (or Acquired Funds’) base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, a Fund’s (or Acquired Funds’) investments in foreign currency-denominated securities may reduce the Fund’s (or Acquired Funds) returns.

A Fund’s (or Acquired Fund’s) investments in commodity-linked financial derivative instruments may subject the Fund (or Acquired Fund) to greater market price volatility than investments in traditional securities. The value of commodity-linked financial derivative instruments may be affected by overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

Credit and Counterparty Risks  A Fund (or Acquired Funds) will be exposed to credit risk to parties with whom it trades and will also bear the risk of settlement default. A Fund (or Acquired Funds) minimizes

70 PIMCO EQUITY SERIES

December 31, 2015 (Unaudited)

concentrations of credit risk by undertaking transactions with a large number of customers and counterparties on recognized and reputable exchanges, where applicable. For financial derivative instruments traded on exchanges or clearinghouses, the primary credit risk is the creditworthiness of a Fund’s clearing broker or the exchange or clearinghouse itself. A Fund (or Acquired Funds) could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a financial derivative instruments contract, repurchase agreement or a loan of portfolio securities, is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Securities and financial derivative instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings.

Similar to credit risk, a Fund (or Acquired Funds) may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund (or Acquired Funds) has unsettled or open transactions will default. PIMCO, as the Adviser, minimizes counterparty risks to the Funds (or Acquired Funds) through a number of ways. Prior to entering into transactions with a new counterparty, the PIMCO Counterparty Risk Committee conducts an extensive credit review of such counterparty and must approve the use of such counterparty. Furthermore, pursuant to the terms of the underlying contract, to the extent that unpaid amounts owed to a Fund (or Acquired Funds) exceed a predetermined threshold, such counterparty shall advance collateral to the Fund (or Acquired Funds) in the form of cash or securities equal in value to the unpaid amount owed to the Fund (or Acquired Funds). A Fund (or Acquired Funds) may invest such collateral in securities or other instruments and will typically pay interest to the counterparty on the collateral received. If the unpaid amount owed to a Fund (or Acquired Funds) subsequently decreases, the Fund (or Acquired Funds) would be required to return to the counterparty all or a portion of the collateral previously advanced.

All transactions in listed securities are settled/paid for upon delivery using approved counterparties. The risk of default is considered minimal, as delivery of securities sold is only made once a Fund (or Acquired Funds) has received payment. Payment is made on a purchase once the securities have been delivered by the counterparty. The trade will fail if either party fails to meet its obligation.

Master Netting Arrangements  A Fund may be subject to various netting arrangements (“Master Agreements”) with select counterparties. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements

with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

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

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

Master Securities Forward Transaction Agreements (“Master Forward Agreements”) govern certain forward settling transactions, such as To-Be-Announced securities, delayed-delivery or sale-buyback transactions by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling

SEMIANNUAL REPORT DECEMBER 31, 2015 71

Notes to Financial Statements (Cont.)

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 over the counter (“OTC”) derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant (“FCM”) registered with the Commodity Futures Trading Commission (“CFTC”). In the United States, counterparty risk is significantly reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. Additionally, portability of exposure in the event of an FCM default scenario further reduces risk to the Funds. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end is disclosed in the Notes to Schedules of Investments.

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

7. FEES AND EXPENSES

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

	Investment Advisory Fee		Supervisory and Administrative Fee
Fund Name	All Classes		Institutional Class		Class P		A and C Classes
PIMCO RAE Fundamental Emerging Markets Fund		0.50%		0.45%		0.55%		0.55%
PIMCO RAE Fundamental Global Fund		0.40%		0.30%		0.40%		0.40%
PIMCO RAE Fundamental Global ex-US Fund		0.40%		0.35%		0.45%		0.45%
PIMCO RAE Fundamental International Fund		0.30%		0.30%		0.40%		0.40%
PIMCO RAE Fundamental US Fund		0.25%		0.25%		0.35%		0.40%
PIMCO RAE Fundamental US Small Fund		0.35%		0.25%		0.35%		0.40%

(c) Distribution and Servicing Fees  PIMCO Investments LLC (“PI”), 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, Class C and Class R shares of the Trust pursuant to Rule 12b-1 under the Act. In connection with the distribution of Class C and Class R shares of the Trust, the Distributor receives

distribution fees from the Trust of up to 0.75% for Class C shares and 0.25% for Class R shares, and in connection with personal services rendered to Class A, Class C 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, Class C and Class R shares (percentages reflect annual rates of the average daily net assets attributable to the applicable class).

72 PIMCO EQUITY SERIES

December 31, 2015 (Unaudited)

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

The Trust has adopted a Distribution and Servicing Plan with respect to the Administrative Class shares of each Fund pursuant to Rule 12b-1 under the Act (the “Administrative Class Plan”). Under the terms of the 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 set forth in the following table (calculated as a percentage of each Fund’s average daily net assets attributable to each class):

	Distribution Fee		Servicing Fee
Administrative Class		—		0.25%
Class D		—		0.25%
Class A		—		0.25%
Class C		0.75%		0.25%
Class R		0.25%		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, 2015, the Distributor retained $108,108 representing commissions (sales charges) and contingent deferred sales charges from the Trust.

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

retained exclusively for their benefit; (v) extraordinary expense, including costs of litigation and indemnification expenses; (vi) organizational expenses; and (vii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust’s Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class as disclosed in the Prospectus.

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

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

(e) Expense Limitation  PIMCO has agreed to waive a portion of the Funds’ Supervisory and Administrative Fees in each Fund’s first fiscal year, to the extent that the payment of each Fund’s pro rata share of organizational expenses and Trustee Fees cause the actual expense ratio to rise above the rates disclosed in the then-current prospectus plus 0.0049%, the “Expense Limit” (calculated as a percentage of each Fund’s average daily net assets attributable to each class).

PIMCO has contractually agreed to waive a portion of the Investment Advisory Fee as set forth in the following table (calculated as a percentage of each Fund’s average daily net assets).

Fund Name	Fee Waiver		Expiration Date
PIMCO RAE Fundamental Emerging Markets Fund		0.20%		10/31/2016
PIMCO RAE Fundamental Global Fund		0.20%		10/31/2016
PIMCO RAE Fundamental Global ex-US Fund		0.20%		10/31/2016
PIMCO RAE Fundamental International Fund		0.10%		10/31/2016
PIMCO RAE Fundamental US Fund		0.10%		10/31/2016
PIMCO RAE Fundamental US Small Fund		0.10%		10/31/2016

Under the Fee Limitation Agreement, PIMCO is entitled to reimbursement by each Fund of any portion of the Supervisory and

SEMIANNUAL REPORT DECEMBER 31, 2015 73

Notes to Financial Statements (Cont.)

Administrative Fee and/or Investment Advisory Fee waived, reduced or reimbursed pursuant to the Fee Limitation Agreement or the Expense Limitation Agreement, respectively (the “Reimbursement Amount”) during the previous three years, provided that such amount paid to PIMCO will not: 1) together with any recoupment of organizational expenses and pro rata Trustees’ fees pursuant to the Expense Limitation Agreement, exceed the Expense Limit; 2) exceed the total Reimbursement Amount; or 3) include any amounts previously reimbursed to PIMCO. The Fee 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.

PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months after the waiver. Expenses that have been waived may still be reimbursed by the Administrator, to the extent the Fund’s annualized total portfolio operating expenses plus the amount reimbursed does not exceed the Expense Limit. The recoverable amounts to PIMCO at December 31, 2015, were as follows (amounts in thousands):

Fund Name	Recoverable Amounts
PIMCO RAE Fundamental Emerging Markets Fund	$	254
PIMCO RAE Fundamental Global Fund		127
PIMCO RAE Fundamental Global ex-US Fund		131
PIMCO RAE Fundamental International Fund		150
PIMCO RAE Fundamental US Fund		318
PIMCO RAE Fundamental US Small Fund		110

(f) Acquired Fund Fees and Expenses  The Underlying Fund expenses for the Funds are based upon an allocation of a Fund’s assets among the Underlying Funds and upon the total annual operating expenses of the Institutional Class shares of these Underlying Funds. Underlying Fund expenses for the Funds will vary with changes in the expenses of the Underlying Funds, as well as the allocation of a Fund’s assets.

PIMCO has contractually agreed, through October 31, 2016, to waive, first, the Investment Advisory Fee and, second, the Supervisory and Administrative Fees it receives from the PIMCO RAE Fundamental Global Fund in an amount equal to the expenses attributable to the Investment Advisory Fees and the Supervisory and Administrative Fees of the PIMCO RAE Fundamental US Fund, PIMCO RAE Fundamental International Fund and PIMCO RAE Fundamental Emerging Markets Fund indirectly incurred by the PIMCO RAE Fundamental Global Fund in connection with its investments in such Funds, to the extent the PIMCO RAE Fundamental Global Fund’s Investment Advisory Fee and Supervisory and Administrative Fees are greater than or equal to the Investment Advisory Fee and Supervisory and Administrative Fees of such Funds. This waiver renews annually for a full year unless terminated by PIMCO upon at least 30 days’ notice prior to the end of the contract term.

PIMCO has contractually agreed, through October 31, 2016, to waive, first, the Investment Advisory Fee and, second, the Supervisory and Administrative Fee it receives from the PIMCO RAE Fundamental Global ex-US Fund in an amount equal to the expenses attributable to the Investment Advisory Fees and the Supervisory and Administrative Fees of the PIMCO RAE Fundamental International Fund and PIMCO RAE Fundamental Emerging Markets Fund indirectly incurred by the PIMCO RAE Fundamental Global ex-US Fund in connection with its investments in such Funds, to the extent the PIMCO RAE Fundamental Global ex-US Fund’s Investment Advisory Fee and Supervisory and Administrative Fee are greater than or equal to the Investment Advisory Fees and Supervisory and Administrative Fees of such Funds. This waiver renews annually for a full year unless terminated by PIMCO upon at least 30 days’ notice prior to the end of the contract term.

The waivers are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. During the period ended December 31, 2015, the Funds below waived the following fees (amounts in thousands):

Fund Name	Waived Fees
PIMCO RAE Fundamental Global Fund	$	150
PIMCO RAE Fundamental Global ex-US Fund		183

8. RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties. Fees payable to these parties are disclosed in Note 7 and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

9. 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.

10. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as “portfolio turnover.” Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly

74 PIMCO EQUITY SERIES

December 31, 2015 (Unaudited)

greater transaction costs to a Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Such sales may also result in realization of taxable capital gains, including short-term capital gains

(which are generally taxed at ordinary income tax rates). The transaction costs and tax effects associated with portfolio turnover may adversely affect a Fund’s performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2015, were as follows (amounts in thousands^†):

	U.S. Government/Agency				All Other
Fund Name	Purchases		Sales		Purchases		Sales
PIMCO RAE Fundamental Emerging Markets Fund	$	0	$	0	$	49,947	$	36,070
PIMCO RAE Fundamental Global Fund		0		0		183,514		3,763
PIMCO RAE Fundamental Global ex-US Fund		0		0		4,145		2,282
PIMCO RAE Fundamental International Fund		0		0		89,554		20,128
PIMCO RAE Fundamental US Fund		0		0		188,074		126,218
PIMCO RAE Fundamental US Small Fund		0		0		112,055		46,191

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

11. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands^†):

	PIMCO RAE Fundamental Emerging Markets Fund (1)										PIMCO RAE Fundamental Global Fund (2)										PIMCO RAE Fundamental Global ex-US Fund (3)
	Six Months Ended 12/31/2015 (Unaudited)						Inception date through June 30, 2015				Six Months Ended 12/31/2015 (Unaudited)						Inception date through June 30, 2015				Six Months Ended 12/31/2015 (Unaudited)						Inception date through June 30, 2015
	Shares			Amount			Shares		Amount		Shares			Amount			Shares		Amount		Shares			Amount			Shares		Amount
Receipts for shares sold
Institutional Class		4,795		$	39,135			193	$	2,417		18,974		$	175,495			2	$	26		37		$	308			0	$	0
Class P		331			2,540			1		10		0			2			1		10		0			0			1		10
Class A		7			61			2		19		16			148			1		10		0			0			1		10
Class C		3			31			1		10		31			285			2		17		1			5			1		10
Issued as reinvestment of distributions
Institutional Class		422			3,228			0		0		234			2,108			0		0		84			720			0		0
Class P		8			60			0		0		0			0			0		0		0			0			0		0
Class A		0			1			0		0		0			2			0		0		0			0			0		0
Class C		0			0			0		0		0			3			0		0		0			0			0		0
Issued in reorganization^
Institutional Class		0			0			19,842		198,415		0			0			3,869		38,691		0			0			7,106		71,057
Cost of shares redeemed
Institutional Class		(2,125	)		(16,826	)		0		0		(222	)		(2,001	)		0		0		(4	)		(31	)		0		0
Class P		(9	)		(73	)		0		0		0			0			0		0		0			0			0		0
Class A		(1	)		(8	)		0		0		(0	)		(1	)		0		0		0			0			0		0
Class C		(1	)		(10	)		0		0		(1	)		(10	)		0		0		0			0			0		0
Net increase (decrease) resulting from Fund share transactions		3,430		$	28,139			20,039	$	200,871		19,032		$	176,031			3,875	$	38,754		118		$	1,002			7,109	$	71,087

SEMIANNUAL REPORT DECEMBER 31, 2015 75

Notes to Financial Statements (Cont.)

	PIMCO RAE Fundamental International Fund (4)												PIMCO RAE Fundamental US Fund (5)												PIMCO RAE Fundamental US Small Fund (6)
	Six Months Ended 12/31/2015 (Unaudited)						Inception date through June 30, 2015						Six Months Ended 12/31/2015 (Unaudited)						Inception date through June 30, 2015						Six Months Ended 12/31/2015 (Unaudited)						Inception date through June 30, 2015
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares		Amount
Receipts for shares sold
Institutional Class		7,760		$	70,823			6		$	210			15,169		$	147,519			63		$	615			10,148		$	92,648			0	$	0
Class P		137			1,234			1			10			244			2,323			1			10			21			183			1		10
Class A		0			4			1			10			176			1,682			1			14			44			418			1		10
Class C		19			159			1			10			43			403			1			10			15			136			1		10
Issued as reinvestment of distributions
Institutional Class		595			5,154			0			0			1,786			16,713			0			0			200			1,786			0		0
Class P		3			25			0			0			7			64			0			0			0			3			0		0
Class A		0			0			0			0			5			46			0			0			1			5			0		0
Class C		0			2			0			0			1			9			0			0			0			0			0		0
Issued in reorganization^
Institutional Class		0			0			15,659			156,592			0			0			45,448			454,480			0			0			4,677		46,771
Cost of shares redeemed
Institutional Class		(564	)		(5,039	)		(257	)		(2,540	)		(10,086	)		(96,156	)		(71	)		(701	)		(3,076	)		(27,951	)		0		0
Class P		(27	)		(254	)		0			0			(55	)		(529	)		0			0			(3	)		(24	)		0		0
Class A		(0	)		(4	)		0			0			(10	)		(90	)		0			0			(35	)		(308	)		0		0
Class C		0			0			0			0			(2	)		(16	)		0			0			0			0			0		0
Net increase (decrease) resulting from Fund share transactions		7,923		$	72,104			15,411		$	154,292			7,278		$	71,968			45,443		$	454,428			7,315		$	66,896			4,680	$	46,801

^ On June 5, 2015, each Fund acquired substantially all of the assets and assumed certain liabilities of a corresponding privately offered fund managed by Research Affiliates in exchange for Institutional Class shares of each Fund pursuant to the terms and conditions of an Agreement and Plan of Reorganization and Exchange.

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

⁽¹⁾  As of December 31, 2015, two shareholders owned 10% or more of the Fund’s total outstanding shares comprising 34% of the Fund. One shareholder is a related party and comprises 10% of the Fund.*

⁽²⁾  As of December 31, 2015, one shareholder owned 10% or more of the Fund’s total outstanding shares comprising 12% of the Fund.

⁽³⁾  As of December 31, 2015, two shareholders owned 10% or more of the Fund’s total outstanding shares comprising 99% of the Fund.

⁽⁴⁾  As of December 31, 2015, four shareholders each owned 10% or more of the Fund’s total outstanding shares comprising 90% of the Fund. Two of the shareholders are related parties and comprise 61% of the Fund.*

⁽⁵⁾  As of December 31, 2015, one shareholder owned 10% or more of the Fund’s total outstanding shares comprising 23% of the Fund, and the shareholder is a related party of the Fund.*

⁽⁶⁾  As of December 31, 2015, four shareholders each owned 10% or more of the Fund’s total outstanding shares comprising 85% of the Fund.

* Related parties may include, but are not limited to, the investment manager and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.

12. 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.

PIMCO has received a Wells Notice from the staff of the U.S. Securities and Exchange Commission (“SEC”) that relates to the PIMCO Total Return Active Exchange-Traded Fund (“BOND”), a series of PIMCO ETF Trust. The notice indicates the staff’s preliminary determination to recommend that the SEC commence a civil action against PIMCO stemming from a non-public investigation relating to BOND. A Wells Notice is neither a formal allegation of wrongdoing nor a finding that any law was violated.

This matter principally pertains to the valuation of smaller sized positions in non-agency mortgage-backed securities purchased by BOND between its inception on February 29, 2012 and June 30, 2012,

BOND’s performance disclosures for that period, and PIMCO’s compliance policies and procedures related to these matters.

The Wells process provides PIMCO with the opportunity to demonstrate to the SEC staff why it believes its conduct was appropriate, in keeping with industry standards, and that no action should be taken. PIMCO believes that this matter is unlikely to have a material adverse effect on any Fund or on PIMCO’s ability to provide investment management services to any Fund.

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

13. 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.

76 PIMCO EQUITY SERIES

December 31, 2015 (Unaudited)

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, 2015, 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. tax returns. While the statute of limitations remains open to examine the Funds’ U.S. tax returns filed for the fiscal years

ending in 2012-2014, no examinations are in progress or anticipated at this time. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

As of June 30, 2015, the Funds had the following post-effective capital losses with no expiration (amounts in thousands):

	Short-Term		Long-Term
PIMCO RAE Fundamental Emerging Markets Fund	$	1,209	$	467
PIMCO RAE Fundamental Global Fund		11		—
PIMCO RAE Fundamental Global Ex-US Fund		21		—
PIMCO RAE Fundamental International Fund		—		—
PIMCO RAE Fundamental US Fund		—		—
PIMCO RAE Fundamental US Small Fund		—		—

As of December 31, 2015, the aggregate cost and the net unrealized appreciation (depreciation) of investments for federal income tax purposes are as follows (amounts in thousands^†):

Fund Name	Federal Tax Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation) (1)
PIMCO RAE Fundamental Emerging Markets Fund	$	233,691	$	4,642	$	(51,987	)	$	(47,345	)
PIMCO RAE Fundamental Global Fund		218,338		0		(13,790	)		(13,790	)
PIMCO RAE Fundamental Global ex-US Fund		72,433		0		(11,185	)		(11,185	)
PIMCO RAE Fundamental International Fund		199,271		19,586		(17,059	)		2,527
PIMCO RAE Fundamental US Fund		422,165		82,424		(18,482	)		63,942
PIMCO RAE Fundamental US Small Fund		104,830		6,740		(5,659	)		1,081

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

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

SEMIANNUAL REPORT DECEMBER 31, 2015 77

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

(Unaudited)

Counterparty Abbreviations:
SSB	State Street Bank and Trust Co.
Currency Abbreviations:
BRL	Brazilian Real	USD (or $)	United States Dollar	ZAR	South African Rand
Other Abbreviations:
ADR	American Depositary Receipt	REIT	Real Estate Investment Trust	SP-GDR	Sponsored Global Depositary Receipt
GDR	Global Depositary Receipt	SP-ADR	Sponsored American Depositary Receipt

78 PIMCO EQUITY SERIES

Approval of Investment Advisory Contract and Other Agreements

(Unaudited)

Approval of Renewal of the Investment Advisory Contract and Second Amended and Restated Supervision and Administration Agreement

At a meeting held on August 12, 2015, the Board of Trustees (the “Board”) of PIMCO Equity Series (the “Trust”), including all of the Trustees who are not “interested persons” of the Trust under the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered and unanimously approved the Investment Advisory Contract (the “Investment Advisory Contract”) between the Trust, on behalf of each of the Trust’s series (the “Funds”), and Pacific Investment Management Company LLC (“PIMCO”) for an additional one-year term through August 31, 2016. The Board also considered and unanimously approved for an additional one-year term through August 31, 2016, the Second Amended and Restated Supervision and Administration Agreement (the “Supervision and Administration Agreement” and together with the Investment Advisory Contract, the “Agreements”) between the Trust, on behalf of the Funds, and PIMCO.

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 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. In considering whether to approve the renewal of the Agreements, the Board also reviewed supplementary 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, information regarding the profitability to PIMCO of its relationship with the Funds, information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Funds, and information about the fees charged and services provided to other clients with similar investment mandates as the Funds (where applicable). In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees, which included, among other things, memoranda outlining legal duties of the Board in considering the continuation of the Agreements.

(b) Review Process:  In connection with the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO in response to requests from counsel to the Trust and the Independent Trustees. The Board requested and received assistance and advice regarding applicable legal standards from counsel to the Trust and the

Independent Trustees, and reviewed comparative fee and performance data prepared at the Board’s request by Lipper, Inc. (“Lipper”), an independent provider of investment company performance and fee and expense data. The Board heard oral 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 12, 2015 meeting. The Independent Trustees also conducted a telephonic meeting with counsel to the Trust and the Independent Trustees on July 30, 2015 to discuss the materials presented. In addition, the Independent Trustees requested and received from PIMCO additional information including, but not limited to, information related to profitability and comparative performance information.

The approval determinations were made on the basis of each Trustee’s business judgment after consideration 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. This summary describes the most important, but not 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: 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 assets under management. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment Advisory Contract. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted that PIMCO is making a long-term commitment to building an equity asset management platform, and that PIMCO continues to invest in personnel and global infrastructure necessary to support the equity business. In this regard, the Board considered PIMCO’s commitment to investing in information technology supporting investment management and compliance, as well as PIMCO’s continuing efforts to attract and retain qualified personnel, including personnel with relevant equities experience, and to maintain and enhance its resources and systems. The Board considered PIMCO’s policies, procedures and systems to reasonably assure compliance with applicable laws and regulations and its

SEMIANNUAL REPORT DECEMBER 31, 2015 79

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

commitment to these programs, its oversight of matters that may involve conflicts of interest between the Funds’ investments and those of other accounts managed by PIMCO, and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered PIMCO’s continuous investment in new disciplines and talented personnel, which has enhanced PIMCO’s service to the Funds and has allowed PIMCO to introduce innovative new funds over time.

The Trustees considered information they had received about the steps that PIMCO has taken in recent years with respect to active management of counterparty risk, such as implementing procedures requiring daily collateral adjustments and frequent communication between credit analysts and the counterparty risk committee, which oversees counterparty risk on a firm-wide basis, continually evaluating requests to add or remove approved counterparties as market needs and conditions warrant. The Trustees also considered that, over the last several years, PIMCO has continued to strengthen the process it uses to assess the financial stability of counterparties with which the Funds do business, to manage collateral and to protect portfolios from an unforeseen deterioration in the creditworthiness of trading counterparties. The Trustees noted that, consistent with its fiduciary duty, PIMCO executes transactions through a competitive best execution process and uses only those counterparties that meet its stringent and monitored criteria. The Trustees considered that PIMCO’s collateral management team utilizes a counterparty risk system to analyze portfolio level exposure and collateral being exchanged with counterparties.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented since the Board renewed the Agreements in 2014, including, but not limited to: conducting a targeted review of quality and efficiency in the valuation process; expanding the analytical review of shareholder reports by State Street Bank and Trust Company, the Funds’ custodian; developing a process for monthly forecasts of taxable and book income to enhance portfolio management of investment income; continuing the expansion of a proprietary performance reconciliation tool, which includes next-day comparison of daily internal performance to custodian bank performance to identify potential errors and guardrail net asset value calculations; developing and implementing the Global Process Monitor application, which includes real-time tracking and escalation protocols for critical activities; and implementing monthly cash flow reporting processes to support client and media demands for information about investor flows and assets under management data.

Ultimately, the Board concluded that the nature, extent and quality of services proposed to be provided by PIMCO under the Agreements are likely to benefit the Funds and their respective shareholders.

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

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

3. INVESTMENT PERFORMANCE

The Board received and examined information from PIMCO concerning the Funds’ performance, as available, over short- and long-term periods ended May 31, 2015 and other performance data, as available, over short- and long-term periods ended June 30, 2015 (the “PIMCO Report”) and from Lipper concerning the Funds’ performance, as available, over short- and long-term periods ended May 31, 2015 (the “Lipper Report”). The Board considered that limited performance information was available for the PIMCO RealPath Blend Funds because the Funds recently commenced operations. The Board also considered information regarding both the short- and long-term investment performance of each Fund relative to its peer group and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Lipper Report, which were provided in advance of the August 12, 2015 meeting.

The Board noted that, according to Lipper, certain Funds had underperformed in comparison to their respective peer groups or benchmark indexes, or both, over short- and long-term periods. The Board discussed with PIMCO the reasons for the underperformance of certain Funds over short- and long-term periods. The Board also discussed actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO’s plans to monitor performance going forward.

80 PIMCO EQUITY SERIES

(Unaudited)

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 continuation of the Agreements.

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

The Board considered that PIMCO seeks to price funds to scale at the outset with reference to the total expense ratios of the respective Lipper median (if available), while providing a premium for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Fund or class of shares, it considers a number of factors, including the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services, the impact on potential returns from different levels of fees, the competitive marketplace for financial products, and the attractiveness of potential Fund returns to current and potential investors. Fees charged to or proposed for different Funds for advisory services and supervisory and administrative services may vary in light of these various factors. The Board also considered that PIMCO reviews the Funds’ fee levels and carefully considers reductions where appropriate.

The Board reviewed the advisory fees, supervisory and administrative fees and total expenses of the Funds (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. With respect to advisory fees, the Board reviewed data from Lipper that compared the average and median advisory fees of other funds in a “Peer Group” of comparable funds, as well as the universe of other similar funds. The Board noted that PIMCO had contractually agreed, through October 31, 2015, to reduce its advisory fee by amounts shown in the table below:

PIMCO Balanced Income Fund	0.15%
PIMCO Dividend and Income Builder Fund	0.16%
PIMCO Global Dividend Fund	0.16%
PIMCO International Dividend Fund	0.16%
PIMCO U.S. Dividend Fund	0.16%

The Board further noted that the PIMCO Emerging Multi-Asset, PIMCO EqS^® Emerging Markets and PIMCO EqS^® Pathfinder Funds liquidated on July 14, 2015.

The Board also reviewed data comparing the Funds’ advisory fees to the standard fee rate PIMCO charges to separate accounts and to other investment companies with similar investment strategies, including differences in advisory services provided. The Board discussed separate

account and/or U.S. and non-U.S. registered fund comparisons to the PIMCO Global Dividend Fund, PIMCO Balanced Income Fund and PIMCO Dividend and Income Builder Fund (as available), noting that for the remaining Funds, there were no appropriate comparisons among separate accounts or non-U.S. registered funds at the time that the Board considered the Agreements. For PIMCO Global Dividend Fund, for which PIMCO offers a separate account with an investment strategy similar to the Fund, the Board noted that the separate account fee was lower than that charged to the Fund, but also noted that the differences in fees were attributable to various factors, including differences in the advisory and other services provided by PIMCO to the Fund, 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 that justify different levels of fees. The Board noted that the advisory fees (or management fees, where applicable) for most Funds were similar to the fee rates charged to other investment companies with the same investment strategies as the Funds.

In considering the fees paid by the Funds, the Board noted that retail investors in the Funds receive the benefit of PIMCO’s advisory services at the same advisory fee rates as institutional investors in the Funds.

The Board considered the Funds’ supervisory and administrative fees, comparing them to similar funds in the report supplied by Lipper. The Board also considered that as the Funds’ business has become increasingly complex and the number of Funds has grown, 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 and, in return, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Board further considered that many other funds pay for these 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, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it implicitly reflects economies of scale by fixing the absolute level of Fund fees at competitive levels even if the Funds’ operating costs rise when assets remain flat or decrease. 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

SEMIANNUAL REPORT DECEMBER 31, 2015 81

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

(Unaudited)

Supervision and Administration Agreement represent, in effect, a cap on overall Fund fees, which is beneficial to the Funds and their shareholders.

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

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

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

The Board reviewed information regarding PIMCO’s costs of providing services to the Funds as a whole and considered that PIMCO continues to invest in the equity asset management platform and does not expect to derive any profit from the Funds during the Trust’s fiscal year ended December 31, 2015. The Board noted that it had received information regarding the structure and manner in which PIMCO’s investment professionals were compensated, and PIMCO’s view of the relationship of such compensation to the attraction and retention of quality personnel. The Board considered PIMCO’s need to invest in technology, cyber security, information security, shareholder privacy, business continuity planning, infrastructure and staff to reinforce and offer new services and to accommodate changing regulatory requirements.

With respect to potential economies of scale, the Board noted that PIMCO shares the benefits of economies of scale with the Funds and their shareholders in a number of ways, including through 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 noted that retail investors in the Funds receive the benefit of PIMCO’s advisory services at the same advisory fee rates as institutional investors in the Funds. The Board considered that the Funds’ unified fee rates had been set competitively and/or priced to scale from inception and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing Fund shareholders of the fees associated with the Funds, and that the Funds bear certain expenses that are not covered by the advisory fee or the unified fee.

The Trustees considered that the unified fee has provided inherent economies of scale because a Fund maintains competitive fixed unified fees even if the particular Fund’s assets decline and/or operating costs rise. The Trustees further considered that, in contrast, breakpoints are a proxy for charging higher fees on lower asset levels and that when a fund’s assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also considered that, unlike the Funds’ unified fee structure, funds with “pass through” administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also considered that the unified fee protects shareholders from a rise in operating costs that may result from, among other things, PIMCO’s investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO’s investments in these areas are extensive.

The Board concluded that the Funds’ cost structures were reasonable and that the unified fee structure inherently involves the sharing of economies of scale between PIMCO and each of the Funds, to the benefit of their respective shareholders.

6. ANCILLARY BENEFITS

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

7. CONCLUSIONS

Based on their review, including their consideration of each of the factors 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 favored 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 Funds’ shareholders received reasonable value in return for the fees paid to PIMCO by the Funds under the Agreements, and that the renewal of the Agreements was in the best interests of the Funds and their shareholders.

82 PIMCO EQUITY SERIES

Results of Proxy Voting

(Unaudited)

A special meeting of shareholders of the series of the Trust was held on February 5, 2016. The special meeting was held for the purpose of electing two (2) Trustees to the Trust’s Board of Trustees. Shareholders of all series of the Trust voted together on the proposal, and elected the following two (2) Trustees at the special meeting:

ⁿ  Jennifer Holden Dunbar

ⁿ  Ronald C. Parker

The results of the proxy solicitation on the preceding matter were as follows:

PIMCO Equity Series

Trustee Nominee	For*		Withheld*
Jennifer Holden Dunbar		197,882,087		3,114,282
Ronald C. Parker		197,892,770		3,103,598

* Certain series of the Trust’s shares were held by PIMCO-advised funds or accounts for which PIMCO had discretionary authority to vote proxies. Accordingly, PIMCO voted such shares in proportion to the votes of all other Trust shareholders voting on the proposal.

SEMIANNUAL REPORT DECEMBER 31, 2015 83

General Information

Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Investment Sub-Advisor

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

801 Pennsylvania Avenue

Kansas City, MO 64105

Transfer Agent

Boston Financial Data Services

Institutional Class, Class P, Administrative Class, Class D

330 W. 9th Street, 5th Floor

Kansas City, MO 64105

Boston Financial Data Services

Class A, Class C, Class R

P.O. Box 55060

Boston, MA 02205-5060

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

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

PES4003SAR_123115

PIMCO Equity Series^®

Semiannual Report

December 31, 2015

PIMCO RealPath^™ Blend 2020 Fund

PIMCO RealPath^™ Blend 2025 Fund

PIMCO RealPath^™ Blend 2030 Fund

PIMCO RealPath^™ Blend 2035 Fund

PIMCO RealPath^™ Blend 2040 Fund

PIMCO RealPath^™ Blend 2045 Fund

PIMCO RealPath^™ Blend 2050 Fund

PIMCO RealPath^™ Blend 2055 Fund

PIMCO RealPath^™ Blend Income Fund

Share Classes

n Institutional

n Administrative

n A

Table of Contents

			Page
Chairman’s Letter				2
Important Information About the Funds				4
Expense Examples				26
Financial Highlights				28
Statements of Assets and Liabilities				32
Statements of Operations				34
Statements of Changes in Net Assets				36
Notes to Financial Statements				65
Glossary				83
Approval of Investment Advisory Contract and Other Agreements				84
Results of Proxy Voting				88
Fund	Fund Summary		Schedule of Investments
PIMCO RealPathTM Blend 2020 Fund		8		38
PIMCO RealPathTM Blend 2025 Fund		10		41
PIMCO RealPathTM Blend 2030 Fund		12		44
PIMCO RealPathTM Blend 2035 Fund		14		47
PIMCO RealPathTM Blend 2040 Fund		16		50
PIMCO RealPathTM Blend 2045 Fund		18		53
PIMCO RealPathTM Blend 2050 Fund		20		56
PIMCO RealPathTM Blend 2055 Fund		22		59
PIMCO RealPathTM Blend Income Fund		24		62

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

Chairman’s Letter

Dear Shareholder,

Please find enclosed the Semiannual Report for the PIMCO Equity Series covering the six-month reporting period ended December 31, 2015. The following pages contain specific details about the investment performance of each fund and a discussion of the factors that most affected performance during the reporting period.

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

ⁿ   Heightened market volatility throughout the reporting period was sparked by a mix of investor concerns including geopolitical developments, monetary policy and the potential for slowing global economic growth, which generally contributed to dampened investor sentiment. In particular, increasing concern over the outlook for Chinese growth sent commodity prices and inflation expectations lower, while also negatively impacting prices of emerging market (“EM”) debt and equities. In addition, the Chinese equity market began a strong decline in June 2015, which prompted the Chinese government to prop-up equity share prices and devalue the Chinese yuan. Volatility in Chinese equity markets continued into January 2016 on renewed concern over slowing Chinese economic growth. Furthermore, rising tension in the Middle East and the continued debt crisis in Greece also contributed to investor unease throughout the reporting period.

ⁿ   Economic data in the U.S. continued to confirm a healthy economy, particularly labor market indicators such as employment and wages. Still, signs of caution remained, particularly as U.S. consumers appeared to be more selective in their spending and chose to save rather than spend their windfall from lower gas prices. Additionally, consumer sentiment and certain housing indicators softened towards the end of the reporting period, and December 2015 U.S. manufacturing data indicated the fastest contraction in six years. Within the Eurozone, volatility increased despite gradual improvement in the underlying economies. Eurozone economic data also showed generally positive signs of an early recovery but were tempered slightly by sluggish inflation.

ⁿ   The theme of divergent global central bank monetary policy continued throughout the reporting period. The European Central Bank (“ECB”) expressed its commitment to increase quantitative easing (or large-scale asset purchases), along with the Bank of Japan and the People’s Bank of China who also indicated their intent to accelerate such measures. The Federal Reserve (“Fed”), on the other hand, moved on December 16 to raise the Federal Funds Rate by 0.25% to a new range of 0.25% – 0.50%, marking its first rate hike in nine years. However, the Fed noted that future increases in its target rate would be “gradual” and in-line with their previous projections, which helped to ease investor concerns. Outside of the reporting period on January 27, the Fed opted to leave the Federal Funds Rate unchanged, noting their intent to closely monitor how the global economy and markets influence the U.S. economic outlook.

ⁿ   U.S. equities, as represented by the S&P 500 Index, returned 0.15% due to an improving economic outlook and stronger jobs growth. Internationally, equity markets experienced weak performance, as the MSCI EAFE Net Dividend Index (USD Hedged) declined 3.13% and the MSCI EAFE Net Dividend Index (USD Unhedged) declined 6.01% over the reporting period. During the first half of the reporting period, declining commodities prices and China’s economic deceleration drove concerns of slowing global growth, which weighed on equities. However, in the last half of the reporting period, developed market equities rebounded from lows reached in the first half as the theme of diverging monetary policy came into focus with the Federal Reserve raising interest rates for the first time in nearly a decade, while central banks around the world continued to implement accommodative monetary policies.

ⁿ   Emerging market (“EM”) equities, as represented by the MSCI Emerging Markets Index (Net Dividends in USD), declined 17.36% over the reporting period. Concerns over China’s struggling economy continued as weak data and several attempts to support the Chinese equity market by the People’s Bank of China added to fears of slowing global growth. In addition, Brazil’s economic and political woes continued over the reporting period as the country’s credit rating was downgraded by S&P and Fitch to sub-investment grade, while President Dilma Rousseff faced increased scrutiny over her ability to revive the country’s economy.

2 PIMCO EQUITY SERIES

ⁿ   Style-wise, growth equities outperformed value equities globally as the MSCI All Country World Growth Index (Net Dividends in USD) declined 3.13% and the MSCI All Country World Value Index (Net Dividends in USD) declined 6.68%. In general, the consumer staples and information technology sectors were the top performing equity sectors, while the energy and materials sectors were the worst performing equity sectors over the reporting period.

ⁿ   U.S. Treasuries, as represented by the Barclays U.S. Treasury Index, returned 0.81% for the reporting period. Longer-maturity yields (i.e., ten to thirty year yields) declined, with prices therefore higher, while shorter-maturity yields (i.e., six month to seven year yields) rose. The benchmark ten-year U.S. Treasury note yielded 2.27% at the end of the reporting period, down from 2.35% on June 30, 2015. The Barclays U.S. Aggregate Index, a widely used index of U.S. investment-grade bonds, returned 0.65% for the reporting period.

If you have any questions regarding the PIMCO Equity Series, please contact your account manager or financial adviser, or call one of our shareholder associates at 888.87.PIMCO (888.877.4626). We also invite you to visit our website at www.pimco.com to learn more about our views and global thought leadership.

Thank you again for the trust you have placed in us. We value your commitment and will continue to work diligently to meet your broad investment needs.

Sincerely,   Brent R. Harris Chairman of the Board, PIMCO Equity Series February 22, 2016

SEMIANNUAL REPORT DECEMBER 31, 2015 3

Important Information About the Funds

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

The Funds are each “fund of funds,” which is a term used to describe mutual funds that pursue their investment objective by investing in other mutual funds instead of investing directly in stocks or bonds of other issuers. Under normal circumstances, the Funds invest substantially all of their assets 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 (collectively, “Underlying PIMCO Funds”), and unaffiliated funds that are registered under the Investment Company Act of 1940 (collectively, “Acquired Funds”). The risks and strategies associated with an investment in the Fund may result from direct investments and/or indirect exposure through investment in Acquired Funds.

In an environment where interest rates may trend upward, rising rates would negatively impact the performance of certain funds, and fixed-income securities held by a Fund are likely to decrease in value. A number of factors can cause interest rates to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and significant, and there is no guarantee that Fund management will anticipate such movement accurately.

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

During a general downturn in the securities markets, multiple asset classes, including equity securities, may decline in value simultaneously. The market price of equity securities owned by a Fund may go up or

down, sometimes rapidly or unpredictably. Equity securities generally have greater price volatility than fixed income securities and common stocks generally have the greatest appreciation and depreciation potential of all equity securities.

Interest rates in the U.S. are near historically low levels. As such, funds that invest in fixed income securities may currently face an increased exposure to the risks associated with a rising interest rate environment. This is especially true as the Fed ended its quantitative easing program and has begun, and may continue, to raise interest rates. Further, while the U.S. bond market has steadily grown over the past three decades, dealer inventories of corporate bonds have remained relatively stagnant. As a result, there has been a significant reduction in the ability of dealers to “make markets.”

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security’s price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets or negatively impact a Fund’s performance or cause the Fund to incur losses. As a result, a Fund may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of the Fund.

The Funds may be subject to various risks as described in the Funds’ prospectus. Some of these risks may include, but are not limited to, the following: allocation risk, acquired fund risk, new / small fund risk, equity risk, value investing risk, interest rate risk, call risk, credit risk, high yield and distressed company risk, market risk, issuer risk, liquidity risk, derivatives risk, commodity risk, mortgage-related and other asset-backed securities, foreign (non-U.S.) investment risk, real estate risk, emerging market risk, sovereign debt risk, currency risk, leveraging risk, small-cap and mid-cap company risk, management risk, short sale risk, tax risk, subsidiary risk, arbitrage risk, and convertible securities risk. A complete description of these risks is contained in the Funds’ prospectus.

The Funds may use derivative instruments for hedging purposes or as part of an investment strategy. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, leverage risk, management risk and the risk that a Fund may not be able to close out a position when it would be most advantageous to do so. Certain derivative transactions may have a leveraging effect on a Fund. For example, a small investment in a derivative instrument may have a significant impact on a Fund’s exposure to interest rates, currency exchange rates or other investments. As a result, a relatively small price movement in an asset,

4 PIMCO EQUITY SERIES

instrument or component of the index underlying a derivative instrument may cause an immediate and substantial loss or gain, which translates into heightened volatility of the Fund. A Fund may engage in such transactions regardless of whether the Fund owns the asset, instrument or components of the index underlying the derivative instrument. A Fund may invest a significant portion of its assets in these types of instruments. If it does, the Fund’s investment exposure could far exceed the value of its portfolio securities and its investment performance could be primarily dependent upon securities it does not own. Investing in foreign (non-U.S.) securities may entail risk due to foreign (non-U.S.) economic and political developments; this risk may be increased when investing in emerging markets.

For example, if a Fund invests in emerging market debt, it may face increased exposure to interest rate, liquidity, volatility, and redemption risk due to the specific economic, political, geographical, or legal background of the foreign (non-U.S.) issuer.

The value of an equity security of an issuer that has paid dividends in the past may decrease if the issuer reduces or eliminates future payments to its shareholders. If the dividends or distributions received by a Fund decrease, the Fund may have less income to distribute to the Fund’s shareholders. In addition, during certain market conditions, the equity securities of issuers that have paid regular dividends or distributions may not be widely available or may be highly concentrated in particular sectors of the market. A Fund may invest a significant portion of its assets in value stocks. Value stocks may perform differently from other types of stocks and the market as a whole. 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.

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

The PIMCO RealPath^TM 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^TM 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^TM 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^TM 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^TM 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^TM Blend Fund’s name.

On each individual Fund Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. Class A shares are subject to an initial sales charge. A Contingent Deferred Sales Charge (“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 (i) 18 months after purchase for purchases made prior to August 10, 2015 and (ii) 12 months after purchase for purchases made on or after August 10, 2015. The Cumulative Returns chart reflects only Institutional Class performance. Performance for Class P, Administrative Class, Class D, Class A, Class C and Class R shares, if applicable, are typically lower than Institutional Class performance due to the lower expenses paid by Institutional Class shares. Performance shown is net of fees and expenses. A Fund’s total annual operating expense ratios on each individual Fund Summary page are as of the currently effective prospectus, as supplemented to date. The Cumulative Returns chart assumes the initial investment of $1,000,000 was made at the end of the month that the Institutional Class of the relevant Fund commenced operations. The minimum initial investment amount for Institutional Class, Class P and Administrative Class shares is $1,000,000. The minimum initial investment amount for Class A, Class C and Class D shares is $1,000. There is no minimum initial investment for Class R shares. Each Fund measures its performance against a 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.

SEMIANNUAL REPORT DECEMBER 31, 2015 5

Important Information About the Funds (Cont.)

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

Fund Name

Fund Inception

Institutional Class

Class P

Administrative Class

Class D

Class A

Class C

Class R

Diversification Status

PIMCO RealPathTM Blend 2020 Fund

12/31/14

12/31/14

—

12/31/14

—

12/31/14

—

—

Diversified

PIMCO RealPathTM Blend 2025 Fund

12/31/14

12/31/14

—

12/31/14

—

12/31/14

—

—

Diversified

PIMCO RealPathTM Blend 2030 Fund

12/31/14

12/31/14

—

12/31/14

—

12/31/14

—

—

Diversified

PIMCO RealPathTM Blend 2035 Fund

12/31/14

12/31/14

—

12/31/14

—

12/31/14

—

—

Diversified

PIMCO RealPathTM Blend 2040 Fund

12/31/14

12/31/14

—

12/31/14

—

12/31/14

—

—

Diversified

PIMCO RealPathTM Blend 2045 Fund

12/31/14

12/31/14

—

12/31/14

—

12/31/14

—

—

Diversified

PIMCO RealPathTM Blend 2050 Fund

12/31/14

12/31/14

—

12/31/14

—

12/31/14

—

—

Diversified

PIMCO RealPathTM Blend 2055 Fund

12/31/14

12/31/14

—

12/31/14

—

12/31/14

—

—

Diversified

PIMCO RealPathTM Blend Income Fund

12/31/14

12/31/14

—

12/31/14

—

12/31/14

—

—

Diversified

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

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund’s prospectus nor a Fund’s summary prospectus, the Trust’s Statement of Additional Information (“SAI”), any contracts filed as exhibits to the Trust’s registration statement, nor any other communications, disclosure documents or regulatory filings (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 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.

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

6 PIMCO EQUITY SERIES

(THIS PAGE INTENTIONALLY LEFT BLANK)

SEMIANNUAL REPORT DECEMBER 31, 2015 7

PIMCO RealPath^™ Blend 2020 Fund

Cumulative Returns Through December 31, 2015

Investment Objective and Strategy Overview

» The PIMCO RealPath^™ Blend 2020 Fund seeks to maximize total return, consistent with prudent investment management, by investing under normal circumstances substantially all of its assets in Institutional Class or Class M shares of any funds of the Trust and PIMCO Funds, and in other affiliated funds, including funds of PIMCO ETF Trust, except funds of funds (“Underlying PIMCO Funds”), and unaffiliated funds that are registered under the Investment Company Act of 1940 (the “1940 Act”) (collectively, “Acquired Funds”). The Fund may also invest substantially all of its assets in equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any securities mentioned above. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Fund will invest in such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom.

Cumulative Total Return for the period ended December 31, 2015
		6 Months*		1 Year		Fund Inception (12/31/14)
	PIMCO RealPath™ Blend 2020 Fund Institutional Class		(3.45)%		(3.26)%		(3.26)%
	PIMCO RealPath™ Blend 2020 Fund Administrative Class		(3.63)%		(3.56)%		(3.56)%
	PIMCO RealPath™ Blend 2020 Fund Class A		(3.68)%		(3.71)%		(3.71)%
	PIMCO RealPath™ Blend 2020 Fund Class A (adjusted)		(8.97)%		(8.99)%		(8.99)%
	Real Return Target 2020 Index±		(3.08)%		(2.63)%		(2.63)%

All Fund returns are net of fees and expenses.

* Cumulative return.

^± Real Return Target 2020 Index is a composite of other indexes. The sub-indexes represent stocks, bonds, TIPs, commodities and real estate securities. The component asset classes are weighted within each index to reflect a targeted level of risk at the beginning and end of the investment horizon. Over time, the weights are adjusted based on predetermined formulas to systematically reduce the level of potential risk as the index’s maturity date approaches.

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. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares. The Fund’s total annual operating expense ratio as stated in the Fund’s current prospectus, as supplemented to date, is 0.37% for the Institutional Class shares, 0.62% for the Administrative Class shares and 0.87% for the Class A shares. Details regarding any Fund’s operating expenses can be found in the Fund’s prospectus. For performance current to the most recent month-end, visit www.pimco.com.

8 PIMCO EQUITY SERIES

Institutional Class - PBZNX Administrative Class - PBZDX Class A - PBZAX

Top 10 Holdings¹

PIMCO Total Return Fund	15.6%
Vanguard 500 Index Fund ‘Admiral’	15.3%
PIMCO Real Return Fund	10.3%
PIMCO Real Return Asset Fund	10.2%
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)	7.7%
PIMCO Long Duration Total Return Fund	7.7%
Vanguard Developed Markets Index Fund ‘Admiral’	7.6%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	7.6%
Vanguard REIT Index Fund ‘Admiral’	5.3%
PIMCO High Yield Fund	5.1%

Sector Breakdown¹

Mutual Funds 99.9%

¹ % of Investments, at value as of 12/31/2015. Top 10 Holdings and Sector Breakdown solely reflect long positions. Securities sold short, financial derivative instruments and short-term instruments are not taken into consideration.

Fund Insights

» Exposure to real estate investment trusts (“REITs”) benefited absolute performance, as REITs posted positive returns over the reporting period.

» Within high yield exposure, expressed via PIMCO High Yield Fund, an underweight exposure to the energy sector benefited relative returns as this sector underperformed the broader U.S. High Yield Index over the reporting period.

» Exposure to emerging market equities detracted from absolute performance, as this asset class posted negative returns over the reporting period.

» Within long U.S. Treasury Inflation-Protected Securities (“TIPS”) exposure, expressed via PIMCO Real Return Asset Fund, an overweight exposure to U.S. breakeven inflation rates detracted from relative performance, as nominal Treasuries outperformed TIPS over the reporting period.

» Within long U.S. Treasury exposure, expressed via PIMCO Long Duration Total Return Fund, an exposure to U.S. corporate bonds detracted from relative performance, as U.S. corporate bonds underperformed long-term U.S. Treasuries over the reporting period.

SEMIANNUAL REPORT DECEMBER 31, 2015 9

PIMCO RealPath^™ Blend 2025 Fund

Cumulative Returns Through December 31, 2015

Investment Objective and Strategy Overview

» The PIMCO RealPath^™ Blend 2025 Fund seeks to maximize total return, consistent with prudent investment management, by investing under normal circumstances substantially all of its assets in Institutional Class or Class M shares of any funds of the Trust and PIMCO Funds, and in other affiliated funds, including funds of PIMCO ETF Trust, except funds of funds (“Underlying PIMCO Funds”), and unaffiliated funds that are registered under the Investment Company Act of 1940 (the “1940 Act”) (collectively, “Acquired Funds”). The Fund may also invest substantially all of its assets in equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any securities mentioned above. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Fund will invest in such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom.

Cumulative Total Return for the period ended December 31, 2015
		6 Months*		1 Year		Fund Inception (12/31/14)
	PIMCO RealPath™ Blend 2025 Fund Institutional Class		(3.91)%		(3.54)%		(3.54)%
	PIMCO RealPath™ Blend 2025 Fund Administrative Class		(4.07)%		(3.79)%		(3.79)%
	PIMCO RealPath™ Blend 2025 Fund Class A		(4.17)%		(4.00)%		(4.00)%
	PIMCO RealPath™ Blend 2025 Fund Class A (adjusted)		(9.42)%		(9.26)%		(9.26)%
	Real Return Target 2025 Index±		(3.31)%		(2.79)%		(2.79)%

All Fund returns are net of fees and expenses.

* Cumulative return.

^± Real Return Target 2025 Index is a composite of other indexes. The sub-indexes represent stocks, bonds, TIPs, commodities and real estate securities. The component asset classes are weighted within each index to reflect a targeted level of risk at the beginning and end of the investment horizon. Over time, the weights are adjusted based on predetermined formulas to systematically reduce the level of potential risk as the index’s maturity date approaches.

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. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares. The Fund’s total annual operating expense ratio as stated in the Fund’s current prospectus, as supplemented to date, is 0.33% for the Institutional Class shares, 0.58% for the Administrative Class shares and 0.83% for the Class A shares. Details regarding any Fund’s operating expenses can be found in the Fund’s prospectus. For performance current to the most recent month-end, visit www.pimco.com.

10 PIMCO EQUITY SERIES

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

Top 10 Holdings¹

Vanguard 500 Index Fund ‘Admiral’	17.9%
PIMCO Real Return Asset Fund	10.2%
Vanguard Developed Markets Index Fund ‘Admiral’	10.2%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	10.1%
Vanguard REIT Index Fund ‘Admiral’	7.9%
PIMCO Total Return Fund	7.8%
PIMCO Long Duration Total Return Fund	7.7%
PIMCO High Yield Fund	7.7%
PIMCO Real Return Fund	7.7%
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)	5.2%

Sector Breakdown¹

Mutual Funds 99.9%

¹ % of Investments, at value as of 12/31/2015. Top 10 Holdings and Sector Breakdown solely reflect long positions. Securities sold short, financial derivative instruments and short-term instruments are not taken into consideration.

Fund Insights

» Exposure to real estate investment trusts (“REITs”) benefited absolute performance, as REITs posted positive returns over the reporting period.

» Within high yield exposure, expressed via PIMCO High Yield Fund, an underweight exposure to the energy sector benefited relative returns as this sector underperformed the broader U.S. High Yield Index over the reporting period.

» Exposure to emerging market equities detracted from absolute performance, as this asset class posted negative returns over the reporting period.

» Within long U.S. Treasury Inflation-Protected Securities (“TIPS”) exposure, expressed via PIMCO Real Return Asset Fund, an overweight exposure to U.S. breakeven inflation rates detracted from relative performance, as nominal Treasuries outperformed TIPS over the reporting period.

» Within long U.S. Treasury exposure, expressed via PIMCO Long Duration Total Return Fund, an exposure to U.S. corporate bonds detracted from relative performance, as U.S. corporate bonds underperformed long-term U.S. Treasuries over the reporting period.

SEMIANNUAL REPORT DECEMBER 31, 2015 11

PIMCO RealPath^™ Blend 2030 Fund

Cumulative Returns Through December 31, 2015

Investment Objective and Strategy Overview

» The PIMCO RealPath^™ Blend 2030 Fund seeks to maximize total return, consistent with prudent investment management, by investing under normal circumstances substantially all of its assets in Institutional Class or Class M shares of any funds of the Trust and PIMCO Funds, and in other affiliated funds, including funds of PIMCO ETF Trust, except funds of funds (“Underlying PIMCO Funds”), and unaffiliated funds that are registered under the Investment Company Act of 1940 (the “1940 Act”) (collectively, “Acquired Funds”). The Fund may also invest substantially all of its assets in equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any securities mentioned above. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Fund will invest in such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom.

Cumulative Total Return for the period ended December 31, 2015
		6 Months*		1 Year		Fund Inception (12/31/14)
	PIMCO RealPath™ Blend 2030 Fund Institutional Class		(4.65)%		(4.19)%		(4.19)%
	PIMCO RealPath™ Blend 2030 Fund Administrative Class		(4.81)%		(4.46)%		(4.46)%
	PIMCO RealPath™ Blend 2030 Fund Class A		(4.93)%		(4.68)%		(4.68)%
	PIMCO RealPath™ Blend 2030 Fund Class A (adjusted)		(10.15)%		(9.91)%		(9.91)%
	Real Return Target 2030 Index±		(3.70)%		(3.08)%		(3.08)%

All Fund returns are net of fees and expenses.

* Cumulative return.

^± Real Return Target 2030 Index is a composite of other indexes. The sub-indexes represent stocks, bonds, TIPs, commodities and real estate securities. The component asset classes are weighted within each index to reflect a targeted level of risk at the beginning and end of the investment horizon. Over time, the weights are adjusted based on predetermined formulas to systematically reduce the level of potential risk as the index’s maturity date approaches.

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. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares. The Fund’s total annual operating expense ratio as stated in the Fund’s current prospectus, as supplemented to date, is 0.32% for the Institutional Class shares, 0.57% for the Administrative Class shares and 0.82% for the Class A shares. Details regarding any Fund’s operating expenses can be found in the Fund’s prospectus. For performance current to the most recent month-end, visit www.pimco.com.

12 PIMCO EQUITY SERIES

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

Top 10 Holdings¹

Vanguard 500 Index Fund ‘Admiral’	20.4%
Vanguard Developed Markets Index Fund ‘Admiral’	12.7%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	12.7%
Vanguard REIT Index Fund ‘Admiral’	10.6%
PIMCO Real Return Asset Fund	10.2%
PIMCO High Yield Fund	7.7%
PIMCO Long Duration Total Return Fund	7.7%
PIMCO Emerging Local Bond Fund	5.1%
Vanguard Small-Cap Index Fund ‘Admiral’	5.0%
PIMCO Total Return Fund	2.6%

Sector Breakdown¹

Mutual Funds 99.9%

¹ % of Investments, at value as of 12/31/2015. Top 10 Holdings and Sector Breakdown solely reflect long positions. Securities sold short, financial derivative instruments and short-term instruments are not taken into consideration.

Fund Insights

» Exposure to real estate investment trusts (“REITs”) benefited absolute performance, as REITs posted positive returns over the reporting period.

» Within high yield exposure, expressed via PIMCO High Yield Fund, an underweight exposure to the energy sector benefited relative returns as this sector underperformed the broader U.S. High Yield Index over the reporting period.

» Exposure to emerging market equities detracted from absolute performance, as this asset class posted negative returns over the reporting period.

» Within long U.S. Treasury Inflation-Protected Securities (“TIPS”) exposure, expressed via PIMCO Real Return Asset Fund, an overweight exposure to U.S. breakeven inflation rates detracted from relative performance, as nominal Treasuries outperformed TIPS over the reporting period.

» Within long U.S. Treasury exposure, expressed via PIMCO Long Duration Total Return Fund, an exposure to U.S. corporate bonds detracted from relative performance, as U.S. corporate bonds underperformed long-term U.S. Treasuries over the reporting period.

SEMIANNUAL REPORT DECEMBER 31, 2015 13

PIMCO RealPath^™ Blend 2035 Fund

Cumulative Returns Through December 31, 2015

Investment Objective and Strategy Overview

» The PIMCO RealPath^™ Blend 2035 Fund seeks to maximize total return, consistent with prudent investment management, by investing under normal circumstances substantially all of its assets in Institutional Class or Class M shares of any funds of the Trust and PIMCO Funds, and in other affiliated funds, including funds of PIMCO ETF Trust, except funds of funds (“Underlying PIMCO Funds”), and unaffiliated funds that are registered under the Investment Company Act of 1940 (the “1940 Act”) (collectively, “Acquired Funds”). The Fund may also invest substantially all of its assets in equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any securities mentioned above. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Fund will invest in such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom.

Cumulative Total Return for the period ended December 31, 2015
		6 Months*		1 Year		Fund Inception (12/31/14)
	PIMCO RealPath™ Blend 2035 Fund Institutional Class		(5.34)%		(4.50)%		(4.50)%
	PIMCO RealPath™ Blend 2035 Fund Administrative Class		(5.52)%		(4.79)%		(4.79)%
	PIMCO RealPath™ Blend 2035 Fund Class A		(5.55)%		(4.93)%		(4.93)%
	PIMCO RealPath™ Blend 2035 Fund Class A (adjusted)		(10.71)%		(10.14)%		(10.14)%
	Real Return Target 2035 Index±		(4.27)%		(3.50)%		(3.50)%

All Fund returns are net of fees and expenses.

* Cumulative return.

^± Real Return Target 2035 Index is a composite of other indexes. The sub-indexes represent stocks, bonds, TIPs, commodities and real estate securities. The component asset classes are weighted within each index to reflect a targeted level of risk at the beginning and end of the investment horizon. Over time, the weights are adjusted based on predetermined formulas to systematically reduce the level of potential risk as the index’s maturity date approaches.

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. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares. The Fund’s total annual operating expense ratio as stated in the Fund’s current prospectus, as supplemented to date, is 0.28% for the Institutional Class shares, 0.53% for the Administrative Class shares and 0.78% for the Class A shares. Details regarding any Fund’s operating expenses can be found in the Fund’s prospectus. For performance current to the most recent month-end, visit www.pimco.com.

14 PIMCO EQUITY SERIES

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

Top Holdings¹

Vanguard 500 Index Fund ‘Admiral’	23.1%
Vanguard Developed Markets Index Fund ‘Admiral’	15.3%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	15.3%
Vanguard REIT Index Fund ‘Admiral’	10.6%
PIMCO Real Return Asset Fund	10.2%
PIMCO Long Duration Total Return Fund	7.7%
Vanguard Small-Cap Index Fund ‘Admiral’	7.5%
PIMCO Emerging Local Bond Fund	5.1%
PIMCO High Yield Fund	5.1%

Sector Breakdown¹

Mutual Funds 99.9%

¹ % of Investments, at value as of 12/31/2015. Top Holdings and Sector Breakdown solely reflect long positions. Securities sold short, financial derivative instruments and short-term instruments are not taken into consideration.

Fund Insights

» Exposure to real estate investment trusts (“REITs”) benefited absolute performance, as REITs posted positive returns over the reporting period.

» Within high yield exposure, expressed via PIMCO High Yield Fund, an underweight exposure to the energy sector benefited relative returns as this sector underperformed the broader U.S. High Yield Index over the reporting period.

» Exposure to emerging market equities detracted from absolute performance, as this asset class posted negative returns over the reporting period.

» Within long U.S. Treasury Inflation-Protected Securities (“TIPS”) exposure, expressed via PIMCO Real Return Asset Fund, an overweight exposure to U.S. breakeven inflation rates detracted from relative performance, as nominal Treasuries outperformed TIPS over the reporting period.

» Within long U.S. Treasury exposure, expressed via PIMCO Long Duration Total Return Fund, an exposure to U.S. corporate bonds detracted from relative performance, as U.S. corporate bonds underperformed long-term U.S. Treasuries over the reporting period.

SEMIANNUAL REPORT DECEMBER 31, 2015 15

PIMCO RealPath^™ Blend 2040 Fund

Cumulative Returns Through December 31, 2015

Investment Objective and Strategy Overview

» The PIMCO RealPath^™ Blend 2040 Fund seeks to maximize total return, consistent with prudent investment management, by investing under normal circumstances substantially all of its assets in Institutional Class or Class M shares of any funds of the Trust and PIMCO Funds, and in other affiliated funds, including funds of PIMCO ETF Trust, except funds of funds (“Underlying PIMCO Funds”), and unaffiliated funds that are registered under the Investment Company Act of 1940 (the “1940 Act”) (collectively, “Acquired Funds”). The Fund may also invest substantially all of its assets in equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any securities mentioned above. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Fund will invest in such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom.

Cumulative Total Return for the period ended December 31, 2015
		6 Months*		1 Year		Fund Inception (12/31/14)
	PIMCO RealPath™ Blend 2040 Fund Institutional Class		(5.16)%		(4.03)%		(4.03)%
	PIMCO RealPath™ Blend 2040 Fund Administrative Class		(5.28)%		(4.25)%		(4.25)%
	PIMCO RealPath™ Blend 2040 Fund Class A		(5.40)%		(4.47)%		(4.47)%
	PIMCO RealPath™ Blend 2040 Fund Class A (adjusted)		(10.64)%		(9.71)%		(9.71)%
	Real Return Target 2040 Index±		(4.87)%		(3.92)%		(3.92)%

All Fund returns are net of fees and expenses.

* Cumulative return.

^± Real Return Target 2040 Index is a composite of other indexes. The sub-indexes represent stocks, bonds, TIPs, commodities and real estate securities. The component asset classes are weighted within each index to reflect a targeted level of risk at the beginning and end of the investment horizon. Over time, the weights are adjusted based on predetermined formulas to systematically reduce the level of potential risk as the index’s maturity date approaches.

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. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares. The Fund’s total annual operating expense ratio as stated in the Fund’s current prospectus, as supplemented to date, is 0.25% for the Institutional Class shares, 0.50% for the Administrative Class shares and 0.75% for the Class A shares. Details regarding any Fund’s operating expenses can be found in the Fund’s prospectus. For performance current to the most recent month-end, visit www.pimco.com.

16 PIMCO EQUITY SERIES

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

Top Holdings¹

Vanguard 500 Index Fund ‘Admiral’	25.6%
Vanguard Developed Markets Index Fund ‘Admiral’	15.3%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	15.2%
Vanguard REIT Index Fund ‘Admiral’	10.6%
Vanguard Small-Cap Index Fund ‘Admiral’	10.0%
PIMCO Long Duration Total Return Fund	7.8%
PIMCO Real Return Asset Fund	7.7%
PIMCO High Yield Fund	5.2%
PIMCO Emerging Local Bond Fund	2.5%

Sector Breakdown¹

Mutual Funds 99.9%

¹ % of Investments, at value as of 12/31/2015. Top Holdings and Sector Breakdown solely reflect long positions. Securities sold short, financial derivative instruments and short-term instruments are not taken into consideration.

Fund Insights

» Exposure to real estate investment trusts (“REITs”) benefited absolute performance, as REITs posted positive returns over the reporting period.

» Within high yield exposure, expressed via PIMCO High Yield Fund, an underweight exposure to the energy sector benefited relative returns as this sector underperformed the broader U.S. High Yield Index over the reporting period.

» Exposure to emerging market equities detracted from absolute performance, as this asset class posted negative returns over the reporting period.

» Within long U.S. Treasury Inflation-Protected Securities (“TIPS”) exposure, expressed via PIMCO Real Return Asset Fund, an overweight exposure to U.S. breakeven inflation rates detracted from relative performance, as nominal Treasuries outperformed TIPS over the reporting period.

» Within long U.S. Treasury exposure, expressed via PIMCO Long Duration Total Return Fund, an exposure to U.S. corporate bonds detracted from relative performance, as U.S. corporate bonds underperformed long-term U.S. Treasuries over the reporting period.

SEMIANNUAL REPORT DECEMBER 31, 2015 17

PIMCO RealPath^™ Blend 2045 Fund

Cumulative Returns Through December 31, 2015

Investment Objective and Strategy Overview

» The PIMCO RealPath^™ Blend 2045 Fund seeks to maximize total return, consistent with prudent investment management, by investing under normal circumstances substantially all of its assets in Institutional Class or Class M shares of any funds of the Trust and PIMCO Funds, and in other affiliated funds, including funds of PIMCO ETF Trust, except funds of funds (“Underlying PIMCO Funds”), and unaffiliated funds that are registered under the Investment Company Act of 1940 (the “1940 Act”) (collectively, “Acquired Funds”). The Fund may also invest substantially all of its assets in equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any securities mentioned above. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Fund will invest in such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom.

Cumulative Total Return for the period ended December 31, 2015
		6 Months*		1 Year		Fund Inception (12/31/14)
	PIMCO RealPath™ Blend 2045 Fund Institutional Class		(5.70)%		(4.30)%		(4.30)%
	PIMCO RealPath™ Blend 2045 Fund Administrative Class		(5.76)%		(4.51)%		(4.51)%
	PIMCO RealPath™ Blend 2045 Fund Class A		(5.83)%		(4.73)%		(4.73)%
	PIMCO RealPath™ Blend 2045 Fund Class A (adjusted)		(11.03)%		(9.95)%		(9.95)%
	Real Return Target 2045 Index±		(5.31)%		(4.19)%		(4.19)%

All Fund returns are net of fees and expenses.

* Cumulative return.

^± Real Return Target 2045 Index is a composite of other indexes. The sub-indexes represent stocks, bonds, TIPs, commodities and real estate securities. The component asset classes are weighted within each index to reflect a targeted level of risk at the beginning and end of the investment horizon. Over time, the weights are adjusted based on predetermined formulas to systematically reduce the level of potential risk as the index’s maturity date approaches.

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. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares. The Fund’s total annual operating expense ratio as stated in the Fund’s current prospectus, as supplemented to date, is 0.23% for the Institutional Class shares, 0.48% for the Administrative Class shares and 0.73% for the Class A shares. Details regarding any Fund’s operating expenses can be found in the Fund’s prospectus. For performance current to the most recent month-end, visit www.pimco.com.

18 PIMCO EQUITY SERIES

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

Top Holdings¹

Vanguard 500 Index Fund ‘Admiral’	25.6%
Vanguard Developed Markets Index Fund ‘Admiral’	17.9%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	17.8%
Vanguard REIT Index Fund ‘Admiral’	10.6%
Vanguard Small-Cap Index Fund ‘Admiral’	10.0%
PIMCO Long Duration Total Return Fund	7.8%
PIMCO Real Return Asset Fund	5.1%
PIMCO High Yield Fund	2.6%
PIMCO Emerging Local Bond Fund	2.5%

Sector Breakdown¹

Mutual Funds 99.9%

¹ % of Investments, at value as of 12/31/2015. Top Holdings and Sector Breakdown solely reflect long positions. Securities sold short, financial derivative instruments and short-term instruments are not taken into consideration.

Fund Insights

» Exposure to real estate investment trusts (“REITs”) benefited absolute performance, as REITs posted positive returns over the reporting period.

» Within high yield exposure, expressed via PIMCO High Yield Fund, an underweight exposure to the energy sector benefited relative returns as this sector underperformed the broader U.S. High Yield Index over the reporting period.

» Exposure to emerging market equities detracted from absolute performance, as this asset class posted negative returns over the reporting period.

» Within long U.S. Treasury Inflation-Protected Securities (“TIPS”) exposure, expressed via PIMCO Real Return Asset Fund, an overweight exposure to U.S. breakeven inflation rates detracted from relative performance, as nominal Treasuries outperformed TIPS over the reporting period.

» Within long U.S. Treasury exposure, expressed via PIMCO Long Duration Total Return Fund, an exposure to U.S. corporate bonds detracted from relative performance, as U.S. corporate bonds underperformed long-term U.S. Treasuries over the reporting period.

SEMIANNUAL REPORT DECEMBER 31, 2015 19

PIMCO RealPath^™ Blend 2050 Fund

Cumulative Returns Through December 31, 2015

Investment Objective and Strategy Overview

» The PIMCO RealPath^™ Blend 2050 Fund seeks to maximize total return, consistent with prudent investment management, by investing under normal circumstances substantially all of its assets in Institutional Class or Class M shares of any funds of the Trust and PIMCO Funds, and in other affiliated funds, including funds of PIMCO ETF Trust, except funds of funds (“Underlying PIMCO Funds”), and unaffiliated funds that are registered under the Investment Company Act of 1940 (the “1940 Act”) (collectively, “Acquired Funds”). The Fund may also invest substantially all of its assets in equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any securities mentioned above. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Fund will invest in such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom.

Cumulative Total Return for the period ended December 31, 2015
		6 Months*		1 Year		Fund Inception (12/31/14)
	PIMCO RealPath™ Blend 2050 Fund Institutional Class		(5.48)%		(3.98)%		(3.98)%
	PIMCO RealPath™ Blend 2050 Fund Administrative Class		(5.56)%		(4.24)%		(4.24)%
	PIMCO RealPath™ Blend 2050 Fund Class A		(5.76)%		(4.53)%		(4.53)%
	PIMCO RealPath™ Blend 2050 Fund Class A (adjusted)		(10.96)%		(9.76)%		(9.76)%
	Real Return Target 2050 Index±		(5.57)%		(4.27)%		(4.27)%

All Fund returns are net of fees and expenses.

* Cumulative return.

^± Real Return Target 2050 Index is a composite of other indexes. The sub-indexes represent stocks, bonds, TIPs, commodities and real estate securities. The component asset classes are weighted within each index to reflect a targeted level of risk at the beginning and end of the investment horizon. Over time, the weights are adjusted based on predetermined formulas to systematically reduce the level of potential risk as the index’s maturity date approaches.

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. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares. The Fund’s total annual operating expense ratio as stated in the Fund’s current prospectus, as supplemented to date, is 0.21% for the Institutional Class shares, 0.46% for the Administrative Class shares and 0.71% for the Class A shares. Details regarding any Fund’s operating expenses can be found in the Fund’s prospectus. For performance current to the most recent month-end, visit www.pimco.com.

20 PIMCO EQUITY SERIES

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

Top Holdings¹

Vanguard 500 Index Fund ‘Admiral’	28.2%
Vanguard Developed Markets Index Fund ‘Admiral’	17.9%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	17.8%
Vanguard REIT Index Fund ‘Admiral’	10.6%
Vanguard Small-Cap Index Fund ‘Admiral’	10.0%
PIMCO Long Duration Total Return Fund	7.8%
PIMCO Real Return Asset Fund	2.6%
PIMCO High Yield Fund	2.5%
PIMCO Emerging Local Bond Fund	2.5%

Sector Breakdown¹

Mutual Funds 99.9%

¹ % of Investments, at value as of 12/31/2015. Top Holdings and Sector Breakdown solely reflect long positions. Securities sold short, financial derivative instruments and short-term instruments are not taken into consideration.

Fund Insights

» Exposure to real estate investment trusts (“REITs”) benefited absolute performance, as REITs posted positive returns over the reporting period.

» Within high yield exposure, expressed via PIMCO High Yield Fund, an underweight exposure to the energy sector benefited relative returns as this sector underperformed the broader U.S. High Yield Index over the reporting period.

» Exposure to emerging market equities detracted from absolute performance, as this asset class posted negative returns over the reporting period.

» Within long U.S. Treasury Inflation-Protected Securities (“TIPS”) exposure, expressed via PIMCO Real Return Asset Fund, an overweight exposure to U.S. breakeven inflation rates detracted from relative performance, as nominal Treasuries outperformed TIPS over the reporting period.

» Within long U.S. Treasury exposure, expressed via PIMCO Long Duration Total Return Fund, an exposure to U.S. corporate bonds detracted from relative performance, as U.S. corporate bonds underperformed long-term U.S. Treasuries over the reporting period.

SEMIANNUAL REPORT DECEMBER 31, 2015 21

PIMCO RealPath^™ Blend 2055 Fund

Cumulative Returns Through December 31, 2015

Investment Objective and Strategy Overview

» The PIMCO RealPath^™ Blend 2055 Fund seeks to maximize total return, consistent with prudent investment management, by investing under normal circumstances substantially all of its assets in Institutional Class shares of any funds of the Trust and PIMCO Funds, and in other affiliated funds, including funds of PIMCO ETF Trust, except funds of funds (“Underlying PIMCO Funds”), and unaffiliated funds that are registered under the Investment Company Act of 1940 (the “1940 Act”) (collectively, “Acquired Funds”). The Fund may also invest substantially all of its assets in equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any securities mentioned above. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Fund will invest in such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom.

Cumulative Total Return for the period ended December 31, 2015
		6 Months*		1 Year		Fund Inception (12/31/14)
	PIMCO RealPath™ Blend 2055 Fund Institutional Class		(5.53)%		(4.04)%		(4.04)%
	PIMCO RealPath™ Blend 2055 Fund Administrative Class		(5.70)%		(4.32)%		(4.32)%
	PIMCO RealPath™ Blend 2055 Fund Class A		(5.87)%		(4.66)%		(4.66)%
	PIMCO RealPath™ Blend 2055 Fund Class A (adjusted)		(11.07)%		(9.89)%		(9.89)%
	Real Return Target 40+ Index±		(5.72)%		(4.32)%		(4.32)%

All Fund returns are net of fees and expenses.

* Cumulative return.

^± Real Return Target 40+ Index is a composite of other indexes. The sub-indexes represent stocks, bonds, TIPs, commodities and real estate securities. The component asset classes are weighted within each index to reflect a targeted level of risk at the beginning and end of the investment horizon. Over time, the weights are adjusted based on predetermined formulas to systematically reduce the level of potential risk as the index’s maturity date approaches.

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. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares. The Fund’s total annual operating expense ratio as stated in the Fund’s current prospectus, as supplemented to date, is 0.21% for the Institutional Class shares, 0.46% for the Administrative Class shares and 0.71% for the Class A shares. Details regarding any Fund’s operating expenses can be found in the Fund’s prospectus. For performance current to the most recent month-end, visit www.pimco.com.

22 PIMCO EQUITY SERIES

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

Top Holdings¹

Vanguard 500 Index Fund ‘Admiral’	28.2%
Vanguard Developed Markets Index Fund ‘Admiral’	17.9%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	17.8%
Vanguard REIT Index Fund ‘Admiral’	10.6%
Vanguard Small-Cap Index Fund ‘Admiral’	10.0%
PIMCO Long Duration Total Return Fund	7.7%
PIMCO High Yield Fund	2.6%
PIMCO Real Return Asset Fund	2.6%
PIMCO Emerging Local Bond Fund	2.5%

Sector Breakdown¹

Mutual Funds 99.9%

¹ % of Investments, at value as of 12/31/2015. Top Holdings and Sector Breakdown solely reflect long positions. Securities sold short, financial derivative instruments and short-term instruments are not taken into consideration.

Fund Insights

» Exposure to real estate investment trusts (“REITs”) benefited absolute performance, as REITs posted positive returns over the reporting period.

» Within high yield exposure, expressed via PIMCO High Yield Fund, an underweight exposure to the energy sector benefited relative returns as this sector underperformed the broader U.S. High Yield Index over the reporting period.

» Exposure to emerging market equities detracted from absolute performance, as this asset class posted negative returns over the reporting period.

» Within long U.S. Treasury Inflation-Protected Securities (“TIPS”) exposure, expressed via PIMCO Real Return Asset Fund, an overweight exposure to U.S. breakeven inflation rates detracted from relative performance, as nominal Treasuries outperformed TIPS over the reporting period.

» Within long U.S. Treasury exposure, expressed via PIMCO Long Duration Total Return Fund, an exposure to U.S. corporate bonds detracted from relative performance, as U.S. corporate bonds underperformed long-term U.S. Treasuries over the reporting period.

SEMIANNUAL REPORT DECEMBER 31, 2015 23

PIMCO RealPath^™ Blend Income Fund

Cumulative Returns Through December 31, 2015

Investment Objective and Strategy Overview

» The PIMCO RealPath^™ Blend Income Fund seeks to maximize total return, consistent with prudent investment management, by investing under normal circumstances substantially all of its assets in Institutional Class or Class M shares of any funds of the Trust and PIMCO Funds, and in other affiliated funds, including funds of PIMCO ETF Trust, except funds of funds (“Underlying PIMCO Funds”), and unaffiliated funds that are registered under the Investment Company Act of 1940 (the “1940 Act”) (collectively, “Acquired Funds”). The Fund may also invest substantially all of its assets in equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any securities mentioned above. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Fund will invest in such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom.

Cumulative Total Return for the period ended December 31, 2015
		6 Months*		1 Year		Fund Inception (12/31/14)
	PIMCO RealPath™ Blend Income Fund Institutional Class		(2.66)%		(2.68)%		(2.68)%
	PIMCO RealPath™ Blend Income Fund Administrative Class		(2.78)%		(2.99)%		(2.99)%
	PIMCO RealPath™ Blend Income Fund Class A		(2.90)%		(3.12)%		(3.12)%
	PIMCO RealPath™ Blend Income Fund Class A (adjusted)		(8.26)%		(8.43)%		(8.43)%
	Real Return Target Today Index±		(3.01)%		(2.60)%		(2.60)%

All Fund returns are net of fees and expenses.

* Cumulative return.

^± Real Return Target Today Index is a composite of other indexes. The sub-indexes represent stocks, bonds, TIPs, commodities and real estate securities. The component asset classes are weighted within each index to reflect a targeted level of risk at the beginning and end of the investment horizon. Over time, the weights are adjusted based on predetermined formulas to systematically reduce the level of potential risk as the index’s maturity date approaches.

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. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares. The Fund’s total annual operating expense ratio as stated in the Fund’s current prospectus, as supplemented to date, is 0.37% for the Institutional Class shares, 0.62% for the Administrative Class shares and 0.87% for the Class shares. Details regarding any Fund’s operating expenses can be found in the Fund’s prospectus. For performance current to the most recent month-end, visit www.pimco.com.

24 PIMCO EQUITY SERIES

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

Top 10 Holdings¹

PIMCO Total Return Fund	15.5%
PIMCO Real Return Fund	15.4%
Vanguard 500 Index Fund ‘Admiral’	12.7%
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)	10.3%
PIMCO Long Duration Total Return Fund	7.7%
PIMCO Real Return Asset Fund	7.6%
Vanguard Developed Markets Index Fund ‘Admiral’	7.6%
Vanguard REIT Index Fund ‘Admiral’	5.3%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	5.0%
PIMCO High Yield Fund	2.6%

Sector Breakdown¹

Mutual Funds 94.7%

¹ % of Investments, at value as of 12/31/2015. Top 10 Holdings and Sector Breakdown solely reflect long positions. Securities sold short, financial derivative instruments and short-term instruments are not taken into consideration.

Fund Insights

» Exposure to real estate investment trusts (“REITs”) benefited absolute performance, as REITs posted positive returns over the reporting period.

» Within high yield exposure, expressed via PIMCO High Yield Fund, an underweight exposure to the energy sector benefited relative returns as this sector underperformed the broader U.S. High Yield Index over the reporting period.

» Exposure to emerging market equities detracted from absolute performance, as this asset class posted negative returns over the reporting period.

» Within long U.S. Treasury Inflation-Protected Securities (“TIPS”) exposure, expressed via PIMCO Real Return Asset Fund, an overweight exposure to U.S. breakeven inflation rates detracted from relative performance, as nominal Treasuries outperformed TIPS over the reporting period.

» Within long U.S. Treasury exposure, expressed via PIMCO Long Duration Total Return Fund, an exposure to U.S. corporate bonds detracted from relative performance, as U.S. corporate bonds underperformed long-term U.S. Treasuries over the reporting period.

SEMIANNUAL REPORT DECEMBER 31, 2015 25

Expense Examples

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for all Funds and share classes is from July 1, 2015 to December 31, 2015 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 the information in these columns, 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 column for your share class, in the column entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

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

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (07/01/15)		Ending Account Value (12/31/15)		Expenses Paid During Period*		Beginning Account Value (07/01/15)		Ending Account Value (12/31/15)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO RealPath™ Blend 2020 Fund
Institutional Class	$	1,000.00	$	965.50	$	0.15	$	1,000.00	$	1,025.39	$	0.16		0.03	%
Administrative Class		1,000.00		963.70		1.40		1,000.00		1,024.12		1.45		0.28
Class A		1,000.00		963.20		2.66		1,000.00		1,022.84		2.74		0.53
PIMCO RealPath™ Blend 2025 Fund
Institutional Class	$	1,000.00	$	960.90	$	0.15	$	1,000.00	$	1,025.39	$	0.16		0.03	%
Administrative Class		1,000.00		959.30		1.40		1,000.00		1,024.12		1.45		0.28
Class A		1,000.00		958.30		2.65		1,000.00		1,022.84		2.74		0.53
PIMCO RealPath™ Blend 2030 Fund
Institutional Class	$	1,000.00	$	953.50	$	0.20	$	1,000.00	$	1,025.34	$	0.21		0.04	%
Administrative Class		1,000.00		951.90		1.45		1,000.00		1,024.06		1.50		0.29
Class A		1,000.00		950.70		2.69		1,000.00		1,022.79		2.79		0.54
PIMCO RealPath™ Blend 2035 Fund
Institutional Class	$	1,000.00	$	946.60	$	0.25	$	1,000.00	$	1,025.29	$	0.26		0.05	%
Administrative Class		1,000.00		944.80		1.49		1,000.00		1,024.01		1.55		0.30
Class A		1,000.00		944.50		2.73		1,000.00		1,022.74		2.84		0.55

26 PIMCO EQUITY SERIES

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (07/01/15)		Ending Account Value (12/31/15)		Expenses Paid During Period*		Beginning Account Value (07/01/15)		Ending Account Value (12/31/15)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO RealPath™ Blend 2040 Fund
Institutional Class	$	1,000.00	$	948.40	$	0.25	$	1,000.00	$	1,025.29	$	0.26		0.05	%
Administrative Class		1,000.00		947.20		1.49		1,000.00		1,024.01		1.55		0.30
Class A		1,000.00		946.00		2.73		1,000.00		1,022.74		2.84		0.55
PIMCO RealPath™ Blend 2045 Fund
Institutional Class	$	1,000.00	$	943.00	$	0.25	$	1,000.00	$	1,025.29	$	0.26		0.05	%
Administrative Class		1,000.00		942.40		1.49		1,000.00		1,024.01		1.55		0.30
Class A		1,000.00		941.70		2.73		1,000.00		1,022.74		2.84		0.55
PIMCO RealPath™ Blend 2050 Fund
Institutional Class	$	1,000.00	$	945.20	$	0.25	$	1,000.00	$	1,025.29	$	0.26		0.05	%
Administrative Class		1,000.00		944.40		1.49		1,000.00		1,024.01		1.55		0.30
Class A		1,000.00		942.40		2.73		1,000.00		1,022.74		2.84		0.55
PIMCO RealPath™ Blend 2055 Fund
Institutional Class	$	1,000.00	$	944.70	$	0.25	$	1,000.00	$	1,025.29	$	0.26		0.05	%
Administrative Class		1,000.00		943.00		1.49		1,000.00		1,024.01		1.55		0.30
Class A		1,000.00		941.30		2.73		1,000.00		1,022.74		2.84		0.55
PIMCO RealPath™ Blend Income Fund
Institutional Class	$	1,000.00	$	973.40	$	0.15	$	1,000.00	$	1,025.39	$	0.16		0.03	%
Administrative Class		1,000.00		972.20		1.41		1,000.00		1,024.12		1.45		0.28
Class A		1,000.00		971.00		2.67		1,000.00		1,022.84		2.74		0.53

* 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 187/366(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 can be found in Note 7 in the Notes to Financial Statements.

SEMIANNUAL REPORT DECEMBER 31, 2015 27

Financial Highlights

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Year or Period		Net Investment Income (a)		Net Realized/ Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income (b)			Distributions from Net Realized Capital Gains (b)			Total Distributions
PIMCO RealPath™ Blend 2020 Fund
Institutional Class
07/01/2015 - 12/31/2015+	$	9.97	$	0.20	$	(0.55	)	$	(0.35	)	$	(0.17	)	$	(0.02	)	$	(0.19	)
12/31/2014 - 06/30/2015		10.00		0.11		(0.09	)		0.02			(0.05	)		0.00			(0.05	)
Administrative Class
07/01/2015 - 12/31/2015+		9.97		0.18		(0.54	)		(0.36	)		(0.16	)		(0.02	)		(0.18	)
12/31/2014 - 06/30/2015		10.00		0.10		(0.09	)		0.01			(0.04	)		0.00			(0.04	)
Class A
07/01/2015 - 12/31/2015+		9.97		0.17		(0.54	)		(0.37	)		(0.14	)		(0.02	)		(0.16	)
12/31/2014 - 06/30/2015		10.00		0.09		(0.09	)		0.00			(0.03	)		0.00			(0.03	)
PIMCO RealPath™ Blend 2025 Fund
Institutional Class
07/01/2015 - 12/31/2015+	$	9.99	$	0.19	$	(0.58	)	$	(0.39	)	$	(0.17	)	$	(0.02	)	$	(0.19	)
12/31/2014 - 06/30/2015		10.00		0.12		(0.08	)		0.04			(0.05	)		0.00			(0.05	)
Administrative Class
07/01/2015 - 12/31/2015+		9.99		0.17		(0.57	)		(0.40	)		(0.16	)		(0.02	)		(0.18	)
12/31/2014 - 06/30/2015		10.00		0.11		(0.08	)		0.03			(0.04	)		0.00			(0.04	)
Class A
07/01/2015 - 12/31/2015+		9.99		0.16		(0.57	)		(0.41	)		(0.14	)		(0.02	)		(0.16	)
12/31/2014 - 06/30/2015		10.00		0.10		(0.08	)		0.02			(0.03	)		0.00			(0.03	)
PIMCO RealPath™ Blend 2030 Fund
Institutional Class
07/01/2015 - 12/31/2015+	$	10.00	$	0.18	$	(0.64	)	$	(0.46	)	$	(0.17	)	$	(0.03	)	$	(0.20	)
12/31/2014 - 06/30/2015		10.00		0.13		(0.08	)		0.05			(0.05	)		0.00			(0.05	)
Administrative Class
07/01/2015 - 12/31/2015+		10.00		0.17		(0.65	)		(0.48	)		(0.15	)		(0.03	)		(0.18	)
12/31/2014 - 06/30/2015		10.00		0.12		(0.08	)		0.04			(0.04	)		0.00			(0.04	)
Class A
07/01/2015 - 12/31/2015+		10.00		0.16		(0.65	)		(0.49	)		(0.14	)		(0.03	)		(0.17	)
12/31/2014 - 06/30/2015		10.00		0.10		(0.07	)		0.03			(0.03	)		0.00			(0.03	)
PIMCO RealPath™ Blend 2035 Fund
Institutional Class
07/01/2015 - 12/31/2015+	$	10.04	$	0.16	$	(0.69	)	$	(0.53	)	$	(0.15	)	$	(0.03	)	$	(0.18	)
12/31/2014 - 06/30/2015		10.00		0.13		(0.04	)		0.09			(0.05	)		0.00			(0.05	)
Administrative Class
07/01/2015 - 12/31/2015+		10.04		0.14		(0.69	)		(0.55	)		(0.13	)		(0.03	)		(0.16	)
12/31/2014 - 06/30/2015		10.00		0.11		(0.03	)		0.08			(0.04	)		0.00			(0.04	)
Class A
07/01/2015 - 12/31/2015+		10.03		0.10		(0.65	)		(0.55	)		(0.09	)		(0.03	)		(0.12	)
12/31/2014 - 06/30/2015		10.00		0.12		(0.05	)		0.07			(0.04	)		0.00			(0.04	)
PIMCO RealPath™ Blend 2040 Fund
Institutional Class
07/01/2015 - 12/31/2015+	$	10.07	$	0.16	$	(0.68	)	$	(0.52	)	$	(0.13	)	$	(0.03	)	$	(0.16	)
12/31/2014 - 06/30/2015		10.00		0.12		0.00			0.12			(0.05	)		0.00			(0.05	)
Administrative Class
07/01/2015 - 12/31/2015+		10.07		0.18		(0.71	)		(0.53	)		(0.12	)		(0.03	)		(0.15	)
12/31/2014 - 06/30/2015		10.00		0.11		0.00			0.11			(0.04	)		0.00			(0.04	)
Class A
07/01/2015 - 12/31/2015+		10.07		0.16		(0.70	)		(0.54	)		(0.11	)		(0.03	)		(0.14	)
12/31/2014 - 06/30/2015		10.00		0.10		0.00			0.10			(0.03	)		0.00			(0.03	)
PIMCO RealPath™ Blend 2045 Fund
Institutional Class
07/01/2015 - 12/31/2015+	$	10.10	$	0.15	$	(0.72	)	$	(0.57	)	$	(0.13	)	$	(0.03	)	$	(0.16	)
12/31/2014 - 06/30/2015		10.00		0.12		0.03			0.15			(0.05	)		0.00			(0.05	)
Administrative Class
07/01/2015 - 12/31/2015+		10.09		0.14		(0.72	)		(0.58	)		(0.11	)		(0.03	)		(0.14	)
12/31/2014 - 06/30/2015		10.00		0.14		(0.01	)		0.13			(0.04	)		0.00			(0.04	)

Please see footnotes on page 30.

28 PIMCO EQUITY SERIES See Accompanying Notes

Net Asset Value End of Year or Period		Total Return			Net Assets End of Year or Period (000s)		Ratio of Expenses to Average Net Assets			Ratio of Expenses to Average Net Assets Excluding Waivers			Ratio of Expenses to Average Net Assets Excluding Interest Expense			Ratio of Expenses to Average Net Assets Excluding Interest Expense and Waivers			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
$	9.43		(3.45	)%	$	3,011		0.03	%*		0.03	%*		0.03	%*		0.03	%*		3.99	%*		5	%
	9.97		0.19			3,007		0.03	*		0.57	*		0.03	*		0.57	*		2.20	*		5
	9.43		(3.63	)		10		0.28	*		0.28	*		0.28	*		0.28	*		3.67	*		5
	9.97		0.08			10		0.28	*		0.82	*		0.28	*		0.82	*		1.92	*		5
	9.44		(3.68	)		10		0.53	*		0.53	*		0.53	*		0.53	*		3.47	*		5
	9.97		(0.03	)		10		0.53	*		1.07	*		0.53	*		1.07	*		1.70	*		5
$	9.41		(3.91	)%	$	2,920		0.03	%*		0.03	%*		0.03	%*		0.03	%*		3.87	%*		5	%
	9.99		0.39			3,026		0.03	*		0.57	*		0.03	*		0.57	*		2.38	*		5
	9.41		(4.07	)		15		0.28	*		0.28	*		0.28	*		0.28	*		3.50	*		5
	9.99		0.30			15		0.28	*		0.82	*		0.28	*		0.82	*		2.20	*		5
	9.42		(4.17	)		10		0.53	*		0.53	*		0.53	*		0.53	*		3.16	*		5
	9.99		0.17			11		0.53	*		1.07	*		0.53	*		1.07	*		1.92	*		5
$	9.34		(4.65	)%	$	2,994		0.04	%*		0.04	%*		0.04	%*		0.04	%*		3.60	%*		6	%
	10.00		0.49			3,015		0.04	*		0.58	*		0.04	*		0.58	*		2.55	*		6
	9.34		(4.81	)		11		0.29	*		0.29	*		0.29	*		0.29	*		3.46	*		6
	10.00		0.37			10		0.29	*		0.83	*		0.29	*		0.83	*		2.30	*		6
	9.34		(4.93	)		13		0.54	*		0.54	*		0.54	*		0.54	*		3.31	*		6
	10.00		0.27			10		0.54	*		1.08	*		0.54	*		1.08	*		2.04	*		6
$	9.33		(5.34	)%	$	3,301		0.05	%*		0.05	%*		0.05	%*		0.05	%*		3.23	%*		5	%
	10.04		0.89			3,027		0.05	*		0.58	*		0.05	*		0.58	*		2.48	*		6
	9.33		(5.52	)		10		0.30	*		0.30	*		0.30	*		0.30	*		2.93	*		5
	10.04		0.77			10		0.30	*		0.83	*		0.30	*		0.83	*		2.22	*		6
	9.36		(5.55	)		9		0.55	*		0.55	*		0.55	*		0.55	*		2.11	*		5
	10.03		0.65			22		0.55	*		1.08	*		0.55	*		1.08	*		2.33	*		6
$	9.39		(5.16	)%	$	2,895		0.05	%*		0.05	%*		0.05	%*		0.05	%*		3.12	%*		5	%
	10.07		1.19			3,036		0.05	*		0.58	*		0.05	*		0.58	*		2.39	*		6
	9.39		(5.28	)		33		0.30	*		0.30	*		0.30	*		0.30	*		3.62	*		5
	10.07		1.08			12		0.30	*		0.83	*		0.30	*		0.83	*		2.20	*		6
	9.39		(5.40	)		31		0.55	*		0.55	*		0.55	*		0.55	*		3.33	*		5
	10.07		0.98			11		0.55	*		1.08	*		0.55	*		1.08	*		1.93	*		6
$	9.37		(5.70	)%	$	2,958		0.05	%*		0.05	%*		0.05	%*		0.05	%*		3.07	%*		5	%
	10.10		1.48			3,044		0.05	*		0.58	*		0.05	*		0.58	*		2.37	*		6
	9.37		(5.76	)		37		0.30	*		0.30	*		0.30	*		0.30	*		2.80	*		5
	10.09		1.33			39		0.30	*		0.83	*		0.30	*		0.83	*		2.69	*		6

Please see footnotes on page 30.

SEMIANNUAL REPORT DECEMBER 31, 2015 29

Financial Highlights (Cont.)

Selected Per Share Data for the Year or Period Ended:	Net Asset Value Beginning of Year or Period		Net Investment Income (a)		Net Realized/ Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income (b)			Distributions from Net Realized Capital Gains (b)			Total Distributions
PIMCO RealPath™ Blend 2045 Fund (Cont.)
Class A
07/01/2015 - 12/31/2015+	$	10.09	$	0.13	$	(0.72	)	$	(0.59	)	$	(0.09	)	$	(0.03	)	$	(0.12	)
12/31/2014 - 06/30/2015		10.00		0.09		0.03			0.12			(0.03	)		0.00			(0.03	)
PIMCO RealPath™ Blend 2050 Fund
Institutional Class
07/01/2015 - 12/31/2015+	$	10.11	$	0.15	$	(0.70	)	$	(0.55	)	$	(0.13	)	$	(0.03	)	$	(0.16	)
12/31/2014 - 06/30/2015		10.00		0.12		0.04			0.16			(0.05	)		0.00			(0.05	)
Administrative Class
07/01/2015 - 12/31/2015+		10.10		0.14		(0.70	)		(0.56	)		(0.11	)		(0.03	)		(0.14	)
12/31/2014 - 06/30/2015		10.00		0.12		0.02			0.14			(0.04	)		0.00			(0.04	)
Class A
07/01/2015 - 12/31/2015+		10.10		0.16		(0.74	)		(0.58	)		(0.11	)		(0.03	)		(0.14	)
12/31/2014 - 06/30/2015		10.00		0.10		0.03			0.13			(0.03	)		0.00			(0.03	)
PIMCO RealPath™ Blend 2055 Fund
Institutional Class
07/01/2015 - 12/31/2015+	$	10.11	$	0.15	$	(0.71	)	$	(0.56	)	$	(0.13	)	$	(0.03	)	$	(0.16	)
12/31/2014 - 06/30/2015		10.00		0.12		0.04			0.16			(0.05	)		0.00			(0.05	)
Administrative Class
07/01/2015 - 12/31/2015+		10.11		0.14		(0.71	)		(0.57	)		(0.12	)		(0.03	)		(0.15	)
12/31/2014 - 06/30/2015		10.00		0.11		0.04			0.15			(0.04	)		0.00			(0.04	)
Class A
07/01/2015 - 12/31/2015+		10.09		0.13		(0.72	)		(0.59	)		(0.10	)		(0.03	)		(0.13	)
12/31/2014 - 06/30/2015		10.00		0.13		0.00			0.13			(0.04	)		0.00			(0.04	)
PIMCO RealPath™ Blend Income Fund
Institutional Class
07/01/2015 - 12/31/2015+	$	9.95	$	0.20	$	(0.46	)	$	(0.26	)	$	(0.18	)	$	(0.02	)	$	(0.20	)
12/31/2014 - 06/30/2015		10.00		0.10		(0.10	)		0.00			(0.05	)		0.00			(0.05	)
Administrative Class
07/01/2015 - 12/31/2015+		9.94		0.17		(0.44	)		(0.27	)		(0.16	)		(0.02	)		(0.18	)
12/31/2014 - 06/30/2015		10.00		0.09		(0.11	)		(0.02	)		(0.04	)		0.00			(0.04	)
Class A
07/01/2015 - 12/31/2015+		9.94		0.17		(0.45	)		(0.28	)		(0.15	)		(0.02	)		(0.17	)
12/31/2014 - 06/30/2015		10.00		0.13		(0.15	)		(0.02	)		(0.04	)		0.00			(0.04	)

+ Unaudited

* Annualized

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

^(b)  Determined in accordance with federal income tax regulations, see Note 2(d) in the Notes to Financial Statements for more information.

30 PIMCO EQUITY SERIES See Accompanying Notes

Net Asset Value End of Year or Period		Total Return			Net Assets End of Year or Period (000s)		Ratio of Expenses to Average Net Assets			Ratio of Expenses to Average Net Assets Excluding Waivers			Ratio of Expenses to Average Net Assets Excluding Interest Expense			Ratio of Expenses to Average Net Assets Excluding Interest Expense and Waivers			Ratio of Net Investment Income to Average Net Assets			Portfolio Turnover Rate
$	9.38		(5.83	)%	$	9		0.55	%*		0.55	%*		0.55	%*		0.55	%*		2.56	%*		5	%
	10.09		1.16			10		0.55	*		1.08	*		0.55	*		1.08	*		1.86	*		6
$	9.40		(5.48	)%	$	2,916		0.05	%*		0.05	%*		0.05	%*		0.05	%*		3.04	%*		4	%
	10.11		1.59			3,046		0.05	*		0.58	*		0.05	*		0.58	*		2.39	*		6
	9.40		(5.56	)		13		0.30	*		0.30	*		0.30	*		0.30	*		2.77	*		4
	10.10		1.39			14		0.30	*		0.83	*		0.30	*		0.83	*		2.33	*		6
	9.38		(5.76	)		72		0.55	*		0.55	*		0.55	*		0.55	*		3.26	*		4
	10.10		1.31			15		0.55	*		1.08	*		0.55	*		1.08	*		2.05	*		6
$	9.39		(5.53	)%	$	2,892		0.05	%*		0.05	%*		0.05	%*		0.05	%*		3.03	%*		5	%
	10.11		1.58			3,048		0.05	*		0.58	*		0.05	*		0.58	*		2.39	*		5
	9.39		(5.70	)		10		0.30	*		0.30	*		0.30	*		0.30	*		2.77	*		5
	10.11		1.47			11		0.30	*		0.83	*		0.30	*		0.83	*		2.18	*		5
	9.37		(5.87	)		62		0.55	*		0.55	*		0.55	*		0.55	*		2.53	*		5
	10.09		1.28			66		0.55	*		1.08	*		0.55	*		1.08	*		2.53	*		5
$	9.49		(2.66	)%	$	3,013		0.03	%*		0.03	%*		0.03	%*		0.03	%*		4.04	%*		6	%
	9.95		(0.02	)		3,035		0.03	*		0.56	*		0.03	*		0.56	*		2.03	*		4
	9.49		(2.78	)		10		0.28	*		0.28	*		0.28	*		0.28	*		3.46	*		6
	9.94		(0.21	)		14		0.28	*		0.81	*		0.28	*		0.81	*		1.84	*		4
	9.49		(2.90	)		57		0.53	*		0.53	*		0.53	*		0.53	*		3.48	*		6
	9.94		(0.22	)		73		0.53	*		1.06	*		0.53	*		1.06	*		2.61	*		4

SEMIANNUAL REPORT DECEMBER 31, 2015 31

Statements of Assets and Liabilities

(Amounts in thousands†, except per share amounts)	PIMCO RealPath™  Blend 2020 Fund			PIMCO RealPath™  Blend 2025 Fund			PIMCO RealPath™  Blend 2030 Fund			PIMCO RealPath™  Blend 2035 Fund
Assets:
Investments, at value
Investments in securities	$	1,210		$	1,841		$	1,815		$	2,337
Investments in Affiliates		1,751			1,755			1,133			916
Financial Derivative Instruments
Exchange-traded or centrally cleared		12			15			13			19
Over the counter		1			1			1			1
Cash		62			77			63			59
Receivable for Fund shares sold		0			0			0			1
Dividends receivable		4			5			3			3
Total Assets		3,040			3,694			3,028			3,336
Liabilities:
Financial Derivative Instruments
Exchange-traded or centrally cleared	$	5		$	8		$	6		$	13
Payable for investments purchased		0			0			0			0
Payable for investments in Affiliates purchased		4			5			3			3
Payable for Fund shares redeemed		0			736			0			0
Accrued investment advisory fees		0			0			0			0
Accrued reimbursement to PIMCO		0			0			1			0
Total Liabilities		9			749			10			16
Net Assets	$	3,031		$	2,945		$	3,018		$	3,320
Net Assets Consist of:
Paid in capital	$	3,209		$	3,168		$	3,226		$	3,558
Undistributed net investment income		20			21			20			20
Accumulated undistributed net realized gain (loss)		7			3			(4	)		(10	)
Net unrealized (depreciation)		(205	)		(247	)		(224	)		(248	)
	$	3,031		$	2,945		$	3,018		$	3,320
Net Assets:
Institutional Class	$	3,011		$	2,920		$	2,994		$	3,301
Administrative Class		10			15			11			10
Class A		10			10			13			9
Shares Issued and Outstanding:
Institutional Class		319			311			321			354
Administrative Class		1			1			1			1
Class A		1			1			1			1
Net Asset Value and Redemption Price^ Per Share Outstanding:
Institutional Class	$	9.43		$	9.41		$	9.34		$	9.33
Administrative Class		9.43			9.41			9.34			9.33
Class A		9.44			9.42			9.34			9.36
Cost of investments in securities	$	1,270		$	1,936		$	1,912		$	2,471
Cost of investments in Affiliates	$	1,891		$	1,900		$	1,255		$	1,025
Cost or premiums of financial derivative instruments, net	$	12		$	15		$	12		$	13

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

^{^}  With respect to the A Class, the redemption price varies by the length of time the shares are held.

32 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2015 (Unaudited)

PIMCO RealPath™  Blend 2040 Fund			PIMCO RealPath™  Blend 2045 Fund			PIMCO RealPath™  Blend 2050 Fund			PIMCO RealPath™  Blend 2055 Fund			PIMCO RealPath™  Blend Income Fund
$	2,223		$	2,408		$	2,480		$	2,450		$	1,000
	667			526			451			445			2,009
	15			15			15			15			12
	1			1			1			1			1
	63			63			63			62			63
	0			1			0			0			0
	2			2			2			2			4
	2,971			3,016			3,012			2,975			3,089
$	9		$	9		$	9		$	9		$	5
	0			0			2			2			4
	2			2			0			0			0
	0			0			0			0			0
	1			1			0			0			0
	0			0			0			0			0
	12			12			11			11			9
$	2,959		$	3,004		$	3,001		$	2,964		$	3,080
$	3,145		$	3,203		$	3,192		$	3,157		$	3,243
	23			24			21			22			19
	(8	)		(12	)		(10	)		(12	)		5
	(201	)		(211	)		(202	)		(203	)		(187	)
$	2,959		$	3,004		$	3,001		$	2,964		$	3,080
$	2,895		$	2,958		$	2,916		$	2,892		$	3,013
	33			37			13			10			10
	31			9			72			62			57
	308			316			310			308			318
	4			4			1			1			2
	3			1			8			7			5
$	9.39		$	9.37		$	9.40		$	9.39		$	9.49
	9.39			9.37			9.40			9.39			9.49
	9.39			9.38			9.38			9.37			9.49
$	2,344		$	2,550		$	2,620		$	2,592		$	1,042
$	743		$	590		$	507		$	501		$	2,149
$	11		$	12		$	13		$	13		$	12

SEMIANNUAL REPORT DECEMBER 31, 2015 33

Statements of Operations

Six Months Ended December 31, 2015
(Amounts in thousands†)	PIMCO RealPath™  Blend 2020 Fund			PIMCO RealPath™  Blend 2025 Fund			PIMCO RealPath™  Blend 2030 Fund			PIMCO RealPath™  Blend 2035 Fund
Investment Income:
Dividends	$	17		$	28		$	27		$	34
Dividends from Investments in Affiliates		46			44			30			22
Total Income		63			72			57			56
Expenses:
Investment advisory fees		0			0			0			1
Supervisory and administrative fees		1			1			1			0
Total Expenses		1			1			1			1
Net Investment Income		62			71			56			55
Net Realized Gain (Loss):
Investments in securities		(1	)		(1	)		(2	)		(1	)
Investments in Affiliates		(2	)		(2	)		(2	)		(3	)
Net capital gain distributions received from Affiliate investments		27			25			15			11
Over the counter financial derivative instruments		(19	)		(22	)		(19	)		(20	)
Net Realized Gain (Loss)		5			0			(8	)		(13	)
Net Change in Unrealized (Depreciation):
Investments in securities		(71	)		(105	)		(106	)		(151	)
Investments in Affiliates		(98	)		(107	)		(83	)		(73	)
Exchange-traded or centrally cleared financial derivative instruments		(5	)		(5	)		(5	)		(5	)
Over the counter financial derivative instruments		(1	)		(2	)		(1	)		(1	)
Net Change in Unrealized (Depreciation)		(175	)		(219	)		(195	)		(230	)
Net (Decrease) in Net Assets Resulting from Operations	$	(108	)	$	(148	)	$	(147	)	$	(188	)

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

34 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

PIMCO RealPath™  Blend 2040 Fund			PIMCO RealPath™  Blend 2045 Fund			PIMCO RealPath™  Blend 2050 Fund			PIMCO RealPath™  Blend 2055 Fund			PIMCO RealPath™  Blend Income Fund
$	32		$	35		$	35		$	35		$	15
	17			14			13			13			51
	49			49			48			48			66
	1			1			1			1			0
	0			0			0			0			1
	1			1			1			1			1
	48			48			47			47			65
	0			(2	)		(2	)		(2	)		1
	(2	)		(2	)		(1	)		(2	)		(3	)
	10			8			8			8			25
	(19	)		(19	)		(19	)		(19	)		(19	)
	(11	)		(15	)		(14	)		(15	)		4
	(141	)		(168	)		(165	)		(167	)		(48	)
	(48	)		(39	)		(34	)		(33	)		(98	)
	(5	)		(4	)		(5	)		(5	)		(5	)
	(1	)		(1	)		(1	)		(1	)		(1	)
	(195	)		(212	)		(205	)		(206	)		(152	)
$	(158	)	$	(179	)	$	(172	)	$	(174	)	$	(83	)

SEMIANNUAL REPORT DECEMBER 31, 2015 35

Statements of Changes in Net Assets

	PIMCO RealPath™ Blend 2020 Fund						PIMCO RealPath™ Blend 2025 Fund						PIMCO RealPath™ Blend 2030 Fund						PIMCO RealPath™ Blend 2035 Fund
(Amounts in thousands†)	Six Months Ended December 31, 2015 (Unaudited)			Inception date through June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Inception date through June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Inception date through June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Inception date through June 30, 2015
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	62		$	33		$	71		$	36		$	56		$	39		$	55		$	38
Net realized gain (loss)		5			4			0			5			(8	)		5			(13	)		6
Net change in unrealized appreciation (depreciation)		(175	)		(30	)		(219	)		(28	)		(195	)		(29	)		(230	)		(18	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(108	)		7			(148	)		13			(147	)		15			(188	)		26
Distributions to Shareholders:
From net investment income (a)
Institutional Class		(55	)		(15	)		(66	)		(15	)		(53	)		(15	)		(51	)		(15	)
Administrative Class		(0	)		(0	)		(0	)		(0	)		(0	)		(0	)		(0	)		(0	)
Class A		(0	)		(0	)		(0	)		(0	)		(0	)		(0	)		(0	)		(0	)
From net realized capital gains (a)
Institutional Class		(7	)		0			(7	)		0			(9	)		0			(10	)		0
Administrative Class		(0	)		0			(0	)		0			(0	)		0			(0	)		0
Class A		(0	)		0			(0	)		0			(0	)		0			(0	)		0
Total Distributions		(62	)		(15	)		(73	)		(15	)		(62	)		(15	)		(61	)		(15	)
Portfolio Share Transactions:
Net increase resulting from Fund share transactions**		174			3,035			114			3,054			192			3,035			510			3,048
Total Increase (Decrease) in Net Assets		4			3,027			(107	)		3,052			(17	)		3,035			261			3,059
Net Assets:
Beginning of period		3,027			0			3,052			0			3,035			0			3,059			0
End of period*	$	3,031		$	3,027		$	2,945		$	3,052		$	3,018		$	3,035		$	3,320		$	3,059
* Including undistributed net investment income of:	$	20		$	13		$	21		$	16		$	20		$	17		$	20		$	16

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

^(a)  Determined in accordance with federal income tax regulations, see Note 2(d) in the Notes to Financial Statements for more information.

** See Note 11 in Notes to Financial Statements.

36 PIMCO EQUITY SERIES See Accompanying Notes

PIMCO RealPath™ Blend 2040 Fund						PIMCO RealPath™ Blend 2045 Fund						PIMCO RealPath™ Blend 2050 Fund						PIMCO RealPath™ Blend 2055 Fund						PIMCO RealPath™ Blend Income Fund
Six Months Ended December 31, 2015 (Unaudited)			Inception date through June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Inception date through June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Inception date through June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Inception date through June 30, 2015			Six Months Ended December 31, 2015 (Unaudited)			Inception date through June 30, 2015
$	48		$	37		$	48		$	36		$	47		$	37		$	47		$	37		$	65		$	31
	(11	)		5			(15	)		6			(14	)		6			(15	)		6			4			1
	(195	)		(6	)		(212	)		1			(205	)		3			(206	)		3			(152	)		(35	)
	(158	)		36			(179	)		43			(172	)		46			(174	)		46			(83	)		(3	)
	(40	)		(15	)		(39	)		(15	)		(40	)		(15	)		(40	)		(15	)		(56	)		(15	)
	(0	)		(0	)		(0	)		(0	)		(0	)		(0	)		(0	)		(0	)		(0	)		(0	)
	(0	)		(0	)		(0	)		(0	)		(1	)		(0	)		(1	)		(0	)		(1	)		(0	)
	(9	)		0			(9	)		0			(8	)		0			(9	)		0			(5	)		0
	(0	)		0			(0	)		0			(0	)		0			(0	)		0			(0	)		0
	(0	)		0			(0	)		0			(0	)		0			(0	)		0			(0	)		0
	(49	)		(15	)		(48	)		(15	)		(49	)		(15	)		(50	)		(15	)		(62	)		(15	)
	107			3,038			138			3,065			147			3,044			63			3,094			103			3,140
	(100	)		3,059			(89	)		3,093			(74	)		3,075			(161	)		3,125			(42	)		3,122
	3,059			0			3,093			0			3,075			0			3,125			0			3,122			0
$	2,959		$	3,059		$	3,004		$	3,093		$	3,001		$	3,075		$	2,964		$	3,125		$	3,080		$	3,122
$	23		$	15		$	24		$	15		$	21		$	15		$	22		$	16		$	19		$	11

SEMIANNUAL REPORT DECEMBER 31, 2015 37

Schedule of Investments PIMCO RealPath^™ Blend 2020 Fund

		SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 39.9%
MUTUAL FUNDS 39.8%
Vanguard 500 Index Fund ‘Admiral’			2,405	$		453
Vanguard Developed Markets Index Fund ‘Admiral’			19,080			226
Vanguard Emerging Markets Stock Index Fund ‘Admiral’			8,217			225
Vanguard REIT Index Fund ‘Admiral’			1,384			156
Vanguard Small-Cap Index Fund ‘Admiral’			2,773			147
Total Mutual Funds (Cost $1,267)						1,207
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.1%
U.S. TREASURY BILLS 0.1%
0.204% due 01/14/2016	$		3			3
Total Short-Term Instruments (Cost $3)						3
Total Investments in Securities (Cost $1,270)						1,210

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 57.8%
MUTUAL FUNDS (a) 57.8%
PIMCO Emerging Local Bond Fund		11,285	$		75
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		23,115			229
PIMCO High Yield Fund		18,362			152
PIMCO Long Duration Total Return Fund		21,325			228
PIMCO Real Return Asset Fund		39,405			302
PIMCO Real Return Fund		28,962			304
PIMCO Total Return Fund		45,781			461
Total Mutual Funds (Cost $1,891)					1,751
Total Investments in Affiliates (Cost $1,891)					1,751
Total Investments 97.7% (Cost $3,161)			$		2,961
Financial Derivative Instruments (b)(c) 0.3%
(Cost or Premiums, net $12)					8
Other Assets and Liabilities, net 2.0%					62
Net Assets 100.0%			$		3,031

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

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

(a) Institutional Class Shares of each Fund.

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

PURCHASED OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Cost		Market Value
Put - CBOE S&P 500 Index		1,650.000		01/15/2016		1	$	5	$	0
Put - CBOE S&P 500 Index		1,750.000		03/18/2016		2		9		2
Put - CBOE S&P 500 Index		1,850.000		06/17/2016		1		6		5
Put - CBOE S&P 500 Index		1,750.000		09/16/2016		1		7		5
							$	27	$	12
Total Purchased Options							$	27	$	12

WRITTEN OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Premiums (Received)			Market Value
Put - CBOE S&P 500 Index		1,500.000		01/15/2016		1	$	(3	)	$	0
Put - CBOE S&P 500 Index		1,600.000		03/18/2016		2		(5	)		(1	)
Put - CBOE S&P 500 Index		1,650.000		06/17/2016		1		(3	)		(2	)
Put - CBOE S&P 500 Index		1,500.000		09/16/2016		1		(4	)		(2	)
							$	(15	)	$	(5	)
Total Written Options							$	(15	)	$	(5	)

38 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2015 (Unaudited)

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, 2015:

	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	$	12	$	0	$	0	$	12	$	(5)	$	0	$	0	$	(5)

(c)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS FOR THE PERIOD ENDED DECEMBER 31, 2015:

	# of Contracts		Premiums
Balance at Beginning of Period		3	$	(9	)
Sales		2		(6	)
Closing Buys		0		0
Expirations		0		0
Exercised		0		0
Balance at End of Period		5	$	(15	)

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY INDICES

Counterparty	Pay/Receive (1)	Underlying Reference	# of Units		Financing Rate	Maturity Date		Notional Amount		Unrealized Appreciation		Swap Agreements, at Value
												Asset		Liability
CBK	Receive	BCOMTR Index		470	3-Month U.S. Treasury Bill rate plus a specified spread		02/16/2016	$	73	$	1	$	1	$	0
Total Swap Agreements										$	1	$	1	$	0

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

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of December 31, 2015:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements		Total Over the Counter		Net Market Value of OTC Derivatives		Collateral (Received)/ Pledged		Net Exposure (2)
CBK	$	0	$	0	$	1	$	1	$	0	$	0	$	0	$	0	$	1	$	0	$	1

⁽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 6, Principal Risks, in the Notes to Financial Statements for more information regarding master netting arrangements.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2015:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	12	$	0	$	0	$	12
Over the counter
Swap Agreements	$	1	$	0	$	0	$	0	$	0	$	1
	$	1	$	0	$	12	$	0	$	0	$	13
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	5	$	0	$	0	$	5

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 39

Schedule of Investments PIMCO RealPath^™ Blend 2020 Fund (Cont.)

December 31, 2015 (Unaudited)

The Effect of Financial Derivative Instruments on the Statements of Operations for the Period Ended December 31, 2015:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts			Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Realized (Loss) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	(19	)	$	0	$	0		$	0	$	0	$	(19	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0		$	0	$	(12	)	$	0	$	0	$	(12	)
Written Options		0			0		7			0		0		7
	$	0		$	0	$	(5	)	$	0	$	0	$	(5	)
Over the counter
Swap Agreements	$	(1	)	$	0	$	0		$	0	$	0	$	(1	)
	$	(1	)	$	0	$	(5	)	$	0	$	0	$	(6	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2015
Investments in Securities, at Value
Mutual Funds	$	1,207	$	0	$	0	$	1,207
Short-Term Instruments
U.S. Treasury Bills		0		3		0		3
	$	1,207	$	3	$	0	$	1,210
Investments in Affiliates, at Value
Mutual Funds		1,751		0		0		1,751
Total Investments	$	2,958	$	3	$	0	$	2,961

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2015
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	12		$	0	$	12
Over the counter		0		1			0		1
	$	0	$	13		$	0	$	13
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared	$	0	$	(5	)	$	0	$	(5	)
Totals	$	2,958	$	11		$	0	$	2,969

There were no significant transfers between Levels 1, 2, or 3 during the period ended December 31, 2015.

40 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RealPath^™ Blend 2025 Fund

December 31, 2015 (Unaudited)

		SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 62.6%
MUTUAL FUNDS 62.5%
Vanguard 500 Index Fund ‘Admiral’			3,413	$		643
Vanguard Developed Markets Index Fund ‘Admiral’			30,991			366
Vanguard Emerging Markets Stock Index Fund ‘Admiral’			13,327			364
Vanguard REIT Index Fund ‘Admiral’			2,529			286
Vanguard Small-Cap Index Fund ‘Admiral’			3,372			179
Total Mutual Funds (Cost $1,933)						1,838
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.1%
U.S. TREASURY BILLS 0.1%
0.204% due 01/14/2016	$		3			3
Total Short-Term Instruments (Cost $3)						3
Total Investments in Securities (Cost $1,936)						1,841

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 59.5%
MUTUAL FUNDS (a) 59.5%
PIMCO Emerging Local Bond Fund		13,727	$		91
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		18,744			186
PIMCO High Yield Fund		33,503			277
PIMCO Long Duration Total Return Fund		25,980			278
PIMCO Real Return Asset Fund		47,793			366
PIMCO Real Return Fund		26,361			277
PIMCO Total Return Fund		27,843			280
Total Mutual Funds (Cost $1,900)					1,755
Total Investments in Affiliates (Cost $1,900)					1,755
Total Investments 122.1% (Cost $3,836)			$		3,596
Financial Derivative Instruments (b)(c) 0.3% (Cost or Premiums, net $15)					8
Other Assets and Liabilities, net (22.4%)					(659	)
Net Assets 100.0%			$		2,945

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

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

(a) Institutional Class Shares of each Fund.

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

PURCHASED OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Cost		Market Value
Put - CBOE S&P 500 Index		1,550.000		01/15/2016		2	$	7	$	0
Put - CBOE S&P 500 Index		1,750.000		03/18/2016		2		9		2
Put - CBOE S&P 500 Index		1,850.000		06/17/2016		1		6		4
Put - CBOE S&P 500 Index		1,600.000		09/16/2016		3		14		9
							$	36	$	15
Total Purchased Options							$	36	$	15

WRITTEN OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Premiums (Received)			Market Value
Put - CBOE S&P 500 Index		1,400.000		01/15/2016		2	$	(4	)	$	0
Put - CBOE S&P 500 Index		1,600.000		03/18/2016		2		(5	)		(1	)
Put - CBOE S&P 500 Index		1,650.000		06/17/2016		1		(3	)		(2	)
Put - CBOE S&P 500 Index		1,450.000		09/16/2016		3		(9	)		(5	)
							$	(21	)	$	(8	)
Total Written Options							$	(21	)	$	(8	)

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 41

Schedule of Investments PIMCO RealPath^™ Blend 2025 Fund (Cont.)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2015:

	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	$	15	$	0	$	0	$	15	$	(8)	$	0	$	0	$	(8)

(c)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS FOR THE PERIOD ENDED DECEMBER 31, 2015:

	# of Contracts		Premiums
Balance at Beginning of Period		4	$	(10	)
Sales		4		(11	)
Closing Buys		0		0
Expirations		0		0
Exercised		0		0
Balance at End of Period		8	$	(21	)

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY INDICES

Counterparty	Pay/Receive (1)	Underlying Reference	# of Units		Financing Rate	Maturity Date		Notional Amount		Unrealized Appreciation		Swap Agreements, at Value
												Asset		Liability
CBK	Receive	BCOMTR Index		571	3-Month U.S. Treasury Bill rate plus a specified spread		02/16/2016	$	89	$	1	$	1	$	0
Total Swap Agreements										$	1	$	1	$	0

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

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of December 31, 2015:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements		Total Over the Counter		Net Market Value of OTC Derivatives		Collateral (Received)/ Pledged		Net Exposure  (2)
CBK	$	0	$	0	$	1	$	1	$	0	$	0	$	0	$	0	$	1	$	0	$	1

⁽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 6, Principal Risks, in the Notes to Financial Statements for more information regarding master netting arrangements.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2015:

	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	$	15	$	0	$	0	$	15
Over the counter
Swap Agreements	$	1	$	0	$	0	$	0	$	0	$	1
	$	1	$	0	$	15	$	0	$	0	$	16
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	8	$	0	$	0	$	8

42 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2015 (Unaudited)

The Effect of Financial Derivative Instruments on the Statements of Operations for the Period Ended December 31, 2015:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts			Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Realized (Loss) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	(22	)	$	0	$	0		$	0	$	0	$	(22	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0		$	0	$	(15	)	$	0	$	0	$	(15	)
Written Options		0			0		10			0		0		10
	$	0		$	0	$	(5	)	$	0	$	0	$	(5	)
Over the counter
Swap Agreements	$	(2	)	$	0	$	0		$	0	$	0	$	(2	)
	$	(2	)	$	0	$	(5	)	$	0	$	0	$	(7	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2015
Investments in Securities, at Value
Mutual Funds	$	1,838	$	0	$	0	$	1,838
Short-Term Instruments
U.S. Treasury Bills		0		3		0		3
	$	1,838	$	3	$	0	$	1,841
Investments in Affiliates, at Value
Mutual Funds		1,755		0		0		1,755
Total Investments	$	3,593	$	3	$	0	$	3,596

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2015
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	15		$	0	$	15
Over the counter		0		1			0		1
	$	0	$	16		$	0	$	16
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared	$	0	$	(8	)	$	0	$	(8	)
Totals	$	3,593	$	11		$	0	$	3,604

There were no significant transfers between Levels 1, 2, or 3 during the period ended December 31, 2015.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 43

Schedule of Investments PIMCO RealPath^™ Blend 2030 Fund

		SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 60.2%
MUTUAL FUNDS 60.1%
Vanguard 500 Index Fund ‘Admiral’			3,198	$		603
Vanguard Developed Markets Index Fund ‘Admiral’			31,792			376
Vanguard Emerging Markets Stock Index Fund ‘Admiral’			13,660			373
Vanguard REIT Index Fund ‘Admiral’			2,767			312
Vanguard Small-Cap Index Fund ‘Admiral’			2,765			147
Total Mutual Funds (Cost $1,908)						1,811
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.1%
U.S. TREASURY BILLS 0.1%
0.202% due 01/14/2016	$		4			4
Total Short-Term Instruments (Cost $4)						4
Total Investments in Securities (Cost $1,912)						1,815

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 37.5%
MUTUAL FUNDS (a) 37.5%
PIMCO Emerging Local Bond Fund		22,511	$		150
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		7,685			76
PIMCO High Yield Fund		27,471			227
PIMCO Long Duration Total Return Fund		21,228			227
PIMCO Real Return Asset Fund		39,189			300
PIMCO Real Return Fund		7,239			76
PIMCO Total Return Fund		7,668			77
Total Mutual Funds (Cost $1,255)					1,133
Total Investments in Affiliates (Cost $1,255)					1,133
Total Investments 97.7% (Cost $3,167)			$		2,948
Financial Derivative Instruments (b)(c) 0.2% (Cost or Premiums, net $12)					8
Other Assets and Liabilities, net 2.1%					62
Net Assets 100.0%			$		3,018

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

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

(a) Institutional Class Shares of each Fund.

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

PURCHASED OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Cost		Market Value
Put - CBOE S&P 500 Index		1,550.000		01/15/2016		2	$	8	$	0
Put - CBOE S&P 500 Index		1,700.000		03/18/2016		2		7		2
Put - CBOE S&P 500 Index		1,750.000		06/17/2016		2		8		6
Put - CBOE S&P 500 Index		1,550.000		09/16/2016		2		8		5
							$	31	$	13
Total Purchased Options							$	31	$	13

WRITTEN OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Premiums (Received)			Market Value
Put - CBOE S&P 500 Index		1,450.000		01/15/2016		2	$	(6	)	$	0
Put - CBOE S&P 500 Index		1,550.000		03/18/2016		2		(4	)		(1	)
Put - CBOE S&P 500 Index		1,600.000		06/17/2016		2		(5	)		(3	)
Put - CBOE S&P 500 Index		1,350.000		09/16/2016		2		(4	)		(2	)
							$	(19	)	$	(6	)
Total Written Options							$	(19	)	$	(6	)

44 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2015 (Unaudited)

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, 2015:

	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	$	13	$	0	$	0	$	13	$	(6	)	$	0	$	0	$	(6)

(c) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS FOR THE PERIOD ENDED DECEMBER 31, 2015:

	# of Contracts		Premiums
Balance at Beginning of Period		4	$	(10	)
Sales		4		(9	)
Closing Buys		0		0
Expirations		0		0
Exercised		0		0
Balance at End of Period		8	$	(19	)

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY INDICES

Counterparty	Pay/Receive (1)	Underlying Reference	# of Units		Financing Rate	Maturity Date		Notional Amount		Unrealized Appreciation		Swap Agreements, at Value
												Asset		Liability
CBK	Receive	BCOMTR Index		468	3-Month U.S. Treasury Bill rate plus a specified spread		02/16/2016	$	73	$	1	$	1	$	0
Total Swap Agreements										$	1	$	1	$	0

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

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of December 31, 2015:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements		Total Over the Counter		Net Market Value of OTC Derivatives		Collateral (Received)/ Pledged		Net Exposure  (2)
CBK	$	0	$	0	$	1	$	1	$	0	$	0	$	0	$	0	$	1	$	0	$	1

⁽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 6, Principal Risks, in the Notes to Financial Statements for more information regarding master netting arrangements.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2015:

	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	$	13	$	0	$	0	$	13
Over the counter
Swap Agreements	$	1	$	0	$	0	$	0	$	0	$	1
	$	1	$	0	$	13	$	0	$	0	$	14
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	6	$	0	$	0	$	6

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 45

Schedule of Investments PIMCO RealPath^™ Blend 2030 Fund (Cont.)

December 31, 2015 (Unaudited)

The Effect of Financial Derivative Instruments on the Statements of Operations for the Period Ended December 31, 2015:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts			Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Realized (Loss) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	(19	)	$	0	$	0		$	0	$	0	$	(19	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0		$	0	$	(13	)	$	0	$	0	$	(13	)
Written Options		0			0		8			0		0		8
	$	0		$	0	$	(5	)	$	0	$	0	$	(5	)
Over the counter
Swap Agreements	$	(1	)	$	0	$	0		$	0	$	0	$	(1	)
	$	(1	)	$	0	$	(5	)	$	0	$	0	$	(6	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2015
Investments in Securities, at Value
Mutual Funds	$	1,811	$	0	$	0	$	1,811
Short-Term Instruments
U.S. Treasury Bills		0		4		0		4
	$	1,811	$	4	$	0	$	1,815
Investments in Affiliates, at Value
Mutual Funds		1,133		0		0		1,133
Total Investments	$	2,944	$	4	$	0	$	2,948

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2015
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	13		$	0	$	13
Over the counter		0		1			0		1
	$	0	$	14		$	0	$	14
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared	$	0	$	(6	)	$	0	$	(6	)
Totals	$	2,944	$	12		$	0	$	2,956

There were no significant transfers between Levels 1, 2, or 3 during the period ended December 31, 2015.

46 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RealPath^™ Blend 2035 Fund

December 31, 2015 (Unaudited)

		SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 70.4%
MUTUAL FUNDS 70.3%
Vanguard 500 Index Fund ‘Admiral’			3,981	$		750
Vanguard Developed Markets Index Fund ‘Admiral’			42,232			499
Vanguard Emerging Markets Stock Index Fund ‘Admiral’			18,136			496
Vanguard REIT Index Fund ‘Admiral’			3,053			345
Vanguard Small-Cap Index Fund ‘Admiral’			4,589			243
Total Mutual Funds (Cost $2,467)						2,333
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.1%
U.S. TREASURY BILLS 0.1%
0.202% due 01/14/2016	$		4			4
Total Short-Term Instruments (Cost $4)						4
Total Investments in Securities (Cost $2,471)						2,337

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 27.6%
MUTUAL FUNDS (a) 27.6%
PIMCO Emerging Local Bond Fund		24,906	$		166
PIMCO High Yield Fund		20,262			167
PIMCO Long Duration Total Return Fund		23,486			251
PIMCO Real Return Asset Fund		43,358			332
Total Mutual Funds (Cost $1,025)					916
Total Investments in Affiliates (Cost $1,025)					916
Total Investments 98.0% (Cost $3,496)			$		3,253
Financial Derivative Instruments (b)(c) 0.2% (Cost or Premiums, net $13)					7
Other Assets and Liabilities, net 1.8%					60
Net Assets 100.0%			$		3,320

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

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

(a) Institutional Class Shares of each Fund.

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

PURCHASED OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Cost		Market Value
Put - CBOE S&P 500 Index		1,550.000		01/15/2016		2	$	8	$	0
Put - CBOE S&P 500 Index		1,700.000		03/18/2016		2		7		2
Put - CBOE S&P 500 Index		1,700.000		06/17/2016		3		10		7
Put - CBOE S&P 500 Index		1,650.000		09/16/2016		3		17		10
							$	42	$	19
Total Purchased Options							$	42	$	19

WRITTEN OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Premiums (Received)			Market Value
Put - CBOE S&P 500 Index		1,450.000		01/15/2016		2	$	(6	)	$	0
Put - CBOE S&P 500 Index		1,550.000		03/18/2016		2		(4	)		(1	)
Put - CBOE S&P 500 Index		1,600.000		06/17/2016		3		(7	)		(5	)
Put - CBOE S&P 500 Index		1,550.000		09/16/2016		3		(12	)		(7	)
							$	(29	)	$	(13	)
Total Written Options							$	(29	)	$	(13	)

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 47

Schedule of Investments PIMCO RealPath^™ Blend 2035 Fund (Cont.)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2015:

	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	$	19	$	0	$	0	$	19	$	(13	)	$	0	$	0	$	(13	)

(c) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS FOR THE PERIOD ENDED DECEMBER 31, 2015:

	# of Contracts		Premiums
Balance at Beginning of Period		4	$	(10	)
Sales		6		(19	)
Closing Buys		0		0
Expirations		0		0
Exercised		0		0
Balance at End of Period		10	$	(29	)

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY INDICES

						Maturity Date		Notional Amount		Unrealized Appreciation		Swap Agreements, at Value
Counterparty	Pay/Receive (1)	Underlying Reference	# of Units		Financing Rate							Asset		Liability
CBK	Receive	BCOMTR Index		518	3-Month U.S. Treasury Bill rate plus a specified spread		02/16/2016	$	81	$	1	$	1	$	0
Total Swap Agreements										$	1	$	1	$	0

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

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of December 31, 2015:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements		Total Over the Counter		Net Market Value of OTC Derivatives		Collateral (Received)/ Pledged		Net Exposure  (2)
CBK	$	0	$	0	$	1	$	1	$	0	$	0	$	0	$	0	$	1	$	0	$	1

⁽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 6, Principal Risks, in the Notes to Financial Statements for more information regarding master netting arrangements.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2015:

	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	$	19	$	0	$	0	$	19
Over the counter
Swap Agreements	$	1	$	0	$	0	$	0	$	0	$	1
	$	1	$	0	$	19	$	0	$	0	$	20
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	13	$	0	$	0	$	13

48 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2015 (Unaudited)

The Effect of Financial Derivative Instruments on the Statements of Operations for the Period Ended December 31, 2015:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts			Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Realized (Loss) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	(20	)	$	0	$	0		$	0	$	0	$	(20	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0		$	0	$	(17	)	$	0	$	0	$	(17	)
Written Options		0			0		12			0		0		12
	$	0		$	0	$	(5	)	$	0	$	0	$	(5	)
Over the counter
Swap Agreements	$	(1	)	$	0	$	0		$	0	$	0	$	(1	)
	$	(1	)	$	0	$	(5	)	$	0	$	0	$	(6	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2015
Investments in Securities, at Value
Mutual Funds	$	2,333	$	0	$	0	$	2,333
Short-Term Instruments
U.S. Treasury Bills		0		4		0		4
	$	2,333	$	4	$	0	$	2,337
Investments in Affiliates, at Value
Mutual Funds		916		0		0		916
Total Investments	$	3,249	$	4	$	0	$	3,253

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2015
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	19		$	0	$	19
Over the counter		0		1			0		1
	$	0	$	20		$	0	$	20
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared	$	0	$	(13	)	$	0	$	(13	)
Totals	$	3,249	$	11		$	0	$	3,260

There were no significant transfers between Levels 1, 2, or 3 during the period ended December 31, 2015.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 49

Schedule of Investments PIMCO RealPath^™ Blend 2040 Fund

		SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 75.1%
MUTUAL FUNDS 75.0%
Vanguard 500 Index Fund ‘Admiral’			3,930	$		741
Vanguard Developed Markets Index Fund ‘Admiral’			37,483			443
Vanguard Emerging Markets Stock Index Fund ‘Admiral’			16,115			440
Vanguard REIT Index Fund ‘Admiral’			2,718			307
Vanguard Small-Cap Index Fund ‘Admiral’			5,437			288
Total Mutual Funds (Cost $2,340)						2,219
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.1%
U.S. TREASURY BILLS 0.1%
0.192% due 01/14/2016	$		4			4
Total Short-Term Instruments (Cost $4)						4
Total Investments in Securities (Cost $2,344)						2,223

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 22.6%
MUTUAL FUNDS (a) 22.6%
PIMCO Emerging Local Bond Fund		10,928	$		73
PIMCO High Yield Fund		18,006			149
PIMCO Long Duration Total Return Fund		20,949			224
PIMCO Real Return Asset Fund		28,897			221
Total Mutual Funds (Cost $743)					667
Total Investments in Affiliates (Cost $743)					667
Total Investments 97.7% (Cost $3,087)			$		2,890
Financial Derivative Instruments (b)(c) 0.2% (Cost or Premiums, net $11)					7
Other Assets and Liabilities, net 2.1%					62
Net Assets 100.0%			$		2,959

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

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

(a) Institutional Class Shares of each Fund.

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

PURCHASED OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Cost		Market Value
Put - CBOE S&P 500 Index		1,500.000		01/15/2016		2	$	7	$	0
Put - CBOE S&P 500 Index		1,650.000		03/18/2016		3		9		2
Put - CBOE S&P 500 Index		1,700.000		06/17/2016		3		10		7
Put - CBOE S&P 500 Index		1,600.000		09/16/2016		2		10		6
							$	36	$	15
Total Purchased Options							$	36	$	15

WRITTEN OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Premiums (Received)			Market Value
Put - CBOE S&P 500 Index		1,400.000		01/15/2016		2	$	(5	)	$	0
Put - CBOE S&P 500 Index		1,550.000		03/18/2016		3		(7	)		(1	)
Put - CBOE S&P 500 Index		1,600.000		06/17/2016		3		(7	)		(5	)
Put - CBOE S&P 500 Index		1,450.000		09/16/2016		2		(6	)		(3	)
							$	(25	)	$	(9	)
Total Written Options							$	(25	)	$	(9	)

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, 2015:

	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	$	15	$	0	$	0	$	15	$	(9	)	$	0	$	0	$	(9	)

50 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2015 (Unaudited)

(c)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS FOR THE PERIOD ENDED DECEMBER 31, 2015:

	# of Contracts		Premiums
Balance at Beginning of Period		5	$	(11	)
Sales		5		(14	)
Closing Buys		0		0
Expirations		0		0
Exercised		0		0
Balance at End of Period		10	$	(25	)

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY INDICES

Counterparty	Pay/Receive (1)	Underlying Reference	# of Units		Financing Rate	Maturity Date		Notional Amount		Unrealized Appreciation		Swap Agreements, at Value
												Asset		Liability
CBK	Receive	BCOMTR Index		460	3-Month U.S. Treasury Bill rate plus a specified spread		02/16/2016	$	72	$	1	$	1	$	0
Total Swap Agreements										$	1	$	1	$	0

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

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of December 31, 2015:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements		Total Over the Counter		Net Market Value of OTC Derivatives		Collateral (Received)/ Pledged		Net Exposure  (2)
CBK	$	0	$	0	$	1	$	1	$	0	$	0	$	0	$	0	$	1	$	0	$	1

⁽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 6, Principal Risks, in the Notes to Financial Statements for more information regarding master netting arrangements.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2015:

	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	$	15	$	0	$	0	$	15
Over the counter
Swap Agreements	$	1	$	0	$	0	$	0	$	0	$	1
	$	1	$	0	$	15	$	0	$	0	$	16
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	9	$	0	$	0	$	9

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 51

Schedule of Investments PIMCO RealPath^™ Blend 2040 Fund (Cont.)

December 31, 2015 (Unaudited)

The Effect of Financial Derivative Instruments on the Statements of Operations for the Period Ended December 31, 2015:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts			Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Realized (Loss) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	(19	)	$	0	$	0		$	0	$	0	$	(19	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0		$	0	$	(15	)	$	0	$	0	$	(15	)
Written Options		0			0		10			0		0		10
	$	0		$	0	$	(5	)	$	0	$	0	$	(5	)
Over the counter
Swap Agreements	$	(1	)	$	0	$	0		$	0	$	0	$	(1	)
	$	(1	)	$	0	$	(5	)	$	0	$	0	$	(6	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2015
Investments in Securities, at Value
Mutual Funds	$	2,219	$	0	$	0	$	2,219
Short-Term Instruments
U.S. Treasury Bills		0		4		0		4
	$	2,219	$	4	$	0	$	2,223
Investments in Affiliates, at Value
Mutual Funds		667		0		0		667
Total Investments	$	2,886	$	4	$	0	$	2,890

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2015
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	15		$	0	$	15
Over the counter		0		1			0		1
	$	0	$	16		$	0	$	16
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared	$	0	$	(9	)	$	0	$	(9	)
Totals	$	2,886	$	11		$	0	$	2,897

There were no significant transfers between Levels 1, 2, or 3 during the period ended December 31, 2015.

52 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RealPath^™ Blend 2045 Fund

December 31, 2015 (Unaudited)

		SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 80.2%
MUTUAL FUNDS 80.1%
Vanguard 500 Index Fund ‘Admiral’			3,991	$		752
Vanguard Developed Markets Index Fund ‘Admiral’			44,412			525
Vanguard Emerging Markets Stock Index Fund ‘Admiral’			19,090			522
Vanguard REIT Index Fund ‘Admiral’			2,761			312
Vanguard Small-Cap Index Fund ‘Admiral’			5,521			293
Total Mutual Funds (Cost $2,546)						2,404
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.1%
U.S. TREASURY BILLS 0.1%
0.202% due 01/14/2016	$		4			4
Total Short-Term Instruments (Cost $4)						4
Total Investments in Securities (Cost $2,550)						2,408

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 17.5%
MUTUAL FUNDS (a) 17.5%
PIMCO Emerging Local Bond Fund		11,099	$		74
PIMCO High Yield Fund		9,032			75
PIMCO Long Duration Total Return Fund		21,276			227
PIMCO Real Return Asset Fund		19,658			150
Total Mutual Funds (Cost $590)					526
Total Investments in Affiliates (Cost $590)					526
Total Investments 97.7% (Cost $3,140)			$		2,934
Financial Derivative Instruments (b)(c) 0.2% (Cost or Premiums, net $12)					7
Other Assets and Liabilities, net 2.1%					63
Net Assets 100.0%			$		3,004

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

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

(a) Institutional Class Shares of each Fund.

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

PURCHASED OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Cost		Market Value
Put - CBOE S&P 500 Index		1,500.000		01/15/2016		3	$	10	$	0
Put - CBOE S&P 500 Index		1,650.000		03/18/2016		3		9		2
Put - CBOE S&P 500 Index		1,700.000		06/17/2016		3		10		7
Put - CBOE S&P 500 Index		1,600.000		09/16/2016		2		10		6
							$	39	$	15
Total Purchased Options							$	39	$	15

WRITTEN OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Premiums (Received)			Market Value
Put - CBOE S&P 500 Index		1,400.000		01/15/2016		3	$	(7	)	$	0
Put - CBOE S&P 500 Index		1,550.000		03/18/2016		3		(7	)		(1	)
Put - CBOE S&P 500 Index		1,600.000		06/17/2016		3		(7	)		(5	)
Put - CBOE S&P 500 Index		1,450.000		09/16/2016		2		(6	)		(3	)
							$	(27	)	$	(9	)
Total Written Options							$	(27	)	$	(9	)

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, 2015:

	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	$	15	$	0	$	0	$	15	$	(9)	$	0	$	0	$	(9)

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 53

Schedule of Investments PIMCO RealPath^™ Blend 2045 Fund (Cont.)

(c)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS FOR THE PERIOD ENDED DECEMBER 31, 2015:

	# of Contracts		Premiums
Balance at Beginning of Period		6	$	(14	)
Sales		5		(13	)
Closing Buys		0		0
Expirations		0		0
Exercised		0		0
Balance at End of Period		11	$	(27	)

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY INDICES

Counterparty	Pay/Receive (1)	Underlying Reference	# of Units		Financing Rate	Maturity Date		Notional Amount		Unrealized Appreciation		Swap Agreements, at Value
												Asset		Liability
CBK	Receive	BCOMTR Index		468	3-Month U.S. Treasury Bill rate plus a specified spread		02/16/2016	$	73	$	1	$	1	$	0
Total Swap Agreements										$	1	$	1	$	0

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

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of December 31, 2015:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements		Total Over the Counter		Net Market Value of OTC Derivatives		Collateral (Received)/ Pledged		Net Exposure  (2)
CBK	$	0	$	0	$	1	$	1	$	0	$	0	$	0	$	0	$	1	$	0	$	1

⁽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 6, Principal Risks, in the Notes to Financial Statements for more information regarding master netting arrangements.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2015:

	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	$	15	$	0	$	0	$	15
Over the counter
Swap Agreements	$	1	$	0	$	0	$	0	$	0	$	1
	$	1	$	0	$	15	$	0	$	0	$	16
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	9	$	0	$	0	$	9

54 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2015 (Unaudited)

The Effect of Financial Derivative Instruments on the Statements of Operations for the Period Ended December 31, 2015:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts			Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Realized (Loss) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	(19	)	$	0	$	0		$	0	$	0	$	(19	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0		$	0	$	(15	)	$	0	$	0	$	(15	)
Written Options		0			0		11			0		0		11
	$	0		$	0	$	(4	)	$	0	$	0	$	(4	)
Over the counter
Swap Agreements	$	(1	)	$	0	$	0		$	0	$	0	$	(1	)
	$	(1	)	$	0	$	(4	)	$	0	$	0	$	(5	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2015
Investments in Securities, at Value
Mutual Funds	$	2,404	$	0	$	0	$	2,404
Short-Term Instruments
U.S. Treasury Bills		0		4		0		4
	$	2,404	$	4	$	0	$	2,408
Investments in Affiliates, at Value
Mutual Funds		526		0		0		526
Total Investments	$	2,930	$	4	$	0	$	2,934

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2015
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	15		$	0	$	15
Over the counter		0		1			0		1
	$	0	$	16		$	0	$	16
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared	$	0	$	(9	)	$	0	$	(9	)
Totals	$	2,930	$	11		$	0	$	2,941

There were no significant transfers between Levels 1, 2, or 3 during the period ended December 31, 2015.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 55

Schedule of Investments PIMCO RealPath^™ Blend 2050 Fund

		SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 82.7%
MUTUAL FUNDS 82.5%
Vanguard 500 Index Fund ‘Admiral’			4,385	$		826
Vanguard Developed Markets Index Fund ‘Admiral’			44,363			524
Vanguard Emerging Markets Stock Index Fund ‘Admiral’			19,068			521
Vanguard REIT Index Fund ‘Admiral’			2,757			312
Vanguard Small-Cap Index Fund ‘Admiral’			5,514			293
Total Mutual Funds (Cost $2,616)						2,476
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.2%
U.S. TREASURY BILLS 0.2%
0.202% due 01/14/2016	$		4			4
Total Short-Term Instruments (Cost $4)						4
Total Investments in Securities (Cost $2,620)						2,480

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 15.0%
MUTUAL FUNDS (a) 15.0%
PIMCO Emerging Local Bond Fund		11,086	$		74
PIMCO High Yield Fund		9,022			75
PIMCO Long Duration Total Return Fund		21,254			227
PIMCO Real Return Asset Fund		9,819			75
Total Mutual Funds (Cost $507)					451
Total Investments in Affiliates (Cost $507)					451
Total Investments 97.7% (Cost $3,127)			$		2,931
Financial Derivative Instruments (b)(c) 0.2% (Cost or Premiums, net $13)					7
Other Assets and Liabilities, net 2.1%					63
Net Assets 100.0%			$		3,001

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

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

(a) Institutional Class Shares of each Fund.

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

PURCHASED OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Cost		Market Value
Put - CBOE S&P 500 Index		1,550.000		01/15/2016		3	$	12	$	0
Put - CBOE S&P 500 Index		1,650.000		03/18/2016		3		9		2
Put - CBOE S&P 500 Index		1,700.000		06/17/2016		3		10		7
Put - CBOE S&P 500 Index		1,600.000		09/16/2016		2		10		6
							$	41	$	15
Total Purchased Options							$	41	$	15

WRITTEN OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Premiums (Received)			Market Value
Put - CBOE S&P 500 Index		1,450.000		01/15/2016		3	$	(8	)	$	0
Put - CBOE S&P 500 Index		1,550.000		03/18/2016		3		(7	)		(1	)
Put - CBOE S&P 500 Index		1,600.000		06/17/2016		3		(7	)		(5	)
Put - CBOE S&P 500 Index		1,450.000		09/16/2016		2		(6	)		(3	)
							$	(28	)	$	(9	)
Total Written Options							$	(28	)	$	(9	)

56 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2015 (Unaudited)

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, 2015:

	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	$	15	$	0	$	0	$	15	$	(9)	$	0	$	0	$	(9)

(c)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS FOR THE PERIOD ENDED DECEMBER 31, 2015:

	# of Contracts		Premiums
Balance at Beginning of Period		6	$	(15	)
Sales		5		(13	)
Closing Buys		0		0
Expirations		0		0
Exercised		0		0
Balance at End of Period		11	$	(28	)

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY INDICES

Counterparty	Pay/Receive (1)	Underlying Reference	# of Units		Financing Rate	Maturity Date		Notional Amount		Unrealized Appreciation		Swap Agreements, at Value
												Asset		Liability
CBK	Receive	BCOMTR Index		467	3-Month U.S. Treasury Bill rate plus a specified spread		02/16/2016	$	73	$	1	$	1	$	0
Total Swap Agreements										$	1	$	1	$	0

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

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of December 31, 2015:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements		Total Over the Counter		Net Market Value of OTC Derivatives		Collateral (Received)/ Pledged		Net Exposure  (2)
CBK	$	0	$	0	$	1	$	1	$	0	$	0	$	0	$	0	$	1	$	0	$	1

⁽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 6, Principal Risks, in the Notes to Financial Statements for more information regarding master netting arrangements.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2015:

	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	$	15	$	0	$	0	$	15
Over the counter
Swap Agreements	$	1	$	0	$	0	$	0	$	0	$	1
	$	1	$	0	$	15	$	0	$	0	$	16
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	9	$	0	$	0	$	9

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 57

Schedule of Investments PIMCO RealPath^™ Blend 2050 Fund (Cont.)

December 31, 2015 (Unaudited)

The Effect of Financial Derivative Instruments on the Statements of Operations for the Period Ended December 31, 2015:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts			Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Realized (Loss) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	(19	)	$	0	$	0		$	0	$	0	$	(19	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0		$	0	$	(17	)	$	0	$	0	$	(17	)
Written Options		0			0		12			0		0		12
	$	0		$	0	$	(5	)	$	0	$	0	$	(5	)
Over the counter
Swap Agreements	$	(1	)	$	0	$	0		$	0	$	0	$	(1	)
	$	(1	)	$	0	$	(5	)	$	0	$	0	$	(6	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2015
Investments in Securities, at Value
Mutual Funds	$	2,476	$	0	$	0	$	2,476
Short-Term Instruments
U.S. Treasury Bills		0		4		0		4
	$	2,476	$	4	$	0	$	2,480
Investments in Affiliates, at Value
Mutual Funds		451		0		0		451
Total Investments	$	2,927	$	4	$	0	$	2,931

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2015
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	15		$	0	$	15
Over the counter		0		1			0		1
	$	0	$	16		$	0	$	16
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared	$	0	$	(9	)	$	0	$	(9	)
Totals	$	2,927	$	11		$	0	$	2,938

There were no significant transfers between Levels 1, 2, or 3 during the period ended December 31, 2015.

58 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RealPath^™ Blend 2055 Fund

December 31, 2015 (Unaudited)

		SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 82.6%
MUTUAL FUNDS 82.5%
Vanguard 500 Index Fund ‘Admiral’			4,332	$		816
Vanguard Developed Markets Index Fund ‘Admiral’			43,833			518
Vanguard Emerging Markets Stock Index Fund ‘Admiral’			18,837			515
Vanguard REIT Index Fund ‘Admiral’			2,725			308
Vanguard Small-Cap Index Fund ‘Admiral’			5,448			289
Total Mutual Funds (Cost $2,588)						2,446
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.1%
U.S. TREASURY BILLS 0.1%
0.202% due 01/14/2016	$		4			4
Total Short-Term Instruments (Cost $4)						4
Total Investments in Securities (Cost $2,592)						2,450

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 15.1%
MUTUAL FUNDS (a) 15.1%
PIMCO Emerging Local Bond Fund		10,954	$		73
PIMCO High Yield Fund		8,914			74
PIMCO Long Duration Total Return Fund		20,999			224
PIMCO Real Return Asset Fund		9,701			74
Total Mutual Funds (Cost $501)					445
Total Investments in Affiliates (Cost $501)					445
Total Investments 97.7% (Cost $3,093)			$		2,895
Financial Derivative Instruments (b)(c) 0.2% (Cost or Premiums, net $13)					7
Other Assets and Liabilities, net 2.1%					62
Net Assets 100.0%			$		2,964

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

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

(a) Institutional Class Shares of each Fund.

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

PURCHASED OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Cost		Market Value
Put - CBOE S&P 500 Index		1,550.000		01/15/2016		3	$	12	$	0
Put - CBOE S&P 500 Index		1,650.000		03/18/2016		3		9		2
Put - CBOE S&P 500 Index		1,700.000		06/17/2016		3		10		7
Put - CBOE S&P 500 Index		1,600.000		09/16/2016		2		10		6
							$	41	$	15
Total Purchased Options							$	41	$	15

WRITTEN OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Premiums (Received)			Market Value
Put - CBOE S&P 500 Index		1,450.000		01/15/2016		3	$	(8	)	$	0
Put - CBOE S&P 500 Index		1,550.000		03/18/2016		3		(7	)		(1	)
Put - CBOE S&P 500 Index		1,600.000		06/17/2016		3		(7	)		(5	)
Put - CBOE S&P 500 Index		1,450.000		09/16/2016		2		(6	)		(3	)
							$	(28	)	$	(9	)
Total Written Options							$	(28	)	$	(9	)

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, 2015:

	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	$	15	$	0	$	0	$	15	$	(9)	$	0	$	0	$	(9)

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 59

Schedule of Investments PIMCO RealPath^™ Blend 2055 Fund (Cont.)

(c)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS FOR THE PERIOD ENDED DECEMBER 31, 2015:

	# of Contracts		Premiums
Balance at Beginning of Period		6	$	(15	)
Sales		5		(13	)
Closing Buys		0		0
Expirations		0		0
Exercised		0		0
Balance at End of Period		11	$	(28	)

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY INDICES

Counterparty	Pay/Receive (1)	Underlying Reference	# of Units		Financing Rate	Maturity Date		Notional Amount		Unrealized Appreciation		Swap Agreements, at Value
												Asset		Liability
CBK	Receive	BCOMTR Index		461	3-Month U.S. Treasury Bill rate plus a specified spread		02/16/2016	$	72	$	1	$	1	$	0
Total Swap Agreements										$	1	$	1	$	0

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

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of December 31, 2015:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements		Total Over the Counter		Net Market Value of OTC Derivatives		Collateral (Received)/ Pledged		Net Exposure  (2)
CBK	$	0	$	0	$	1	$	1	$	0	$	0	$	0	$	0	$	1	$	0	$	1

⁽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 6, Principal Risks, in the Notes to Financial Statements for more information regarding master netting arrangements.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2015:

	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	$	15	$	0	$	0	$	15
Over the counter
Swap Agreements	$	1	$	0	$	0	$	0	$	0	$	1
	$	1	$	0	$	15	$	0	$	0	$	16
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	9	$	0	$	0	$	9

60 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2015 (Unaudited)

The Effect of Financial Derivative Instruments on the Statements of Operations for the Period Ended December 31, 2015:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts			Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Realized (Loss) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	(19	)	$	0	$	0		$	0	$	0	$	(19	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0		$	0	$	(17	)	$	0	$	0	$	(17	)
Written Options		0			0		12			0		0		12
	$	0		$	0	$	(5	)	$	0	$	0	$	(5	)
Over the counter
Swap Agreements	$	(1	)	$	0	$	0		$	0	$	0	$	(1	)
	$	(1	)	$	0	$	(5	)	$	0	$	0	$	(6	)

FAIR VALUE MEASUREMENTS ⁽¹⁾

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2015
Investments in Securities, at Value
Mutual Funds	$	2,446	$	0	$	0	$	2,446
Short-Term Instruments
U.S. Treasury Bills		0		4		0		4
	$	2,446	$	4	$	0	$	2,450
Investments in Affiliates, at Value
Mutual Funds		445		0		0		445
Total Investments	$	2,891	$	4	$	0	$	2,895

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2015
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	15		$	0	$	15
Over the counter		0		1			0		1
	$	0	$	16		$	0	$	16
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared	$	0	$	(9	)	$	0	$	(9	)
Totals	$	2,891	$	11		$	0	$	2,902

There were no significant transfers between Levels 1, 2, or 3 during the period ended December 31, 2015.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 61

Schedule of Investments PIMCO RealPath^™ Blend Income Fund

		SHARES		MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 32.5%
MUTUAL FUNDS 32.4%
Vanguard 500 Index Fund ‘Admiral’		2,032	$		383
Vanguard Developed Markets Index Fund ‘Admiral’		19,330			229
Vanguard Emerging Markets Stock Index Fund ‘Admiral’		5,555			152
Vanguard REIT Index Fund ‘Admiral’		1,402			158
Vanguard Small-Cap Index Fund ‘Admiral’		1,406			75
Total Mutual Funds (Cost $1,039)					997
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.1%
U.S. TREASURY BILLS 0.1%
0.191% due 01/14/2016	$	3			3
Total Short-Term Instruments (Cost $3)					3
Total Investments in Securities (Cost $1,042)					1,000

	SHARES		MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 65.2%
MUTUAL FUNDS (a) 60.1%
PIMCO Emerging Local Bond Fund	11,443	$		76
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)	31,251			310
PIMCO High Yield Fund	9,309			77
PIMCO Long Duration Total Return Fund	21,603			231
PIMCO Real Return Asset Fund	29,940			229
PIMCO Real Return Fund	44,011			462
PIMCO Total Return Fund	46,421			467
Total Mutual Funds (Cost $1,992)				1,852

	SHARES		MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 5.1%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.1%
PIMCO Short-Term Floating NAV Portfolio III	15,852	$		157
Total Short-Term Instruments (Cost $157)				157
Total Investments in Affiliates (Cost $2,149)				2,009
Total Investments 97.7% (Cost $3,191)		$		3,009
Financial Derivative Instruments (b)(c) 0.3% (Cost or Premiums, net $12)				8
Other Assets and Liabilities, net 2.0%				63
Net Assets 100.0%		$		3,080

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

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

(a) Institutional Class Shares of each Fund.

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

PURCHASED OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Cost		Market Value
Put - CBOE S&P 500 Index		1,750.000		01/15/2016		1	$	7	$	0
Put - CBOE S&P 500 Index		1,850.000		03/18/2016		1		6		2
Put - CBOE S&P 500 Index		1,850.000		06/17/2016		1		6		5
Put - CBOE S&P 500 Index		1,750.000		09/16/2016		1		7		5
							$	26	$	12
Total Purchased Options							$	26	$	12

WRITTEN OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Premiums (Received)			Market Value
Put - CBOE S&P 500 Index		1,600.000		01/15/2016		1	$	(5	)	$	0
Put - CBOE S&P 500 Index		1,650.000		03/18/2016		1		(3	)		(1	)
Put - CBOE S&P 500 Index		1,650.000		06/17/2016		1		(3	)		(2	)
Put - CBOE S&P 500 Index		1,500.000		09/16/2016		1		(3	)		(2	)
							$	(14	)	$	(5	)
Total Written Options							$	(14	)	$	(5	)

62 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2015 (Unaudited)

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, 2015:

	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset				Total		Market Value		Variation Margin Liability				Total
	Purchased Options		Futures		Swap Agreements				Written Options		Futures		Swap Agreements
Total Exchange-Traded or Centrally Cleared	$	12	$	0	$	0	$	12	$	(5)	$	0	$	0	$	(5)

(c)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS FOR THE PERIOD ENDED DECEMBER 31, 2015:

	# of Contracts		Premiums
Balance at Beginning of Period		2	$	(8	)
Sales		2		(6	)
Closing Buys		0		0
Expirations		0		0
Exercised		0		0
Balance at End of Period		4	$	(14	)

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY INDICES

Counterparty	Pay/Receive (1)	Underlying Reference	# of Units		Financing Rate	Maturity Date		Notional Amount		Unrealized Appreciation		Swap Agreements, at Value
												Asset		Liability
CBK	Receive	BCOMTR Index		476	3-Month U.S. Treasury Bill rate plus a specified spread		02/16/2016	$	74	$	1	$	1	$	0
Total Swap Agreements										$	1	$	1	$	0

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

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of December 31, 2015:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements		Total Over the Counter		Net Market Value of OTC Derivatives		Collateral (Received)/ Pledged		Net Exposure  (2)
CBK	$	0	$	0	$	1	$	1	$	0	$	0	$	0	$	0	$	1	$	0	$	1

⁽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 6, Principal Risks, in the Notes to Financial Statements for more information regarding master netting arrangements.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2015 63

Schedule of Investments PIMCO RealPath^™ Blend Income Fund (Cont.)

December 31, 2015 (Unaudited)

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2015:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	12	$	0	$	0	$	12
Over the counter
Swap Agreements	$	1	$	0	$	0	$	0	$	0	$	1
	$	1	$	0	$	12	$	0	$	0	$	13
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	5	$	0	$	0	$	5

The Effect of Financial Derivative Instruments on the Statements of Operations for the Period Ended December 31, 2015:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts			Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Realized (Loss) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	(19	)	$	0	$	0		$	0	$	0	$	(19	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0		$	0	$	(11	)	$	0	$	0	$	(11	)
Written Options		0			0		6			0		0		6
	$	0		$	0	$	(5	)	$	0	$	0	$	(5	)
Over the counter
Swap Agreements	$	(1	)	$	0	$	0		$	0	$	0	$	(1	)
	$	(1	)	$	0	$	(5	)	$	0	$	0	$	(6	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2015 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2015
Investments in Securities, at Value
Mutual Funds	$	997	$	0	$	0	$	997
Short-Term Instruments
U.S. Treasury Bills		0		3		0		3
	$	997	$	3	$	0	$	1,000
Investments in Affiliates, at Value
Mutual Funds		1,852		0		0		1,852
Short-Term Instruments
Central Funds Used for Cash Management Purposes		157		0		0		157
	$	2,009	$	0	$	0	$	2,009
Total Investments	$	3,006	$	3	$	0	$	3,009

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2015
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	12		$	0	$	12
Over the counter		0		1			0		1
	$	0	$	13		$	0	$	13
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared	$	0	$	(5	)	$	0	$	(5	)
Totals	$	3,006	$	11		$	0	$	3,017

There were no significant transfers between Levels 1, 2, or 3 during the period ended December 31, 2015.

64 PIMCO EQUITY SERIES See Accompanying Notes

Notes to Financial Statements

December 31, 2015 (Unaudited)

1. ORGANIZATION

PIMCO Equity Series (the “Trust”) was established as a Delaware statutory trust on December 28, 2009. The Trust is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, 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.

2. SIGNIFICANT ACCOUNTING POLICIES

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

(a) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 15 days or more after the trade date. Realized gains and 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 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 and losses on mortgage-related and other asset-backed securities are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies are recorded as dividend income. Long-term

capital gain distributions received from registered investment companies are recorded as realized gains.

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

(c) Dividends and Distributions to Shareholders  Dividends from net investment income, if any, of each Fund, are declared and distributed to shareholders annually. Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than once each year.

Income dividends 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. Examples of events that give rise to timing differences include wash sales, straddles and capital loss carryforwards. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. Examples of transactions that may cause character differences include the treatment of paydowns on mortgage-backed securities, swaps, foreign currency transactions and contingent debt instruments. As a result, income dividends 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.

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

(d) New Accounting Pronouncements  In June 2014, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”), ASU 2014-11, that expanded secured borrowing accounting for certain repurchase agreements. The ASU also sets forth

SEMIANNUAL REPORT DECEMBER 31, 2015 65

Notes to Financial Statements (Cont.)

additional disclosure requirements for certain transactions accounted for as sales in order to provide financial statement users with information to compare to similar transactions accounted for as secured borrowings. The ASU became effective prospectively for annual periods beginning after December 15, 2014, and interim periods beginning after March 15, 2015. The Funds have adopted the ASU. The financial statements have been modified to provide enhanced disclosures surrounding secured borrowing transactions, if any. See the Notes to Schedules of Investments for additional details.

In August 2014, the FASB issued ASU 2014-15 requiring management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern. The ASU is effective prospectively for annual periods ending after December 15, 2016, and interim periods thereafter. At this time, management is evaluating the implications of these changes on the financial statements.

In May 2015, the FASB issued ASU 2015-07 which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the NAV per share practical expedient. The ASU also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the NAV per share practical expedient. The ASU is effective for annual periods beginning after December 15, 2015 and interim periods within those annual periods. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

For purposes of calculating NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of official closing prices

or the last reported sales prices, or if no sales are reported, based on quotes obtained from established market makers or prices (including evaluated prices) supplied by the Funds’ approved pricing services, quotation reporting systems and other third-party sources (together, “Pricing Services”). The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by the Adviser to be the primary exchange. A foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange. Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Services using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Services may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Services or other pricing sources. With respect to any portion of the Fund’s assets that are invested in one or more open-end management investment companies (other than exchange-traded funds (“ETFs”)), a Fund’s NAV will be calculated based upon the NAVs of such investments.

If a foreign (non-U.S.) equity security’s value has materially changed after the close of the security’s primary exchange or principal market but before the NYSE Close, the security may be valued at fair value based on procedures established and approved by the Board of Trustees of the Trust (the “Board”). Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the Fund may determine the fair value of investments based on information provided by Pricing Services and other third-party vendors, which may recommend fair value or adjustments with reference to other securities, indices or assets. In considering whether fair valuation is required and in determining fair values, the Fund may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values

66 PIMCO EQUITY SERIES

December 31, 2015 (Unaudited)

of non-U.S. securities. Foreign (non-U.S.) exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in a Fund’s portfolio investments being affected when shareholders are unable to buy or sell shares.

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

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Services. As a result, the value of such investments and, in turn, the NAV of 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 a Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Fund’s next calculated NAV.

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

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

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

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

ⁿ  Level 1 — Inputs using (unadjusted) quoted prices in active markets or exchanges for identical assets and liabilities.

ⁿ  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.

ⁿ  Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable

SEMIANNUAL REPORT DECEMBER 31, 2015 67

Notes to Financial Statements (Cont.)

inputs are not available, which may include assumptions made by the Board or persons acting at their direction that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers between Levels 1 and 2 and transfers in and out of Level 3, if material, are disclosed in the Notes to Schedules 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 in and out of the Level 3 category during the period. The end of period timing recognition 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 Schedules of Investments for each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

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

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

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

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based

upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted. Investments in privately held investment funds with significant restrictions on redemption where the inputs to the NAVs are observable will be valued based upon the NAVs of such investments and are categorized as Level 2 of the fair value hierarchy.

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

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange (if available). For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third-party prices are used to produce daily settlement prices. These securities are categorized as Level 2 of the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates including the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to produce the daily settlement price. These securities are categorized as Level 2 of the fair value hierarchy.

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

The validity of the fair value is reviewed by the Adviser on a periodic basis and may be amended in accordance with the Trust’s valuation procedures.

68 PIMCO EQUITY SERIES

December 31, 2015 (Unaudited)

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

Each Fund seeks to achieve its investment objective by investing under normal circumstances substantially all of its assets in Institutional Class or Class M shares of any funds of the Trust and PIMCO Funds, and in other affiliated funds, including funds of PIMCO ETF Trust, except funds of funds (“Underlying PIMCO Funds”), and unaffiliated funds that are registered under the Act (collectively, “Acquired Funds”). The Underlying PIMCO Funds are considered to be affiliated with the Funds. Each Fund may also invest in the PIMCO Short-Term Floating NAV Portfolio III (“Central Fund”) to the extent permitted by the Act and rules thereunder. The Central Fund is a registered investment company created for use solely by the series of the Trust and series of the PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series VIT, and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Fund are money market and short maturity fixed income instruments. The Central Fund may incur expenses related to its investment activities, but does not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Fund is considered to be affiliated with the Funds. The tables below show the Funds’ transactions in and earnings from investments in the affiliated Funds and/or Central Fund for the period ended December 31, 2015 (amounts in thousands^†):

PIMCO RealPath™ Blend 2020 Fund
Underlying PIMCO Funds	Market Value 06/30/2015		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2015		Dividend Income  (1)		Realized Net Capital Gain Distributions (1)
PIMCO Emerging Local Bond Fund	$	75	$	13	$	(1	)	$	0		$	(12	)	$	75	$	2	$	0
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		226		29		(13	)		0			(13	)		229		17		1
PIMCO High Yield Fund		153		18		(5	)		0			(14	)		152		4		4
PIMCO Long Duration Total Return Fund		224		28		(11	)		(1	)		(12	)		228		8		6
PIMCO Real Return Asset Fund		301		24		(7	)		0			(16	)		302		5		0
PIMCO Real Return Fund		304		20		(10	)		(1	)		(9	)		304		2		0
PIMCO Total Return Fund		459		48		(24	)		0			(22	)		461		8		16
Totals	$	1,742	$	180	$	(71	)	$	(2	)	$	(98	)	$	1,751	$	46	$	27
†     A zero balance may reflect actual amounts rounding to less than one thousand. (1)      A portion of this may be recharacterized to return of capital and reflected as such on tax forms mailed to shareholders on or about January 31st following each calendar year.
PIMCO RealPath™ Blend 2025 Fund
Underlying PIMCO Funds	Market Value 06/30/2015		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2015		Dividend Income  (1)		Realized Net Capital Gain Distributions (1)
PIMCO Emerging Local Bond Fund	$	76	$	29	$	0		$	0		$	(14	)	$	91	$	2	$	0
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		153		57		(12	)		0			(12	)		186		14		1
PIMCO High Yield Fund		232		82		(11	)		0			(26	)		277		8		7
PIMCO Long Duration Total Return Fund		226		82		(15	)		(1	)		(14	)		278		9		7
PIMCO Real Return Asset Fund		304		94		(12	)		(1	)		(19	)		366		5		0
PIMCO Real Return Fund		230		68		(13	)		0			(8	)		277		1		0
PIMCO Total Return Fund		233		79		(18	)		0			(14	)		280		5		10
Totals	$	1,454	$	491	$	(81	)	$	(2	)	$	(107	)	$	1,755	$	44	$	25

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

⁽¹⁾  A portion of this may be recharacterized to return of capital and reflected as such on tax forms mailed to shareholders on or about January 31^st following each calendar year.

SEMIANNUAL REPORT DECEMBER 31, 2015 69

Notes to Financial Statements (Cont.)

PIMCO RealPath™ Blend 2030 Fund
Underlying PIMCO Funds	Market Value 06/30/2015		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2015		Dividend Income  (1)		Realized Net Capital Gain Distributions (1)
PIMCO Emerging Local Bond Fund	$	154	$	21	$	(1	)	$	0		$	(24	)	$	150	$	4	$	0
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		76		10		(6	)		0			(4	)		76		6		0
PIMCO High Yield Fund		230		29		(11	)		0			(21	)		227		7		6
PIMCO Long Duration Total Return Fund		225		31		(16	)		(1	)		(12	)		227		7		6
PIMCO Real Return Asset Fund		303		26		(12	)		(1	)		(16	)		300		5		0
PIMCO Real Return Fund		76		6		(4	)		0			(2	)		76		0		0
PIMCO Total Return Fund		77		10		(6	)		0			(4	)		77		1		3
Totals	$	1,141	$	133	$	(56	)	$	(2	)	$	(83	)	$	1,133	$	30	$	15
†     A zero balance may reflect actual amounts rounding to less than one thousand. (1)      A portion of this may be recharacterized to return of capital and reflected as such on tax forms mailed to shareholders on or about January 31st following each calendar year.
PIMCO RealPath™ Blend 2035 Fund
Underlying PIMCO Funds	Market Value 06/30/2015		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2015		Dividend Income  (1)		Realized Net Capital Gain Distributions (1)
PIMCO Emerging Local Bond Fund	$	155	$	38	$	(1	)	$	0		$	(26	)	$	166	$	4	$	0
PIMCO High Yield Fund		156		37		(10	)		0			(16	)		167		5		4
PIMCO Long Duration Total Return Fund		228		57		(18	)		(2	)		(14	)		251		8		7
PIMCO Real Return Asset Fund		305		59		(14	)		(1	)		(17	)		332		5		0
PIMCO Short-Term Floating NAV Portfolio III		0		300		(300	)		0			0			0		0		0
Totals	$	844	$	491	$	(343	)	$	(3	)	$	(73	)	$	916	$	22	$	11
†     A zero balance may reflect actual amounts rounding to less than one thousand. (1)      A portion of this may be recharacterized to return of capital and reflected as such on tax forms mailed to shareholders on or about January 31st following each calendar year.
PIMCO RealPath™ Blend 2040 Fund
Underlying PIMCO Funds	Market Value 06/30/2015		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2015		Dividend Income  (1)		Realized Net Capital Gain Distributions (1)
PIMCO Emerging Local Bond Fund	$	77	$	8	$	0		$	0		$	(12	)	$	73	$	2	$	0
PIMCO High Yield Fund		156		16		(9	)		0			(14	)		149		4		4
PIMCO Long Duration Total Return Fund		228		26		(18	)		(1	)		(11	)		224		8		6
PIMCO Real Return Asset Fund		229		14		(10	)		(1	)		(11	)		221		3		0
Totals	$	690	$	64	$	(37	)	$	(2	)	$	(48	)	$	667	$	17	$	10
†     A zero balance may reflect actual amounts rounding to less than one thousand. (1)      A portion of this may be recharacterized to return of capital and reflected as such on tax forms mailed to shareholders on or about January 31st following each calendar year.
PIMCO RealPath™ Blend 2045 Fund
Underlying PIMCO Funds	Market Value 06/30/2015		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2015		Dividend Income  (1)		Realized Net Capital Gain Distributions (1)
PIMCO Emerging Local Bond Fund	$	78	$	9	$	(1	)	$	0		$	(12	)	$	74	$	2	$	0
PIMCO High Yield Fund		79		8		(5	)		0			(7	)		75		2		2
PIMCO Long Duration Total Return Fund		230		30		(20	)		(1	)		(12	)		227		8		6
PIMCO Real Return Asset Fund		154		13		(8	)		(1	)		(8	)		150		2		0
Totals	$	541	$	60	$	(34	)	$	(2	)	$	(39	)	$	526	$	14	$	8

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

⁽¹⁾  A portion of this may be recharacterized to return of capital and reflected as such on tax forms mailed to shareholders on or about January 31^st following each calendar year.

70 PIMCO EQUITY SERIES

December 31, 2015 (Unaudited)

PIMCO RealPath™ Blend 2050 Fund
Underlying PIMCO Funds	Market Value 06/30/2015		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2015		Dividend Income  (1)		Realized Net Capital Gain Distributions (1)
PIMCO Emerging Local Bond Fund	$	77	$	8	$	0		$	0		$	(11	)	$	74	$	2	$	0
PIMCO High Yield Fund		77		8		(3	)		0			(7	)		75		2		2
PIMCO Long Duration Total Return Fund		229		29		(18	)		(1	)		(12	)		227		8		6
PIMCO Real Return Asset Fund		77		5		(3	)		0			(4	)		75		1		0
Totals	$	460	$	50	$	(24	)	$	(1	)	$	(34	)	$	451	$	13	$	8
†     A zero balance may reflect actual amounts rounding to less than one thousand. (1)      A portion of this may be recharacterized to return of capital and reflected as such on tax forms mailed to shareholders on or about January 31st following each calendar year.
PIMCO RealPath™ Blend 2055 Fund
Underlying PIMCO Funds	Market Value 06/30/2015		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2015		Dividend Income  (1)		Realized Net Capital Gain Distributions (1)
PIMCO Emerging Local Bond Fund	$	78	$	7	$	(1	)	$	0		$	(11	)	$	73	$	2	$	0
PIMCO High Yield Fund		79		6		(4	)		0			(7	)		74		2		2
PIMCO Long Duration Total Return Fund		233		27		(23	)		(2	)		(11	)		224		8		6
PIMCO Real Return Asset Fund		78		4		(4	)		0			(4	)		74		1		0
Totals	$	468	$	44	$	(32	)	$	(2	)	$	(33	)	$	445	$	13	$	8
†     A zero balance may reflect actual amounts rounding to less than one thousand. (1)      A portion of this may be recharacterized to return of capital and reflected as such on tax forms mailed to shareholders on or about January 31st following each calendar year.
PIMCO RealPath™ Blend Income Fund
Underlying PIMCO Funds	Market Value 06/30/2015		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2015		Dividend Income  (1)		Realized Net Capital Gain Distributions (1)
PIMCO Emerging Local Bond Fund	$	76	$	13	$	(1	)	$	0		$	(12	)	$	76	$	2	$	0
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		309		42		(23	)		0			(18	)		310		24		1
PIMCO High Yield Fund		77		9		(2	)		0			(7	)		77		2		2
PIMCO Long Duration Total Return Fund		228		32		(16	)		(1	)		(12	)		231		8		6
PIMCO Real Return Asset Fund		229		21		(9	)		0			(12	)		229		3		0
PIMCO Real Return Fund		466		27		(16	)		(1	)		(14	)		462		3		0
PIMCO Short-Term Floating NAV Portfolio III		100		58		0			0			(1	)		157		1		0
PIMCO Total Return Fund		467		48		(25	)		(1	)		(22	)		467		8		16
Totals	$	1,952	$	250	$	(92	)	$	(3	)	$	(98	)	$	2,009	$	51	$	25

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

⁽¹⁾  A portion of this may be recharacterized to return of capital and reflected as such on tax forms mailed to shareholders on or about January 31^st following each calendar year.

(b) Investments in Securities

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

from the U.S. Department of the Treasury (the “U.S. Treasury”); and others, such as those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations. U.S. Government securities may include zero coupon securities. Zero coupon securities do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). FNMA is a

SEMIANNUAL REPORT DECEMBER 31, 2015 71

Notes to Financial Statements (Cont.)

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

5. FINANCIAL DERIVATIVE INSTRUMENTS

The 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  Certain Funds may write or purchase options 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 they own or in which they may invest. Writing put options tends to increase a Fund’s exposure to the underlying instrument. Writing call options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are included on the Statements of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain or loss. Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. A Fund as a writer of an option has no

control over whether the underlying instrument may be sold (“call”) or purchased (“put”) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market.

Certain Funds may also purchase put and call options. 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 or loss when the underlying transaction is executed.

Options on Indices  Certain Funds may write or purchase options on indices (“Index Option”). An Index Option uses 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  Certain Funds may invest in swap agreements. 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

72 PIMCO EQUITY SERIES

December 31, 2015 (Unaudited)

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 included within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. 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 gains or losses 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 or loss on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gains or losses on the Statements of Operations.

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

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 is mitigated by having a master netting arrangement between a Fund and the counterparty and by the posting of collateral to a Fund to cover a Fund’s exposure to the counterparty.

Total Return Swap Agreements  Certain Funds may enter into total return swap agreements to gain or mitigate exposure to the underlying reference. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference 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 reference asset, which may include an underlying equity, index, or bond, 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 less a financing rate, if any. As a receiver, a Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, a

Fund would owe payments on any net positive total return, and would receive payments in the event of a net negative total return.

6. PRINCIPAL RISKS

In the normal course of business, the Funds (or Acquired Funds) trade financial instruments and enter into financial transactions where risk of potential loss exists due to such things as changes in the market (market risk) or failure or inability of the other party to a transaction to perform (credit and counterparty risk). See below for a detailed description of select principal risks. For a more comprehensive list of potential risks the Funds may be subject to, please see the Important Information About the Funds.

Investments in Mutual Funds  To the extent that certain Funds invest substantially all of their respective assets in Acquired Funds, the risks associated with investing in these Funds will be closely related to the risks associated with the securities and other investments held by the Acquired Funds. The ability of the Funds to achieve their respective investment objectives may depend upon the ability of the Acquired Funds to achieve their respective investment objectives. There can be no assurance that the investment objective of any Acquired Fund will be achieved. The NAV of each Fund will fluctuate in response to changes in the respective NAV of the Acquired Funds in which it invests. The extent to which the investment performance and risks associated with the Funds correlate to those of a particular Acquired Fund will depend upon the extent to which the assets of the Funds are allocated from time to time for investment in the Acquired Funds, which will vary.

Certain Funds’ investment performance depends upon how each Fund’s assets are allocated and reallocated according to each Fund’s asset allocation targets and ranges. A principal risk of investing in each Fund is that the Funds’ asset allocation sub-adviser will make less than optimal or poor asset allocation decisions. The asset allocation sub-adviser attempts to identify investment allocations for the Acquired Funds that will provide consistent, quality performance for the Funds, but there is no guarantee that such allocation techniques will produce the desired results.

Market Risks  A Fund’s (or Acquired Funds’) investments in financial derivative instruments and other financial instruments expose the Fund to various risks such as, but not limited to, interest rate, foreign currency, equity and commodity risks.

The market values of equities, such as common stocks and preferred securities or equity related investments such as futures and options, 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,

SEMIANNUAL REPORT DECEMBER 31, 2015 73

Notes to Financial Statements (Cont.)

changes in interest or currency rates or adverse investor sentiment generally. They may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Different types of equity securities may react differently to these developments. Equity securities and equity related investments generally have greater market price volatility than fixed income securities.

Issuers that have paid regular dividends or distributions to shareholders may not continue to do so in the future. An issuer may reduce or eliminate future dividends or distributions at any time and for any reason. Moreover, a Fund may use a dividend capture strategy (i.e., purchasing an equity security shortly before the issuer pays a dividend and selling it shortly thereafter) which may expose the Fund to higher portfolio turnover, increased trading costs and potential for capital loss or gain, particularly in the event of significant short-term price movements of stocks subject to dividend capture trading. Also, securities purchased to capture a dividend often decline in value at the same time of sale (i.e., shortly following the dividends and the resulting realize loss to the Fund may exceed the amount of the dividend received, thereby negatively impacting the Fund’s net asset value.

Interest rate risk is the risk that fixed income securities will decline in value because of an increase in interest rates. As nominal interest rates rise, the value of certain fixed income securities held by a Fund (or Acquired Funds) is likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Interest rate changes can be sudden and unpredictable, and a Fund (or Acquired Funds) may lose money if these changes are not anticipated by the Fund’s (or Acquired Funds) management. A Fund (or Acquired Funds) may not be able to hedge against changes in interest rates or may choose not to do so for cost or other reasons. In addition, any hedges may not work as intended.

Duration is a measure of the sensitivity of a fixed income security’s market price to interest rate (i.e., yield) movements that incorporates a security’s yield, coupon, final maturity and call features, among other characteristics. Convexity is an additional measure of interest rate sensitivity that measures the rate of change of duration in response to changes in interest rates. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. A wide variety of factors can cause interest rates to rise (e.g., central bank monetary policies, inflation rates, general economic conditions). At present, the U.S. is experiencing historically low interest rates. The Funds may be subject to heightened interest rate risk because the Fed has ended its quantitative easing program and has begun, and may continue, to raise interest rates. Further, while U.S. bond markets have steadily grown over the past three decades, dealer “market making”

ability has remained relatively stagnant. Given the importance of intermediary “market making” in creating a robust and active market, fixed income securities are currently facing increased volatility and liquidity risks. All of these factors, collectively and/or individually, could cause a Fund (or Acquired Funds) to lose value. If a Fund (or Acquired Funds) lost enough value, the Fund (or Acquired Funds) could face increased redemptions by shareholders, which could further impair its performance.

To the extent that a Fund (or Acquired Fund) may invest in securities and instruments that are economically tied to Russia, the Fund (or Acquired Fund) is 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, and unpredictable taxation. Investments in Russia are particularly subject to the risk that further economic sanctions may be imposed by the United States and/or other countries. Such sanctions — which may impact companies in many sectors, including energy, financial services and defense, among others — may negatively impact a Fund’s (or Acquired Fund’s) performance and/or ability to achieve its investment objective. The Russian securities market, as compared to U.S. markets, has significant price volatility, less liquidity, difficulties in obtaining accurate prices, a smaller market capitalization and a smaller number of traded securities. Settlement, clearing and registration of securities transactions are subject to risks, which may result in significant delays or problems in registering the transfer of securities, including issues with foreign nominee accounts held with custodian banks. It is possible that the ownership rights of a Fund (or Acquired Fund) could be lost through fraud or negligence. In addition, it may be difficult for a Fund (or Acquired Fund) to enforce any rights it may have in the event of loss of share registration. Adverse currency exchange rates are a risk and there may be a lack of available currency hedging instruments. Investments in Russia may be subject to the risk of nationalization or expropriation of assets. Oil, natural gas, metals, and timber account for a significant portion of Russia’s exports, leaving the country vulnerable to swings in world prices.

If a Fund (or Acquired Funds) invests directly in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, foreign (non-U.S.) currencies, or in financial derivative instruments that provide exposure to foreign (non-U.S.) currencies, it will be subject to the risk that those currencies will decline in value relative to the base currency of the Fund (or Acquired Funds), or, in the case of hedging positions, that the Fund’s (or Acquired Funds’) base currency will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or

74 PIMCO EQUITY SERIES

December 31, 2015 (Unaudited)

the failure to intervene) by U.S. or foreign governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. As a result, a Fund’s (or Acquired Funds’) investments in foreign currency-denominated securities may reduce the Fund’s (or Acquired Funds) returns.

A Fund’s (or Acquired Funds’) investments in commodity-linked financial derivative instruments may subject the Fund (or Acquired Funds) to greater market price volatility than investments in traditional securities. The value of commodity-linked financial derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

Credit and Counterparty Risks  A Fund (or Acquired Funds) will be exposed to credit risk to parties with whom it trades and will also bear the risk of settlement default. A Fund (or Acquired Funds) minimizes concentrations of credit risk by undertaking transactions with a large number of customers and counterparties on recognized and reputable exchanges, where applicable. For financial derivative instruments traded on exchanges or clearinghouses, the primary credit risk is the creditworthiness of a Fund’s clearing broker or the exchange or clearinghouse itself. A Fund (or Acquired Funds) could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a financial derivative instruments contract, repurchase agreement or a loan of portfolio securities, is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Securities and financial derivative instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings.

Similar to credit risk, a Fund (or Acquired Funds) may be exposed to counterparty risk, or the risk that an institution or other entity with which the Fund (or Acquired Funds) has unsettled or open transactions will default. PIMCO, as the Adviser, minimizes counterparty risks to the Funds (or Acquired Funds) through a number of ways. Prior to entering into transactions with a new counterparty, the PIMCO Counterparty Risk Committee conducts an extensive credit review of such counterparty and must approve the use of such counterparty. Furthermore, pursuant to the terms of the underlying contract, to the extent that unpaid amounts owed to a Fund (or Acquired Funds) exceed a predetermined threshold, such counterparty shall advance collateral to the Fund (or Acquired Funds) in the form of cash or securities equal in value to the unpaid amount owed to the Fund (or Acquired Funds). A Fund (or Acquired Funds) may invest such collateral in securities or other instruments and will typically pay interest to the counterparty on the collateral received. If the unpaid amount owed to a

Fund (or Acquired Funds) subsequently decreases, the Fund (or Acquired Funds) would be required to return to the counterparty all or a portion of the collateral previously advanced.

All transactions in listed securities are settled/paid for upon delivery using approved counterparties. The risk of default is considered minimal, as delivery of securities sold is only made once a Fund (or Acquired Funds) has received payment. Payment is made on a purchase once the securities have been delivered by the counterparty. The trade will fail if either party fails to meet its obligation.

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

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

SEMIANNUAL REPORT DECEMBER 31, 2015 75

Notes to Financial Statements (Cont.)

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

Master Securities Forward Transaction Agreements (“Master Forward Agreements”) govern certain forward settling transactions, such as To-Be-Announced securities, delayed-delivery or sale-buyback transactions by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, 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 over the counter (“OTC”) derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant (“FCM”) registered with the Commodity Futures Trading Commission (“CFTC”). In the United States, counterparty risk is significantly reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. Additionally, portability of exposure in the event of an FCM default scenario further reduces risk to the Funds. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end is disclosed in the Notes to Schedules of Investments.

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

7. FEES AND EXPENSES

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

	Investment Advisory Fee		Supervisory and Administrative Fee
Fund Name	All Classes		Institutional Class		Administrative Class		Class A
PIMCO RealPath™ Blend 2020 Fund		0.01%		0.02%		0.02%		0.27%
PIMCO RealPath™ Blend 2025 Fund		0.01%		0.02%		0.02%		0.27%
PIMCO RealPath™ Blend 2030 Fund		0.02%		0.02%		0.02%		0.27%
PIMCO RealPath™ Blend 2035 Fund		0.03%		0.02%		0.02%		0.27%
PIMCO RealPath™ Blend 2040 Fund		0.03%		0.02%		0.02%		0.27%
PIMCO RealPath™ Blend 2045 Fund		0.03%		0.02%		0.02%		0.27%
PIMCO RealPath™ Blend 2050 Fund		0.03%		0.02%		0.02%		0.27%
PIMCO RealPath™ Blend 2055 Fund		0.03%		0.02%		0.02%		0.27%
PIMCO RealPath™ Blend Income Fund		0.01%		0.02%		0.02%		0.27%

76 PIMCO EQUITY SERIES

December 31, 2015 (Unaudited)

(c) Distribution and Servicing Fees  PIMCO Investments LLC (“PI”), 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, Class C and Class R shares of the Trust pursuant to Rule 12b-1 under the Act. In connection with the distribution of Class C and Class R shares of the Trust, the Distributor receives distribution fees from the Trust of up to 0.75% for Class C shares and 0.25% for Class R shares, and in connection with personal services rendered to Class A, Class C 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, Class C and Class R shares (percentages reflect annual rates of the average daily net assets attributable to the applicable class).

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

The Trust has adopted a Distribution and Servicing Plan with respect to the Administrative Class shares of each Fund pursuant to Rule 12b-1 under the Act (the “Administrative Class Plan”). Under the terms of the 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 set forth in the following table (calculated as a percentage of each Fund’s average daily net assets attributable to each class):

	Distribution Fee		Servicing Fee
Administrative Class		—		0.25%
Class D		—		0.25%
Class A		—		0.25%
Class C		0.75%		0.25%
Class R		0.25%		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, 2015, the Distributor retained $108,108 representing commissions (sales charges) and contingent deferred sales charges from the Trust.

(d) Fund Expenses  PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) taxes and governmental fees; (ii) brokerage fees and commissions and other portfolio transaction expenses; (iii) the costs of borrowing money, including interest expense; (iv) fees and expenses of the Trustees who are not “interested persons” of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (v) extraordinary expense, including costs of litigation and indemnification expenses; (vi) organizational expenses; and (vii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust’s Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class as disclosed in the Prospectus.

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

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

(e) Expense Limitation  PIMCO has agreed to waive a portion of the Funds’ Supervisory and Administrative Fees in each Fund’s first fiscal year, to the extent that the payment of each Fund’s pro rata share of

SEMIANNUAL REPORT DECEMBER 31, 2015 77

Notes to Financial Statements (Cont.)

organizational expenses and Trustee Fees cause the actual expense ratio to rise above the rates disclosed in the then-current prospectus plus 0.0049%, the “Expense Limit” (calculated as a percentage of each Fund’s average daily net assets attributable to each class).

PIMCO may be reimbursed for these waived amounts in future periods, not to exceed thirty-six months after the waiver. Expenses that have been waived may still be reimbursed by the Administrator, to the extent the Fund’s annualized total portfolio operating expenses plus the amount reimbursed does not exceed the Expense Limit. The recoverable amounts to PIMCO at December 31, 2015, were as follows (amounts in thousands):

Fund Name	Recoverable Amounts
PIMCO RealPath™ Blend 2020 Fund	$	17
PIMCO RealPath™ Blend 2025 Fund		17
PIMCO RealPath™ Blend 2030 Fund		17
PIMCO RealPath™ Blend 2035 Fund		17
PIMCO RealPath™ Blend 2040 Fund		17
PIMCO RealPath™ Blend 2045 Fund		17
PIMCO RealPath™ Blend 2050 Fund		17
PIMCO RealPath™ Blend 2055 Fund		17
PIMCO RealPath™ Blend Income Fund		17

(f) Acquired Fund Fees and Expenses  The Underlying PIMCO Fund expenses for the Funds are based upon an allocation of a Fund’s assets among the Underlying PIMCO Funds and upon the total annual operating expenses of the Institutional Class or Class M shares, as applicable, of these Underlying PIMCO Funds. Underlying PIMCO Fund expenses for the Funds will vary with changes in the expenses of the Underlying PIMCO Funds, as well as the allocation of a Fund’s assets.

The expenses associated with investing in a fund of funds are generally higher than those for mutual funds that do not invest in other mutual funds. The cost of investing in a fund of funds will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. By investing in a fund of funds, an investor will indirectly bear fees and expenses charged by Acquired Funds in addition to each Fund’s direct fees and expenses. In addition, the use of a fund of funds structure could affect the timing, amount and character of distributions to the shareholders and may therefore increase the amount of taxes payable by shareholders.

8. RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties. Fees payable to these parties are disclosed in Note 7 and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

9. 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.

10. PURCHASES AND SALES OF SECURITIES

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

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2015, were as follows (amounts in thousands^†):

	U.S. Government/Agency				All Other
Fund Name	Purchases		Sales		Purchases		Sales
PIMCO RealPath™ Blend 2020 Fund	$	0	$	0	$	333	$	149
PIMCO RealPath™ Blend 2025 Fund		0		0		1,020		184
PIMCO RealPath™ Blend 2030 Fund		0		0		361		180
PIMCO RealPath™ Blend 2035 Fund		0		0		642		147
PIMCO RealPath™ Blend 2040 Fund		0		0		243		146
PIMCO RealPath™ Blend 2045 Fund		0		0		280		153
PIMCO RealPath™ Blend 2050 Fund		0		0		259		125
PIMCO RealPath™ Blend 2055 Fund		0		0		203		150
PIMCO RealPath™ Blend Income Fund		0		0		324		171

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

78 PIMCO EQUITY SERIES

December 31, 2015 (Unaudited)

11. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.0001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands^†):

	PIMCO RealPath™ Blend 2020 Fund(1)								PIMCO RealPath™ Blend 2025 Fund(2)
	Six Months Ended 12/31/2015				Inception date Through June 30, 2015				Six Months Ended 12/31/2015						Inception date Through June 30, 2015
	Shares		Amount		Shares		Amount		Shares			Amount			Shares		Amount
Receipts for shares sold
Institutional Class		11	$	112		300	$	3,000		78		$	779			302	$	3,013
Administrative Class		0		0		1		10		0			0			1		15
Class A		0		0		1		10		0			0			1		11
Issued as reinvestment of distributions
Institutional Class		7		62		1		15		8			73			1		15
Administrative Class		0		0		0		0		0			0			0		0
Class A		0		0		0		0		0			0			0		0
Cost of shares redeemed
Institutional Class		0		0		0		0		(78	)		(737	)		0		0
Administrative Class		0		0		0		0		0			0			0		0
Class A		0		0		0		0		(0	)		(1	)		0		0
Net increase (decrease) resulting from Fund share transactions		18	$	174		303	$	3,035		8		$	114			305	$	3,054

	PIMCO RealPath™ Blend 2030 Fund(3)										PIMCO RealPath™ Blend 2035 Fund(4)										PIMCO RealPath™ Blend 2040 Fund(5)
	Six Months Ended 12/31/2015						Inception date Through June 30, 2015				Six Months Ended 12/31/2015						Inception date Through June 30, 2015				Six Months Ended 12/31/2015				Inception date Through June 30, 2015
	Shares			Amount			Shares		Amount		Shares			Amount			Shares		Amount		Shares		Amount		Shares		Amount
Receipts for shares sold
Institutional Class		17		$	160			300	$	3,000		46		$	460			301	$	3,000		1	$	16		301	$	3,000
Administrative Class		0			2			1		10		0			0			1		10		3		22		1		12
Class A		0			3			1		10		0			0			2		23		2		20		1		11
Issued as reinvestment of distributions
Institutional Class		7			62			1		15		6			61			1		15		5		49		1		15
Administrative Class		0			0			0		0		0			0			0		0		0		0		0		0
Class A		0			0			0		0		0			0			0		0		0		0		0		0
Cost of shares redeemed
Institutional Class		(4	)		(35	)		0		0		0			0			0		0		0		0		0		0
Administrative Class		0			0			0		0		0			0			0		0		0		0		0		0
Class A		0			0			0		0		(1	)		(11	)		0		0		0		0		0		0
Net increase (decrease) resulting from Fund share transactions		20		$	192			303	$	3,035		51		$	510			305	$	3,048		11	$	107		304	$	3,038

SEMIANNUAL REPORT DECEMBER 31, 2015 79

Notes to Financial Statements (Cont.)

	PIMCO RealPath™ Blend 2045 Fund(6)										PIMCO RealPath™ Blend 2050 Fund(7)
	Six Months Ended 12/31/2015						Inception date Through June 30, 2015				Six Months Ended 12/31/2015				Inception date Through June 30, 2015
	Shares			Amount			Shares		Amount		Shares		Amount		Shares		Amount
Receipts for shares sold
Institutional Class		12		$	108			300	$	3,000		3	$	38		301	$	3,001
Administrative Class		0			0			4		40		0		0		1		14
Class A		0			0			1		10		7		60		1		15
Issued as reinvestment of distributions
Institutional Class		5			48			1		15		5		48		1		15
Administrative Class		0			0			0		0		0		0		0		0
Class A		0			0			0		0		0		1		0		0
Cost of shares redeemed
Institutional Class		(2	)		(18	)		0		0		0		0		0		(1	)
Administrative Class		0			0			0		0		0		0		0		0
Class A		0			0			0		0		0		0		0		0
Net increase (decrease) resulting from Fund share transactions		15		$	138			306	$	3,065		15	$	147		304	$	3,044

	PIMCO RealPath™ Blend 2055 Fund(8)									PIMCO RealPath™ Blend Income Fund(9)
	Six Months Ended 12/31/2015					Inception date Through June 30, 2015				Six Months Ended 12/31/2015						Inception date Through June 30, 2015
	Shares		Amount			Shares		Amount		Shares			Amount			Shares		Amount
Receipts for shares sold
Institutional Class		2	$	14			300	$	3,001		11		$	95			304	$	3,037
Administrative Class		0		0			1		11		0			0			2		14
Class A		0		0			7		67		0			2			7		74
Issued as reinvestment of distributions
Institutional Class		5		49			1		15		6			61			1		15
Administrative Class		0		0			0		0		0			0			0		0
Class A		0		1			0		0		0			1			0		0
Cost of shares redeemed
Institutional Class		0		(1	)		0		0		(4	)		(35	)		0		0
Administrative Class		0		0			0		0		0			(4	)		0		0
Class A		0		0			0		0		(2	)		(17	)		0		0
Net increase (decrease) resulting from Fund share transactions		7	$	63			309	$	3,094		11		$	103			314	$	3,140

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

⁽¹⁾  As of December 31, 2015, one shareholder owned 10% or more of the Fund’s total outstanding shares comprising 96% of the Fund, and the shareholder is a related party of the Fund.*

⁽²⁾  As of December 31, 2015, one shareholder owned 10% or more of the Fund’s total outstanding shares comprising 99% of the Fund, and the shareholder is a related party of the Fund.*

⁽³⁾  As of December 31, 2015, one shareholder owned 10% or more of the Fund’s total outstanding shares comprising 96% of the Fund, and the shareholder is a related party of the Fund.*

⁽⁴⁾  As of December 31, 2015, one shareholder owned 10% or more of the Fund’s total outstanding shares comprising 87% of the Fund, and the shareholder is a related party of the Fund.*

⁽⁵⁾  As of December 31, 2015, one shareholder owned 10% or more of the Fund’s total outstanding shares comprising 98% of the Fund, and the shareholder is a related party of the Fund.*

⁽⁶⁾  As of December 31, 2015, one shareholder owned 10% or more of the Fund’s total outstanding shares comprising 96% of the Fund, and the shareholder is a related party of the Fund.*

⁽⁷⁾  As of December 31, 2015, one shareholder owned 10% or more of the Fund’s total outstanding shares comprising 97% of the Fund, and the shareholder is a related party of the Fund.*

⁽⁸⁾  As of December 31, 2015, one shareholder owned 10% or more of the Fund’s total outstanding shares comprising 98% of the Fund, and the shareholder is a related party of the Fund.*

⁽⁹⁾  As of December 31, 2015, one shareholder owned 10% or more of the Fund’s total outstanding shares comprising 95% of the Fund, and the shareholder is a related party of the Fund.*

* Related parties may include, but are not limited to, the investment manager and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.

12. 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.

PIMCO has received a Wells Notice from the staff of the U.S. Securities and Exchange Commission (“SEC”) that relates to the PIMCO Total

Return Active Exchange-Traded Fund (“BOND”), a series of PIMCO ETF Trust. The notice indicates the staff’s preliminary determination to recommend that the SEC commence a civil action against PIMCO stemming from a non-public investigation relating to BOND. A Wells Notice is neither a formal allegation of wrongdoing nor a finding that any law was violated.

80 PIMCO EQUITY SERIES

December 31, 2015 (Unaudited)

This matter principally pertains to the valuation of smaller sized positions in non-agency mortgage-backed securities purchased by BOND between its inception on February 29, 2012 and June 30, 2012, BOND’s performance disclosures for that period, and PIMCO’s compliance policies and procedures related to these matters.

The Wells process provides PIMCO with the opportunity to demonstrate to the SEC staff why it believes its conduct was appropriate, in keeping with industry standards, and that no action should be taken. PIMCO believes that this matter is unlikely to have a material adverse effect on any Fund or on PIMCO’s ability to provide investment management services to any Fund.

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

13. 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, 2015, 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. tax returns. While the statute of limitations remains open to examine the Funds’ U.S. tax returns filed for the fiscal years ending in 2012-2014, no examinations are in progress or anticipated at this time. The Funds are not aware of any tax positions for which it is

reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The Funds, through the Underlying PIMCO Funds, may gain exposure to the commodities markets primarily through index-linked notes, and may invest in other commodity-linked derivative instruments, including commodity swap agreements, options, futures contracts, options on futures contracts and foreign funds investing in similar commodity- linked derivatives.

One of the requirements for favorable tax treatment as a regulated investment company under the Code is that a Fund must derive at least 90% of its gross income from certain qualifying sources of income. The IRS has issued a revenue ruling which holds that income derived from commodity index linked swaps is not qualifying income under Sub chapter M of the Code. The IRS has also issued private letter rulings in which the IRS specifically concluded that income from certain commodity index-linked notes is qualifying income. The IRS has also issued private letter rulings in which the IRS specifically concluded that income derived from an investment in a subsidiary, which invests primarily in commodity-linked swaps, will also be qualifying income. Based on the reasoning in such rulings, each Fund will continue to seek to gain exposure to the commodity markets primarily through investments in commodity-linked notes and through any investments in its Subsidiary.

It should be noted, however, that the IRS currently has suspended the issuance of such rulings pending further review. There can be no assurance that the IRS will not change its position that income derived from commodity-linked notes and wholly-owned subsidiaries is qualifying income. Furthermore, the tax treatment of commodity-linked notes, other commodity-linked derivatives, and a Fund’s investments in the Subsidiaries of the Underlying PIMCO Funds may otherwise be adversely affected by future legislation, Treasury Regulations and/or guidance issued by the IRS. Such developments could affect the character, timing and/or amount of a Fund’s taxable income or any distributions made by the Fund or result in the inability of the Fund to operate as described in its Prospectus.

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

As of June 30, 2015, the Funds had the following post-effective capital losses with no expiration (amounts in thousands):

	Short-Term		Long-Term
PIMCO RealPath™ Blend 2020 Fund	$	—	$	—
PIMCO RealPath™ Blend 2025 Fund		—		—
PIMCO RealPath™ Blend 2030 Fund		—		—
PIMCO RealPath™ Blend 2035 Fund		—		—
PIMCO RealPath™ Blend 2040 Fund		—		—
PIMCO RealPath™ Blend 2045 Fund		—		—
PIMCO RealPath™ Blend 2050 Fund		—		—
PIMCO RealPath™ Blend 2055 Fund		—		—
PIMCO RealPath™ Blend Income Fund		—		—

SEMIANNUAL REPORT DECEMBER 31, 2015 81

Notes to Financial Statements (Cont.)

December 31, 2015 (Unaudited)

As of December 31, 2015, the aggregate cost and the net unrealized appreciation (depreciation) of investments for federal income tax purposes are as follows (amounts in thousands^†):

Fund Name	Federal Tax Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation) (1)
PIMCO RealPath™ Blend 2020 Fund	$	3,164	$	0	$	(203	)	$	(203	)
PIMCO RealPath™ Blend 2025 Fund		3,841		0		(245	)		(245	)
PIMCO RealPath™ Blend 2030 Fund		3,172		0		(224	)		(224	)
PIMCO RealPath™ Blend 2035 Fund		3,499		0		(246	)		(246	)
PIMCO RealPath™ Blend 2040 Fund		3,089		0		(199	)		(199	)
PIMCO RealPath™ Blend 2045 Fund		3,142		0		(208	)		(208	)
PIMCO RealPath™ Blend 2050 Fund		3,128		0		(197	)		(197	)
PIMCO RealPath™ Blend 2055 Fund		3,094		0		(199	)		(199	)
PIMCO RealPath™ Blend Income Fund		3,195		0		(186	)		(186	)

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

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

82 PIMCO EQUITY SERIES

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

(Unaudited)

Counterparty Abbreviations:
CBK	Citibank N.A.
Currency Abbreviations:
USD (or $)	United States Dollar
Exchange Abbreviations:
CBOE	Chicago Board Options Exchange
Index/Spread Abbreviations:
BCOMTR	Bloomberg Commodity Index Total Return
Other Abbreviations:
REIT	Real Estate Investment Trust

SEMIANNUAL REPORT DECEMBER 31, 2015 83

Approval of Investment Advisory Contract and Other Agreements

Approval of Renewal of the Investment Advisory Contract and Second Amended and Restated Supervision and Administration Agreement

At a meeting held on August 12, 2015, the Board of Trustees (the “Board”) of PIMCO Equity Series (the “Trust”), including all of the Trustees who are not “interested persons” of the Trust under the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered and unanimously approved the Investment Advisory Contract (the “Investment Advisory Contract”) between the Trust, on behalf of each of the Trust’s series (the “Funds”), and Pacific Investment Management Company LLC (“PIMCO”) for an additional one-year term through August 31, 2016. The Board also considered and unanimously approved for an additional one-year term through August 31, 2016, the Second Amended and Restated Supervision and Administration Agreement (the “Supervision and Administration Agreement” and together with the Investment Advisory Contract, the “Agreements”) between the Trust, on behalf of the Funds, and PIMCO.

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 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. In considering whether to approve the renewal of the Agreements, the Board also reviewed supplementary 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, information regarding the profitability to PIMCO of its relationship with the Funds, information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Funds, and information about the fees charged and services provided to other clients with similar investment mandates as the Funds (where applicable). In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees, which included, among other things, memoranda outlining legal duties of the Board in considering the continuation of the Agreements.

(b) Review Process:  In connection with the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO in response to requests from counsel to the Trust and the Independent Trustees. The Board requested and received assistance and advice regarding applicable legal standards from counsel to the Trust and the

Independent Trustees, and reviewed comparative fee and performance data prepared at the Board’s request by Lipper, Inc. (“Lipper”), an independent provider of investment company performance and fee and expense data. The Board heard oral 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 12, 2015 meeting. The Independent Trustees also conducted a telephonic meeting with counsel to the Trust and the Independent Trustees on July 30, 2015 to discuss the materials presented. In addition, the Independent Trustees requested and received from PIMCO additional information including, but not limited to, information related to profitability and comparative performance information.

The approval determinations were made on the basis of each Trustee’s business judgment after consideration 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. This summary describes the most important, but not 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: 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 assets under management. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment Advisory Contract. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted that PIMCO is making a long-term commitment to building an equity asset management platform, and that PIMCO continues to invest in personnel and global infrastructure necessary to support the equity business. In this regard, the Board considered PIMCO’s commitment to investing in information technology supporting investment management and compliance, as well as PIMCO’s continuing efforts to attract and retain qualified personnel, including personnel with relevant equities experience, and to maintain and enhance its resources and systems. The Board considered PIMCO’s policies, procedures and systems to reasonably assure compliance with applicable laws and regulations and its

84 PIMCO EQUITY SERIES

(Unaudited)

commitment to these programs, its oversight of matters that may involve conflicts of interest between the Funds’ investments and those of other accounts managed by PIMCO, and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered PIMCO’s continuous investment in new disciplines and talented personnel, which has enhanced PIMCO’s service to the Funds and has allowed PIMCO to introduce innovative new funds over time.

The Trustees considered information they had received about the steps that PIMCO has taken in recent years with respect to active management of counterparty risk, such as implementing procedures requiring daily collateral adjustments and frequent communication between credit analysts and the counterparty risk committee, which oversees counterparty risk on a firm-wide basis, continually evaluating requests to add or remove approved counterparties as market needs and conditions warrant. The Trustees also considered that, over the last several years, PIMCO has continued to strengthen the process it uses to assess the financial stability of counterparties with which the Funds do business, to manage collateral and to protect portfolios from an unforeseen deterioration in the creditworthiness of trading counterparties. The Trustees noted that, consistent with its fiduciary duty, PIMCO executes transactions through a competitive best execution process and uses only those counterparties that meet its stringent and monitored criteria. The Trustees considered that PIMCO’s collateral management team utilizes a counterparty risk system to analyze portfolio level exposure and collateral being exchanged with counterparties.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented since the Board renewed the Agreements in 2014, including, but not limited to: conducting a targeted review of quality and efficiency in the valuation process; expanding the analytical review of shareholder reports by State Street Bank and Trust Company, the Funds’ custodian; developing a process for monthly forecasts of taxable and book income to enhance portfolio management of investment income; continuing the expansion of a proprietary performance reconciliation tool, which includes next-day comparison of daily internal performance to custodian bank performance to identify potential errors and guardrail net asset value calculations; developing and implementing the Global Process Monitor application, which includes real-time tracking and escalation protocols for critical activities; and implementing monthly cash flow reporting processes to support client and media demands for information about investor flows and assets under management data.

Ultimately, the Board concluded that the nature, extent and quality of services proposed to be provided by PIMCO under the Agreements are likely to benefit the Funds and their respective shareholders.

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

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

3. INVESTMENT PERFORMANCE

The Board received and examined information from PIMCO concerning the Funds’ performance, as available, over short- and long-term periods ended May 31, 2015 and other performance data, as available, over short- and long-term periods ended June 30, 2015 (the “PIMCO Report”) and from Lipper concerning the Funds’ performance, as available, over short- and long-term periods ended May 31, 2015 (the “Lipper Report”). The Board considered that limited performance information was available for the PIMCO RealPath Blend Funds because the Funds recently commenced operations. The Board also considered information regarding both the short- and long-term investment performance of each Fund relative to its peer group and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Lipper Report, which were provided in advance of the August 12, 2015 meeting.

The Board noted that, according to Lipper, certain Funds had underperformed in comparison to their respective peer groups or benchmark indexes, or both, over short- and long-term periods. The Board discussed with PIMCO the reasons for the underperformance of certain Funds over short- and long-term periods. The Board also discussed actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO’s plans to monitor performance going forward.

SEMIANNUAL REPORT DECEMBER 31, 2015 85

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

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 continuation of the Agreements.

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

The Board considered that PIMCO seeks to price funds to scale at the outset with reference to the total expense ratios of the respective Lipper median (if available), while providing a premium for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Fund or class of shares, it considers a number of factors, including the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services, the impact on potential returns from different levels of fees, the competitive marketplace for financial products, and the attractiveness of potential Fund returns to current and potential investors. Fees charged to or proposed for different Funds for advisory services and supervisory and administrative services may vary in light of these various factors. The Board also considered that PIMCO reviews the Funds’ fee levels and carefully considers reductions where appropriate.

The Board reviewed the advisory fees, supervisory and administrative fees and total expenses of the Funds (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. With respect to advisory fees, the Board reviewed data from Lipper that compared the average and median advisory fees of other funds in a “Peer Group” of comparable funds, as well as the universe of other similar funds. The Board noted that PIMCO had contractually agreed, through October 31, 2015, to reduce its advisory fee by amounts shown in the table below:

PIMCO Balanced Income Fund	0.15%
PIMCO Dividend and Income Builder Fund	0.16%
PIMCO Global Dividend Fund	0.16%
PIMCO International Dividend Fund	0.16%
PIMCO U.S. Dividend Fund	0.16%

The Board further noted that the PIMCO Emerging Multi-Asset, PIMCO EqS^® Emerging Markets and PIMCO EqS^® Pathfinder Funds liquidated on July 14, 2015.

The Board also reviewed data comparing the Funds’ advisory fees to the standard fee rate PIMCO charges to separate accounts and to other investment companies with similar investment strategies, including differences in advisory services provided. The Board discussed separate

account and/or U.S. and non-U.S. registered fund comparisons to the PIMCO Global Dividend Fund, PIMCO Balanced Income Fund and PIMCO Dividend and Income Builder Fund (as available), noting that for the remaining Funds, there were no appropriate comparisons among separate accounts or non-U.S. registered funds at the time that the Board considered the Agreements. For PIMCO Global Dividend Fund, for which PIMCO offers a separate account with an investment strategy similar to the Fund, the Board noted that the separate account fee was lower than that charged to the Fund, but also noted that the differences in fees were attributable to various factors, including differences in the advisory and other services provided by PIMCO to the Fund, 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 that justify different levels of fees. The Board noted that the advisory fees (or management fees, where applicable) for most Funds were similar to the fee rates charged to other investment companies with the same investment strategies as the Funds.

In considering the fees paid by the Funds, the Board noted that retail investors in the Funds receive the benefit of PIMCO’s advisory services at the same advisory fee rates as institutional investors in the Funds.

The Board considered the Funds’ supervisory and administrative fees, comparing them to similar funds in the report supplied by Lipper. The Board also considered that as the Funds’ business has become increasingly complex and the number of Funds has grown, 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 and, in return, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Board further considered that many other funds pay for these 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, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it implicitly reflects economies of scale by fixing the absolute level of Fund fees at competitive levels even if the Funds’ operating costs rise when assets remain flat or decrease. 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

86 PIMCO EQUITY SERIES

(Unaudited)

Supervision and Administration Agreement represent, in effect, a cap on overall Fund fees, which is beneficial to the Funds and their shareholders.

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

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

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

The Board reviewed information regarding PIMCO’s costs of providing services to the Funds as a whole and considered that PIMCO continues to invest in the equity asset management platform and does not expect to derive any profit from the Funds during the Trust’s fiscal year ended December 31, 2015. The Board noted that it had received information regarding the structure and manner in which PIMCO’s investment professionals were compensated, and PIMCO’s view of the relationship of such compensation to the attraction and retention of quality personnel. The Board considered PIMCO’s need to invest in technology, cyber security, information security, shareholder privacy, business continuity planning, infrastructure and staff to reinforce and offer new services and to accommodate changing regulatory requirements.

With respect to potential economies of scale, the Board noted that PIMCO shares the benefits of economies of scale with the Funds and their shareholders in a number of ways, including through 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 noted that retail investors in the Funds receive the benefit of PIMCO’s advisory services at the same advisory fee rates as institutional investors in the Funds. The Board considered that the Funds’ unified fee rates had been set competitively and/or priced to scale from inception and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing Fund shareholders of the fees associated with the Funds, and that the Funds bear certain expenses that are not covered by the advisory fee or the unified fee.

The Trustees considered that the unified fee has provided inherent economies of scale because a Fund maintains competitive fixed unified fees even if the particular Fund’s assets decline and/or operating costs rise. The Trustees further considered that, in contrast, breakpoints are a proxy for charging higher fees on lower asset levels and that when a fund’s assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also considered that, unlike the Funds’ unified fee structure, funds with “pass through” administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also considered that the unified fee protects shareholders from a rise in operating costs that may result from, among other things, PIMCO’s investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO’s investments in these areas are extensive.

The Board concluded that the Funds’ cost structures were reasonable and that the unified fee structure inherently involves the sharing of economies of scale between PIMCO and each of the Funds, to the benefit of their respective shareholders.

6. ANCILLARY BENEFITS

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

7. CONCLUSIONS

Based on their review, including their consideration of each of the factors 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 favored 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 Funds’ shareholders received reasonable value in return for the fees paid to PIMCO by the Funds under the Agreements, and that the renewal of the Agreements was in the best interests of the Funds and their shareholders.

SEMIANNUAL REPORT DECEMBER 31, 2015 87

Results of Proxy Voting

(Unaudited)

A special meeting of shareholders of the series of the Trust was held on February 5, 2016. The special meeting was held for the purpose of electing two (2) Trustees to the Trust’s Board of Trustees. Shareholders of all series of the Trust voted together on the proposal, and elected the following two (2) Trustees at the special meeting:

ⁿ  Jennifer Holden Dunbar

ⁿ  Ronald C. Parker

The results of the proxy solicitation on the preceding matter were as follows:

PIMCO Equity Series

Trustee Nominee	For*		Withheld*
Jennifer Holden Dunbar		197,882,087		3,114,282
Ronald C. Parker		197,892,770		3,103,598

* Certain series of the Trust’s shares were held by PIMCO-advised funds or accounts for which PIMCO had discretionary authority to vote proxies. Accordingly, PIMCO voted such shares in proportion to the votes of all other Trust shareholders voting on the proposal.

88 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 and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

Transfer Agent

Boston Financial Data Services

Institutional Class, Class P, Administrative Class, Class D

330 W. 9th Street, 5th Floor

Kansas City, MO 64105

Boston Financial Data Services

Class A, Class C, Class R

P.O. Box 55060

Boston, MA 02205-5060

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

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

PES3002AR_063015

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 Schedule of Investments is included as part of the reports to shareholders under Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Trust’s Board of Trustees since the Trust last provided disclosure in response to this item.

Item 11. Controls and Procedures.

(a) The principal executive officer and principal financial & accounting officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 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 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Exhibit 99.CODE—Code of Ethics is not applicable for semiannual reports.

(a)(2) Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

(b) Exhibit 99.906CERT—Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

PIMCO Equity Series
By:	/s/  Peter G. Strelow
	Peter G. Strelow
	President (Principal Executive Officer)
Date:	February 26, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/  Peter G. Strelow
	Peter G. Strelow
	President (Principal Executive Officer)
Date:	February 26, 2016
By:	/s/  Trent W. Walker
	Trent W. Walker
	Treasurer (Principal Financial & Accounting Officer)
Date:	February 26, 2016

EX-99.(A)(2)

Exhibit 99.CERT

Certification Under Rule 30a-2(a)

CERTIFICATION

I, Peter G. Strelow, certify that:

1. I have reviewed this report on Form N-CSR of PIMCO Equity Series;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	February 26, 2016
Signature:	/s/ Peter G. Strelow
Title:	President (Principal Executive Officer)

Exhibit 99.CERT

Certification Under Rule 30a-2(a)

CERTIFICATION

I, Trent W. Walker, certify that:

1. I have reviewed this report on Form N-CSR of PIMCO Equity Series;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	February 26, 2016
Signature:	/s/ Trent W. Walker
Title:	Treasurer (Principal Financial & Accounting Officer)

EX-99.(B)

Exhibit 99.906CERT

Certification Under Rule 30a-2(b)

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

(as adopted pursuant to Section 906 of the Sarbanes-Oxley Act)

In connection with the Report on Form N-CSR to which this certification is furnished as an exhibit (the “Report”), the undersigned officers of PIMCO Equity Series (the “Registrant”) each certify that to his knowledge:

1. The Report on Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report on Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

By:	/s/ Peter G. Strelow	By:	/s/ Trent W. Walker
Name:	Peter G. Strelow	Name:	Trent W. Walker
Title:	President (Principal Executive Officer)	Title:	Treasurer (Principal Financial & Accounting Officer)
Date:	February 26, 2016	Date:	February 26, 2016

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the “Commission”) or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Reports.