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: June 30, 2016

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 Funds

• PIMCO Equity Series RAE Fundamental Funds

• PIMCO Equity Series RealPath^TM Blend Funds

PIMCO Equity Series^®

Annual Report

June 30, 2016

PIMCO Dividend and Income Fund

PIMCO EqS^® Long/Short Fund

Share Classes

n Institutional

n P

n D

n A

n C

Table of Contents

			Page
Chairman’s Letter				2
Important Information About the Funds				4
Expense Examples				10
Financial Highlights				12
Statements of Assets and Liabilities				16
Statements of Operations				18
Statements of Changes in Net Assets				19
Statement of Cash Flows				20
Notes to Financial Statements				36
Report of Independent Registered Public Accounting Firm				56
Glossary				57
Federal Income Tax Information				58
Management of the Trust				59
Privacy Policy				61
Approval of Investment Advisory Contract and Other Agreements				63
Results of Proxy Voting				65
Fund	Fund Summary		Schedule of Investments
PIMCO Dividend and Income Fund*		6		21
PIMCO EqS® Long/Short Fund		8		32

* Prior to June 16, 2016, the PIMCO Dividend and Income Fund was named the PIMCO Dividend and Income Builder Fund.

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 Annual Report for the PIMCO Equity Series covering the twelve-month reporting period ended June 30, 2016. 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.

Outside of the reporting period, PIMCO announced on July 19, 2016 that the firm’s Managing Directors have selected Emmanuel (Manny) Roman as PIMCO’s next Chief Executive Officer. PIMCO’s current CEO Douglas Hodge will assume a new role as Managing Director and Senior Advisor when Mr. Roman joins PIMCO on November 1st.

The announcement of Mr. Roman as PIMCO’s CEO is the culmination of a process undertaken by the firm to hire a senior executive who would add leadership and strategic insights combined with a deep appreciation of PIMCO’s diversified global businesses, investment process and focus on superior investment performance and client-service. Mr. Roman’s appointment has the full support of the firm’s leadership including Mr. Hodge, PIMCO’s President Jay Jacobs, the firm’s Executive Committee and its Managing Directors. Mr. Roman has nearly 30 years of experience in the investment industry, with expertise in fixed income and proven executive leadership, most recently as CEO of Man Group PLC, one of the world’s largest publicly-traded alternative asset managers and a leader in liquid, high-alpha investment strategies.

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

ⁿ  The first half of the reporting period through mid-February 2016 was marked by ongoing concerns over the global impact of a slowdown in the Chinese economy, which drove commodity prices and inflation expectations generally lower. By March, a recovery in the price of oil and expectations of lower interest rates for longer supported a rally in risk assets. The Bank of Japan (“BOJ”) and the People’s Bank of China, for example, indicated their intent for further policy easing, with the BOJ resorting to a negative interest rate policy in February 2016. The European Central Bank (“ECB”) also resorted to unconventional monetary policy with additional easing measures and an expansion of its quantitative easing program by shifting its focus toward domestic credit, pushing government yields into negative territory. In June 2016, the ECB began purchasing corporate bonds to help invigorate economic growth and stimulate inflation in the region.

ⁿ  In the U.S., concerns regarding the global impact of tightening financial conditions and renewed U.S. dollar strength kept the Federal Reserve (“Fed”) on hold at their June 2016 meeting, after slightly raising interest rates at their December 2015 meeting. In addition, the U.S. dollar appreciated against most European and emerging market currencies, while falling against the Japanese yen. The U.S. interest rate yield curve flattened as the ten-year U.S. Treasury yield rallied to all-time lows and short-term rates rose with the initial December 2015 Fed rate hike. Revised first quarter 2016 U.S. gross domestic product (“GDP”) data released in late June was marginally stronger as retail sales, housing and consumer sentiment data indicated an improving economy.

ⁿ  Market movements and news headlines at the end of the reporting period were dominated by the unexpected outcome of the U.K. referendum on June 23, 2016. Initial investor reaction to the Brexit vote was largely “risk-off” as various assets re-priced to the surprise outcome, with U.S. Treasuries, the Japanese yen and gold headlining a safe-haven rally. However, aside from the Pound Sterling and European and Japanese equities, most asset classes recovered in the ensuing week as investors reassessed the impact of the Brexit vote on global growth expectations.

ⁿ  Global developed market equities experienced weak performance amid a period marked by economic uncertainty, increased volatility and geopolitical concerns. U.S. equities, as represented by the S&P 500 Index, were a bright spot, returning 3.99% over the reporting period. International equity markets (developed ex-U.S.), as represented by the MSCI EAFE Net Dividend Index (USD Hedged) declined 9.90% over the reporting period and the MSCI EAFE Net Dividend Index (USD Unhedged) declined 10.16% over the reporting period. Japanese equities, as represented by the Nikkei 225 Index in JPY, declined 21.86% over the reporting period, and

2 PIMCO EQUITY SERIES

European equities, as represented by the MSCI Europe Index in EUR, declined 10.96% over the reporting period. During the first eight months of the reporting period, declining commodities prices and China’s economic deceleration drove concerns of slowing global growth, which weighed on equity returns. However, in the last third of the reporting period, developed market equities began to rebound from previous lows as global central banks resorted to increasingly unconventional monetary policy. However, late in the reporting period in June, global equities were pressured once again due to Britain’s decision to leave the European Union.

ⁿ  Emerging market (“EM”) equities, as represented by the MSCI Emerging Markets Index (Net Dividends in USD), declined 12.05% over the reporting period. Concerns over slower economic growth in China, a bear market in commodities, political corruption in Latin America and several attempts by the People’s Bank of China to support the domestic equity market added to fears of slowing global growth. Late in the reporting period, emerging market equities experienced a strong rebound following February 2016 lows, with cyclicals and commodity-linked markets leading the rally.

ⁿ  U.S. Treasuries, as represented by the Barclays U.S. Treasury Index, returned 6.22% for the reporting period. Yields beyond one-year maturities declined across the U.S. Treasury yield curve as a more dovish tone from the Fed after its June 2016 meeting, coupled with the surprise result of the U.K. referendum, pushed expectations for policy normalization further into the future. Investors also looked to U.S. Treasuries for their perceived safety and as a source of high-quality yield. The benchmark ten-year U.S. Treasury note yielded 1.49% 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 6.00% 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 and investment solution needs.

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

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

ANNUAL REPORT JUNE 30, 2016 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, convertible securities 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.

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. Returns do not reflect the deduction of taxes that a shareholder would pay on (i) Fund distributions or (ii) the redemption of Fund shares. The Cumulative Returns chart and Average Annual Total Return table reflect any sales load that would have applied at the time of purchase or any Contingent Deferred Sales Charge (“CDSC”) that would have applied if a full redemption occurred on the last business day of the period shown in the Cumulative Returns

4 PIMCO EQUITY SERIES

chart. Class A shares are subject to an initial sales charge. A CDSC may be imposed in certain circumstances on Class A shares that are purchased without an initial sales charge and then redeemed during the first (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 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

Diversification Status

PIMCO Dividend and Income Fund

12/14/11

12/14/11

12/14/11

12/14/11

12/14/11

12/14/11

Diversified

PIMCO EqS® Long/Short Fund

04/20/12

04/20/12

04/30/12

04/30/12

04/30/12

04/30/12

Non-diversified

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.

ANNUAL REPORT JUNE 30, 2016 5

PIMCO Dividend and Income Fund

Cumulative Returns Through June 30, 2016

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

Investment Objective and Strategy Overview

» PIMCO Dividend and Income Fund (formerly, PIMCO Dividend and Income Builder Fund) (the “Fund”) seeks to provide current income that exceeds the average yield on global stocks, by investing under normal circumstances at least 80% of its assets in a diversified portfolio of income-producing investments, and will typically invest between 60-80% of its assets in equity and equity-related securities (such portion of the Fund’s portfolio, the “Equity Sleeve”) providing exposure to a portfolio of stocks (the “RAE Income Global Portfolio”). The stocks for the Equity Sleeve are selected by the Fund’s sub-adviser, Research Affiliates, LLC from a broad universe of global equities.

Average Annual Total Return for the period ended June 30, 2016
		1 Year		Fund Inception (12/14/11)
	PIMCO Dividend and Income Fund Institutional Class		(9.06)%		6.19%
	PIMCO Dividend and Income Fund Class P		(9.05)%		6.15%
	PIMCO Dividend and Income Fund Class D		(9.38)%		5.85%
	PIMCO Dividend and Income Fund Class A		(9.38)%		5.85%
	PIMCO Dividend and Income Fund Class A (adjusted)		(14.39)%		4.54%
	PIMCO Dividend and Income Fund Class C		(10.07)%		5.05%
	PIMCO Dividend and Income Fund Class C (adjusted)		(10.88)%		5.05%
	MSCI World Index±		(2.78)%		10.83%
	MSCI All Country World Index*		(3.73)%		9.65%
	75% MSCI World Index/25% Barclays Global Aggregate USD Unhedged±±		0.22%		8.66%
	75% MSCI All Country World Index/25% Barclays Global Aggregate USD Unhedged**		(0.51)%		7.79%

All Fund returns are net of fees and expenses.

* Prior to June 16, 2016, The Fund’s primary benchmark was the MSCI All Country World Index. 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.

** Prior to June 16, 2016, The Fund’s secondary benchmark was the 75% MSCI All Country World Index/25% Barclays Global Aggregate USD Unhedged Index. 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.

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

^±± The benchmark is a blend of 75% MSCI World Index/25% Barclays Global Aggregate USD Unhedged. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index consists of 23 developed market country indices. 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.

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 1.00% for the Institutional Class shares, 1.10% for the Class P shares, 1.35% for the Class D shares, 1.35% for the Class A shares, and 2.10% 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 - PQIIX Class P - PQIPX Class D - PQIDX Class A - PQIZX Class C - PQICX

Top 10 Holdings as of 06/30/2016^1§

Exxon Mobil Corp.	2.7%
AT&T, Inc.	2.3%
Pfizer, Inc.	2.3%
Royal Dutch Shell PLC ‘A’	2.2%
International Business Machines Corp.	1.8%
Chevron Corp.	1.8%
HSBC Holdings PLC	1.6%
Intel Corp.	1.4%
BP PLC	1.4%
Structured Asset Investment Loan Trust	1.3%

Geographic Breakdown as of 06/30/2016^1§

United States	46.4%
United Kingdom	9.8%
Japan	8.8%
France	6.3%
Netherlands	3.3%
Germany	3.3%
Spain	2.5%
Canada	2.4%
Switzerland	2.0%
Italy	1.6%
Australia	1.2%
Denmark	1.0%
Other	5.6%

Sector Breakdown as of 06/30/2016^1§

Financials	17.3%
Energy	15.3%
Utilities	8.8%
Health Care	8.2%
Telecommunication Services	7.9%
Industrials	7.2%
Information Technology	6.2%
Consumer Staples	5.6%
Consumer Discretionary	5.1%
Materials	4.8%
Asset-Backed Securities	3.8%
Non-Agency Mortgage-Backed Securities	3.0%
Other	1.1%

¹ % of Investments, at value.

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

Fund Insights

Following are key factors impacting the Fund’s performance during the reporting period:

» Stock selection in the financials sector detracted from relative returns, as the Fund’s holdings generally underperformed the MSCI World Index.

» Stock selection in the industrials sector detracted from relative returns, as the Fund’s holdings generally underperformed the MSCI World Index.

» Stock selection in the energy sector detracted from relative returns, as the Fund’s holdings generally underperformed the MSCI World Index.

» Stock selection in the information technology sector detracted from relative returns, as the Fund’s holdings generally underperformed the MSCI World Index.

» The Fund’s overweight position in PG&E Corporation contributed to relative returns, as the security increased in price.

» Exposure to U.S. duration contributed to absolute performance, as yields generally declined.

ANNUAL REPORT JUNE 30, 2016 7

PIMCO EqS^® Long/Short Fund

Cumulative Returns Through June 30, 2016

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

Investment Objective and Strategy Overview

» PIMCO EqS^® Long/Short Fund seeks long-term capital appreciation by investing under normal circumstances in long and short positions of equity and equity-related securities, including common and preferred 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 June 30, 2016*
		1 Year		5 Year		10 Year		Fund Inception (01/01/03)
	PIMCO EqS® Long/Short Fund Institutional Class		(2.02)%		3.57%		7.91%		11.32%
	PIMCO EqS® Long/Short Fund Class P		(2.11)%		3.50%		7.87%		11.29%
	PIMCO EqS® Long/Short Fund Class D		(2.37)%		3.26%		7.74%		11.20%
	PIMCO EqS® Long/Short Fund Class A		(2.38)%		3.26%		7.74%		11.20%
	PIMCO EqS® Long/Short Fund Class A (adjusted)		(7.71)%		2.10%		7.14%		10.73%
	PIMCO EqS® Long/Short Fund Class C		(3.03)%		2.62%		7.41%		10.94%
	PIMCO EqS® Long/Short Fund Class C (adjusted)		(3.99)%		2.62%		7.41%		10.94%
	3 Month USD LIBOR Index±		0.46%		0.35%		1.48%		1.72%

All Fund returns are net of fees and expenses.

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

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

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 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.

8 PIMCO EQUITY SERIES

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

Top 10 Holdings as of 06/30/2016^1§

Allstate Corp.	5.8%
Iron Mountain, Inc.	4.7%
DST Systems, Inc.	4.3%
Nestle S.A.	4.1%
Spectra Energy Partners LP	3.6%
First Data Corp. ‘A’	3.4%
HCA Holdings, Inc.	3.4%
Laboratory Corp. of America Holdings	3.2%
Level 3 Communications, Inc.	3.1%
TransCanada Corp.	3.1%

Sector Breakdown as of 06/30/2016^2§

Financials	12.9%
Consumer Discretionary	11.1%
Information Technology	7.7%
Health Care	7.4%
Energy	7.2%
Consumer Staples	5.1%
Industrials	4.2%
Telecommunication Services	3.4%
Other	0.9%

¹ % of Investments, at value.

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

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

Fund Insights

Following are key factors impacting the Fund’s performance during the reporting period:

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

» The Fund’s long positions detracted from absolute performance, notably First Data Corporation and Community Health Systems, as the prices of these securities declined.

» The Fund’s short equity positions contributed to absolute returns, as the prices of these securities generally declined.

» The Fund’s long position in Iron Mountain contributed to absolute returns, as the price of this security rose.

ANNUAL REPORT JUNE 30, 2016 9

Expense Examples

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for all Funds and share classes is from January 1, 2016 to June 30, 2016 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 rows, 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 titled “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 (01/01/16)		Ending Account Value (06/30/16)		Expenses Paid During Period*		Beginning Account Value (01/01/16)		Ending Account Value (06/30/16)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO Dividend and Income Fund
Institutional Class	$	1,000.00	$	1,025.20	$	4.11	$	1,000.00	$	1,020.39	$	4.10		0.83	%
Class P		1,000.00		1,026.80		4.61		1,000.00		1,019.91		4.59		0.93
Class D		1,000.00		1,024.60		5.84		1,000.00		1,018.68		5.82		1.18
Class A		1,000.00		1,023.60		5.84		1,000.00		1,018.68		5.82		1.18
Class C		1,000.00		1,020.20		9.53		1,000.00		1,015.01		9.51		1.93
PIMCO EqS® Long/Short Fund
Institutional Class	$	1,000.00	$	1,002.60	$	11.02	$	1,000.00	$	1,013.45	$	11.08		2.25	%
Class P		1,000.00		1,001.70		11.50		1,000.00		1,012.96		11.57		2.35
Class D		1,000.00		1,000.90		12.72		1,000.00		1,011.74		12.79		2.60
Class A		1,000.00		1,000.90		12.72		1,000.00		1,011.74		12.79		2.60
Class C		1,000.00		998.20		16.37		1,000.00		1,008.07		16.45		3.35

* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 179/366 (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.

10 PIMCO EQUITY SERIES

(THIS PAGE INTENTIONALLY LEFT BLANK)

ANNUAL REPORT JUNE 30, 2016 11

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			Distributions from Net Realized Capital Gains			Total Distributions(b)
PIMCO Dividend and Income Fund
Institutional Class
06/30/2016	$	12.29	$	0.43		$	(1.58	)	$	(1.15	)	$	(0.44	)	$	(0.76	)	$	(1.20	)
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
06/30/2016		12.30		0.39			(1.54	)		(1.15	)		(0.43	)		(0.76	)		(1.19	)
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
06/30/2016		12.29		0.36			(1.54	)		(1.18	)		(0.41	)		(0.76	)		(1.17	)
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
06/30/2016		12.29		0.39			(1.57	)		(1.18	)		(0.41	)		(0.76	)		(1.17	)
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
06/30/2016		12.27		0.31			(1.57	)		(1.26	)		(0.33	)		(0.76	)		(1.09	)
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	)
PIMCO EqS® Long/Short Fund
Institutional Class
06/30/2016	$	12.07	$	(0.17	)	$	(0.07	)	$	(0.24	)	$	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
06/30/2016		12.02		(0.18	)		(0.07	)		(0.25	)		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
06/30/2016		11.95		(0.20	)		(0.08	)		(0.28	)		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

Please see footnotes on page 14.

12 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
$	9.94		(9.06	)%	$	31,840		0.83	%(c)		1.00	%(c)		0.83	%(c)		1.00	%(c)		4.03	%		114	%
	12.29		(0.12	)		68,607		0.83			1.00			0.83			1.00			3.70			98
	13.12		17.23			90,408		0.84			1.00			0.84			1.00			3.56			79
	11.60		15.17			69,203		0.83			1.00			0.83			1.00			4.66			75
	10.47		7.17			11,170		0.83	*		1.57	*		0.83	*		1.57	*		4.35	*		28
	9.96		(9.05	)		34,120		0.93	(c)		1.10	(c)		0.93	(c)		1.10	(c)		3.53			114
	12.30		(0.22	)		169,790		0.93			1.10			0.93			1.10			3.64			98
	13.13		17.05			158,122		0.94			1.10			0.94			1.10			3.53			79
	11.62		15.15			85,724		0.93			1.10			0.93			1.10			4.62			75
	10.48		7.21			8,207		0.93	*		2.47	*		0.93	*		2.47	*		5.28	*		28
	9.94		(9.38	)		10,623		1.18	(c)		1.35	(c)		1.18	(c)		1.35	(c)		3.37			114
	12.29		(0.47	)		41,094		1.18			1.35			1.18			1.35			3.59			98
	13.12		16.78			32,523		1.19			1.35			1.19			1.35			3.19			79
	11.61		14.91			23,204		1.18			1.35			1.18			1.35			4.00			75
	10.47		6.98			2,306		1.18	*		2.26	*		1.18	*		2.26	*		4.52	*		28
	9.94		(9.38	)		167,857		1.18	(c)		1.35	(c)		1.18	(c)		1.35	(c)		3.67			114
	12.29		(0.49	)		296,317		1.18			1.35			1.18			1.35			3.39			98
	13.12		16.78			320,719		1.19			1.35			1.19			1.35			3.34			79
	11.61		14.91			117,579		1.18			1.35			1.18			1.35			4.18			75
	10.47		6.98			13,314		1.18	*		2.43	*		1.18	*		2.43	*		4.62	*		28
	9.92		(10.07	)		195,393		1.93	(c)		2.10	(c)		1.93	(c)		2.10	(c)		2.91			114
	12.27		(1.23	)		358,171		1.93			2.10			1.93			2.10			2.67			98
	13.10		15.97			353,287		1.94			2.10			1.94			2.10			2.67			79
	11.59		14.08			86,879		1.93			2.10			1.93			2.10			3.42			75
	10.46		6.46			8,000		1.93	*		3.46	*		1.93	*		3.46	*		4.27	*		28
$	11.69		(2.02	)%	$	243,341		2.44	%		2.45	%		1.50	%		1.51	%		(1.46	)%		672	%
	12.07		1.74			299,808		1.91			1.92			1.49			1.50			0.20			450	(d)
	11.92		13.59			545,346		2.02			2.04			1.48			1.50			(0.82	)		522
	11.09		14.66			329,610		2.65			2.75			1.40			1.50			1.45			528
	9.71		(2.90	)		212,229		1.52	*		2.41	*		1.40	*		2.29	*		(1.30	)*		113
	11.63		(2.11	)		249,973		2.54			2.55			1.60			1.61			(1.51	)		672
	12.02		1.66			207,511		2.01			2.02			1.59			1.60			0.16			450	(d)
	11.88		13.40			277,661		2.00			2.02			1.58			1.60			(0.71	)		522
	11.08		14.77			15,664		3.94			4.04			1.50			1.60			(0.48	)		528
	9.70		(3.00	)		10		1.62	*		2.40	*		1.50	*		2.28	*		(1.34	)*		113
	11.53		(2.37	)		62,130		2.79			2.80			1.85			1.86			(1.74	)		672
	11.95		1.41			44,227		2.26			2.27			1.84			1.85			(0.19	)		450	(d)
	11.84		13.13			77,934		2.31			2.33			1.83			1.85			(1.01	)		522
	11.06		14.31			12,421		3.95			4.05			1.75			1.85			(0.97	)		528
	9.70		(3.00	)		111		1.87	*		3.97	*		1.77	*		3.87	*		(1.72	)*		113

ANNUAL REPORT JUNE 30, 2016 13

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			Distributions from Net Realized Capital Gains			Total Distributions(b)
PIMCO EqS® Long/Short Fund (Cont.)
Class A
06/30/2016	$	11.94	$	(0.21	)	$	(0.07	)	$	(0.28	)	$	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
06/30/2016		11.69		(0.29	)		(0.06	)		(0.35	)		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

* 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)  The tax characterization of distributions is determined in accordance with federal income tax regulations. See Note 2(d) in the Notes to Financial Statements for more information.

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

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

14 PIMCO EQUITY SERIES See Accompanying Notes

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
$	11.52		(2.38	)%	$	147,582		2.79	%		2.80	%		1.85	%		1.86	%		(1.79	)%		672	%
	11.94		1.41			172,843		2.26			2.27			1.84			1.85			(0.18	)		450	(d)
	11.83		13.17			382,160		2.27			2.29			1.83			1.85			(0.98	)		522
	11.05		14.27			24,759		3.62			3.72			1.75			1.85			(0.03	)		528
	9.70		(3.00	)		1,219		1.87	*		3.17	*		1.74	*		3.04	*		(1.70	)*		113
	11.20		(3.03	)		145,358		3.54			3.55			2.60			2.61			(2.52	)		672
	11.69		0.66			140,719		3.01			3.02			2.59			2.60			(0.95	)		450	(d)
	11.67		12.26			214,485		3.00			3.02			2.58			2.60			(1.71	)		522
	10.98		13.41			9,530		4.04			4.14			2.50			2.60			0.13			528
	9.69		(3.10	)		53		2.62	*		4.50	*		2.52	*		4.40	*		(2.46	)*		113

ANNUAL REPORT JUNE 30, 2016 15

Statements of Assets and Liabilities

(Amounts in thousands†, except per share amounts)	PIMCO Dividend and Income Fund			PIMCO EqS® Long/Short Fund
Assets:
Investments, at value
Investments in securities*	$	438,887		$	653,891
Investments in Affiliates		7,674			252,193
Financial Derivative Instruments
Exchange-traded or centrally cleared		77			0
Over the counter		1,570			127
Deposits with counterparty		318			64,338
Foreign currency, at value		2,792			2
Receivable for investments sold		10,858			25,004
Receivable for Fund shares sold		744			1,535
Interest and/or dividends receivable		2,745			629
Dividends receivable from Affiliates		9			197
Reimbursement receivable from PIMCO		116			151
Total Assets		465,790			998,067
Liabilities:
Borrowings & Other Financing Transactions
Payable for short sales	$	0		$	65,402
Financial Derivative Instruments
Over the counter		1,426			857
Payable for investments purchased		14,601			78,135
Payable for investments in Affiliates purchased		9			197
Deposits from counterparty		713			420
Payable for Fund shares redeemed		4,630			3,159
Dividends payable		828			0
Overdraft due to custodian		2,989			0
Accrued investment advisory fees		191			745
Accrued supervisory and administrative fees		147			373
Accrued distribution fees		126			104
Accrued servicing fees		77			61
Other liabilities		220			230
Total Liabilities		25,957			149,683
Net Assets	$	439,833		$	848,384
Net Assets Consist of:
Paid in capital	$	577,453		$	826,210
Undistributed (overdistributed) net investment income		(1,410	)		690
Accumulated undistributed net realized (loss)		(131,093	)		(18,222	)
Net unrealized appreciation (depreciation)		(5,117	)		39,706
Net Assets	$	439,833		$	848,384
Cost of investments in securities	$	444,831		$	612,026
Cost of investments in Affiliates	$	7,673		$	252,161
Cost of foreign currency held	$	2,805		$	2
Proceeds received on short sales	$	0		$	63,907
Cost or premiums of financial derivative instruments, net	$	(256	)	$	0
* Includes repurchase agreements of:	$	0		$	466

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

16 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2016

	PIMCO Dividend and Income Fund		PIMCO EqS® Long/Short Fund
Net Assets:
Institutional Class	$	31,840	$	243,341
Class P		34,120		249,973
Class D		10,623		62,130
Class A		167,857		147,582
Class C		195,393		145,358
Shares Issued and Outstanding:
Institutional Class		3,203		20,814
Class P		3,426		21,489
Class D		1,069		5,389
Class A		16,893		12,811
Class C		19,705		12,983
Net Asset Value Per Share Outstanding:
Institutional Class	$	9.94	$	11.69
Class P		9.96		11.63
Class D		9.94		11.53
Class A		9.94		11.52
Class C		9.92		11.20

ANNUAL REPORT JUNE 30, 2016 17

Statements of Operations

Year Ended June 30, 2016
(Amounts in thousands†)	PIMCO Dividend and Income Fund			PIMCO EqS® Long/Short Fund
Investment Income:
Interest	$	3,916		$	338
Dividends, net of foreign taxes*		26,911			5,394
Dividends from Investments in Affiliates		119			2,974
Total Income		30,946			8,706
Expenses:
Investment advisory fees		4,432			9,077
Supervisory and administrative fees		2,547			4,542
Distribution and/or servicing fees - Class D		59			137
Distribution fees - Class C		2,017			1,123
Servicing fees - Class A		572			402
Servicing fees - Class C		672			374
Dividends on short sales		0			5,375
Trustee fees		71			88
Interest expense		10			2,761
Miscellaneous expense		33			44
Total Expenses		10,413			23,923
Waiver and/or Reimbursement by PIMCO		(1,078	)		(88	)
Net Expenses		9,335			23,835
Net Investment Income (Loss)		21,611			(15,129	)
Net Realized Gain (Loss):
Investments in securities		(135,711	)		(25,748	)
Investments in Affiliates		(56	)		(1,105	)
Exchange-traded or centrally cleared financial derivative instruments		165			(4,660	)
Over the counter financial derivative instruments		3,413			1,245
Short sales		0			35,120
Foreign currency		(24	)		(594	)
Net Realized Gain (Loss)		(132,213	)		4,258
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		10,139			(6,585	)
Investments in Affiliates		1			43
Exchange-traded or centrally cleared financial derivative instruments		599			2,144
Over the counter financial derivative instruments		1,828			(640	)
Short sales		0			(5,146	)
Foreign currency assets and liabilities		(49	)		(15	)
Net Change in Unrealized Appreciation (Depreciation)		12,518			(10,199	)
Net (Decrease) in Net Assets Resulting from Operations	$	(98,084	)	$	(21,070	)
* Foreign tax withholdings - Dividends	$	1,167		$	124

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

18 PIMCO EQUITY SERIES See Accompanying Notes

Statements of Changes in Net Assets

	PIMCO Dividend and Income Fund						PIMCO EqS® Long/Short Fund
(Amounts in thousands†)	Year Ended June 30, 2016			Year Ended June 30, 2015			Year Ended June 30, 2016			Year Ended June 30, 2015
(Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	21,611		$	28,545		$	(15,129	)	$	(847	)
Net realized gain (loss)		(132,213	)		55,272			4,258			29,852
Net change in unrealized appreciation (depreciation)		12,518			(97,681	)		(10,199	)		(33,398	)
Net (Decrease) in Net Assets Resulting from Operations		(98,084	)		(13,864	)		(21,070	)		(4,393	)
Distributions to Shareholders:
From net investment income
Institutional Class		(1,746	)		(2,553	)		0			0
Class P		(3,101	)		(5,752	)		0			0
Class D		(848	)		(1,023	)		0			0
Class A		(8,671	)		(9,496	)		0			0
Class C		(8,146	)		(8,670	)		0			0
Class R		(4	)^		(11	)		0			0
From net realized capital gains
Institutional Class		(2,576	)		(1,739	)		(2,579	)		(1,891	)
Class P		(5,302	)		(4,480	)		(3,075	)		(1,253	)
Class D		(1,876	)		(690	)		(641	)		(248	)
Class A		(16,603	)		(7,435	)		(1,768	)		(961	)
Class C		(19,121	)		(8,792	)		(1,826	)		(787	)
Class R		(18	)^		(11	)		0			0
Total Distributions(a)		(68,012	)		(50,652	)		(9,889	)		(5,140	)
Portfolio Share Transactions:
Net increase (decrease) resulting from Fund share transactions**		(328,333	)		43,260			14,235			(622,945	)
Total (Decrease) in Net Assets		(494,429	)		(21,256	)		(16,724	)		(632,478	)
Net Assets:
Beginning of year		934,262			955,518			865,108			1,497,586
End of year*	$	439,833		$	934,262		$	848,384		$	865,108
* Including undistributed (overdistributed) net investment income of:	$	(1,410	)	$	(162	)	$	690		$	89

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

^{^}  Class R Shares liquidated at the close of business on January 22, 2016.

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

^(a)  The tax characterization of distributions is determined in accordance with federal income tax regulations. See Note 2(d) in the Notes to Financial Statements for more information.

ANNUAL REPORT JUNE 30, 2016 19

Statement of Cash Flows

Year Ended June 30, 2016
(Amounts in thousands)	PIMCO EqS® Long/Short Fund
Cash Flows (Used for) Operating Activities:
Net (decrease) in net assets resulting from operations	$	(21,070	)
Adjustments to Reconcile Net (Decrease) in Net Assets from Operations to Net Cash (Used for) Operating Activities:
Purchases of long-term securities		(3,681,380	)
Proceeds from sales of long-term securities		3,770,658
Purchases of short-term portfolio investments, net		(215,123	)
Decrease in deposits with counterparty		104,900
Decrease in receivable for investments sold		257,691
Decrease in interest and/or dividends receivable		116
(Increase) in dividends receivable from Affiliates		(125	)
Payments on exchange-traded or centrally cleared financial derivative instruments		(2,739	)
Proceeds from over the counter financial derivative instruments		1,246
(Increase) in reimbursement receivable from PIMCO		(46	)
(Decrease) in payable for investments purchased		(131,552	)
Increase in deposits from counterparty		420
(Decrease) in accrued investment advisory fees		(11	)
(Decrease) in accrued supervisory and administrative fees		(1	)
Increase in accrued distribution fees		7
(Decrease) in accrued servicing fees		(4	)
Payments on short sales transactions, net		(91,927	)
Payments on foreign currency transactions		(609	)
(Decrease) in other liabilities		(33	)
Net Realized (Gain) Loss
Investments in securities		25,478
Investments in Affiliates		1,105
Exchange-traded or centrally cleared financial derivative instruments		4,660
Over the counter financial derivative instruments		(1,245	)
Short sales		(35,120	)
Foreign currency		594
Net Change in Unrealized (Appreciation) Depreciation
Investments in securities		6,585
Investments in Affiliates		(43	)
Exchange-traded or centrally cleared financial derivative instruments		(2,144	)
Over the counter financial derivative instruments		640
Short sales		5,146
Foreign currency assets and liabilities		15
Net amortization (accretion) on investments		115
Net Cash (Used for) Operating Activities		(3,796	)
Cash Flows Received from Financing Activities:
Proceeds from shares sold		620,572
Payments on shares redeemed		(616,806	)
Cash dividend paid*		(44	)
Net Cash Received from Financing Activities		3,722
Net (Decrease) in Cash and Foreign Currency		(74	)
Cash and Foreign Currency:
Beginning of year		76
End of year	$	2
* Reinvestment of distributions	$	9,845
Supplemental Disclosure of Cash Flow Information:
Interest expense paid during the year	$	2,937

20 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO Dividend and Income Fund

June 30, 2016

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.7%
ASSET-BACKED SECURITIES 3.8%
CAYMAN ISLANDS 0.3%
ACAS CLO Ltd.
2.081% due 10/25/2025 (a)	$		750	$		750
Mariner CLO LLC
2.221% due 07/23/2026 (a)			700			700
Trainer Wortham First Republic CBO Ltd.
1.834% due 11/06/2038			144			141
Total Cayman Islands						1,591
UNITED STATES 3.5%
Conseco Financial Corp.
6.280% due 09/01/2030			643			683
Credit Suisse First Boston Mortgage Securities Corp.
1.073% due 01/25/2032			1,553			1,338
EMC Mortgage Loan Trust
1.521% due 02/25/2041			39			38
HSI Asset Securitization Corp. Trust
0.623% due 12/25/2036			5,713			2,335
Morgan Stanley Home Equity Loan Trust
0.553% due 12/25/2036			2,138			1,193
Residential Asset Securities Corp. Trust
1.338% due 01/25/2034			2,274			2,046
SMB Private Education Loan Trust
1.142% due 02/15/2023			1,583			1,583
1.342% due 07/15/2022			274			274
Structured Asset Investment Loan Trust
0.603% due 09/25/2036			7,070			5,821
Total United States						15,311
Total Asset-Backed Securities (Cost $16,915)						16,902
BANK LOAN OBLIGATIONS 0.6%
UNITED STATES 0.6%
Energy Future Intermediate Holding Co. LLC
4.250% due 12/19/2016			1,617			1,616
Hilton Worldwide Finance LLC
3.500% due 10/26/2020			300			301
iHeartCommunications, Inc.
7.210% due 01/30/2019			300			220
Las Vegas Sands LLC
3.250% due 12/19/2020			400			400
OGX (13.000% PIK)
13.000% due 04/10/2049 (b)			15			13
Total Bank Loan Obligations (Cost $2,630)						2,550
		SHARES
COMMON STOCKS 81.7%
AUSTRALIA 1.2%
CONSUMER DISCRETIONARY 0.1%
Myer Holdings Ltd.			447,637			378
CONSUMER STAPLES 0.2%
Coca-Cola Amatil Ltd.			44,693			276
Metcash Ltd. (c)			287,431			412
						688
ENERGY 0.1%
Woodside Petroleum Ltd.			30,109			611
FINANCIALS 0.1%
AMP Ltd.			66,202			258
Genworth Mortgage Insurance Australia Ltd.			106,963			222
						480

	SHARES			MARKET VALUE (000S)
HEALTH CARE 0.1%
Primary Health Care Ltd.		99,443	$		296
INDUSTRIALS 0.2%
WorleyParsons Ltd.		142,765			783
MATERIALS 0.4%
CSR Ltd.		113,985			313
Fortescue Metals Group Ltd.		392,244			1,050
Orica Ltd.		30,157			280
OZ Minerals Ltd.		82,403			354
					1,997
Total Australia					5,233
AUSTRIA 0.4%
ENERGY 0.2%
OMV AG		26,387			742
FINANCIALS 0.1%
Raiffeisen Bank International AG		47,328			598
MATERIALS 0.1%
voestalpine AG		11,147			375
Total Austria					1,715
BELGIUM 0.1%
CONSUMER DISCRETIONARY 0.0%
D’ieteren S.A.		4,506			196
TELECOMMUNICATION SERVICES 0.1%
Proximus S.A.		13,733			436
Total Belgium					632
BRAZIL 0.0%
ENERGY 0.0%
OGX Petroleo e Gas S.A. SP - ADR		6,334			0
Total Brazil					0
CANADA 2.4%
ENERGY 0.5%
Baytex Energy Corp.		57,942			336
Bonavista Energy Corp.		120,109			307
Enerplus Corp.		100,892			665
Husky Energy, Inc.		61,350			749
					2,057
FINANCIALS 0.8%
Canadian Imperial Bank of Commerce (i)		25,303			1,900
Genworth MI Canada, Inc.		8,143			209
IGM Financial, Inc.		8,102			220
National Bank of Canada		17,178			588
Power Corp. of Canada		22,086			470
Power Financial Corp.		7,263			167
					3,554
INDUSTRIALS 0.0%
Russel Metals, Inc.		12,329			218

	SHARES			MARKET VALUE (000S)
MATERIALS 0.8%
IAMGOLD Corp. (c)		112,832	$		467
Teck Resources Ltd. ‘B’		220,782			2,907
					3,374
TELECOMMUNICATION SERVICES 0.1%
Manitoba Telecom Services, Inc.		11,049			324
UTILITIES 0.2%
Atco Ltd. ‘I’		14,484			508
TransAlta Corp.		111,278			579
					1,087
Total Canada					10,614
DENMARK 0.3%
INDUSTRIALS 0.2%
AP Moeller - Maersk A/S ‘B’		847			1,106
TELECOMMUNICATION SERVICES 0.1%
TDC A/S		91,544			449
Total Denmark					1,555
FINLAND 0.3%
MATERIALS 0.1%
Stora Enso OYJ ‘R’		50,157			403
UTILITIES 0.2%
Fortum OYJ		46,915			754
Total Finland					1,157
FRANCE 6.0%
CONSUMER DISCRETIONARY 0.8%
Cie Generale des Etablissements Michelin		11,044			1,041
Lagardere S.C.A.		33,119			720
Vivendi S.A.		93,351			1,747
					3,508
CONSUMER STAPLES 0.2%
Casino Guichard Perrachon S.A.		11,492			638
ENERGY 1.0%
Total S.A.		92,182			4,421
FINANCIALS 0.7%
CNP Assurances		12,644			186
Societe Generale S.A.		89,805			2,810
					2,996
HEALTH CARE 1.2%
Sanofi		65,314			5,427
INDUSTRIALS 0.6%
Bouygues S.A.		23,003			659
Vinci S.A.		25,652			1,810
					2,469

See Accompanying Notes ANNUAL REPORT JUNE 30, 2016 21

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

	SHARES			MARKET VALUE (000S)
TELECOMMUNICATION SERVICES 0.6%
Orange S.A.		173,866	$		2,827
UTILITIES 0.9%
Electricite de France S.A.		75,992			921
Engie S.A.		189,079			3,036
					3,957
Total France					26,243
GERMANY 3.2%
CONSUMER DISCRETIONARY 0.3%
Bayerische Motoren Werke AG		18,504			1,347
CONSUMER STAPLES 0.3%
METRO AG		30,850			949
Suedzucker AG		15,612			344
					1,293
FINANCIALS 0.3%
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		9,473			1,589
HEALTH CARE 0.1%
Rhoen Klinikum AG		10,332			302
INDUSTRIALS 0.4%
Bilfinger SE		9,934			291
Deutsche Lufthansa AG		117,222			1,378
					1,669
MATERIALS 0.6%
BASF SE		22,702			1,741
Evonik Industries AG		14,198			423
K+S AG		15,113			309
					2,473
UTILITIES 1.2%
E.ON SE		266,317			2,689
RWE AG		163,478			2,603
					5,292
Total Germany					13,965
HONG KONG 0.5%
CONSUMER DISCRETIONARY 0.1%
SJM Holdings Ltd.		480,000			295
CONSUMER STAPLES 0.1%
Swire Pacific Ltd. ‘A’		55,500			628
FINANCIALS 0.1%
Kerry Properties Ltd.		92,000			229
Shimao Property Holdings Ltd.		271,000			345
Wheelock & Co. Ltd.		59,000			278
					852
INDUSTRIALS 0.1%
Noble Group Ltd.		2,548,600			386

	SHARES			MARKET VALUE (000S)
INFORMATION TECHNOLOGY 0.1%
Kingboard Chemical Holdings Ltd.		112,000	$		223
Total Hong Kong					2,384
ISRAEL 0.4%
FINANCIALS 0.1%
Bank Leumi Le-Israel BM (c)		173,129			608
MATERIALS 0.1%
Israel Chemicals Ltd.		92,474			360
TELECOMMUNICATION SERVICES 0.2%
Bezeq The Israeli Telecommunication Corp. Ltd.		336,980			668
Total Israel					1,636
ITALY 1.7%
ENERGY 0.8%
Eni SpA		215,328			3,468
FINANCIALS 0.2%
Poste Italiane SpA		111,815			743
UTILITIES 0.7%
Enel SpA		598,540			2,657
Snam SpA		69,535			416
					3,073
Total Italy					7,284
JAPAN 8.9%
CONSUMER DISCRETIONARY 1.0%
Aisin Seiki Co. Ltd.		10,200			415
Benesse Holdings, Inc.		19,000			446
Daihatsu Motor Co. Ltd.		28,000			365
Fuji Media Holdings, Inc.		30,200			340
Nikon Corp.		41,800			566
Nissan Motor Co. Ltd.		142,100			1,268
Onward Holdings Co. Ltd.		35,000			218
Sumitomo Rubber Industries Ltd.		22,300			298
Yamada Denki Co. Ltd.		92,000			486
					4,402
CONSUMER STAPLES 0.2%
Coca-Cola West Co. Ltd.		14,200			402
UNY Group Holdings Co. Ltd.		48,300			406
					808
ENERGY 0.3%
Idemitsu Kosan Co. Ltd.		16,600			361
JX Holdings, Inc.		204,500			798
					1,159
FINANCIALS 1.7%
Daito Trust Construction Co. Ltd.		2,300			373
Mitsubishi UFJ Financial Group, Inc.		547,200			2,453
Mizuho Financial Group, Inc.		1,040,600			1,498
Nishi-Nippon City Bank Ltd.		114,000			200
Resona Holdings, Inc.		190,900			698

	SHARES			MARKET VALUE (000S)
Sumitomo Mitsui Financial Group, Inc.		57,000	$		1,646
Sumitomo Mitsui Trust Holdings, Inc.		188,000			612
					7,480
HEALTH CARE 0.5%
Daiichi Sankyo Co. Ltd.		38,700			940
Takeda Pharmaceutical Co. Ltd.		26,100			1,126
					2,066
INDUSTRIALS 1.8%
Hitachi Construction Machinery Co. Ltd.		22,900			334
Hoya Corp.		11,000			393
ITOCHU Corp.		57,400			702
Japan Airlines Co. Ltd.		18,700			602
Komatsu Ltd.		44,200			768
Marubeni Corp.		204,300			923
Mitsubishi Corp.		45,600			803
Mitsui & Co. Ltd.		115,300			1,376
Nippon Yusen KK		316,000			556
Sumitomo Corp.		101,400			1,022
West Japan Railway Co.		5,700			361
					7,840
INFORMATION TECHNOLOGY 1.8%
Canon, Inc.		75,100			2,144
Fujitsu Ltd.		353,000			1,298
Hitachi Ltd.		603,000			2,527
Ibiden Co. Ltd.		23,900			270
Nippon Electric Glass Co. Ltd.		90,000			376
Ricoh Co. Ltd.		147,000			1,274
					7,889
MATERIALS 0.7%
Asahi Glass Co. Ltd.		123,000			667
Denka Co. Ltd.		47,000			190
DIC Corp.		13,000			272
Mitsubishi Chemical Holdings Corp.		197,400			905
Rengo Co. Ltd.		59,000			382
Showa Denko KK		41,700			393
Sumitomo Metal Mining Co. Ltd.		21,000			214
Ube Industries Ltd.		128,000			212
					3,235
TELECOMMUNICATION SERVICES 0.8%
Nippon Telegraph & Telephone Corp.		49,600			2,326
NTT DOCOMO, Inc.		46,500			1,254
					3,580
UTILITIES 0.1%
Chugoku Electric Power Co., Inc.		26,900			342
Hokuriku Electric Power Co.		26,000			322
					664
Total Japan					39,123
LUXEMBOURG 0.4%
CONSUMER DISCRETIONARY 0.1%
RTL Group S.A.		2,588			212

22 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2016

	SHARES			MARKET VALUE (000S)
MATERIALS 0.3%
ArcelorMittal		301,666	$		1,375
Total Luxembourg					1,587
MEXICO 0.0%
CONSUMER DISCRETIONARY 0.0%
Desarrolladora Homex S.A.B. de C.V. (c)		41,996			4
Total Mexico					4
NETHERLANDS 3.1%
CONSUMER STAPLES 0.4%
Koninklijke Ahold NV		73,974			1,634
ENERGY 2.3%
Fugro NV		18,286			322
Royal Dutch Shell PLC ‘A’		354,437			9,722
					10,044
INDUSTRIALS 0.2%
Koninklijke Philips NV		45,597			1,132
TELECOMMUNICATION SERVICES 0.2%
Koninklijke KPN NV		175,721			626
VimpelCom Ltd. SP - ADR		62,204			242
					868
Total Netherlands					13,678
NEW ZEALAND 0.1%
TELECOMMUNICATION SERVICES 0.1%
Spark New Zealand Ltd.		208,567			530
Total New Zealand					530
NORWAY 0.8%
CONSUMER STAPLES 0.1%
Marine Harvest ASA		28,713			484
ENERGY 0.6%
Statoil ASA		171,487			2,963
FINANCIALS 0.1%
Gjensidige Forsikring ASA		13,681			228
Total Norway					3,675
PORTUGAL 0.1%
UTILITIES 0.1%
EDP - Energias de Portugal S.A.		163,675			501
Total Portugal					501
SINGAPORE 0.1%
CONSUMER STAPLES 0.1%
Keppel Corp. Ltd.		116,900			482
Total Singapore					482
SPAIN 2.5%
CONSUMER STAPLES 0.1%
Distribuidora Internacional de Alimentacion S.A.		53,878			315

	SHARES			MARKET VALUE (000S)
FINANCIALS 1.2%
Banco Santander S.A.		1,271,866	$		4,936
Mapfre S.A.		118,386			260
					5,196
INDUSTRIALS 0.3%
Abertis Infraestructuras S.A.		20,280			299
ACS Actividades de Construccion y Servicios S.A.		25,367			696
Obrascon Huarte Lain S.A.		54,752			193
					1,188
TELECOMMUNICATION SERVICES 0.5%
Telefonica S.A.		260,631			2,474
UTILITIES 0.4%
Endesa S.A.		89,380			1,793
Total Spain					10,966
SWEDEN 0.6%
FINANCIALS 0.1%
Ratos AB ‘B’		48,162			235
HEALTH CARE 0.1%
Getinge AB ‘B’		11,877			245
INDUSTRIALS 0.1%
Skanska AB ‘B’		12,285			257
TELECOMMUNICATION SERVICES 0.3%
Tele2 AB ‘B’		108,352			952
TeliaSonera AB		159,680			756
					1,708
Total Sweden					2,445
SWITZERLAND 2.0%
CONSUMER DISCRETIONARY 0.1%
Garmin Ltd.		5,653			240
FINANCIALS 1.3%
Baloise Holding AG		3,256			362
Swiss Life Holding AG		4,284			990
Swiss Re AG		21,651			1,891
Zurich Insurance Group AG		9,984			2,470
					5,713
HEALTH CARE 0.5%
Roche Holding AG		8,924			2,355
TELECOMMUNICATION SERVICES 0.1%
Swisscom AG		1,125			559
Total Switzerland					8,867
UNITED KINGDOM 8.0%
CONSUMER DISCRETIONARY 0.4%
Home Retail Group PLC		234,409			480
Kingfisher PLC		202,749			871
Marks & Spencer Group PLC		135,096			578
					1,929

	SHARES			MARKET VALUE (000S)
CONSUMER STAPLES 0.9%
British American Tobacco PLC		40,130	$		2,602
J Sainsbury PLC		195,850			610
Tate & Lyle PLC		29,478			264
WM Morrison Supermarkets PLC		213,335			535
					4,011
ENERGY 1.4%
BP PLC		1,072,875			6,280
FINANCIALS 2.8%
Barclays PLC		1,477,262			2,748
HSBC Holdings PLC		1,169,602			7,246
Standard Chartered PLC		271,746			2,062
					12,056
HEALTH CARE 0.8%
GlaxoSmithKline PLC		152,197			3,268
INDUSTRIALS 0.3%
BAE Systems PLC		134,084			939
Firstgroup PLC (c)		163,402			219
Stagecoach Group PLC		55,414			171
					1,329
TELECOMMUNICATION SERVICES 0.5%
Vodafone Group PLC		748,958			2,284
UTILITIES 0.9%
Centrica PLC		410,739			1,242
Drax Group PLC		79,697			346
National Grid PLC		136,197			2,003
Severn Trent PLC		14,348			468
					4,059
Total United Kingdom					35,216
UNITED STATES 38.6%
CONSUMER DISCRETIONARY 2.3%
Abercrombie & Fitch Co. ‘A’		32,667			582
Coach, Inc.		6,392			260
Dillard’s, Inc. ‘A’		8,818			534
Ford Motor Co.		76,866			966
Gap, Inc.		57,047			1,211
Goodyear Tire & Rubber Co.		7,916			203
Guess?, Inc.		21,760			327
Kohl’s Corp.		42,739			1,621
Macy’s, Inc.		20,105			676
Mattel, Inc.		10,388			325
Regal Entertainment Group ‘A’		9,930			219
Rent-A-Center, Inc.		22,032			271
Time, Inc.		22,232			366
Tupperware Brands Corp.		5,635			317
Viacom, Inc. ‘B’		38,242			1,586
Weight Watchers International, Inc. (c)		30,989			360
Wynn Resorts Ltd.		4,565			414
					10,238
CONSUMER STAPLES 3.2%
Altria Group, Inc.		30,484			2,102
Avon Products, Inc.		224,208			847

See Accompanying Notes ANNUAL REPORT JUNE 30, 2016 23

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

	SHARES			MARKET VALUE (000S)
Bunge Ltd.		4,881	$		289
Herbalife Ltd. (c)		13,093			766
Kimberly-Clark Corp.		4,195			577
Philip Morris International, Inc.		48,357			4,919
Wal-Mart Stores, Inc.		62,163			4,539
					14,039
ENERGY 8.4%
Apache Corp.		21,101			1,175
Chesapeake Energy Corp. (c)		436,669			1,869
Chevron Corp.		76,595			8,029
ConocoPhillips		78,556			3,425
Denbury Resources, Inc.		90,721			326
Diamond Offshore Drilling, Inc.		15,006			365
Exxon Mobil Corp.		128,241			12,021
Hess Corp.		21,739			1,306
HollyFrontier Corp.		21,865			520
Marathon Oil Corp.		92,599			1,390
Marathon Petroleum Corp.		32,109			1,219
Murphy Oil Corp.		29,768			945
National Oilwell Varco, Inc.		30,539			1,028
Occidental Petroleum Corp.		22,261			1,682
Spectra Energy Corp.		11,164			409
Valero Energy Corp.		20,482			1,045
					36,754
FINANCIALS 4.0%
Aflac, Inc.		9,319			672
American International Group, Inc.		66,829			3,535
American National Insurance Co.		1,198			136
Assurant, Inc.		8,097			699
Booz Allen Hamilton Holding Corp.		18,857			559
Capital One Financial Corp.		13,738			872
Discover Financial Services		12,465			668
Fifth Third Bancorp		11,470			202
JPMorgan Chase & Co.		68,454			4,254
Loews Corp.		13,419			551
Navient Corp.		61,541			735
People’s United Financial, Inc.		16,943			248
Progressive Corp.		11,658			391
Reinsurance Group of America, Inc.		2,407			233
Santander Consumer USA Holdings, Inc. (c)		25,136			260
SLM Corp. (c)		79,888			494
Travelers Cos., Inc.		21,330			2,539
Western Union Co.		29,418			564
					17,612
HEALTH CARE 5.2%
Anthem, Inc.		25,021			3,286
Baxter International, Inc.		14,486			655
HCA Holdings, Inc. (c)		29,850			2,299
Johnson & Johnson		46,533			5,644
Pfizer, Inc.		285,616			10,057
Quest Diagnostics, Inc.		8,444			687
					22,628
INDUSTRIALS 1.7%
Caterpillar, Inc.		20,921			1,586
Deere & Co.		19,270			1,562
Emerson Electric Co.		25,150			1,312
Joy Global, Inc.		22,500			476

	SHARES			MARKET VALUE (000S)
L-3 Communications Holdings, Inc.		5,496	$		806
Norfolk Southern Corp.		9,732			828
RR Donnelley & Sons Co.		13,507			228
Waste Management, Inc.		10,861			720
					7,518
INFORMATION TECHNOLOGY 4.5%
CA, Inc.		18,589			610
Corning, Inc.		47,966			983
Dun & Bradstreet Corp.		1,864			227
Intel Corp.		196,607			6,449
International Business Machines Corp.		53,224			8,078
Jabil Circuit, Inc.		11,005			203
Lexmark International, Inc. ‘A’		9,211			348
Pitney Bowes, Inc.		25,371			452
Seagate Technology PLC		62,894			1,532
Xerox Corp.		97,593			926
					19,808
MATERIALS 1.7%
Armstrong World Industries, Inc. (c)		13,456			527
CF Industries Holdings, Inc.		19,675			474
Domtar Corp.		18,200			637
Freeport-McMoRan, Inc.		205,756			2,292
LyondellBasell Industries NV ‘A’		14,675			1,092
Mosaic Co.		46,607			1,220
Newmont Mining Corp.		29,254			1,145
Reliance Steel & Aluminum Co.		3,285			253
					7,640
TELECOMMUNICATION SERVICES 4.2%
AT&T, Inc.		237,736			10,273
CenturyLink, Inc.		65,098			1,888
Frontier Communications Corp.		114,962			568
Telephone & Data Systems, Inc.		6,846			203
Verizon Communications, Inc.		101,970			5,694
					18,626
UTILITIES 3.4%
Ameren Corp.		18,140			972
American Electric Power Co., Inc.		18,257			1,280
CenterPoint Energy, Inc.		29,038			697
Consolidated Edison, Inc.		20,531			1,651
Entergy Corp.		20,152			1,639
Exelon Corp.		37,617			1,368
FirstEnergy Corp.		50,806			1,774
Great Plains Energy, Inc.		15,061			458
Pinnacle West Capital Corp.		7,423			602
PPL Corp.		24,777			935
Public Service Enterprise Group, Inc.		20,490			955
Southern Co.		26,660			1,430
Vectren Corp.		5,838			307
Xcel Energy, Inc.		18,620			834
					14,902
Total United States					169,765
Total Common Stocks (Cost $362,242)					359,257

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
CORPORATE BONDS & NOTES 5.3%
AUSTRIA 0.0%
INDUSTRIALS 0.0%
OGX Austria GmbH
8.500% due 06/01/2018 ^	$		200	$		0
8.375% due 04/01/2022 ^			200			0
						0
Total Austria						0
BRAZIL 0.3%
UTILITIES 0.3%
Petrobras Global Finance BV
5.375% due 01/27/2021			681			630
2.768% due 01/15/2019			391			354
4.375% due 05/20/2023			45			37
4.875% due 03/17/2020			243			228
3.536% due 03/17/2020			31			27
4.250% due 10/02/2023	EUR		100			90
6.250% due 12/14/2026	GBP		100			107
6.850% due 06/05/2115	$		88			67
6.875% due 01/20/2040			2			2
						1,542
Total Brazil						1,542
CAYMAN ISLANDS 0.0%
UTILITIES 0.0%
Odebrecht Drilling Norbe Ltd.
6.350% due 06/30/2022			150			43
Total Cayman Islands						43
DENMARK 0.7%
BANKING & FINANCE 0.7%
Nykredit Realkredit A/S
3.000% due 10/01/2047	DKK		10,300			1,580
Realkredit Danmark A/S
2.000% due 04/01/2017			8,800			1,336
						2,916
Total Denmark						2,916
FRANCE 0.4%
BANKING & FINANCE 0.1%
BPCE S.A.
12.500% due 09/30/2019 (g)	$		100			124
12.500% due 09/30/2019 (g)	EUR		300			440
						564
INDUSTRIALS 0.3%
Numericable SFR S.A.
7.375% due 05/01/2026	$		1,400			1,386
Total France						1,950
IRELAND 0.1%
BANKING & FINANCE 0.0%
Vnesheconombank Via VEB Finance PLC
6.902% due 07/09/2020			100			109
INDUSTRIALS 0.1%
Russian Railways via RZD Capital PLC
7.487% due 03/25/2031	GBP		300			436
Total Ireland						545

24 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2016

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
LUXEMBOURG 0.5%
BANKING & FINANCE 0.2%
Sberbank of Russia Via SB Capital S.A.
3.352% due 11/15/2019	EUR		200	$		234
6.125% due 02/07/2022	$		400			443
						677
UTILITIES 0.3%
Gazprom Neft OAO Via GPN Capital S.A.
4.375% due 09/19/2022			300			297
6.000% due 11/27/2023			300			322
Gazprom OAO Via Gaz Capital S.A.
9.250% due 04/23/2019			600			693
5.999% due 01/23/2021			30			33
6.605% due 02/13/2018	EUR		50			60
						1,405
Total Luxembourg						2,082
MEXICO 0.0%
INDUSTRIALS 0.0%
Corp. GEO S.A.B. de C.V.
8.875% due 03/27/2022 ^	$		300			0
9.250% due 06/30/2020 ^			100			0
						0
Total Mexico						0
NETHERLANDS 0.3%
BANKING & FINANCE 0.3%
Citycon Treasury BV
2.500% due 10/01/2024	EUR		800			965
Cooperatieve Rabobank UA
6.625% due 06/29/2021 (g)			200			223
						1,188
INDUSTRIALS 0.0%
Schaeffler Holding Finance BV (6.875% Cash or 6.875% PIK)
6.875% due 08/15/2018 (b)			38			42
Total Netherlands						1,230
UNITED KINGDOM 1.4%
BANKING & FINANCE 1.2%
Barclays Bank PLC
14.000% due 06/15/2019 (g)	GBP		300			485
Barclays PLC
7.875% due 09/15/2022 (g)			300			361
Co-operative Group Holdings Ltd.
6.875% due 07/08/2020			200			284
HSBC Holdings PLC
3.600% due 05/25/2023	$		200			205
3.900% due 05/25/2026			284			294
Lloyds Banking Group PLC
7.875% due 06/27/2029 (g)	GBP		400			505
7.625% due 06/27/2023 (g)			200			252
Mitchells & Butlers Finance PLC
1.022% due 12/15/2030			154			173
Royal Bank of Scotland Group PLC
7.500% due 08/10/2020 (g)	$		360			332
8.000% due 08/10/2025 (g)			750			701
2.500% due 03/22/2023	EUR		350			385
Royal Bank of Scotland PLC
9.500% due 03/16/2022	$		200			208
Tesco Property Finance PLC
5.744% due 04/13/2040	GBP		481			609
6.052% due 10/13/2039			445			592

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
TIG FinCo PLC
8.500% due 03/02/2020	GBP		60	$		81
						5,467
INDUSTRIALS 0.2%
Enterprise Inns PLC
6.875% due 02/15/2021			200			280
Marstons Issuer PLC
5.641% due 07/15/2035			200			243
Spirit Issuer PLC
6.582% due 12/28/2027			200			276
3.253% due 12/28/2031			22			27
Unique Pub Finance Co. PLC
5.659% due 06/30/2027			49			65
						891
Total United Kingdom						6,358
UNITED STATES 1.5%
BANKING & FINANCE 1.0%
Blackstone CQP Holdco LP
9.296% due 03/19/2019	$		314			314
Cantor Fitzgerald LP
7.875% due 10/15/2019			280			315
CIT Group, Inc.
3.875% due 02/19/2019			378			381
International Lease Finance Corp.
6.250% due 05/15/2019			1,110			1,198
7.125% due 09/01/2018			325			358
Navient Corp.
8.000% due 03/25/2020			500			512
Springleaf Finance Corp.
8.250% due 12/15/2020			980			985
6.900% due 12/15/2017			200			208
						4,271
INDUSTRIALS 0.5%
Anheuser-Busch InBev Finance, Inc.
2.650% due 02/01/2021			16			17
3.300% due 02/01/2023			16			17
4.700% due 02/01/2036			20			23
4.900% due 02/01/2046			20			23
3.650% due 02/01/2026			15			16
Caesars Entertainment Operating Co., Inc.
8.500% due 02/15/2020 (h)			291			269
9.000% due 02/15/2020 (h)			244			226
11.250% due 06/01/2017 (h)			309			287
CVS Pass-Through Trust
8.353% due 07/10/2031			84			111
Diamond 1 Finance Corp.
5.450% due 06/15/2023			20			21
Express Scripts Holding Co.
3.400% due 03/01/2027 (a)			22			22
4.800% due 07/15/2046 (a)			18			18
3.000% due 07/15/2023 (a)			12			12
iHeartCommunications, Inc.
9.000% due 03/01/2021			3			2
9.000% due 12/15/2019			54			41
9.000% due 09/15/2022			677			472
Oracle Corp.
3.850% due 07/15/2036 (a)			16			16
4.000% due 07/15/2046 (a)			24			24
1.900% due 09/15/2021 (a)			49			49
2.400% due 09/15/2023 (a)			33			33
2.650% due 07/15/2026 (a)			41			41
Sabine Pass LNG LP
7.500% due 11/30/2016			385			393
						2,133
UTILITIES 0.0%
AT&T, Inc.
2.800% due 02/17/2021			8			8

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
3.600% due 02/17/2023	$		8	$		9
4.125% due 02/17/2026			14			15
5.650% due 02/15/2047			8			9
						41
Total United States						6,445
VENEZUELA 0.1%
INDUSTRIALS 0.1%
Petroleos de Venezuela S.A.
8.500% due 11/02/2017			400			281
Total Venezuela						281
Total Corporate Bonds & Notes (Cost $24,428)						23,392
NON-AGENCY MORTGAGE-BACKED SECURITIES 3.0%
UNITED KINGDOM 0.4%
Eurosail PLC
1.524% due 06/13/2045	GBP		630			713
Grifonas Finance PLC
0.152% due 08/28/2039	EUR		467			373
Juno Eclipse Ltd.
0.000% due 11/20/2022 (c)			454			497
RMAC PLC
0.814% due 06/12/2036	GBP		339			399
Total United Kingdom						1,982
UNITED STATES 2.6%
American Home Mortgage Assets Trust
6.250% due 06/25/2037	$		140			108
Banc of America Alternative Loan Trust
6.000% due 04/25/2036 ^			70			62
6.000% due 06/25/2046 ^			39			32
6.000% due 07/25/2046 ^			148			129
Banc of America Funding Trust
3.023% due 05/20/2036 ^			33			30
Banc of America Mortgage Trust
4.881% due 11/20/2046 ^			15			12
6.000% due 10/25/2036 ^			39			33
Bear Stearns Mortgage Funding Trust
7.000% due 08/25/2036			185			176
Chase Mortgage Finance Trust
2.742% due 09/25/2036 ^			86			75
Countrywide Alternative Loan Resecuritization Trust
6.000% due 05/25/2036 ^			40			30
Countrywide Alternative Loan Trust
1.153% due 10/25/2037 ^			6,620			2,072
6.000% due 06/25/2036 ^			210			168
6.000% due 02/25/2037 ^			192			130
6.000% due 06/25/2037 ^			639			475
6.250% due 12/25/2036 ^			39			28
Countrywide Home Loan Mortgage Pass-Through Trust
0.953% due 07/25/2037 ^			32			19
2.760% due 09/25/2037 ^			115			96
Credit Suisse First Boston Mortgage Securities Corp.
6.000% due 11/25/2035 ^			24			15
6.000% due 01/25/2036			60			45
Credit Suisse Mortgage Capital Certificates
2.356% due 12/29/2037			202			118
Credit Suisse Mortgage Capital Mortgage-Backed Trust
5.000% due 03/25/2037 ^			3			3
6.750% due 08/25/2036 ^			28			22
First Horizon Alternative Mortgage Securities Trust
2.809% due 06/25/2036			670			547
HSI Asset Loan Obligation Trust
6.000% due 06/25/2037 ^			18			15
IndyMac Mortgage Loan Trust
2.590% due 06/25/2037			229			126
JPMorgan Alternative Loan Trust
1.829% due 05/26/2037			126			113

See Accompanying Notes ANNUAL REPORT JUNE 30, 2016 25

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
JPMorgan Mortgage Trust
6.500% due 07/25/2036 ^	$		110	$		81
Merrill Lynch Mortgage Investors Trust
2.821% due 03/25/2036 ^			21			14
Residential Accredit Loans, Inc. Trust
0.853% due 10/25/2045			160			114
5.500% due 03/25/2037			742			573
6.250% due 03/25/2037 ^			58			47
Residential Funding Mortgage Securities, Inc. Trust
6.000% due 10/25/2036 ^			15			14
Structured Adjustable Rate Mortgage Loan Trust
2.872% due 10/25/2036 ^			3,601			2,656
Wells Fargo Alternative Loan Trust
3.083% due 07/25/2037 ^			2,241			1,901
Wells Fargo Commercial Mortgage Trust
3.412% due 09/15/2058			1,156			1,238
Total United States						11,317
Total Non-Agency Mortgage-Backed Securities (Cost $14,889)						13,299
MUNICIPAL BONDS & NOTES 0.2%
ILLINOIS 0.0%
Illinois State General Obligation Bonds, (BABs), Series 2010
6.630% due 02/01/2035			15			16
Illinois State General Obligation Bonds, Series 2003
5.100% due 06/01/2033			120			114
Total Illinois						130
MICHIGAN 0.0%
Michigan Tobacco Settlement Finance Authority Revenue Bonds, Series 2006
7.309% due 06/01/2034			220			214
Total Michigan						214
VIRGINIA 0.1%
Tobacco Settlement Financing Corp., Virginia Revenue Bonds, Series 2007
6.706% due 06/01/2046			385			325
Total Virginia						325
WEST VIRGINIA 0.1%
Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007
7.467% due 06/01/2047			365			348
Total West Virginia						348
Total Municipal Bonds & Notes (Cost $916)						1,017

		SHARES			MARKET VALUE (000S)
PREFERRED STOCKS 0.2%
GERMANY 0.2%
INDUSTRIALS 0.2%
Volkswagen AG			7,658	$		928
Total Preferred Stocks (Cost $1,075)						928
REAL ESTATE INVESTMENT TRUSTS 0.5%
CANADA 0.1%
FINANCIALS 0.1%
Dream Office Real Estate Investment Trust			19,566			282
Total Canada						282
UNITED STATES 0.4%
FINANCIALS 0.4%
Annaly Capital Management, Inc.			67,491			747
Chimera Investment Corp.			13,818			217
Corrections Corp. of America			7,362			258
Hospitality Properties Trust			8,649			249
Iron Mountain, Inc.			12,104			482
						1,953
Total United States						1,953
Total Real Estate Investment Trusts (Cost $2,182)						2,235
RIGHTS 0.0%
HONG KONG 0.0%
INDUSTRIALS 0.0%
Noble Group Ltd.			2,548,600			170
Total Hong Kong						170
SPAIN 0.0%
INDUSTRIALS 0.0%
ACS Actividades de Construccion y Servicios S.A.			25,367			18
Total Spain						18
Total Rights (Cost $124)						188
		PRINCIPAL AMOUNT (000S)
SOVEREIGN ISSUES 0.3%
BRAZIL 0.1%
Brazil Notas do Tesouro Nacional Bond
6.000% due 05/15/2045 (f)	BRL		1,450			447
Total Brazil						447

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
GREECE 0.1%
Republic of Greece Government International Bond
3.800% due 08/08/2017	JPY		39,000	$		357
4.500% due 07/03/2017			10,000			91
4.750% due 04/17/2019	EUR		100			101
Total Greece						549
VENEZUELA 0.1%
Venezuela Government International Bond
7.650% due 04/21/2025	$		100			41
7.750% due 10/13/2019			200			91
Total Venezuela						132
Total Sovereign Issues (Cost $1,440)						1,128
SHORT-TERM INSTRUMENTS 4.1%
U.S. TREASURY BILLS 4.1%
0.258% due 09/15/2016 - 09/22/2016 (d)(e)			18,000			17,991
Total Short-Term Instruments (Cost $17,990)						17,991
Total Investments in Securities (Cost $444,831)						438,887
		SHARES
INVESTMENTS IN AFFILIATES 1.8%
SHORT-TERM INSTRUMENTS 1.8%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.8%
PIMCO Short-Term Floating NAV Portfolio III			776,393			7,674
Total Short-Term Instruments (Cost $7,673)						7,674
Total Investments in Affiliates (Cost $7,673)						7,674
Total Investments 101.5% (Cost $452,504)				$		446,561
Financial Derivative Instruments (j)(k) 0.1% (Cost or Premiums, net $(256))						221
Other Assets and Liabilities, net (1.6)%						(6,949	)
Net Assets 100.0%				$		439,833

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) When-issued security.

(b) Payment in-kind security.

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

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

(e) Zero coupon security.

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

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

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

26 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2016

(i)  RESTRICTED SECURITIES:

Issuer Description	Acquisition Date	Cost		Market Value		Market Value as Percentage of Net Assets
Canadian Imperial Bank of Commerce	06/20/2016	$	2,019	$	1,900		0.43%

(j)  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 September Futures		Short		09/2016		56	$	448		$	64	$	0
Euro currency September Futures		Short		09/2016		11		45			4		0
Japanese yen currency September Futures		Short		09/2016		3		(11	)		3		0
Total Futures Contracts							$	482		$	71	$	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-26 5-Year Index		5.000	%		06/20/2021	$	930	$	31	$	9	$	4	$	0
CDX.IG-26 5-Year Index		1.000			06/20/2021		800		9		4		2		0
								$	40	$	13	$	6	$	0
Total Swap Agreements								$	40	$	13	$	6	$	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.

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2016:

Cash of $318 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2016. 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	$	71	$	6	$	77	$	0	$	0	$	0	$	0

(k)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
							Asset		Liability
BOA		07/2016	GBP	10,959	$	16,069	$	1,480	$	0
		07/2016	$	15,745	GBP	10,959		0		(1,156	)
		08/2016	EUR	2,807	$	3,087		0		(32	)
		08/2016	$	774	MXN	14,741		28		0

See Accompanying Notes ANNUAL REPORT JUNE 30, 2016 27

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

Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
							Asset		Liability
GLM		08/2016	JPY	1,641	$	16	$	0	$	0
HUS		08/2016	GBP	199		262		0		(3	)
MSB		08/2016	JPY	399,712		3,937		62		0
Total Forward Foreign Currency Contracts							$	1,570	$	(1,191	)

SWAP AGREEMENTS:

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

Counterparty	Index/Tranches	Fixed Receive Rate			Maturity Date		Notional Amount  (2)		Premiums (Received)			Unrealized Appreciation		Swap Agreements, at Value  (3)
														Asset		Liability
DUB	CMBX.NA.AAA.9 Index		0.500	%		09/17/2058	$	2,300	$	(128	)	$	10	$	0	$	(118	)
MYC	CMBX.NA.AAA.9 Index		0.500			09/17/2058		2,300		(128	)		11		0		(117	)
									$	(256	)	$	21	$	0	$	(235	)
Total Swap Agreements									$	(256	)	$	21	$	0	$	(235	)

⁽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.

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received) as of June 30, 2016:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral (Received)			Net Exposure  (4)
BOA	$	1,508	$	0	$	0	$	1,508	$	(1,188	)	$	0	$	0		$	(1,188	)	$	320		$	(300	)	$	20
DUB		0		0		0		0		0			0		(118	)		(118	)		(118	)		0			(118	)
HUS		0		0		0		0		(3	)		0		0			(3	)		(3	)		0			(3	)
MSB		62		0		0		62		0			0		0			0			62			0			62
MYC		0		0		0		0		0			0		(117	)		(117	)		(117	)		0			(117	)
Total Over the Counter	$	1,570	$	0	$	0	$	1,570	$	(1,191	)	$	0	$	(235	)	$	(1,426	)

⁽⁴⁾  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.

28 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2016

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2016:

	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	$	71	$	0	$	71
Swap Agreements		0		6		0		0		0		6
	$	0	$	6	$	0	$	71	$	0	$	77
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	1,570	$	0	$	1,570
	$	0	$	6	$	0	$	1,641	$	0	$	1,647
Financial Derivative Instruments - Liabilities
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	1,191	$	0	$	1,191
Swap Agreements		0		235		0		0		0		235
	$	0	$	235	$	0	$	1,191	$	0	$	1,426

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2016:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts			Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0		$	0	$	166	$	0	$	166
Swap Agreements		0		(1	)		0		0		0		(1	)
	$	0	$	(1	)	$	0	$	166	$	0	$	165
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	3,413	$	0	$	3,413
	$	0	$	(1	)	$	0	$	3,579	$	0	$	3,578
Net Change in Unrealized Appreciation on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0	$	0		$	0	$	586	$	0	$	586
Swap Agreements		0		13			0		0		0		13
	$	0	$	13		$	0	$	586	$	0	$	599
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	1,807	$	0	$	1,807
Swap Agreements		0		21			0		0		0		21
	$	0	$	21		$	0	$	1,807	$	0	$	1,828
	$	0	$	34		$	0	$	2,393	$	0	$	2,427

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2016 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2016
Investments in Securities, at Value
Asset-Backed Securities
Cayman Islands	$	1,450	$	141	$	0	$	1,591
United States		0		15,311		0		15,311
Bank Loan Obligations
United States		0		2,537		13		2,550

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2016
Common Stocks
Australia
Consumer Discretionary	$	0	$	378	$	0	$	378
Consumer Staples		0		688		0		688
Energy		0		611		0		611
Financials		0		480		0		480
Health Care		0		296		0		296

See Accompanying Notes ANNUAL REPORT JUNE 30, 2016 29

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

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2016
Industrials	$	0	$	783	$	0	$	783
Materials		0		1,997		0		1,997
Austria
Energy		0		742		0		742
Financials		0		598		0		598
Materials		0		375		0		375
Belgium
Consumer Discretionary		0		196		0		196
Telecommunication Services		0		436		0		436
Canada
Energy		2,057		0		0		2,057
Financials		3,554		0		0		3,554
Industrials		218		0		0		218
Materials		3,374		0		0		3,374
Telecommunication Services		324		0		0		324
Utilities		1,087		0		0		1,087
Denmark
Industrials		0		1,106		0		1,106
Telecommunication Services		0		449		0		449
Finland
Materials		0		403		0		403
Utilities		0		754		0		754
France
Consumer Discretionary		0		3,508		0		3,508
Consumer Staples		0		638		0		638
Energy		0		4,421		0		4,421
Financials		0		2,996		0		2,996
Health Care		0		5,427		0		5,427
Industrials		0		2,469		0		2,469
Telecommunication Services		0		2,827		0		2,827
Utilities		0		3,957		0		3,957
Germany
Consumer Discretionary		0		1,347		0		1,347
Consumer Staples		0		1,293		0		1,293
Financials		0		1,589		0		1,589
Health Care		0		302		0		302
Industrials		0		1,669		0		1,669
Materials		0		2,473		0		2,473
Utilities		0		5,292		0		5,292
Hong Kong
Consumer Discretionary		0		295		0		295
Consumer Staples		0		628		0		628
Financials		0		852		0		852
Industrials		0		386		0		386
Information Technology		0		223		0		223
Israel
Financials		0		608		0		608
Materials		0		360		0		360
Telecommunication Services		0		668		0		668
Italy
Energy		0		3,468		0		3,468
Financials		0		743		0		743
Utilities		0		3,073		0		3,073
Japan
Consumer Discretionary		0		4,402		0		4,402
Consumer Staples		0		808		0		808
Energy		0		1,159		0		1,159
Financials		0		7,480		0		7,480
Health Care		0		2,066		0		2,066
Industrials		0		7,840		0		7,840
Information Technology		0		7,889		0		7,889
Materials		0		3,235		0		3,235
Telecommunication Services		0		3,580		0		3,580
Utilities		0		664		0		664
Luxembourg
Consumer Discretionary		0		212		0		212
Materials		0		1,375		0		1,375
Mexico
Consumer Discretionary		4		0		0		4
Netherlands
Consumer Staples		0		1,634		0		1,634
Energy		322		9,722		0		10,044
Industrials		0		1,132		0		1,132
Telecommunication Services		242		626		0		868
New Zealand
Telecommunication Services		0		530		0		530

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2016
Norway
Consumer Staples	$	0	$	484	$	0	$	484
Energy		0		2,963		0		2,963
Financials		0		228		0		228
Portugal
Utilities		0		501		0		501
Singapore
Consumer Staples		0		482		0		482
Spain
Consumer Staples		0		315		0		315
Financials		0		5,196		0		5,196
Industrials		0		1,188		0		1,188
Telecommunication Services		0		2,474		0		2,474
Utilities		0		1,793		0		1,793
Sweden
Financials		0		235		0		235
Health Care		0		245		0		245
Industrials		0		257		0		257
Telecommunication Services		0		1,708		0		1,708
Switzerland
Consumer Discretionary		240		0		0		240
Financials		0		5,713		0		5,713
Health Care		0		2,355		0		2,355
Telecommunication Services		0		559		0		559
United Kingdom
Consumer Discretionary		0		1,929		0		1,929
Consumer Staples		0		4,011		0		4,011
Energy		0		6,280		0		6,280
Financials		0		12,056		0		12,056
Health Care		0		3,268		0		3,268
Industrials		0		1,329		0		1,329
Telecommunication Services		0		2,284		0		2,284
Utilities		0		4,059		0		4,059
United States
Consumer Discretionary		10,238		0		0		10,238
Consumer Staples		14,039		0		0		14,039
Energy		36,754		0		0		36,754
Financials		17,612		0		0		17,612
Health Care		22,628		0		0		22,628
Industrials		7,518		0		0		7,518
Information Technology		19,808		0		0		19,808
Materials		7,640		0		0		7,640
Telecommunication Services		18,626		0		0		18,626
Utilities		14,902		0		0		14,902
Corporate Bonds & Notes
Brazil
Utilities		0		1,542		0		1,542
Cayman Islands
Utilities		0		43		0		43
Denmark
Banking & Finance		0		2,916		0		2,916
France
Banking & Finance		0		564		0		564
Industrials		0		1,386		0		1,386
Ireland
Banking & Finance		0		109		0		109
Industrials		0		436		0		436
Luxembourg
Banking & Finance		0		677		0		677
Utilities		0		1,405		0		1,405
Netherlands
Banking & Finance		0		1,188		0		1,188
Industrials		0		42		0		42
United Kingdom
Banking & Finance		0		5,467		0		5,467
Industrials		0		891		0		891
United States
Banking & Finance		0		4,271		0		4,271
Industrials		0		2,133		0		2,133
Utilities		0		41		0		41
Venezuela
Industrials		0		281		0		281
Non-Agency Mortgage-Backed Securities
United Kingdom		0		1,982		0		1,982
United States		0		11,317		0		11,317
Municipal Bonds & Notes
Illinois		0		130		0		130
Michigan		0		214		0		214

30 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2016

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2016
Virginia	$	0	$	325	$	0	$	325
West Virginia		0		348		0		348
Preferred Stocks
Germany
Industrials		0		928		0		928
Real Estate Investment Trusts
Canada
Financials		282		0		0		282
United States
Financials		1,953		0		0		1,953
Rights
Hong Kong
Industrials		0		170		0		170
Spain
Industrials		18		0		0		18
Sovereign Issues
Brazil		0		447		0		447
Greece		0		549		0		549
Venezuela		0		132		0		132
Short-Term Instruments
U.S. Treasury Bills		0		17,991		0		17,991
	$	184,890	$	253,984	$	13	$	438,887

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2016
Investments in Affiliates, at Value
Short-Term Instruments
Central Funds Used for Cash Management Purposes	$	7,674	$	0		$	0	$	7,674
Total Investments	$	192,564	$	253,984		$	13	$	446,561
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		71		6			0		77
Over the counter		0		1,570			0		1,570
	$	71	$	1,576		$	0	$	1,647
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(1,426	)	$	0	$	(1,426	)
Totals	$	192,635	$	254,134		$	13	$	446,782

There were no significant transfers between Levels 1, 2, or 3 during the period ended June 30, 2016.

See Accompanying Notes ANNUAL REPORT JUNE 30, 2016 31

Schedule of Investments PIMCO EqS^® Long/Short Fund

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 77.1%
COMMON STOCKS 61.7%
AUSTRALIA 0.5%
MATERIALS 0.5%
Fortescue Metals Group Ltd.		1,600,000	$		4,282
Total Australia					4,282
CANADA 3.3%
ENERGY 3.3%
TransCanada Corp.		625,000			28,281
Total Canada					28,281
SWITZERLAND 4.3%
CONSUMER STAPLES 4.3%
Nestle S.A.		475,000			36,802
Total Switzerland					36,802
UNITED KINGDOM 3.7%
CONSUMER DISCRETIONARY 3.7%
Liberty Global PLC (a)		410,000			11,746
Liberty Global PLC LiLAC (a)		51,155			1,662
Markit Ltd. (a)		550,000			17,930
					31,338
Total United Kingdom					31,338
UNITED STATES 49.9%
CONSUMER DISCRETIONARY 10.4%
Aramark		650,000			21,723
Dollar Tree, Inc. (a)(f)		200,000			18,848
NVR, Inc. (a)(f)		11,300			20,118
Priceline Group, Inc. (a)		22,000			27,465
					88,154
CONSUMER STAPLES 2.1%
Sanderson Farms, Inc.		200,000			17,328

	SHARES			MARKET VALUE (000S)
ENERGY 3.8%
Spectra Energy Partners LP		685,000	$		32,318
FINANCIALS 7.8%
Allstate Corp. (f)		750,000			52,462
Citizens Financial Group, Inc.		670,000			13,387
					65,849
HEALTH CARE 8.5%
Envision Healthcare Holdings, Inc. (a)		500,000			12,685
HCA Holdings, Inc. (a)		400,000			30,804
Laboratory Corp. of America Holdings (a)		221,678			28,878
					72,367
INDUSTRIALS 5.7%
IHS, Inc. (a)		170,000			19,654
Kirby Corp. (a)		260,000			16,221
Neilsen Holdings PLC		240,000			12,473
					48,348
INFORMATION TECHNOLOGY 8.2%
DST Systems, Inc.		333,129			38,786
First Data Corp. ‘A’ (a)		2,810,000			31,107
					69,893
TELECOMMUNICATION SERVICES 3.4%
Level 3 Communications, Inc. (a)		555,000			28,577
Total United States					422,834
Total Common Stocks (Cost $493,715)					523,537
REAL ESTATE INVESTMENT TRUSTS 5.0%
UNITED STATES 5.0%
FINANCIALS 5.0%
Iron Mountain, Inc.		1,060,000			42,221
Total Real Estate Investment Trusts (Cost $30,186)					42,221

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
U.S. TREASURY OBLIGATIONS 0.4%
UNITED STATES 0.4%
U.S. Treasury Floating Rate Notes
0.450% due 04/30/2018	$		3,200	$		3,201
Total U.S. Treasury Obligations (Cost $3,200)						3,201
SHORT-TERM INSTRUMENTS 10.0%
REPURCHASE AGREEMENTS (d) 0.1%
						466
U.S. TREASURY BILLS 9.9%
0.263% due 07/21/2016 - 12/08/2016 (b)(c)(h)			84,511			84,466
Total Short-Term Instruments (Cost $84,925)						84,932
Total Investments in Securities (Cost $612,026)						653,891
		SHARES
INVESTMENTS IN AFFILIATES 29.7%
SHORT-TERM INSTRUMENTS 29.7%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 29.7%
PIMCO Short-Term Floating NAV Portfolio III			25,515,328			252,193
Total Short-Term Instruments (Cost $252,161)						252,193
Total Investments in Affiliates (Cost $252,161)						252,193
Total Investments 106.8% (Cost $864,187)				$		906,084
Securities Sold Short (e) (7.7)% (Proceeds $63,907)						(65,402	)
Financial Derivative Instruments (g) (0.1)% (Cost or Premiums, net $0)						(730	)
Other Assets and Liabilities, net 1.0%						8,432
Net Assets 100.0%				$		848,384

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.

(c) Zero coupon security.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(d)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received (1)
SSB		0.010	%		06/30/2016		07/01/2016	$	466	U.S. Treasury Notes 0.750% due 12/31/2017	$	(476	)	$	466	$	466
Total Repurchase Agreements											$	(476	)	$	466	$	466

⁽¹⁾  Includes accrued interest.

32 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2016

(e)  SECURITIES SOLD SHORT:

(f) Securities with an aggregate market value of $29,799 and cash of $64,416 have been pledged as collateral as of June 30, 2016 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
	United States
	Consumer Discretionary
FOB	AutoZone, Inc.		5,000	$	(3,796	)	$	(3,969	)
	Buckle, Inc.		170,000		(5,252	)		(4,418	)
GSC	Chipotle Mexican Grill, Inc.		20,000		(8,286	)		(8,055	)
	Cracker Barrel Old Country Store, Inc.		20,000		(3,341	)		(3,430	)
	O’Reilly Automotive, Inc.		20,000		(5,110	)		(5,422	)
	Select Comfort Corp.		60,000		(1,351	)		(1,283	)
	Consumer Staples
FOB	Sprouts Farmers Market, Inc.		50,000		(1,158	)		(1,145	)
	United Natural Foods, Inc.		50,000		(2,131	)		(2,340	)
GSC	Whole Foods Market, Inc.		230,000		(7,152	)		(7,396	)
	Health Care
FOB	Quest Diagnostics, Inc.		120,000		(9,236	)		(9,769	)
	Industrials
	Fastenal Co.		130,000		(5,711	)		(5,770	)
	JB Hunt Transport Services, Inc.		60,000		(4,776	)		(4,856	)
	Old Dominion Freight Line, Inc.		35,000		(2,079	)		(2,111	)
	Information Technology
	Square, Inc.		200,000		(1,778	)		(1,810	)
	Zillow Group, Inc. ‘C’		100,000		(2,750	)		(3,628	)
Total Short Sales				$	(63,907	)	$	(65,402	)

⁽²⁾  Payable for short sales includes $31 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 June 30, 2016:

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	$	466	$	0	$	0	$	0		$	466		$	(476	)	$	(10	)
Prime Brokerage Agreement
FOB		0		0		0		(39,816	)		(39,816	)		53,640			13,824
GSC		0		0		0		(25,586	)		(25,586	)		40,575			14,989
Total Borrowings and Other Financing Transactions	$	466	$	0	$	0	$	(65,402	)

⁽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.

(g)  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
BRC		07/2016	CHF	13,950	$	14,101	$	0	$	(185	)
CBK		07/2016	$	4,205	EUR	3,716		0		(81	)
GLM		07/2016	EUR	21,872	$	24,400		127		0
JPM		07/2016	AUD	3,056		2,211		0		(68	)
		07/2016	CAD	22,217		16,944		0		(252	)
UAG		07/2016	CHF	19,969		20,179		0		(271	)
Total Forward Foreign Currency Contracts							$	127	$	(857	)

See Accompanying Notes ANNUAL REPORT JUNE 30, 2016 33

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

WRITTEN OPTIONS:

AS OF JUNE 30, 2016, THERE WERE NO OPEN WRITTEN OPTIONS. TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS FOR PERIOD ENDED JUNE 30, 2016:

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

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of June 30, 2016:

(h) Securities with an aggregate market value of $585 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2016.

	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)
BRC	$	0	$	0	$	0	$	0	$	(185	)	$	0	$	0	$	(185	)	$	(185	)	$	282		$	97
CBK		0		0		0		0		(81	)		0		0		(81	)		(81	)		0			(81	)
DUB		0		0		0		0		0			0		0		0			0			(90	)		(90	)
GLM		127		0		0		127		0			0		0		0			127			(330	)		(203	)
JPM		0		0		0		0		(320	)		0		0		(320	)		(320	)		62			(258	)
UAG		0		0		0		0		(271	)		0		0		(271	)		(271	)		242			(29	)
Total Over the Counter	$	127	$	0	$	0	$	127	$	(857	)	$	0	$	0	$	(857	)

⁽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 June 30, 2016:

	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	$	127	$	0	$	127
Financial Derivative Instruments - Liabilities
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	857	$	0	$	857

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2016:

	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		$	1,245	$	0	$	1,245
	$	0	$	0	$	(4,660	)	$	1,245	$	0	$	(3,415	)

34 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2016

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Exchange Contracts			Interest Rate Contracts		Total
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		$	(640	)	$	0	$	(640	)
	$	0	$	0	$	2,144		$	(640	)	$	0	$	1,504

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2016 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2016
Investments in Securities, at Value
Common Stocks
Australia
Materials	$	0	$	4,282	$	0	$	4,282
Canada
Energy		28,281		0		0		28,281
Switzerland
Consumer Staples		0		36,802		0		36,802
United Kingdom
Consumer Discretionary		31,338		0		0		31,338
United States
Consumer Discretionary		88,154		0		0		88,154
Consumer Staples		17,328		0		0		17,328
Energy		32,318		0		0		32,318
Financials		65,849		0		0		65,849
Health Care		72,367		0		0		72,367
Industrials		48,348		0		0		48,348
Information Technology		69,893		0		0		69,893
Telecommunication Services		28,577		0		0		28,577
Real Estate Investment Trusts
United States
Financials		42,221		0		0		42,221
U.S. Treasury Obligations
United States		0		3,201		0		3,201
Short-Term Instruments
Repurchase Agreements		0		466		0		466
U.S. Treasury Bills		0		84,466		0		84,466
	$	524,674	$	129,217	$	0	$	653,891

Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 06/30/2016
Investments in Affiliates, at Value
Short-Term Instruments
Central Funds Used for Cash Management Purposes	$	252,193		$	0		$	0	$	252,193
Total Investments	$	776,867		$	129,217		$	0	$	906,084
Short Sales, at Value - Liabilities
Common Stocks
United States
Consumer Discretionary	$	(26,577	)	$	0		$	0	$	(26,577	)
Consumer Staples		(10,881	)		0			0		(10,881	)
Health Care		(9,769	)		0			0		(9,769	)
Industrials		(12,737	)		0			0		(12,737	)
Information Technology		(5,438	)		0			0		(5,438	)
	$	(65,402	)	$	0		$	0	$	(65,402	)
Financial Derivative Instruments - Assets
Over the counter	$	0		$	127		$	0	$	127
Financial Derivative Instruments - Liabilities
Over the counter	$	0		$	(857	)	$	0	$	(857	)
Totals	$	711,465		$	128,487		$	0	$	839,952

There were no significant transfers between Levels 1, 2, or 3 during the period ended June 30, 2016.

See Accompanying Notes ANNUAL REPORT JUNE 30, 2016 35

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 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. Effective June 16, 2016, Research Affiliates, LLC (“Research Affiliates”) serves as the interim sub-adviser with respect to the equity portion of the PIMCO Dividend and Income Fund (formerly, PIMCO Dividend and Income Builder Fund). Effective June 16, 2016, PIMCO and Research Affiliates have also engaged Parametric Portfolio Associates, LLC (“Parametric”) on an interim basis to implement the equity portion of the PIMCO Dividend and Income Fund’s investment strategies. As of the date of this report, a meeting of the shareholders of the PIMCO Dividend and Income Fund is scheduled for August 26, 2016 to approve definitive agreements retaining Research Affiliates and Parametric as sub-adviser and portfolio implementer, respectively.

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 (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income

is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities 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 denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. The Funds may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract (see Financial Derivative Instruments, if any). Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities

36 PIMCO EQUITY SERIES

June 30, 2016

other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.

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

(d) Dividends and Distributions to Shareholders  The following table shows the anticipated frequency of dividends from net investment income, if any, for each Fund. Distributions from each Fund may be declared and distributed to shareholders only upon the authorization of the Adviser, which authorization may be withheld at the Adviser’s discretion.

Declared and Paid Annually:

PIMCO EqS^® Long/Short Fund

Declared and Paid Quarterly:

PIMCO Dividend and Income Fund

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 gain (loss) 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 entity’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 entity 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, 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.

ANNUAL REPORT JUNE 30, 2016 37

Notes to Financial Statements (Cont.)

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 a Fund’s assets that are invested in one or more open-end management investment companies (other than exchange-traded funds (“ETFs”)), the 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.

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June 30, 2016

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

Investments for which market quotes or market based valuations are not readily available are valued at fair value as determined in good faith by the Board or persons acting at their direction. The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to the Adviser the responsibility for applying the fair valuation methods. In the event that market quotes or market based valuations are not readily available, and the security or asset cannot be valued pursuant to a Board approved valuation method, the value of the security or asset will be determined in good faith by the Valuation Oversight Committee of the Board (“Valuation Oversight Committee”), generally based on recommendations provided by the Adviser. The Adviser may consult with the Sub-Adviser or Parametric in providing such recommendations or otherwise with respect to valuation of the PIMCO Dividend and Income Fund’s portfolio securities or other assets. Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/ask information, indicative market quotations (“Broker Quotes”), Pricing Services’ prices), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of a Fund’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to the Adviser the responsibility for monitoring significant events that may materially affect the values of 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 into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for each respective Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales,

ANNUAL REPORT JUNE 30, 2016 39

Notes to Financial Statements (Cont.)

accrued discounts (premiums), and transfers into 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 Schedule of Investments for each respective Fund.

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

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

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

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

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated

at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

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

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

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted. 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 debt 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 forward foreign currency contracts, options contracts, or swap agreements, derive their value from underlying asset prices, indices, reference rates, and other inputs or a

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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 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 Fund for the period ended June 30, 2016 (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 06/30/2016		Dividend Income  (1)		Realized Net Capital Gain Distributions (1)
PIMCO Dividend and Income Fund	$	32,430	$	373,116	$	(397,817	)	$	(56	)	$	1	$	7,674	$	119	$	0
PIMCO EqS® Long/Short Fund		122,481		1,421,674		(1,290,900	)		(1,105	)		43		252,193		2,974		0

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

⁽¹⁾  The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid are determined at the end of the fiscal year. See Note 2(d) in the Notes to Financial Statements for more information.

(b) Investments in Securities

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 the Fund or Funds. A loan is often administered by a bank or other financial institution (the “agent”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Fund may invest in multiple series or tranches of a loan, which may

have varying terms and carry different associated risks. When a Fund purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

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

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Notes to Financial Statements (Cont.)

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

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate a Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, a Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statements of Operations. As of June 30, 2016, 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 Debt Obligations  (“CDOs”) include Collateralized Bond Obligations (“CBOs”), Collateralized Loan Obligations (“CLOs”) and other similarly structured securities. CBOs and CLOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and each Fund’s prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to, (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) a Fund may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

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

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

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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.

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

Restricted Securities  Certain Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities may generally 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 held by the Funds at June 30, 2016 are disclosed in the Notes to Schedules of Investments.

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 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.

Warrants  Certain Funds may receive warrants. Warrants are securities that are usually issued together with a debt security or preferred stock and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants are freely transferable and are often traded on major exchanges. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt securities. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt securities at the same coupon rate. A decline in interest rates would permit a Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.

When-Issued Transactions  Certain Funds may purchase or sell securities on a when-issued basis. These transactions are made

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Notes to Financial Statements (Cont.)

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

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The following disclosures contain information on a Fund’s ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by a Fund. The location of these instruments in each Fund’s financial statements is described below. 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 purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. The underlying securities for all repurchase agreements are held by a 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, if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for the receipt of collateral, which may result in interest expense to the Fund.

(b) Short Sales  Certain Funds may enter into short sales transactions. Short sales are transactions in which a Fund sells a security that it may not own. A Fund may make short sales of securities to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Fund, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When a Fund engages in a short sale, it may borrow the security sold short and deliver it to the counterparty. A Fund will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statements of Assets and Liabilities. Short sales expose a Fund to the risk that it will be required to cover its short position at a time when the security or other asset has

appreciated in value, thus resulting in losses to the Fund. A short sale is “against the box” if a Fund holds in its portfolio or has the right to acquire the security sold short at no additional cost. A Fund will be subject to additional risks to the extent that it engages in short sales that are not “against the box.” A Fund’s loss on a short sale could theoretically be unlimited in cases where the Fund is unable, for whatever reason, to close out its short position.

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

(b) Futures Contracts  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

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

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

The Fund may also purchase put and call options. Purchasing call options tends to increase the Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease the Fund’s exposure to the underlying instrument. The Fund pays a premium which is included as an asset on the Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated

as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Options on Securities  The Fund may write or purchase options on securities. An option uses a specified security as the underlying instrument for the option contract. The Fund may write or purchase options to enhance returns or to hedge an existing position or future investment.

(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 disclosed 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 gain (loss) on the Statements of Operations upon termination or maturity of the swap. A liquidation

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Notes to Financial Statements (Cont.)

payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gain (loss) on the Statements of Operations.

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

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

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

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

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

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

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 (non-U.S.) 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 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 and other instruments held by a Fund 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

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Notes to Financial Statements (Cont.)

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 used to determine the sensitivity of a security’s price to changes in interest rates 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, etc.). At present, the U.S. and many parts of the world, including certain European countries, are experiencing near 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 bond markets have steadily grown over the past three decades, dealer “market making” ability has not kept pace and in some cases has decreased. 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 shareholder redemptions, which could force the Fund to liquidate investments at disadvantageous times or prices, thereby adversely affecting the Fund.

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, a smaller market capitalization and a smaller number of traded securities. 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, 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.

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. Over the counter (“OTC”) derivative transactions are subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally cleared derivative transactions might not be available for OTC derivative transactions. 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

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decreases, the Fund would be required to return to the counterparty all or a portion of the collateral previously advanced. PIMCO’s attempts to minimize counterparty risk may, however, be unsuccessful.

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.

Model Risk  In making investment allocation decisions, Research Affiliates LLC (the “Sub-Adviser”) may utilize quantitative models that may be proprietary or developed by third-parties. These models are used by the Sub-Adviser to help determine a Fund’s investment allocation decisions. Investment models used in making investment allocation decisions may not adequately take into account certain factors and may result in a decline in the value of your investment. Models rely on accurate financial and market data inputs. If inaccurate data is entered into a model, the resulting information will be incorrect. In addition, the models used may be predictive in nature and such models may result in an incorrect assessment of future events. The models evaluate securities or securities markets based on certain assumptions concerning the interplay of market factors. The markets or the prices of individual securities may be affected by factors not foreseen in developing the models.

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, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedules of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant (“FCM”) registered with the Commodity Futures Trading Commission (“CFTC”). In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. Portability of exposure reduces risk to the Funds. Variation margin, or changes in market value, are exchanged daily, but may not be netted between

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Notes to Financial Statements (Cont.)

futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end is disclosed in the Notes to Schedules of Investments.

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

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

8. FEES AND EXPENSES

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

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

The Investment Advisory Fees and Supervisory and Administrative Fees for all classes, as applicable, are charged at an annual rate as noted in the following table:

	Investment Advisory Fee		Supervisory and Administrative Fee
Fund Name	All Classes		Institutional Class		Class P		Class D		A, C and R Classes
PIMCO Dividend and Income Fund (1)		0.69%		0.30%		0.40%		0.40%		0.40%
PIMCO EqS® Long/Short Fund		1.04%		0.45%		0.55%		0.55%		0.55%

⁽¹⁾ Effective June 16, 2016, the Fund’s Investment Advisory Fee was reduced by 0.20% to 0.49% per annum.

(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

50 PIMCO EQUITY SERIES

June 30, 2016

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 June 30, 2016, the Distributor retained $184,988 representing commissions (sales charges) and contingent deferred sales charges from the Trust.

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

Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

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

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

(e) Expense Limitation  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 had contractually agreed, through October 31, 2016, to reduce its advisory fee by 0.16% of the average daily net assets of the PIMCO Dividend and Income Fund. This Fee Limitation Agreement renews annually unless terminated by PIMCO upon at least 30 days’ notice prior to the end of the contract term. Effective June 16, 2016, the contractual agreement by PIMCO to reduce it’s advisory fee by 0.16% of the average daily net assets of the PIMCO Dividend and Income Fund has been terminated.

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”) 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

ANNUAL REPORT JUNE 30, 2016 51

Notes to Financial Statements (Cont.)

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 June 30, 2016, were as follows (amounts in thousands):

Fund Name	Recoverable Amounts
PIMCO Dividend and Income Fund	$	3,789
PIMCO EqS® Long/Short Fund		206

9. RELATED PARTY TRANSACTIONS

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

Certain Funds are permitted to purchase or sell securities from or to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate, or an affiliate of an affiliate, by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 under the Act. Further, as defined under the procedures, each transaction is effected at the current market price. During the period ended June 30, 2016,

the Funds below engaged in purchases and sales of securities pursuant to Rule 17a-7 under the Act (amounts in thousands):

Fund Name	Purchases		Sales
PIMCO Dividend and Income Fund	$	2,017	$	14,531

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 June 30, 2016, were as follows (amounts in thousands^†):

	U S Government/Agency				All Other
Fund Name	Purchases		Sales		Purchases		Sales
PIMCO Dividend and Income Fund	$	0	$	0	$	731,451	$	1,100,278
PIMCO EqS® Long/Short Fund		36,043		32,860		7,526,036		7,471,520

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

52 PIMCO EQUITY SERIES

June 30, 2016

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 Dividend and Income Fund												PIMCO EqS® Long/Short Fund
	Year Ended 06/30/2016						Year Ended 06/30/2015						Year Ended 06/30/2016						Year Ended 06/30/2015
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		1,999		$	19,199			1,504		$	19,087			18,899		$	220,296			4,616		$	54,428
Class P		2,499			27,174			7,885			100,872			20,667			242,511			18,402			216,705
Class D		702			7,868			1,954			24,794			3,190			37,157			2,701			31,509
Class A		4,205			46,505			8,330			105,843			5,433			63,329			3,937			46,184
Class C		4,077			44,242			8,613			108,921			4,981			56,809			3,298			38,089
Class R		2	^		15	^		1			14			0			0			0			0
Issued as reinvestment of distributions
Institutional Class		426			4,233			346			4,277			218			2,550			163			1,887
Class P		564			5,610			409			5,058			263			3,072			108			1,248
Class D		271			2,689			137			1,691			55			640			22			247
Class A		2,181			21,595			1,157			14,302			152			1,763			83			957
Class C		2,223			21,928			1,088			13,410			161			1,820			70			784
Class R		2	^		22	^		2			22			0			0			0			0
Cost of shares redeemed
Institutional Class		(4,804	)		(50,731	)		(3,158	)		(39,875	)		(23,144	)		(271,801	)		(25,702	)		(299,684	)
Class P		(13,443	)		(141,787	)		(6,531	)		(81,608	)		(16,702	)		(193,796	)		(24,620	)		(285,630	)
Class D		(3,248	)		(33,913	)		(1,226	)		(15,462	)		(1,558	)		(18,122	)		(5,605	)		(64,780	)
Class A		(13,604	)		(140,011	)		(9,822	)		(124,012	)		(7,254	)		(84,522	)		(21,852	)		(254,288	)
Class C		(15,791	)		(162,722	)		(7,481	)		(93,888	)		(4,195	)		(47,471	)		(9,708	)		(110,601	)
Class R		(27	)^		(249	)^		(15	)		(186	)		0			0			0			0
Net increase (decrease) resulting from Fund share transactions		(31,766	)	$	(328,333	)		3,193		$	43,260			1,166		$	14,235			(54,087	)	$	(622,945	)

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

^{^}  Class R Shares liquidated at the close of business on January 22, 2016.

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 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.

ANNUAL REPORT JUNE 30, 2016 53

Notes to Financial Statements (Cont.)

In accordance with U.S. GAAP, the Adviser has reviewed the Funds’ tax positions for all open tax years. As of June 30, 2016, 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 2013-2015, 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.

As of June 30, 2016, the components of distributable taxable earnings are as follows (amounts in thousands^†):

	Undistributed Ordinary Income  (1)		Undistributed Long-Term Capital Gains		Net Tax Basis Unrealized Appreciation/ (Depreciation) (2)			Other Book-to-Tax Accounting Differences (3)			Accumulated Capital Losses (4)			Qualified Late-Year Loss Deferral - Capital (5)		Qualified Late-Year Loss Deferral - Ordinary (6)
PIMCO Dividend and Income Fund	$	0	$	0	$	(7,793	)	$	(875	)	$	(128,431	)	$	0	$	(521	)
PIMCO EqS® Long/Short Fund		0		0		30,029			(39	)		(7,816	)		0		0

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

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

⁽²⁾  Adjusted for open wash sale loss deferrals and accelerated recognition of unrealized gain on certain futures, forward contracts, short dividend expenditures, Lehman adjustments, passive foreign investment companies (PFICs) and convertible preferred stock for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain/loss on swap contracts.

⁽³⁾  Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, namely for straddle loss deferrals, organizational expenditures, and distributions payable at fiscal year-end.

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

⁽⁵⁾  Capital losses realized during the period November 1, 2015 through June 30, 2016 which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

⁽⁶⁾  Specified losses realized during the period November 1, 2015 through June 30, 2016 and Ordinary losses realized during the period January 1, 2016 through June 30, 2016, which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

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

As of June 30, 2016, the Funds had the following post-effective capital losses with no expiration (amounts in thousands^†):

	Short-Term		Long-Term
PIMCO Dividend and Income Fund	$	73,130	$	55,301
PIMCO EqS® Long/Short Fund		6,058		1,758

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

As of June 30, 2016, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands^†):

	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation) (7)
PIMCO Dividend and Income Fund	$	454,316	$	11,080	$	(18,835	)	$	(7,755	)
PIMCO EqS® Long/Short Fund		874,593		44,101		(12,610	)		31,491

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

⁽⁷⁾  Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) on investments are attributable to open wash sale loss deferrals, short dividend expenditures, Lehman adjustments, passive foreign investment companies (PFICs), and convertible preferred stock.

54 PIMCO EQUITY SERIES

June 30, 2016

For the fiscal years ended June 30, 2016 and June 30, 2015, respectively, the Funds made the following tax basis distributions (amounts in thousands^†):

	June 30, 2016						June 30, 2015
	Ordinary Income Distributions (8)		Long-Term Capital Gain Distributions		Return of Capital (9)		Ordinary Income Distributions (8)		Long-Term Capital Gain Distributions		Return of Capital (9)
PIMCO Dividend and Income Fund	$	29,712	$	38,300	$	0	$	27,505	$	23,147	$	0
PIMCO EqS® Long/Short Fund		2		9,887		0		0		5,140		0

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

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

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

ANNUAL REPORT JUNE 30, 2016 55

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of PIMCO Equity Series^®:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations, of changes in net assets, and of cash flows (PIMCO EqS^® Long/Short Fund) and the financial highlights present fairly, in all material respects, the financial position of PIMCO Dividend and Income Fund and PIMCO EqS^® Long/Short Fund (two series of PIMCO Equity Series^®, hereafter referred to as the “Funds”) at June 30, 2016, the results of each of their operations and the cash flows for PIMCO EqS^® Long/Short Fund for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights of the Funds for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at June 30, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Kansas City, Missouri

August 22, 2016

56 PIMCO EQUITY SERIES

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

(Unaudited)

Counterparty Abbreviations:
BOA	Bank of America N.A.	GLM	Goldman Sachs Bank USA	MSB	Morgan Stanley Bank N.A.
BRC	Barclays Bank PLC	GSC	Goldman Sachs & Co.	MYC	Morgan Stanley Capital Services, Inc.
CBK	Citibank N.A.	HUS	HSBC Bank USA N.A.	SSB	State Street Bank and Trust Co.
DUB	Deutsche Bank AG	JPM	JPMorgan Chase Bank N.A.	UAG	UBS AG Stamford
FOB	Credit Suisse Securities (USA) LLC
Currency Abbreviations:
AUD	Australian Dollar	DKK	Danish Krone	JPY	Japanese Yen
BRL	Brazilian Real	EUR	Euro	MXN	Mexican Peso
CAD	Canadian Dollar	GBP	British Pound	USD (or $)	United States Dollar
CHF	Swiss Franc
Index/Spread Abbreviations:
CDX.HY	Credit Derivatives Index - High Yield	CDX.IG	Credit Derivatives Index - Investment Grade	CMBX	Commercial Mortgage-Backed Index
Other Abbreviations:
BABs	Build America Bonds	CLO	Collateralized Loan Obligation	SP - ADR	Sponsored American Depositary Receipt
CBO	Collateralized Bond Obligation	PIK	Payment-in-Kind

ANNUAL REPORT JUNE 30, 2016 57

Federal Income Tax Information

(Unaudited)

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

Dividend Received Deduction.  Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a Fund’s dividend distribution that qualifies under tax law. The percentage of the following Funds’ fiscal 2016 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below:

Qualified Dividend Income.  Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the “Act”), the following percentage of ordinary dividends paid during the calendar year was designated as “qualified dividend income”, as defined in the Act, subject to reduced tax rates in 2016:

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only).  Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended June 30, 2016 are considered to be derived from “qualified interest income,” as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended June 30, 2016 are considered to be derived from “qualified short-term capital gain,” as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

	Dividend Received Deduction %		Qualified Dividend Income %		Qualified Interest Income (000s† )		Qualified Short-Term Capital Gain (000s†)
PIMCO Dividend and Income Fund		49.24%		100%	$	955	$	7,193
PIMCO EqS® Long/Short Fund		0.00%		0.00%		0		0

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

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2017, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2016.

58 PIMCO EQUITY SERIES

Management of the Trust

(Unaudited)

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

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

Name, Year of Birth and Position Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Public Company and Investment Company Directorships Held by Trustee During the Past 5 Years
Interested Trustees*
Brent R. Harris (1959) Chairman of the Board and Trustee	03/2010 to present	Managing Director, PIMCO. Formerly, member of Executive Committee, PIMCO.	169	Chairman and Trustee, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT; Director, StocksPLUS® Management, Inc; and member of Board of Governors, Investment Company Institute.
Independent Trustees
E. Philip Cannon (1940) Trustee	03/2010 to present	Private Investor. Formerly, President, Houston Zoo.	169	Trustee, PIMCO Equity Series VIT; Lead Independent Trustee, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust. Formerly, Trustee, Allianz Funds (formerly, PIMCO Funds: Multi-Manager Series).
Jennifer Holden Dunbar (1963) Trustee	02/2016 to present	Managing Director, Dunbar Partners, LLC (business consulting and investments).	169	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust; Director, PS Business Parks; Director, Big 5 Sporting Goods Corporation.
Peter B. McCarthy (1950) Trustee	09/2011 to present	Formerly, Assistant Secretary and Chief Financial Officer, United States Department of Treasury; Deputy Managing Director, Institute of International Finance.	169	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust.
Ronald C. Parker (1951) Trustee	02/2016 to present	Director of Roseburg Forest Products Company. Formerly, Chairman of the Board, The Ford Family Foundation. Formerly President, Chief Executive Officer, Hampton Affiliates (forestry products).	169	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust.

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

** Trustees serve until their successors are duly elected and qualified.

ANNUAL REPORT JUNE 30, 2016 59

Management of the Trust (Cont.)

(Unaudited)

Executive Officers

Name, Year of Birth and Position Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years*
Peter G. Strelow (1970) President	02/2014 to present Senior Vice President 11/2013 to 02/2014 Vice President 03/2010 to 11/2013	Managing Director, PIMCO. President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust and PIMCO Closed-End Funds.
David C. Flattum (1964) Chief Legal Officer	03/2010 to present	Managing Director and General Counsel, PIMCO. Chief Legal Officer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Formerly, Managing Director, Chief Operating Officer and General Counsel, Allianz Asset Management of America L.P.
Jennifer E. Durham (1970) Chief Compliance Officer	03/2010 to present	Managing Director and Chief Compliance Officer, PIMCO. Chief Compliance Officer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT.
Brent R. Harris (1959) Senior Vice President	03/2010 to present	Managing Director, PIMCO. Senior Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Formerly, member of Executive Committee, PIMCO.
Douglas M. Hodge (1957) Senior Vice President	02/2014 to present President 05/2013 to 02/2014	Managing Director, Chief Executive Officer, PIMCO (since 2/14); Chief Operating Officer, PIMCO (7/09 - 2/14); Member of Executive Committee and Head of PIMCO’s Asia Pacific region. Member Global Executive Committee, Allianz Asset Management. Senior Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT.
Kevin M. Broadwater (1964) Vice President - Senior Counsel	05/2012 to present	Executive Vice President and Deputy General Counsel, PIMCO. Vice President - Senior Counsel, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT.
Joshua D. Ratner (1976)** Vice President - Senior Counsel, Secretary	11/2013 to present Assistant Secretary 03/2010 to 01/2011	Executive Vice President and Senior Counsel, PIMCO. Chief Legal Officer, PIMCO Investments LLC. Vice President - Senior Counsel, Secretary, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Vice President, Secretary and Chief Legal Officer, PIMCO Managed Accounts Trust and PIMCO Closed-End Funds.
Ryan G. Leshaw (1980) Assistant Secretary	05/2012 to present	Senior Vice President and Senior Counsel, PIMCO. Assistant Secretary, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust and PIMCO Closed-End Funds. Formerly, Associate, Willkie Farr & Gallagher LLP.
Stacie D. Anctil (1969) Vice President	05/2015 to present Assistant Treasurer 03/2010 to 05/2015	Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust and PIMCO Closed-End Funds.
William G. Galipeau (1974) Vice President	11/2013 to present	Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Treasurer, PIMCO Managed Accounts Trust and PIMCO Closed-End Funds. Formerly, Vice President, Fidelity Investments.
Eric D. Johnson (1970)** Vice President	05/2011 to present	Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust and PIMCO Closed-End Funds.
Henrik P. Larsen (1970) Vice President	03/2010 to present	Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT.
Greggory S. Wolf (1970) Vice President	05/2011 to present	Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT.
Trent W. Walker (1974) Treasurer	11/2013 to present Assistant Treasurer 03/2010 to 11/2013	Executive Vice President, PIMCO. Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Assistant Treasurer, PIMCO Managed Accounts Trust and PIMCO Closed-End Funds.
Erik C. Brown (1967) Assistant Treasurer	03/2010 to present	Executive Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust and PIMCO Closed-End Funds.
Jason J. Nagler (1982)** Assistant Treasurer	05/2015 to present	Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust and PIMCO Closed-End Funds. Formerly, Head of Mutual Fund Reporting, GMO and Assistant Treasurer, GMO Trust and GMO Series Trust Funds.

* The term “PIMCO Closed-End Funds” as used herein includes: PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund Inc., PIMCO Corporate & Income Opportunity Fund, PIMCO Corporate & Income Strategy Fund, PIMCO Dynamic Credit Income Fund, PIMCO Dynamic Income Fund, PIMCO Global StocksPLUS & Income Fund, PIMCO High Income Fund, PIMCO Income Opportunity Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II and PIMCO Strategic Income Fund, Inc.

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

60 PIMCO EQUITY SERIES

Privacy Policy¹

(Unaudited)

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

OBTAINING PERSONAL INFORMATION

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

RESPECTING YOUR PRIVACY

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

SHARING INFORMATION WITH THIRD PARTIES

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

shareholder’s accounts to a non-affiliated third party at the shareholder’s request or with the consent of the shareholder.

SHARING INFORMATION WITH AFFILIATES

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

PROCEDURES TO SAFEGUARD PRIVATE INFORMATION

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

INFORMATION COLLECTED FROM WEBSITES

Websites maintained by the Funds or their service providers may use a variety of technologies to collect information that help the Funds and their service providers understand how the website is used. Information collected from your web browser (including small files stored on your device that are commonly referred to as “cookies”) allow the websites to recognize your web browser and help to personalize and improve your user experience and enhance navigation of the website. In addition, the Funds or their Service Affiliates may use third parties to place advertisements for the Funds on other websites, including banner advertisements. Such third parties may collect anonymous information through the use of cookies or action tags (such as web beacons). The information these third parties collect is generally limited to technical and web navigation information, such as your IP address, web pages visited and browser type, and does not include personally identifiable information such as name, address, phone number or email address.

ANNUAL REPORT JUNE 30, 2016 61

Privacy Policy¹ (Cont.)

(Unaudited)

You can change your cookie preferences by changing the setting on your web browser to delete or reject cookies. If you delete or reject cookies, some website pages may not function properly.

CHANGES TO THE PRIVACY POLICY

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

¹ Amended as of May 13, 2015.

² PIMCO Investments LLC (“PI”) serves as the Funds’ distributor. This Privacy Policy applies to the activities of PI to the extent that PI regularly effects or engages in transactions with or for a Fund shareholder who is the record owner of such shares. For purposes of this Privacy Policy, references to “the Funds” shall include PI when acting in this capacity.

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

62 PIMCO EQUITY SERIES

Approval of Investment Advisory Contract and Other Agreements

(Unaudited)

Approval of the Interim Sub-Advisory Agreement, Interim Portfolio Implementation Agreement, Amended and Restated Sub-Advisory Agreement and Portfolio Implementation Agreement for PIMCO Dividend and Income Fund

At a meeting held on June 15, 2016, the Board of Trustees (the “Board”) of PIMCO Equity Series (the “Trust”), including all of the independent Trustees (the “Independent Trustees”), considered and approved on behalf of the PIMCO Dividend and Income Fund (the “Fund”), a series of the Trust: the Interim Sub-Advisory Agreement (the “Interim Sub-Advisory Agreement”) between Pacific Investment Management Company LLC (“PIMCO”) and Research Affiliates, LLC (“RALLC”) and the Interim Portfolio Implementation Agreement (the “Interim Portfolio Implementation Agreement”) (together with the Interim Sub-Advisory Agreement, the “Interim Agreements”) among PIMCO, RALLC and Parametric Portfolio Associates LLC (“Parametric”), each for a term no longer than through November 11, 2016; and the Amended and Restated Sub-Advisory Agreement (the “Sub-Advisory Agreement”) between PIMCO and RALLC and the Portfolio Implementation Agreement (the “Portfolio Implementation Agreement”) (together with the Sub-Advisory Agreement, the “Agreements”) among PIMCO, RALLC and Parametric, each subject to approval by the Fund’s shareholders, and each for an initial term of two years following shareholder approval and execution.

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

1. INFORMATION RECEIVED

(a) Materials Reviewed  The Board received a wide variety of materials relating to the services to be provided by RALLC and Parametric, both in connection with the meeting and the February 25, 2015 meeting at which the Board considered approval of a sub-advisory agreement between PIMCO and RALLC, and a portfolio implementation agreement among PIMCO, RALLC and Parametric, with respect to certain other series of the Trust (the “RAE Fundamental Funds”). The Board reviewed information relating to RALLC’s and Parametric’s financial condition, personnel, investment services and performance, fees and other benefits and profitability, compliance programs and other information relating to the nature, extent and quality of services proposed to be provided by RALLC and Parametric. In addition, the Board also reviewed material provided by counsel to the Trust and the Independent Trustees, which included, among other things, memoranda outlining legal duties of the Board in considering the approval of the Interim Agreements and the Agreements and certain regulatory matters pertaining to the Interim Agreements. The Board also reviewed information about the RALLC and Parametric personnel who would be providing services to PIMCO, RALLC and the Fund under the Interim Agreements and the Agreements.

(b) Review Process  In connection with the approval of the Interim Agreements and the Agreements, the Board reviewed written materials prepared by RALLC and Parametric. The Board also requested and received assistance and advice regarding applicable legal standards from Trust counsel. 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 Interim Agreements and 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

The Board considered the depth and quality of the investment management process of RALLC and Parametric, including for each entity, the experience and capabilities of its senior management and other personnel, and the overall financial strength and stability of its organization. The Board considered the sub-advisory services proposed to be provided by RALLC to PIMCO and the Fund and the portfolio implementation services proposed to be provided by Parametric to PIMCO, RALLC and the Fund. The Board also considered that, with respect to the services provided by RALLC and Parametric to the Fund, the terms of the Interim Agreements are substantially identical to the terms of the Agreements.

The Board considered information about RALLC’s and Parametric’s personnel responsible for providing services under the Interim Agreements and the Agreements. The Board considered the depth and quality of RALLC’s investment management and research capabilities, the experience and capabilities of its portfolio management personnel, and in particular the experience and capabilities of Robert Arnott, RALLC’s principal, and the overall financial strength of the organization. The Board also considered the depth and quality of Parametric’s trading, risk management, and compliance capabilities and resources, which are integral parts of its role as portfolio implementer.

The Board considered that the RAE Income Global Portfolio is a unique and proprietary product of RALLC, and that the sub-advisory services based on the RAE Income Global Portfolio are only available from RALLC. The Board also considered information about the RAE Income Global Portfolio and RALLC’s RAE Fundamental methodology for portfolio construction. Additionally, the Board considered RALLC’s policies, procedures and systems to assure compliance with applicable laws and regulations.

The Board also considered the services provided by RALLC and Parametric to the RAE Fundamental Funds, the quality of those services and RALLC’s and Parametric’s experience working with PIMCO through

ANNUAL REPORT JUNE 30, 2016 63

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

(Unaudited)

a sub-advisory and portfolio implementation arrangement, respectively. Further, the Board considered the oversight structure under which PIMCO would oversee RALLC and both PIMCO and RALLC would have oversight responsibility over Parametric, and noted that this oversight structure is the same as the oversight structure in place with respect to the RAE Fundamental Funds.

Ultimately, the Board concluded that the nature, extent and quality of services proposed to be provided by RALLC and Parametric under the Interim Agreements and the Agreements are likely to benefit the Fund and its shareholders.

3. INVESTMENT PERFORMANCE

As the Fund was not sub-advised by RALLC and did not receive portfolio implementation services from Parametric at the time the Interim Agreements and the Agreements were considered, the Board did not receive or consider investment performance information for the Fund.

4. SUB-ADVISORY FEES AND PORTFOLIO IMPLEMENTATION FEES

The Board noted that PIMCO will compensate RALLC and Parametric pursuant to the Interim Agreements and the Agreements and that the Fund will not directly pay for RALLC’s or Parametric’s services. The Board considered favorably the fact that the Fund and shareholders will receive increased and enhanced services from RALLC and Parametric with no increased cost to the Fund. The Board also considered that the compensation PIMCO will pay to RALLC under the Interim Sub-Advisory Agreement and Sub-Advisory Agreement is subject to reduction according to certain breakpoints set forth in the separate interim and final letter agreements, respectively. Moreover, the Board considered that the compensation PIMCO will pay to Parametric under the Interim Portfolio Implementation Agreement and Portfolio Implementation Agreement is subject to reduction according to certain breakpoints.

Based on the information presented by PIMCO, RALLC and Parametric, members of the Board then determined, in the exercise of their business judgment, that the level of the sub-advisory fees to be paid by PIMCO to RALLC and the level of the portfolio implementation fees to be paid by PIMCO to Parametric are reasonable and approval of the Interim Agreements and the Agreements would likely benefit the Fund and its shareholders.

5. SUB-ADVISER AND PORTFOLIO IMPLEMENTER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

As the Fund was not sub-advised by RALLC and did not receive portfolio implementation services from Parametric at the time the Interim Agreements and the Agreements were considered, information regarding RALLC’s and Parametric’s costs in providing services to the Fund and the profitability of RALLC’s and Parametric’s relationship with

the Fund was not available. Additionally, as noted above, the Board considered that PIMCO will compensate RALLC and Parametric pursuant to the Interim Agreements and the Agreements and that the Fund will not directly pay for RALLC’s or Parametric’s services, and that the compensation PIMCO will pay to RALLC and to Parametric under the Interim Agreements and the Agreements is, in each case, subject to certain breakpoints.

Ultimately, the Board concluded that the Fund’s proposed cost structure, with respect to the fees to be paid by PIMCO to RALLC and Parametric, was reasonable.

6. ANCILLARY BENEFITS

The Board considered whether RALLC or Parametric and their affiliates may receive any other benefits as a result of RALLC’s or Parametric’s relationship with the Fund and noted that neither RALLC nor Parametric expects to receive any indirect or “fallout” benefits from its relationship with the Fund. The Board noted that RALLC has a policy not to engage in soft dollar arrangements and that, as of October 31, 2015, Parametric does not receive research or other products or services from broker-dealers in exchange for client securities transactions.

7. CONCLUSIONS

Based on its review, including its consideration of each of the factors referred to above, the Board concluded that the nature, extent and quality of the services to be rendered to the Fund by RALLC and Parametric supported the approval of the Interim Agreements and the Agreements. The Board concluded that the Interim Agreements and the Agreements were fair and reasonable to the Fund and its shareholders, that the Fund’s shareholders would likely receive reasonable value in return for the sub-advisory fees paid to RALLC by PIMCO and the portfolio implementation fees paid to Parametric by PIMCO, that the approval of the Interim Agreements and the Agreements was in the best interests of the Fund and its shareholders and that the determination to submit the Agreements to shareholders for approval was in the best interests of the Fund and its shareholders.

64 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 Board. Shareholders of all series of the Trust voted together on the proposal, and elected two (2) Trustees at the special meeting. The results of the proxy solicitation on this matter are available in the Funds’ Semi-Annual Report to shareholders for the period ended December 31, 2015.

ANNUAL REPORT JUNE 30, 2016 65

General Information

Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Investment Sub-Adviser

Research Affiliates, LLC

620 Newport Center Drive, Suite 900

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank and Trust Company

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.

PES3001AR_063016

PIMCO Equity Series^®

Annual Report

June 30, 2016

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		61
Report of Independent Registered Public Accounting Firm		77
Glossary		78
Federal Income Tax Information		79
Management of the Trust		80
Privacy Policy		82
Results of Proxy Voting		84

Fund	Fund Summary		Schedule of Investments
PIMCO RAE Fundamental Emerging Markets Fund		8		31
PIMCO RAE Fundamental Global Fund		10		38
PIMCO RAE Fundamental Global ex-US Fund		12		39
PIMCO RAE Fundamental International Fund		14		40
PIMCO RAE Fundamental US Fund		16		49
PIMCO RAE Fundamental US Small Fund		18		54

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

Chairman’s Letter

Dear Shareholder,

Please find enclosed the Annual Report for the PIMCO Equity Series covering the twelve-month reporting period ended June 30, 2016. 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.

Outside of the reporting period, PIMCO announced on July 19, 2016 that the firm’s Managing Directors have selected Emmanuel (Manny) Roman as PIMCO’s next Chief Executive Officer. PIMCO’s current CEO Douglas Hodge will assume a new role as Managing Director and Senior Advisor when Mr. Roman joins PIMCO on November 1st.

The announcement of Mr. Roman as PIMCO’s CEO is the culmination of a process undertaken by the firm to hire a senior executive who would add leadership and strategic insights combined with a deep appreciation of PIMCO’s diversified global businesses, investment process and focus on superior investment performance and client-service. Mr. Roman’s appointment has the full support of the firm’s leadership including Mr. Hodge, PIMCO’s President Jay Jacobs, the firm’s Executive Committee and its Managing Directors. Mr. Roman has nearly 30 years of experience in the investment industry, with expertise in fixed income and proven executive leadership, most recently as CEO of Man Group PLC, one of the world’s largest publicly-traded alternative asset managers and a leader in liquid, high-alpha investment strategies.

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

ⁿ  The first half of the reporting period through mid-February 2016 was marked by ongoing concerns over the global impact of a slowdown in the Chinese economy, which drove commodity prices and inflation expectations generally lower. By March, a recovery in the price of oil and expectations of lower interest rates for longer supported a rally in risk assets. The Bank of Japan (“BOJ”) and the People’s Bank of China, for example, indicated their intent for further policy easing, with the BOJ resorting to a negative interest rate policy in February 2016. The European Central Bank (“ECB”) also resorted to unconventional monetary policy with additional easing measures and an expansion of its quantitative easing program by shifting its focus toward domestic credit, pushing government yields into negative territory. In June 2016, the ECB began purchasing corporate bonds to help invigorate economic growth and stimulate inflation in the region.

ⁿ  In the U.S., concerns regarding the global impact of tightening financial conditions and renewed U.S. dollar strength kept the Federal Reserve (“Fed”) on hold at their June 2016 meeting, after slightly raising interest rates at their December 2015 meeting. In addition, the U.S. dollar appreciated against most European and emerging market currencies, while falling against the Japanese yen. The U.S. interest rate yield curve flattened as the ten-year U.S. Treasury yield rallied to all-time lows and short-term rates rose with the initial December 2015 Fed rate hike. Revised first quarter 2016 U.S. gross domestic product (“GDP”) data released in late June was marginally stronger as retail sales, housing and consumer sentiment data indicated an improving economy.

ⁿ  Market movements and news headlines at the end of the reporting period were dominated by the unexpected outcome of the U.K. referendum on June 23, 2016. Initial investor reaction to the Brexit vote was largely “risk-off” as various assets re-priced to the surprise outcome, with U.S. Treasuries, the Japanese yen and gold headlining a safe-haven rally. However, aside from the Pound Sterling and European and Japanese equities, most asset classes recovered in the ensuing week as investors reassessed the impact of the Brexit vote on global growth expectations.

ⁿ  Global developed market equities experienced weak performance amid a period marked by economic uncertainty, increased volatility and geopolitical concerns. U.S. equities, as represented by the S&P 500 Index, were a bright spot, returning 3.99% over the reporting period. International equity markets (developed ex-U.S.), as represented by the MSCI EAFE Net Dividend Index (USD Hedged) declined 9.90% over the reporting period and the MSCI EAFE Net Dividend Index (USD Unhedged) declined 10.16% over the reporting period. Japanese equities, as represented by the Nikkei 225 Index in JPY, declined 21.86% over the reporting period, and

2 PIMCO EQUITY SERIES

European equities, as represented by the MSCI Europe Index in EUR, declined 10.96% over the reporting period. During the first eight months of the reporting period, declining commodities prices and China’s economic deceleration drove concerns of slowing global growth, which weighed on equity returns. However, in the last third of the reporting period, developed market equities began to rebound from previous lows as global central banks resorted to increasingly unconventional monetary policy. However, late in the reporting period in June, global equities were pressured once again due to Britain’s decision to leave the European Union.

ⁿ  Emerging market (“EM”) equities, as represented by the MSCI Emerging Markets Index (Net Dividends in USD), declined 12.05% over the reporting period. Concerns over slower economic growth in China, a bear market in commodities, political corruption in Latin America and several attempts by the People’s Bank of China to support the domestic equity market added to fears of slowing global growth. Late in the reporting period, emerging market equities experienced a strong rebound following February 2016 lows, with cyclicals and commodity-linked markets leading the rally.

ⁿ  U.S. Treasuries, as represented by the Barclays U.S. Treasury Index, returned 6.22% for the reporting period. Yields beyond one-year maturities declined across the U.S. Treasury yield curve as a more dovish tone from the Fed after its June 2016 meeting, coupled with the surprise result of the U.K. referendum, pushed expectations for policy normalization further into the future. Investors also looked to U.S. Treasuries for their perceived safety and as a source of high-quality yield. The benchmark ten-year U.S. Treasury note yielded 1.49% 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 6.00% 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 and investment solution needs.

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

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

ANNUAL REPORT JUNE 30, 2016 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. Returns do not reflect the deduction of taxes that a shareholder would pay on (i) Fund distributions or (ii) the redemption of Fund shares. The Cumulative Returns chart and Average Annual Total Return table reflect any sales load that would have applied at the time of purchase or any Contingent Deferred Sales Charge

(“CDSC”) that would have applied if a full redemption occurred on the last business day of the period shown in the Cumulative Returns chart. Class A shares are subject to an initial sales charge. A CDSC may be imposed in certain circumstances on Class A shares that are purchased without an initial sales charge and then redeemed during the first (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 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

06/05/2015

06/05/2015

06/05/2015

—

—

06/05/2015

06/05/2015

—

Non-diversified

PIMCO RAE Fundamental Global Fund

06/05/2015

06/05/2015

06/05/2015

—

—

06/05/2015

06/05/2015

—

Non-diversified

PIMCO RAE Fundamental Global ex-US Fund

06/05/2015

06/05/2015

06/05/2015

—

—

06/05/2015

06/05/2015

—

Non-diversified

PIMCO RAE Fundamental International Fund

06/05/2015

06/05/2015

06/05/2015

—

—

06/05/2015

06/05/2015

—

Non-diversified

PIMCO RAE Fundamental US Fund

06/05/2015

06/05/2015

06/05/2015

—

—

06/05/2015

06/05/2015

—

Non-diversified

PIMCO RAE Fundamental US Small Fund

06/05/2015

06/05/2015

06/05/2015

—

—

06/05/2015

06/05/2015

—

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

ANNUAL REPORT JUNE 30, 2016 5

Important Information About the Funds (Cont.)

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.

6 PIMCO EQUITY SERIES

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ANNUAL REPORT JUNE 30, 2016 7

PIMCO RAE Fundamental Emerging Markets Fund

Cumulative Returns Through June 30, 2016

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

Investment Objective and Strategy Overview

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

Average Annual Total Return for the period ended June 30, 2016*
		1 Year		5 Year		10 Year		Fund Inception (05/31/06)
	PIMCO RAE Fundamental Emerging Markets Fund Institutional Class		(10.32)%		(4.42)%		4.78%		4.47%
	PIMCO RAE Fundamental Emerging Markets Fund Class P		(10.54)%		(4.45)%		4.77%		4.45%
	PIMCO RAE Fundamental Emerging Markets Fund Class A		(10.61)%		(4.46)%		4.76%		4.44%
	PIMCO RAE Fundamental Emerging Markets Fund Class A (adjusted)		(13.98)%		(5.19)%		4.36%		4.05%
	PIMCO RAE Fundamental Emerging Markets Fund Class C		(11.33)%		(4.64)%		4.67%		4.35%
	PIMCO RAE Fundamental Emerging Markets Fund Class C (adjusted)		(12.21)%		(4.64)%		4.67%		4.35%
	MSCI Emerging Markets Index (Net Dividends in USD)±		(12.05)%		(3.78)%		3.54%		3.48%

All Fund returns are net of fees and expenses.

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

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

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 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.

8 PIMCO EQUITY SERIES

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

Top 10 Holdings as of 06/30/2016^1§

Samsung Electronics Co. Ltd.	3.2%
China Construction Bank Corp. ‘H’	3.1%
Gazprom PJSC SP — ADR	2.8%
Lukoil PJSC SP — ADR	2.7%
Vale S.A.	2.6%
Industrial & Commercial Bank of China Ltd. ‘H’	2.2%
Itau Unibanco Holding S.A. SP — ADR ‘H’	2.2%
Surgutneftegas OJSC SP — ADR	1.9%
Bank of China Ltd. ‘H’	1.8%
Petroleo Brasileiro S.A. SP — ADR	1.8%

Geographic Breakdown as of 06/30/2016^1§

Brazil	19.5%
China	17.8%
Russia	14.1%
South Korea	13.9%
South Africa	10.3%
Taiwan	7.4%
Hong Kong	4.0%
India	3.5%
Thailand	2.9%
Mexico	2.4%
Poland	2.3%
Indonesia	1.4%
Other	0.5%

¹ % of Investments, at value.

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

Fund Insights

Following are key factors impacting the Fund’s relative performance during the reporting period:

» Overweight to the telecommunication services sector negatively contributed to relative performance, as the sector underperformed the MSCI Emerging Markets Index.

» Positioning in the financials sector negatively contributed to relative performance, as the sector underperformed the MSCI Emerging Markets Index.

» An overweight to and positioning within in the oil, gas & consumable fuels industry positively contributed to relative performance, as the Fund’s holdings outperformed the MSCI Emerging Markets Index.

» Overweight exposure and positioning in the metals & mining industry positively contributed to relative performance, as the Fund’s holdings outperformed the MSCI Emerging Markets Index.

ANNUAL REPORT JUNE 30, 2016 9

PIMCO RAE Fundamental Global Fund

Cumulative Returns Through June 30, 2016

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

Investment Objective and Strategy Overview

» PIMCO RAE Fundamental Global Fund seeks long-term capital appreciation by investing under normal circumstances substantially all of its assets in (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, from a broad universe of companies which satisfy certain liquidity and capacity requirements.

Average Annual Total Return for the period ended June 30, 2016
		1 Year		Fund Inception (06/05/15)
	PIMCO RAE Fundamental Global Fund Institutional Class		(4.38)%		(5.36)%
	PIMCO RAE Fundamental Global Fund Class P		(4.44)%		(5.51)%
	PIMCO RAE Fundamental Global Fund Class A		(4.61)%		(5.67)%
	PIMCO RAE Fundamental Global Fund Class A (adjusted)		(8.15)%		(8.98)%
	PIMCO RAE Fundamental Global Fund Class C		(5.29)%		(6.38)%
	PIMCO RAE Fundamental Global Fund Class C (adjusted)		(6.23)%		(6.38)%
	MSCI All Country World Index±		(3.73)%		(4.59)%

All Fund returns are net of fees and expenses.

^± 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 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 Holdings as of 06/30/2016^1§

PIMCO RAE Fundamental U.S. Fund	51.6%
PIMCO RAE Fundamental International Fund	37.5%
PIMCO RAE Fundamental Emerging Markets Fund	10.9%

¹ % of Investments, at value.

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

Fund Insights

Following are key factors impacting the Fund’s relative performance during the reporting period:

» Positioning in the financials sector negatively contributed to relative performance, as the sector underperformed the MSCI All Country World Index.

» Underweight exposure to the consumer staples sector negatively contributed to relative performance, as the sector outperformed the MSCI All Country World Index.

» Overweight exposure to the diversified telecommunication services industry positively contributed to relative performance, as the industry outperformed the MSCI All Country World Index.

» Overweight exposure to the utilities sector positively contributed to relative performance, as the sector outperformed the MSCI All Country World Index.

ANNUAL REPORT JUNE 30, 2016 11

PIMCO RAE Fundamental Global ex-US Fund

Cumulative Returns Through June 30, 2016

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

Investment Objective and Strategy Overview

» PIMCO RAE Fundamental Global ex-US Fund seeks long-term capital appreciation 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, from a broad universe of companies which satisfy certain liquidity and capacity requirements.

Average Annual Total Return for the period ended June 30, 2016
		1 Year		Fund Inception (06/05/15)
	PIMCO RAE Fundamental Global ex-US Fund Institutional Class		(10.93)%		(11.44)%
	PIMCO RAE Fundamental Global ex-US Fund Class P		(11.07)%		(11.58)%
	PIMCO RAE Fundamental Global ex-US Fund Class A		(11.29)%		(11.78)%
	PIMCO RAE Fundamental Global ex-US Fund Class A (adjusted)		(14.58)%		(14.88)%
	PIMCO RAE Fundamental Global ex-US Fund Class C		(11.90)%		(12.43)%
	PIMCO RAE Fundamental Global ex-US Fund Class C (adjusted)		(12.77)%		(12.43)%
	MSCI All Country World ex US Index±		(10.24)%		(10.53)%

All Fund returns are net of fees and expenses.

^± 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 Holdings as of 06/30/2016^1§

PIMCO RAE Fundamental International Fund	77.4%
PIMCO RAE Fundamental Emerging Markets Fund	22.6%

¹ % of Investments, at value.

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

Fund Insights

Following are key factors impacting the Fund’s relative performance during the reporting period:

» Overweight exposure and selection in the banks industry negatively contributed to relative performance, as this industry underperformed the MSCI All Country World ex-US Index.

» Underweight exposure to the consumer stables sector negatively contributed to relative performance, as this industry outperformed the MSCI All Country World ex-US Index.

» Overweight exposure and positioning in metals & mining industry positively contributed to relative performance, as the Fund’s holdings outperformed the MSCI All Country World ex-US Index.

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

ANNUAL REPORT JUNE 30, 2016 13

PIMCO RAE Fundamental International Fund

Cumulative Returns Through June 30, 2016

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

Investment Objective and Strategy Overview

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

Average Annual Total Return for the period ended June 30, 2016
		1 Year		Fund Inception (06/05/15)
	PIMCO RAE Fundamental International Fund Institutional Class		(10.60)%		(11.39)%
	PIMCO RAE Fundamental International Fund Class P		(10.70)%		(11.48)%
	PIMCO RAE Fundamental International Fund Class A		(10.95)%		(11.71)%
	PIMCO RAE Fundamental International Fund Class A (adjusted)		(14.26)%		(14.82)%
	PIMCO RAE Fundamental International Fund Class C		(11.69)%		(12.40)%
	PIMCO RAE Fundamental International Fund Class C (adjusted)		(12.55)%		(12.40)%
	MSCI EAFE Net Dividend Index (USD Unhedged)±		(10.16)%		(10.49)%

All Fund returns are net of fees and expenses.

^± 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 Holdings as of 06/30/2016^1§

Royal Dutch Shell PLC ‘A’	2.7%
HSBC Holdings PLC	2.0%
BP PLC	1.7%
Total S.A.	1.4%
Eni SpA	1.2%
Orange S.A.	1.1%
Banco Santander S.A.	1.0%
Statoil ASA	0.9%
Engie S.A.	0.9%
British American Tobacco PLC	0.9%

Geographic Breakdown as of 06/30/2016^1§

United Kingdom	16.3%
Japan	14.1%
France	11.6%
Canada	11.1%
Germany	9.7%
Australia	9.0%
Switzerland	5.1%
Netherlands	4.8%
Spain	3.3%
Italy	3.2%
Sweden	2.2%
Hong Kong	1.4%
Norway	1.3%
Denmark	1.2%
Singapore	1.0%
Other	4.7%

¹ % of Investments, at value.

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

Fund Insights

Following are key factors impacting the Fund’s relative performance during the reporting period:

» Underweight exposure to the consumer staples sector negatively contributed to relative performance, as this sector outperformed the MSCI EAFE Index.

» Overweight exposure to the financials sector negatively contributed to relative performance, as this sector underperformed the MSCI EAFE Index.

» Underweight exposure to the healthcare sector negatively contributed to relative performance, as this sector outperformed the MSCI EAFE Index.

» Overweight exposure and positioning in the metals & mining industry positively contributed to relative performance, as the Fund’s holdings outperformed the MSCI EAFE Index.

» Overweight exposure and positioning in the diversified telecommunications services industry positively contributed to relative performance, as this industry outperformed the MSCI EAFE Index.

ANNUAL REPORT JUNE 30, 2016 15

PIMCO RAE Fundamental US Fund

Cumulative Returns Through June 30, 2016

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

Investment Objective and Strategy Overview

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

Average Annual Total Return for the period ended June 30, 2016*
		1 Year		5 Year		10 Year		Fund Inception (12/22/04)
	PIMCO RAE Fundamental US Fund Institutional Class		3.16%		11.81%		7.55%		7.53%
	PIMCO RAE Fundamental US Fund Class P		3.09%		11.80%		7.54%		7.52%
	PIMCO RAE Fundamental US Fund Class A		2.67%		11.73%		7.51%		7.49%
	PIMCO RAE Fundamental US Fund Class A (adjusted)		(1.14)%		10.88%		7.10%		7.14%
	PIMCO RAE Fundamental US Fund Class C		1.89%		11.53%		7.41%		7.41%
	PIMCO RAE Fundamental US Fund Class C (adjusted)		0.91%		11.53%		7.41%		7.41%
	S&P 500 Index±		3.99%		12.10%		7.42%		7.12%	**

All Fund returns are net of fees and expenses.

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

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

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

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 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.

16 PIMCO EQUITY SERIES

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

Top 10 Holdings as of 06/30/2016^1§

AT&T, Inc.	3.3%
Exxon Mobil Corp.	3.3%
International Business Machines Corp.	2.5%
Chevron Corp.	2.4%
Pfizer, Inc.	1.9%
Apple, Inc.	1.8%
Microsoft Corp.	1.7%
JPMorgan Chase & Co.	1.6%
Alphabet, Inc. ‘C’	1.6%
Intel Corp.	1.5%

Sector Breakdown as of 06/30/2016^1§

Information Technology	19.1%
Consumer Discretionary	12.8%
Financials	12.6%
Health Care	11.4%
Energy	11.3%
Consumer Staples	9.5%
Industrials	8.5%
Utilities	6.7%
Telecommunication Services	5.7%
Materials	2.4%

¹ % of Investments, at value.

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

Fund Insights

Following are key factors impacting the Fund’s relative performance during the reporting period:

» Positioning in the consumer discretionary sector negatively contributed to relative performance, as the sector underperformed the S&P 500 index.

» Positioning in the information technology sector negatively contributed to relative performance, as the sector outperformed the S&P 500 index.

» Overweight exposure to the utilities sector positively contributed to relative performance, as the sector significantly outperformed the S&P 500 index.

» Overweight exposure to the diversified telecommunication services industry positively contributed to relative performance, as the industry significantly outperformed the S&P 500 index.

ANNUAL REPORT JUNE 30, 2016 17

PIMCO RAE Fundamental US Small Fund

Cumulative Returns Through June 30, 2016

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

Investment Objective and Strategy Overview

» PIMCO RAE Fundamental US Small Fund seeks long-term capital appreciation by investing under normal circumstances at least 80% of its assets in securities of 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, from a broad universe of companies which satisfy certain liquidity and capacity requirements.

Average Annual Total Return for the period ended June 30, 2016*
		1 Year		5 Year		10 Year		Fund Inception (09/29/05)
	PIMCO RAE Fundamental US Small Fund Institutional Class		(4.68)%		9.17%		6.82%		7.33%
	PIMCO RAE Fundamental US Small Fund Class P		(4.79)%		9.12%		6.80%		7.31%
	PIMCO RAE Fundamental US Small Fund Class A		(5.11)%		9.04%		6.76%		7.27%
	PIMCO RAE Fundamental US Small Fund Class A (adjusted)		(8.70)%		8.21%		6.36%		6.89%
	PIMCO RAE Fundamental US Small Fund Class C		(5.69)%		8.89%		6.69%		7.20%
	PIMCO RAE Fundamental US Small Fund Class C (adjusted)		(6.61)%		8.89%		6.69%		7.20%
	Russell 2000® Index±		(6.73)%		8.35%		6.20%		6.64%	**

All Fund returns are net of fees and expenses.

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

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

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

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 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.

18 PIMCO EQUITY SERIES

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

Top 10 Holdings as of 06/30/2016^1§

World Acceptance Corp.	0.6%
Children’s Place, Inc.	0.5%
NETGEAR, Inc.	0.5%
Northwest Natural Gas Co.	0.5%
Penn National Gaming, Inc.	0.4%
WebMD Health Corp.	0.4%
Empire District Electric Co.	0.4%
Masimo Corp.	0.4%
Boyd Gaming Corp.	0.4%
Progress Software Corp.	0.4%

Sector Breakdown as of 06/30/2016^1§

Consumer Discretionary	19.7%
Financials	19.2%
Information Technology	17.1%
Industrials	16.0%
Health Care	8.2%
Energy	5.6%
Materials	5.2%
Consumer Staples	4.1%
Utilities	2.6%
Telecommunication Services	2.3%

¹ % of Investments, at value.

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

Fund Insights

Following are key factors impacting the Fund’s relative performance during the reporting period:

» Underweight exposure and positioning within the biotechnology industry positively contributed to relative performance, as the industry underperformed the Russell 2000 Index.

» Positioning within the industrials sector positively contributed to relative performance, as the fund holdings outperformed the Russell 2000 Index.

» Overweight exposure and positioning in the consumer discretionary sector negatively contributed to relative performance, as the sector underperformed the Russell 2000 Index.

» Underweight exposure to the financials sector negatively contributed to relative performance, as the sector outperformed the Russell 2000 Index.

ANNUAL REPORT JUNE 30, 2016 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 January 1, 2016 to June 30, 2016 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 rows, 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 titled “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 (01/01/16)		Ending Account Value (06/30/16)		Expenses Paid During Period*		Beginning Account Value (01/01/16)		Ending Account Value (06/30/16)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO RAE Fundamental Emerging Markets Fund
Institutional Class	$	1,000.00	$	1,162.50	$	4.02	$	1,000.00	$	1,020.74	$	3.76		0.76	%
Class P		1,000.00		1,161.50		4.55		1,000.00		1,020.25		4.25		0.86
Class A		1,000.00		1,160.90		5.87		1,000.00		1,019.02		5.48		1.11
Class C		1,000.00		1,156.00		9.81		1,000.00		1,015.36		9.17		1.86
PIMCO RAE Fundamental Global Fund
Institutional Class	$	1,000.00	$	1,043.70	$	0.20	$	1,000.00	$	1,024.26	$	0.20		0.04	%
Class P		1,000.00		1,042.60		0.70		1,000.00		1,023.77		0.69		0.14
Class A		1,000.00		1,041.50		1.95		1,000.00		1,022.55		1.93		0.39
Class C		1,000.00		1,037.10		5.68		1,000.00		1,018.88		5.63		1.14
PIMCO RAE Fundamental Global ex-US Fund
Institutional Class	$	1,000.00	$	1,023.60	$	0.00	$	1,000.00	$	1,024.45	$	0.00		0.00	%
Class P		1,000.00		1,022.40		0.49		1,000.00		1,023.96		0.49		0.10
Class A		1,000.00		1,021.20		1.73		1,000.00		1,022.74		1.73		0.35
Class C		1,000.00		1,017.70		5.43		1,000.00		1,019.07		5.43		1.10

20 PIMCO EQUITY SERIES

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (01/01/16)		Ending Account Value (06/30/16)		Expenses Paid During Period*		Beginning Account Value (01/01/16)		Ending Account Value (06/30/16)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO RAE Fundamental International Fund
Institutional Class	$	1,000.00	$	989.60	$	2.43	$	1,000.00	$	1,022.01	$	2.47		0.50	%
Class P		1,000.00		988.40		2.92		1,000.00		1,021.52		2.97		0.60
Class A		1,000.00		987.30		4.13		1,000.00		1,020.30		4.20		0.85
Class C		1,000.00		983.70		7.76		1,000.00		1,016.63		7.89		1.60
PIMCO RAE Fundamental US Fund
Institutional Class	$	1,000.00	$	1,060.50	$	2.02	$	1,000.00	$	1,022.50	$	1.98		0.40	%
Class P		1,000.00		1,060.50		2.52		1,000.00		1,022.01		2.47		0.50
Class A		1,000.00		1,058.40		4.03		1,000.00		1,020.54		3.95		0.80
Class C		1,000.00		1,055.40		7.79		1,000.00		1,016.87		7.64		1.55
PIMCO RAE Fundamental US Small Fund
Institutional Class	$	1,000.00	$	1,049.60	$	2.51	$	1,000.00	$	1,022.01	$	2.47		0.50	%
Class P		1,000.00		1,048.50		3.01		1,000.00		1,021.52		2.97		0.60
Class A		1,000.00		1,047.40		4.51		1,000.00		1,020.05		4.45		0.90
Class C		1,000.00		1,043.10		8.24		1,000.00		1,016.38		8.14		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 179/366 (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.

ANNUAL REPORT JUNE 30, 2016 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 Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Basis Return of Capital			Total Distributions(b)
PIMCO RAE Fundamental Emerging Markets Fund
Institutional Class
06/30/2016	$	9.95	$	0.32		$	(1.37	)	$	(1.05	)	$	(0.17	)	$	0.00		$	0.00		$	(0.17	)
06/05/2015 - 06/30/2015		10.00		0.06			(0.11	)		(0.05	)		0.00			0.00			0.00			0.00
Class P
06/30/2016		9.96		0.25			(1.33	)		(1.08	)		(0.18	)		0.00			0.00			(0.18	)
06/05/2015 - 06/30/2015		10.00		0.06			(0.10	)		(0.04	)		0.00			0.00			0.00			0.00
Class A
06/30/2016		9.96		0.22			(1.30	)		(1.08	)		(0.15	)		0.00			0.00			(0.15	)
06/05/2015 - 06/30/2015		10.00		0.08			(0.12	)		(0.04	)		0.00			0.00			0.00			0.00
Class C
06/30/2016		9.95		0.21			(1.36	)		(1.15	)		(0.13	)		0.00			0.00			(0.13	)
06/05/2015 - 06/30/2015		10.00		0.06			(0.11	)		(0.05	)		0.00			0.00			0.00			0.00
PIMCO RAE Fundamental Global Fund
Institutional Class
06/30/2016	$	9.86	$	0.14		$	(0.58	)	$	(0.44	)	$	(0.10	)	$	0.00		$	0.00		$	(0.10	)
06/05/2015 - 06/30/2015		10.00		(0.00	)^		(0.14	)		(0.14	)		0.00			0.00			0.00			0.00
Class P
06/30/2016		9.85		0.08			(0.52	)		(0.44	)		(0.10	)		0.00			0.00			(0.10	)
06/05/2015 - 06/30/2015		10.00		(0.00	)^		(0.15	)		(0.15	)		0.00			0.00			0.00			0.00
Class A
06/30/2016		9.85		0.02			(0.48	)		(0.46	)		(0.10	)		0.00			0.00			(0.10	)
06/05/2015 - 06/30/2015		10.00		(0.00	)^		(0.15	)		(0.15	)		0.00			0.00			0.00			0.00
Class C
06/30/2016		9.84		0.00			(0.52	)		(0.52	)		(0.10	)		0.00			0.00			(0.10	)
06/05/2015 - 06/30/2015		10.00		(0.01	)		(0.15	)		(0.16	)		0.00			0.00			0.00			0.00
PIMCO RAE Fundamental Global ex-US Fund
Institutional Class
06/30/2016	$	9.86	$	0.10		$	(1.18	)	$	(1.08	)	$	(0.10	)	$	0.00		$	(0.00	)^	$	(0.10	)
06/05/2015 - 06/30/2015		10.00		(0.00	)^		(0.14	)		(0.14	)		0.00			0.00			0.00			0.00
Class P
06/30/2016		9.86		0.09			(1.18	)		(1.09	)		(0.10	)		0.00			(0.00	)^		(0.10	)
06/05/2015 - 06/30/2015		10.00		(0.00	)^		(0.14	)		(0.14	)		0.00			0.00			0.00			0.00
Class A
06/30/2016		9.86		0.00			(1.11	)		(1.11	)		(0.09	)		0.00			(0.00	)^		(0.09	)
06/05/2015 - 06/30/2015		10.00		(0.00	)^		(0.14	)		(0.14	)		0.00			0.00			0.00			0.00
Class C
06/30/2016		9.85		(0.06	)		(1.11	)		(1.17	)		(0.07	)		0.00			(0.00	)^		(0.07	)
06/05/2015 - 06/30/2015		10.00		(0.01	)		(0.14	)		(0.15	)		0.00			0.00			0.00			0.00
PIMCO RAE Fundamental International Fund
Institutional Class
06/30/2016	$	9.83	$	0.28		$	(1.32	)	$	(1.04	)	$	(0.08	)	$	(0.15	)	$	0.00		$	(0.23	)
06/05/2015 - 06/30/2015		10.00		0.02			(0.19	)		(0.17	)		0.00			0.00			0.00			0.00
Class P
06/30/2016		9.83		0.28			(1.33	)		(1.05	)		(0.08	)		(0.15	)		0.00			(0.23	)
06/05/2015 - 06/30/2015		10.00		0.02			(0.19	)		(0.17	)		0.00			0.00			0.00			0.00
Class A
06/30/2016		9.83		0.34			(1.42	)		(1.08	)		(0.05	)		(0.15	)		0.00			(0.20	)
06/05/2015 - 06/30/2015		10.00		0.01			(0.18	)		(0.17	)		0.00			0.00			0.00			0.00
Class C
06/30/2016		9.83		0.28			(1.43	)		(1.15	)		(0.08	)		(0.15	)		0.00			(0.23	)
06/05/2015 - 06/30/2015		10.00		0.01			(0.18	)		(0.17	)		0.00			0.00			0.00			0.00

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
$	8.73		(10.32	)%	$	1,379,204		0.76	%		0.96	%		0.76	%		0.96	%		3.92	%		30	%
	9.95		(0.50	)		199,378		0.75	*		0.98	*		0.75	*		0.98	*		10.11	*		7
	8.70		(10.54	)		1,827		0.86			1.06			0.86			1.06			3.25			30
	9.96		(0.40	)		10		0.85	*		1.08	*		0.85	*		1.08	*		10.09	*		7
	8.73		(10.61	)		146		1.11			1.31			1.11			1.31			2.64			30
	9.96		(0.40	)		19		1.10	*		1.33	*		1.10	*		1.33	*		13.46	*		7
	8.67		(11.33	)		95		1.86			2.06			1.86			2.06			2.56			30
	9.95		(0.50	)		10		1.85	*		2.08	*		1.85	*		2.08	*		9.08	*		7
$	9.32		(4.38	)%	$	282,274		0.04	%		0.71	%		0.04	%		0.71	%		1.59	%		13	%
	9.86		(1.40	)		38,160		0.04	*		0.86	*		0.04	*		0.86	*		(0.04	)*		2
	9.31		(4.44	)		57		0.14			0.81			0.14			0.81			0.92			13
	9.85		(1.50	)		10		0.14	*		0.96	*		0.14	*		0.96	*		(0.14	)*		2
	9.29		(4.61	)		286		0.39			1.06			0.39			1.06			0.23			13
	9.85		(1.50	)		10		0.39	*		1.21	*		0.39	*		1.21	*		(0.40	)*		2
	9.22		(5.29	)		667		1.14			1.81			1.14			1.81			(0.04	)		13
	9.84		(1.60	)		17		1.14	*		1.96	*		1.14	*		1.96	*		(1.06	)*		2
$	8.68		(10.93	)%	$	62,809		0.00	%†		0.76	%		0.00	%†		0.76	%		1.10	%		8	%
	9.86		(1.40	)		70,077		0.01	*		0.84	*		0.01	*		0.84	*		(0.02	)*		2
	8.67		(11.07	)		9		0.10			0.86			0.10			0.86			1.01			8
	9.86		(1.40	)		10		0.11	*		0.94	*		0.11	*		0.94	*		(0.11	)*		2
	8.66		(11.29	)		9		0.35			1.11			0.35			1.11			(0.02	)		8
	9.86		(1.40	)		10		0.36	*		1.19	*		0.36	*		1.19	*		(0.37	)*		2
	8.61		(11.90	)		354		1.10			1.86			1.10			1.86			(0.67	)		8
	9.85		(1.50	)		10		1.11	*		1.94	*		1.11	*		1.94	*		(1.12	)*		2
$	8.56		(10.60	)%	$	247,182		0.50	%		0.61	%		0.50	%		0.61	%		3.25	%		39	%
	9.83		(1.70	)		151,532		0.50	*		0.64	*		0.50	*		0.64	*		2.68	*		7
	8.55		(10.70	)		1,041		0.60			0.71			0.60			0.71			3.24			39
	9.83		(1.70	)		10		0.60	*		0.74	*		0.60	*		0.74	*		2.57	*		7
	8.55		(10.95	)		46		0.85			0.96			0.85			0.96			3.94			39
	9.83		(1.70	)		10		0.85	*		0.99	*		0.85	*		0.99	*		2.32	*		7
	8.45		(11.69	)		300		1.60			1.71			1.60			1.71			3.28			39
	9.83		(1.70	)		10		1.60	*		1.74	*		1.60	*		1.74	*		1.56	*		7

ANNUAL REPORT JUNE 30, 2016 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(a)			Net Realized/ Unrealized Gain (Loss)			Total from Investment Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Tax Basis Return of Capital		Total Distributions(b)
PIMCO RAE Fundamental US Fund
Institutional Class
06/30/2016	$	9.85	$	0.22		$	0.08		$	0.30		$	(0.11	)	$	(0.22	)	$	0.00	$	(0.33	)
06/05/2015 - 06/30/2015		10.00		0.01			(0.16	)		(0.15	)		0.00			0.00			0.00		0.00
Class P
06/30/2016		9.85		0.21			0.08			0.29			(0.11	)		(0.22	)		0.00		(0.33	)
06/05/2015 - 06/30/2015		10.00		0.01			(0.16	)		(0.15	)		0.00			0.00			0.00		0.00
Class A
06/30/2016		9.86		0.18			0.07			0.25			(0.10	)		(0.22	)		0.00		(0.32	)
06/05/2015 - 06/30/2015		10.00		0.01			(0.15	)		(0.14	)		0.00			0.00			0.00		0.00
Class C
06/30/2016		9.85		0.11			0.06			0.17			(0.09	)		(0.22	)		0.00		(0.31	)
06/05/2015 - 06/30/2015		10.00		0.01			(0.16	)		(0.15	)		0.00			0.00			0.00		0.00
PIMCO RAE Fundamental US Small Fund
Institutional Class
06/30/2016	$	9.93	$	0.10		$	(0.57	)	$	(0.47	)	$	(0.04	)	$	(0.11	)	$	0.00	$	(0.15	)
06/05/2015 - 06/30/2015		10.00		0.01			(0.08	)		(0.07	)		0.00			0.00			0.00		0.00
Class P
06/30/2016		9.92		0.11			(0.59	)		(0.48	)		(0.04	)		(0.11	)		0.00		(0.15	)
06/05/2015 - 06/30/2015		10.00		0.01			(0.09	)		(0.08	)		0.00			0.00			0.00		0.00
Class A
06/30/2016		9.92		0.08			(0.60	)		(0.52	)		(0.00	)^		(0.11	)		0.00		(0.11	)
06/05/2015 - 06/30/2015		10.00		0.01			(0.09	)		(0.08	)		0.00			0.00			0.00		0.00
Class C
06/30/2016		9.91		0.01			(0.58	)		(0.57	)		(0.04	)		(0.11	)		0.00		(0.15	)
06/05/2015 - 06/30/2015		10.00		0.00	^		(0.09	)		(0.09	)		0.00			0.00			0.00		0.00

* Annualized

^ Reflects an amount rounding to less than one cent.

† Less than 0.005%.

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

^(b)  The tax characterization of distributions is determined in accordance with federal income tax regulations. 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 to Average Net Assets			Portfolio Turnover Rate
$	9.82		3.16	%	$	511,838		0.40	%		0.51	%		0.40	%		0.51	%		2.29	%		42	%
	9.85		(1.50	)		447,755		0.40	*		0.51	*		0.40	*		0.51	*		2.03	*		5
	9.81		3.09			3,372		0.50			0.61			0.50			0.61			2.23			42
	9.85		(1.50	)		10		0.50	*		0.61	*		0.50	*		0.61	*		1.92	*		5
	9.79		2.67			2,982		0.80			0.91			0.80			0.91			1.88			42
	9.86		(1.40	)		14		0.80	*		0.91	*		0.80	*		0.91	*		1.67	*		5
	9.71		1.89			1,765		1.55			1.66			1.55			1.66			1.15			42
	9.85		(1.50	)		10		1.55	*		1.66	*		1.55	*		1.66	*		0.86	*		5
$	9.31		(4.68	)%	$	81,226		0.50	%		0.61	%		0.50	%		0.61	%		1.10	%		85	%
	9.93		(0.70	)		46,426		0.50	*		0.73	*		0.50	*		0.73	*		1.44	*		9
	9.29		(4.79	)		1,456		0.60			0.71			0.60			0.71			1.26			85
	9.92		(0.80	)		10		0.60	*		0.83	*		0.60	*		0.83	*		1.33	*		9
	9.29		(5.11	)		1,699		0.90			1.01			0.90			1.01			0.85			85
	9.92		(0.80	)		10		0.90	*		1.13	*		0.90	*		1.13	*		1.04	*		9
	9.19		(5.69	)		247		1.65			1.76			1.65			1.76			0.08			85
	9.91		(0.90	)		10		1.65	*		1.88	*		1.65	*		1.88	*		0.28	*		9

ANNUAL REPORT JUNE 30, 2016 25

Statements of Assets and Liabilities

(Amounts in thousands†, except per share amounts)	PIMCO RAE Fundamental Emerging Markets Fund			PIMCO RAE Fundamental Global Fund			PIMCO RAE Fundamental Global ex-US Fund			PIMCO RAE Fundamental International Fund			PIMCO RAE Fundamental US Fund		PIMCO RAE Fundamental US Small Fund
Assets:
Investments, at value
Investments in securities	$	1,368,243		$	0		$	0		$	214,739		$	516,896	$	84,074
Investments in Affiliates		0			282,884			63,123			0			0		0
Financial Derivative Instruments
Over the counter		410			0			0			0			0		0
Cash		45,815			413			61			0			2,453		510
Foreign currency, at value		14,026			0			0			1,046			0		0
Receivable for investments sold		0			0			0			14,362			1		1
Receivable for Fund shares sold		9			0			0			31,275			112		20
Interest and/or dividends receivable		12,097			0			0			755			689		105
Reimbursement receivable from PIMCO		4			4			3			8			23		4
Other assets		0			0			0			13			0		0
Total Assets		1,440,604			283,301			63,187			262,198			520,174		84,714
Liabilities:
Financial Derivative Instruments
Over the counter	$	2		$	0		$	0		$	0		$	0	$	0
Payable for investments purchased		57,126			0			0			2,047			0		0
Payable for Fund shares redeemed		0			0			0			0			0		43
Overdraft due to custodian		0			0			0			11,444			0		0
Accrued investment advisory fees		258			0			0			37			63		17
Accrued supervisory and administrative fees		388			5			0			55			105		18
Accrued distribution fees		0			1			0			0			1		0
Accrued servicing fees		0			0			0			0			1		0
Accrued taxes payable		333			0			0			0			0		0
Other liabilities		1,225			11			6			46			47		8
Total Liabilities		59,332			17			6			13,629			217		86
Net Assets	$	1,381,272		$	283,284		$	63,181		$	248,569		$	519,957	$	84,628
Net Assets Consist of:
Paid in capital	$	1,313,294		$	283,952		$	72,554		$	248,602		$	413,575	$	81,518
Undistributed (overdistributed) net investment income		12,896			(48	)		(3	)		4,019			5,529		441
Accumulated undistributed net realized gain (loss)		(39,684	)		2,146			(403	)		(16,090	)		7,419		(7,892	)
Net unrealized appreciation (depreciation)		94,766			(2,766	)		(8,967	)		12,038			93,434		10,561
Net Assets	$	1,381,272		$	283,284		$	63,181		$	248,569		$	519,957	$	84,628
Cost of investments in securities	$	1,273,031		$	0		$	0		$	202,653		$	423,462	$	73,513
Cost of investments in Affiliates	$	0		$	285,650		$	72,090		$	0		$	0	$	0
Cost of foreign currency held	$	14,024		$	0		$	0		$	1,044		$	0	$	0

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

26 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2016

	PIMCO RAE Fundamental Emerging Markets Fund		PIMCO RAE Fundamental Global Fund		PIMCO RAE Fundamental Global ex-US Fund		PIMCO RAE Fundamental International Fund		PIMCO RAE Fundamental US Fund		PIMCO RAE Fundamental US Small Fund
Net Assets:
Institutional Class	$	1,379,204	$	282,274	$	62,809	$	247,182	$	511,838	$	81,226
Class P		1,827		57		9		1,041		3,372		1,456
Class A		146		286		9		46		2,982		1,699
Class C		95		667		354		300		1,765		247
Shares Issued and Outstanding:
Institutional Class		158,025		30,289		7,238		28,880		52,104		8,726
Class P		210		6		1		122		344		157
Class A		17		31		1		5		305		183
Class C		11		72		41		36		182		27
Net Asset Value Per Share Outstanding:
Institutional Class	$	8.73	$	9.32	$	8.68	$	8.56	$	9.82	$	9.31
Class P		8.70		9.31		8.67		8.55		9.81		9.29
Class A		8.73		9.29		8.66		8.55		9.79		9.29
Class C		8.67		9.22		8.61		8.45		9.71		9.19

ANNUAL REPORT JUNE 30, 2016 27

Statements of Operations

Year Ended June 30, 2016
(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*		19,627			0			0			6,681			12,513			1,367
Dividends from Investments in Affiliates		0			2,327			692			0			0			0
Total Income		19,627			2,327			692			6,697			12,513			1,367
Expenses:
Investment advisory fees		2,086			564			251			535			1,162			298
Supervisory and administrative fees		1,878			423			220			536			1,166			214
Distribution fees - Class C		0			2			0			1			4			1
Servicing fees - Class A		0			0			0			0			4			1
Servicing fees - Class C		0			1			0			0			1			0
Trustee fees		24			11			6			17			45			8
Interest expense		5			0			0			1			1			0
Miscellaneous expense		21			7			3			9			23			4
Total Expenses		4,014			1,008			480			1,099			2,406			526
Waiver and/or Reimbursement by PIMCO		(859	)		(949	)		(477	)		(195	)		(510	)		(93	)
Net Expenses		3,155			59			3			904			1,896			433
Net Investment Income		16,472			2,268			689			5,793			10,617			934
Net Realized Gain (Loss):
Investments in securities		(36,296	)		0			0			(14,066	)		15,976			(7,337	)
Investments in Affiliates		0			(1,641	)		(1,234	)		0			0			0
Net capital gain distributions received from Affiliate investments		0			3,884			853			0			0			0
Over the counter financial derivative instruments		823			0			0			30			0			0
Foreign currency		(1,662	)		0			0			(109	)		0			0
Net Realized Gain (Loss)		(37,135	)		2,243			(381	)		(14,145	)		15,976			(7,337	)
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		100,159			0			0			(10,783	)		(13,066	)		3,050
Investments in Affiliates		0			(2,222	)		(8,010	)		0			0			0
Over the counter financial derivative instruments		408			0			0			0			0			0
Foreign currency assets and liabilities		(521	)		0			0			(48	)		0			0
Net Change in Unrealized Appreciation (Depreciation)		100,046			(2,222	)		(8,010	)		(10,831	)		(13,066	)		3,050
Net Increase (Decrease) in Net Assets Resulting from Operations	$	79,383		$	2,289		$	(7,702	)	$	(19,183	)	$	13,527		$	(3,353	)
* Foreign tax withholdings - Dividends	$	2,270		$	0		$	0		$	671		$	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†)	Year Ended June 30, 2016			Inception date through June 30, 2015			Year Ended June 30, 2016			Inception date through June 30, 2015			Year Ended June 30, 2016			Inception date through June 30, 2015
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	16,472		$	1,265		$	2,268		$	(1	)	$	689		$	(1	)
Net realized gain (loss)		(37,135	)		(1,514	)		2,243			(12	)		(381	)		(22	)
Net change in unrealized appreciation (depreciation)		100,046			(1,205	)		(2,222	)		(544	)		(8,010	)		(957	)
Net Increase (Decrease) in Net Assets Resulting from Operations		79,383			(1,454	)		2,289			(557	)		(7,702	)		(980	)
Distributions to Shareholders:
From net investment income
Institutional Class		(3,853	)		0			(2,395	)		0			(692	)		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
Tax basis return of capital
Institutional Class		0			0			0			0			(28	)		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(a)		(3,915	)		0			(2,400	)		0			(720	)		0
Portfolio Share Transactions:
Net increase resulting from Fund share transactions**		1,106,387			200,871			245,198			38,754			1,496			71,087
Total Increase (Decrease) in Net Assets		1,181,855			199,417			245,087			38,197			(6,926	)		70,107
Net Assets:
Beginning of year or period		199,417			0			38,197			0			70,107			0
End of year or period*	$	1,381,272		$	199,417		$	283,284		$	38,197		$	63,181		$	70,107
* Including undistributed (overdistributed) net investment income of:	$	12,896		$	1,099		$	(48	)	$	(1	)	$	(3	)	$	(1	)

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

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

^(a) The tax characterization of distributions is determined in accordance with federal income tax regulations. See Note 2(d) in the Notes to Financial Statements for more information.

ANNUAL REPORT JUNE 30, 2016 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†)	Year Ended June 30, 2016			Inception date through June 30, 2015			Year Ended June 30, 2016			Inception date through June 30, 2015			Year Ended June 30, 2016			Inception date through June 30, 2015
Increase in Net Assets from:
Operations:
Net investment income	$	5,793		$	265		$	10,617		$	581		$	934		$	43
Net realized gain (loss)		(14,145	)		1,954			15,976			4,427			(7,337	)		918
Net change in unrealized appreciation (depreciation)		(10,831	)		(4,949	)		(13,066	)		(11,647	)		3,050			(1,306	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(19,183	)		(2,730	)		13,527			(6,639	)		(3,353	)		(345	)
Distributions to Shareholders:
From net investment income
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
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
Tax basis return of capital
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(a)		(5,285	)		0			(16,906	)		0			(1,795	)		0
Portfolio Share Transactions:
Net increase resulting from Fund share transactions**		121,475			154,292			75,547			454,428			43,320			46,801
Total Increase in Net Assets		97,007			151,562			72,168			447,789			38,172			46,456
Net Assets:
Beginning of year or period		151,562			0			447,789			0			46,456			0
End of year or period*	$	248,569		$	151,562		$	519,957		$	447,789		$	84,628		$	46,456
* Including undistributed net investment income of:	$	4,019		$	9		$	5,529		$	566		$	441		$	11

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

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

^(a) The tax characterization of distributions is 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

June 30, 2016

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.1%
COMMON STOCKS 93.3%
BRAZIL 14.0%
CONSUMER DISCRETIONARY 0.1%
Lojas Renner S.A.		57,700	$		426
MRV Engenharia e Participacoes S.A.		191,600			645
Via Varejo S.A.		171,800			398
					1,469
CONSUMER STAPLES 0.9%
Ambev S.A. ADR		495,657			2,929
BRF S.A.		32,500			457
Hypermarcas S.A.		34,400			250
JBS S.A.		589,400			1,835
Marfrig Global Foods S.A. (a)		1,311,300			2,294
Natura Cosmeticos S.A.		678,500			5,386
					13,151
ENERGY 1.9%
Cosan S.A. Industria e Comercio		76,800			796
Petroleo Brasileiro S.A. SP - ADR (a)		3,453,694			24,729
Ultrapar Participacoes S.A.		9,300			206
					25,731
FINANCIALS 5.4%
Banco Bradesco S.A. ADR		2,273,505			17,756
Banco do Brasil S.A.		3,046,900			16,295
BM&FBovespa S.A. - Bolsa de Valores Mercadorias e Futuros		946,800			5,305
BR Malls Participacoes S.A.		344,720			1,379
BR Properties S.A.		166,100			388
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes		169,800			544
Grupo BTG Pactual		69,600			400
Itau Unibanco Holding S.A. SP - ADR ‘H’		3,157,458			29,806
Porto Seguro S.A.		18,800			157
Sul America S.A.		591,559			2,880
					74,910
INDUSTRIALS 0.2%
CCR S.A.		386,800			2,023
EcoRodovias Infraestrutura e Logistica S.A.		206,100			537
Embraer S.A. SP - ADR		17,628			383
					2,943
MATERIALS 1.5%
Cia Siderurgica Nacional S.A. SP - ADR (a)		5,269,994			12,911
Duratex S.A.		199,000			527
Fibria Celulose S.A. SP - ADR		93,109			629
Gerdau S.A. SP - ADR		3,450,924			6,281
					20,348
TELECOMMUNICATION SERVICES 0.9%
Telefonica Brasil S.A. ADR		655,837			8,919
TIM Participacoes S.A. SP - ADR		335,595			3,541
					12,460

	SHARES			MARKET VALUE (000S)
UTILITIES 3.1%
AES Tiete Energia S.A.		189,200	$		871
Cia de Saneamento Basico do Estado de Sao Paulo ADR		936,927			8,395
Cia de Saneamento de Minas Gerais-COPASA		24,100			222
Cia Energetica de Minas Gerais SP - ADR		6,061,578			13,396
CPFL Energia S.A. ADR		538,152			6,921
EDP - Energias do Brasil S.A.		1,452,800			6,160
Light S.A.		519,500			1,823
Tractebel Energia S.A.		304,000			3,625
Transmissora Alianca de Energia Eletrica S.A.		161,600			966
					42,379
Total Brazil					193,391
CHINA 17.6%
CONSUMER DISCRETIONARY 0.2%
Belle International Holdings Ltd.		2,778,000			1,639
Dongfeng Motor Group Co. Ltd. ‘H’		130,000			137
GOME Electrical Appliances Holding Ltd.		9,323,000			1,103
					2,879
CONSUMER STAPLES 0.1%
Hengan International Group Co. Ltd.		17,500			146
Legend Holdings Corp.		209,400			497
Qinqin Foodstuffs Group Cayman Co. Ltd. (a)		3,500			5
Tingyi Cayman Islands Holding Corp.		132,000			126
					774
ENERGY 3.8%
China Coal Energy Co. Ltd. ‘H’		305,000			160
China Petroleum & Chemical Corp. ‘H’		27,362,400			19,737
China Shenhua Energy Co. Ltd. ‘H’		3,752,500			6,979
CNOOC Ltd.		15,702,000			19,620
Inner Mongolia Yitai Coal Co. Ltd. ‘B’		2,571,594			1,941
PetroChina Co. Ltd. ‘H’		5,762,000			3,972
Sinopec Engineering Group Co. Ltd.		330,000			297
					52,706
FINANCIALS 11.7%
Agile Property Holdings Ltd.		5,084,000			2,717
Agricultural Bank of China Ltd. ‘H’		30,897,000			11,352
Bank of China Ltd. ‘H’		61,666,000			24,864
Bank of Communications Co. Ltd. ‘H’		9,159,000			5,826
China CITIC Bank Corp. Ltd. ‘H’		4,126,000			2,519
China Construction Bank Corp. ‘H’		63,431,000			42,368
China Everbright Bank Co. Ltd. ‘H’		3,693,000			1,687

	SHARES			MARKET VALUE (000S)
China Huarong Asset Management Co. Ltd. (a)		388,000	$		154
China Life Insurance Co. Ltd. ‘H’		1,096,000			2,363
China Merchants Bank Co. Ltd. ‘H’		2,359,500			5,311
China Minsheng Banking Corp. Ltd. ‘H’		3,191,600			3,101
China Pacific Insurance Group Co. Ltd. ‘H’		89,400			303
Chongqing Rural Commercial Bank Co. Ltd. ‘H’		3,704,000			1,891
Country Garden Holdings Co. Ltd.		7,418,000			3,137
Dalian Wanda Commercial Properties Co. Ltd. ‘H’		449,700			2,786
Evergrande Real Estate Group Ltd.		8,098,000			4,964
Greentown China Holdings Ltd.		750,000			529
Guangzhou R&F Properties Co. Ltd. ‘H’		4,292,600			5,442
Industrial & Commercial Bank of China Ltd. ‘H’		54,750,000			30,532
KWG Property Holding Ltd.		493,000			290
Longfor Properties Co. Ltd.		119,000			155
New China Life Insurance Co. Ltd. ‘H’		155,900			558
People’s Insurance Co. Group of China Ltd. ‘H’		1,163,000			449
PICC Property & Casualty Co. Ltd. ‘H’		206,000			325
Ping An Insurance Group Co. of China Ltd. ‘H’		982,000			4,351
Shui On Land Ltd.		601,500			155
Sino-Ocean Land Holdings Ltd.		2,806,000			1,225
SOHO China Ltd.		5,765,500			2,799
					162,153
INDUSTRIALS 0.2%
Beijing Capital International Airport Co. Ltd.		474,000			515
China Communications Construction Co. Ltd. ‘H’		1,045,000			1,133
China Railway Construction Corp. Ltd. ‘H’		228,000			288
China Railway Group Ltd. ‘H’		176,000			132
Guangshen Railway Co. Ltd. ‘H’		332,000			159
Yangzijiang Shipbuilding Holdings Ltd.		204,000			137
					2,364
INFORMATION TECHNOLOGY 0.3%
China Railway Signal & Communication Corp. Ltd.		258,000			172
NetEase, Inc. ADR		5,100			986
Sohu.com, Inc. (a)		10,071			381
Tencent Holdings Ltd.		143,400			3,293
					4,832
MATERIALS 0.5%
Anhui Conch Cement Co. Ltd. ‘H’		310,000			751
China National Building Material Co. Ltd. ‘H’		14,016,000			6,164
Fosun International Ltd.		214,000			278
Jiangxi Copper Co. Ltd. ‘H’		135,000			152
					7,345

See Accompanying Notes ANNUAL REPORT JUNE 30, 2016 31

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

	SHARES			MARKET VALUE (000S)
TELECOMMUNICATION SERVICES 0.7%
China Communications Services Corp. Ltd.		910,000	$		477
China Telecom Corp. Ltd. ‘H’		19,326,000			8,691
					9,168
UTILITIES 0.1%
CGN Power Co. Ltd.		440,000			123
Datang International Power Generation Co. Ltd. ‘H’		1,274,000			360
Huaneng Power International, Inc. ‘H’		1,244,000			774
					1,257
Total China					243,478
GREECE 0.5%
CONSUMER DISCRETIONARY 0.1%
FF Group		14,109			263
OPAP S.A.		139,345			971
					1,234
FINANCIALS 0.3%
Alpha Bank AE (a)		677,524			1,270
National Bank of Greece S.A. (a)		7,320,191			1,624
Piraeus Bank S.A. (a)		4,710,600			879
					3,773
TELECOMMUNICATION SERVICES 0.1%
Hellenic Telecommunications Organization S.A.		150,183			1,372
UTILITIES 0.0%
Public Power Corp. S.A.		66,634			183
Total Greece					6,562
HONG KONG 4.0%
CONSUMER STAPLES 0.6%
China Agri-Industries Holdings Ltd. (a)		910,000			300
China Merchants Holdings International Co. Ltd.		54,000			144
China Resources Beer Holdings Co. Ltd.		3,274,000			7,139
					7,583
ENERGY 0.1%
Kunlun Energy Co. Ltd.		1,090,000			908
FINANCIALS 0.9%
BOC Hong Kong Holdings Ltd.		959,500			2,891
China Jinmao Holdings Group Ltd.		2,016,000			571
China Overseas Land & Investment Ltd.		422,000			1,345
China Resources Land Ltd.		440,000			1,037
China Taiping Insurance Holdings Co. Ltd. (a)		791,400			1,489
CITIC Ltd.		377,000			552
Poly Property Group Co. Ltd.		9,678,000			2,494
Shanghai Industrial Holdings Ltd.		780,000			1,775

	SHARES			MARKET VALUE (000S)
Yuexiu Property Co. Ltd.		6,894,000	$		860
					13,014
INDUSTRIALS 0.0%
COSCO Pacific Ltd.		280,000			279
MATERIALS 0.1%
China Resources Cement Holdings Ltd.		932,000			301
Shougang Fushan Resources Group Ltd.		2,888,000			517
					818
TELECOMMUNICATION SERVICES 2.1%
China Mobile Ltd.		1,733,500			20,052
China Unicom Hong Kong Ltd.		9,192,000			9,609
					29,661
UTILITIES 0.2%
China Power International Development Ltd.		2,712,000			1,005
China Resources Power Holdings Co. Ltd.		1,370,000			2,056
					3,061
Total Hong Kong					55,324
INDIA 3.5%
CONSUMER DISCRETIONARY 0.1%
Aditya Birla Fashion and Retail Ltd. (a)		80,622			171
Tata Motors Ltd. (a)		171,321			1,171
					1,342
CONSUMER STAPLES 0.2%
Aditya Birla Nuvo Ltd.		5,177			95
Hindustan Unilever Ltd.		47,134			628
ITC Ltd.		390,307			2,140
					2,863
ENERGY 0.6%
Bharat Petroleum Corp. Ltd.		38,342			613
Cairn India Ltd.		856,597			1,795
Coal India Ltd.		93,874			437
Hindustan Petroleum Corp. Ltd.		116,870			1,728
Indian Oil Corp. Ltd.		104,010			682
Oil & Natural Gas Corp. Ltd.		443,796			1,429
Oil India Ltd.		27,000			141
Reliance Industries Ltd.		45,135			650
Reliance Industries Ltd. SP - GDR		3,194			91
					7,566
FINANCIALS 0.7%
Allahabad Bank		459,419			473
Andhra Bank		312,713			267
Bank of Baroda		252,917			581
Bank of India		706,390			1,064
Canara Bank		237,210			770
DLF Ltd.		220,790			495
ICICI Bank Ltd.		256,973			919
IDBI Bank Ltd.		326,400			339
Oriental Bank of Commerce		419,654			676

	SHARES			MARKET VALUE (000S)
Power Finance Corp. Ltd.		111,490	$		284
Punjab National Bank		111,129			176
Rural Electrification Corp. Ltd.		151,740			391
State Bank of India		451,118			1,473
State Bank of India SP - GDR		23,639			749
Syndicate Bank		421,663			459
UCO Bank		542,251			355
Union Bank of India		345,640			660
					10,131
HEALTH CARE 0.1%
Dr Reddy’s Laboratories Ltd.		4,556			230
Piramal Enterprises Ltd.		20,557			439
Sun Pharmaceutical Industries Ltd.		67,887			771
					1,440
INDUSTRIALS 0.1%
Adani Enterprises Ltd.		122,330			159
Bharat Heavy Electricals Ltd.		327,631			624
Jaiprakash Associates Ltd. (a)		7,906,734			1,053
					1,836
INFORMATION TECHNOLOGY 0.4%
Infosys Ltd. SP - ADR		232,733			4,154
Tata Consultancy Services Ltd.		23,830			902
					5,056
MATERIALS 1.0%
Hindalco Industries Ltd.		855,460			1,573
Jindal Steel & Power Ltd.		989,270			1,005
JSW Steel Ltd.		49,110			1,072
NMDC Ltd.		99,180			139
Steel Authority of India Ltd.		776,360			524
Tata Chemicals Ltd.		60,950			391
Tata Steel Ltd.		1,306,419			6,286
Vedanta Ltd.		213,830			422
Vedanta Resources PLC		391,071			2,185
					13,597
TELECOMMUNICATION SERVICES 0.1%
Bharti Airtel Ltd.		28,520			154
Reliance Communications Ltd.		1,038,302			789
					943
UTILITIES 0.2%
NHPC Ltd.		798,650			298
NTPC Ltd.		174,337			403
Reliance Infrastructure Ltd.		67,620			549
Tata Power Co. Ltd.		1,377,737			1,504
					2,754
Total India					47,528
INDONESIA 1.4%
CONSUMER DISCRETIONARY 0.1%
Astra International Tbk PT		3,696,400			2,084
CONSUMER STAPLES 0.1%
Indofood Sukses Makmur Tbk PT		2,712,300			1,492

32 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2016

	SHARES			MARKET VALUE (000S)
ENERGY 0.1%
Adaro Energy Tbk PT		11,656,200	$		758
Indo Tambangraya Megah Tbk PT		470,000			336
Tambang Batubara Bukit Asam Persero Tbk PT		571,500			336
					1,430
FINANCIALS 0.3%
Bank Central Asia Tbk PT		1,021,700			1,034
Bank Mandiri Persero Tbk PT		1,973,100			1,428
Bank Negara Indonesia Persero Tbk PT		3,317,400			1,315
Bank Rakyat Indonesia Persero Tbk PT		1,247,700			1,026
					4,803
INDUSTRIALS 0.1%
Berlian Laju Tanker Tbk PT (a)		707,200			0
United Tractors Tbk PT		663,000			748
					748
MATERIALS 0.1%
Semen Indonesia Persero Tbk PT		1,088,900			776
Vale Indonesia Tbk PT (a)		1,099,000			153
					929
TELECOMMUNICATION SERVICES 0.4%
Telekomunikasi Indonesia Persero Tbk PT		19,707,000			5,996
UTILITIES 0.2%
Perusahaan Gas Negara Persero Tbk		12,253,500			2,185
Total Indonesia					19,667
MEXICO 2.4%
CONSUMER DISCRETIONARY 0.0%
El Puerto de Liverpool S.A.B. de C.V.		11,900			126
Grupo Televisa S.A.B. SP - ADR		4,677			122
Urbi Desarrollos Urbanos S.A.B. de C.V. (a)		212,200			0
					248
CONSUMER STAPLES 0.7%
Coca-Cola Femsa S.A.B. de C.V. SP - ADR		5,608			465
Fomento Economico Mexicano S.A.B. de C.V. SP - ADR		23,666			2,189
Grupo Bimbo S.A.B. de C.V. ‘A’		973,700			3,054
Grupo Comercial Chedraui S.A. de C.V.		53,000			132
Kimberly-Clark de Mexico S.A.B. de C.V. ‘A’		659,900			1,559
Wal-Mart de Mexico S.A.B. de C.V.		987,000			2,374
					9,773
FINANCIALS 0.4%
Grupo Elektra S.A.B. de C.V.		8,565			119
Grupo Financiero Banorte S.A.B. de C.V. ‘O’		98,700			552

	SHARES			MARKET VALUE (000S)
Grupo Financiero Santander Mexico S.A.B. de C.V. ADR ‘B’		461,846	$		4,198
					4,869
INDUSTRIALS 0.1%
Empresas ICA S.A.B. de C.V. (a)		1,312,248			236
Grupo Aeromexico S.A.B. de C.V. (a)		302,322			625
OHL Mexico S.A.B. de C.V. (a)		449,100			550
					1,411
MATERIALS 0.5%
Cemex S.A.B. de C.V. SP - ADR (a)		510,460			3,150
Fresnillo PLC		61,134			1,346
Grupo Mexico S.A.B. de C.V.		471,199			1,104
Industrias Penoles S.A.B. de C.V.		81,440			1,944
					7,544
TELECOMMUNICATION SERVICES 0.7%
America Movil S.A.B. de C.V. SP - ADR ‘L’		787,826			9,659
Total Mexico					33,504
POLAND 2.3%
ENERGY 0.5%
Grupa Lotos S.A. (a)		53,879			417
Jastrzebska Spolka Weglowa S.A.		85,180			372
Polski Koncern Naftowy Orlen S.A.		289,916			5,092
Polskie Gornictwo Naftowe i Gazownictwo S.A.		943,229			1,345
					7,226
FINANCIALS 0.5%
Bank Handlowy w Warszawie S.A.		8,120			148
Bank Pekao S.A.		39,632			1,384
Powszechna Kasa Oszczednosci Bank Polski S.A. (a)		479,503			2,842
Powszechny Zaklad Ubezpieczen S.A.		313,085			2,281
					6,655
INDUSTRIALS 0.0%
PKP Cargo S.A.		12,397			104
INFORMATION TECHNOLOGY 0.1%
Asseco Poland S.A.		83,900			1,113
MATERIALS 0.4%
KGHM Polska Miedz S.A.		296,832			5,010
TELECOMMUNICATION SERVICES 0.2%
Orange Polska S.A.		1,695,428			2,186
UTILITIES 0.6%
Enea S.A.		262,438			660
Energa S.A.		603,569			1,459
PGE Polska Grupa Energetyczna S.A.		1,529,652			4,607

	SHARES			MARKET VALUE (000S)
Tauron Polska Energia S.A.		2,522,369	$		1,820
					8,546
Total Poland					30,840
RUSSIA 13.6%
CONSUMER STAPLES 0.3%
X5 Retail Group NV SP - GDR (a)		179,798			3,588
ENERGY 8.9%
Gazprom Neft PJSC SP - ADR		62,665			798
Gazprom PJSC SP - ADR		8,792,440			38,012
Lukoil PJSC SP - ADR		892,780			37,337
Rosneft PJSC		3,427,994			17,614
Surgutneftegas OJSC SP - ADR		4,922,592			25,155
Tatneft PJSC SP - ADR		154,937			4,792
					123,708
FINANCIALS 0.5%
Sberbank of Russia PJSC SP - ADR		654,133			5,731
VTB Bank PJSC SP - GDR		669,046			1,381
					7,112
INDUSTRIALS 0.4%
Aeroflot PJSC		3,755,560			5,027
INFORMATION TECHNOLOGY 0.0%
Mail.Ru Group Ltd. GDR (a)		5,120			93
MATERIALS 1.5%
Evraz PLC (a)		899,248			1,653
Magnitogorsk Iron & Steel Works OJSC		1,188,000			446
Mechel PJSC SP - ADR		176,804			297
MMC Norilsk Nickel PJSC ADR		998,416			13,366
Novolipetsk Steel PJSC GDR		34,270			445
PhosAgro OJSC		198,216			2,924
Severstal PJSC		151,563			1,666
					20,797
TELECOMMUNICATION SERVICES 1.5%
MegaFon PJSC SP - GDR		355,847			3,712
Mobile TeleSystems PJSC		2,881,620			11,002
Rostelecom PJSC		1,888,920			2,717
Sistema JSFC		261,410			1,968
Sistema JSFC SP - GDR		207,664			1,564
					20,963
UTILITIES 0.5%
Federal Grid PJSC		1,135,940,000			2,751
Inter RAO UES PJSC		32,790,000			1,279
Rosseti PJSC (a)		83,022,000			803
RusHydro PJSC		197,719,000			1,902
					6,735
Total Russia					188,023
SOUTH AFRICA 10.2%
CONSUMER DISCRETIONARY 0.1%
Foschini Group Ltd.		61,505			581

See Accompanying Notes ANNUAL REPORT JUNE 30, 2016 33

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

	SHARES			MARKET VALUE (000S)
Mr Price Group Ltd.		2,298	$		32
Truworths International Ltd.		97,397			567
Tsogo Sun Holdings Ltd.		80,210			145
Woolworths Holdings Ltd.		64,304			368
					1,693
CONSUMER STAPLES 0.7%
Barloworld Ltd.		762,269			3,798
Bid Corp. Ltd. (a)		95,764			1,795
Imperial Holdings Ltd.		279,623			2,855
Massmart Holdings Ltd.		32,870			281
Pick n Pay Stores Ltd.		32,260			157
Shoprite Holdings Ltd.		19,675			223
Tiger Brands Ltd.		14,671			361
					9,470
ENERGY 1.1%
Exxaro Resources Ltd.		303,120			1,396
Sasol Ltd.		502,650			13,599
					14,995
FINANCIALS 2.5%
Barclays Africa Group Ltd.		605,337			5,937
FirstRand Ltd.		629,650			1,922
Investec Ltd.		88,418			542
Liberty Holdings Ltd.		378,451			3,089
MMI Holdings Ltd.		290,061			447
Nedbank Group Ltd.		324,998			4,126
Sanlam Ltd.		805,554			3,328
Standard Bank Group Ltd.		1,781,500			15,516
					34,907
HEALTH CARE 0.1%
Life Healthcare Group Holdings Ltd.		117,950			290
Netcare Ltd.		112,846			240
					530
INDUSTRIALS 0.1%
Aveng Ltd.		71,944			17
Bidvest Group Ltd.		75,398			712
Reunert Ltd.		206,414			877
					1,606
MATERIALS 3.9%
African Rainbow Minerals Ltd.		69,170			434
AngloGold Ashanti Ltd. SP - ADR (a)		810,968			14,646
Gold Fields Ltd. SP - ADR		3,239,276			15,872
Harmony Gold Mining Co. Ltd. SP - ADR (a)		57,500			208
Impala Platinum Holdings Ltd. (a)		1,078,101			3,473
Kumba Iron Ore Ltd.		691,597			5,227
Lonmin PLC (a)		376,856			967
Mondi Ltd.		15,611			284
Nampak Ltd.		1,518,757			1,971
PPC Ltd.		749,312			409
Sappi Ltd. (a)		763,562			3,555
Sibanye Gold Ltd.		2,118,780			7,214
					54,260
TELECOMMUNICATION SERVICES 1.7%
MTN Group Ltd.		1,766,590			17,168

	SHARES			MARKET VALUE (000S)
Telkom S.A. SOC Ltd.		853,057	$		3,849
Vodacom Group Ltd.		242,448			2,763
					23,780
Total South Africa					141,241
SOUTH KOREA 13.7%
CONSUMER DISCRETIONARY 2.3%
CJ O Shopping Co. Ltd.		2,313			354
Hankook Tire Co. Ltd.		15,140			674
Hyundai Department Store Co. Ltd.		2,732			307
Hyundai Mobis Co. Ltd.		9,145			2,012
Hyundai Motor Co. (a)		89,464			10,583
Kia Motors Corp.		114,356			4,309
Kumho Tire Co., Inc. (a)		104,180			866
LG Corp.		5,285			294
LG Electronics, Inc.		222,801			10,493
Lotte Shopping Co. Ltd.		12,681			2,243
Shinsegae Co. Ltd.		761			129
					32,264
CONSUMER STAPLES 0.7%
Amorepacific Corp.		335			126
CJ Corp.		16,627			2,936
E-MART Inc.		7,895			1,191
Hite Jinro Co. Ltd.		13,350			278
KT&G Corp.		15,724			1,862
LG Household & Health Care Ltd.		146			143
LS Corp.		66,106			3,248
					9,784
ENERGY 0.6%
GS Holdings Corp.		44,930			1,866
OCI Co. Ltd.		1,672			133
S-Oil Corp.		21,434			1,420
SK Innovation Co. Ltd.		43,250			5,329
					8,748
FINANCIALS 3.0%
DGB Financial Group, Inc.		133,833			1,013
Dongbu Insurance Co. Ltd.		15,021			904
Hana Financial Group, Inc.		190,923			3,882
Hanwha Life Insurance Co. Ltd.		346,091			1,744
Hyundai Marine & Fire Insurance Co. Ltd.		77,392			1,974
Industrial Bank of Korea		286,383			2,790
KB Financial Group, Inc.		191,060			5,433
LIG Insurance Co. Ltd.		22,240			542
Mirae Asset Life Insurance Co. Ltd.		275,343			946
Samsung Card Co. Ltd.		4,160			151
Samsung Fire & Marine Insurance Co. Ltd.		1,728			397
Samsung Life Insurance Co. Ltd.		63,580			5,564
Shinhan Financial Group Co. Ltd.		207,169			6,809
Woori Bank		1,049,547			8,726
					40,875
INDUSTRIALS 0.7%
Asiana Airlines, Inc. (a)		54,230			206
Daewoo Shipbuilding & Marine Engineering Co. Ltd.		110,150			408

	SHARES			MARKET VALUE (000S)
Doosan Corp.		5,384	$		437
Doosan Heavy Industries & Construction Co. Ltd.		86,461			1,605
Doosan Infracore Co. Ltd. (a)		270,980			1,617
Hanwha Corp.		69,135			2,148
Hyundai Engineering & Construction Co. Ltd.		4,815			141
Hyundai Heavy Industries Co. Ltd.		10,890			1,008
Korean Air Lines Co. Ltd. (a)		40,182			909
Samsung Heavy Industries Co. Ltd.		52,300			421
SK Networks Co. Ltd.		76,700			398
					9,298
INFORMATION TECHNOLOGY 3.6%
LG Display Co. Ltd.		158,397			3,667
Samsung Electro-Mechanics Co. Ltd.		18,134			795
Samsung Electronics Co. Ltd.		35,557			44,281
SK Hynix, Inc.		17,050			485
					49,228
MATERIALS 0.9%
Dongkuk Steel Mill Co. Ltd.		93,430			661
Hanwha Chemical Corp.		35,400			740
Hyosung Corp.		11,844			1,296
Hyundai Steel Co.		10,969			441
Kolon Industries, Inc.		5,899			372
LG Chem Ltd.		5,181			1,183
POSCO Processing & Service Co. Ltd.		47,437			8,404
					13,097
TELECOMMUNICATION SERVICES 1.5%
KT Corp. SP - ADR		721,794			10,293
LG Uplus Corp.		687,542			6,530
SK Telecom Co. Ltd. SP - ADR		194,732			4,074
					20,897
UTILITIES 0.4%
Korea Electric Power Corp.		91,618			4,809
Korea Gas Corp.		18,375			639
					5,448
Total South Korea					189,639
TAIWAN 7.3%
CONSUMER DISCRETIONARY 0.3%
Cheng Shin Rubber Industry Co. Ltd.		65,000			137
Formosa Taffeta Co. Ltd.		146,000			141
Mercuries & Associates Holding Ltd.		332,000			191
Pou Chen Corp.		1,514,000			2,038
Ruentex Industries Ltd.		675,000			1,019
Yulon Motor Co. Ltd.		168,000			144
					3,670
CONSUMER STAPLES 0.2%
Uni-President Enterprises Corp.		1,454,640			2,873
FINANCIALS 0.7%
Cathay Financial Holding Co. Ltd.		246,000			270

34 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2016

	SHARES			MARKET VALUE (000S)
China Development Financial Holding Corp.		2,507,000	$		608
China Life Insurance Co. Ltd.		4,783,300			3,724
Highwealth Construction Corp.		91,000			151
Hua Nan Financial Holdings Co. Ltd.		854,000			444
Mega Financial Holding Co. Ltd.		1,999,658			1,512
Shanghai Commercial & Savings Bank Ltd.		244,378			214
Shin Kong Financial Holding Co. Ltd.		6,067,903			1,194
SinoPac Financial Holdings Co. Ltd.		2,789,144			828
Taishin Financial Holding Co. Ltd.		1,284,000			496
Taiwan Business Bank (a)		1,124,000			286
Taiwan Cooperative Financial Holding Co. Ltd.		653,000			289
					10,016
INDUSTRIALS 0.1%
Far Eastern New Century Corp.		2,324,520			1,740
Teco Electric and Machinery Co. Ltd.		516,000			436
					2,176
INFORMATION TECHNOLOGY 4.8%
Acer, Inc. (a)		2,271,000			1,073
Advanced Semiconductor Engineering, Inc.		1,093,000			1,244
Asustek Computer, Inc.		408,000			3,377
AU Optronics Corp.		6,052,000			2,095
Catcher Technology Co. Ltd.		53,000			395
Compal Electronics, Inc.		5,437,000			3,440
Hon Hai Precision Industry Co. Ltd.		2,825,950			7,280
HTC Corp.		973,000			3,150
Innolux Corp.		6,558,000			2,216
Inventec Corp.		1,698,000			1,214
Lite-On Technology Corp.		2,961,770			4,079
MediaTek, Inc.		74,000			565
Novatek Microelectronics Corp.		39,000			146
Pegatron Corp.		470,000			998
Powertech Technology, Inc.		859,000			1,918
Quanta Computer, Inc.		821,000			1,565
Siliconware Precision Industries Co. Ltd.		87,000			133
Synnex Technology International Corp.		493,000			535
Taiwan Semiconductor Manufacturing Co. Ltd. SP - ADR		843,027			22,113
TPK Holding Co. Ltd.		292,000			570
Unimicron Technology Corp.		1,114,000			491
United Microelectronics Corp.		10,273,000			4,029
Wistron Corp.		3,456,821			2,418
WPG Holdings Ltd.		640,000			747
Yageo Corp.		80,000			133
					65,924
MATERIALS 0.5%
Asia Cement Corp.		957,000			832
China Steel Corp.		3,023,000			1,970
Formosa Chemicals & Fibre Corp.		350,000			884
Formosa Plastics Corp.		118,000			286
Nan Ya Plastics Corp.		73,000			139

	SHARES			MARKET VALUE (000S)
Taiwan Cement Corp.		2,266,000	$		2,266
					6,377
TELECOMMUNICATION SERVICES 0.7%
Chunghwa Telecom Co. Ltd.		2,090,000			7,559
Far EasTone Telecommunications Co. Ltd.		586,000			1,419
Taiwan Mobile Co. Ltd.		346,000			1,209
					10,187
Total Taiwan					101,223
THAILAND 2.8%
CONSUMER STAPLES 0.1%
Charoen Pokphand Foods PCL		943,800			774
Siam Cement PCL		11,200			152
					926
ENERGY 1.4%
Banpu Public Co. Ltd.		6,627,700			2,786
PTT Exploration & Production PCL		2,949,300			7,083
PTT PCL		976,400			8,757
Thai Oil PCL		289,100			496
					19,122
FINANCIALS 0.9%
Bangkok Bank PCL		1,060,300			4,801
Kasikornbank PCL		491,200			2,419
Krung Thai Bank PCL		6,036,875			2,812
Siam Commercial Bank PCL		697,900			2,774
Thanachart Capital PCL		608,800			608
					13,414
INDUSTRIALS 0.2%
Thai Airways International PCL (a)		4,006,300			2,756
MATERIALS 0.1%
PTT Global Chemical PCL		843,000			1,431
TELECOMMUNICATION SERVICES 0.1%
Advanced Info Service PCL		121,700			548
Total Access Communication PCL		526,800			485
					1,033
Total Thailand					38,682
Total Common Stocks (Cost $1,210,413)					1,289,102
PREFERRED STOCKS 5.7%
BRAZIL 5.3%
BANKING & FINANCE 0.2%
Banco do Estado do Rio Grande do Sul S.A.		863,300			2,295
INDUSTRIALS 3.6%
Braskem S.A.		363,500			2,155
Cia Brasileira de Distribuicao		460,800			6,701
Metalurgica Gerdau S.A.		6,806,400			4,238
Suzano Papel e Celulose S.A.		110,400			389

	SHARES			MARKET VALUE (000S)
Usinas Siderurgicas de Minas Gerais S.A.		1,860,400	$		1,141
Vale S.A.		8,664,200			35,144
					49,768
UTILITIES 1.5%
Centrais Eletricas Brasileiras S.A.		2,370,700			12,996
Cia de Transmissao de Energia Eletrica Paulista		16,700			325
Cia Energetica de Sao Paulo		704,700			2,610
Cia Paranaense de Energia		378,900			3,447
Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A.		604,800			1,591
					20,969
Total Brazil					73,032
RUSSIA 0.4%
UTILITIES 0.4%
AK Transneft OJSC		1,647			4,283
Bashneft PJSC		29,258			871
					5,154
Total Russia					5,154
Total Preferred Stocks (Cost $62,405)					78,186
REAL ESTATE INVESTMENT TRUSTS 0.0%
SOUTH AFRICA 0.0%
FINANCIALS 0.0%
Growthpoint Properties Ltd.		128,863			225
Total Real Estate Investment Trusts (Cost $213)					225
WARRANTS 0.1%
THAILAND 0.1%
ENERGY 0.1%
Banpu PCL - Exp. 06/05/2017		2,788,800			730
Total Warrants (Cost $0)					730
Total Investments in Securities (Cost $1,273,031)					1,368,243
Total Investments 99.1% (Cost $1,273,031)			$		1,368,243
Financial Derivative Instruments (b) 0.0% (Cost or Premiums, net $0)					408
Other Assets and Liabilities, net 0.9%					12,621
Net Assets 100.0%			$		1,381,272

See Accompanying Notes ANNUAL REPORT JUNE 30, 2016 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		07/2016	$	626	IDR	8,227,722	$	0	$	(2	)
		07/2016		10,838	ZAR	165,669		410		0
Total Forward Foreign Currency Contracts							$	410	$	(2	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received)/pledged as of June 30, 2016:

	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	$	410	$	0	$	0	$	410	$	(2	)	$	0	$	0	$	(2	)	$	408	$	0	$	408

⁽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 June 30, 2016:

	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	$	410	$	0	$	410
Financial Derivative Instruments - Liabilities
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	2	$	0	$	2

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2016:

	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	$	823	$	0	$	823
Net Change in Unrealized Appreciation on Financial Derivative Instruments
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	408	$	0	$	408

36 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2016

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2016 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2016
Investments in Securities, at Value
Common Stocks
Brazil
Consumer Discretionary	$	1,469	$	0	$	0	$	1,469
Consumer Staples		13,151		0		0		13,151
Energy		25,731		0		0		25,731
Financials		74,910		0		0		74,910
Industrials		2,943		0		0		2,943
Materials		20,348		0		0		20,348
Telecommunication Services		12,460		0		0		12,460
Utilities		42,379		0		0		42,379
China
Consumer Discretionary		0		2,879		0		2,879
Consumer Staples		0		769		5		774
Energy		0		52,706		0		52,706
Financials		0		162,153		0		162,153
Industrials		0		2,364		0		2,364
Information Technology		1,367		3,465		0		4,832
Materials		0		7,345		0		7,345
Telecommunication Services		0		9,168		0		9,168
Utilities		0		1,257		0		1,257
Greece
Consumer Discretionary		263		971		0		1,234
Financials		0		3,773		0		3,773
Telecommunication Services		0		1,372		0		1,372
Utilities		0		183		0		183
Hong Kong
Consumer Staples		0		7,583		0		7,583
Energy		0		908		0		908
Financials		0		13,014		0		13,014
Industrials		0		279		0		279
Materials		0		818		0		818
Telecommunication Services		0		29,661		0		29,661
Utilities		0		3,061		0		3,061
India
Consumer Discretionary		0		1,342		0		1,342
Consumer Staples		0		2,863		0		2,863
Energy		91		7,475		0		7,566
Financials		749		9,382		0		10,131
Health Care		439		1,001		0		1,440
Industrials		0		1,836		0		1,836
Information Technology		4,154		902		0		5,056
Materials		0		13,597		0		13,597
Telecommunication Services		0		943		0		943
Utilities		0		2,754		0		2,754
Indonesia
Consumer Discretionary		0		2,084		0		2,084
Consumer Staples		0		1,492		0		1,492
Energy		0		1,430		0		1,430
Financials		0		4,803		0		4,803
Industrials		0		748		0		748
Materials		0		929		0		929
Telecommunication Services		0		5,996		0		5,996
Utilities		0		2,185		0		2,185
Mexico
Consumer Discretionary		248		0		0		248
Consumer Staples		9,773		0		0		9,773
Financials		4,869		0		0		4,869
Industrials		1,411		0		0		1,411
Materials		6,198		1,346		0		7,544
Telecommunication Services		9,659		0		0		9,659
Poland
Energy		0		7,226		0		7,226
Financials		0		6,655		0		6,655
Industrials		0		104		0		104
Information Technology		0		1,113		0		1,113
Materials		0		5,010		0		5,010
Telecommunication Services		0		2,186		0		2,186
Utilities		0		8,546		0		8,546

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2016
Russia
Consumer Staples	$	2,207	$	1,381		$	0	$	3,588
Energy		30,912		92,796			0		123,708
Financials		1,863		5,249			0		7,112
Industrials		0		5,027			0		5,027
Information Technology		93		0			0		93
Materials		7,398		13,399			0		20,797
Telecommunication Services		4,458		16,505			0		20,963
Utilities		0		6,735			0		6,735
South Africa
Consumer Discretionary		0		1,693			0		1,693
Consumer Staples		1,795		7,675			0		9,470
Energy		0		14,995			0		14,995
Financials		0		34,907			0		34,907
Health Care		0		530			0		530
Industrials		894		712			0		1,606
Materials		31,010		23,250			0		54,260
Telecommunication Services		0		23,780			0		23,780
South Korea
Consumer Discretionary		0		32,264			0		32,264
Consumer Staples		0		9,784			0		9,784
Energy		0		8,748			0		8,748
Financials		0		40,875			0		40,875
Industrials		0		9,298			0		9,298
Information Technology		0		49,228			0		49,228
Materials		0		13,097			0		13,097
Telecommunication Services		14,367		6,530			0		20,897
Utilities		0		5,448			0		5,448
Taiwan
Consumer Discretionary		0		3,670			0		3,670
Consumer Staples		0		2,873			0		2,873
Financials		0		10,016			0		10,016
Industrials		0		2,176			0		2,176
Information Technology		22,113		43,811			0		65,924
Materials		0		6,377			0		6,377
Telecommunication Services		0		10,187			0		10,187
Thailand
Consumer Staples		0		926			0		926
Energy		0		19,122			0		19,122
Financials		0		13,414			0		13,414
Industrials		0		2,756			0		2,756
Materials		0		1,431			0		1,431
Telecommunication Services		0		1,033			0		1,033
Preferred Stocks
Brazil
Banking & Finance		2,295		0			0		2,295
Industrials		49,768		0			0		49,768
Utilities		20,969		0			0		20,969
Russia
Utilities		0		5,154			0		5,154
Real Estate Investment Trusts
South Africa
Financials		0		225			0		225
Warrants
Thailand
Energy		730		0			0		730
Total Investments	$	423,484	$	944,754		$	5	$	1,368,243
Financial Derivative Instruments - Assets
Over the counter	$	0	$	410		$	0	$	410
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(2	)	$	0	$	(2	)
Totals	$	423,484	$	945,162		$	5	$	1,368,651

There were assets and liabilities valued at $21,671 transferred from Level 1 to Level 2 during the period ended June 30, 2016. There were no significant assets and liabilities transferred from Level 2 to Level 1 during the period ended June 30, 2016. There were no significant transfers between Levels 2 and 3 during the period ended June 30, 2016.

See Accompanying Notes ANNUAL REPORT JUNE 30, 2016 37

Schedule of Investments PIMCO RAE Fundamental Global Fund

June 30, 2016

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 99.9%
MUTUAL FUNDS (a) 99.9%
UNITED STATES 99.9%
PIMCO RAE Fundamental Emerging Markets Fund		3,548,003	$		30,974
PIMCO RAE Fundamental International Fund		12,383,956			106,007
PIMCO RAE Fundamental U.S. Fund		14,857,727			145,903
Total Mutual Funds (Cost $285,650)					282,884
Total Investments in Affiliates (Cost $285,650)					282,884
Total Investments 99.9% (Cost $285,650)			$		282,884
Other Assets and Liabilities, net 0.1%					400
Net Assets 100.0%			$		283,284

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 June 30, 2016 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2016
Investments in Affiliates, at Value
Mutual Funds
United States	$	282,884	$	0	$	0	$	282,884
Totals	$	282,884	$	0	$	0	$	282,884

There were no significant transfers between Levels 1, 2, or 3 during the period ended June 30, 2016.

38 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAE Fundamental Global ex-US Fund

June 30, 2016

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 99.9%
MUTUAL FUNDS (a) 99.9%
UNITED STATES 99.9%
PIMCO RAE Fundamental Emerging Markets Fund		1,635,061	$		14,274
PIMCO RAE Fundamental International Fund		5,706,662			48,849
Total Mutual Funds (Cost $72,090)					63,123
Total Investments in Affiliates (Cost $72,090)					63,123
Total Investments 99.9% (Cost $72,090)			$		63,123
Other Assets and Liabilities, net 0.1%					58
Net Assets 100.0%			$		63,181

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 June 30, 2016 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2016
Investments in Affiliates, at Value
Mutual Funds
United States	$	63,123	$	0	$	0	$	63,123
Totals	$	63,123	$	0	$	0	$	63,123

There were no significant transfers between Levels 1, 2, or 3 during the period ended June 30, 2016.

See Accompanying Notes ANNUAL REPORT JUNE 30, 2016 39

Schedule of Investments PIMCO RAE Fundamental International Fund

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 86.4%
COMMON STOCKS 85.1%
AUSTRALIA 7.4%
CONSUMER DISCRETIONARY 0.2%
Fairfax Media Ltd.		115,659	$		81
Myer Holdings Ltd.		157,408			133
Star Entertainment Grp Ltd.		27,322			111
Tabcorp Holdings Ltd.		37,736			130
Tatts Group Ltd.		28,332			82
					537
CONSUMER STAPLES 0.5%
Metcash Ltd. (a)		152,836			219
Wesfarmers Ltd.		16,981			512
Woolworths Ltd.		26,197			412
					1,143
ENERGY 0.3%
Santos Ltd.		91,798			325
Woodside Petroleum Ltd.		14,176			288
					613
FINANCIALS 3.1%
AMP Ltd.		112,641			439
Australia & New Zealand Banking Group Ltd.		68,211			1,243
Bank of Queensland Ltd.		14,552			116
Bendigo & Adelaide Bank Ltd.		36,471			264
Commonwealth Bank of Australia		21,321			1,197
Genworth Mortgage Insurance Australia Ltd.		40,911			85
Insurance Australia Group Ltd.		25,784			106
Macquarie Group Ltd.		4,902			255
National Australia Bank Ltd.		81,762			1,570
QBE Insurance Group Ltd.		41,326			326
Suncorp Group Ltd.		71,456			655
Westpac Banking Corp.		68,987			1,530
					7,786
HEALTH CARE 0.3%
CSL Ltd.		4,170			352
Primary Health Care Ltd.		67,812			202
Sonic Healthcare Ltd.		11,054			179
					733
INDUSTRIALS 0.6%
Asciano Ltd.		17,471			116
Aurizon Holdings Ltd.		68,266			248
Brambles Ltd.		5,746			53
CIMIC Group Ltd.		7,257			196
Cleanaway Waste Management Ltd.		81,072			49
Downer EDI Ltd.		57,351			165
Lend Lease Group		7,287			69
Mineral Resources Ltd.		6,494			41
Qantas Airways Ltd.		86,285			183
WorleyParsons Ltd.		58,891			323
					1,443
MATERIALS 2.0%
Amcor Ltd.		7,593			85
BHP Billiton Ltd.		133,265			1,857

	SHARES			MARKET VALUE (000S)
BHP Billiton PLC		70,714	$		895
BlueScope Steel Ltd.		17,685			86
Boral Ltd.		44,953			211
CSR Ltd.		104,788			288
Fortescue Metals Group Ltd.		230,513			617
Iluka Resources Ltd.		45,236			223
Incitec Pivot Ltd.		38,896			87
Newcrest Mining Ltd.		12,103			210
Orica Ltd.		19,106			178
OZ Minerals Ltd.		70,794			304
					5,041
TELECOMMUNICATION SERVICES 0.1%
Telstra Corp. Ltd.		83,802			350
UTILITIES 0.3%
AGL Energy Ltd.		16,744			243
AusNet Services		90,862			112
DUET Group		21,277			40
Origin Energy Ltd.		66,188			289
					684
Total Australia					18,330
AUSTRIA 0.5%
ENERGY 0.2%
OMV AG		20,215			568
FINANCIALS 0.2%
Erste Group Bank AG		8,655			197
Raiffeisen Bank International AG		14,296			180
Vienna Insurance Group AG Wiener Versicherung Gruppe		4,033			77
					454
INDUSTRIALS 0.0%
Wienerberger AG		1,984			28
MATERIALS 0.1%
voestalpine AG		6,863			231
UTILITIES 0.0%
Verbund AG		3,162			45
Total Austria					1,326
BELGIUM 0.8%
CONSUMER DISCRETIONARY 0.0%
Telenet Group Holding NV (a)		606			28
CONSUMER STAPLES 0.5%
Anheuser-Busch InBev NV		4,438			587
Delhaize Group		4,997			528
					1,115
FINANCIALS 0.2%
Ageas		12,878			448
KBC Groep NV		1,513			74
					522
HEALTH CARE 0.0%
UCB S.A.		545			41

	SHARES			MARKET VALUE (000S)
MATERIALS 0.0%
Solvay S.A.		647	$		60
Umicore S.A.		1,084			56
					116
TELECOMMUNICATION SERVICES 0.1%
Proximus S.A.		5,362			170
Total Belgium					1,992
CANADA 9.5%
CONSUMER DISCRETIONARY 0.3%
Canadian Tire Corp. Ltd. ‘A’		1,585			173
Hudson’s Bay Co.		3,548			43
Magna International, Inc.		8,635			303
Quebecor, Inc. ‘B’		6,356			182
Shaw Communications, Inc. ‘B’		2,784			53
					754
CONSUMER STAPLES 0.1%
Empire Co. Ltd.		4,260			63
George Weston Ltd.		2,783			241
					304
ENERGY 2.6%
Baytex Energy Corp.		76,129			442
Bonavista Energy Corp.		43,028			110
Cameco Corp.		3,558			39
Canadian Natural Resources Ltd.		22,586			697
Cenovus Energy, Inc.		56,215			777
Crescent Point Energy Corp.		30,872			488
Encana Corp.		65,038			506
Enerplus Corp.		84,786			557
Husky Energy, Inc.		13,472			164
Imperial Oil Ltd.		3,431			109
MEG Energy Corp. (a)		29,189			153
Pengrowth Energy Corp.		110,604			203
PrairieSky Royalty Ltd. (b)		2,489			47
Precision Drilling Corp.		43,140			229
ShawCor Ltd.		3,629			90
Suncor Energy, Inc.		53,865			1,494
TransCanada Corp.		6,460			292
Vermilion Energy, Inc.		2,408			77
					6,474
FINANCIALS 3.0%
Bank of Montreal		14,557			923
Bank of Nova Scotia		16,225			795
Brookfield Asset Management, Inc. ‘A’		7,765			257
Canadian Imperial Bank of Commerce (b)		13,167			989
Great-West Lifeco, Inc. (b)		6,225			164
IGM Financial, Inc.		4,979			136
Manulife Financial Corp.		27,537			377
National Bank of Canada		6,982			239
Onex Corp.		3,252			199
Power Corp. of Canada		10,399			221
Power Financial Corp.		10,058			231
Royal Bank of Canada		22,002			1,300
Sun Life Financial, Inc.		13,675			449
Toronto-Dominion Bank		29,897			1,284
					7,564

40 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2016

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 0.6%
Air Canada (a)		53,235	$		366
Bombardier, Inc. ‘B’ (a)		170,741			256
Canadian National Railway Co.		7,528			445
Canadian Pacific Railway Ltd.		301			39
Finning International, Inc.		7,291			119
SNC-Lavalin Group, Inc.		998			42
WestJet Airlines Ltd.		6,748			110
					1,377
INFORMATION TECHNOLOGY 0.1%
BlackBerry Ltd. (a)		42,726			287
MATERIALS 1.9%
Agrium, Inc.		1,620			147
Barrick Gold Corp.		42,983			918
First Quantum Minerals Ltd.		11,568			81
Goldcorp, Inc.		3,034			58
IAMGOLD Corp. (a)		80,254			332
Kinross Gold Corp. (a)		75,866			371
Potash Corp. of Saskatchewan, Inc.		23,912			388
Teck Resources Ltd. ‘B’		132,081			1,739
Yamana Gold, Inc.		156,486			814
					4,848
TELECOMMUNICATION SERVICES 0.6%
BCE, Inc.		6,052			286
Manitoba Telecom Services, Inc.		10,321			303
Rogers Communications, Inc. ‘B’		12,689			514
TELUS Corp.		10,391			335
					1,438
UTILITIES 0.3%
Atco Ltd. ‘I’		5,293			186
Capital Power Corp.		4,383			65
Emera, Inc.		1,098			41
Fortis, Inc.		2,192			74
Superior Plus Corp.		4,826			40
TransAlta Corp.		44,849			233
					639
Total Canada					23,685
COLOMBIA 0.0%
ENERGY 0.0%
Pacific Exploration and Production Corp. (a)		79,200			0
Total Colombia					0
DENMARK 1.1%
CONSUMER STAPLES 0.1%
Carlsberg A/S ‘B’		3,246			310
ENERGY 0.0%
Vestas Wind Systems A/S		450			30
FINANCIALS 0.1%
Danske Bank A/S		8,056			212
Sydbank A/S		1,506			38
					250

	SHARES			MARKET VALUE (000S)
HEALTH CARE 0.3%
Novo Nordisk A/S ‘B’		10,917	$		588
INDUSTRIALS 0.4%
AP Moeller - Maersk A/S ‘B’		525			686
FLSmidth & Co. A/S		1,878			67
ISS A/S		8,557			322
					1,075
TELECOMMUNICATION SERVICES 0.2%
TDC A/S		86,569			424
Total Denmark					2,677
FINLAND 0.6%
CONSUMER DISCRETIONARY 0.0%
Nokian Renkaat OYJ		828			30
CONSUMER STAPLES 0.0%
Kesko OYJ ‘B’		2,100			89
ENERGY 0.0%
Neste OYJ		2,890			104
FINANCIALS 0.1%
Sampo OYJ ‘A’		2,758			113
HEALTH CARE 0.1%
Orion OYJ ‘B’		3,197			124
INDUSTRIALS 0.0%
Metso OYJ		2,550			60
YIT OYJ		5,301			38
					98
INFORMATION TECHNOLOGY 0.1%
Nokia OYJ		17,267			98
Tieto OYJ		3,471			95
					193
MATERIALS 0.2%
Stora Enso OYJ ‘R’		20,331			163
UPM-Kymmene OYJ		15,189			279
					442
TELECOMMUNICATION SERVICES 0.0%
Elisa OYJ		1,147			44
UTILITIES 0.1%
Fortum OYJ		15,034			242
Total Finland					1,479
FRANCE 9.9%
CONSUMER DISCRETIONARY 1.2%
Accor S.A.		2,249			86
Christian Dior SE		1,441			231
Cie Generale des Etablissements Michelin		6,642			626
Kering		880			142
Lagardere S.C.A.		4,526			98

	SHARES			MARKET VALUE (000S)
LVMH Moet Hennessy Louis Vuitton SE		2,418	$		365
Peugeot S.A. (a)		13,655			164
Publicis Groupe S.A.		1,753			117
Renault S.A.		2,874			217
Valeo S.A.		2,565			114
Vivendi S.A.		49,676			929
					3,089
CONSUMER STAPLES 0.8%
Carrefour S.A.		23,127			569
Casino Guichard Perrachon S.A.		8,484			471
Danone S.A.		7,184			503
L’Oreal S.A.		778			149
Pernod-Ricard S.A.		2,342			259
Rallye S.A.		2,140			36
Wendel S.A.		1,045			108
					2,095
ENERGY 1.3%
CGG S.A. (a)		28,890			20
Technip S.A.		4,106			222
Total S.A.		61,702			2,959
					3,201
FINANCIALS 1.6%
AXA S.A.		30,601			605
BNP Paribas S.A.		37,130			1,628
CNP Assurances		9,189			136
Credit Agricole S.A.		39,780			334
Eurazeo S.A.		740			44
SCOR SE		3,467			103
Societe Generale S.A.		32,536			1,018
					3,868
HEALTH CARE 0.8%
Essilor International S.A.		528			69
Sanofi		22,437			1,864
					1,933
INDUSTRIALS 1.6%
Air France-KLM (a)		71,024			448
Airbus Group SE		2,305			132
Bouygues S.A.		16,198			464
Cie de Saint-Gobain		16,997			644
Eiffage S.A.		6,339			451
Elior Group		1,811			40
Rexel S.A.		14,717			185
Safran S.A.		3,966			267
Schneider Electric SE		4,507			263
Thales S.A.		840			70
Vinci S.A.		14,954			1,055
					4,019
INFORMATION TECHNOLOGY 0.3%
Atos SE		3,105			256
Capgemini S.A.		1,408			121
Neopost S.A.		2,917			67
Teleperformance S.E.		998			85
UBISOFT Entertainment (a)		2,739			100
					629

See Accompanying Notes ANNUAL REPORT JUNE 30, 2016 41

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

	SHARES			MARKET VALUE (000S)
MATERIALS 0.3%
Air Liquide S.A.		3,661	$		381
Arkema S.A.		1,762			135
Vallourec S.A.		26,274			93
					609
TELECOMMUNICATION SERVICES 0.9%
Orange S.A.		143,773			2,338
UTILITIES 1.1%
Electricite de France S.A.		23,834			289
Engie S.A.		122,042			1,960
Suez		12,566			196
Veolia Environnement S.A.		17,180			371
					2,816
Total France					24,597
GERMANY 7.8%
CONSUMER DISCRETIONARY 1.1%
adidas AG		5,118			735
Bayerische Motoren Werke AG		10,272			747
Continental AG		1,202			227
Daimler AG		12,501			748
Fielmann AG		679			50
ProSiebenSat.1 Media SE		2,745			120
					2,627
CONSUMER STAPLES 0.5%
Beiersdorf AG		669			63
METRO AG		28,473			876
Suedzucker AG		13,616			300
					1,239
FINANCIALS 1.3%
Commerzbank AG		91,503			596
Deutsche Bank AG		79,962			1,105
Deutsche Boerse AG		1,382			113
Hannover Rueck SE		1,977			207
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		5,712			958
Talanx AG (a)		5,592			167
					3,146
HEALTH CARE 0.6%
Bayer AG		5,078			510
Fresenius Medical Care AG & Co. KGaA		2,376			207
Fresenius SE & Co. KGaA		6,232			458
Merck KGaA		1,584			161
Rhoen Klinikum AG		4,822			141
STADA Arzneimittel AG		2,600			135
					1,612
INDUSTRIALS 1.6%
Bilfinger SE		2,695			79
Deutsche Lufthansa AG		67,427			793
Deutsche Post AG		34,979			985
Fraport AG Frankfurt Airport Services Worldwide		576			31
GEA Group AG		1,600			75
HOCHTIEF AG		3,385			437
OSRAM Licht AG		2,427			126

	SHARES			MARKET VALUE (000S)
Rheinmetall AG		3,811	$		227
Siemens AG		11,350			1,165
					3,918
INFORMATION TECHNOLOGY 0.3%
Infineon Technologies AG		7,758			112
SAP SE		9,360			703
					815
MATERIALS 1.1%
Aurubis AG		2,430			111
BASF SE		16,103			1,235
Brenntag AG		1,232			60
Evonik Industries AG		1,994			59
HeidelbergCement AG		5,429			409
K+S AG		11,530			236
LANXESS AG		3,737			164
Linde AG		1,028			143
Salzgitter AG		7,173			190
Symrise AG		1,792			122
					2,729
TELECOMMUNICATION SERVICES 0.5%
Deutsche Telekom AG		71,779			1,224
Freenet AG		1,628			42
					1,266
UTILITIES 0.8%
E.ON SE		102,303			1,033
RWE AG		65,798			1,048
					2,081
Total Germany					19,433
HONG KONG 1.2%
CONSUMER DISCRETIONARY 0.1%
Esprit Holdings Ltd.		47,514			36
SJM Holdings Ltd.		197,000			121
					157
CONSUMER STAPLES 0.3%
CK Hutchison Holdings Ltd.		23,043			254
Jardine Matheson Holdings Ltd.		1,000			58
Swire Pacific Ltd. ‘A’		29,000			328
Wharf Holdings Ltd.		17,000			104
					744
FINANCIALS 0.5%
AIA Group Ltd.		60,600			364
Bank of East Asia Ltd.		17,600			68
Hang Lung Group Ltd.		9,000			27
Hang Lung Properties Ltd.		22,000			45
Hang Seng Bank Ltd.		10,500			180
Hong Kong Exchanges and Clearing Ltd.		4,100			100
Hongkong Land Holdings Ltd.		5,800			35
Hysan Development Co. Ltd.		14,000			62
Kerry Properties Ltd.		16,000			40
New World Development Co. Ltd.		189,000			193
Shimao Property Holdings Ltd.		73,000			93

	SHARES			MARKET VALUE (000S)
Sun Hung Kai Properties Ltd.		4,000	$		48
Wheelock & Co. Ltd.		15,000			71
					1,326
INDUSTRIALS 0.1%
Cathay Pacific Airways Ltd.		87,000			128
MTR Corp. Ltd.		22,500			114
					242
TELECOMMUNICATION SERVICES 0.0%
PCCW Ltd.		90,000			60
UTILITIES 0.2%
CLP Holdings Ltd.		32,500			332
Total Hong Kong					2,861
IRELAND 0.5%
ENERGY 0.0%
DCC PLC		600			53
HEALTH CARE 0.2%
Medtronic PLC		6,272			544
INDUSTRIALS 0.1%
Experian PLC		10,165			193
MATERIALS 0.2%
CRH PLC		12,077			352
Smurfit Kappa Group PLC		8,973			197
					549
Total Ireland					1,339
ISRAEL 0.7%
FINANCIALS 0.2%
Bank Hapoalim BM		36,251			183
Bank Leumi Le-Israel BM (a)		60,510			212
Israel Discount Bank Ltd.‘A’ (a)		53,271			92
					487
HEALTH CARE 0.3%
Teva Pharmaceutical Industries Ltd. SP - ADR		14,452			726
MATERIALS 0.1%
Israel Chemicals Ltd.		49,955			194
TELECOMMUNICATION SERVICES 0.1%
Bezeq The Israeli Telecommunication Corp. Ltd.		98,903			196
Total Israel					1,603
ITALY 2.7%
CONSUMER DISCRETIONARY 0.1%
Ferrari NV		2,172			89
Luxottica Group SpA		723			35
Mediaset SpA		23,694			83
					207

42 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2016

	SHARES			MARKET VALUE (000S)
ENERGY 1.0%
Eni SpA		153,955	$		2,480
Saipem SpA (a)		99,379			40
					2,520
FINANCIALS 0.4%
Assicurazioni Generali SpA		13,517			159
Banca Monte dei Paschi di Siena SpA (a)		137,449			59
Banca Popolare dell’Emilia Romagna SC		14,007			51
Banco Popolare SC		7,523			18
Intesa Sanpaolo SpA		158,257			301
Poste Italiane SpA		29,479			196
UniCredit SpA		70,183			154
Unione di Banche Italiane SpA		50,492			140
					1,078
INDUSTRIALS 0.1%
Atlantia SpA		3,374			84
Prysmian SpA		3,500			77
					161
MATERIALS 0.1%
Italcementi SpA		18,191			213
TELECOMMUNICATION SERVICES 0.1%
Telecom Italia SpA (a)		426,637			350
UTILITIES 0.9%
A2A SpA		100,720			132
Enel SpA		414,569			1,841
Hera SpA		9,831			27
Snam SpA		38,695			231
Terna Rete Elettrica Nazionale SpA		10,054			56
					2,287
Total Italy					6,816
JAPAN 12.2%
CONSUMER DISCRETIONARY 1.7%
Aisin Seiki Co. Ltd.		2,100			86
Aoyama Trading Co. Ltd.		1,000			37
Bandai Namco Holdings, Inc.		1,700			44
Benesse Holdings, Inc.		3,100			73
Bridgestone Corp.		2,700			87
Daihatsu Motor Co. Ltd.		13,400			175
Daiwa House Industry Co. Ltd.		2,500			73
DCM Holdings Co. Ltd.		5,500			47
Denso Corp.		2,300			81
Fuji Media Holdings, Inc.		5,800			65
Honda Motor Co. Ltd.		27,400			687
Isetan Mitsukoshi Holdings Ltd.		7,800			69
Isuzu Motors Ltd.		3,500			43
JVC Kenwood Corp.		17,000			35
Mazda Motor Corp.		4,700			62
Mitsubishi Motors Corp.		15,200			70
Nikon Corp.		12,800			173
Nissan Motor Co. Ltd.		62,400			557
Panasonic Corp.		28,500			245
Sankyo Co. Ltd.		700			26
Sega Sammy Holdings, Inc.		3,600			39
Sekisui Chemical Co. Ltd.		3,100			38

	SHARES			MARKET VALUE (000S)
Sony Corp.		13,400	$		395
Sumitomo Electric Industries Ltd.		5,400			72
Sumitomo Rubber Industries Ltd.		7,900			106
Takashimaya Co. Ltd.		9,000			65
Takata Corp.		9,600			37
Toyota Motor Corp.		10,735			529
Yamada Denki Co. Ltd.		27,500			145
Yamaha Corp.		1,700			46
Yoshinoya Holdings Co. Ltd.		3,200			44
Zensho Holdings Co. Ltd.		3,100			45
					4,296
CONSUMER STAPLES 1.2%
Aeon Co. Ltd.		45,447			706
Ajinomoto Co., Inc.		5,000			118
Japan Tobacco, Inc.		3,356			135
Kao Corp.		1,800			105
Kirin Holdings Co. Ltd.		37,800			638
Megmilk Snow Brand Co. Ltd.		1,300			45
MEIJI Holdings Co. Ltd.		2,500			257
Morinaga Milk Industry Co. Ltd.		6,000			42
NH Foods Ltd.		4,000			98
Nippon Suisan Kaisha Ltd.		7,000			36
Nisshin Seifun Group, Inc.		1,300			21
Sapporo Holdings Ltd.		1,400			40
Seiko Holdings Corp.		11,000			33
Seven & Holdings Co. Ltd.		3,700			155
Shiseido Co. Ltd.		4,800			125
UNY Group Holdings Co. Ltd.		28,000			236
Yamazaki Baking Co. Ltd.		9,000			251
					3,041
ENERGY 0.1%
Idemitsu Kosan Co. Ltd.		5,300			115
JX Holdings, Inc.		43,400			170
Showa Shell Sekiyu KK		4,200			39
					324
FINANCIALS 2.1%
Chiba Bank Ltd.		7,000			33
Concordia Financial Group Ltd. (a)		15,000			58
Dai-ichi Life Insurance Co. Ltd.		40,400			452
Daiwa Securities Group, Inc.		7,000			37
Fukuoka Financial Group, Inc.		13,000			43
Hokuhoku Financial Group, Inc.		18,000			20
Japan Post Bank Co. Ltd.		9,400			111
Japan Post Holdings Co. Ltd.		14,600			178
Joyo Bank Ltd.		11,000			41
Mitsubishi UFJ Financial Group, Inc.		283,200			1,270
Mizuho Financial Group, Inc.		645,900			929
MS&AD Insurance Group Holdings, Inc.		1,900			49
Nishi-Nippon City Bank Ltd.		36,000			63
North Pacific Bank Ltd.		14,300			39
ORIX Corp.		9,100			118
Resona Holdings, Inc.		74,700			273
Sompo Japan Nipponkoa Holdings, Inc.		1,400			37
Sony Financial Holdings, Inc.		10,200			115
Sumitomo Mitsui Financial Group, Inc.		31,300			904
Sumitomo Mitsui Trust Holdings, Inc.		40,000			130
T&D Holdings, Inc.		15,400			131

	SHARES			MARKET VALUE (000S)
Tokio Marine Holdings, Inc.		1,400	$		47
Yamaguchi Financial Group, Inc.		4,000			38
					5,116
HEALTH CARE 0.5%
Astellas Pharma, Inc.		12,800			201
Daiichi Sankyo Co. Ltd.		20,516			498
Eisai Co. Ltd.		2,100			117
Medipal Holdings Corp.		2,600			43
Otsuka Holdings Co. Ltd.		3,528			162
Shionogi & Co. Ltd.		2,100			115
Takeda Pharmaceutical Co. Ltd.		3,800			164
					1,300
INDUSTRIALS 2.1%
ANA Holdings, Inc.		22,000			63
Central Japan Railway Co.		600			107
Dai Nippon Printing Co. Ltd.		21,000			234
East Japan Railway Co.		2,900			269
Furukawa Electric Co. Ltd.		32,000			74
Hoya Corp.		2,300			82
IHI Corp.		17,000			46
ITOCHU Corp.		25,500			312
Japan Airlines Co. Ltd.		8,100			261
Kawasaki Heavy Industries Ltd.		13,000			37
Kawasaki Kisen Kaisha Ltd.		19,000			45
Komatsu Ltd.		8,900			155
Marubeni Corp.		43,400			196
Mitsubishi Corp.		22,100			389
Mitsubishi Electric Corp.		10,000			119
Mitsubishi Heavy Industries Ltd.		35,000			141
Mitsui & Co. Ltd.		44,600			532
Mitsui Engineering & Shipbuilding Co. Ltd.		24,000			33
Mitsui OSK Lines Ltd.		19,000			40
Nippon Yusen KK		73,000			128
NTN Corp.		12,000			32
Sojitz Corp.		95,400			226
Sumitomo Corp.		50,300			507
Sumitomo Forestry Co. Ltd.		5,300			72
Sumitomo Heavy Industries Ltd.		11,000			48
Toppan Printing Co. Ltd.		19,000			163
Toshiba Corp.		236,000			643
Toyota Tsusho Corp.		1,600			35
West Japan Railway Co.		2,800			177
					5,166
INFORMATION TECHNOLOGY 1.4%
Brother Industries Ltd.		3,700			40
Canon, Inc.		30,550			872
DeNA Co. Ltd.		8,900			208
FUJIFILM Holdings Corp.		7,800			303
Fujitsu Ltd.		105,000			386
Hitachi Ltd.		147,000			616
Ibiden Co. Ltd.		3,300			37
Japan Display, Inc. (a)		33,000			54
Konica Minolta, Inc.		13,100			96
Kyocera Corp.		800			38
NEC Corp.		123,000			287
Nintendo Co. Ltd.		300			43
NTT Data Corp.		1,100			52
Omron Corp.		1,200			39
Ricoh Co. Ltd.		36,500			316

See Accompanying Notes ANNUAL REPORT JUNE 30, 2016 43

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

	SHARES			MARKET VALUE (000S)
TDK Corp.		700	$		39
					3,426
MATERIALS 1.1%
Asahi Glass Co. Ltd.		59,000			320
Asahi Kasei Corp.		16,000			111
Denka Co. Ltd.		17,000			69
DIC Corp.		3,600			75
JFE Holdings, Inc.		4,000			52
Kaneka Corp.		6,000			40
LIXIL Group Corp.		2,300			38
Mitsubishi Chemical Holdings Corp.		57,400			263
Mitsubishi Materials Corp.		41,000			98
Mitsui Chemicals, Inc.		32,000			118
Mitsui Mining & Smelting Co. Ltd.		69,000			115
Nippon Kayaku Co. Ltd.		4,000			40
Nippon Light Metal Holdings Co. Ltd.		68,200			151
Nippon Paper Industries Co. Ltd.		10,618			185
Nippon Sheet Glass Co. Ltd. (a)		58,000			37
Nitto Denko Corp.		800			51
Oji Holdings Corp.		28,000			107
Shin-Etsu Chemical Co. Ltd.		1,400			82
Showa Denko KK		2,000			19
Sumitomo Chemical Co. Ltd.		47,000			194
Sumitomo Metal Mining Co. Ltd.		12,000			122
Taiheiyo Cement Corp.		17,000			40
Teijin Ltd.		53,000			176
Tokuyama Corp. (a)		17,000			47
Ube Industries Ltd.		75,000			124
					2,674
TELECOMMUNICATION SERVICES 1.2%
KDDI Corp.		10,700			325
Nippon Telegraph & Telephone Corp.		39,100			1,833
NTT DOCOMO, Inc.		27,400			739
SoftBank Group Corp.		3,300			187
					3,084
UTILITIES 0.8%
Chubu Electric Power Co., Inc.		48,000			683
Chugoku Electric Power Co., Inc.		4,400			56
Electric Power Development Co. Ltd.		2,100			49
Hokkaido Electric Power Co., Inc.		2,400			20
Hokuriku Electric Power Co.		12,788			159
Kansai Electric Power Co., Inc. (a)		40,800			397
Kyushu Electric Power Co., Inc.		3,200			32
Osaka Gas Co. Ltd.		5,000			19
Tohoku Electric Power Co., Inc.		27,500			347
Tokyo Electric Power Co., Inc. (a)		15,300			65
Tokyo Gas Co. Ltd.		10,000			41
					1,868
Total Japan					30,295
LUXEMBOURG 0.3%
CONSUMER DISCRETIONARY 0.1%
RTL Group S.A.		1,991			162
MATERIALS 0.2%
ArcelorMittal		124,141			566

	SHARES			MARKET VALUE (000S)
Tenaris S.A.		6,066	$		88
					654
Total Luxembourg					816
MACAU 0.0%
CONSUMER DISCRETIONARY 0.0%
Sands China Ltd.		9,600			32
Wynn Macau Ltd.		50,000			73
					105
Total Macau					105
NETHERLANDS 4.2%
CONSUMER DISCRETIONARY 0.1%
Wolters Kluwer NV		3,370			136
CONSUMER STAPLES 0.6%
Heineken Holding NV		3,201			259
Heineken NV		3,282			301
Koninklijke Ahold NV		43,086			952
					1,512
ENERGY 2.4%
Fugro NV		13,670			240
Royal Dutch Shell PLC ‘A’		210,199			5,766
					6,006
FINANCIALS 0.4%
Aegon NV		37,042			147
Delta Lloyd NV		27,926			98
ING Groep NV - Dutch Certificate		51,154			529
NN Group NV		7,644			211
					985
INDUSTRIALS 0.3%
Boskalis Westminster		1,109			38
Koninklijke BAM Groep NV		8,076			29
Koninklijke Philips NV		20,150			501
PostNL NV (a)		43,417			177
Randstad Holding NV		551			22
					767
INFORMATION TECHNOLOGY 0.0%
NXP Semiconductor NV (a)		785			62
MATERIALS 0.2%
Akzo Nobel NV		3,594			223
Koninklijke DSM NV		2,250			130
					353
TELECOMMUNICATION SERVICES 0.2%
Koninklijke KPN NV		111,270			396
VimpelCom Ltd. SP - ADR		39,368			153
					549
Total Netherlands					10,370
NEW ZEALAND 0.2%
MATERIALS 0.1%
Fletcher Building Ltd.		21,047			129

	SHARES			MARKET VALUE (000S)
TELECOMMUNICATION SERVICES 0.1%
Spark New Zealand Ltd.		145,885	$		371
Total New Zealand					500
NORWAY 1.1%
CONSUMER STAPLES 0.1%
Marine Harvest ASA		6,991			118
Orkla ASA		12,893			115
					233
ENERGY 0.8%
Statoil ASA		116,990			2,021
TGS Nopec Geophysical Co. ASA		3,523			58
					2,079
FINANCIALS 0.1%
DNB ASA		16,173			193
Gjensidige Forsikring ASA		3,759			63
					256
MATERIALS 0.1%
Norsk Hydro ASA		32,401			119
TELECOMMUNICATION SERVICES 0.0%
Telenor ASA		6,970			115
Total Norway					2,802
PORTUGAL 0.1%
ENERGY 0.0%
Galp Energia SGPS S.A.		3,057			42
FINANCIALS 0.0%
Banco Espirito Santo S.A.		59,573			1
UTILITIES 0.1%
EDP - Energias de Portugal S.A.		87,551			268
Total Portugal					311
SINGAPORE 0.9%
CONSUMER DISCRETIONARY 0.1%
Jardine Cycle & Carriage Ltd.		3,300			90
Singapore Press Holdings Ltd.		22,900			68
					158
CONSUMER STAPLES 0.2%
Keppel Corp. Ltd.		89,500			369
Wilmar International Ltd.		45,100			110
					479
FINANCIALS 0.3%
CapitaLand Ltd.		61,900			142
DBS Group Holdings Ltd.		33,310			393
Oversea-Chinese Banking Corp. Ltd.		12,800			83
United Overseas Bank Ltd.		11,500			159
					777
INDUSTRIALS 0.1%
ComfortDelGro Corp. Ltd.		35,600			73
Sembcorp Industries Ltd.		55,400			117

44 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2016

	SHARES			MARKET VALUE (000S)
Singapore Airlines Ltd.		31,067	$		247
					437
INFORMATION TECHNOLOGY 0.1%
Broadcom Ltd.		946			147
TELECOMMUNICATION SERVICES 0.1%
Singapore Telecommunications Ltd.		79,500			245
Total Singapore					2,243
SOUTH AFRICA 0.1%
FINANCIALS 0.0%
Investec PLC		12,968			81
MATERIALS 0.1%
Mondi PLC		6,306			118
Total South Africa					199
SPAIN 2.8%
CONSUMER DISCRETIONARY 0.1%
Inditex S.A.		5,652			190
Promotora de Informaciones S.A. ‘A’ (a)		5,384			30
					220
CONSUMER STAPLES 0.0%
Distribuidora Internacional de Alimentacion S.A.		16,515			96
ENERGY 0.1%
Repsol S.A.		15,984			205
FINANCIALS 1.1%
Banco Bilbao Vizcaya Argentaria S.A.		62,960			361
Banco de Sabadell S.A.		30,247			40
Banco Santander S.A.		550,114			2,135
Mapfre S.A.		60,974			134
					2,670
INDUSTRIALS 0.3%
Abengoa S.A. ‘B’ (a)		446,104			121
Abertis Infraestructuras S.A.		6,666			99
Acciona S.A.		1,714			125
ACS Actividades de Construccion y Servicios S.A.		5,268			144
Ferrovial S.A.		9,551			187
Fomento de Construcciones y Contratas S.A.		22,455			190
					866
INFORMATION TECHNOLOGY 0.1%
Amadeus IT Holding S.A. ‘A’		1,396			62
Indra Sistemas S.A. (a)		6,256			66
					128
TELECOMMUNICATION SERVICES 0.6%
Telefonica S.A.		157,605			1,496
UTILITIES 0.5%
Endesa S.A.		39,468			792
Gas Natural SDG S.A.		6,249			124

	SHARES			MARKET VALUE (000S)
Iberdrola S.A.		53,986	$		369
					1,285
Total Spain					6,966
SWEDEN 1.9%
CONSUMER DISCRETIONARY 0.1%
Bonava AB ‘B’ (a)		2,591			31
Electrolux AB ‘B’		4,497			123
Hennes & Mauritz AB ‘B’		4,016			118
					272
CONSUMER STAPLES 0.2%
Svenska Cellulosa AB S.C.A. ‘B’		8,146			262
Swedish Match AB		4,555			159
					421
FINANCIALS 0.5%
Nordea Bank AB		22,644			192
Skandinaviska Enskilda Banken AB		30,195			264
Svenska Handelsbanken AB ‘A’		25,204			306
Swedbank AB ‘A’		18,843			396
					1,158
HEALTH CARE 0.0%
Meda AB ‘A’		1,128			20
INDUSTRIALS 0.5%
Assa Abloy AB ‘B’		4,746			98
Atlas Copco AB ‘A’		5,046			131
NCC AB ‘B’		2,591			60
Sandvik AB		21,568			216
Securitas AB ‘B’		9,344			144
Skanska AB ‘B’		4,758			100
SKF AB ‘B’		6,787			109
Volvo AB ‘B’		36,385			361
					1,219
INFORMATION TECHNOLOGY 0.1%
Telefonaktiebolaget LM Ericsson ‘B’		26,638			205
MATERIALS 0.1%
Boliden AB		9,275			181
TELECOMMUNICATION SERVICES 0.4%
Tele2 AB ‘B’		67,006			588
TeliaSonera AB		118,478			561
					1,149
Total Sweden					4,625
SWITZERLAND 4.4%
CONSUMER DISCRETIONARY 0.1%
Cie Financiere Richemont S.A.		2,842			166
Garmin Ltd.		1,910			81
Swatch Group AG		271			79
					326
CONSUMER STAPLES 0.5%
Coca-Cola HBC AG		309			6
Nestle S.A.		14,366			1,113
					1,119

	SHARES			MARKET VALUE (000S)
ENERGY 0.2%
Transocean Ltd.		32,218	$		383
Weatherford International PLC (a)		8,724			49
					432
FINANCIALS 1.4%
Allied World Assurance Co. Holdings AG		2,583			91
Baloise Holding AG		1,416			158
Credit Suisse Group AG		38,923			414
Helvetia Holding AG		236			123
Swiss Life Holding AG		1,738			402
Swiss Re AG		12,834			1,121
UBS Group AG		12,353			160
Zurich Insurance Group AG		4,354			1,077
					3,546
HEALTH CARE 1.4%
Lonza Group AG		245			41
Novartis AG		18,912			1,561
Roche Holding AG		7,100			1,873
					3,475
INDUSTRIALS 0.2%
ABB Ltd.		11,423			226
Adecco S.A.		1,565			79
SGS S.A.		18			41
Wolseley PLC		2,490			129
					475
INFORMATION TECHNOLOGY 0.1%
STMicroelectronics NV		20,444			120
TE Connectivity Ltd.		4,088			234
					354
MATERIALS 0.5%
Clariant AG		5,018			85
Givaudan S.A.		49			98
Glencore PLC		282,351			582
Syngenta AG (a)		906			348
					1,113
Total Switzerland					10,840
UNITED KINGDOM 14.0%
CONSUMER DISCRETIONARY 1.1%
Compass Group PLC		21,239			404
Fiat Chrysler Automobiles NV		64,933			397
GKN PLC		19,972			72
Home Retail Group PLC		125,899			258
Inchcape PLC		4,252			36
Informa PLC		3,244			32
Kingfisher PLC		73,638			316
Marks & Spencer Group PLC		39,844			171
Mitchells & Butlers PLC		9,591			30
Next PLC		990			65
Pearson PLC		15,030			195
RELX NV		7,379			128
RELX PLC		5,014			92
Sky PLC		6,801			77
Thomas Cook Group PLC (a)		75,815			64
WPP PLC		25,799			538
					2,875

See Accompanying Notes ANNUAL REPORT JUNE 30, 2016 45

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

	SHARES			MARKET VALUE (000S)
CONSUMER STAPLES 2.9%
British American Tobacco PLC		29,461	$		1,910
Diageo PLC		14,240			398
Imperial Brands PLC		18,934			1,027
J Sainsbury PLC		57,492			179
Reckitt Benckiser Group PLC		5,705			572
SABMiller PLC		9,445			551
Tate & Lyle PLC		15,031			134
Tesco PLC (a)		244,720			574
Unilever NV - Dutch Certificate		17,974			836
Unilever PLC		9,222			442
WM Morrison Supermarkets PLC		230,968			580
					7,203
ENERGY 1.7%
BP PLC		637,286			3,731
John Wood Group PLC		6,771			62
Petrofac Ltd.		18,662			194
Subsea 7 S.A.		13,255			130
Tullow Oil PLC (a)		66,086			233
					4,350
FINANCIALS 3.7%
Aberdeen Asset Management PLC		12,515			47
Admiral Group PLC		2,737			74
Aviva PLC		45,579			240
Barclays PLC		561,398			1,044
Direct Line Insurance Group PLC		8,747			41
HSBC Holdings PLC		692,778			4,292
ICAP PLC		16,112			91
Lancashire Holdings Ltd.		2,502			20
Legal & General Group PLC		28,107			72
Lloyds Banking Group PLC		668,464			484
Man Group PLC		110,177			171
Old Mutual PLC		323,133			873
Prudential PLC		8,250			140
Royal Bank of Scotland Group PLC (a)		181,409			411
RSA Insurance Group PLC		9,862			66
Standard Chartered PLC		138,052			1,047
Standard Life PLC		13,299			53
					9,166
HEALTH CARE 1.1%
AstraZeneca PLC		17,254			1,032
GlaxoSmithKline PLC		73,922			1,587
Smith & Nephew PLC		5,711			97
					2,716
INDUSTRIALS 0.9%
Aggreko PLC		2,478			42
BAE Systems PLC		71,917			504
Bunzl PLC		1,963			60
Capita PLC		5,233			68
Carillion PLC		15,236			48
CNH Industrial NV		41,137			298
easyJet PLC		3,302			48
Firstgroup PLC (a)		18,075			24
International Consolidated Airlines Group S.A.		24,580			122
National Express Group PLC		14,508			57
QinetiQ Group PLC		13,681			41
Rentokil Initial PLC		44,234			114
Rolls-Royce Holdings PLC		31,641			302

	SHARES			MARKET VALUE (000S)
Royal Mail PLC		42,275	$		284
Smiths Group PLC		3,876			60
Stagecoach Group PLC		23,191			72
Weir Group PLC		2,443			47
					2,191
INFORMATION TECHNOLOGY 0.1%
ARM Holdings PLC		2,156			33
Sage Group PLC		9,314			80
Serco Group PLC (a)		44,386			66
					179
MATERIALS 1.0%
Anglo American PLC		95,190			933
KAZ Minerals PLC (a)		61,312			109
Rio Tinto Ltd.		15,010			519
Rio Tinto PLC		29,284			910
					2,471
TELECOMMUNICATION SERVICES 0.8%
BT Group PLC		63,311			348
Vodafone Group PLC		505,723			1,542
					1,890
UTILITIES 0.7%
Centrica PLC		113,060			342
Drax Group PLC		23,071			100
National Grid PLC		60,016			882
Severn Trent PLC		5,587			182
SSE PLC		3,297			69
United Utilities Group PLC		11,377			158
					1,733
Total United Kingdom					34,774
UNITED STATES 0.2%
CONSUMER DISCRETIONARY 0.1%
Carnival PLC		3,211			142
Thomson Reuters Corp.		3,411			138
					280
HEALTH CARE 0.0%
Shire PLC		1,513			94
MATERIALS 0.1%
Domtar Corp.		4,929			173
Total United States					547
Total Common Stocks (Cost $199,633)					211,531
PREFERRED STOCKS 0.5%
GERMANY 0.5%
INDUSTRIALS 0.5%
Henkel AG & Co. KGaA		2,796			342
Porsche Automobil Holding SE		3,017			139
Volkswagen AG		6,733			816
					1,297
MATERIALS 0.0%
FUCHS PETROLUB SE		1,007			40
Total Preferred Stocks (Cost $1,307)					1,337

	SHARES			MARKET VALUE (000S)
REAL ESTATE INVESTMENT TRUSTS 0.8%
AUSTRALIA 0.4%
FINANCIALS 0.4%
Dexus Property Group		15,573	$		106
Mirvac Group		114,960			175
Scentre Group		81,200			301
Stockland		100,575			356
Westfield Corp.		17,338			139
					1,077
Total Australia					1,077
CANADA 0.1%
FINANCIALS 0.1%
Cominar Real Estate Investment Trust		2,714			35
Dream Office Real Estate Investment Trust		5,125			74
H&R Real Estate Investment Trust		3,961			69
RioCan Real Estate Investment Trust		1,231			28
Smart Real Estate Investment Trust		1,264			37
					243
Total Canada					243
FRANCE 0.1%
FINANCIALS 0.1%
Unibail-Rodamco SE		917			237
Total France					237
HONG KONG 0.1%
FINANCIALS 0.1%
Link REIT		18,500			127
Total Hong Kong					127
UNITED KINGDOM 0.1%
FINANCIALS 0.1%
Land Securities Group PLC		4,852			68
Segro PLC		19,743			109
					177
Total United Kingdom					177
Total Real Estate Investment Trusts (Cost $1,701)					1,861
RIGHTS 0.0%
SPAIN 0.0%
INDUSTRIALS 0.0%
ACS Actividades de Construccion y Servicios S.A.		10,163			7
Total Rights (Cost $8)					7
LIMITED PARTNERSHIPS 0.0%
BERMUDA 0.0%
Brookfield Business Partners LP		155			3
Total Limited Partnerships (Cost $4)					3
Total Investments in Securities (Cost $202,653)					214,739
Total Investments 86.4% (Cost $202,653)			$		214,739
Other Assets and Liabilities, net 13.6%					33,830
Net Assets 100.0%			$		248,569

46 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2016

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		06/30/2005 - 06/28/2016	$	999	$	989		0.40	%
Great-West Lifeco, Inc.		12/18/2008 - 12/04/2015		160		164		0.06
PrairieSky Royalty Ltd.		06/01/2016 - 06/03/2016		47		47		0.02
			$	1,206	$	1,200		0.48	%

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 June 30, 2016:

	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	$	30	$	0	$	30

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2016 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2016
Investments in Securities, at Value
Common Stocks
Australia
Consumer Discretionary	$	0	$	537	$	0	$	537
Consumer Staples		0		1,143		0		1,143
Energy		0		613		0		613
Financials		0		7,786		0		7,786
Health Care		0		733		0		733
Industrials		0		1,443		0		1,443
Materials		0		5,041		0		5,041
Telecommunication Services		0		350		0		350
Utilities		0		684		0		684
Austria
Energy		0		568		0		568
Financials		0		454		0		454
Industrials		0		28		0		28
Materials		0		231		0		231
Utilities		0		45		0		45
Belgium
Consumer Discretionary		0		28		0		28
Consumer Staples		0		1,115		0		1,115
Financials		0		522		0		522
Health Care		0		41		0		41
Materials		0		116		0		116
Telecommunication Services		0		170		0		170
Canada
Consumer Discretionary		754		0		0		754
Consumer Staples		304		0		0		304
Energy		6,474		0		0		6,474
Financials		7,564		0		0		7,564
Industrials		1,377		0		0		1,377
Information Technology		287		0		0		287
Materials		4,848		0		0		4,848
Telecommunication Services		1,438		0		0		1,438
Utilities		639		0		0		639
Denmark
Consumer Staples		0		310		0		310
Energy		0		30		0		30

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2016
Financials	$	0	$	250	$	0	$	250
Health Care		0		588		0		588
Industrials		0		1,075		0		1,075
Telecommunication Services		0		424		0		424
Finland
Consumer Discretionary		0		30		0		30
Consumer Staples		0		89		0		89
Energy		0		104		0		104
Financials		0		113		0		113
Health Care		0		124		0		124
Industrials		0		98		0		98
Information Technology		0		193		0		193
Materials		0		442		0		442
Telecommunication Services		0		44		0		44
Utilities		0		242		0		242
France
Consumer Discretionary		0		3,089		0		3,089
Consumer Staples		0		2,095		0		2,095
Energy		0		3,201		0		3,201
Financials		0		3,868		0		3,868
Health Care		0		1,933		0		1,933
Industrials		0		4,019		0		4,019
Information Technology		0		629		0		629
Materials		0		609		0		609
Telecommunication Services		0		2,338		0		2,338
Utilities		0		2,816		0		2,816
Germany
Consumer Discretionary		0		2,627		0		2,627
Consumer Staples		0		1,239		0		1,239
Financials		0		3,146		0		3,146
Health Care		0		1,612		0		1,612
Industrials		0		3,918		0		3,918
Information Technology		0		815		0		815
Materials		0		2,729		0		2,729
Telecommunication Services		0		1,266		0		1,266
Utilities		0		2,081		0		2,081

See Accompanying Notes ANNUAL REPORT JUNE 30, 2016 47

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

June 30, 2016

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2016
Hong Kong
Consumer Discretionary	$	0	$	157	$	0	$	157
Consumer Staples		0		744		0		744
Financials		0		1,326		0		1,326
Industrials		0		242		0		242
Telecommunication Services		0		60		0		60
Utilities		0		332		0		332
Ireland
Energy		0		53		0		53
Health Care		544		0		0		544
Industrials		0		193		0		193
Materials		0		549		0		549
Israel
Financials		0		487		0		487
Health Care		726		0		0		726
Materials		0		194		0		194
Telecommunication Services		0		196		0		196
Italy
Consumer Discretionary		89		118		0		207
Energy		0		2,520		0		2,520
Financials		0		1,078		0		1,078
Industrials		0		161		0		161
Materials		213		0		0		213
Telecommunication Services		0		350		0		350
Utilities		0		2,287		0		2,287
Japan
Consumer Discretionary		0		4,296		0		4,296
Consumer Staples		0		3,041		0		3,041
Energy		0		324		0		324
Financials		58		5,058		0		5,116
Health Care		0		1,300		0		1,300
Industrials		0		5,166		0		5,166
Information Technology		0		3,426		0		3,426
Materials		0		2,674		0		2,674
Telecommunication Services		0		3,084		0		3,084
Utilities		0		1,868		0		1,868
Luxembourg
Consumer Discretionary		0		162		0		162
Materials		0		654		0		654
Macau
Consumer Discretionary		0		105		0		105
Netherlands
Consumer Discretionary		0		136		0		136
Consumer Staples		0		1,512		0		1,512
Energy		240		5,766		0		6,006
Financials		0		985		0		985
Industrials		0		767		0		767
Information Technology		62		0		0		62
Materials		0		353		0		353
Telecommunication Services		153		396		0		549
New Zealand
Materials		0		129		0		129
Telecommunication Services		0		371		0		371
Norway
Consumer Staples		0		233		0		233
Energy		0		2,079		0		2,079
Financials		0		256		0		256
Materials		0		119		0		119
Telecommunication Services		0		115		0		115
Portugal
Energy		0		42		0		42
Financials		0		0		1		1
Utilities		0		268		0		268
Singapore
Consumer Discretionary		0		158		0		158
Consumer Staples		0		479		0		479
Financials		0		777		0		777
Industrials		0		437		0		437
Information Technology		147		0		0		147

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2016
Telecommunication Services	$	0	$	245	$	0	$	245
South Africa
Financials		0		81		0		81
Materials		0		118		0		118
Spain
Consumer Discretionary		30		190		0		220
Consumer Staples		0		96		0		96
Energy		0		205		0		205
Financials		0		2,670		0		2,670
Industrials		121		745		0		866
Information Technology		0		128		0		128
Telecommunication Services		0		1,496		0		1,496
Utilities		0		1,285		0		1,285
Sweden
Consumer Discretionary		31		241		0		272
Consumer Staples		0		421		0		421
Financials		0		1,158		0		1,158
Health Care		0		20		0		20
Industrials		0		1,219		0		1,219
Information Technology		0		205		0		205
Materials		0		181		0		181
Telecommunication Services		0		1,149		0		1,149
Switzerland
Consumer Discretionary		81		245		0		326
Consumer Staples		0		1,119		0		1,119
Energy		432		0		0		432
Financials		91		3,455		0		3,546
Health Care		0		3,475		0		3,475
Industrials		0		475		0		475
Information Technology		234		120		0		354
Materials		0		1,113		0		1,113
United Kingdom
Consumer Discretionary		427		2,448		0		2,875
Consumer Staples		836		6,367		0		7,203
Energy		0		4,350		0		4,350
Financials		0		9,166		0		9,166
Health Care		0		2,716		0		2,716
Industrials		0		2,191		0		2,191
Information Technology		0		179		0		179
Materials		0		2,471		0		2,471
Telecommunication Services		0		1,890		0		1,890
Utilities		0		1,733		0		1,733
United States
Consumer Discretionary		138		142		0		280
Health Care		0		94		0		94
Materials		173		0		0		173
Preferred Stocks
Germany
Industrials		0		1,297		0		1,297
Materials		0		40		0		40
Real Estate Investment Trusts
Australia
Financials		0		1,077		0		1,077
Canada
Financials		243		0		0		243
France
Financials		0		237		0		237
Hong Kong
Financials		0		127		0		127
United Kingdom
Financials		0		177		0		177
Rights
Spain
Industrials		7		0		0		7
Limited Partnerships
Bermuda		3		0		0		3
Total Investments	$	28,764	$	185,974	$	1	$	214,739

There were no significant transfers between Levels 1, 2, or 3 during the period ended June 30, 2016.

48 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAE Fundamental US Fund

June 30, 2016

	SHARES		MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.4%
COMMON STOCKS 98.4%
IRELAND 0.4%
FINANCIALS 0.0%
XL Group PLC	2,489	$		83
INFORMATION TECHNOLOGY 0.4%
Accenture PLC ‘A’	15,364			1,740
Total Ireland				1,823
UNITED KINGDOM 0.1%
CONSUMER STAPLES 0.1%
Coca-Cola European Partners	17,988			642
Total United Kingdom				642
UNITED STATES 97.9%
CONSUMER DISCRETIONARY 12.7%
Aaron’s, Inc.	14,424			316
Abercrombie & Fitch Co. ‘A’	42,864			763
Advance Auto Parts, Inc.	351			57
Amazon.com, Inc. (a)	4,730			3,385
American Eagle Outfitters, Inc.	26,648			424
Apollo Education Group, Inc. (a)	37,202			339
Aramark	2,689			90
Ascena Retail Group, Inc. (a)	2,925			20
AutoNation, Inc. (a)	4,781			225
AutoZone, Inc. (a)	498			395
Bed Bath & Beyond, Inc.	32,873			1,421
Best Buy Co., Inc.	23,327			714
Big Lots, Inc.	16,449			824
Bloomin’ Brands, Inc.	14,340			256
Bob Evans Farms, Inc.	3,486			132
Boyd Gaming Corp. (a)	3,956			73
Brinker International, Inc.	6,147			280
Burlington Stores, Inc. (a)	3,201			214
Cabela’s, Inc. (a)	1,679			84
Caesars Entertainment Corp. (a)	21,689			167
Carnival Corp.	16,655			736
Carter’s, Inc.	539			57
CBS Corp. ‘B’	19,241			1,047
Charter Communications, Inc. (a)	281			64
Chico’s FAS, Inc.	33,754			362
Cinemark Holdings, Inc.	6,274			229
Coach, Inc.	31,682			1,291
Comcast Corp. ‘A’	53,703			3,501
Cooper Tire & Rubber Co.	1,923			57
Cracker Barrel Old Country Store, Inc.	770			132
CST Brands, Inc.	1,237			53
Dana Holding Corp.	10,584			112
DeVry Education Group, Inc.	8,573			153
Dick’s Sporting Goods, Inc.	3,002			135
Dillard’s, Inc. ‘A’	8,902			539
Discovery Communications, Inc. ‘A’ (a)	7,825			197
Dollar General Corp.	5,077			477
Dollar Tree, Inc. (a)	2,943			277
Domino’s Pizza, Inc.	744			98
Expedia, Inc.	2,371			252
Express, Inc. (a)	4,410			64
Foot Locker, Inc.	2,538			139
Ford Motor Co.	55,149			693

	SHARES		MARKET VALUE (000S)
Fossil Group, Inc. (a)	15,819	$		451
GameStop Corp. ‘A’	23,636			628
Gannett Co., Inc.	6,562			91
Gap, Inc.	48,219			1,023
General Motors Co.	13,266			375
Genesco, Inc. (a)	3,690			237
Genuine Parts Co.	2,058			208
GNC Holdings, Inc. ‘A’	13,021			316
Goodyear Tire & Rubber Co.	6,659			171
Graham Holdings Co. ‘B’	423			207
Guess?, Inc.	19,723			297
Harley-Davidson, Inc.	4,180			189
Hasbro, Inc.	5,841			491
Home Depot, Inc.	32,642			4,168
International Game Technology PLC	10,986			206
Interpublic Group of Cos., Inc.	26,300			608
JC Penney Co., Inc. (a)	34,523			307
Johnson Controls, Inc.	2,224			98
Kohl’s Corp.	44,042			1,670
L Brands, Inc.	5,959			400
Las Vegas Sands Corp.	3,806			166
Leggett & Platt, Inc.	2,389			122
Liberty Interactive Corp. ‘A’ (a)	19,003			482
Lowe’s Cos., Inc.	34,812			2,756
Macy’s, Inc.	24,315			817
Mattel, Inc.	32,882			1,029
McDonald’s Corp.	35,535			4,276
MGM Resorts International (a)	9,350			212
Murphy USA, Inc. (a)	2,421			180
News Corp. ‘A’	7,912			90
NIKE, Inc. ‘B’	28,290			1,562
Nordstrom, Inc.	9,373			357
Norwegian Cruise Line Holdings Ltd. (a)	2,955			118
O’Reilly Automotive, Inc. (a)	2,324			630
Omnicom Group, Inc.	15,595			1,271
Outerwall, Inc.	5,792			243
Panera Bread Co. ‘A’ (a)	847			180
Pier 1 Imports, Inc.	9,192			47
Ralph Lauren Corp.	5,654			507
Regal Entertainment Group ‘A’	13,872			306
Rent-A-Center, Inc.	18,012			221
Ross Stores, Inc.	4,466			253
Royal Caribbean Cruises Ltd.	3,057			205
Safeway Casa Ley CVR	38,866			5
Safeway PDC LLC CVR	38,866			2
Sally Beauty Holdings, Inc. (a)	5,416			159
Scripps Networks Interactive, Inc. ‘A’	1,596			99
Sears Holdings Corp. (a)	16,695			227
SeaWorld Entertainment, Inc.	20,386			292
Service Corp. International	1,838			50
Six Flags Entertainment Corp.	1,512			88
Staples, Inc.	82,144			708
Starbucks Corp.	15,249			871
Starwood Hotels & Resorts Worldwide, Inc.	1,327			98
Target Corp.	36,701			2,562
Tenneco, Inc. (a)	4,690			219
Time Warner, Inc.	35,080			2,580
Time, Inc.	29,036			478
TJX Cos., Inc.	6,889			532
Tractor Supply Co.	1,863			170
Tribune Media Co. ‘A’	10,205			400
Tupperware Brands Corp.	8,346			470
Urban Outfitters, Inc. (a)	8,430			232

	SHARES		MARKET VALUE (000S)
VF Corp.	1,739	$		107
Viacom, Inc. ‘B’	51,579			2,139
Visteon Corp.	2,624			173
Walt Disney Co.	18,767			1,836
Weight Watchers International, Inc. (a)	38,060			443
Wendy’s Co.	14,267			137
Whirlpool Corp.	594			99
Williams-Sonoma, Inc.	1,201			63
Wyndham Worldwide Corp.	9,490			676
Wynn Resorts Ltd.	7,997			725
Yum! Brands, Inc.	5,398			448
				66,103
CONSUMER STAPLES 9.3%
Altria Group, Inc.	40,250			2,776
Avery Dennison Corp.	2,730			204
Avon Products, Inc.	164,488			622
Brown-Forman Corp.	1,022			102
Bunge Ltd.	5,080			300
Campbell Soup Co.	2,720			181
Casey’s General Stores, Inc.	1,510			199
Clorox Co.	518			72
Coca-Cola Co.	71,846			3,257
Colgate-Palmolive Co.	12,512			916
ConAgra Foods, Inc.	11,067			529
Costco Wholesale Corp.	4,298			675
CVS Health Corp.	20,638			1,976
Dr Pepper Snapple Group, Inc.	9,928			959
Estee Lauder Cos., Inc. ‘A’	3,133			285
General Mills, Inc.	16,413			1,170
Herbalife Ltd. (a)	17,926			1,049
HRG Group, Inc. (a)	7,246			99
Ingredion, Inc.	1,223			158
JM Smucker Co.	2,929			446
Kellogg Co.	6,131			501
Kimberly-Clark Corp.	3,252			447
Kraft Heinz Co.	3,685			326
Kroger Co.	47,497			1,747
Leucadia National Corp.	5,590			97
McCormick & Co., Inc.	1,922			205
Molson Coors Brewing Co. ‘B’	1,391			141
Mondelez International, Inc. ‘A’	39,714			1,807
Nu Skin Enterprises, Inc. ‘A’	9,742			450
PepsiCo, Inc.	37,508			3,974
Philip Morris International, Inc.	62,173			6,324
Procter & Gamble Co.	65,053			5,508
Reynolds American, Inc.	20,319			1,096
Rite Aid Corp. (a)	92,963			696
SUPERVALU, Inc. (a)	14,115			67
Sysco Corp.	20,785			1,055
Universal Corp.	4,035			233
Wal-Mart Stores, Inc.	88,861			6,489
Walgreens Boots Alliance, Inc.	15,095			1,257
Whole Foods Market, Inc.	8,312			266
				48,661
ENERGY 11.2%
Anadarko Petroleum Corp.	14,359			765
Apache Corp.	15,142			843
Archrock, Inc.	2,527			24
Baker Hughes, Inc.	8,788			397
Bill Barrett Corp. (a)	31,894			204
Bristow Group, Inc.	4,117			47

See Accompanying Notes ANNUAL REPORT JUNE 30, 2016 49

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

	SHARES		MARKET VALUE (000S)
California Resources Corp.	26,164	$		319
Chesapeake Energy Corp. (a)	216,979			929
Chevron Corp.	119,372			12,514
ConocoPhillips	128,570			5,606
CONSOL Energy, Inc.	22,998			370
Continental Resources, Inc. (a)	1,478			67
Denbury Resources, Inc.	41,881			150
Devon Energy Corp.	7,264			263
Diamond Offshore Drilling, Inc.	12,305			299
Energen Corp.	6,072			293
EOG Resources, Inc.	4,180			349
EP Energy Corp. ‘A’ (a)	10,416			54
Exterran Corp. (a)	1,263			16
Exxon Mobil Corp.	179,263			16,804
Halliburton Co.	27,176			1,231
Helmerich & Payne, Inc.	1,487			100
Hess Corp.	25,979			1,561
HollyFrontier Corp.	21,810			518
Kinder Morgan, Inc.	14,542			272
Marathon Oil Corp.	126,132			1,893
Marathon Petroleum Corp.	26,588			1,009
MRC Global, Inc. (a)	7,943			113
Murphy Oil Corp.	32,683			1,038
Nabors Industries Ltd.	13,410			135
National Oilwell Varco, Inc.	31,320			1,054
Newfield Exploration Co. (a)	6,982			308
Noble Energy, Inc.	2,974			107
NOW, Inc. (a)	6,450			117
Oasis Petroleum, Inc. (a)	19,104			178
Occidental Petroleum Corp.	30,215			2,283
Oceaneering International, Inc.	3,082			92
ONEOK, Inc.	3,036			144
Patterson-UTI Energy, Inc.	12,083			258
PBF Energy, Inc. ‘A’	3,036			72
Phillips 66	8,737			693
Rowan Cos. PLC ‘A’	4,292			76
Schlumberger Ltd.	22,814			1,804
SEACOR Holdings, Inc. (a)	3,339			193
SM Energy Co.	3,148			85
Southwestern Energy Co. (a)	7,154			90
Spectra Energy Corp.	10,674			391
Stone Energy Corp. (a)	3,375			41
Superior Energy Services, Inc.	13,884			256
Targa Resources Corp.	3,964			167
Tesoro Corp.	2,896			217
Unit Corp. (a)	12,100			188
Valero Energy Corp.	18,833			960
Whiting Petroleum Corp. (a)	21,230			197
WPX Energy, Inc. (a)	38,569			359
				58,513
FINANCIALS 11.5%
Aflac, Inc.	6,319			456
Aircastle Ltd.	3,879			76
Allstate Corp.	17,270			1,208
Ally Financial, Inc. (a)	27,343			467
Ambac Financial Group, Inc. (a)	8,673			143
American Equity Investment Life Holding Co.	5,879			84
American Express Co.	25,192			1,531
American Financial Group, Inc.	4,410			326
American International Group, Inc.	76,527			4,047
Ameriprise Financial, Inc.	2,863			257
Assurant, Inc.	8,635			745

	SHARES		MARKET VALUE (000S)
Automatic Data Processing, Inc.	3,870	$		356
Bank of America Corp.	287,879			3,820
Bank of New York Mellon Corp.	11,200			435
BB&T Corp.	13,967			497
Berkshire Hathaway, Inc. ‘B’ (a)	4,477			648
BGC Partners, Inc. ‘A’	16,829			147
BlackRock, Inc.	277			95
Booz Allen Hamilton Holding Corp.	21,145			627
Capital One Financial Corp.	25,479			1,618
Capitol Federal Financial, Inc.	11,022			154
CIT Group, Inc.	7,580			242
Citigroup, Inc.	94,637			4,012
Citizens Financial Group, Inc.	19,359			387
CME Group, Inc.	5,241			510
CNO Financial Group, Inc.	10,064			176
Comerica, Inc.	2,208			91
CoreLogic, Inc. (a)	6,377			245
Discover Financial Services	12,994			696
E*TRADE Financial Corp. (a)	8,824			207
Fifth Third Bancorp	40,721			716
First Horizon National Corp.	19,910			274
First Niagara Financial Group, Inc.	31,236			304
FNF Group	4,561			171
Franklin Resources, Inc.	5,495			183
Genworth Financial, Inc. ‘A’ (a)	60,684			157
Global Payments, Inc.	4,213			301
Goldman Sachs Group, Inc.	8,742			1,299
Great Western Bancorp, Inc.	5,957			188
Hartford Financial Services Group, Inc.	15,897			705
JPMorgan Chase & Co.	134,933			8,385
Kemper Corp.	3,257			101
KeyCorp	7,716			85
Legg Mason, Inc.	12,907			381
Lincoln National Corp.	4,643			180
Loews Corp.	15,789			649
Marsh & McLennan Cos., Inc.	1,679			115
Mastercard, Inc. ‘A’	12,484			1,099
MetLife, Inc.	16,945			675
NASDAQ, Inc.	4,121			266
Navient Corp.	29,814			356
New York Community Bancorp, Inc.	21,095			316
Northwest Bancshares, Inc.	7,457			111
OneMain Holdings, Inc. (a)	3,675			84
People’s United Financial, Inc.	27,991			410
PHH Corp. (a)	17,761			237
PNC Financial Services Group, Inc.	14,341			1,167
Primerica, Inc.	1,945			111
Progressive Corp.	8,434			283
Prudential Financial, Inc.	1,330			95
Regions Financial Corp.	49,357			420
Reinsurance Group of America, Inc.	4,165			404
S&P Global, Inc.	2,257			242
Santander Consumer USA Holdings, Inc. (a)	28,443			294
SLM Corp. (a)	73,462			454
State Street Corp.	3,817			206
SunTrust Banks, Inc.	11,656			479
Synchrony Financial (a)	31,415			794
Total System Services, Inc.	1,430			76
Travelers Cos., Inc.	33,231			3,956
Trustmark Corp.	7,418			184
U.S. Bancorp	11,761			474
Unum Group	7,838			249
Visa, Inc. ‘A’	29,389			2,180

	SHARES		MARKET VALUE (000S)
Voya Financial, Inc.	20,293	$		502
Wells Fargo & Co.	78,556			3,718
Western Union Co.	53,812			1,032
White Mountains Insurance Group Ltd.	249			210
WR Berkley Corp.	1,263			76
				59,657
HEALTH CARE 11.3%
Abbott Laboratories	21,170			832
AbbVie, Inc.	21,305			1,319
Aetna, Inc.	14,430			1,762
Alere, Inc. (a)	2,478			103
Alexion Pharmaceuticals, Inc. (a)	826			96
AmerisourceBergen Corp.	2,109			167
Amgen, Inc.	18,128			2,758
Anthem, Inc.	22,853			3,002
Baxter International, Inc.	15,817			715
Becton Dickinson and Co.	5,947			1,009
Bio-Rad Laboratories, Inc. ‘A’ (a)	2,282			326
Biogen, Inc. (a)	1,811			438
Boston Scientific Corp. (a)	28,663			670
Bristol-Myers Squibb Co.	30,847			2,269
Cardinal Health, Inc.	4,942			386
Celgene Corp. (a)	8,334			822
Centene Corp. (a)	2,613			186
Charles River Laboratories International, Inc. (a)	999			82
Cigna Corp.	1,167			149
Community Health Systems, Inc. (a)	27,688			334
CR Bard, Inc.	2,501			588
DaVita HealthCare Partners, Inc. (a)	1,553			120
Edwards Lifesciences Corp. (a)	2,385			238
Eli Lilly & Co.	24,626			1,939
Envision Healthcare Holdings, Inc. (a)	13,782			350
Express Scripts Holding Co. (a)	11,126			843
Gilead Sciences, Inc.	14,081			1,175
Halyard Health, Inc. (a)	3,995			130
HCA Holdings, Inc. (a)	34,276			2,640
Henry Schein, Inc. (a)	1,213			214
Hologic, Inc. (a)	2,541			88
Humana, Inc.	3,988			717
Illumina, Inc. (a)	719			101
Intuitive Surgical, Inc. (a)	246			163
Johnson & Johnson	54,895			6,659
Kindred Healthcare, Inc.	13,767			155
Laboratory Corp. of America Holdings (a)	580			76
LifePoint Health, INC. (a)	5,999			392
Magellan Health, Inc. (a)	4,799			316
Mallinckrodt PLC (a)	1,214			74
McKesson Corp.	3,383			631
MEDNAX, Inc. (a)	704			51
Merck & Co., Inc.	88,685			5,109
Mylan NV (a)	2,977			129
Owens & Minor, Inc.	5,199			194
Patterson Cos., Inc.	4,792			229
Pfizer, Inc.	275,074			9,685
Quest Diagnostics, Inc.	16,725			1,362
Quintiles Transnational Holdings, Inc. (a)	1,168			76
Regeneron Pharmaceuticals, Inc. (a)	545			190
Select Medical Holdings Corp. (a)	7,502			82

50 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2016

	SHARES		MARKET VALUE (000S)
St Jude Medical, Inc.	9,986	$		779
Stryker Corp.	3,872			464
Tenet Healthcare Corp. (a)	12,538			347
Thermo Fisher Scientific, Inc.	2,843			420
United Therapeutics Corp. (a)	610			65
UnitedHealth Group, Inc.	24,310			3,433
Universal Health Services, Inc. ‘B’	1,418			190
Varian Medical Systems, Inc. (a)	1,196			98
VCA, Inc. (a)	1,043			71
WellCare Health Plans, Inc. (a)	1,757			188
Zimmer Biomet Holdings, Inc.	2,483			299
Zoetis, Inc.	4,646			221
				58,716
INDUSTRIALS 8.5%
3M Co.	11,465			2,008
AGCO Corp.	8,617			406
Alaska Air Group, Inc.	4,271			249
Armstrong Flooring, Inc. (a)	6,727			114
Avis Budget Group, Inc. (a)	13,530			436
Boeing Co.	8,749			1,136
Brink’s Co.	4,303			123
Caterpillar, Inc.	28,657			2,173
CH Robinson Worldwide, Inc.	1,324			98
Cintas Corp.	1,350			132
Clean Harbors, Inc. (a)	1,848			96
CSX Corp.	42,529			1,109
Cummins, Inc.	4,030			453
Danaher Corp.	8,564			865
Deere & Co.	23,876			1,935
Delta Air Lines, Inc.	3,251			118
Dover Corp.	6,766			469
Emerson Electric Co.	31,662			1,652
Equifax, Inc.	1,083			139
Essendant, Inc.	2,232			68
FedEx Corp.	988			150
Flowserve Corp.	5,085			230
Fluor Corp.	9,757			481
FTI Consulting, Inc. (a)	3,531			144
GATX Corp.	5,611			247
General Dynamics Corp.	6,038			841
General Electric Co.	234,708			7,389
Harsco Corp.	9,544			63
HD Supply Holdings, Inc. (a)	2,680			93
Hertz Global Holdings, Inc. (a)	59,146			655
Honeywell International, Inc.	10,153			1,181
Illinois Tool Works, Inc.	12,019			1,252
Ingersoll-Rand PLC	5,285			337
JetBlue Airways Corp. (a)	13,903			230
Joy Global, Inc.	5,910			125
KBR, Inc.	17,699			234
Kirby Corp. (a)	1,434			89
KLX, Inc. (a)	7,383			229
L-3 Communications Holdings, Inc.	5,593			820
Lockheed Martin Corp.	5,883			1,460
ManpowerGroup, Inc.	2,734			176
Mettler-Toledo International, Inc. (a)	235			86
Norfolk Southern Corp.	13,784			1,173
Northrop Grumman Corp.	11,906			2,646
Owens Corning	4,557			235
PACCAR, Inc.	3,132			162
Parker-Hannifin Corp.	2,737			296
Raytheon Co.	12,384			1,684

	SHARES		MARKET VALUE (000S)
Republic Services, Inc.	13,960	$		716
Rexnord Corp. (a)	3,930			77
Rockwell Collins, Inc.	1,819			155
RR Donnelley & Sons Co.	27,360			463
Ryder System, Inc.	3,092			189
SkyWest, Inc.	6,733			178
Snap-on, Inc.	465			73
Southwest Airlines Co.	1,168			46
SPX Corp.	3,968			59
SPX FLOW, Inc. (a)	3,164			83
Stanley Black & Decker, Inc.	971			108
Textron, Inc.	2,596			95
Timken Co.	6,558			201
TransDigm Group, Inc. (a)	679			179
Trinity Industries, Inc.	3,139			58
Triumph Group, Inc.	1,718			61
Tyco International PLC	2,302			98
Union Pacific Corp.	15,831			1,381
United Continental Holdings, Inc. (a)	3,382			139
United Parcel Service, Inc. ‘B’	1,181			127
United Technologies Corp.	14,145			1,451
Waste Management, Inc.	19,509			1,293
WESCO International, Inc. (a)	1,665			86
WW Grainger, Inc.	1,285			292
YRC Worldwide, Inc. (a)	3,065			27
				44,122
INFORMATION TECHNOLOGY 18.7%
Activision Blizzard, Inc.	42,702			1,692
Advanced Micro Devices, Inc. (a)	48,801			251
Alphabet, Inc. ‘A’ (a)	870			612
Alphabet, Inc. ‘C’ (a)	11,700			8,098
Amdocs Ltd.	7,067			408
Analog Devices, Inc.	1,107			63
Anixter International, Inc. (a)	4,360			232
Apple, Inc.	96,087			9,186
Applied Materials, Inc.	9,604			230
Arrow Electronics, Inc. (a)	11,167			691
Avnet, Inc.	16,657			675
Broadridge Financial Solutions, Inc.	2,440			159
Brocade Communications Systems, Inc.	23,897			219
CA, Inc.	34,097			1,119
CACI International, Inc. ‘A’ (a)	2,398			217
CDW Corp.	1,196			48
Cerner Corp. (a)	1,342			79
Cisco Systems, Inc.	188,180			5,399
Citrix Systems, Inc. (a)	3,041			243
Cognizant Technology Solutions Corp. ‘A’ (a)	5,146			294
CommScope Holding Co., Inc. (a)	2,797			87
Computer Sciences Corp.	1,983			98
Convergys Corp.	8,549			214
Corning, Inc.	74,416			1,524
CSRA, Inc.	2,760			65
Diebold, Inc.	3,544			88
DST Systems, Inc.	839			98
Dun & Bradstreet Corp.	3,191			389
eBay, Inc. (a)	7,803			183
EchoStar Corp. ‘A’ (a)	1,835			73
Electronic Arts, Inc. (a)	4,332			328
EMC Corp.	82,341			2,237
Energizer Holdings, Inc.	2,098			108
Facebook, Inc. ‘A’ (a)	5,641			645

	SHARES		MARKET VALUE (000S)
Fairchild Semiconductor International, Inc. (a)	5,415	$		107
Fidelity National Information Services, Inc.	6,773			499
Fiserv, Inc. (a)	4,659			507
Flextronics International Ltd. (a)	22,711			268
FLIR Systems, Inc.	2,643			82
Harris Corp.	4,242			354
Hewlett Packard Enterprise Co.	242,755			4,435
HP, Inc.	224,887			2,822
Ingram Micro, Inc. ‘A’	19,252			670
Intel Corp.	243,498			7,987
InterActiveCorp	8,477			477
International Business Machines Corp.	84,313			12,797
Intuit, Inc.	4,008			447
Jabil Circuit, Inc.	23,388			432
Juniper Networks, Inc.	34,557			777
Keysight Technologies, Inc. (a)	8,260			240
KLA-Tencor Corp.	4,129			302
Lam Research Corp.	603			51
Leidos Holdings, Inc.	8,117			389
Lexmark International, Inc. ‘A’	16,143			609
Maxim Integrated Products, Inc.	12,765			456
Micron Technology, Inc. (a)	42,639			587
Microsoft Corp.	175,142			8,962
Motorola Solutions, Inc.	20,616			1,360
NCR Corp. (a)	8,422			234
NetApp, Inc.	28,592			703
NeuStar, Inc. ‘A’ (a)	9,570			225
Nuance Communications, Inc. (a)	5,222			82
NVIDIA Corp.	8,760			412
Oracle Corp.	85,335			3,493
Paychex, Inc.	4,173			248
Pitney Bowes, Inc.	29,248			521
Polycom, Inc. (a)	24,001			270
QLogic Corp. (a)	14,485			213
Qorvo, Inc. (a)	1,030			57
QUALCOMM, Inc.	27,760			1,487
Red Hat, Inc. (a)	970			70
Rovi Corp. (a)	8,122			127
Seagate Technology PLC	50,334			1,226
Skyworks Solutions, Inc.	738			47
Symantec Corp.	61,859			1,271
SYNNEX Corp.	583			55
Synopsys, Inc. (a)	2,860			155
Take-Two Interactive Software, Inc. (a)	2,513			95
Tech Data Corp. (a)	7,425			533
Teradata Corp. (a)	18,585			466
Teradyne, Inc.	5,069			100
Texas Instruments, Inc.	22,417			1,404
Unisys Corp. (a)	12,089			88
VeriSign, Inc. (a)	1,120			97
Vishay Intertechnology, Inc.	19,187			238
West Corp.	4,381			86
Western Digital Corp.	3,505			166
Xerox Corp.	97,666			927
Xilinx, Inc.	2,112			97
Yahoo!, Inc. (a)	4,417			166
Zynga, Inc. ‘A’ (a)	31,008			77
				97,105

See Accompanying Notes ANNUAL REPORT JUNE 30, 2016 51

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

	SHARES		MARKET VALUE (000S)
MATERIALS 2.4%
Air Products & Chemicals, Inc.	2,167	$		308
Alcoa, Inc.	27,985			259
AptarGroup, Inc.	1,286			102
Armstrong World Industries, Inc. (a)	13,455			527
Ashland, Inc.	1,557			179
Ball Corp.	3,547			256
Bemis Co., Inc.	4,594			237
Berry Plastics Group, Inc. (a)	2,199			85
Celanese Corp.	1,531			100
CF Industries Holdings, Inc.	17,411			420
Chemours Co.	35,278			291
Chemtura Corp. (a)	3,567			94
Commercial Metals Co.	3,881			66
Domtar Corp.	7,340			257
Dow Chemical Co.	25,493			1,267
E.I. du Pont de Nemours & Co.	14,493			939
Freeport-McMoRan, Inc.	60,507			674
Greif, Inc. ‘A’	2,357			88
Huntsman Corp.	5,506			74
International Paper Co.	6,255			265
LyondellBasell Industries NV ‘A’	13,051			971
Monsanto Co.	7,327			758
Mosaic Co.	28,463			745
Newmont Mining Corp.	49,125			1,922
Owens-Illinois, Inc. (a)	13,911			251
PPG Industries, Inc.	2,058			214
Praxair, Inc.	3,400			382
Reliance Steel & Aluminum Co.	2,811			216
Sherwin-Williams Co.	1,043			306
Sonoco Products Co.	1,511			75
U.S. Steel Corp.	2,899			49
				12,377
TELECOMMUNICATION SERVICES 5.7%
AT&T, Inc.	395,272			17,080
CenturyLink, Inc.	91,468			2,654
Contra Leap Wireless	22,373			45
Frontier Communications Corp.	207,926			1,027
T-Mobile US, Inc. (a)	8,648			374
Telephone & Data Systems, Inc.	13,279			394
Verizon Communications, Inc.	133,813			7,472

	SHARES		MARKET VALUE (000S)
Windstream Holdings, Inc.	42,281	$		392
				29,438
UTILITIES 6.6%
AES Corp.	52,769			659
AGL Resources, Inc.	4,823			318
Alliant Energy Corp.	2,768			110
Ameren Corp.	22,757			1,219
American Electric Power Co., Inc.	26,765			1,876
American Water Works Co., Inc.	1,484			125
Atmos Energy Corp.	3,085			251
Avista Corp.	6,248			280
Calpine Corp. (a)	52,942			781
CenterPoint Energy, Inc.	36,430			874
CMS Energy Corp.	16,059			736
Consolidated Edison, Inc.	27,248			2,192
Dominion Resources, Inc.	6,404			499
DTE Energy Co.	10,946			1,085
Duke Energy Corp.	22,114			1,897
Edison International	15,660			1,216
El Paso Electric Co.	4,094			194
Entergy Corp.	28,446			2,314
Eversource Energy	1,978			119
Exelon Corp.	48,982			1,781
FirstEnergy Corp.	30,958			1,081
Great Plains Energy, Inc.	14,194			432
MDU Resources Group, Inc.	30,620			735
National Fuel Gas Co.	1,807			103
NextEra Energy, Inc.	8,835			1,152
NiSource, Inc.	8,998			239
NRG Energy, Inc.	13,137			197
ONE Gas, Inc.	4,293			286
PG&E Corp.	23,051			1,473
Pinnacle West Capital Corp.	9,931			805
PNM Resources, Inc.	9,144			324
Portland General Electric Co.	4,788			211
PPL Corp.	30,897			1,166
Public Service Enterprise Group, Inc.	31,993			1,491
SCANA Corp.	5,559			421
Sempra Energy	4,513			515
Southern Co.	38,196			2,048
Southwest Gas Corp.	4,410			347
TECO Energy, Inc.	26,971			746

	SHARES		MARKET VALUE (000S)
UGI Corp.	4,133	$		187
Vectren Corp.	7,049			371
Westar Energy, Inc.	9,700			544
WGL Holdings, Inc.	1,921			136
Xcel Energy, Inc.	23,680			1,060
				34,596
Total United States				509,288
Total Common Stocks (Cost $418,743)				511,753
REAL ESTATE INVESTMENT TRUSTS 1.0%
UNITED STATES 1.0%
FINANCIALS 1.0%
American Capital Agency Corp.	18,139			360
Annaly Capital Management, Inc.	123,863			1,371
Chimera Investment Corp.	6,398			100
Columbia Property Trust, Inc.	8,964			192
Corrections Corp. of America	9,408			329
Digital Realty Trust, Inc.	1,472			160
Hatteras Financial Corp.	15,441			253
Hospitality Properties Trust	3,812			110
Iron Mountain, Inc.	23,062			919
Mack-Cali Realty Corp.	6,008			162
MFA Financial, Inc.	15,120			110
New Residential Investment Corp.	8,581			119
Outfront Media, Inc.	9,449			228
Piedmont Office Realty Trust, Inc. ‘A’	10,291			222
Public Storage	754			193
Simon Property Group, Inc.	1,203			261
Two Harbors Investment Corp.	6,265			54
				5,143
Total Real Estate Investment Trusts (Cost $4,719)				5,143
Total Investments in Securities (Cost $423,462)				516,896
Total Investments 99.4% (Cost $423,462)		$		516,896
Other Assets and Liabilities, net 0.6%				3,061
Net Assets 100.0%		$		519,957

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.

52 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2016

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2016 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2016
Investments in Securities, at Value
Common Stocks
Ireland
Financials	$	83	$	0	$	0	$	83
Information Technology		1,740		0		0		1,740
United Kingdom
Consumer Staples		642		0		0		642
United States
Consumer Discretionary		66,096		0		7		66,103
Consumer Staples		48,661		0		0		48,661
Energy		58,513		0		0		58,513
Financials		59,657		0		0		59,657

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2016
Health Care	$	58,716	$	0	$	0	$	58,716
Industrials		44,122		0		0		44,122
Information Technology		97,105		0		0		97,105
Materials		12,377		0		0		12,377
Telecommunication Services		29,393		0		45		29,438
Utilities		34,596		0		0		34,596
Real Estate Investment Trusts
United States
Financials		5,143		0		0		5,143
Total Investments	$	516,844	$	0	$	52	$	516,896

There were no significant transfers between Levels 1, 2, or 3 during the period ended June 30, 2016.

See Accompanying Notes ANNUAL REPORT JUNE 30, 2016 53

Schedule of Investments PIMCO RAE Fundamental US Small Fund

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.3%
COMMON STOCKS 92.7%
UNITED KINGDOM 0.0%
HEALTH CARE 0.0%
LivaNova PLC (a)		806	$		41
Total United Kingdom					41
UNITED STATES 92.7%
CONSUMER DISCRETIONARY 19.6%
1-800-Flowers.com, Inc. ‘A’ (a)		2,526			23
AMC Entertainment Holdings, Inc. ‘A’		7,094			196
America’s Car-Mart, Inc. (a)		2,324			66
American Axle & Manufacturing Holdings, Inc. (a)		4,891			71
American Public Education, Inc. (a)		5,486			154
Arctic Cat, Inc.		4,820			82
Asbury Automotive Group, Inc. (a)		2,108			111
Ascena Retail Group, Inc. (a)		5,678			40
Ascent Capital Group, Inc. ‘A’ (a)		3,447			53
Barnes & Noble Education, Inc. (a)		2,810			28
Barnes & Noble, Inc.		27,934			317
Bassett Furniture Industries, Inc.		2,218			53
Big 5 Sporting Goods Corp.		6,842			63
Biglari Holdings, Inc. (a)		120			48
BJ’s Restaurants, Inc. (a)		2,492			109
Bloomin’ Brands, Inc.		806			14
Blue Nile, Inc.		965			26
Bob Evans Farms, Inc.		1,498			57
Boot Barn Holdings, Inc. (a)		2,049			18
Boyd Gaming Corp. (a)		18,990			349
Bravo Brio Restaurant Group, Inc. (a)		4,890			40
Bridgepoint Education, Inc. (a)		4,771			35
Bright Horizons Family Solutions, Inc. (a)		1,193			79
Buckle, Inc.		8,596			223
Build-A-Bear Workshop, Inc. (a)		735			10
Cable One, Inc.		132			67
CalAtlantic Group, Inc.		532			20
Caleres, Inc.		8,181			198
Callaway Golf Co.		8,510			87
Capella Education Co.		4,069			214
Career Education Corp. (a)		12,913			77
Carmike Cinemas, Inc. (a)		506			15
Carrols Restaurant Group, Inc. (a)		12,771			152
Cash America International, Inc.		7,249			309
Cato Corp. ‘A’		4,283			162
Cheesecake Factory, Inc.		1,670			80
Chegg, Inc. (a)		2,341			12
Children’s Place, Inc.		5,077			407
Choice Hotels International, Inc.		3,646			174
Churchill Downs, Inc.		391			49
Citi Trends, Inc.		4,807			75
Clear Channel Outdoor Holdings, Inc. ‘A’		6,698			42
ClubCorp Holdings, Inc.		4,158			54
Columbia Sportswear Co.		2,454			141
Conn’s, Inc. (a)		4,013			30
Container Store Group, Inc. (a)		9,593			51
Cooper Tire & Rubber Co.		707			21
Cooper-Standard Holding, Inc. (a)		3,375			267
Core-Mark Holding Co., Inc.		4,290			201
Crocs, Inc. (a)		24,347			275
CSS Industries, Inc.		1,334			36
CST Brands, Inc.		340			15
Cumulus Media, Inc. ‘A’ (a)		11,787			4

	SHARES			MARKET VALUE (000S)
Dana Holding Corp.		5,505	$		58
Dave & Buster’s Entertainment, Inc. (a)		2,623			123
Deckers Outdoor Corp. (a)		305			18
Del Frisco’s Restaurant Group, Inc. (a)		495			7
Denny’s Corp. (a)		11,133			119
Destination Maternity Corp.		2,654			16
Destination XL Group, Inc. (a)		4,606			21
DeVry Education Group, Inc.		4,007			71
Diamond Resorts International, Inc. (a)		3,173			95
DineEquity, Inc.		1,723			146
Dorman Products, Inc. (a)		210			12
DreamWorks Animation SKG, Inc. ‘A’ (a)		2,021			83
Drew Industries, Inc.		605			51
DSW, Inc.		2,909			62
El Pollo Loco Holdings, Inc. (a)		1,684			22
Eldorado Resorts, Inc. (a)		890			13
Entercom Communications Corp. ‘A’		3,387			46
Entravision Communications Corp. ‘A’		1,933			13
Eros International PLC (a)		5,051			82
Ethan Allen Interiors, Inc.		3,023			100
EW Scripps Co. ‘A’ (a)		1,838			29
Express, Inc. (a)		6,172			90
Extended Stay America, Inc.		4,438			66
Ezcorp, Inc. ‘A’ (a)		11,225			85
Federal-Mogul Holdings Corp. (a)		1,869			16
Fiesta Restaurant Group, Inc. (a)		1,787			39
Finish Line, Inc. ‘A’		15,961			322
First Cash Financial Services, Inc.		1,505			77
Five Below, Inc. (a)		793			37
Flexsteel Industries, Inc.		727			29
Francesca’s Holdings Corp. (a)		4,025			44
Fred’s, Inc. ‘A’		8,667			140
FTD Cos., Inc. (a)		3,273			82
G-III Apparel Group Ltd. (a)		805			37
Gannett Co., Inc.		3,695			51
Genesco, Inc. (a)		692			44
Gentherm, Inc. (a)		283			10
GoPro, Inc. ‘A’ (a)		773			8
Grand Canyon Education, Inc. (a)		605			24
Gray Television, Inc. (a)		1,196			13
Group 1 Automotive, Inc.		252			12
Groupon, Inc. (a)		55,966			182
Harte-Hanks, Inc.		10,286			16
Haverty Furniture Cos., Inc.		3,993			72
Hibbett Sports, Inc. (a)		4,672			163
Hooker Furniture Corp.		1,200			26
HSN, Inc.		2,174			106
Hyatt Hotels Corp. ‘A’ (a)		2,493			122
Iconix Brand Group, Inc. (a)		9,869			67
Installed Building Products, Inc. (a)		468			17
International Speedway Corp. ‘A’		4,359			146
Interval Leisure Group, Inc.		2,902			46
Isle of Capri Casinos, Inc. (a)		8,474			155
Jack in the Box, Inc.		218			19
Jamba, Inc. (a)		2,765			28
Jindal Steel & Power Ltd. (a)		15,356			121
John Wiley & Sons, Inc.		663			35
Johnson Outdoors, Inc. ‘A’		189			5
K12, Inc. (a)		9,255			116
Kirkland’s, Inc. (a)		2,629			39
La Quinta Holdings, Inc. (a)		2,976			34
La-Z-Boy, Inc.		2,220			62

	SHARES			MARKET VALUE (000S)
Lands’ End, Inc. (a)		11,479	$		188
LGI Homes, Inc. (a)		645			21
Libbey, Inc.		4,543			72
Liberty TripAdvisor Holdings, Inc. ‘A’ (a)		8,772			192
LifeLock, Inc. (a)		3,219			51
Lifetime Brands, Inc.		380			6
Loral Space & Communications, Inc. (a)		1,474			52
Lumber Liquidators Holdings, Inc. (a)		11,826			182
M/I Homes, Inc. (a)		865			16
Marcus Corp.		3,345			71
Marriott Vacations Worldwide Corp.		2,652			182
Mattress Firm Holding Corp. (a)		854			29
MDC Holdings, Inc.		1,206			29
Meritage Homes Corp. (a)		2,526			95
Metaldyne Performance Group, Inc.		1,469			20
Michaels Cos., Inc. (a)		7,238			206
Modine Manufacturing Co. (a)		6,440			57
Monarch Casino & Resort, Inc. (a)		718			16
Monro Muffler Brake, Inc.		1,538			98
Monster Worldwide, Inc. (a)		47,111			113
Movado Group, Inc.		3,614			78
MSG Networks, Inc. ‘A’ (a)		956			15
Murphy USA, Inc. (a)		425			31
NACCO Industries, Inc. ‘A’		810			45
National CineMedia, Inc.		11,757			182
Nautilus, Inc. (a)		1,100			20
New York Times Co.		1,254			15
Nexstar Broadcasting Group, Inc. ‘A’		894			43
Noodles & Co. (a)		2,362			23
Nutrisystem, Inc.		4,588			116
Outerwall, Inc.		2,145			90
Overstock.com, Inc. (a)		682			11
Oxford Industries, Inc.		1,842			104
Papa John’s International, Inc.		2,169			147
Papa Murphy’s Holdings, Inc. (a)		1,654			11
Party City Holdco, Inc. (a)		2,748			38
Penn National Gaming, Inc. (a)		26,123			364
Perry Ellis International, Inc. (a)		3,803			76
PetMed Express, Inc.		3,765			71
Pier 1 Imports, Inc.		45,335			233
Pinnacle Entertainment, Inc. (a)		1,339			15
Popeyes Louisiana Kitchen, Inc. (a)		620			34
Potbelly Corp. (a)		7,563			95
Reading International, Inc. ‘A’ (a)		2,287			29
Red Robin Gourmet Burgers, Inc. (a)		949			45
Regis Corp. (a)		14,837			185
Ruby Tuesday, Inc. (a)		5,942			21
Ruth’s Hospitality Group, Inc.		2,962			47
Scholastic Corp.		5,723			227
Sears Hometown and Outlet Stores, Inc. (a)		6,157			41
SeaWorld Entertainment, Inc.		2,253			32
Select Comfort Corp. (a)		6,955			149
Shoe Carnival, Inc.		2,645			66
Shutterfly, Inc. (a)		926			43
Sinclair Broadcast Group, Inc. ‘A’		903			27
Sizmek, Inc. (a)		2,731			6
Smith & Wesson Holding Corp. (a)		9,345			254
Sonic Automotive, Inc. ‘A’		7,147			122
Sonic Corp.		2,176			59
Sotheby’s		4,380			120
Speedway Motorsports, Inc.		2,331			41
Sportsman’s Warehouse Holdings, Inc. (a)		2,960			24

54 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2016

	SHARES			MARKET VALUE (000S)
Stage Stores, Inc.		8,731	$		43
Standard Motor Products, Inc.		1,518			60
Stein Mart, Inc.		7,745			60
Steven Madden Ltd. (a)		2,675			91
Stoneridge, Inc. (a)		3,052			46
Strayer Education, Inc. (a)		5,576			274
Sturm Ruger & Co., Inc.		2,624			168
Superior Industries International, Inc.		3,494			94
Taylor Morrison Home Corp. ‘A’ (a)		935			14
Texas Roadhouse, Inc.		5,440			248
Tile Shop Holdings, Inc. (a)		3,000			60
Tilly’s, Inc. ‘A’ (a)		3,947			23
TopBuild Corp. (a)		432			16
Tower International, Inc.		2,649			54
Townsquare Media, Inc. ‘A’ (a)		506			4
TravelCenters of America LLC (a)		3,141			26
tronc, Inc.		2,756			38
Tuesday Morning Corp. (a)		6,030			42
Tumi Holdings, Inc. (a)		1,194			32
Vera Bradley, Inc. (a)		7,267			103
Vince Holding Corp. (a)		5,062			28
Vitamin Shoppe, Inc. (a)		6,345			194
VOXX International Corp. (a)		2,663			7
Wendy’s Co.		3,870			37
West Marine, Inc. (a)		3,105			26
Weyco Group, Inc.		68			2
Wolverine World Wide, Inc.		3,012			61
World Wrestling Entertainment, Inc. ‘A’		4,462			82
ZAGG, Inc. (a)		1,857			10
Zumiez, Inc. (a)		2,008			29
					16,553
CONSUMER STAPLES 4.1%
Alliance One International, Inc. (a)		2,555			39
Andersons, Inc.		1,028			37
B&G Foods, Inc.		2,769			133
Blue Buffalo Pet Products, Inc. (a)		580			14
Boston Beer Co., Inc. ‘A’ (a)		367			63
Cal-Maine Foods, Inc.		2,347			104
Central Garden & Pet Co. ‘A’ (a)		15,188			330
Coca-Cola Bottling Co. Consolidated		994			147
Coty, Inc. ‘A’		3,068			80
Darling Ingredients, Inc. (a)		1,476			22
Dean Foods Co.		1,373			25
Elizabeth Arden, Inc. (a)		10,722			147
Fresh Del Monte Produce, Inc.		5,700			310
HRG Group, Inc. (a)		16,609			228
Ingles Markets, Inc. ‘A”		6,363			237
Inter Parfums, Inc.		2,844			81
J&J Snack Foods Corp.		476			57
John B Sanfilippo & Son, Inc.		634			27
Lancaster Colony Corp.		362			46
Medifast, Inc.		2,687			89
National Beverage Corp. (a)		1,650			104
Nutraceutical International Corp. (a)		789			18
Omega Protein Corp. (a)		4,935			99
Performance Food Group Co. (a)		588			16
PriceSmart, Inc.		1,095			102
Revlon, Inc. ‘A’ (a)		397			13
Sanderson Farms, Inc.		383			33
Seaboard Corp. (a)		18			52
Smart & Final Stores, Inc. (a)		4,615			69
Snyder’s-Lance, Inc.		2,065			70

	SHARES			MARKET VALUE (000S)
SpartanNash Co.		6,085	$		186
United Natural Foods, Inc. (a)		416			19
USANA Health Sciences, Inc. (a)		501			56
Vector Group Ltd.		7,896			177
Village Super Market, Inc. ‘A’		646			19
WD-40 Co.		802			94
Weis Markets, Inc.		2,243			113
					3,456
ENERGY 5.5%
Aceto Corp.		361			8
Alon USA Energy, Inc.		5,077			33
Antero Resources Corp. (a)		1,617			42
Archrock, Inc.		12,488			118
Atwood Oceanics, Inc.		5,505			69
Basic Energy Services, Inc. (a)		8,917			15
Bill Barrett Corp. (a)		5,186			33
Bonanza Creek Energy, Inc. (a)		16,663			33
Bristow Group, Inc.		1,722			20
C&J Energy Services Ltd. (a)		3,454			2
CARBO Ceramics, Inc.		9,443			124
Carrizo Oil & Gas, Inc. (a)		3,843			138
Clayton Williams Energy, Inc. (a)		2,361			65
Clean Energy Fuels Corp. (a)		5,924			21
Cobalt International Energy, Inc. (a)		6,000			8
Contango Oil & Gas Co. (a)		2,327			28
CVR Energy, Inc.		4,011			62
Delek U.S. Holdings, Inc.		4,578			60
Eclipse Resources Corp. (a)		9,756			33
Enbridge Energy Management LLC (a)		2,625			60
Enbridge Energy Management LLC		58,437			0
EP Energy Corp. ‘A’ (a)		41,853			217
Era Group, Inc. (a)		6,139			58
EXCO Resources, Inc. (a)		22,654			29
Fairmount Santrol Holdings, Inc. (a)		17,795			137
Flotek Industries, Inc. (a)		6,469			85
Forum Energy Technologies, Inc. (a)		11,531			200
FutureFuel Corp.		5,442			59
Geospace Technologies Corp. (a)		6,226			102
Green Plains, Inc.		2,872			57
Gulf Island Fabrication, Inc.		1,821			13
Gulfmark Offshore, Inc. ‘A’ (a)		11,772			37
Hallador Energy Co.		3,301			15
Helix Energy Solutions Group, Inc. (a)		41,352			280
Kosmos Energy Ltd. (a)		9,492			52
Laredo Petroleum, Inc. (a)		20,192			212
Matador Resources Co. (a)		3,795			75
Matrix Service Co. (a)		1,641			27
McDermott International, Inc. (a)		22,906			113
Memorial Resource Development Corp. (a)		1,767			28
MRC Global, Inc. (a)		2,944			42
Natural Gas Services Group, Inc. (a)		1,413			32
Newpark Resources, Inc. (a)		23,504			136
Northern Oil and Gas, Inc. (a)		35,043			162
NOW, Inc. (a)		1,027			19
Oasis Petroleum, Inc. (a)		4,233			39
Oil States International, Inc. (a)		503			16
Pacific Drilling S.A. (a)		2,062			15
Panhandle Oil and Gas, Inc. ‘A’		720			12
Parker Drilling Co. (a)		40,174			92
Parsley Energy, Inc. ‘A’ (a)		821			22
PDC Energy, Inc. (a)		1,070			62
PHI, Inc. (a)		1,325			24

	SHARES			MARKET VALUE (000S)
Pioneer Energy Services Corp. (a)		9,905	$		46
Renewable Energy Group, Inc. (a)		4,471			39
REX American Resources Corp. (a)		541			32
Rice Energy, Inc. (a)		1,937			43
Rowan Cos. PLC ‘A’		1,674			30
RPC, Inc.		7,521			117
RSP Permian, Inc. (a)		1,258			44
Sanchez Energy Corp. (a)		16,906			119
SEACOR Holdings, Inc. (a)		440			25
SemGroup Corp. ‘A’		1,622			53
SM Energy Co.		1,075			29
SunCoke Energy, Inc.		33,860			197
Synergy Resources Corp. (a)		1,593			11
Tesco Corp.		10,212			68
TETRA Technologies, Inc. (a)		16,685			106
Thermon Group Holdings, Inc. (a)		2,151			41
U.S. Silica Holdings, Inc.		1,733			60
Unit Corp. (a)		5,496			85
W&T Offshore, Inc. (a)		40,741			94
Westmoreland Coal Co. (a)		1,664			16
					4,696
FINANCIALS 12.4%
1st Source Corp.		1,575			51
Access National Corp.		646			13
Aircastle Ltd.		4,437			87
Alexander & Baldwin, Inc.		349			13
Ambac Financial Group, Inc. (a)		2,269			37
American Equity Investment Life Holding Co.		6,020			86
AMERISAFE, Inc.		622			38
Arrow Financial Corp.		1,100			33
Artisan Partners Asset Management, Inc. ‘A’		460			13
Associated Banc-Corp		2,277			39
Astoria Financial Corp.		9,834			151
Baldwin & Lyons, Inc. ‘B’		926			23
BancFirst Corp.		489			29
Bancorp, Inc. (a)		4,261			26
BancorpSouth, Inc.		2,005			45
Bank Mutual Corp.		3,005			23
Bank of Marin Bancorp		35			2
Beneficial Bancorp, Inc. (a)		2,592			33
Berkshire Hills Bancorp, Inc.		2,089			56
Blackhawk Network Holdings, Inc. (a)		2,969			99
BNC Bancorp		710			16
BOK Financial Corp.		3,194			200
Brookline Bancorp, Inc.		8,677			96
Bryn Mawr Bank Corp.		997			29
C1 Financial, Inc. (a)		921			21
Calamos Asset Management, Inc. ‘A’		3,240			24
Camden National Corp.		1,222			51
Capital Bank Financial Corp. ‘A’		2,672			77
Capitol Federal Financial, Inc.		4,197			59
Cardtronics, Inc. (a)		2,835			113
Cass Information Systems, Inc.		204			11
Cathay General Bancorp		334			9
Charter Financial Corp.		1,765			23
Chemical Financial Corp.		1,779			66
Citizens & Northern Corp.		745			15
City Holding Co.		1,537			70
CNA Financial Corp.		4,310			135
Columbia Banking System, Inc.		584			16
Community Bank System, Inc.		1,548			64

See Accompanying Notes ANNUAL REPORT JUNE 30, 2016 55

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

	SHARES			MARKET VALUE (000S)
Community Trust Bancorp, Inc.		2,291	$		79
Consumer Portfolio Services, Inc. (a)		5,056			19
Cowen Group, Inc. ‘A’ (a)		8,092			24
Crawford & Co. ‘B’		2,484			21
Credit Acceptance Corp. (a)		885			164
Customers Bancorp, Inc. (a)		972			24
Dime Community Bancshares, Inc.		4,373			74
Eagle Bancorp, Inc. (a)		560			27
eHealth, Inc. (a)		6,474			91
Ellie Mae, Inc. (a)		654			60
EMC Insurance Group, Inc.		792			22
Employers Holdings, Inc.		5,021			146
Encore Capital Group, Inc. (a)		692			16
Enova International, Inc. (a)		13,131			97
Enterprise Financial Services Corp.		1,357			38
Evercore Partners, Inc. ‘A’		292			13
Everi Holdings, Inc. (a)		10,159			12
FBL Financial Group, Inc. ‘A’		2,005			122
FBR & Co.		1,789			27
FCB Financial Holdings, Inc. ‘A’ (a)		1,364			46
Federal Agricultural Mortgage Corp. ‘C’		515			18
Fidelity & Guaranty Life		5,243			122
Fidelity Southern Corp.		2,631			41
Financial Institutions, Inc.		1,679			44
First Bancorp		1,664			29
First Busey Corp.		2,773			59
First Business Financial Services, Inc.		706			17
First Commonwealth Financial Corp.		6,128			56
First Community Bancshares, Inc.		1,829			41
First Connecticut Bancorp, Inc.		1,446			24
First Defiance Financial Corp.		1,350			52
First Financial Bancorp		8,181			159
First Financial Bankshares, Inc.		580			19
First Financial Corp.		2,071			76
First Interstate BancSystem, Inc. ‘A’		1,662			47
First Midwest Bancorp, Inc.		1,397			25
First NBC Bank Holding Co. (a)		820			14
First of Long Island Corp.		982			28
Flagstar Bancorp, Inc. (a)		1,399			34
Flushing Financial Corp.		4,312			86
FNB Corp.		1,954			24
Forestar Group, Inc. (a)		3,040			36
Forrester Research, Inc.		638			23
Fulton Financial Corp.		1,070			14
GAIN Capital Holdings, Inc.		4,716			30
German American Bancorp, Inc.		593			19
Great Southern Bancorp, Inc.		1,485			55
Great Western Bancorp, Inc.		3,713			117
Greenhill & Co., Inc.		3,115			50
GSV Capital Corp.		3,952			20
Hackett Group, Inc.		2,236			31
Hancock Holding Co.		1,599			42
Heartland Financial USA, Inc.		1,497			53
Heritage Financial Corp.		1,841			32
Heritage Insurance Holdings, Inc.		1,428			17
HFF, Inc. ‘A’		1,518			44
Hilltop Holdings, Inc. (a)		6,131			129
HomeStreet, Inc. (a)		2,410			48
HomeTrust Bancshares, Inc. (a)		2,190			40
Horace Mann Educators Corp.		694			23
Horizon Bancorp		1,141			29
Houlihan Lokey, Inc.		968			22
IBERIABANK Corp.		244			15
Independent Bank Corp.		657			30

	SHARES			MARKET VALUE (000S)
Independent Bank Group, Inc.		495	$		21
Infinity Property & Casualty Corp.		1,719			139
International Bancshares Corp.		2,198			57
INTL. FCStone, Inc. (a)		2,615			71
Investment Technology Group, Inc.		2,635			44
Janus Capital Group, Inc.		6,513			91
KCG Holdings, Inc. ‘A’ (a)		22,295			296
Lakeland Bancorp, Inc.		2,678			30
Lakeland Financial Corp.		330			15
LegacyTexas Financial Group, Inc.		785			21
LendingTree, Inc. (a)		260			23
LPL Financial Holdings, Inc.		2,436			55
MainSource Financial Group, Inc.		1,815			40
Marlin Business Services Corp.		2,080			34
MB Financial, Inc.		324			12
MBIA, Inc. (a)		9,267			63
Mercury General Corp.		2,671			142
Meridian Bancorp, Inc.		1,763			26
Meta Financial Group, Inc.		1,414			72
MoneyGram International, Inc. (a)		10,478			72
Morningstar, Inc.		1,550			127
National Bank Holdings Corp. ‘A’		5,608			114
National Bankshares, Inc.		59			2
National General Holdings Corp.		919			20
National Western Life Group, Inc. ‘A’		212			41
Nationstar Mortgage Holdings, Inc. (a)		1,396			16
Navigators Group, Inc.		932			86
NBT Bancorp, Inc.		5,287			151
Nelnet, Inc. ‘A’		5,346			186
NMI Holdings, Inc. ‘A’ (a)		5,138			28
Northfield Bancorp, Inc.		6,447			96
Northrim BanCorp, Inc.		1,035			27
Northwest Bancshares, Inc.		12,428			184
OceanFirst Financial Corp.		971			18
Old National Bancorp		5,021			63
OneBeacon Insurance Group Ltd. ‘A’		6,020			83
Oppenheimer Holdings, Inc. ‘A’		621			10
Oritani Financial Corp.		3,506			56
Pacific Premier Bancorp, Inc. (a)		1,680			40
Park National Corp.		1,260			116
PennyMac Financial Services, Inc. ‘A’ (a)		1,300			16
Pinnacle Financial Partners, Inc.		1,056			52
Piper Jaffray Cos. (a)		1,886			71
PRA Group, Inc. (a)		564			14
Preferred Bank		591			17
Primerica, Inc.		740			42
ProAssurance Corp.		500			27
Provident Financial Services, Inc.		5,649			111
RE/MAX Holdings, Inc. ‘A’		1,822			73
Regional Management Corp. (a)		3,933			58
Renasant Corp.		1,078			35
Republic Bancorp, Inc. ‘A’		1,061			29
RLI Corp.		1,168			80
RMR Group, Inc. ‘A’		98			3
S&T Bancorp, Inc.		888			22
Safety Insurance Group, Inc.		1,732			107
Sandy Spring Bancorp, Inc.		1,335			39
Selective Insurance Group, Inc.		1,535			59
ServisFirst Bancshares, Inc.		1,165			58
Sierra Bancorp		129			2
Simmons First National Corp. ‘A’		426			20
South State Corp.		309			21
State Bank Financial Corp.		1,842			37

	SHARES			MARKET VALUE (000S)
Stewart Information Services Corp.		894	$		37
Stock Yards Bancorp, Inc.		1,059			30
Stonegate Bank		836			27
Suffolk Bancorp		845			26
Talmer Bancorp, Inc. ‘A’		8,027			154
TCF Financial Corp.		5,881			74
Territorial Bancorp, Inc.		1,546			41
Tompkins Financial Corp.		1,045			68
Towne Bank		553			12
TriCo Bancshares		605			17
TriState Capital Holdings, Inc. (a)		3,098			43
TrustCo Bank Corp.		13,385			86
Union Bankshares Corp.		593			15
United Bankshares, Inc.		685			26
United Fire Group, Inc.		1,227			52
Universal Insurance Holdings, Inc.		2,104			39
Univest Corp. of Pennsylvania		1,904			40
Valley National Bancorp		9,495			87
Waddell & Reed Financial, Inc.		4,580			79
Walker & Dunlop, Inc. (a)		2,099			48
Washington Trust Bancorp, Inc.		696			26
Waterstone Financial, Inc.		3,532			54
Westamerica Bancorporation		2,371			117
Westwood Holdings Group, Inc.		385			20
World Acceptance Corp. (a)		9,896			451
WSFS Financial Corp.		847			27
Yadkin Financial Corp.		710			18
					10,543
HEALTH CARE 8.1%
Abaxis, Inc.		883			42
Acceleron Pharma, Inc. (a)		485			16
Acorda Therapeutics, Inc. (a)		2,083			53
Addus HomeCare Corp. (a)		594			10
Adeptus Health, Inc. (a)		219			11
Air Methods Corp. (a)		1,680			60
Akorn, Inc. (a)		769			22
Alliance HealthCare Services, Inc. (a)		1,410			9
Almost Family, Inc. (a)		1,946			83
AMAG Pharmaceuticals, Inc. (a)		1,222			29
Amedisys, Inc. (a)		6,197			313
AMN Healthcare Services, Inc. (a)		2,274			91
Amphastar Pharmaceuticals, Inc. (a)		1,363			22
Analogic Corp.		1,264			100
AngioDynamics, Inc. (a)		6,815			98
Anika Therapeutics, Inc. (a)		780			42
Array BioPharma, Inc. (a)		3,295			12
BioScrip, Inc. (a)		12,765			33
BioTelemetry, Inc. (a)		1,423			23
Bruker Corp.		7,913			180
Cambrex Corp. (a)		2,058			106
Cantel Medical Corp.		1,842			127
Capital Senior Living Corp. (a)		847			15
Cardiovascular Systems, Inc. (a)		484			9
Chemed Corp.		1,371			187
Chimerix, Inc. (a)		1,250			5
Civitas Solutions, Inc. (a)		2,253			47
CONMED Corp.		3,694			176
CorVel Corp. (a)		358			15
Cross Country Healthcare, Inc. (a)		624			9
Cynosure, Inc. ‘A’ (a)		1,768			86
Depomed, Inc. (a)		3,059			60
Diplomat Pharmacy, Inc. (a)		330			12

56 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2016

	SHARES			MARKET VALUE (000S)
Emergent BioSolutions, Inc. (a)		3,974	$		112
Ensign Group, Inc.		1,471			31
Exactech, Inc. (a)		1,752			47
Exelixis, Inc. (a)		1,677			13
Five Star Quality Care, Inc. (a)		9,172			21
Genomic Health, Inc. (a)		987			26
Globus Medical, Inc. ‘A’ (a)		5,118			122
Haemonetics Corp. (a)		3,809			110
Halyard Health, Inc. (a)		2,136			69
HealthEquity, Inc. (a)		772			23
Healthways, Inc. (a)		5,012			58
HeartWare International, Inc. (a)		550			32
HMS Holdings Corp. (a)		7,313			129
ICU Medical, Inc. (a)		1,175			132
Impax Laboratories, Inc. (a)		578			17
INC Research Holdings, Inc. ‘A’ (a)		416			16
Inogen, Inc. (a)		299			15
Insulet Corp. (a)		1,714			52
Integer Holdings Corp. (a)		2,069			64
Integra LifeSciences Holdings Corp. (a)		3,298			263
Intrexon Corp. (a)		396			10
Invacare Corp.		6,918			84
K2M Group Holdings, Inc. (a)		1,067			17
Landauer, Inc.		386			16
Lannett Co., Inc. (a)		915			22
LDR Holding Corp. (a)		868			32
LeMaitre Vascular, Inc.		1,777			25
LHC Group, Inc. (a)		1,776			77
Ligand Pharmaceuticals, Inc. (a)		654			78
Luminex Corp. (a)		2,086			42
Magellan Health, Inc. (a)		503			33
Masimo Corp. (a)		6,662			350
Medicines Co. (a)		3,794			128
Meridian Bioscience, Inc.		3,468			68
Merit Medical Systems, Inc. (a)		5,650			112
Molina Healthcare, Inc. (a)		458			23
Momenta Pharmaceuticals, Inc. (a)		505			5
Myriad Genetics, Inc. (a)		3,699			113
National HealthCare Corp.		755			49
Natus Medical, Inc. (a)		2,432			92
Nektar Therapeutics (a)		5,123			73
Neogen Corp. (a)		1,988			112
NuVasive, Inc. (a)		1,650			99
Nuvectra Corp. (a)		689			5
NxStage Medical, Inc. (a)		2,683			58
OraSure Technologies, Inc. (a)		2,054			12
Owens & Minor, Inc.		820			31
Pacira Pharmaceuticals, Inc. (a)		667			22
PDL BioPharma, Inc.		87,340			274
PharMerica Corp. (a)		5,110			126
Phibro Animal Health Corp. ‘A’		927			17
PRA Health Sciences, Inc. (a)		589			25
Premier, Inc. ‘A’ (a)		1,632			53
Providence Service Corp. (a)		765			34
Quidel Corp. (a)		1,536			27
RadNet, Inc. (a)		13,688			73
Repligen Corp. (a)		1,587			43
Rigel Pharmaceuticals, Inc. (a)		7,648			17
RTI Surgical, Inc. (a)		6,556			24
Sagent Pharmaceuticals, Inc. (a)		538			8
SciClone Pharmaceuticals, Inc. (a)		3,900			51
Select Medical Holdings Corp. (a)		25,512			277
Spectrum Pharmaceuticals, Inc. (a)		9,374			62
Surgical Care Affiliates, Inc. (a)		5,969			285

	SHARES			MARKET VALUE (000S)
SurModics, Inc. (a)		2,540	$		60
U.S. Physical Therapy, Inc.		554			33
Universal American Corp.		10,504			80
Vascular Solutions, Inc. (a)		286			12
VWR Corp. (a)		1,074			31
Zeltiq Aesthetics, Inc. (a)		996			27
					6,882
INDUSTRIALS 15.9%
AAON, Inc.		1,340			37
AAR Corp.		5,513			129
ABM Industries, Inc.		7,596			277
ACCO Brands Corp. (a)		16,499			170
Actuant Corp. ‘A’		10,721			242
Advanced Drainage Systems, Inc.		2,612			71
Advisory Board Co. (a)		1,392			49
Aegion Corp. (a)		1,073			21
Aerovironment, Inc. (a)		2,194			61
Air Transport Services Group, Inc. (a)		8,943			116
Alamo Group, Inc.		733			48
Albany International Corp. ‘A’		2,874			115
Allegiant Travel Co.		235			36
Altra Industrial Motion Corp.		1,985			54
AMERCO		90			34
American Science & Engineering, Inc.		2,713			102
American Woodmark Corp. (a)		324			22
Apogee Enterprises, Inc.		1,916			89
Applied Industrial Technologies, Inc.		6,884			311
ARC Document Solutions, Inc. (a)		6,138			24
ArcBest Corp.		516			8
Astec Industries, Inc.		1,536			86
Astronics Corp. (a)		513			17
Atlas Air Worldwide Holdings, Inc. (a)		1,130			47
AZZ, Inc.		640			38
Babcock & Wilcox Enterprises, Inc. (a)		2,145			32
Barnes Group, Inc.		3,487			115
Barrett Business Services, Inc.		501			21
Beacon Roofing Supply, Inc. (a)		4,323			197
BMC Stock Holdings, Inc. (a)		1,309			23
Brady Corp. ‘A’		11,074			338
Briggs & Stratton Corp.		10,570			224
Brink’s Co.		1,840			52
Builders FirstSource, Inc. (a)		2,013			23
BWX Technologies, Inc.		2,779			99
CAI International, Inc. (a)		5,023			38
Casella Waste Systems, Inc. ‘A’ (a)		9,598			75
CBIZ, Inc. (a)		10,551			110
CDI Corp.		3,591			22
Chart Industries, Inc. (a)		9,231			223
CIRCOR International, Inc.		384			22
Clean Harbors, Inc. (a)		627			33
Columbus McKinnon Corp.		2,861			40
Comfort Systems USA, Inc.		3,006			98
Commercial Vehicle Group, Inc. (a)		2,825			15
Continental Building Products, Inc. (a)		906			20
Covanta Holding Corp.		2,244			37
Covenant Transportation Group, Inc. ‘A’ (a)		982			18
CRA International, Inc. (a)		1,825			46
Cubic Corp.		2,043			82
Dorian LPG Ltd. (a)		1,028			7
Douglas Dynamics, Inc.		2,393			62

	SHARES			MARKET VALUE (000S)
Ducommun, Inc. (a)		2,465	$		49
DXP Enterprises, Inc. (a)		3,449			52
Dycom Industries, Inc. (a)		1,608			144
Dynamic Materials Corp.		1,204			13
Eagle Bulk Shipping, Inc. (a)		835			0
Echo Global Logistics, Inc. (a)		1,402			31
Encore Wire Corp.		1,218			45
EnerSys		433			26
Ennis, Inc.		6,257			120
EnPro Industries, Inc.		2,534			112
ESCO Technologies, Inc.		1,998			80
Essendant, Inc.		944			29
Esterline Technologies Corp. (a)		715			44
Exponent, Inc.		1,273			74
Forward Air Corp.		510			23
Franklin Covey Co. (a)		758			12
Franklin Electric Co., Inc.		499			17
G&K Services, Inc. ‘A’		1,398			107
GATX Corp.		1,608			71
Generac Holdings, Inc. (a)		990			35
General Cable Corp.		4,330			55
Gibraltar Industries, Inc. (a)		1,468			46
Global Brass & Copper Holdings, Inc.		8,481			231
GP Strategies Corp. (a)		418			9
Granite Construction, Inc.		1,757			80
Great Lakes Dredge & Dock Corp. (a)		10,591			46
Greenbrier Cos., Inc.		2,194			64
Griffon Corp.		9,487			160
H&E Equipment Services, Inc.		7,931			151
Harsco Corp.		12,464			83
Hawaiian Holdings, Inc. (a)		4,756			181
Healthcare Services Group, Inc.		544			23
Heartland Express, Inc.		3,417			59
Heidrick & Struggles International, Inc.		3,860			65
Herman Miller, Inc.		372			11
Hill International, Inc. (a)		10,367			42
Hillenbrand, Inc.		3,689			111
HNI Corp.		2,311			107
Hornbeck Offshore Services, Inc. (a)		1,807			15
Hub Group, Inc. ‘A’ (a)		677			26
Hurco Cos., Inc.		651			18
Huron Consulting Group, Inc. (a)		1,429			86
Hyster-Yale Materials Handling, Inc.		833			50
ICF International, Inc. (a)		2,840			116
Insperity, Inc.		1,860			144
Interface, Inc.		2,335			36
John Bean Technologies Corp.		1,362			83
Kadant, Inc.		1,201			62
Kaman Corp.		4,718			201
KBR, Inc.		1,011			13
Kelly Services, Inc. ‘A’		5,991			114
Kennametal, Inc.		2,593			57
Kforce, Inc.		4,766			81
Kimball International, Inc. ‘B’		3,960			45
KLX, Inc. (a)		1,079			33
Knight Transportation, Inc.		3,172			84
Knoll, Inc.		4,467			108
Korn/Ferry International		5,981			124
Kratos Defense & Security Solutions, Inc. (a)		18,645			76
Layne Christensen Co. (a)		2,776			22
LB Foster Co. ‘A’		1,260			14
Lindsay Corp.		687			47
LSI Industries, Inc.		2,743			30

See Accompanying Notes ANNUAL REPORT JUNE 30, 2016 57

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

	SHARES			MARKET VALUE (000S)
Lydall, Inc. (a)		480	$		19
Manitowoc Co., Inc.		1,162			6
Manitowoc Foodservice, Inc. (a)		1,162			20
Marten Transport Ltd.		2,166			43
Masonite International Corp. (a)		199			13
MasTec, Inc. (a)		9,561			213
Matson, Inc.		2,115			68
Matthews International Corp. ‘A’		2,183			121
McGrath RentCorp		5,072			155
Meritor, Inc. (a)		2,043			15
Milacron Holdings Corp. (a)		1,112			16
Miller Industries, Inc.		1,335			27
Mistras Group, Inc. (a)		1,665			40
Mobile Mini, Inc.		4,104			142
Moog, Inc. (a)		516			28
MSA Safety, Inc.		481			25
Mueller Industries, Inc.		2,149			69
Multi-Color Corp.		249			16
MYR Group, Inc. (a)		2,051			49
National Presto Industries, Inc.		1,202			113
Navigant Consulting, Inc. (a)		8,225			133
Navistar International Corp. (a)		4,685			55
Nortek, Inc. (a)		1,216			72
On Assignment, Inc. (a)		419			15
PAM Transportation Services, Inc. (a)		410			7
PGT, Inc. (a)		942			10
Ply Gem Holdings, Inc. (a)		1,709			25
Powell Industries, Inc.		545			21
Primoris Services Corp.		2,506			47
Quad/Graphics, Inc.		6,476			151
Quanex Building Products Corp.		2,216			41
Raven Industries, Inc.		1,844			35
RBC Bearings, Inc. (a)		1,100			80
Regal Beloit Corp.		645			36
Resources Connection, Inc.		8,695			129
Rexnord Corp. (a)		856			17
Roadrunner Transportation Systems, Inc. (a)		2,687			20
RPX Corp. (a)		6,117			56
Rush Enterprises, Inc. ‘A’ (a)		5,824			126
Saia, Inc. (a)		1,476			37
Simpson Manufacturing Co., Inc.		3,002			120
SkyWest, Inc.		4,240			112
SPX Corp.		10,300			153
SPX FLOW, Inc. (a)		3,080			80
Standex International Corp.		255			21
Steelcase, Inc. ‘A’		10,223			139
Sun Hydraulics Corp.		725			22
Swift Transportation Co. (a)		2,174			34
TAL International Group, Inc.		16,645			223
TASER International, Inc. (a)		2,647			66
Team, Inc. (a)		1,367			34
Tennant Co.		559			30
Terex Corp.		2,544			52
Tetra Tech, Inc.		2,006			62
Textainer Group Holdings Ltd.		1,850			21
Tidewater, Inc.		13,512			60
Titan International, Inc.		16,027			99
Titan Machinery, Inc. (a)		2,031			23
TransUnion (a)		473			16
TriMas Corp. (a)		5,462			98
TriNet Group, Inc. (a)		1,112			23
Triumph Group, Inc.		1,919			68
TrueBlue, Inc. (a)		925			18
Tutor Perini Corp. (a)		3,589			85

	SHARES			MARKET VALUE (000S)
U.S. Ecology, Inc.		575	$		26
UniFirst Corp.		677			78
Universal Forest Products, Inc.		1,339			124
USA Truck, Inc. (a)		2,081			36
Veritiv Corp. (a)		2,283			86
Viad Corp.		581			18
Vicor Corp. (a)		1,303			13
Virgin America, Inc. (a)		267			15
Watts Water Technologies, Inc. ‘A”		2,510			146
Werner Enterprises, Inc.		8,280			190
Wesco Aircraft Holdings, Inc. (a)		7,906			106
WESCO International, Inc. (a)		889			46
Xerium Technologies, Inc. (a)		2,686			17
YRC Worldwide, Inc. (a)		1,635			14
					13,454
INFORMATION TECHNOLOGY 17.0%
2U, Inc. (a)		357			10
3D Systems Corp. (a)		1,874			26
A10 Networks, Inc. (a)		2,424			16
ACI Worldwide, Inc. (a)		1,000			20
Actua Corp. (a)		1,746			16
Acxiom Corp. (a)		6,772			149
ADTRAN, Inc.		17,231			321
Advanced Energy Industries, Inc. (a)		2,602			99
Alpha & Omega Semiconductor Ltd. (a)		1,644			23
American Software, Inc. ‘A’		1,649			17
Amkor Technology, Inc. (a)		36,571			210
Applied Micro Circuits Corp. (a)		2,542			16
Avid Technology, Inc. (a)		16,005			93
AVX Corp.		8,268			112
Axcelis Technologies, Inc. (a)		5,822			16
Bankrate, Inc. (a)		7,858			59
Bel Fuse, Inc. ‘B’		1,137			20
Belden, Inc.		886			53
Benchmark Electronics, Inc. (a)		11,377			241
Black Box Corp.		3,714			49
Blackbaud, Inc.		441			30
Blucora, Inc. (a)		10,462			108
Bottomline Technologies de, Inc. (a)		353			8
Brooks Automation, Inc.		6,637			74
Cabot Microelectronics Corp.		5,725			242
CACI International, Inc. ‘A’ (a)		445			40
CalAmp Corp. (a)		909			13
Calix, Inc. (a)		7,095			49
Callidus Software, Inc. (a)		676			14
CEVA, Inc. (a)		758			21
Ciber, Inc. (a)		11,446			17
Ciena Corp. (a)		1,928			36
Cirrus Logic, Inc. (a)		7,266			282
Coherent, Inc. (a)		2,354			216
Cohu, Inc.		2,777			30
CommVault Systems, Inc. (a)		1,860			80
Computer Programs & Systems, Inc.		978			39
comScore, Inc. (a)		1,526			36
Comtech Telecommunications Corp.		5,139			66
Control4 Corp. (a)		2,285			19
Cray, Inc. (a)		1,118			33
Cree, Inc. (a)		2,125			52
CSG Systems International, Inc.		5,024			203
CTS Corp.		983			18
Cypress Semiconductor Corp.		2,015			21
Daktronics, Inc.		5,753			36

	SHARES			MARKET VALUE (000S)
Datalink Corp. (a)		4,743	$		36
DHI Group, Inc. (a)		11,733			73
Diebold, Inc.		3,635			90
Digi International, Inc. (a)		3,309			36
Digimarc Corp. (a)		293			9
DigitalGlobe, Inc. (a)		3,150			67
Diodes, Inc. (a)		6,546			123
Dolby Laboratories, Inc. ‘A’		5,635			270
DSP Group, Inc. (a)		3,024			32
DTS, Inc. (a)		431			11
EarthLink Holdings Corp.		51,177			328
Eastman Kodak Co. (a)		1,765			28
Ebix, Inc.		3,202			153
Electro Rent Corp.		3,393			52
Electro Scientific Industries, Inc. (a)		1,240			7
Electronics For Imaging, Inc. (a)		3,182			137
Energizer Holdings, Inc.		1,296			67
Engility Holdings, Inc. (a)		631			13
Entegris, Inc. (a)		9,236			134
Epiq Systems, Inc.		4,421			65
ePlus, Inc. (a)		742			61
ExlService Holdings, Inc. (a)		3,152			165
Extreme Networks, Inc. (a)		35,765			121
Fairchild Semiconductor International, Inc. (a)		5,572			111
FARO Technologies, Inc. (a)		1,741			59
Finisar Corp. (a)		5,472			96
FormFactor, Inc. (a)		1,563			14
Harmonic, Inc. (a)		22,038			63
HC2 Holdings, Inc. (a)		6,481			28
II-VI, Inc. (a)		5,811			109
Infoblox, Inc. (a)		1,213			23
InnerWorkings, Inc. (a)		2,647			22
Inovalon Holdings, Inc. ‘A’ (a)		857			15
Insight Enterprises, Inc. (a)		8,892			231
Interactive Intelligence Group, Inc. (a)		1,048			43
InterDigital, Inc.		5,624			313
Internap Corp. (a)		6,582			14
Intersil Corp. ‘A’		22,271			302
Intralinks Holdings, Inc. (a)		9,505			62
Itron, Inc. (a)		4,849			209
Ixia (a)		13,267			130
IXYS Corp.		3,273			34
KEYW Holding Corp. (a)		4,732			47
Knowles Corp. (a)		1,898			26
Lattice Semiconductor Corp. (a)		10,542			56
Limelight Networks, Inc. (a)		13,914			21
Lionbridge Technologies, Inc. (a)		5,175			20
Liquidity Services, Inc. (a)		14,075			110
Littelfuse, Inc.		708			84
LivePerson, Inc. (a)		3,732			24
LogMeIn, Inc. (a)		1,078			68
Lumentum Holdings, Inc. (a)		575			14
MACOM Technology Solutions Holdings, Inc. (a)		1,063			35
ManTech International Corp. ‘A’		6,470			245
Maxwell Technologies, Inc. (a)		5,780			31
Mentor Graphics Corp.		701			15
Methode Electronics, Inc.		935			32
MicroStrategy, Inc. ‘A’ (a)		564			99
MKS Instruments, Inc.		4,430			191
Monolithic Power Systems, Inc.		309			21
Monotype Imaging Holdings, Inc.		1,582			39
MTS Systems Corp.		1,914			84

58 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2016

	SHARES			MARKET VALUE (000S)
Multi-Fineline Electronix, Inc. (a)		3,122	$		72
Nanometrics, Inc. (a)		461			10
NETGEAR, Inc. (a)		8,241			392
NetScout Systems, Inc. (a)		1,459			32
NeuStar, Inc. ‘A’ (a)		645			15
NIC, Inc.		3,522			77
Novanta, Inc. (a)		2,570			39
Omnicell, Inc. (a)		2,167			74
OSI Systems, Inc. (a)		1,648			96
Park Electrochemical Corp.		2,725			40
PC Connection, Inc.		1,986			47
Pegasystems, Inc.		2,058			55
Perficient, Inc. (a)		1,550			31
Photronics, Inc. (a)		13,170			117
Plantronics, Inc.		3,108			137
Plexus Corp. (a)		4,096			177
Polycom, Inc. (a)		2,958			33
Power Integrations, Inc.		913			46
Progress Software Corp. (a)		12,643			347
QLogic Corp. (a)		8,166			120
Quality Systems, Inc.		11,126			133
Qualys, Inc. (a)		950			28
Quantum Corp. (a)		31,595			13
QuinStreet, Inc. (a)		4,935			18
Rackspace Hosting, Inc. (a)		1,788			37
Rambus, Inc. (a)		2,346			28
RealNetworks, Inc. (a)		5,104			22
RealPage, Inc. (a)		1,557			35
RetailMeNot, Inc. (a)		8,286			64
RingCentral, Inc. ‘A’ (a)		1,863			37
Rofin-Sinar Technologies, Inc. (a)		2,431			78
Rogers Corp. (a)		1,160			71
Rovi Corp. (a)		7,501			117
Rudolph Technologies, Inc. (a)		3,031			47
Sanmina Corp. (a)		4,680			125
ScanSource, Inc. (a)		4,008			149
Science Applications International Corp.		3,270			191
Seachange International, Inc. (a)		7,810			25
Semtech Corp. (a)		4,435			106
ShoreTel, Inc. (a)		4,749			32
Shutterstock, Inc. (a)		492			23
Sigma Designs, Inc. (a)		7,656			49
Silicon Graphics International Corp. (a)		9,646			49
Silicon Laboratories, Inc. (a)		2,221			108
Sonus Networks, Inc. (a)		10,969			95
Stamps.com, Inc. (a)		388			34
Stratasys Ltd. (a)		777			18
SunEdison Semiconductor Ltd. (a)		9,932			59
Super Micro Computer, Inc. (a)		1,352			34
Sykes Enterprises, Inc. (a)		8,409			244
Synchronoss Technologies, Inc. (a)		1,558			50
Syntel, Inc. (a)		875			40
Take-Two Interactive Software, Inc. (a)		475			18
Tangoe, Inc. (a)		2,310			18
TechTarget, Inc. (a)		2,152			17
Telenav, Inc. (a)		4,458			23
TeleTech Holdings, Inc.		3,528			96
TESSCO Technologies, Inc.		1,446			20
Tessera Technologies, Inc.		1,568			48
TiVo, Inc. (a)		6,848			68
TTM Technologies, Inc. (a)		26,005			196
Ultra Clean Holdings, Inc. (a)		5,694			32
Unisys Corp. (a)		7,160			52
United Online, Inc. (a)		4,901			54

	SHARES			MARKET VALUE (000S)
VASCO Data Security International, Inc. (a)		1,068	$		17
Veeco Instruments, Inc. (a)		2,007			33
Veeva Systems, Inc. ‘A’ (a)		2,166			74
Viavi Solutions, Inc. (a)		15,743			104
Virtusa Corp. (a)		398			11
Vishay Intertechnology, Inc.		5,828			72
Vishay Precision Group, Inc. (a)		1,678			23
Web.com Group, Inc. (a)		1,660			30
WebMD Health Corp. (a)		6,270			364
West Corp.		5,401			106
Xcerra Corp. (a)		3,071			18
XO Group, Inc. (a)		2,769			48
Xura, Inc. (a)		3,330			81
Zedge, Inc. ‘B’ (a)		669			3
Zix Corp. (a)		3,937			15
Zynga, Inc. ‘A’ (a)		13,824			34
					14,358
MATERIALS 5.2%
A Schulman, Inc.		3,966			97
AEP Industries, Inc.		905			73
AK Steel Holding Corp. (a)		9,103			42
Allegheny Technologies, Inc.		3,562			45
American Vanguard Corp.		4,849			73
Ampco-Pittsburgh Corp.		1,614			18
Axiall Corp.		1,679			55
Balchem Corp.		885			53
Boise Cascade Co. (a)		2,406			55
Calgon Carbon Corp.		2,913			38
Carpenter Technology Corp.		4,068			134
Century Aluminum Co. (a)		2,210			14
Chemtura Corp. (a)		3,739			99
Clearwater Paper Corp. (a)		2,291			150
Cliffs Natural Resources, Inc. (a)		15,533			88
Coeur Mining, Inc. (a)		8,376			89
Commercial Metals Co.		2,302			39
Core Molding Technologies, Inc. (a)		1,960			27
Greif, Inc. ‘A’		4,108			153
Hawkins, Inc.		648			28
Haynes International, Inc.		700			22
HB Fuller Co.		2,991			132
Headwaters, Inc. (a)		2,401			43
Hecla Mining Co.		6,546			33
Innophos Holdings, Inc.		4,669			197
Innospec, Inc.		1,537			71
Intrepid Potash, Inc. (a)		5,885			9
Kaiser Aluminum Corp.		2,674			242
KapStone Paper and Packaging Corp.		2,254			29
Koppers Holdings, Inc. (a)		5,788			178
Kraton Performance Polymers, Inc. (a)		4,611			129
Louisiana-Pacific Corp. (a)		2,344			41
LSB Industries, Inc. (a)		1,136			14
Materion Corp.		2,406			60
Minerals Technologies, Inc.		1,643			93
Myers Industries, Inc.		4,943			71
Neenah Paper, Inc.		1,041			75
Olympic Steel, Inc.		351			10
OMNOVA Solutions, Inc. (a)		5,868			43
PH Glatfelter Co.		3,970			78
Platform Specialty Products Corp. (a)		12,762			113
Quaker Chemical Corp.		446			40
Rayonier Advanced Materials, Inc.		2,148			29
Royal Gold, Inc.		337			24

	SHARES			MARKET VALUE (000S)
Ryerson Holding Corp. (a)		4,606	$		81
Schnitzer Steel Industries, Inc. ‘A’		5,741			101
Schweitzer-Mauduit International, Inc.		2,989			105
Stepan Co.		2,371			141
Stillwater Mining Co. (a)		2,222			26
Summit Materials, Inc. ‘A’ (a)		2,315			47
TimkenSteel Corp.		6,338			61
Tredegar Corp.		2,047			33
Trinseo S.A. (a)		1,990			85
Tronox Ltd. ‘A’		46,751			206
U.S. Concrete, Inc. (a)		417			25
Univar, Inc. (a)		5,819			110
Westlake Chemical Corp.		641			28
Worthington Industries, Inc.		4,458			189
					4,384
TELECOMMUNICATION SERVICES 2.3%
ATN International, Inc.		703			55
Boingo Wireless, Inc. (a)		1,156			10
Cogent Communications Holdings, Inc.		1,653			66
Consolidated Communications Holdings, Inc.		8,893			242
FairPoint Communications, Inc. (a)		4,561			67
General Communication, Inc. ‘A’ (a)		9,505			150
Hawaiian Telcom Holdco, Inc. (a)		1,323			28
IDT Corp. ‘B’		2,006			29
Inteliquent, Inc.		6,340			126
Iridium Communications, Inc. (a)		34,952			310
Lumos Networks Corp. (a)		2,001			24
RigNet, Inc. (a)		928			13
Shenandoah Telecommunications Co.		3,557			139
Spok Holdings, Inc.		3,721			71
U.S. Cellular Corp. (a)		3,290			129
Vonage Holdings Corp. (a)		53,899			329
Windstream Holdings, Inc.		14,449			134
					1,922
UTILITIES 2.6%
ALLETE, Inc.		246			16
Ameresco, Inc. ‘A’ (a)		2,000			9
American States Water Co.		4,401			193
Artesian Resources Corp. ‘A’		475			16
Avista Corp.		1,191			53
California Water Service Group		7,463			261
Chesapeake Utilities Corp.		971			64
Connecticut Water Service, Inc.		686			39
Dynegy, Inc. (a)		2,283			39
Empire District Electric Co.		10,407			354
EnerNOC, Inc. (a)		7,586			48
MGE Energy, Inc.		3,052			172
Middlesex Water Co.		1,391			60
Northwest Natural Gas Co.		5,973			387
Otter Tail Corp.		4,546			152
PNM Resources, Inc.		2,159			77
SJW Corp.		2,285			90
South Jersey Industries, Inc.		537			17
Spark Energy, Inc.‘A’		450			15
Unitil Corp.		3,266			139
York Water Co.		589			19
					2,220
Total United States					78,468
Total Common Stocks (Cost $68,423)					78,509

See Accompanying Notes ANNUAL REPORT JUNE 30, 2016 59

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

June 30, 2016

	SHARES			MARKET VALUE (000S)
REAL ESTATE INVESTMENT TRUSTS 6.6%
UNITED STATES 6.6%
FINANCIALS 6.6%
AG Mortgage Investment Trust, Inc.		5,356	$		77
Agree Realty Corp.		1,006			49
American Assets Trust, Inc.		1,120			48
American Capital Mortgage Investment Corp.		10,906			172
Anworth Mortgage Asset Corp.		38,997			183
Apollo Commercial Real Estate Finance, Inc.		3,133			50
Apollo Residential Mortgage, Inc.		5,700			76
Ares Commercial Real Estate Corp.		1,261			15
Armada Hoffler Properties, Inc.		1,887			26
ARMOUR Residential REIT, Inc.		6,787			136
Ashford Hospitality Prime, Inc.		1,807			26
Ashford Hospitality Trust, Inc.		9,583			51
Brandywine Realty Trust		4,582			77
Capstead Mortgage Corp.		20,016			194
Care Capital Properties, Inc.		1,568			41
CBL & Associates Properties, Inc.		10,001			93
Cedar Realty Trust, Inc.		4,441			33
Chatham Lodging Trust		461			10
Chesapeake Lodging Trust		995			23
Colony Capital, Inc. ‘A’		2,511			39
Colony Starwood Homes		1,175			36
Columbia Property Trust, Inc.		3,561			76
CoreSite Realty Corp.		1,350			120
Corporate Office Properties Trust		1,916			57
Cousins Properties, Inc.		1,398			15
CyrusOne, Inc.		1,237			69
CYS Investments, Inc.		22,348			187
DiamondRock Hospitality Co.		5,347			48
DuPont Fabros Technology, Inc.		3,808			181
Dynex Capital, Inc.		16,519			115
EastGroup Properties, Inc.		650			45

	SHARES			MARKET VALUE (000S)
Equity One, Inc.		1,880	$		60
First Potomac Realty Trust		5,743			53
Franklin Street Properties Corp.		9,991			123
Getty Realty Corp.		1,851			40
Gladstone Commercial Corp.		1,856			31
Global Net Lease, Inc.		1,830			15
Government Properties Income Trust		5,427			125
Gramercy Property Trust		7,605			70
Healthcare Realty Trust, Inc.		2,979			104
Hersha Hospitality Trust		846			15
Invesco Mortgage Capital, Inc.		4,735			65
Investors Real Estate Trust		12,132			78
LaSalle Hotel Properties		2,764			65
Lexington Realty Trust		15,651			158
LTC Properties, Inc.		287			15
Mack-Cali Realty Corp.		3,151			85
MFA Financial, Inc.		6,762			49
Monmouth Real Estate Investment Corp.		2,055			27
National Storage Affiliates Trust		915			19
New Residential Investment Corp.		6,496			90
New Senior Investment Group, Inc.		4,180			45
NorthStar Realty Finance Corp.		3,179			36
Parkway Properties Inc/Md		862			14
Pennsylvania Real Estate Investment Trust		1,720			37
PennyMac Mortgage Investment Trust		5,066			82
Piedmont Office Realty Trust, Inc. ‘A’		1,719			37
Potlatch Corp.		1,636			56
Preferred Apartment Communities, Inc. ‘A’		1,680			25
PS Business Parks, Inc.		850			90
QTS Realty Trust, Inc. ‘A’		1,695			95
RAIT Financial Trust		4,782			15
Ramco-Gershenson Properties Trust		838			16
Redwood Trust, Inc.		15,711			217

	SHARES			MARKET VALUE (000S)
Resource Capital Corp.		3,686	$		47
Retail Opportunity Investments Corp.		1,439			31
Rexford Industrial Realty, Inc.		1,373			29
RLJ Lodging Trust		1,634			35
Rouse Properties, Inc.		1,207			22
Ryman Hospitality Properties, Inc.		4,360			221
Sabra Health Care REIT, Inc.		2,134			44
Select Income REIT		3,049			79
Silver Bay Realty Trust Corp.		1,946			33
STORE Capital Corp.		613			18
Summit Hotel Properties, Inc.		4,835			64
Sunstone Hotel Investors, Inc.		3,547			43
Tier REIT, Inc.		2,320			36
Two Harbors Investment Corp.		9,460			81
United Development Funding		3,661			0
Urstadt Biddle Properties, Inc. ‘A’		1,199			30
Washington Real Estate Investment Trust		4,263			134
Western Asset Mortgage Capital Corp.		5,278			50
Winthrop Realty Trust		1,167			10
WP Glimcher, Inc.		7,138			80
Xenia Hotels & Resorts, Inc.		3,458			58
					5,565
Total Real Estate Investment Trusts (Cost $5,090)					5,565
Total Investments in Securities (Cost $73,513)					84,074
Total Investments 99.3% (Cost $73,513)			$		84,074
Other Assets and Liabilities, net 0.7%					554
Net Assets 100.0%			$		84,628

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

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

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

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2016 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2016
Investments in Securities, at Value
Common Stocks
United Kingdom
Health Care	$	41	$	0	$	0	$	41
United States
Consumer Discretionary		16,553		0		0		16,553
Consumer Staples		3,456		0		0		3,456
Energy		4,696		0		0		4,696
Financials		10,543		0		0		10,543
Health Care		6,882		0		0		6,882

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2016
Industrials	$	13,454	$	0	$	0	$	13,454
Information Technology		14,358		0		0		14,358
Materials		4,384		0		0		4,384
Telecommunication Services		1,922		0		0		1,922
Utilities		2,220		0		0		2,220
Real Estate Investment Trusts
United States
Financials		5,565		0		0		5,565
Total Investments	$	84,074	$	0	$	0	$	84,074

There were no significant transfers between Levels 1, 2, or 3 during the period ended June 30, 2016.

60 PIMCO EQUITY SERIES See Accompanying Notes

Notes to Financial Statements

June 30, 2016

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

(a) Securities Transactions and Investment Income   Securities transactions are recorded as of the trade date for financial reporting purposes. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the
ex-dividend

date, except certain dividends from foreign securities where the
ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities 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 denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. The Funds may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract (see Financial Derivative Instruments, if any). Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.

ANNUAL REPORT JUNE 30, 2016 61

Notes to Financial Statements (Cont.)

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

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

Declared and Paid Annually:

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 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

gain (loss) 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.

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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 a Fund’s assets that are invested in one or more
open-end management investment companies (other than
exchange-traded funds (“ETFs”)), the 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 a Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that a Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Fund’s next calculated NAV.

Investments for which market quotes or market based valuations are not readily available are valued at fair value as determined in good faith by the Board or persons acting at their direction. The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to the Adviser the responsibility for applying the fair valuation methods. In the event that market quotes or market based valuations are not readily available, and the security or asset cannot be valued pursuant to a Board approved valuation method, the value of the security or asset will be determined in good faith by the Valuation

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Notes to Financial Statements (Cont.)

Oversight Committee of the Board (“Valuation Oversight Committee”), generally based on recommendations provided by the Adviser. The Adviser may consult with the Sub-Adviser or Parametric in providing such recommendations or otherwise with respect to valuation of the PIMCO Dividend and Income Fund’s portfolio securities or other assets. Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/ask information, indicative market quotations (“Broker Quotes”), Pricing Services’ prices), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of a Fund’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated to the Adviser the responsibility for monitoring significant events that may materially affect the values of 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.

Any assets or liabilities categorized as Level 1 or 2 as of period end that have been transferred between Levels 1 and 2 since the prior period are due to changes in the method utilized in valuing the investments. Transfers from Level 1 to Level 2 are a result of a change, in the normal course of business, from the use of an exchange traded price or a trade price on the initial purchase date (Level 1) to methods used by Pricing Services including valuation adjustments 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 close of the NYSE (Level 2). In accordance with the requirements of U.S. GAAP, the amounts of transfers between Levels 1 and 2 and transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for each respective Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period 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 fairvalue   The valuation methods (or “techniques”) and significant inputs

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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 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 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 may invest substantially all of its assets in Acquired Funds and equity securities that are eligible investments for the Underlying Funds. The PIMCO RAE Fundamental Global ex-US Fund may invest substantially all of its assets in Acquired Funds (except the PIMCO RAE Fundamental US Fund), equity securities of small companies economically tied to non-U.S. countries, and securities that are eligible investments for the International Fund and Emerging Markets Fund. The Underlying Funds are considered to be affiliated with the Global Fund and 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 June 30, 2016 (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 06/30/2016		Dividend Income  (1)		Realized Net Capital Gain Distributions (1)
RAE Fundamental Emerging Markets Fund	$	4,767	$	27,862	$	(2,813	)	$	(963	)	$	2121		$	30,974	$	401	$	0
PIMCO RAE Fundamental International Fund		13,546		100,286		(1,674	)		(265	)		(5,886	)		106,007		642		1,284
PIMCO RAE Fundamental U.S. Fund		19,847		138,464		(13,538	)		(413	)		1,543			145,903		1,284		2,600
Totals	$	38,160	$	266,612	$	(18,025	)	$	(1,641	)	$	(2,222	)	$	282,884	$	2,327	$	3,884

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

⁽¹⁾  The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid are determined at the end of the fiscal year. See Note 2(d) in the Notes to Financial Statements for more information.

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Notes to Financial Statements (Cont.)

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 06/30/2016		Dividend Income  (1)		Realized Net Capital Gain Distributions (1)
RAE Fundamental Emerging Markets Fund	$	18,231	$	1,983	$	(3,467	)	$	(969	)	$	(1,504	)	$	14,274	$	265	$	0
PIMCO RAE Fundamental International Fund		51,806		5,586		(1,772	)		(265	)		(6,506	)		48,849		427		853
Totals	$	70,037	$	7,569	$	(5,239	)	$	(1,234	)	$	(8,010	)	$	63,123	$	692	$	853

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

⁽¹⁾  The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions paid are determined at the end of the fiscal year. See Note 2(d) in the Notes to Financial Statements for more information.

(b) Investments in Securities

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

Restricted Securities  Certain Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities may generally 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 held by the Funds at June 30, 2016 are disclosed in the Notes to Schedules of Investments.

Warrants  Certain Funds may receive warrants. Warrants are securities that are usually issued together with a debt security or preferred stock and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants are freely transferable and are often traded on major exchanges. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market

price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt securities. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt securities at the same coupon rate. A decline in interest rates would permit a Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.

5. FINANCIAL DERIVATIVE INSTRUMENTS

The 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

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

6. PRINCIPAL RISKS

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 (non-U.S.) 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 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 and other instruments held by a Fund 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 used to determine the sensitivity of a security’s price to changes in interest rates 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

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Notes to Financial Statements (Cont.)

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, etc.). At present, the U.S. and many parts of the world, including certain European countries, are experiencing near 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 bond markets have steadily grown over the past three decades, dealer “market making” ability has not kept pace and in some cases has decreased. 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 shareholder redemptions, which could force the Fund to liquidate investments at disadvantageous times or prices, thereby adversely affecting the Fund.

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, a smaller market capitalization and a smaller number of traded securities. 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 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. Over the counter (“OTC”) derivative transactions are subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally cleared derivative transactions might not be available for OTC derivative transactions. 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

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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. PIMCO’s attempts to minimize counterparty risk may, however, be unsuccessful.

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.

Model Risk  In making investment allocation decisions, Research Affiliates LLC (the “Sub-Adviser”) may utilize quantitative models that may be proprietary or developed by third-parties. These models are used by the Sub-Adviser to help determine a Fund’s investment allocation decisions. Investment models used in making investment allocation decisions may not adequately take into account certain factors and may result in a decline in the value of your investment. Models rely on accurate financial and market data inputs. If inaccurate data is entered into a model, the resulting information will be incorrect. In addition, the models used may be predictive in nature and such models may result in an incorrect assessment of future events. The models evaluate securities or securities markets based on certain assumptions concerning the interplay of market factors. The markets or the prices of individual securities may be affected by factors not foreseen in developing the models.

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, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedules of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared

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Notes to Financial Statements (Cont.)

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

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. In limited circumstances, the ISDA Master Agreement may contain additional

provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level. These amounts, if any, may be segregated with a third-party custodian. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

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 in note (b) below.

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

The Investment Advisory Fees and Supervisory and Administrative Fees for all classes, as applicable, are charged at 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).

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.

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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
Class A		—		0.25%
Class C		0.75%		0.25%

The Distributor also received the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares and the contingent deferred sales charges paid by the shareholders upon certain redemptions of Class A and Class C shares. For the period ended June 30, 2016, the Distributor retained $184,988 representing commissions (sales charges) and contingent deferred sales charges from the Trust.

(d) Fund Expenses  PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) taxes and governmental fees; (ii) brokerage fees and commissions and other portfolio transaction expenses; (iii) the costs of borrowing money, including interest expense; (iv) fees and expenses of the Trustees who are not “interested persons” of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (v) extraordinary expense, including costs of litigation and indemnification expenses; (vi) organizational expenses; and (vii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust’s Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

Each Trustee, other than those affiliated with PIMCO or its affiliates, receives an annual retainer of $62,000, plus $6,250 for each Board meeting attended in person, $375 ($750 in the case of the audit committee chair with respect to audit committee meetings) for each committee meeting attended and $750 for each Board meeting

attended telephonically, plus reimbursement of related expenses. In addition, the audit committee chair receives an additional annual retainer of $9,000, the valuation oversight committee lead receives an additional annual retainer of $2,000 (to the extent there are co-leads of the valuation oversight committee, the annual retainer will be split evenly between the co-leads, so that each co-lead individually receives an additional retainer of $1,000) and the governance committee chair receives an additional annual retainer of $750.

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

(e) Expense Limitation  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 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

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Notes to Financial Statements (Cont.)

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 June 30, 2016, were as follows (amounts in thousands):

Fund Name	Recoverable Amounts
PIMCO RAE Fundamental Emerging Markets Fund	$	899
PIMCO RAE Fundamental Global Fund		1,019
PIMCO RAE Fundamental Global ex-US Fund		568
PIMCO RAE Fundamental International Fund		257
PIMCO RAE Fundamental US Fund		577
PIMCO RAE Fundamental US Small Fund		152

(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. The Underlying Fund expenses incurred by a Fund will vary with changes in the expenses of the Underlying Funds, as well as the allocation of the 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 Fees it receives from the PIMCO RAE Fundamental Global ex-US Fund in an amount equal to the expenses attributable to the Investment Advisory Fees and the Supervisory and Administrative Fees of the PIMCO RAE Fundamental International Fund and PIMCO RAE Fundamental Emerging Markets Fund indirectly incurred by the PIMCO RAE Fundamental Global ex-US Fund in connection with its investments in such Funds, to the extent the PIMCO RAE Fundamental Global ex-US Fund’s Investment Advisory Fee and Supervisory and Administrative Fees are greater than or equal to the Investment

Advisory Fee and Supervisory and Administrative Fees of such Funds. This waiver renews annually for a full year unless terminated by PIMCO upon at least 30 days’ notice prior to the end of the contract term.

The waivers are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. During the period ended June 30, 2016, the Funds below waived the following fees (amounts in thousands):

Fund Name	Waived Fees
PIMCO RAE Fundamental Global Fund	$	656
PIMCO RAE Fundamental Global ex-US Fund		346

8. RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties. Fees payable to these parties are disclosed in Note 7, Fees and Expenses 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.

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Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2016, 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	$	1,244,349	$	135,268
PIMCO RAE Fundamental Global Fund		0		0		266,612		18,025
PIMCO RAE Fundamental Global ex-US Fund		0		0		7,569		5,239
PIMCO RAE Fundamental International Fund		0		0		158,675		68,966
PIMCO RAE Fundamental US Fund		0		0		238,904		196,076
PIMCO RAE Fundamental US Small Fund		0		0		72,762		85,465

^†  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										PIMCO RAE Fundamental Global Fund										PIMCO RAE Fundamental Global ex-US  Fund
	Year Ended 06/30/2016						Inception date through June 30, 2015				Year Ended 06/30/2016						Inception date through June 30, 2015				Year Ended 06/30/2016						Inception date through June 30, 2015
	Shares			Amount			Shares		Amount		Shares			Amount			Shares		Amount		Shares			Amount			Shares		Amount
Receipts for shares sold
Institutional Class		145,199		$	1,158,870			193	$	2,417		26,449		$	244,485			2	$	26		91		$	769			0	$	0
Class P		544			4,321			1		10		5			49			1		10		0			0			1		10
Class A		76			655			2		19		32			295			1		10		9			82			1		10
Class C		12			100			1		10		75			678			2		17		41			350			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		(7,631	)		(57,799	)		0		0		(265	)		(2,360	)		0		0		(43	)		(340	)		0		0
Class P		(343	)		(2,532	)		0		0		0			0			0		0		0			0			0		0
Class A		(61	)		(504	)		0		0		(2	)		(22	)		0		0		(9	)		(81	)		0		0
Class C		(2	)		(13	)		0		0		(5	)		(40	)		0		0		(1	)		(4	)		0		0
Net increase (decrease) resulting from Fund share transactions		138,224		$	1,106,387			20,039	$	200,871		26,523		$	245,198			3,875	$	38,754		172		$	1,496			7,109	$	71,087

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Notes to Financial Statements (Cont.)

	PIMCO RAE Fundamental International Fund												PIMCO RAE Fundamental US Fund												PIMCO RAE Fundamental US Small Fund
	Year Ended 06/30/2016						Inception date through June 30, 2015						Year Ended 06/30/2016						Inception date through June 30, 2015						Year Ended 06/30/2016						Inception date through June 30, 2015
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares		Amount
Receipts for shares sold
Institutional Class		17,278		$	152,235			6		$	210			19,612		$	190,056			63		$	615			10,568		$	96,202			0	$	0
Class P		189			1,661			1			10			403			3,819			1			10			171			1,524			1		10
Class A		4			40			1			10			445			4,174			1			14			216			1,945			1		10
Class C		41			339			1			10			199			1,851			1			10			29			255			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		(4,401	)		(37,347	)		(257	)		(2,540	)		(14,734	)		(138,985	)		(71	)		(701	)		(6,719	)		(57,926	)		0		0
Class P		(71	)		(585	)		0			0			(67	)		(636	)		0			0			(15	)		(136	)		0		0
Class A		0			(4	)		0			0			(146	)		(1,397	)		0			0			(35	)		(310	)		0		0
Class C		(6	)		(45	)		0			0			(19	)		(167	)		0			0			(3	)		(28	)		0		0
Net increase (decrease) resulting from Fund share transactions		13,632		$	121,475			15,411		$	154,292			7,492		$	75,547			45,443		$	454,428			4,413		$	43,320			4,680	$	46,801

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

^ 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.

	Shareholders that own 10% or more of outstanding shares				Total percentage of portfolio held by shareholders that own 10% or more of outstanding shares
	Non Related Parties		Related Parties*		Non Related Parties		Related Parties*
PIMCO RAE Fundamental Emerging Markets Fund		0		2		0%		84%
PIMCO RAE Fundamental Global ex-US Fund		2		0		99%		0%
PIMCO RAE Fundamental International Fund		0		2		0%		71%
PIMCO RAE Fundamental US Fund		0		1		0%		28%
PIMCO RAE Fundamental US Small Fund		2		0		63%		0%

* 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

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of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

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

In accordance with U.S. GAAP, the Adviser has reviewed the Funds’ tax positions for all open tax years. As of June 30, 2016, 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 2013-2015, 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.

As of June 30, 2016, the components of distributable taxable earnings are as follows (amounts in thousands^†):

	Undistributed Ordinary Income  (1)		Undistributed Long-Term Capital Gains		Net Tax Basis Unrealized Appreciation/ (Depreciation) (2)			Other Book-to-Tax Accounting Differences  (3)			Accumulated Capital Losses  (4)			Qualified Late-Year Loss Deferral - Capital (5)			Qualified Late-Year Loss Deferral - Ordinary (6)
PIMCO RAE Fundamental Emerging Markets Fund	$	13,886	$	0	$	67,245		$	(19	)	$	(13,134	)	$	0		$	0
PIMCO RAE Fundamental Global Fund		0		3,545		(4,166	)		(6	)		0			0			(41	)
PIMCO RAE Fundamental Global ex-US Fund		0		0		(9,145	)		(3	)		(225	)		0			0
PIMCO RAE Fundamental International Fund		4,304		0		1,304			(8	)		0			(5,633	)		0
PIMCO RAE Fundamental US Fund		5,550		13,299		87,554			(21	)		0			0			0
PIMCO RAE Fundamental US Small Fund		445		0		6,587			(4	)		0			(3,918	)		0

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

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

⁽²⁾  Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on convertible preferred securities, non-REIT return of capital, passive foreign investment companies (PFIC), and real estate investment trusts (REITs).

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

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

⁽⁵⁾  Capital losses realized during the period November 1, 2015 through June 30, 2016 which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

⁽⁶⁾  Specified losses realized during the period November 1, 2015 through June 30, 2016 and Ordinary losses realized during the period January 1, 2016 through June 30, 2016, which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

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

As of June 30, 2016, the Funds had the following post-effective capital losses with no expiration (amounts in thousands^†) ⁽⁷⁾:

	Short-Term		Long-Term
PIMCO RAE Fundamental Emerging Markets Fund*	$	3,517	$	9,617
PIMCO RAE Fundamental Global Fund		0		0
PIMCO RAE Fundamental Global ex-US Fund		225		0
PIMCO RAE Fundamental International Fund		0		0
PIMCO RAE Fundamental US Fund		0		0
PIMCO RAE Fundamental US Small Fund		0		0

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

⁽⁷⁾  *Portion of amount represents realized loss and recognized built-in loss under IRC 382-383, which is carried forward to future years to offset future realized gain subject to certain limitations

ANNUAL REPORT JUNE 30, 2016 75

Notes to Financial Statements (Cont.)

June 30, 2016

As of June 30, 2016, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands^†):

	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation) (8)
PIMCO RAE Fundamental Emerging Markets Fund	$	1,300,045	$	89,818	$	(21,620	)	$	68,198
PIMCO RAE Fundamental Global Fund		287,049		3,353		(7,518	)		(4,165	)
PIMCO RAE Fundamental Global ex-US Fund		72,267		0		(9,144	)		(9,144	)
PIMCO RAE Fundamental International Fund		213,244		12,344		(10,849	)		1,495
PIMCO RAE Fundamental US Fund		429,342		103,164		(15,610	)		87,554
PIMCO RAE Fundamental US Small Fund		77,486		10,572		(3,984	)		6,588

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

⁽⁸⁾  Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) on investments are attributable to open wash sale loss deferrals, convertible preferred securities, non-REIT return of capital, passive foreign investment companies (PFICs), and real estate investment trusts (REITs) for federal income tax purposes.

For the fiscal years ended June 30, 2016 and June 30, 2015, respectively, the Funds made the following tax basis distributions (amounts in thousands^†):

	June 30, 2016						June 30, 2015
	Ordinary Income Distributions  (9)		Long-Term Capital Gain Distributions		Return of Capital  (10)		Ordinary Income Distributions  (9)		Long-Term Capital Gain Distributions		Return of Capital  (10)
PIMCO RAE Fundamental Emerging Markets Fund	$	3,915	$	0	$	0	$	0	$	0	$	0
PIMCO RAE Fundamental Global Fund		2,315		85		0		0		0		0
PIMCO RAE Fundamental Global ex-US Fund		692		0		28		0		0		0
PIMCO RAE Fundamental International Fund		1,761		3,524		0		0		0		0
PIMCO RAE Fundamental US Fund		5,484		11,422		0		0		0		0
PIMCO RAE Fundamental US Small Fund		622		1,173		0		0		0		0

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

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

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

76 PIMCO EQUITY SERIES

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of PIMCO Equity Series^®:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of PIMCO RAE Fundamental US Fund, PIMCO RAE Fundamental US Small Fund, PIMCO RAE Fundamental International Fund, PIMCO RAE Fundamental Emerging Markets Fund, PIMCO RAE Fundamental Global Fund, and PIMCO RAE Fundamental Global ex-US Fund (six series of PIMCO Equity Series^®, hereafter referred to as the “Funds”) at June 30, 2016, the results of each of their operations for the year then ended, and the changes in each of their net assets and the financial highlights for the year then ended and for the period June 5, 2015 (commencement of operations) through June 30, 2015, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at June 30, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Kansas City, Missouri

August 22, 2016

ANNUAL REPORT JUNE 30, 2016 77

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

(Unaudited)

Counterparty Abbreviations:
SSB	State Street Bank and Trust Co.
Currency Abbreviations:
IDR	Indonesian Rupiah	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

Federal Income Tax Information

(Unaudited)

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

Dividend Received Deduction.  Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a Fund’s dividend distribution that qualifies under tax law. The percentage of the following Funds’ fiscal 2016 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below:

Qualified Dividend Income.  Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the “Act”), the following percentage of ordinary dividends paid during the calendar year was designated as “qualified dividend income”, as defined in the Act, subject to reduced tax rates in 2016:

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only).  Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended June 30, 2016 are considered to be derived from “qualified interest income,” as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended June 30, 2016 are considered to be derived from “qualified short-term capital gain,” as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

	Dividend Received Deduction %		Qualified Dividend Income %		Qualified Interest Income (000s† )		Qualified Short-Term Capital Gain (000s†)
PIMCO RAE Fundamental Emerging Markets Fund		0.00%		10.07%	$	0	$	0
PIMCO RAE Fundamental Global Fund		55.31%		84.50%		0		0
PIMCO RAE Fundamental Global ex-US Fund		0.31%		65.51%		0		0
PIMCO RAE Fundamental International Fund		0.50%		100.00%		0		0
PIMCO RAE Fundamental US Fund		100.00%		100.00%		0		0
PIMCO RAE Fundamental US Small Fund		100.00%		100.00%		0		95

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

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

	Foreign Source Income		Foreign Taxes Pass Through
PIMCO RAE Fundamental Emerging Markets Fund	$	21,176,461	$	2,057,833
PIMCO RAE Fundamental Global Fund		2,290,849		42,903
PIMCO RAE Fundamental Global ex-US Fund		1,521,484		28,496
PIMCO RAE Fundamental International Fund		7,263,524		673,425
PIMCO RAE Fundamental US Fund		0		0
PIMCO RAE Fundamental US Small Fund		0		0

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

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2017, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2016.

ANNUAL REPORT JUNE 30, 2016 79

Management of the Trust

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

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

Name, Year of Birth and Position Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Public Company and Investment Company Directorships Held by Trustee During the Past 5 Years
Interested Trustees*
Brent R. Harris (1959) Chairman of the Board and Trustee	03/2010 to present	Managing Director, PIMCO. Formerly, member of Executive Committee, PIMCO.	169	Chairman and Trustee, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT; Director, StocksPLUS® Management, Inc; and member of Board of Governors, Investment Company Institute.
Independent Trustees
E. Philip Cannon (1940) Trustee	03/2010 to present	Private Investor. Formerly, President, Houston Zoo.	169	Trustee, PIMCO Equity Series VIT; Lead Independent Trustee, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust. Formerly, Trustee, Allianz Funds (formerly, PIMCO Funds: Multi-Manager Series).
Jennifer Holden Dunbar (1963) Trustee	02/2016 to present	Managing Director, Dunbar Partners, LLC (business consulting and investments).	169	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust; Director, PS Business Parks; Director, Big 5 Sporting Goods Corporation.
Peter B. McCarthy (1950) Trustee	09/2011 to present	Formerly, Assistant Secretary and Chief Financial Officer, United States Department of Treasury; Deputy Managing Director, Institute of International Finance.	169	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust.
Ronald C. Parker (1951) Trustee	02/2016 to present	Director of Roseburg Forest Products Company. Formerly, Chairman of the Board, The Ford Family Foundation. Formerly President, Chief Executive Officer, Hampton Affiliates (forestry products).	169	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust.

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

** Trustees serve until their successors are duly elected and qualified.

80 PIMCO EQUITY SERIES

(Unaudited)

Executive Officers

Name, Year of Birth and Position Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years*
Peter G. Strelow (1970) President	02/2014 to present Senior Vice President 11/2013 to 02/2014 Vice President 03/2010 to 11/2013	Managing Director, PIMCO. President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust and PIMCO Closed-End Funds.
David C. Flattum (1964) Chief Legal Officer	03/2010 to present	Managing Director and General Counsel, PIMCO. Chief Legal Officer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Formerly, Managing Director, Chief Operating Officer and General Counsel, Allianz Asset Management of America L.P.
Jennifer E. Durham (1970) Chief Compliance Officer	03/2010 to present	Managing Director and Chief Compliance Officer, PIMCO. Chief Compliance Officer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT.
Brent R. Harris (1959) Senior Vice President	03/2010 to present	Managing Director, PIMCO. Senior Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Formerly, member of Executive Committee, PIMCO.
Douglas M. Hodge (1957) Senior Vice President	02/2014 to present President 05/2013 to 02/2014	Managing Director, Chief Executive Officer, PIMCO (since 2/14); Chief Operating Officer, PIMCO (7/09 - 2/14); Member of Executive Committee and Head of PIMCO’s Asia Pacific region. Member Global Executive Committee, Allianz Asset Management. Senior Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT.
Kevin M. Broadwater (1964) Vice President - Senior Counsel	05/2012 to present	Executive Vice President and Deputy General Counsel, PIMCO. Vice President - Senior Counsel, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT.
Joshua D. Ratner (1976)** Vice President - Senior Counsel, Secretary	11/2013 to present Assistant Secretary 03/2010 to 01/2011	Executive Vice President and Senior Counsel, PIMCO. Chief Legal Officer, PIMCO Investments LLC. Vice President - Senior Counsel, Secretary, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Vice President, Secretary and Chief Legal Officer, PIMCO Managed Accounts Trust and PIMCO Closed-End Funds.
Ryan G. Leshaw (1980) Assistant Secretary	05/2012 to present	Senior Vice President and Senior Counsel, PIMCO. Assistant Secretary, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust and PIMCO Closed-End Funds. Formerly, Associate, Willkie Farr & Gallagher LLP.
Stacie D. Anctil (1969) Vice President	05/2015 to present Assistant Treasurer 03/2010 to 05/2015	Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust and PIMCO Closed-End Funds.
William G. Galipeau (1974) Vice President	11/2013 to present	Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Treasurer, PIMCO Managed Accounts Trust and PIMCO Closed-End Funds. Formerly, Vice President, Fidelity Investments.
Eric D. Johnson (1970)** Vice President	05/2011 to present	Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust and PIMCO Closed-End Funds.
Henrik P. Larsen (1970) Vice President	03/2010 to present	Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT.
Greggory S. Wolf (1970) Vice President	05/2011 to present	Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT.
Trent W. Walker (1974) Treasurer	11/2013 to present Assistant Treasurer 03/2010 to 11/2013	Executive Vice President, PIMCO. Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Assistant Treasurer, PIMCO Managed Accounts Trust and PIMCO Closed-End Funds.
Erik C. Brown (1967) Assistant Treasurer	03/2010 to present	Executive Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust and PIMCO Closed-End Funds.
Jason J. Nagler (1982)** Assistant Treasurer	05/2015 to present	Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust and PIMCO Closed-End Funds. Formerly, Head of Mutual Fund Reporting, GMO and Assistant Treasurer, GMO Trust and GMO Series Trust Funds.

* The term “PIMCO Closed-End Funds” as used herein includes: PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund Inc., PIMCO Corporate & Income Opportunity Fund, PIMCO Corporate & Income Strategy Fund, PIMCO Dynamic Credit Income Fund, PIMCO Dynamic Income Fund, PIMCO Global StocksPLUS & Income Fund, PIMCO High Income Fund, PIMCO Income Opportunity Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II and PIMCO Strategic Income Fund, Inc.

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

ANNUAL REPORT JUNE 30, 2016 81

Privacy Policy¹

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

OBTAINING PERSONAL INFORMATION

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

RESPECTING YOUR PRIVACY

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

SHARING INFORMATION WITH THIRD PARTIES

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

SHARING INFORMATION WITH AFFILIATES

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

PROCEDURES TO SAFEGUARD PRIVATE INFORMATION

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

INFORMATION COLLECTED FROM WEBSITES

Websites maintained by the Funds or their service providers may use a variety of technologies to collect information that help the Funds and their service providers understand how the website is used. Information collected from your web browser (including small files stored on your device that are commonly referred to as “cookies”) allow the websites to recognize your web browser and help to personalize and improve your user experience and enhance navigation of the website. In addition, the Funds or their Service Affiliates may use third parties to place advertisements for the Funds on other websites, including banner advertisements. Such third parties may collect anonymous information through the use of cookies or action tags (such as web beacons). The information these third parties collect is generally limited to technical and web navigation information, such as your IP address, web pages visited and browser type, and does not include personally identifiable information such as name, address, phone number or email address.

You can change your cookie preferences by changing the setting on your web browser to delete or reject cookies. If you delete or reject cookies, some website pages may not function properly.

82 PIMCO EQUITY SERIES

(Unaudited)

CHANGES TO THE PRIVACY POLICY

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

¹ Amended as of May 13, 2015.

² PIMCO Investments LLC (“PI”) serves as the Funds’ distributor. This Privacy Policy applies to the activities of PI to the extent that PI regularly effects or engages in transactions with or for a Fund shareholder who is the record owner of such shares. For purposes of this Privacy Policy, references to “the Funds” shall include PI when acting in this capacity.

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

ANNUAL REPORT JUNE 30, 2016 83

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 Board. Shareholders of all series of the Trust voted together on the proposal, and elected two (2) Trustees at the special meeting. The results of the proxy solicitation on this matter are available in the Funds’ Semi-Annual Report to shareholders for the period ended December 31, 2015.

84 PIMCO EQUITY SERIES

General Information

Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Investment Sub-Adviser

Research Affiliates, LLC

620 Newport Center Drive, Suite 900

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank and Trust Company

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.

PES3003AR_063016

PIMCO Equity Series^®

Annual Report

June 30, 2016

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
Report of Independent Registered Public Accounting Firm				84
Glossary				85
Federal Income Tax Information				86
Management of the Trust				87
Privacy Policy				89
Results of Proxy Voting				91
Fund	Fund Summary		Schedule of Investments
PIMCO RealPath™ Blend 2020 Fund		8		38
PIMCO RealPath™ Blend 2025 Fund		10		41
PIMCO RealPath™ Blend 2030 Fund		12		44
PIMCO RealPath™ Blend 2035 Fund		14		47
PIMCO RealPath™ Blend 2040 Fund		16		50
PIMCO RealPath™ Blend 2045 Fund		18		53
PIMCO RealPath™ Blend 2050 Fund		20		56
PIMCO RealPath™ Blend 2055 Fund		22		59
PIMCO RealPath™ 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 Annual Report for the PIMCO Equity Series covering the twelve-month reporting period ended June 30, 2016. 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.

Outside of the reporting period, PIMCO announced on July 19, 2016 that the firm’s Managing Directors have selected Emmanuel (Manny) Roman as PIMCO’s next Chief Executive Officer. PIMCO’s current CEO Douglas Hodge will assume a new role as Managing Director and Senior Advisor when Mr. Roman joins PIMCO on November 1st.

The announcement of Mr. Roman as PIMCO’s CEO is the culmination of a process undertaken by the firm to hire a senior executive who would add leadership and strategic insights combined with a deep appreciation of PIMCO’s diversified global businesses, investment process and focus on superior investment performance and client-service. Mr. Roman’s appointment has the full support of the firm’s leadership including Mr. Hodge, PIMCO’s President Jay Jacobs, the firm’s Executive Committee and its Managing Directors. Mr. Roman has nearly 30 years of experience in the investment industry, with expertise in fixed income and proven executive leadership, most recently as CEO of Man Group PLC, one of the world’s largest publicly-traded alternative asset managers and a leader in liquid, high-alpha investment strategies.

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

ⁿ  The first half of the reporting period through mid-February 2016 was marked by ongoing concerns over the global impact of a slowdown in the Chinese economy, which drove commodity prices and inflation expectations generally lower. By March, a recovery in the price of oil and expectations of lower interest rates for longer supported a rally in risk assets. The Bank of Japan (“BOJ”) and the People’s Bank of China, for example, indicated their intent for further policy easing, with the BOJ resorting to a negative interest rate policy in February 2016. The European Central Bank (“ECB”) also resorted to unconventional monetary policy with additional easing measures and an expansion of its quantitative easing program by shifting its focus toward domestic credit, pushing government yields into negative territory. In June 2016, the ECB began purchasing corporate bonds to help invigorate economic growth and stimulate inflation in the region.

ⁿ  In the U.S., concerns regarding the global impact of tightening financial conditions and renewed U.S. dollar strength kept the Federal Reserve (“Fed”) on hold at their June 2016 meeting, after slightly raising interest rates at their December 2015 meeting. In addition, the U.S. dollar appreciated against most European and emerging market currencies, while falling against the Japanese yen. The U.S. interest rate yield curve flattened as the ten-year U.S. Treasury yield rallied to all-time lows and short-term rates rose with the initial December 2015 Fed rate hike. Revised first quarter 2016 U.S. gross domestic product (“GDP”) data released in late June was marginally stronger as retail sales, housing and consumer sentiment data indicated an improving economy.

ⁿ  Market movements and news headlines at the end of the reporting period were dominated by the unexpected outcome of the U.K. referendum on June 23, 2016. Initial investor reaction to the Brexit vote was largely “risk-off” as various assets re-priced to the surprise outcome, with U.S. Treasuries, the Japanese yen and gold headlining a safe-haven rally. However, aside from the Pound Sterling and European and Japanese equities, most asset classes recovered in the ensuing week as investors reassessed the impact of the Brexit vote on global growth expectations.

ⁿ  Global developed market equities experienced weak performance amid a period marked by economic uncertainty, increased volatility and geopolitical concerns. U.S. equities, as represented by the S&P 500 Index, were a bright spot, returning 3.99% over the reporting period. International equity markets (developed ex-U.S.), as represented by the MSCI EAFE Net Dividend Index (USD Hedged) declined 9.90% over the reporting period and the MSCI EAFE Net Dividend Index (USD Unhedged) declined 10.16% over the reporting period. Japanese equities, as represented by the Nikkei 225 Index in JPY, declined 21.86% over the reporting period, and European equities, as represented by the MSCI Europe Index in EUR, declined 10.96% over the reporting period. During the first eight months of the

2 PIMCO EQUITY SERIES

reporting period, declining commodities prices and China’s economic deceleration drove concerns of slowing global growth, which weighed on equity returns. However, in the last third of the reporting period, developed market equities began to rebound from previous lows as global central banks resorted to increasingly unconventional monetary policy. However, late in the reporting period in June, global equities were pressured once again due to Britain’s decision to leave the European Union.

ⁿ  Emerging market (“EM”) equities, as represented by the MSCI Emerging Markets Index (Net Dividends in USD), declined 12.05% over the reporting period. Concerns over slower economic growth in China, a bear market in commodities, political corruption in Latin America and several attempts by the People’s Bank of China to support the domestic equity market added to fears of slowing global growth. Late in the reporting period, emerging market equities experienced a strong rebound following February 2016 lows, with cyclicals and commodity-linked markets leading the rally.

ⁿ  U.S. Treasuries, as represented by the Barclays U.S. Treasury Index, returned 6.22% for the reporting period. Yields beyond one-year maturities declined across the U.S. Treasury yield curve as a more dovish tone from the Fed after its June 2016 meeting, coupled with the surprise result of the U.K. referendum, pushed expectations for policy normalization further into the future. Investors also looked to U.S. Treasuries for their perceived safety and as a source of high-quality yield. The benchmark ten-year U.S. Treasury note yielded 1.49% 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 6.00% 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 and investment solution needs.

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

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

ANNUAL REPORT JUNE 30, 2016 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 risk, 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.

4 PIMCO EQUITY SERIES

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 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^™ Blend Funds are intended for investors who prefer to have their asset allocation decisions made by professional money managers and are designed to offer individual investors comprehensive asset allocation strategies tailored to the time when they expect to retire or to begin withdrawing assets. Each PIMCO RealPath^™ Blend Fund is designed for investors expecting to retire or to begin withdrawing portions of their investments around the year indicated in the Fund’s name. The retirement year included in the

RealPath^™ Blend Fund’s name does not necessarily represent the specific year you expect to begin withdrawing your assets. It is intended only as a general guide.

The PIMCO RealPath^™ Blend Funds are designed to provide investors with a comprehensive retirement solution tailored to the time when they expect to retire or plan to start withdrawing money (the “target date”). Each PIMCO RealPath^™ Blend Fund follows a target asset allocation schedule that changes over time to help reduce portfolio risk, increasing its exposure to conservative investments as the target date approaches. The principal value of a Fund is not guaranteed at any time, including the target date. A Fund’s shareholders may experience losses, including losses near, at, or after the target year indicated in the PIMCO RealPath^™ Blend Fund’s name.

On each individual Fund Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay on (i) Fund distributions or (ii) the redemption of Fund shares. The Cumulative Returns chart and Average Annual Total Return table reflect any sales load that would have applied at the time of purchase or any Contingent Deferred Sales Charge (“CDSC”) that would have applied if a full redemption occurred on the last business day of the period shown in the Cumulative Returns chart. Class A shares are subject to an initial sales charge. A CDSC may be imposed in certain circumstances on Class A shares that are purchased without an initial sales charge and then redeemed during the first (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 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.

ANNUAL REPORT JUNE 30, 2016 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 RealPath™ Blend 2020 Fund

12/31/14

12/31/14

—

12/31/14

—

12/31/14

—

—

Diversified

PIMCO RealPath™ Blend 2025 Fund

12/31/14

12/31/14

—

12/31/14

—

12/31/14

—

—

Diversified

PIMCO RealPath™ Blend 2030 Fund

12/31/14

12/31/14

—

12/31/14

—

12/31/14

—

—

Diversified

PIMCO RealPath™ Blend 2035 Fund

12/31/14

12/31/14

—

12/31/14

—

12/31/14

—

—

Diversified

PIMCO RealPath™ Blend 2040 Fund

12/31/14

12/31/14

—

12/31/14

—

12/31/14

—

—

Diversified

PIMCO RealPath™ Blend 2045 Fund

12/31/14

12/31/14

—

12/31/14

—

12/31/14

—

—

Diversified

PIMCO RealPath™ Blend 2050 Fund

12/31/14

12/31/14

—

12/31/14

—

12/31/14

—

—

Diversified

PIMCO RealPath™ Blend 2055 Fund

12/31/14

12/31/14

—

12/31/14

—

12/31/14

—

—

Diversified

PIMCO RealPath™ Blend Income Fund

12/31/14

12/31/14

—

12/31/14

—

12/31/14

—

—

Diversified

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

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

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ANNUAL REPORT JUNE 30, 2016 7

PIMCO RealPath^™ Blend 2020 Fund

Cumulative Returns Through June 30, 2016

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

Investment Objective and Strategy Overview

» PIMCO RealPath^TM 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 PIMCO Equity Series (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.

Average Annual Total Return for the period ended June 30, 2016
		1 Year		Fund Inception (12/31/14)
	PIMCO RealPath™ Blend 2020 Fund Institutional Class		2.77%		1.97%
	PIMCO RealPath™ Blend 2020 Fund Administrative Class		2.45%		1.68%
	PIMCO RealPath™ Blend 2020 Fund Class A		2.29%		1.50%
	PIMCO RealPath™ Blend 2020 Fund Class A (adjusted)		(3.33)%		(2.25)%
	S&P Target Date 2020 Index±		1.77%		2.38%
	Real Return Target 2020 Index*		2.68%		2.10%

All Fund returns are net of fees and expenses.

* Prior to June 30, 2016, the Fund’s primary benchmark was the Real Return Target 2020 Index. Real Return Target 2020 Index is a composite of other indices. The sub-indices 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.

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

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 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 Holdings as of 06/30/2016^1§

Vanguard 500 Index Fund ‘Admiral’	21.7%
PIMCO Income Fund	12.7%
PIMCO Real Return Fund	10.5%
Vanguard Developed Markets Index Fund ‘Admiral’	10.1%
PIMCO Real Return Asset Fund	9.8%
PIMCO High Yield Fund	7.9%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	7.2%
PIMCO Long Duration Total Return Fund	4.9%
PIMCO Long-Term Credit Fund	4.9%
PIMCO Total Return Fund	4.8%

¹ % of Investments, at value.

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

Fund Insights

Following are key factors impacting the Fund’s performance during the reporting period:

» Exposure to Real Estate Investment Trusts (“REITs”) benefited absolute performance, as REITs posted positive returns.

» Exposure to long-term Treasuries benefited absolute performance, as long-term Treasuries posted positive returns.

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

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

» Exposure to developed ex-U.S. equities detracted from absolute performance, as developed ex-U.S. equities posted negative returns.

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

ANNUAL REPORT JUNE 30, 2016 9

PIMCO RealPath^™ Blend 2025 Fund

Cumulative Returns Through June 30, 2016

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

Investment Objective and Strategy Overview

» PIMCO RealPath^TM 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 PIMCO Equity Series (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.

Average Annual Total Return for the period ended June 30, 2016
		1 Year		Fund Inception (12/31/14)
	PIMCO RealPath™ Blend 2025 Fund Institutional Class		2.10%		1.66%
	PIMCO RealPath™ Blend 2025 Fund Administrative Class		1.81%		1.40%
	PIMCO RealPath™ Blend 2025 Fund Class A		1.50%		1.12%
	PIMCO RealPath™ Blend 2025 Fund Class A (adjusted)		(4.07)%		(2.62)%
	S&P Target Date 2025 Index±		1.36%		2.27%
	Real Return Target 2025 Index*		2.35%		1.92%

All Fund returns are net of fees and expenses.

* Prior to June 30, 2016, the Fund’s primary benchmark was the Real Return Target 2025 Index. Real Return Target 2025 Index is a composite of other indices. The sub-indices 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.

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

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 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 Holdings as of 06/30/2016^1§

Vanguard 500 Index Fund ‘Admiral’	25.8%
Vanguard Developed Markets Index Fund ‘Admiral’	12.3%
PIMCO Real Return Asset Fund	10.6%
PIMCO Income Fund	9.9%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	9.2%
PIMCO High Yield Fund	7.9%
PIMCO Real Return Fund	6.4%
PIMCO Long-Term Credit Fund	5.3%
PIMCO Long Duration Total Return Fund	5.3%
Vanguard Small-Cap Index Fund ‘Admiral’	4.0%

¹ % of Investments, at value.

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

Fund Insights

Following are key factors impacting the Fund’s performance during the reporting period:

» Exposure to Real Estate Investment Trusts (“REITs”) benefited absolute performance, as REITs posted positive returns.

» Exposure to long-term Treasuries benefited absolute performance, as long-term Treasuries posted positive returns.

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

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

» Exposure to developed ex-U.S. equities detracted from absolute performance, as developed ex-U.S. equities posted negative returns.

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

ANNUAL REPORT JUNE 30, 2016 11

PIMCO RealPath^™ Blend 2030 Fund

Cumulative Returns Through June 30, 2016

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

Investment Objective and Strategy Overview

» PIMCO RealPath^TM 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 PIMCO Equity Series (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.

Average Annual Total Return for the period ended June 30, 2016
		1 Year		Fund Inception (12/31/14)
	PIMCO RealPath™ Blend 2030 Fund Institutional Class		1.67%		1.45%
	PIMCO RealPath™ Blend 2030 Fund Administrative Class		1.52%		1.26%
	PIMCO RealPath™ Blend 2030 Fund Class A		1.15%		0.94%
	PIMCO RealPath™ Blend 2030 Fund Class A (adjusted)		(4.40)%		(2.79)%
	S&P Target Date 2030 Index±		0.98%		2.16%
	Real Return Target 2030 Index*		1.80%		1.63%

All Fund returns are net of fees and expenses.

* Prior to June 30, 2016, the Fund’s primary benchmark was the Real Return Target 2030 Index. Real Return Target 2030 Index is a composite of other indices. The sub-indices 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.

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

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 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 Holdings as of 06/30/2016^1§

Vanguard 500 Index Fund ‘Admiral’	29.5%
Vanguard Developed Markets Index Fund ‘Admiral’	13.8%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	9.9%
PIMCO Income Fund	8.7%
PIMCO Real Return Asset Fund	7.7%
PIMCO High Yield Fund	7.6%
Vanguard Small-Cap Index Fund ‘Admiral’	4.1%
PIMCO Long-Term Credit Fund	3.8%
PIMCO Long Duration Total Return Fund	3.8%
PIMCO Real Return Fund	2.6%

¹ % of Investments, at value.

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

Fund Insights

Following are key factors impacting the Fund’s performance during the reporting period:

» Exposure to Real Estate Investment Trusts (“REITs”) benefited absolute performance, as REITs posted positive returns.

» Exposure to long-term Treasuries benefited absolute performance, as long-term Treasuries posted positive returns.

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

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

» Exposure to developed ex-U.S. equities detracted from absolute performance, as developed ex-U.S. equities posted negative returns.

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

ANNUAL REPORT JUNE 30, 2016 13

PIMCO RealPath^™ Blend 2035 Fund

Cumulative Returns Through June 30, 2016

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

Investment Objective and Strategy Overview

» PIMCO RealPath^TM 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 PIMCO Equity Series (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.

Average Annual Total Return for the period ended June 30, 2016
		1 Year		Fund Inception (12/31/14)
	PIMCO RealPath™ Blend 2035 Fund Institutional Class		0.64%		1.02%
	PIMCO RealPath™ Blend 2035 Fund Administrative Class		0.34%		0.74%
	PIMCO RealPath™ Blend 2035 Fund Class A		0.21%		0.57%
	PIMCO RealPath™ Blend 2035 Fund Class A (adjusted)		(5.27)%		(3.15)%
	S&P Target Date 2035 Index±		0.61%		2.05%
	Real Return Target 2035 Index*		1.03%		1.23%

All Fund returns are net of fees and expenses.

* Prior to June 30, 2016, the Fund’s primary benchmark was the Real Return Target 2035 Index. Real Return Target 2035 Index is a composite of other indices. The sub-indices 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.

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

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 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 10 Holdings as of 06/30/2016^1§

Vanguard 500 Index Fund ‘Admiral’	33.4%
Vanguard Developed Markets Index Fund ‘Admiral’	16.1%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	11.1%
PIMCO Income Fund	7.9%
PIMCO High Yield Fund	6.9%
Vanguard Small-Cap Index Fund ‘Admiral’	4.9%
PIMCO Real Return Asset Fund	3.1%
PIMCO Long Duration Total Return Fund	2.4%
PIMCO Long-Term Credit Fund	2.4%
PIMCO Real Return Fund	2.0%

¹ % of Investments, at value.

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

Fund Insights

Following are key factors impacting the Fund’s performance during the reporting period:

» Exposure to Real Estate Investment Trusts (“REITs”) benefited absolute performance, as REITs posted positive returns.

» Exposure to long-term Treasuries benefited absolute performance, as long-term Treasuries posted positive returns.

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

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

» Exposure to developed ex-U.S. equities detracted from absolute performance, as developed ex-U.S. equities posted negative returns.

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

ANNUAL REPORT JUNE 30, 2016 15

PIMCO RealPath^™ Blend 2040 Fund

Cumulative Returns Through June 30, 2016

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

Investment Objective and Strategy Overview

» PIMCO RealPath^TM 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 PIMCO Equity Series (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.

Average Annual Total Return for the period ended June 30, 2016
		1 Year		Fund Inception (12/31/14)
	PIMCO RealPath™ Blend 2040 Fund Institutional Class		0.48%		1.12%
	PIMCO RealPath™ Blend 2040 Fund Administrative Class		0.14%		0.81%
	PIMCO RealPath™ Blend 2040 Fund Class A		(0.10)%		0.58%
	PIMCO RealPath™ Blend 2040 Fund Class A (adjusted)		(5.63)%		(3.14)%
	S&P Target Date 2040 Index±		0.32%		1.95%
	Real Return Target 2040 Index*		0.20%		0.80%

All Fund returns are net of fees and expenses.

* Prior to June 30, 2016, the Fund’s primary benchmark was the Real Return Target 2040 Index. Real Return Target 2040 Index is a composite of other indices. The sub-indices 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.

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

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 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 10 Holdings as of 06/30/2016^1§

Vanguard 500 Index Fund ‘Admiral’	36.2%
Vanguard Developed Markets Index Fund ‘Admiral’	17.6%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	12.4%
PIMCO Income Fund	6.1%
Vanguard Small-Cap Index Fund ‘Admiral’	5.2%
PIMCO High Yield Fund	5.1%
PIMCO Real Return Asset Fund	2.1%
PIMCO Real Return Fund	2.1%
PIMCO Emerging Local Bond Fund	2.0%
PIMCO Long Duration Total Return Fund	1.7%

¹ % of Investments, at value.

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

Fund Insights

Following are key factors impacting the Fund’s performance during the reporting period:

» Exposure to Real Estate Investment Trusts (“REITs”) benefited absolute performance, as REITs posted positive returns.

» Exposure to long-term Treasuries benefited absolute performance, as long-term Treasuries posted positive returns.

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

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

» Exposure to developed ex-U.S. equities detracted from absolute performance, as developed ex-U.S. equities posted negative returns.

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

ANNUAL REPORT JUNE 30, 2016 17

PIMCO RealPath^™ Blend 2045 Fund

Cumulative Returns Through June 30, 2016

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

Investment Objective and Strategy Overview

» PIMCO RealPath^TM 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 PIMCO Equity Series (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.

Average Annual Total Return for the period ended June 30, 2016
		1 Year		Fund Inception (12/31/14)
	PIMCO RealPath™ Blend 2045 Fund Institutional Class		(0.45)%		0.69%
	PIMCO RealPath™ Blend 2045 Fund Administrative Class		(0.63)%		0.46%
	PIMCO RealPath™ Blend 2045 Fund Class A		(0.81)%		0.23%
	PIMCO RealPath™ Blend 2045 Fund Class A (adjusted)		(6.29)%		(3.48)%
	S&P Target Date 2045 Index±		0.06%		1.86%
	Real Return Target 2045 Index*		(0.47)%		0.47%

All Fund returns are net of fees and expenses.

* Prior to June 30, 2016, the Fund’s primary benchmark was the Real Return Target 2045 Index. Real Return Target 2045 Index is a composite of other indices. The sub-indices 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.

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

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 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 10 Holdings as of 06/30/2016^1§

Vanguard 500 Index Fund ‘Admiral’	38.3%
Vanguard Developed Markets Index Fund ‘Admiral’	18.6%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	13.4%
Vanguard Small-Cap Index Fund ‘Admiral’	5.1%
PIMCO Income Fund	4.1%
PIMCO High Yield Fund	3.0%
PIMCO Real Return Asset Fund	2.1%
PIMCO Emerging Local Bond Fund	2.1%
PIMCO Real Return Fund	2.1%
PIMCO Long-Term Credit Fund	1.6%

¹ % of Investments, at value.

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

Fund Insights

Following are key factors impacting the Fund’s performance during the reporting period:

» Exposure to Real Estate Investment Trusts (“REITs”) benefited absolute performance, as REITs posted positive returns.

» Exposure to long-term Treasuries benefited absolute performance, as long-term Treasuries posted positive returns.

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

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

» Exposure to developed ex-U.S. equities detracted from absolute performance, as developed ex-U.S. equities posted negative returns.

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

ANNUAL REPORT JUNE 30, 2016 19

PIMCO RealPath^™ Blend 2050 Fund

Cumulative Returns Through June 30, 2016

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

Investment Objective and Strategy Overview

» PIMCO RealPath^TM 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 PIMCO Equity Series (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.

Average Annual Total Return for the period ended June 30, 2016
		1 Year		Fund Inception (12/31/14)
	PIMCO RealPath™ Blend 2050 Fund Institutional Class		(0.40)%		0.79%
	PIMCO RealPath™ Blend 2050 Fund Administrative Class		(0.60)%		0.53%
	PIMCO RealPath™ Blend 2050 Fund Class A		(0.89)%		0.27%
	PIMCO RealPath™ Blend 2050 Fund Class A (adjusted)		(6.36)%		(3.44)%
	S&P Target Date 2050 Index±		(0.18)%		1.77%
	Real Return Target 2050 Index*		(0.98)%		0.26%

All Fund returns are net of fees and expenses.

* Prior to June 30, 2016, the Fund’s primary benchmark was the Real Return Target 2050 Index. Real Return Target 2050 Index is a composite of other indices. The sub-indices 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.

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

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 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 10 Holdings as of 06/30/2016^1§

Vanguard 500 Index Fund ‘Admiral’	38.7%
Vanguard Developed Markets Index Fund ‘Admiral’	18.4%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	13.3%
Vanguard Small-Cap Index Fund ‘Admiral’	5.2%
PIMCO Income Fund	3.6%
PIMCO High Yield Fund	2.6%
PIMCO Emerging Local Bond Fund	2.1%
PIMCO Real Return Fund	2.0%
PIMCO Long Duration Total Return Fund	1.6%
PIMCO Long-Term Credit Fund	1.6%

¹ % of Investments, at value.

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

Fund Insights

Following are key factors impacting the Fund’s performance during the reporting period:

» Exposure to Real Estate Investment Trusts (“REITs”) benefited absolute performance, as REITs posted positive returns.

» Exposure to long-term Treasuries benefited absolute performance, as long-term Treasuries posted positive returns.

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

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

» Exposure to developed ex-U.S. equities detracted from absolute performance, as developed ex-U.S. equities posted negative returns.

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

ANNUAL REPORT JUNE 30, 2016 21

PIMCO RealPath^™ Blend 2055 Fund

Cumulative Returns Through June 30, 2016

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

Investment Objective and Strategy Overview

» PIMCO RealPath^TM 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 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 (“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.

Average Annual Total Return for the period ended June 30, 2016
		1 Year		Fund Inception (12/31/14)
	PIMCO RealPath™ Blend 2055 Fund Institutional Class		(0.47)%		0.74%
	PIMCO RealPath™ Blend 2055 Fund Administrative Class		(0.77)%		0.46%
	PIMCO RealPath™ Blend 2055 Fund Class A		(0.94)%		0.22%
	PIMCO RealPath™ Blend 2055 Fund Class A (adjusted)		(6.41)%		(3.49)%
	S&P Target Date 2055+ Index±		(0.38)%		1.67%
	Real Return Target 40+ Index*		(1.30)%		0.11%

All Fund returns are net of fees and expenses.

* Prior to June 30, 2016, the Fund’s primary benchmark was the Real Return Target 40+ Index. Real Return Target 40+ Index is a composite of other indices. The sub-indices 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.

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

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 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 10 Holdings as of 06/30/2016^1§

Vanguard 500 Index Fund ‘Admiral’	39.6%
Vanguard Developed Markets Index Fund ‘Admiral’	18.8%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	13.6%
Vanguard Small-Cap Index Fund ‘Admiral’	5.2%
PIMCO Income Fund	3.6%
PIMCO High Yield Fund	2.6%
PIMCO Emerging Local Bond Fund	2.2%
PIMCO Real Return Fund	2.1%
PIMCO Long-Term Credit Fund	1.6%
PIMCO Long Duration Total Return Fund	1.5%

¹ % of Investments, at value.

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

Fund Insights

Following are key factors impacting the Fund’s performance during the reporting period:

» Exposure to Real Estate Investment Trusts (“REITs”) benefited absolute performance, as REITs posted positive returns.

» Exposure to long-term Treasuries benefited absolute performance, as long-term Treasuries posted positive returns.

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

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

» Exposure to developed ex-U.S. equities detracted from absolute performance, as developed ex-U.S. equities posted negative returns.

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

ANNUAL REPORT JUNE 30, 2016 23

PIMCO RealPath^™ Blend Income Fund

Cumulative Returns Through June 30, 2016

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

Investment Objective and Strategy Overview

» PIMCO RealPath^TM 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 PIMCO Equity Series (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.

Average Annual Total Return for the period ended June 30, 2016
		1 Year		Fund Inception (12/31/14)
	PIMCO RealPath™ Blend Income Fund Institutional Class		3.33%		2.20%
	PIMCO RealPath™ Blend Income Fund Administrative Class		3.08%		1.90%
	PIMCO RealPath™ Blend Income Fund Class A		2.75%		1.68%
	PIMCO RealPath™ Blend Income Fund Class A (adjusted)		(2.91)%		(2.08)%
	S&P Target Date Retirement Income Index±		3.07%		2.58%
	Real Return Target Today Index*		2.82%		2.17%

All Fund returns are net of fees and expenses.

* Prior to June 30, 2016, the Fund’s primary benchmark was the Real Return Target Today Index. Real Return Target Today Index is a composite of other indices. The sub-indices 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.

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

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 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.

24 PIMCO EQUITY SERIES

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

Top 10 Holdings as of 06/30/2016^1§

Vanguard 500 Index Fund ‘Admiral’	19.2%
PIMCO Income Fund	16.6%
PIMCO Real Return Fund	10.1%
PIMCO Total Return Fund	9.1%
Vanguard Developed Markets Index Fund ‘Admiral’	8.1%
PIMCO High Yield Fund	7.5%
PIMCO Real Return Asset Fund	7.0%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	6.1%
PIMCO Long-Term Credit Fund	3.6%
PIMCO Long Duration Total Return Fund	3.5%

¹ % of Investments, at value.

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

Fund Insights

Following are key factors impacting the Fund’s performance during the reporting period:

» Exposure to Real Estate Investment Trusts (“REITs”) benefited absolute performance, as REITs posted positive returns.

» Exposure to long-term Treasuries benefited absolute performance, as long-term Treasuries posted positive returns.

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

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

» Exposure to developed ex-U.S. equities detracted from absolute performance, as developed ex-U.S. equities posted negative returns.

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

ANNUAL REPORT JUNE 30, 2016 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 January 1, 2016 to June 30, 2016 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 rows, 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 titled “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 (01/01/16)		Ending Account Value (06/30/16)		Expenses Paid During Period*		Beginning Account Value (01/01/16)		Ending Account Value (06/30/16)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO RealPath™ Blend 2020 Fund
Institutional Class	$	1,000.00	$	1,064.40	$	0.15	$	1,000.00	$	1,024.31	$	0.15		0.03	%
Administrative Class		1,000.00		1,063.10		1.41		1,000.00		1,023.08		1.39		0.28
Class A		1,000.00		1,062.00		2.67		1,000.00		1,021.86		2.62		0.53
PIMCO RealPath™ Blend 2025 Fund
Institutional Class	$	1,000.00	$	1,062.50	$	0.15	$	1,000.00	$	1,024.31	$	0.15		0.03	%
Administrative Class		1,000.00		1,061.30		1.41		1,000.00		1,023.08		1.39		0.28
Class A		1,000.00		1,059.10		2.67		1,000.00		1,021.86		2.62		0.53
PIMCO RealPath™ Blend 2030 Fund
Institutional Class	$	1,000.00	$	1,066.40	$	0.20	$	1,000.00	$	1,024.26	$	0.20		0.04	%
Administrative Class		1,000.00		1,066.50		1.47		1,000.00		1,023.04		1.43		0.29
Class A		1,000.00		1,064.00		2.73		1,000.00		1,021.81		2.67		0.54
PIMCO RealPath™ Blend 2035 Fund
Institutional Class	$	1,000.00	$	1,063.20	$	0.25	$	1,000.00	$	1,024.21	$	0.25		0.05	%
Administrative Class		1,000.00		1,062.00		1.51		1,000.00		1,022.99		1.48		0.30
Class A		1,000.00		1,060.90		2.77		1,000.00		1,021.76		2.72		0.55

26 PIMCO EQUITY SERIES

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (01/01/16)		Ending Account Value (06/30/16)		Expenses Paid During Period*		Beginning Account Value (01/01/16)		Ending Account Value (06/30/16)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO RealPath™ Blend 2040 Fund
Institutional Class	$	1,000.00	$	1,059.40	$	0.25	$	1,000.00	$	1,024.21	$	0.25		0.05	%
Administrative Class		1,000.00		1,057.20		1.51		1,000.00		1,022.99		1.48		0.30
Class A		1,000.00		1,056.00		2.77		1,000.00		1,021.76		2.72		0.55
PIMCO RealPath™ Blend 2045 Fund
Institutional Class	$	1,000.00	$	1,055.60	$	0.25	$	1,000.00	$	1,024.21	$	0.25		0.05	%
Administrative Class		1,000.00		1,054.50		1.51		1,000.00		1,022.99		1.48		0.30
Class A		1,000.00		1,053.20		2.76		1,000.00		1,021.76		2.72		0.55
PIMCO RealPath™ Blend 2050 Fund
Institutional Class	$	1,000.00	$	1,053.80	$	0.25	$	1,000.00	$	1,024.21	$	0.25		0.05	%
Administrative Class		1,000.00		1,052.50		1.51		1,000.00		1,022.99		1.48		0.30
Class A		1,000.00		1,051.70		2.76		1,000.00		1,021.76		2.72		0.55
PIMCO RealPath™ Blend 2055 Fund
Institutional Class	$	1,000.00	$	1,053.60	$	0.25	$	1,000.00	$	1,024.21	$	0.25		0.05	%
Administrative Class		1,000.00		1,052.40		1.51		1,000.00		1,022.99		1.48		0.30
Class A		1,000.00		1,052.40		2.76		1,000.00		1,021.76		2.72		0.55
PIMCO RealPath™ Blend Income Fund
Institutional Class	$	1,000.00	$	1,061.50	$	0.15	$	1,000.00	$	1,024.31	$	0.15		0.03	%
Administrative Class		1,000.00		1,060.30		1.41		1,000.00		1,023.08		1.39		0.28
Class A		1,000.00		1,058.20		2.67		1,000.00		1,021.86		2.62		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 179/366 (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.

ANNUAL REPORT JUNE 30, 2016 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			Distributions from Net Realized Capital Gains			Tax Basis Return of Capital		Total Distributions(b)
PIMCO RealPath™ Blend 2020 Fund
Institutional Class
06/30/2016	$	9.97	$	0.32	$	(0.06	)	$	0.26		$	(0.31	)	$	(0.02	)	$	0.00	$	(0.33	)
12/31/2014 - 06/30/2015		10.00		0.11		(0.09	)		0.02			(0.05	)		0.00			0.00		(0.05	)
Administrative Class
06/30/2016		9.97		0.29		(0.06	)		0.23			(0.28	)		(0.02	)		0.00		(0.30	)
12/31/2014 - 06/30/2015		10.00		0.10		(0.09	)		0.01			(0.04	)		0.00			0.00		(0.04	)
Class A
06/30/2016		9.97		0.27		(0.06	)		0.21			(0.25	)		(0.02	)		0.00		(0.27	)
12/31/2014 - 06/30/2015		10.00		0.09		(0.09	)		0.00			(0.03	)		0.00			0.00		(0.03	)
PIMCO RealPath™ Blend 2025 Fund
Institutional Class
06/30/2016	$	9.99	$	0.32	$	(0.12	)	$	0.20		$	(0.32	)	$	(0.02	)	$	0.00	$	(0.34	)
12/31/2014 - 06/30/2015		10.00		0.12		(0.08	)		0.04			(0.05	)		0.00			0.00		(0.05	)
Administrative Class
06/30/2016		9.99		0.28		(0.11	)		0.17			(0.29	)		(0.02	)		0.00		(0.31	)
12/31/2014 - 06/30/2015		10.00		0.11		(0.08	)		0.03			(0.04	)		0.00			0.00		(0.04	)
Class A
06/30/2016		9.99		0.24		(0.10	)		0.14			(0.26	)		(0.02	)		0.00		(0.28	)
12/31/2014 - 06/30/2015		10.00		0.10		(0.08	)		0.02			(0.03	)		0.00			0.00		(0.03	)
PIMCO RealPath™ Blend 2030 Fund
Institutional Class
06/30/2016	$	10.00	$	0.31	$	(0.16	)	$	0.15		$	(0.25	)	$	(0.03	)	$	0.00	$	(0.28	)
12/31/2014 - 06/30/2015		10.00		0.13		(0.08	)		0.05			(0.05	)		0.00			0.00		(0.05	)
Administrative Class
06/30/2016		10.00		0.29		(0.15	)		0.14			(0.23	)		(0.03	)		0.00		(0.26	)
12/31/2014 - 06/30/2015		10.00		0.12		(0.08	)		0.04			(0.04	)		0.00			0.00		(0.04	)
Class A
06/30/2016		10.00		0.26		(0.16	)		0.10			(0.20	)		(0.03	)		0.00		(0.23	)
12/31/2014 - 06/30/2015		10.00		0.10		(0.07	)		0.03			(0.03	)		0.00			0.00		(0.03	)
PIMCO RealPath™ Blend 2035 Fund
Institutional Class
06/30/2016	$	10.04	$	0.29	$	(0.24	)	$	0.05		$	(0.23	)	$	(0.03	)	$	0.00	$	(0.26	)
12/31/2014 - 06/30/2015		10.00		0.13		(0.04	)		0.09			(0.05	)		0.00			0.00		(0.05	)
Administrative Class
06/30/2016		10.04		0.26		(0.24	)		0.02			(0.20	)		(0.03	)		0.00		(0.23	)
12/31/2014 - 06/30/2015		10.00		0.11		(0.03	)		0.08			(0.04	)		0.00			0.00		(0.04	)
Class A
06/30/2016		10.03		0.20		(0.19	)		0.01			(0.13	)		(0.03	)		0.00		(0.16	)
12/31/2014 - 06/30/2015		10.00		0.12		(0.05	)		0.07			(0.04	)		0.00			0.00		(0.04	)
PIMCO RealPath™ Blend 2040 Fund
Institutional Class
06/30/2016	$	10.07	$	0.28	$	(0.24	)	$	0.04		$	(0.24	)	$	(0.03	)	$	0.00	$	(0.27	)
12/31/2014 - 06/30/2015		10.00		0.12		0.00			0.12			(0.05	)		0.00			0.00		(0.05	)
Administrative Class
06/30/2016		10.07		0.27		(0.27	)		0.00			(0.21	)		(0.03	)		0.00		(0.24	)
12/31/2014 - 06/30/2015		10.00		0.11		0.00			0.11			(0.04	)		0.00			0.00		(0.04	)
Class A
06/30/2016		10.07		0.25		(0.27	)		(0.02	)		(0.19	)		(0.03	)		0.00		(0.22	)
12/31/2014 - 06/30/2015		10.00		0.10		0.00			0.10			(0.03	)		0.00			0.00		(0.03	)

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
$	9.90		2.77	%	$	4,152		0.03	%		0.03	%		0.03	%		0.03	%		3.28	%		45	%
	9.97		0.19			3,007		0.03	*		0.57	*		0.03	*		0.57	*		2.20	*		5
	9.90		2.45			10		0.28			0.28			0.28			0.28			3.01			45
	9.97		0.08			10		0.28	*		0.82	*		0.28	*		0.82	*		1.92	*		5
	9.91		2.29			10		0.53			0.53			0.53			0.53			2.81			45
	9.97		(0.03	)		10		0.53	*		1.07	*		0.53	*		1.07	*		1.70	*		5
$	9.85		2.10	%	$	3,395		0.03	%		0.03	%		0.03	%		0.03	%		3.32	%		59	%
	9.99		0.39			3,026		0.03	*		0.57	*		0.03	*		0.57	*		2.38	*		5
	9.85		1.81			16		0.28			0.28			0.28			0.28			2.96			59
	9.99		0.30			15		0.28	*		0.82	*		0.28	*		0.82	*		2.20	*		5
	9.85		1.50			27		0.53			0.53			0.53			0.53			2.49			59
	9.99		0.17			11		0.53	*		1.07	*		0.53	*		1.07	*		1.92	*		5
$	9.87		1.67	%	$	6,409		0.04	%		0.04	%		0.04	%		0.04	%		3.22	%		65	%
	10.00		0.49			3,015		0.04	*		0.58	*		0.04	*		0.58	*		2.55	*		6
	9.88		1.52			23		0.29			0.29			0.29			0.29			3.05			65
	10.00		0.37			10		0.29	*		0.83	*		0.29	*		0.83	*		2.30	*		6
	9.87		1.15			13		0.54			0.54			0.54			0.54			2.74			65
	10.00		0.27			10		0.54	*		1.08	*		0.54	*		1.08	*		2.04	*		6
$	9.83		0.64	%	$	5,958		0.05	%		0.05	%		0.05	%		0.05	%		3.05	%		56	%
	10.04		0.89			3,027		0.05	*		0.58	*		0.05	*		0.58	*		2.48	*		6
	9.83		0.34			10		0.30			0.30			0.30			0.30			2.69			56
	10.04		0.77			10		0.30	*		0.83	*		0.30	*		0.83	*		2.22	*		6
	9.88		0.21			10		0.55			0.55			0.55			0.55			2.10			56
	10.03		0.65			22		0.55	*		1.08	*		0.55	*		1.08	*		2.33	*		6
$	9.84		0.48	%	$	3,509		0.05	%		0.05	%		0.05	%		0.05	%		2.90	%		43	%
	10.07		1.19			3,036		0.05	*		0.58	*		0.05	*		0.58	*		2.39	*		6
	9.83		0.14			36		0.30			0.30			0.30			0.30			2.89			43
	10.07		1.08			12		0.30	*		0.83	*		0.30	*		0.83	*		2.20	*		6
	9.83		(0.10	)		30		0.55			0.55			0.55			0.55			2.63			43
	10.07		0.98			11		0.55	*		1.08	*		0.55	*		1.08	*		1.93	*		6

ANNUAL REPORT JUNE 30, 2016 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			Distributions from Net Realized Capital Gains			Tax Basis Return of Capital			Total Distributions(b)
PIMCO RealPath™ Blend 2045 Fund
Institutional Class
06/30/2016	$	10.10	$	0.27	$	(0.32	)	$	(0.05	)	$	(0.23	)	$	(0.03	)	$	0.00		$	(0.26	)
12/31/2014 - 06/30/2015		10.00		0.12		0.03			0.15			(0.05	)		0.00			0.00			(0.05	)
Administrative Class
06/30/2016		10.09		0.24		(0.31	)		(0.07	)		(0.20	)		(0.03	)		0.00			(0.23	)
12/31/2014 - 06/30/2015		10.00		0.14		(0.01	)		0.13			(0.04	)		0.00			0.00			(0.04	)
Class A
06/30/2016		10.09		0.22		(0.31	)		(0.09	)		(0.17	)		(0.03	)		0.00			(0.20	)
12/31/2014 - 06/30/2015		10.00		0.09		0.03			0.12			(0.03	)		0.00			0.00			(0.03	)
PIMCO RealPath™ Blend 2050 Fund
Institutional Class
06/30/2016	$	10.11	$	0.27	$	(0.32	)	$	(0.05	)	$	(0.21	)	$	(0.03	)	$	0.00		$	(0.24	)
12/31/2014 - 06/30/2015		10.00		0.12		0.04			0.16			(0.05	)		0.00			0.00			(0.05	)
Administrative Class
06/30/2016		10.10		0.24		(0.30	)		(0.06	)		(0.19	)		(0.03	)		0.00			(0.22	)
12/31/2014 - 06/30/2015		10.00		0.12		0.02			0.14			(0.04	)		0.00			0.00			(0.04	)
Class A
06/30/2016		10.10		0.23		(0.32	)		(0.09	)		(0.18	)		(0.03	)		0.00			(0.21	)
12/31/2014 - 06/30/2015		10.00		0.10		0.03			0.13			(0.03	)		0.00			0.00			(0.03	)
PIMCO RealPath™ Blend 2055 Fund
Institutional Class
06/30/2016	$	10.11	$	0.27	$	(0.33	)	$	(0.06	)	$	(0.22	)	$	(0.03	)	$	0.00		$	(0.25	)
12/31/2014 - 06/30/2015		10.00		0.12		0.04			0.16			(0.05	)		0.00			0.00			(0.05	)
Administrative Class
06/30/2016		10.11		0.24		(0.33	)		(0.09	)		(0.19	)		(0.03	)		0.00			(0.22	)
12/31/2014 - 06/30/2015		10.00		0.11		0.04			0.15			(0.04	)		0.00			0.00			(0.04	)
Class A
06/30/2016		10.09		0.22		(0.32	)		(0.10	)		(0.17	)		(0.03	)		0.00			(0.20	)
12/31/2014 - 06/30/2015		10.00		0.13		0.00			0.13			(0.04	)		0.00			0.00			(0.04	)
PIMCO RealPath™ Blend Income Fund
Institutional Class
06/30/2016	$	9.95	$	0.32	$	0.00		$	0.32		$	(0.32	)	$	(0.02	)	$	(0.01	)	$	(0.35	)
12/31/2014 - 06/30/2015		10.00		0.10		(0.10	)		0.00			(0.05	)		0.00			0.00			(0.05	)
Administrative Class
06/30/2016		9.94		0.29		0.01			0.30			(0.29	)		(0.02	)		(0.01	)		(0.32	)
12/31/2014 - 06/30/2015		10.00		0.09		(0.11	)		(0.02	)		(0.04	)		0.00			0.00			(0.04	)
Class A
06/30/2016		9.94		0.28		(0.01	)		0.27			(0.27	)		(0.02	)		(0.01	)		(0.30	)
12/31/2014 - 06/30/2015		10.00		0.13		(0.15	)		(0.02	)		(0.04	)		0.00			0.00			(0.04	)

* Annualized

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

^(b)  The tax characterization of distributions is determined in accordance with federal income tax regulations. See Note 2(c) 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
$	9.79		(0.45	)%	$	3,415		0.05	%		0.05	%		0.05	%		0.05	%		2.84	%		41	%
	10.10		1.48			3,044		0.05	*		0.58	*		0.05	*		0.58	*		2.37	*		6
	9.79		(0.63	)		39		0.30			0.30			0.30			0.30			2.55			41
	10.09		1.33			39		0.30	*		0.83	*		0.30	*		0.83	*		2.69	*		6
	9.80		(0.81	)		10		0.55			0.55			0.55			0.55			2.31			41
	10.09		1.16			10		0.55	*		1.08	*		0.55	*		1.08	*		1.86	*		6
$	9.82		(0.40	)%	$	3,934		0.05	%		0.05	%		0.05	%		0.05	%		2.86	%		38	%
	10.11		1.59			3,046		0.05	*		0.58	*		0.05	*		0.58	*		2.39	*		6
	9.82		(0.60	)		13		0.30			0.30			0.30			0.30			2.53			38
	10.10		1.39			14		0.30	*		0.83	*		0.30	*		0.83	*		2.33	*		6
	9.80		(0.89	)		110		0.55			0.55			0.55			0.55			2.47			38
	10.10		1.31			15		0.55	*		1.08	*		0.55	*		1.08	*		2.05	*		6
$	9.80		(0.47	)%	$	3,388		0.05	%		0.05	%		0.05	%		0.05	%		2.83	%		38	%
	10.11		1.58			3,048		0.05	*		0.58	*		0.05	*		0.58	*		2.39	*		5
	9.80		(0.77	)		11		0.30			0.30			0.30			0.30			2.54			38
	10.11		1.47			11		0.30	*		0.83	*		0.30	*		0.83	*		2.18	*		5
	9.79		(0.94	)		60		0.55			0.55			0.55			0.55			2.29			38
	10.09		1.28			66		0.55	*		1.08	*		0.55	*		1.08	*		2.53	*		5
$	9.92		3.33	%	$	3,317		0.03	%		0.03	%		0.03	%		0.03	%		3.34	%		41	%
	9.95		(0.02	)		3,035		0.03	*		0.56	*		0.03	*		0.56	*		2.03	*		4
	9.92		3.08			50		0.28			0.28			0.28			0.28			2.95			41
	9.94		(0.21	)		14		0.28	*		0.81	*		0.28	*		0.81	*		1.84	*		4
	9.91		2.75			70		0.53			0.53			0.53			0.53			2.84			41
	9.94		(0.22	)		73		0.53	*		1.06	*		0.53	*		1.06	*		2.61	*		4

ANNUAL REPORT JUNE 30, 2016 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	$	1,676		$	1,660		$	3,643		$	3,807
Investments in Affiliates		2,303			1,575			2,717			2,004
Financial Derivative Instruments
Exchange-traded or centrally cleared		5			5			0			1
Over the counter		7			8			22			28
Cash		190			193			84			164
Receivable for investments sold		8			9			20			24
Receivable for investments in Affiliates sold		24			24			30			16
Receivable for Fund shares sold		1			1			0			1
Dividends receivable from Affiliates		6			5			8			6
Total Assets		4,220			3,480			6,524			6,051
Liabilities:
Financial Derivative Instruments
Exchange-traded or centrally cleared	$	1		$	1		$	0		$	1
Payable for investments purchased		36			36			71			66
Payable for investments in Affiliates purchased		11			5			8			6
Other liabilities		0			0			0			0
Total Liabilities		48			42			79			73
Net Assets	$	4,172		$	3,438		$	6,445		$	5,978
Net Assets Consist of:
Paid in capital	$	4,138		$	3,499		$	6,181		$	5,819
Undistributed (overdistributed) net investment income		0			(7	)		32			25
Accumulated undistributed net realized (loss)		(25	)		(60	)		(28	)		(37	)
Net unrealized appreciation (depreciation)		59			6			260			171
Net Assets	$	4,172		$	3,438		$	6,445		$	5,978
Net Assets:
Institutional Class	$	4,152		$	3,395		$	6,409		$	5,958
Administrative Class		10			16			23			10
Class A		10			27			13			10
Shares Issued and Outstanding:
Institutional Class		419			344			650			606
Administrative Class		1			2			2			1
Class A		1			3			1			1
Net Asset Value Per Share Outstanding:
Institutional Class	$	9.90		$	9.85		$	9.87		$	9.83
Administrative Class		9.90			9.85			9.88			9.83
Class A		9.91			9.85			9.87			9.88
Cost of investments in securities	$	1,668		$	1,673		$	3,488		$	3,708
Cost of investments in Affiliates	$	2,255		$	1,559		$	2,630		$	1,956
Cost or premiums of financial derivative instruments, net	$	8		$	9		$	4		$	5

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

32 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2016

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
$	2,440		$	2,498		$	2,992		$	2,555		$	1,242
	977			815			962			756			2,167
	1			1			1			1			5
	17			17			20			17			4
	165			152			80			151			50
	15			15			21			15			5
	0			4			4			0			9
	1			5			11			10			1
	3			2			2			2			6
	3,619			3,509			4,093			3,507			3,489
$	0		$	0		$	0		$	0		$	1
	41			43			33			46			31
	3			2			2			2			20
	0			0			1			0			0
	44			45			36			48			52
$	3,575		$	3,464		$	4,057		$	3,459		$	3,437
$	3,599		$	3,521		$	4,075		$	3,513		$	3,450
	10			11			17			12			(5	)
	(24	)		(33	)		(29	)		(30	)		(9	)
	(10	)		(35	)		(6	)		(36	)		1
$	3,575		$	3,464		$	4,057		$	3,459		$	3,437
$	3,509		$	3,415		$	3,934		$	3,388		$	3,317
	36			39			13			11			50
	30			10			110			60			70
	356			349			401			346			335
	4			4			1			1			5
	3			1			11			6			7
$	9.84		$	9.79		$	9.82		$	9.80		$	9.92
	9.83			9.79			9.82			9.80			9.92
	9.83			9.80			9.80			9.79			9.91
$	2,470		$	2,548		$	3,018		$	2,603		$	1,255
$	971		$	814		$	958		$	758		$	2,153
$	4		$	4		$	4		$	4		$	8

ANNUAL REPORT JUNE 30, 2016 33

Statements of Operations

Year Ended June 30, 2016
(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	$	36		$	46		$	71		$	80
Dividends from Investments in Affiliates		76			68			65			50
Total Income		112			114			136			130
Expenses:
Investment advisory fees		0			1			1			2
Supervisory and administrative fees		1			1			1			1
Total Expenses		1			2			2			3
Net Investment Income		111			112			134			127
Net Realized Gain (Loss):
Investments in securities		(1	)		(31	)		(8	)		(19	)
Investments in Affiliates		(52	)		(57	)		(39	)		(34	)
Net capital gain distributions received from Affiliate investments		27			25			15			11
Exchange-traded or centrally cleared financial derivative instruments		(5	)		(6	)		(7	)		(6	)
Over the counter financial derivative instruments		(8	)		(13	)		(2	)		(7	)
Net Realized (Loss)		(39	)		(82	)		(41	)		(55	)
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		(3	)		(23	)		146			82
Investments in Affiliates		90			54			126			84
Exchange-traded or centrally cleared financial derivative instruments		(3	)		(3	)		(3	)		(3	)
Over the counter financial derivative instruments		5			6			20			26
Net Change in Unrealized Appreciation (Depreciation)		89			34			289			189
Net Increase (Decrease) in Net Assets Resulting from Operations	$	161		$	64		$	382		$	261

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

34 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
$	60		$	64		$	69		$	64		$	28
	32			25			24			23			79
	92			89			93			87			107
	1			1			1			1			1
	1			1			1			1			1
	2			2			2			2			2
	90			87			91			85			105
	(12	)		(25	)		(22	)		(23	)		8
	(26	)		(20	)		(18	)		(18	)		(43	)
	10			8			8			8			25
	(4	)		(5	)		(6	)		(6	)		(5	)
	(11	)		(11	)		(10	)		(11	)		(11	)
	(43	)		(53	)		(48	)		(50	)		(26	)
	(51	)		(76	)		(52	)		(74	)		(19	)
	34			26			26			21			56
	(2	)		(1	)		(1	)		(1	)		(3	)
	15			15			18			15			2
	(4	)		(36	)		(9	)		(39	)		36
$	43		$	(2	)	$	34		$	(4	)	$	115

ANNUAL REPORT JUNE 30, 2016 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†)	Year Ended June 30, 2016			Inception date through June 30, 2015			Year Ended June 30, 2016			Inception date through June 30, 2015			Year Ended June 30, 2016			Inception date through June 30, 2015			Year Ended June 30, 2016			Inception date through June 30, 2015
Increase in Net Assets from:
Operations:
Net investment income	$	111		$	33		$	112		$	36		$	134		$	39		$	127		$	38
Net realized gain (loss)		(39	)		4			(82	)		5			(41	)		5			(55	)		6
Net change in unrealized appreciation (depreciation)		89			(30	)		34			(28	)		289			(29	)		189			(18	)
Net Increase (Decrease) in Net Assets Resulting from Operations		161			7			64			13			382			15			261			26
Distributions to Shareholders:
From net investment income
Institutional Class		(110	)		(15	)		(115	)		(15	)		(109	)		(15	)		(104	)		(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
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
Tax basis return of capital
Institutional Class		0			0			0			0			0			0			0			0
Administrative Class		0			0			0			0			0			0			0			0
Class A		0			0			0			0			0			0			0			0
Total Distributions(a)		(117	)		(15	)		(122	)		(15	)		(118	)		(15	)		(114	)		(15	)
Portfolio Share Transactions:
Net increase resulting from Fund share transactions**		1,101			3,035			444			3,054			3,146			3,035			2,772			3,048
Total Increase in Net Assets		1,145			3,027			386			3,052			3,410			3,035			2,919			3,059
Net Assets:
Beginning of year or period		3,027			0			3,052			0			3,035			0			3,059			0
End of year or period*	$	4,172		$	3,027		$	3,438		$	3,052		$	6,445		$	3,035		$	5,978		$	3,059
* Including undistributed (overdistributed) net investment income of:	$	0		$	13		$	(7	)	$	16		$	32		$	17		$	25		$	16

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

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

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

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
Year Ended June 30, 2016			Inception date through June 30, 2015			Year Ended June 30, 2016			Inception date through June 30, 2015			Year Ended June 30, 2016			Inception date through June 30, 2015			Year Ended June 30, 2016			Inception date through June 30, 2015			Year Ended June 30, 2016			Inception date through June 30, 2015
$	90		$	37		$	87		$	36		$	91		$	37		$	85		$	37		$	105		$	31
	(43	)		5			(53	)		6			(48	)		6			(50	)		6			(26	)		1
	(4	)		(6	)		(36	)		1			(9	)		3			(39	)		3			36			(35	)
	43			36			(2	)		43			34			46			(4	)		46			115			(3	)
	(77	)		(15	)		(73	)		(15	)		(72	)		(15	)		(71	)		(15	)		(103	)		(15	)
	(1	)		(0	)		(1	)		(0	)		(0	)		(0	)		(0	)		(0	)		(0	)		(0	)
	(1	)		(0	)		(0	)		(0	)		(2	)		(0	)		(1	)		(0	)		(2	)		(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
	0			0			0			0			0			0			0			0			(3	)		0
	0			0			0			0			0			0			0			0			(0	)		0
	0			0			0			0			0			0			0			0			(0	)		0
	(88	)		(15	)		(83	)		(15	)		(82	)		(15	)		(81	)		(15	)		(113	)		(15	)
	561			3,038			456			3,065			1,030			3,044			419			3,094			313			3,140
	516			3,059			371			3,093			982			3,075			334			3,125			315			3,122
	3,059			0			3,093			0			3,075			0			3,125			0			3,122			0
$	3,575		$	3,059		$	3,464		$	3,093		$	4,057		$	3,075		$	3,459		$	3,125		$	3,437		$	3,122
$	10		$	15		$	11		$	15		$	17		$	15		$	12		$	16		$	(5	)	$	11

ANNUAL REPORT JUNE 30, 2016 37

Schedule of Investments PIMCO RealPath^™ Blend 2020 Fund

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 40.2%
MUTUAL FUNDS 40.2%
Vanguard 500 Index Fund ‘Admiral’		4,456	$		863
Vanguard Developed Markets Index Fund ‘Admiral’		35,413			402
Vanguard Emerging Markets Stock Index Fund ‘Admiral’		9,747			285
Vanguard Small-Cap Index Fund ‘Admiral’		2,279			126
Total Mutual Funds (Cost $1,668)					1,676
Total Investments in Securities (Cost $1,668)					1,676
INVESTMENTS IN AFFILIATES 55.2%
MUTUAL FUNDS (a) 55.2%
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		8,803			92
PIMCO High Yield Fund		36,750			313

	SHARES			MARKET VALUE (000S)
PIMCO Income Fund		42,405	$		504
PIMCO Long Duration Total Return Fund		16,399			196
PIMCO Long-Term Credit Fund		16,285			196
PIMCO Real Return Asset Fund		46,062			392
PIMCO Real Return Fund		37,676			418
PIMCO Total Return Fund		18,608			192
Total Mutual Funds (Cost $2,255)					2,303
Total Investments in Affiliates (Cost $2,255)					2,303
Total Investments 95.4% (Cost $3,923)			$		3,979
Financial Derivative Instruments (b)(c) 0.3% (Cost or Premiums, net $8)					11
Other Assets and Liabilities, net 4.3%					182
Net Assets 100.0%			$		4,172

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		09/16/2016		1	$	8	$	1
Put - CBOE S&P 500 Index		1,700.000		12/16/2016		1		2		2
Put - CBOE S&P 500 Index		1,750.000		12/16/2016		1		2		2
							$	12	$	5
Total Purchased Options							$	12	$	5

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		09/16/2016		1	$	(3	)	$	0
Put - CBOE S&P 500 Index		1,500.000		12/16/2016		1		(1	)		(1	)
							$	(4	)	$	(1	)
Total Written Options							$	(4	)	$	(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 June 30, 2016:

	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	$	5	$	0	$	0	$	5	$	(1)	$	0	$	0	$	(1)

38 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2016

(c)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

WRITTEN OPTIONS:

TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS FOR THE PERIOD ENDED JUNE 30, 2016:

	Balance at Beginning of Period			Sales			Closing Buys			Expirations			Exercised		Balance at End of Period
# of Contracts		3			3			(3	)		(1	)		0		2
Premiums	$	(9	)	$	(6	)	$	8		$	3		$	0	$	(4	)

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive (1)	Underlying Reference	# of Units		Financing Rate	Maturity Date		Notional Amount	Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)		Swap Agreements, at Value
													Asset		Liability
BOA	Receive	DWRTFT Index		12	1-Month USD-LIBOR plus a specified spread		04/06/2017	$    110	$	0	$	7	$	7	$	0
CBK	Receive	BCOMTR Index		341	3-Month U.S. Treasury Bill rate plus a specified spread		08/15/2016	61		0		0		0		0
JPM	Receive	BCOMTR Index		132	3-Month U.S. Treasury Bill rate plus a specified spread		08/15/2016	23		0		0		0		0
									$	0	$	7	$	7	$	0
Total Swap Agreements									$	0	$	7	$	7	$	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 June 30, 2016:

	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)
BOA	$	0	$	0	$	7	$	7	$	0	$	0	$	0	$	0	$	7	$	0	$	7

⁽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 June 30, 2016:

	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	$	5	$	0	$	0	$	5
Over the counter
Swap Agreements	$	0	$	0	$	7	$	0	$	0	$	7
	$	0	$	0	$	12	$	0	$	0	$	12
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	1	$	0	$	0	$	1

See Accompanying Notes ANNUAL REPORT JUNE 30, 2016 39

Schedule of Investments PIMCO RealPath^™ Blend 2020 Fund (Cont.)

June 30, 2016

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2016:

	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	$	(12	)	$	0	$	0	$	(12	)
Written Options		0			0		7			0		0		7
	$	0		$	0	$	(5	)	$	0	$	0	$	(5	)
Over the counter
Swap Agreements	$	(8	)	$	0	$	0		$	0	$	0	$	(8	)
	$	(8	)	$	0	$	(5	)	$	0	$	0	$	(13	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0		$	0	$	(3	)	$	0	$	0	$	(3	)
Over the counter
Swap Agreements	$	(2	)	$	0	$	7		$	0	$	0	$	5
	$	(2	)	$	0	$	4		$	0	$	0	$	2

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2016 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2016
Investments in Securities, at Value
Mutual Funds	$	1,676	$	0	$	0	$	1,676
	$	1,676	$	0	$	0	$	1,676
Investments in Affiliates, at Value
Mutual Funds	$	2,303	$	0	$	0	$	2,303
Total Investments	$	3,979	$	0	$	0	$	3,979

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2016
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	5		$	0	$	5
Over the counter		0		7			0		7
	$	0	$	12		$	0	$	12
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared	$	0	$	(1	)	$	0	$	(1	)
Totals	$	3,979	$	11		$	0	$	3,990

There were no significant transfers between Levels 1, 2, or 3 during the period ended June 30, 2016.

40 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RealPath^™ Blend 2025 Fund

June 30, 2016

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 48.3%
MUTUAL FUNDS 48.3%
Vanguard 500 Index Fund ‘Admiral’		4,310	$		835
Vanguard Developed Markets Index Fund ‘Admiral’		35,233			399
Vanguard Emerging Markets Stock Index Fund ‘Admiral’		10,150			297
Vanguard Small-Cap Index Fund ‘Admiral’		2,322			129
Total Mutual Funds (Cost $1,673)					1,660
Total Investments in Securities (Cost $1,673)					1,660
INVESTMENTS IN AFFILIATES 45.8%
MUTUAL FUNDS (a) 45.8%
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		3,979			41
PIMCO High Yield Fund		29,974			256

	SHARES			MARKET VALUE (000S)
PIMCO Income Fund		27,016	$		321
PIMCO Long Duration Total Return Fund		14,366			171
PIMCO Long-Term Credit Fund		14,266			172
PIMCO Real Return Asset Fund		40,350			343
PIMCO Real Return Fund		18,431			205
PIMCO Total Return Fund		6,403			66
Total Mutual Funds (Cost $1,559)					1,575
Total Investments in Affiliates (Cost $1,559)					1,575
Total Investments 94.1% (Cost $3,232)			$		3,235
Financial Derivative Instruments (b)(c) 0.3% (Cost or Premiums, net $9)					12
Other Assets and Liabilities, net 5.6%					191
Net Assets 100.0%			$		3,438

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		1,600.000		09/16/2016		3	$	14	$	1
Put - CBOE S&P 500 Index		1,700.000		12/16/2016		1		2		2
Put - CBOE S&P 500 Index		1,750.000		12/16/2016		1		3		2
							$	19	$	5
Total Purchased Options							$	19	$	5

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		09/16/2016		3	$	(9	)	$	0
Put - CBOE S&P 500 Index		1,500.000		12/16/2016		1		(1	)		(1	)
							$	(10	)	$	(1	)
Total Written Options							$	(10	)	$	(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 June 30, 2016:

	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	$	5	$	0	$	0	$	5	$	(1)	$	0	$	0	$	(1)

See Accompanying Notes ANNUAL REPORT JUNE 30, 2016 41

Schedule of Investments PIMCO RealPath^™ Blend 2025 Fund (Cont.)

(c)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

WRITTEN OPTIONS:

TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS FOR THE PERIOD ENDED JUNE 30, 2016:

	Balance at Beginning of Period			Sales			Closing Buys			Expirations			Exercised		Balance at End of Period
# of Contracts		4			5			(3	)		(2	)		0		4
Premiums	$	(10	)	$	(13	)	$	8		$	5		$	0	$	(10	)

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive (1)	Underlying Reference	# of Units		Financing Rate	Maturity Date		Notional Amount	Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)		Swap Agreements, at Value
													Asset		Liability
BOA	Receive	DWRTFT Index		13	1-Month USD-LIBOR plus a specified spread		04/06/2017	$    119	$	0	$	8	$	8	$	0
CBK	Receive	BCOMTR Index		349	3-Month U.S. Treasury Bill rate plus a specified spread		08/15/2016	63		0		0		0		0
JPM	Receive	BCOMTR Index		41	3-Month U.S. Treasury Bill rate plus a specified spread		08/15/2016	7		0		0		0		0
									$	0	$	8	$	8	$	0
Total Swap Agreements									$	0	$	8	$	8	$	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 June 30, 2016:

	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)
BOA	$	0	$	0	$	8	$	8	$	0	$	0	$	0	$	0	$	8	$	0	$	8

⁽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 June 30, 2016:

	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	$	5	$	0	$	0	$	5
Over the counter
Swap Agreements	$	0	$	0	$	8	$	0	$	0	$	8
	$	0	$	0	$	13	$	0	$	0	$	13
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	1	$	0	$	0	$	1

42 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2016

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2016:

	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	$	(14	)	$	0	$	0	$	(14	)
Written Options		0			0		8			0		0		8
	$	0		$	0	$	(6	)	$	0	$	0	$	(6	)
Over the counter
Swap Agreements	$	(12	)	$	0	$	(1	)	$	0	$	0	$	(13	)
	$	(12	)	$	0	$	(7	)	$	0	$	0	$	(19	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0		$	0	$	(8	)	$	0	$	0	$	(8	)
Written Options		0			0		5			0		0		5
	$	0		$	0	$	(3	)	$	0	$	0	$	(3	)
Over the counter
Swap Agreements	$	(2	)	$	0	$	8		$	0	$	0	$	6
	$	(2	)	$	0	$	5		$	0	$	0	$	3

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2016 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2016
Investments in Securities, at Value
Mutual Funds	$	1,660	$	0	$	0	$	1,660
	$	1,660	$	0	$	0	$	1,660
Investments in Affiliates, at Value
Mutual Funds	$	1,575	$	0	$	0	$	1,575
Total Investments	$	3,235	$	0	$	0	$	3,235

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2016
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	5		$	0	$	5
Over the counter		0		8			0		8
	$	0	$	13		$	0	$	13
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared	$	0	$	(1	)	$	0	$	(1	)
Totals	$	3,235	$	12		$	0	$	3,247

There were no significant transfers between Levels 1, 2, or 3 during the period ended June 30, 2016.

See Accompanying Notes ANNUAL REPORT JUNE 30, 2016 43

Schedule of Investments PIMCO RealPath^™ Blend 2030 Fund

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 56.5%
MUTUAL FUNDS 56.5%
Vanguard 500 Index Fund ‘Admiral’		9,677	$		1,874
Vanguard Developed Markets Index Fund ‘Admiral’		77,400			878
Vanguard Emerging Markets Stock Index Fund ‘Admiral’		21,672			633
Vanguard Small-Cap Index Fund ‘Admiral’		4,657			258
Total Mutual Funds (Cost $3,488)					3,643
Total Investments in Securities (Cost $3,488)					3,643

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 42.2%
MUTUAL FUNDS (a) 35.9%
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		6,134	$		64
PIMCO High Yield Fund		56,533			482
PIMCO Income Fund		46,457			553
PIMCO Long Duration Total Return Fund		20,455			244
PIMCO Long-Term Credit Fund		20,312			245
PIMCO Real Return Asset Fund		57,457			489
PIMCO Real Return Fund		14,800			164
PIMCO Total Return Fund		6,826			70
Total Mutual Funds (Cost $2,224)					2,311

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 6.3%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.3%
PIMCO Short-Term Floating NAV Portfolio III		41,076	$		406
Total Short-Term Instruments (Cost $406)					406
Total Investments in Affiliates (Cost $2,630)					2,717
Total Investments 98.7% (Cost $6,118)			$		6,360
Financial Derivative Instruments (b)(c) 0.3% (Cost or Premiums, net $4)					22
Other Assets and Liabilities, net 1.0%					63
Net Assets 100.0%			$		6,445

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		09/16/2016		2	$	8	$	0
Total Purchased Options							$	8	$	0

WRITTEN OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Premiums (Received)			Market Value
Put - CBOE S&P 500 Index		1,350.000		09/16/2016		2	$	(4	)	$	0
Total Written Options							$	(4	)	$	0

(c)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

WRITTEN OPTIONS:

TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS FOR THE PERIOD ENDED JUNE 30, 2016:

	Balance at Beginning of Period			Sales			Closing Buys			Expirations			Exercised		Balance at End of Period
# of Contracts		4			4			(3	)		(3	)		0		2
Premiums	$	(10	)	$	(9	)	$	7		$	8		$	0	$	(4	)

44 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2016

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive (1)	Underlying Reference	# of Units		Financing Rate	Maturity Date		Notional Amount	Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)		Swap Agreements, at Value
													Asset		Liability
BOA	Receive	DWRTFT Index		37	1-Month USD-LIBOR plus a specified spread		04/06/2017	$    339	$	0	$	22	$	22	$	0
CBK	Receive	BCOMTR Index		202	3-Month U.S. Treasury Bill rate plus a specified spread		08/15/2016	35		0		0		0		0
JPM	Receive	BCOMTR Index		529	3-Month U.S. Treasury Bill rate plus a specified spread		08/15/2016	91		0		0		0		0
									$	0	$	22	$	22	$	0
Total Swap Agreements									$	0	$	22	$	22	$	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 June 30, 2016:

	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)
BOA	$	0	$	0	$	22	$	22	$	0	$	0	$	0	$	0	$	22	$	0	$	22

⁽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 June 30, 2016:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Over the counter
Swap Agreements	$	0	$	0	$	22	$	0	$	0	$	22

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2016:

	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	$	(17	)	$	0	$	0	$	(17	)
Written Options		0		0		10			0		0		10
	$	0	$	0	$	(7	)	$	0	$	0	$	(7	)
Over the counter
Swap Agreements	$	1	$	0	$	(3	)	$	0	$	0	$	(2	)
	$	1	$	0	$	(10	)	$	0	$	0	$	(9	)

See Accompanying Notes ANNUAL REPORT JUNE 30, 2016 45

Schedule of Investments PIMCO RealPath^™ Blend 2030 Fund (Cont.)

June 30, 2016

	Derivatives not accounted for as hedging instruments
	Commodity Contracts			Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0		$	0	$	(2	)	$	0	$	0	$	(2	)
Written Options		0			0		(1	)		0		0		(1	)
	$	0		$	0	$	(3	)	$	0	$	0	$	(3	)
Over the counter
Swap Agreements	$	(2	)	$	0	$	22		$	0	$	0	$	20
	$	(2	)	$	0	$	19		$	0	$	0	$	17

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2016 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2016
Investments in Securities, at Value
Mutual Funds	$	3,643	$	0	$	0	$	3,643
	$	3,643	$	0	$	0	$	3,643
Investments in Affiliates, at Value
Mutual Funds		2,311		0		0		2,311
Short-Term Instruments
Central Funds Used for Cash Management Purposes		406		0		0		406
	$	2,717	$	0	$	0	$	2,717
Total Investments	$	6,360	$	0	$	0	$	6,360

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2016
Financial Derivative Instruments - Assets
Over the counter	$	0	$	22	$	0	$	22
Totals	$	6,360	$	22	$	0	$	6,382

There were no significant transfers between Levels 1, 2, or 3 during the period ended June 30, 2016.

46 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RealPath^™ Blend 2035 Fund

June 30, 2016

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 63.7%
MUTUAL FUNDS 63.7%
Vanguard 500 Index Fund ‘Admiral’		10,023	$		1,941
Vanguard Developed Markets Index Fund ‘Admiral’		82,297			933
Vanguard Emerging Markets Stock Index Fund ‘Admiral’		22,140			647
Vanguard Small-Cap Index Fund ‘Admiral’		5,144			286
Total Mutual Funds (Cost $3,708)					3,807
Total Investments in Securities (Cost $3,708)					3,807

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 33.5%
MUTUAL FUNDS (a) 26.8%
PIMCO Emerging Local Bond Fund		6,955	$		50
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		5,750			60
PIMCO High Yield Fund		46,710			399
PIMCO Income Fund		38,548			458
PIMCO Long Duration Total Return Fund		11,478			137
PIMCO Long-Term Credit Fund		11,397			137
PIMCO Real Return Asset Fund		21,504			183
PIMCO Real Return Fund		10,672			119
PIMCO Total Return Fund		5,765			60
Total Mutual Funds (Cost $1,555)					1,603

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 6.7%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.7%
PIMCO Short-Term Floating NAV Portfolio III		40,582	$		401
Total Short-Term Instruments (Cost $401)					401
Total Investments in Affiliates (Cost $1,956)					2,004
Total Investments 97.2% (Cost $5,664)			$		5,811
Financial Derivative Instruments (b)(c) 0.5% (Cost or Premiums, net $5)					28
Other Assets and Liabilities, net 2.3%					139
Net Assets 100.0%			$		5,978

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		09/16/2016		3	$	17	$	1
Total Purchased Options							$	17	$	1

WRITTEN OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Premiums (Received)			Market Value
Put - CBOE S&P 500 Index		1,550.000		09/16/2016		3	$	(12	)	$	(1	)
Total Written Options							$	(12	)	$	(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 June 30, 2016:

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

(c)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

WRITTEN OPTIONS:

TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS FOR THE PERIOD ENDED JUNE 30, 2016:

	Balance at Beginning of Period			Sales			Closing Buys			Expirations			Exercised		Balance at End of Period
# of Contracts		4			6			(3	)		(4	)		0		3
Premiums	$	(10	)	$	(19	)	$	7		$	10		$	0	$	(12	)

See Accompanying Notes ANNUAL REPORT JUNE 30, 2016 47

Schedule of Investments PIMCO RealPath^™ Blend 2035 Fund (Cont.)

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive (1)	Underlying Reference	# of Units		Financing Rate	Maturity Date		Notional Amount	Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)		Swap Agreements, at Value
													Asset		Liability
BOA	Receive	DWRTFT Index		47	1-Month USD-LIBOR plus a specified spread		04/06/2017	$    431	$	0	$	28	$	28	$	0
CBK	Receive	BCOMTR Index		347	3-Month U.S. Treasury Bill rate plus a specified spread		08/15/2016	62		0		0		0		0
JPM	Receive	BCOMTR Index		334	3-Month U.S. Treasury Bill rate plus a specified spread		08/15/2016	59		0		0		0		0
									$	0	$	28	$	28	$	0
Total Swap Agreements									$	0	$	28	$	28	$	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 June 30, 2016:

	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)
BOA	$	0	$	0	$	28	$	28	$	0	$	0	$	0	$	0	$	28	$	0	$	28

⁽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 June 30, 2016:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	1	$	0	$	0	$	1
Over the counter
Swap Agreements	$	0	$	0	$	28	$	0	$	0	$	28
	$	0	$	0	$	29	$	0	$	0	$	29
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	1	$	0	$	0	$	1

48 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2016

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2016:

	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	$	(18	)	$	0	$	0	$	(18	)
Written Options		0			0		12			0		0		12
	$	0		$	0	$	(6	)	$	0	$	0	$	(6	)
Over the counter
Swap Agreements	$	(3	)	$	0	$	(4	)	$	0	$	0	$	(7	)
	$	(3	)	$	0	$	(10	)	$	0	$	0	$	(13	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0		$	0	$	(10	)	$	0	$	0	$	(10	)
Written Options		0			0		7			0		0		7
	$	0		$	0	$	(3	)	$	0	$	0	$	(3	)
Over the counter
Swap Agreements	$	(1	)	$	0	$	27		$	0	$	0	$	26
	$	(1	)	$	0	$	24		$	0	$	0	$	23

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2016 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2016
Investments in Securities, at Value
Mutual Funds	$	3,807	$	0	$	0	$	3,807
	$	3,807	$	0	$	0	$	3,807
Investments in Affiliates, at Value
Mutual Funds		1,603		0		0		1,603
Short-Term Instruments
Central Funds Used for Cash Management Purposes		401		0		0		401
	$	2,004	$	0	$	0	$	2,004
Total Investments	$	5,811	$	0	$	0	$	5,811

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2016
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	1		$	0	$	1
Over the counter		0		28			0		28
	$	0	$	29		$	0	$	29
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared	$	0	$	(1	)	$	0	$	(1	)
Totals	$	5,811	$	28		$	0	$	5,839

There were no significant transfers between Levels 1, 2, or 3 during the period ended June 30, 2016.

See Accompanying Notes ANNUAL REPORT JUNE 30, 2016 49

Schedule of Investments PIMCO RealPath^™ Blend 2040 Fund

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 68.3%
MUTUAL FUNDS 68.3%
Vanguard 500 Index Fund ‘Admiral’		6,398	$		1,239
Vanguard Developed Markets Index Fund ‘Admiral’		52,980			601
Vanguard Emerging Markets Stock Index Fund ‘Admiral’		14,459			422
Vanguard Small-Cap Index Fund ‘Admiral’		3,219			178
Total Mutual Funds (Cost $2,470)					2,440
Total Investments in Securities (Cost $2,470)					2,440

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 27.3%
MUTUAL FUNDS (a) 21.7%
PIMCO Emerging Local Bond Fund		9,130	$		67
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		3,254			34
PIMCO High Yield Fund		20,413			174
PIMCO Income Fund		17,485			208
PIMCO Long Duration Total Return Fund		4,899			59
PIMCO Long-Term Credit Fund		4,685			56
PIMCO Real Return Asset Fund		8,597			73
PIMCO Real Return Fund		6,409			71
PIMCO Total Return Fund		3,258			34
Total Mutual Funds (Cost $771)					776

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 5.6%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.6%
PIMCO Short-Term Floating NAV Portfolio III		20,285	$		201
Total Short-Term Instruments (Cost $200)					201
Total Investments in Affiliates (Cost $971)					977
Total Investments 95.6% (Cost $3,441)			$		3,417
Financial Derivative Instruments (b)(c) 0.5% (Cost or Premiums, net $4)					18
Other Assets and Liabilities, net 3.9%					140
Net Assets 100.0%			$		3,575

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		1,600.000		09/16/2016		2	$	10	$	1
Total Purchased Options							$	10	$	1

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		09/16/2016		2	$	(6	)	$	0
Total Written Options							$	(6	)	$	0

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2016:

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

(c)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

WRITTEN OPTIONS:

TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS FOR THE PERIOD ENDED JUNE 30, 2016:

	Balance at Beginning of Period			Sales			Closing Buys			Expirations			Exercised		Balance at End of Period
# of Contracts		5			5			(4	)		(4	)		0		2
Premiums	$	(11	)	$	(14	)	$	9		$	10		$	0	$	(6	)

50 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2016

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive (1)	Underlying Reference	# of Units		Financing Rate	Maturity Date		Notional Amount	Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)		Swap Agreements, at Value
													Asset		Liability
BOA	Receive	DWRTFT Index		29	1-Month USD-LIBOR plus a specified spread		04/06/2017	$    266	$	0	$	17	$	17	$	0
CBK	Receive	BCOMTR Index		393	3-Month U.S. Treasury Bill rate plus a specified spread		08/15/2016	70		0		0		0		0
JPM	Receive	BCOMTR Index		20	3-Month U.S. Treasury Bill rate plus a specified spread		08/15/2016	3		0		0		0		0
									$	0	$	17	$	17	$	0
Total Swap Agreements									$	0	$	17	$	17	$	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 June 30, 2016:

	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)
BOA	$	0	$	0	$	17	$	17	$	0	$	0	$	0	$	0	$	17	$	0	$	17

⁽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 June 30, 2016:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	1	$	0	$	0	$	1
Over the counter
Swap Agreements	$	0	$	0	$	17	$	0	$	0	$	17
	$	0	$	0	$	18	$	0	$	0	$	18

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2016:

	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	$	(17	)	$	0	$	0	$	(17	)
Written Options		0			0		13			0		0		13
	$	0		$	0	$	(4	)	$	0	$	0	$	(4	)
Over the counter
Swap Agreements	$	(9	)	$	0	$	(2	)	$	0	$	0	$	(11	)
	$	(9	)	$	0	$	(6	)	$	0	$	0	$	(15	)

See Accompanying Notes ANNUAL REPORT JUNE 30, 2016 51

Schedule of Investments PIMCO RealPath^™ Blend 2040 Fund (Cont.)

June 30, 2016

	Derivatives not accounted for as hedging instruments
	Commodity Contracts			Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0		$	0	$	(3	)	$	0	$	0	$	(3	)
Written Options		0			0		1			0		0		1
	$	0		$	0	$	(2	)	$	0	$	0	$	(2	)
Over the counter
Swap Agreements	$	(2	)	$	0	$	17		$	0	$	0	$	15
	$	(2	)	$	0	$	15		$	0	$	0	$	13

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2016 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2016
Investments in Securities, at Value
Mutual Funds	$	2,440	$	0	$	0	$	2,440
	$	2,440	$	0	$	0	$	2,440
Investments in Affiliates, at Value
Mutual Funds		776		0		0		776
Short-Term Instruments
Central Funds Used for Cash Management Purposes		201		0		0		201
	$	977	$	0	$	0	$	977
Total Investments	$	3,417	$	0	$	0	$	3,417

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2016
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	1	$	0	$	1
Over the counter		0		17		0		17
	$	0	$	18	$	0	$	18
Totals	$	3,417	$	18	$	0	$	3,435

There were no significant transfers between Levels 1, 2, or 3 during the period ended June 30, 2016.

52 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RealPath^™ Blend 2045 Fund

June 30, 2016

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 72.1%
MUTUAL FUNDS 72.1%
Vanguard 500 Index Fund ‘Admiral’		6,548	$		1,268
Vanguard Developed Markets Index Fund ‘Admiral’		54,315			616
Vanguard Emerging Markets Stock Index Fund ‘Admiral’		15,176			443
Vanguard Small-Cap Index Fund ‘Admiral’		3,079			171
Total Mutual Funds (Cost $2,548)					2,498
Total Investments in Securities (Cost $2,548)					2,498

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 23.5%
MUTUAL FUNDS (a) 17.7%
PIMCO Emerging Local Bond Fund		9,365	$		69
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		3,070			32
PIMCO High Yield Fund		11,758			100
PIMCO Income Fund		11,397			136
PIMCO Long Duration Total Return Fund		4,342			52
PIMCO Long-Term Credit Fund		4,490			54
PIMCO Real Return Asset Fund		8,250			70
PIMCO Real Return Fund		6,248			69
PIMCO Total Return Fund		3,073			32
Total Mutual Funds (Cost $613)					614

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 5.8%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.8%
PIMCO Short-Term Floating NAV Portfolio III		20,285	$		201
Total Short-Term Instruments (Cost $201)					201
Total Investments in Affiliates (Cost $814)					815
Total Investments 95.6% (Cost $3,362)			$		3,313
Financial Derivative Instruments (b)(c) 0.5% (Cost or Premiums, net $4)					18
Other Assets and Liabilities, net 3.9%					133
Net Assets 100.0%			$		3,464

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		1,600.000		09/16/2016		2	$	10	$	1
Total Purchased Options							$	10	$	1

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		09/16/2016		2	$	(6	)	$	0
Total Written Options							$	(6	)	$	0

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2016:

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

(c)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

WRITTEN OPTIONS:

TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS FOR THE PERIOD ENDED JUNE 30, 2016:

	Balance at Beginning of Period			Sales			Closing Buys			Expirations			Exercised		Balance at End of Period
# of Contracts		6			5			(4	)		(5	)		0		2
Premiums	$	(14	)	$	(13	)	$	9		$	12		$	0	$	(6	)

See Accompanying Notes ANNUAL REPORT JUNE 30, 2016 53

Schedule of Investments PIMCO RealPath^™ Blend 2045 Fund (Cont.)

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive (1)	Underlying Reference	# of Units		Financing Rate	Maturity Date		Notional Amount	Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)		Swap Agreements, at Value
													Asset		Liability
BOA	Receive	DWRTFT Index		28	1-Month USD-LIBOR plus a specified spread		04/06/2017	$    257	$	0	$	17	$	17	$	0
CBK	Receive	BCOMTR Index		398	3-Month U.S. Treasury Bill rate plus a specified spread		08/15/2016	71		0		0		0		0
									$	0	$	17	$	17	$	0
Total Swap Agreements									$	0	$	17	$	17	$	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 June 30, 2016:

	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)
BOA	$	0	$	0	$	17	$	17	$	0	$	0	$	0	$	0	$	17	$	0	$	17

⁽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 June 30, 2016:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	1	$	0	$	0	$	1
Over the counter
Swap Agreements	$	0	$	0	$	17	$	0	$	0	$	17
	$	0	$	0	$	18	$	0	$	0	$	18

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2016:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts			Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0		$	0	$	(20	)	$	0	$	0	$	(20	)
Written Options		0			0		15			0		0		15
	$	0		$	0	$	(5	)	$	0	$	0	$	(5	)
Over the counter
Swap Agreements	$	(10	)	$	0	$	(1	)	$	0	$	0	$	(11	)
	$	(10	)	$	0	$	(6	)	$	0	$	0	$	(16	)

54 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2016

	Derivatives not accounted for as hedging instruments
	Commodity Contracts			Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0		$	0	$	(1	)	$	0	$	0	$	(1	)
Over the counter
Swap Agreements	$	(1	)	$	0	$	16		$	0	$	0	$	15
	$	(1	)	$	0	$	15		$	0	$	0	$	14

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2016 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2016
Investments in Securities, at Value
Mutual Funds	$	2,498	$	0	$	0	$	2,498
	$	2,498	$	0	$	0	$	2,498
Investments in Affiliates, at Value
Mutual Funds		614		0		0		614
Short-Term Instruments
Central Funds Used for Cash Management Purposes		201		0		0		201
	$	815	$	0	$	0	$	815
Total Investments	$	3,313	$	0	$	0	$	3,313

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2016
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	1	$	0	$	1
Over the counter		0		17		0		17
	$	0	$	18	$	0	$	18
Totals	$	3,313	$	18	$	0	$	3,331

There were no significant transfers between Levels 1, 2, or 3 during the period ended June 30, 2016.

See Accompanying Notes ANNUAL REPORT JUNE 30, 2016 55

Schedule of Investments PIMCO RealPath^™ Blend 2050 Fund

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 73.8%
MUTUAL FUNDS 73.8%
Vanguard 500 Index Fund ‘Admiral’		7,912	$		1,532
Vanguard Developed Markets Index Fund ‘Admiral’		64,255			729
Vanguard Emerging Markets Stock Index Fund ‘Admiral’		18,031			527
Vanguard Small-Cap Index Fund ‘Admiral’		3,681			204
Total Mutual Funds (Cost $3,018)					2,992
Total Investments in Securities (Cost $3,018)					2,992

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 23.7%
MUTUAL FUNDS (a) 16.3%
PIMCO Emerging Local Bond Fund		10,954	$		81
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		3,937			41
PIMCO High Yield Fund		11,822			101
PIMCO Income Fund		11,930			142
PIMCO Long Duration Total Return Fund		5,295			63
PIMCO Long-Term Credit Fund		5,236			63
PIMCO Real Return Asset Fund		5,774			49
PIMCO Real Return Fund		7,289			81
PIMCO Total Return Fund		3,940			40
Total Mutual Funds (Cost $657)					661

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 7.4%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.4%
PIMCO Short-Term Floating NAV Portfolio III		30,411	$		301
Total Short-Term Instruments (Cost $301)					301
Total Investments in Affiliates (Cost $958)					962
Total Investments 97.5% (Cost $3,976)			$		3,954
Financial Derivative Instruments (b)(c) 0.5% (Cost or Premiums, net $4)					21
Other Assets and Liabilities, net 2.0%					82
Net Assets 100.0%			$		4,057

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		1,600.000		09/16/2016		2	$	10	$	1
Total Purchased Options							$	10	$	1

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		09/16/2016		2	$	(6	)	$	0
Total Written Options							$	(6	)	$	0

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2016:

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

(c)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

WRITTEN OPTIONS:

TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS FOR THE PERIOD ENDED JUNE 30, 2016:

	Balance at Beginning of Period			Sales			Closing Buys			Expirations			Exercised		Balance at End of Period
# of Contracts		6			5			(4	)		(5	)		0		2
Premiums	$	(15	)	$	(13	)	$	9		$	13		$	0	$	(6	)

56 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2016

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive (1)	Underlying Reference	# of Units		Financing Rate	Maturity Date		Notional Amount	Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)		Swap Agreements, at Value
													Asset		Liability
BOA	Receive	DWRTFT Index		33	1-Month USD-LIBOR plus a specified spread		04/06/2017	$    302	$	0	$	19	$	19	$	0
CBK	Receive	BCOMTR Index		465	3-Month U.S. Treasury Bill rate plus a specified spread		08/15/2016	83		0		1		1		0
									$	0	$	20	$	20	$	0
Total Swap Agreements									$	0	$	20	$	20	$	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 June 30, 2016:

	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)
BOA	$	0	$	0	$	19	$	19	$	0	$	0	$	0	$	0	$	19	$	0	$	19
CBK		0		0		1		1		0		0		0		0		1		0		1
Total Over the Counter	$	0	$	0	$	20	$	20	$	0	$	0	$	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 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 June 30, 2016:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	1	$	0	$	0	$	1
Over the counter
Swap Agreements	$	1	$	0	$	19	$	0	$	0	$	20
	$	1	$	0	$	20	$	0	$	0	$	21

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2016:

	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	$	(22	)	$	0	$	0	$	(22	)
Written Options		0			0		16			0		0		16
	$	0		$	0	$	(6	)	$	0	$	0	$	(6	)
Over the counter
Swap Agreements	$	(9	)	$	0	$	(1	)	$	0	$	0	$	(10	)
	$	(9	)	$	0	$	(7	)	$	0	$	0	$	(16	)

See Accompanying Notes ANNUAL REPORT JUNE 30, 2016 57

Schedule of Investments PIMCO RealPath^™ Blend 2050 Fund (Cont.)

June 30, 2016

	Derivatives not accounted for as hedging instruments
	Commodity Contracts			Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Written Options	$	0		$	0	$	(1	)	$	0	$	0	$	(1	)
Over the counter
Swap Agreements	$	(1	)	$	0	$	19		$	0	$	0	$	18
	$	(1	)	$	0	$	18		$	0	$	0	$	17

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2016 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2016
Investments in Securities, at Value
Mutual Funds	$	2,992	$	0	$	0	$	2,992
	$	2,992	$	0	$	0	$	2,992
Investments in Affiliates, at Value
Mutual Funds		661		0		0		661
Short-Term Instruments
Central Funds Used for Cash Management Purposes		301		0		0		301
	$	962	$	0	$	0	$	962
Total Investments	$	3,954	$	0	$	0	$	3,954

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2016
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	1	$	0	$	1
Over the counter		0		20		0		20
	$	0	$	21	$	0	$	21
Totals	$	3,954	$	21	$	0	$	3,975

There were no significant transfers between Levels 1, 2, or 3 during the period ended June 30, 2016.

58 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RealPath^™ Blend 2055 Fund

June 30, 2016

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 73.8%
MUTUAL FUNDS 73.8%
Vanguard 500 Index Fund ‘Admiral’		6,778	$		1,313
Vanguard Developed Markets Index Fund ‘Admiral’		54,760			621
Vanguard Emerging Markets Stock Index Fund ‘Admiral’		15,367			449
Vanguard Small-Cap Index Fund ‘Admiral’		3,117			172
Total Mutual Funds (Cost $2,603)					2,555
Total Investments in Securities (Cost $2,603)					2,555

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 21.9%
MUTUAL FUNDS (a) 16.1%
PIMCO Emerging Local Bond Fund		9,770	$		72
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		3,334			35
PIMCO High Yield Fund		10,014			85
PIMCO Income Fund		10,104			120
PIMCO Long Duration Total Return Fund		4,254			51
PIMCO Long-Term Credit Fund		4,436			53
PIMCO Real Return Asset Fund		4,147			35
PIMCO Real Return Fund		6,173			69
PIMCO Total Return Fund		3,344			35
Total Mutual Funds (Cost $558)					555

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 5.8%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.8%
PIMCO Short-Term Floating NAV Portfolio III		20,285	$		201
Total Short-Term Instruments (Cost $200)					201
Total Investments in Affiliates (Cost $758)					756
Total Investments 95.7% (Cost $3,361)			$		3,311
Financial Derivative Instruments (b)(c) 0.5% (Cost or Premiums, net $4)					18
Other Assets and Liabilities, net 3.8%					130
Net Assets 100.0%			$		3,459

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		1,600.000		09/16/2016		2	$	10	$	1
Total Purchased Options							$	10	$	1

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		09/16/2016		2	$	(6	)	$	0
Total Written Options							$	(6	)	$	0

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2016:

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

(c)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

WRITTEN OPTIONS:

TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS FOR THE PERIOD ENDED JUNE 30, 2016:

	Balance at Beginning of Period			Sales			Closing Buys			Expirations			Exercised		Balance at End of Period
# of Contracts		6			5			(4	)		(5	)		0		2
Premiums	$	(15	)	$	(13	)	$	9		$	13		$	0	$	(6	)

See Accompanying Notes ANNUAL REPORT JUNE 30, 2016 59

Schedule of Investments PIMCO RealPath^™ Blend 2055 Fund (Cont.)

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive (1)	Underlying Reference	# of Units		Financing Rate	Maturity Date		Notional Amount	Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)		Swap Agreements, at Value
													Asset		Liability
BOA	Receive	DWRTFT Index		28	1-Month USD-LIBOR plus a specified spread		04/06/2017	$    257	$	0	$	17	$	17	$	0
CBK	Receive	BCOMTR Index		394	3-Month U.S. Treasury Bill rate plus a specified spread		08/15/2016	70		0		0		0		0
									$	0	$	17	$	17	$	0
Total Swap Agreements									$	0	$	17	$	17	$	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 June 30, 2016:

	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)
BOA	$	0	$	0	$	17	$	17	$	0	$	0	$	0	$	0	$	17	$	0	$	17

⁽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 June 30, 2016:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	1	$	0	$	0	$	1
Over the counter
Swap Agreements	$	0	$	0	$	17	$	0	$	0	$	17
	$	0	$	0	$	18	$	0	$	0	$	18

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2016:

	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	$	(23	)	$	0	$	0	$	(23	)
Written Options		0			0		17			0		0		17
	$	0		$	0	$	(6	)	$	0	$	0	$	(6	)
Over the counter
Swap Agreements	$	(10	)	$	0	$	(1	)	$	0	$	0	$	(11	)
	$	(10	)	$	0	$	(7	)	$	0	$	0	$	(17	)

60 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2016

	Derivatives not accounted for as hedging instruments
	Commodity Contracts			Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Written Options	$	0		$	0	$	(1	)	$	0	$	0	$	(1	)
Over the counter
Swap Agreements	$	(1	)	$	0	$	16		$	0	$	0	$	15
	$	(1	)	$	0	$	15		$	0	$	0	$	14

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2016 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2016
Investments in Securities, at Value
Mutual Funds	$	2,555	$	0	$	0	$	2,555
	$	2,555	$	0	$	0	$	2,555
Investments in Affiliates, at Value
Mutual Funds		555		0		0		555
Short-Term Instruments
Central Funds Used for Cash Management Purposes		201		0		0		201
	$	756	$	0	$	0	$	756
Total Investments	$	3,311	$	0	$	0	$	3,311

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2016
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	1	$	0	$	1
Over the counter		0		17		0		17
	$	0	$	18	$	0	$	18
Totals	$	3,311	$	18	$	0	$	3,329

There were no significant transfers between Levels 1, 2, or 3 during the period ended June 30, 2016.

See Accompanying Notes ANNUAL REPORT JUNE 30, 2016 61

Schedule of Investments PIMCO RealPath^™ Blend Income Fund

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 36.1%
MUTUAL FUNDS 36.1%
Vanguard 500 Index Fund ‘Admiral’		3,386	$		656
Vanguard Developed Markets Index Fund ‘Admiral’		24,315			276
Vanguard Emerging Markets Stock Index Fund ‘Admiral’		7,087			207
Vanguard Small-Cap Index Fund ‘Admiral’		1,857			103
Total Mutual Funds (Cost $1,255)					1,242
Total Investments in Securities (Cost $1,255)					1,242

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 63.1%
MUTUAL FUNDS (a) 60.0%
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		9,800	$		102
PIMCO High Yield Fund		29,958			256
PIMCO Income Fund		47,647			567
PIMCO Long Duration Total Return Fund		10,063			120
PIMCO Long-Term Credit Fund		10,248			123
PIMCO Real Return Asset Fund		28,265			240
PIMCO Real Return Fund		30,944			343
PIMCO Total Return Fund		29,931			309
Total Mutual Funds (Cost $2,046)					2,060

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 3.1%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.1%
PIMCO Short-Term Floating NAV Portfolio III		10,841	$		107
Total Short-Term Instruments (Cost $107)					107
Total Investments in Affiliates (Cost $2,153)					2,167
Total Investments 99.2% (Cost $3,408)			$		3,409
Financial Derivative Instruments (b)(c) 0.2% (Cost or Premiums, net $8)					8
Other Assets and Liabilities, net 0.6%					20
Net Assets 100.0%			$		3,437

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		09/16/2016		1	$	8	$	1
Put - CBOE S&P 500 Index		1,700.000		12/16/2016		1		2		2
Put - CBOE S&P 500 Index		1,750.000		12/16/2016		1		2		2
							$	12	$	5
Total Purchased Options							$	12	$	5

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		09/16/2016		1	$	(3	)	$	0
Put - CBOE S&P 500 Index		1,500.000		12/16/2016		1		(1	)		(1	)
							$	(4	)	$	(1	)
Total Written Options							$	(4	)	$	(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 June 30, 2016:

	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	$	5	$	0	$	0	$	5	$	(1)	$	0	$	0	$	(1)

62 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2016

(c)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

WRITTEN OPTIONS:

TRANSACTIONS IN WRITTEN CALL AND PUT OPTIONS FOR THE PERIOD ENDED JUNE 30, 2016:

	Balance at Beginning of Period			Sales			Closing Buys			Expirations			Exercised		Balance at End of Period
# of Contracts		2			3			(2	)		(1	)		0		2
Premiums	$	(8	)	$	(7	)	$	6		$	5		$	0	$	(4	)

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive (1)	Underlying Reference	# of Units		Financing Rate	Maturity Date		Notional Amount	Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)		Swap Agreements, at Value
													Asset		Liability
BOA	Receive	DWRTFT Index		7	1-Month USD-LIBOR plus a specified spread		04/06/2017	$    64	$	0	$	4	$	4	$	0
CBK	Receive	BCOMTR Index		388	3-Month U.S. Treasury Bill rate plus a specified spread		08/15/2016	69		0		0		0		0
									$	0	$	4	$	4	$	0
Total Swap Agreements									$	0	$	4	$	4	$	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 June 30, 2016:

	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)
BOA	$	0	$	0	$	4	$	4	$	0	$	0	$	0	$	0	$	4	$	0	$	4

⁽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 June 30, 2016:

	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	$	5	$	0	$	0	$	5
Over the counter
Swap Agreements	$	0	$	0	$	4	$	0	$	0	$	4
	$	0	$	0	$	9	$	0	$	0	$	9
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	1	$	0	$	0	$	1

See Accompanying Notes ANNUAL REPORT JUNE 30, 2016 63

Schedule of Investments PIMCO RealPath^™ Blend Income Fund (Cont.)

June 30, 2016

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2016:

	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	$	(12	)	$	0	$	0	$	(12	)
Written Options		0			0		7			0		0		7
	$	0		$	0	$	(5	)	$	0	$	0	$	(5	)
Over the counter
Swap Agreements	$	(10	)	$	0	$	(1	)	$	0	$	0	$	(11	)
	$	(10	)	$	0	$	(6	)	$	0	$	0	$	(16	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0		$	0	$	(3	)	$	0	$	0	$	(3	)
Over the counter
Swap Agreements	$	(2	)	$	0	$	4		$	0	$	0	$	2
	$	(2	)	$	0	$	1		$	0	$	0	$	(1	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2016 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2016
Investments in Securities, at Value
Mutual Funds	$	1,242	$	0	$	0	$	1,242
	$	1,242	$	0	$	0	$	1,242
Investments in Affiliates, at Value
Mutual Funds		2,060		0		0		2,060
Short-Term Instruments
Central Funds Used for Cash Management Purposes		107		0		0		107
	$	2,167	$	0	$	0	$	2,167
Total Investments	$	3,409	$	0	$	0	$	3,409

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2016
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	5		$	0	$	5
Over the counter		0		4			0		4
	$	0	$	9		$	0	$	9
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared	$	0	$	(1	)	$	0	$	(1	)
Totals	$	3,409	$	8		$	0	$	3,417

There were no significant transfers between Levels 1, 2, or 3 during the period ended June 30, 2016.

64 PIMCO EQUITY SERIES See Accompanying Notes

Notes to Financial Statements

June 30, 2016

1. ORGANIZATION

PIMCO Equity Series^® (the “Trust”) was established as a Delaware statutory trust on December 28, 2009. The Trust is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, Administrative Class, and Class A shares of the funds (each a “Fund” and collectively the “Funds”) indicated on the cover of this report. Pacific Investment Management Company LLC (“PIMCO”) serves as the investment adviser (the “Adviser”) for the Funds. Each Fund may invest substantially all of its assets in Institutional Class or Class M shares of any funds of the Trust and PIMCO Funds, and in other affiliated funds, including funds of PIMCO ETF Trust, except funds of funds (“Underlying PIMCO Funds”), and unaffiliated funds that are registered under the Act (collectively, “Acquired Funds”).

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

of Operations. 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 (losses) are allocated daily based on the relative 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  The following table shows the anticipated frequency of dividends from net investment income, if any, for each Fund.

Declared and Paid Quarterly:

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

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.

ANNUAL REPORT JUNE 30, 2016 65

Notes to Financial Statements (Cont.)

Distributions classified as a tax basis return of capital, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital. In addition, other amounts have been reclassified between undistributed (overdistributed) net investment income (loss), accumulated undistributed (overdistributed) net realized gain (loss) and/or paid in capital to more appropriately conform 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 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 a Fund’s assets that are invested in one or more open-end management investment companies (other than exchange-traded funds (“ETFs”)), the 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

66 PIMCO EQUITY SERIES

June 30, 2016

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

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

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

ANNUAL REPORT JUNE 30, 2016 67

Notes to Financial Statements (Cont.)

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 into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for each respective Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period 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 Schedule of Investments for each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

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

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

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

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

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

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

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

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

68 PIMCO EQUITY SERIES

June 30, 2016

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 debt 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 forward 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.

The validity of 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 substantially all of its assets in Underlying PIMCO Funds and Acquired Funds. The Underlying PIMCO Funds are considered to be affiliated with the Funds. Each Fund may also invest in the PIMCO Short-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 the affiliated Funds for the period ended June 30, 2016 (amounts in thousands^†):

ANNUAL REPORT JUNE 30, 2016 69

Notes to Financial Statements (Cont.)

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 06/30/2016		Dividend Income  (1)		Realized Net Capital Gain Distributions (1)
PIMCO Emerging Local Bond Fund	$	75	$	36	$	(108	)	$	(8	)	$	5		$	0	$	3	$	0
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		226		113		(243	)		(13	)		9			92		18		1
PIMCO High Yield Fund		153		185		(20	)		(1	)		(4	)		313		11		4
PIMCO Income Fund		0		499		0			0			5			504		7		0
PIMCO Long Duration Total Return Fund		224		99		(139	)		(8	)		20			196		13		6
PIMCO Long-Term Credit Fund		0		192		(7	)		0			11			196		3		0
PIMCO Real Return Asset Fund		301		112		(44	)		(2	)		25			392		5		0
PIMCO Real Return Fund		304		151		(50	)		0			13			418		3		0
PIMCO Total Return Fund		459		183		(436	)		(20	)		6			192		13		16
Totals	$	1,742	$	1,570	$	(1,047	)	$	(52	)	$	90		$	2,303	$	76	$	27

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

⁽¹⁾  The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions received from underlying funds are determined at the end of the fiscal year and include a return of capital. See Note 2(c) in the Notes to Financial Statements for more information.

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 06/30/2016		Dividend Income  (1)		Realized Net Capital Gain Distributions (1)
PIMCO Emerging Local Bond Fund	$	76	$	37	$	(106	)	$	(12	)	$	5		$	0	$	3	$	0
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		153		72		(178	)		(10	)		4			41		14		1
PIMCO High Yield Fund		232		129		(87	)		(7	)		(11	)		256		15		7
PIMCO Income Fund		0		318		0			0			3			321		5		0
PIMCO Long Duration Total Return Fund		226		107		(169	)		(10	)		17			171		13		7
PIMCO Long-Term Credit Fund		0		170		(7	)		0			9			172		3		0
PIMCO Real Return Asset Fund		304		128		(103	)		(5	)		19			343		6		0
PIMCO Real Return Fund		230		92		(122	)		(1	)		6			205		2		0
PIMCO Total Return Fund		233		106		(263	)		(12	)		2			66		7		10
Totals	$	1,454	$	1,159	$	(1,035	)	$	(57	)	$	54		$	1,575	$	68	$	25

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

⁽¹⁾  The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions received from underlying funds are determined at the end of the fiscal year and include a return of capital. See Note 2(c) in the Notes to Financial Statements for more information.

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 06/30/2016		Dividend Income  (1)		Realized Net Capital Gain Distributions (1)
PIMCO Emerging Local Bond Fund	$	154	$	178	$	(332	)	$	(10	)	$	10	$	0	$	6	$	0
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		76		127		(141	)		(3	)		5		64		6		0
PIMCO High Yield Fund		230		306		(55	)		(4	)		5		482		18		6
PIMCO Income Fund		0		548		0			0			5		553		8		0
PIMCO Long Duration Total Return Fund		225		296		(298	)		(13	)		34		244		14		6
PIMCO Long-Term Credit Fund		0		239		(7	)		0			13		245		3		0
PIMCO Real Return Asset Fund		303		381		(233	)		(6	)		44		489		5		0
PIMCO Real Return Fund		76		155		(75	)		0			8		164		1		0
PIMCO Short-Term Floating NAV Portfolio III		0		1,001		(595	)		0			0		406		1		0
PIMCO Total Return Fund		77		159		(165	)		(3	)		2		70		3		3
Totals	$	1,141	$	3,390	$	(1,901	)	$	(39	)	$	126	$	2,717	$	65	$	15

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

⁽¹⁾  The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions received from underlying funds are determined at the end of the fiscal year and include a return of capital. See Note 2(c) in the Notes to Financial Statements for more information.

70 PIMCO EQUITY SERIES

June 30, 2016

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 06/30/2016		Dividend Income  (1)		Realized Net Capital Gain Distributions (1)
PIMCO Emerging Local Bond Fund	$	155	$	153	$	(256	)	$	(17	)	$	15	$	50	$	8	$	0
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		0		59		(1	)		0			2		60		0		0
PIMCO High Yield Fund		156		265		(21	)		(1	)		0		399		13		4
PIMCO Income Fund		0		453		0			0			5		458		6		0
PIMCO Long Duration Total Return Fund		228		229		(332	)		(13	)		25		137		13		7
PIMCO Long-Term Credit Fund		0		136		(6	)		0			7		137		2		0
PIMCO Real Return Asset Fund		305		281		(426	)		(3	)		26		183		6		0
PIMCO Real Return Fund		0		117		(1	)		0			3		119		0		0
PIMCO Short-Term Floating NAV Portfolio III		0		1,301		(900	)		0			0		401		1		0
PIMCO Total Return Fund		0		60		(1	)		0			1		60		1		0
Totals	$	844	$	3,054	$	(1,944	)	$	(34	)	$	84	$	2,004	$	50	$	11

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

⁽¹⁾  The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions received from underlying funds are determined at the end of the fiscal year and include a return of capital. See Note 2(c) in the Notes to Financial Statements for more information.

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 06/30/2016		Dividend Income  (1)		Realized Net Capital Gain Distributions (1)
PIMCO Emerging Local Bond Fund	$	77	$	37	$	(45	)	$	(7	)	$	5		$	67	$	4	$	0
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		0		33		0			0			1			34		0		0
PIMCO High Yield Fund		156		41		(14	)		(1	)		(8	)		174		9		4
PIMCO Income Fund		0		206		0			0			2			208		3		0
PIMCO Long Duration Total Return Fund		228		45		(218	)		(13	)		17			59		11		6
PIMCO Long-Term Credit Fund		0		53		0			0			3			56		1		0
PIMCO Real Return Asset Fund		229		51		(215	)		(5	)		13			73		4		0
PIMCO Real Return Fund		0		70		0			0			1			71		0		0
PIMCO Short-Term Floating NAV Portfolio III		0		201		0			0			0			201		0		0
PIMCO Total Return Fund		0		34		0			0			0			34		0		0
Totals	$	690	$	771	$	(492	)	$	(26	)	$	34		$	977	$	32	$	10

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

⁽¹⁾  The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions received from underlying funds are determined at the end of the fiscal year and include a return of capital. See Note 2(c) in the Notes to Financial Statements for more information.

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 06/30/2016		Dividend Income  (1)		Realized Net Capital Gain Distributions (1)
PIMCO Emerging Local Bond Fund	$	78	$	20	$	(25	)	$	(3	)	$	(1	)	$	69	$	4	$	0
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		0		31		0			0			1			32		0		0
PIMCO High Yield Fund		79		33		(8	)		0			(4	)		100		5		2
PIMCO Income Fund		0		135		0			0			1			136		2		0
PIMCO Long Duration Total Return Fund		230		34		(213	)		(14	)		15			52		11		6
PIMCO Long-Term Credit Fund		0		51		0			0			3			54		1		0
PIMCO Real Return Asset Fund		154		32		(122	)		(3	)		9			70		2		0
PIMCO Real Return Fund		0		68		0			0			1			69		0		0
PIMCO Short-Term Floating NAV Portfolio III		0		201		0			0			0			201		0		0
PIMCO Total Return Fund		0		31		0			0			1			32		0		0
Totals	$	541	$	636	$	(368	)	$	(20	)	$	26		$	815	$	25	$	8

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

⁽¹⁾  The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions received from underlying funds are determined at the end of the fiscal year and include a return of capital. See Note 2(c) in the Notes to Financial Statements for more information.

ANNUAL REPORT JUNE 30, 2016 71

Notes to Financial Statements (Cont.)

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 06/30/2016		Dividend Income  (1)		Realized Net Capital Gain Distributions (1)
PIMCO Emerging Local Bond Fund	$	77	$	30	$	(24	)	$	(3	)	$	1		$	81	$	4	$	0
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		0		40		0			0			1			41		0		0
PIMCO High Yield Fund		77		33		(5	)		0			(4	)		101		5		2
PIMCO Income Fund		0		141		0			0			1			142		2		0
PIMCO Long Duration Total Return Fund		229		52		(222	)		(13	)		17			63		11		6
PIMCO Long-Term Credit Fund		0		60		0			0			3			63		1		0
PIMCO Real Return Asset Fund		77		34		(65	)		(2	)		5			49		1		0
PIMCO Real Return Fund		0		80		0			0			1			81		0		0
PIMCO Short-Term Floating NAV Portfolio III		0		301		0			0			0			301		0		0
PIMCO Total Return Fund		0		39		0			0			1			40		0		0
Totals	$	460	$	810	$	(316	)	$	(18	)	$	26		$	962	$	24	$	8

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

⁽¹⁾  The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions received from underlying funds are determined at the end of the fiscal year and include a return of capital. See Note 2(c) in the Notes to Financial Statements for more information.

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 06/30/2016		Dividend Income  (1)		Realized Net Capital Gain Distributions (1)
PIMCO Emerging Local Bond Fund	$	78	$	19	$	(21	)	$	(3	)	$	(1	)	$	72	$	4	$	0
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		0		34		0			0			1			35		0		0
PIMCO High Yield Fund		79		18		(7	)		(1	)		(4	)		85		4		2
PIMCO Income Fund		0		119		0			0			1			120		2		0
PIMCO Long Duration Total Return Fund		233		29		(214	)		(13	)		16			51		11		6
PIMCO Long-Term Credit Fund		0		50		0			0			3			53		1		0
PIMCO Real Return Asset Fund		78		7		(53	)		(1	)		4			35		1		0
PIMCO Real Return Fund		0		68		0			0			1			69		0		0
PIMCO Short-Term Floating NAV Portfolio III		0		202		0			0			0			201		0		0
PIMCO Total Return Fund		0		34		0			0			0			35		0		0
Totals	$	468	$	580	$	(295	)	$	(18	)	$	21		$	756	$	23	$	8

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

⁽¹⁾  The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions received from underlying funds are determined at the end of the fiscal year and include a return of capital. See Note 2(c) in the Notes to Financial Statements for more information.

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 06/30/2016		Dividend Income  (1)		Realized Net Capital Gain Distributions (1)
PIMCO Emerging Local Bond Fund	$	76	$	16	$	(87	)	$	(10	)	$	5		$	0	$	3	$	0
PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		309		54		(254	)		(13	)		6			102		24		1
PIMCO High Yield Fund		77		183		(2	)		0			(2	)		256		7		2
PIMCO Income Fund		0		567		(5	)		0			5			567		8		0
PIMCO Long Duration Total Return Fund		228		45		(159	)		(9	)		15			120		12		6
PIMCO Long-Term Credit Fund		0		116		0			0			7			123		2		0
PIMCO Real Return Asset Fund		229		35		(37	)		(1	)		14			240		4		0
PIMCO Real Return Fund		466		51		(183	)		(1	)		10			343		4		0
PIMCO Short-Term Floating NAV Portfolio III		100		57		(50	)		0			0			107		1		0
PIMCO Total Return Fund		467		73		(218	)		(9	)		(4	)		309		14		16
Totals	$	1,952	$	1,197	$	(995	)	$	(43	)	$	56		$	2,167	$	79	$	25

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

⁽¹⁾  The tax characterization of distributions is determined in accordance with Federal income tax regulations. The actual tax characterization of distributions received from underlying funds are determined at the end of the fiscal year and include a return of capital. See Note 2(c) in the Notes to Financial Statements for more information.

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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 (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 (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 component of net change in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps (“Swap Variation Margin”), if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. OTC swap payments received or paid at the beginning of the measurement period are included on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statements of

ANNUAL REPORT JUNE 30, 2016 73

Notes to Financial Statements (Cont.)

Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gain (loss) on the Statements of Operations.

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

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

Total Return Swap Agreements  Certain Funds may enter into total return swap agreements to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific 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 (non-U.S.) currency, equity and commodity risks.

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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 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 and other instruments held by a Fund 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 used to determine the sensitivity of a security’s price to changes in interest rates 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, etc.). At present, the U.S. and many parts of the world, including certain European countries, are experiencing near 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 bond markets have steadily grown over the past three decades, dealer “market making” ability has not kept pace and in some cases has decreased. 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 shareholder redemptions, which could force the Fund to liquidate investments at disadvantageous times or prices, thereby adversely affecting the Fund.

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, a smaller market capitalization and a smaller number of traded securities. 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

ANNUAL REPORT JUNE 30, 2016 75

Notes to Financial Statements (Cont.)

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 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. Over the counter (“OTC”) derivative transactions are subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally cleared derivative transactions might not be available for OTC derivative transactions. 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. PIMCO’s attempts to minimize counterparty risk may, however, be unsuccessful.

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

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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, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedules of Investments.

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

(depreciation), initial margin posted, and any unsettled variation margin as of period end is disclosed in the Notes to Schedules of Investments.

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

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 in note (b) below.

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

The Investment Advisory Fees and Supervisory and Administrative Fees for all classes, as applicable, are charged at 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%

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Notes to Financial Statements (Cont.)

(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 A		—		0.25%

The Distributor also received the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares and the contingent deferred sales charges paid by the shareholders upon

certain redemptions of Class A and Class C shares. For the period ended June 30, 2016, the Distributor retained $184,988 representing commissions (sales charges) and contingent deferred sales charges from the Trust.

(d) Fund Expenses  PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) taxes and governmental fees; (ii) brokerage fees and commissions and other portfolio transaction expenses; (iii) the costs of borrowing money, including interest expense; (iv) fees and expenses of the Trustees who are not “interested persons” of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (v) extraordinary expense, including costs of litigation and indemnification expenses; (vi) organizational expenses; and (vii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust’s Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

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

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

(e) Expense Limitation  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

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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 June 30, 2016, 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. The Underlying PIMCO Fund expenses incurred by a Fund will vary with changes in the expenses of the Underlying PIMCO Funds, as well as the allocation of the Fund’s assets.

The expenses associated with investing in a fund of funds are generally higher than those for mutual funds that do not invest in other mutual funds. The cost of investing in a fund of funds will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. By investing in a fund of funds, an investor will indirectly bear fees and expenses charged by Acquired Funds in addition to each Fund’s direct fees and expenses. In addition, the use

of a fund of funds structure could affect the timing, amount and character of distributions to the shareholders and may therefore increase the amount of taxes payable by shareholders.

8. RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties. Fees payable to these parties are disclosed in Note 7, Fees and Expenses 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 June 30, 2016, 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	$	2,493	$	1,494
PIMCO RealPath™ Blend 2025 Fund		0		0		2,255		1,936
PIMCO RealPath™ Blend 2030 Fund		0		0		5,458		2,684
PIMCO RealPath™ Blend 2035 Fund		0		0		4,588		2,274
PIMCO RealPath™ Blend 2040 Fund		0		0		1,585		1,294
PIMCO RealPath™ Blend 2045 Fund		0		0		1,405		1,212
PIMCO RealPath™ Blend 2050 Fund		0		0		1,895		1,171
PIMCO RealPath™ Blend 2055 Fund		0		0		1,261		1,099
PIMCO RealPath™ Blend Income Fund		0		0		1,672		1,214

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

ANNUAL REPORT JUNE 30, 2016 79

Notes to Financial Statements (Cont.)

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									PIMCO RealPath™ Blend 2025 Fund
	Year Ended 06/30/2016					Inception date through June 30, 2015				Year Ended 06/30/2016						Inception date through June 30, 2015
	Shares		Amount			Shares		Amount		Shares			Amount			Shares		Amount
Receipts for shares sold
Institutional Class		106	$	988			300	$	3,000		109		$	1,070			302	$	3,013
Administrative Class		0		0			1		10		1			0			1		15
Class A		0		0			1		10		2			15			1		11
Issued as reinvestment of distributions
Institutional Class		12		117			1		15		13			122			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		(4	)		0		0		(81	)		(762	)		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		118	$	1,101			303	$	3,035		44		$	444			305	$	3,054

	PIMCO RealPath™ Blend 2030 Fund										PIMCO RealPath™ Blend 2035 Fund
	Year Ended 06/30/2016						Inception date through June 30, 2015				Year Ended 06/30/2016						Inception date through June 30, 2015
	Shares			Amount			Shares		Amount		Shares			Amount			Shares		Amount
Receipts for shares sold
Institutional Class		403		$	3,640			300	$	3,000		297		$	2,716			301	$	3,000
Administrative Class		1			12			1		10		0			0			1		10
Class A		0			3			1		10		2			16			2		23
Issued as reinvestment of distributions
Institutional Class		12			118			1		15		12			114			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		(66	)		(627	)		0		0		(5	)		(47	)		0		0
Administrative Class		0			0			0		0		0			0			0		0
Class A		0			0			0		0		(3	)		(27	)		0		0
Net increase (decrease) resulting from Fund share transactions		350		$	3,146			303	$	3,035		303		$	2,772			305	$	3,048

	PIMCO RealPath™ Blend 2040 Fund									PIMCO RealPath™ Blend 2045 Fund
	Year Ended 06/30/2016					Inception date through June 30, 2015				Year Ended 06/30/2016						Inception date through June 30, 2015
	Shares		Amount			Shares		Amount		Shares			Amount			Shares		Amount
Receipts for shares sold
Institutional Class		45	$	433			301	$	3,000		44		$	422			300	$	3,000
Administrative Class		3		23			1		12		0			0			4		40
Class A		2		20			1		11		0			0			1		10
Issued as reinvestment of distributions
Institutional Class		9		86			1		15		9			82			1		15
Administrative Class		0		1			0		0		0			1			0		0
Class A		0		1			0		0		0			0			0		0
Cost of shares redeemed
Institutional Class		0		0			0		0		(5	)		(49	)		0		0
Administrative Class		0		0			0		0		0			0			0		0
Class A		0		(3	)		0		0		0			0			0		0
Net increase (decrease) resulting from Fund share transactions		59	$	561			304	$	3,038		48		$	456			306	$	3,065

80 PIMCO EQUITY SERIES

June 30, 2016

	PIMCO RealPath™ Blend 2050 Fund											PIMCO RealPath™ Blend 2055 Fund
	Year Ended 06/30/2016						Inception date through June 30, 2015					Year Ended 06/30/2016						Inception date through June 30, 2015
	Shares			Amount			Shares		Amount			Shares			Amount			Shares		Amount
Receipts for shares sold
Institutional Class		95		$	900			301	$	3,001			39		$	358			300	$	3,001
Administrative Class		0			0			1		14			0			0			1		11
Class A		11			99			1		15			0			5			7		67
Issued as reinvestment of distributions
Institutional Class		8			80			1		15			8			79			1		15
Administrative Class		0			0			0		0			0			0			0		0
Class A		0			2			0		0			0			1			0		0
Cost of shares redeemed
Institutional Class		(4	)		(42	)		0		(1	)		(2	)		(15	)		0		0
Administrative Class		0			0			0		0			0			0			0		0
Class A		(1	)		(9	)		0		0			(1	)		(9	)		0		0
Net increase (decrease) resulting from Fund share transactions		109		$	1,030			304	$	3,044			44		$	419			309	$	3,094

	PIMCO RealPath™ Blend Income Fund
	Year Ended 06/30/2016						Inception date through June 30, 2015
	Shares			Amount			Shares		Amount
Receipts for shares sold
Institutional Class		24		$	231			304	$	3,037
Administrative Class		3			39			2		14
Class A		2			12			7		74
Issued as reinvestment of distributions
Institutional Class		12			111			1		15
Administrative Class		0			0			0		0
Class A		0			2			0		0
Cost of shares redeemed
Institutional Class		(6	)		(61	)		0		0
Administrative Class		0			(4	)		0		0
Class A		(2	)		(17	)		0		0
Net increase (decrease) resulting from Fund share transactions		33		$	313			314	$	3,140

	Shareholders that own 10% or more of outstanding shares				Total percentage of portfolio held by shareholders that own 10% or more of outstanding shares
	Non Related Parties		Related Parties*		Non Related Parties		Related Parties*
PIMCO RealPath™ Blend 2020 Fund		0		1		0%		74%
PIMCO RealPath™ Blend 2025 Fund		0		1		0%		89%
PIMCO RealPath™ Blend 2030 Fund		0		1		0%		48%
PIMCO RealPath™ Blend 2035 Fund		0		1		0%		51%
PIMCO RealPath™ Blend 2040 Fund		0		1		0%		85%
PIMCO RealPath™ Blend 2045 Fund		0		1		0%		88%
PIMCO RealPath™ Blend 2050 Fund		1		1		13%		75%
PIMCO RealPath™ Blend 2055 Fund		0		1		0%		88%
PIMCO RealPath™ Blend Income Fund		0		1		0%		90%

* 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.

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

ANNUAL REPORT JUNE 30, 2016 81

Notes to Financial Statements (Cont.)

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.

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

In accordance with U.S. GAAP, the Adviser has reviewed the Funds’ tax positions for all open tax years. As of June 30, 2016, 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 2013-2015, 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.

As of June 30, 2016, the components of distributable taxable earnings are as follows (amounts in thousands^†):

	Undistributed Ordinary Income (1)		Undistributed Long-Term Capital Gains		Net Tax Basis Unrealized Appreciation/ (Depreciation) (2)			Other Book-to-Tax Accounting Differences (3)		Accumulated Capital Losses  (4)			Qualified Late-Year Loss Deferral - Capital (5)		Qualified Late-Year Loss Deferral - Ordinary (6)
PIMCO RealPath™ Blend 2020 Fund	$	8	$	0	$	46		$	0	$	(20	)	$	0	$	0
PIMCO RealPath™ Blend 2025 Fund		2		0		(12	)		0		(51	)		0		0
PIMCO RealPath™ Blend 2030 Fund		54		0		216			0		(6	)		0		0
PIMCO RealPath™ Blend 2035 Fund		53		0		135			0		(29	)		0		0
PIMCO RealPath™ Blend 2040 Fund		28		0		(32	)		0		(20	)		0		0
PIMCO RealPath™ Blend 2045 Fund		28		0		(59	)		0		(26	)		0		0
PIMCO RealPath™ Blend 2050 Fund		37		0		(28	)		0		(27	)		0		0
PIMCO RealPath™ Blend 2055 Fund		29		0		(53	)		0		(30	)		0		0
PIMCO RealPath™ Blend Income Fund		0		0		(3	)		0		(10	)		0		0

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

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

⁽²⁾  Adjusted for open wash sale loss deferrals and accelerated recognition of unrealized gain on certain options contracts, and return of capital adjustments, for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain/loss on swap contracts.

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

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

⁽⁵⁾  Capital losses realized during the period November 1, 2015 through June 30, 2016 which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

⁽⁶⁾  Specified losses realized during the period November 1, 2015 through June 30, 2016 and Ordinary losses realized during the period January 1, 2016 through June 30, 2016, which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

82 PIMCO EQUITY SERIES

June 30, 2016

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, 2016, the Funds had the following post-effective capital losses with no expiration (amounts in thousands^†):

	Short-Term		Long-Term
PIMCO RealPath™ Blend 2020 Fund	$	0	$	20
PIMCO RealPath™ Blend 2025 Fund		37		14
PIMCO RealPath™ Blend 2030 Fund		0		6
PIMCO RealPath™ Blend 2035 Fund		0		29
PIMCO RealPath™ Blend 2040 Fund		2		18
PIMCO RealPath™ Blend 2045 Fund		7		19
PIMCO RealPath™ Blend 2050 Fund		6		21
PIMCO RealPath™ Blend 2055 Fund		10		20
PIMCO RealPath™ Blend Income Fund		0		10

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

As of June 30, 2016, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands^†):

	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation) (7)
PIMCO RealPath™ Blend 2020 Fund	$	3,932	$	77	$	(30	)	$	47
PIMCO RealPath™ Blend 2025 Fund		3,247		54		(66	)		(12	)
PIMCO RealPath™ Blend 2030 Fund		6,145		216		(1	)		215
PIMCO RealPath™ Blend 2035 Fund		5,676		153		(18	)		135
PIMCO RealPath™ Blend 2040 Fund		3,448		48		(79	)		(31	)
PIMCO RealPath™ Blend 2045 Fund		3,372		39		(98	)		(59	)
PIMCO RealPath™ Blend 2050 Fund		3,981		55		(82	)		(27	)
PIMCO RealPath™ Blend 2055 Fund		3,364		37		(90	)		(53	)
PIMCO RealPath™ Blend Income Fund		3,412		39		(42	)		(3	)

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

⁽⁷⁾  Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) on investments are attributable to open wash sale loss deferrals, and return of capital adjustments.

For the fiscal years ended June 30, 2016 and June 30, 2015, respectively, the Funds made the following tax basis distributions (amounts in thousands^†):

	June 30, 2016						June 30, 2015
	Ordinary Income Distributions  (8)		Long-Term Capital Gain Distributions		Return of Capital  (9)		Ordinary Income Distributions  (8)		Long-Term Capital Gain Distributions		Return of Capital  (9)
PIMCO RealPath™ Blend 2020 Fund	$	117	$	0	$	0	$	15	$	0	$	0
PIMCO RealPath™ Blend 2025 Fund		122		0		0		15		0		0
PIMCO RealPath™ Blend 2030 Fund		118		0		0		15		0		0
PIMCO RealPath™ Blend 2035 Fund		114		0		0		15		0		0
PIMCO RealPath™ Blend 2040 Fund		88		0		0		15		0		0
PIMCO RealPath™ Blend 2045 Fund		83		0		0		15		0		0
PIMCO RealPath™ Blend 2050 Fund		82		0		0		15		0		0
PIMCO RealPath™ Blend 2055 Fund		81		0		0		15		0		0
PIMCO RealPath™ Blend Income Fund		110		0		3		15		0		0

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

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

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

ANNUAL REPORT JUNE 30, 2016 83

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of PIMCO Equity Series^®:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of PIMCO RealPath^™ Blend 2020 Fund, PIMCO RealPath^™ Blend 2025 Fund, PIMCO RealPath^™ Blend 2030 Fund, PIMCO RealPath^™ Blend 2035 Fund, PIMCO RealPath^™ Blend 2040 Fund, PIMCO RealPath^™ Blend 2045 Fund, PIMCO RealPath^™ Blend 2050 Fund, PIMCO RealPath^™ Blend 2055 Fund, and PIMCO RealPath^™ Blend Income Fund (nine series of PIMCO Equity Series^®, hereafter referred to as the “Funds”) at June 30, 2016, the results of each of their operations for the year then ended, and the changes in each of their net assets and the financial highlights for the year then ended and for the period December 31, 2014 (commencement of operations) through June 30, 2015, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at June 30, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Kansas City, Missouri

August 22, 2016

84 PIMCO EQUITY SERIES

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

(Unaudited)

Counterparty Abbreviations:
BOA	Bank of America N.A.	CBK	Citibank N.A.	JPM	JPMorgan Chase Bank 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	DWRTFT	Dow Jones Wilshire REIT Total Return Index
Other Abbreviations:
LIBOR	London Interbank Offered Rate

ANNUAL REPORT JUNE 30, 2016 85

Federal Income Tax Information

(Unaudited)

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

Dividend Received Deduction.  Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a Fund’s dividend distribution that qualifies under tax law. The percentage of the following Funds’ fiscal 2016 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below:

Qualified Dividend Income.  Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the “Act”), the following percentage of ordinary dividends paid during the calendar year was designated as “qualified dividend income”, as defined in the Act, subject to reduced tax rates in 2016:

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only).  Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended June 30, 2016 are considered to be derived from “qualified interest income,” as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended June 30, 2016 are considered to be derived from “qualified short-term capital gain,” as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

	Dividend Received Deduction %		Qualified Dividend Income %		Qualified Interest Income (000s† )		Qualified Short-Term Capital Gain (000s†)
PIMCO RealPath™ Blend 2020 Fund		0.00%		0.26%	$	0	$	7
PIMCO RealPath™ Blend 2025 Fund		0.00%		0.25%		0		7
PIMCO RealPath™ Blend 2030 Fund		0.00%		0.23%		0		9
PIMCO RealPath™ Blend 2035 Fund		0.00%		0.27%		0		10
PIMCO RealPath™ Blend 2040 Fund		0.00%		0.32%		0		9
PIMCO RealPath™ Blend 2045 Fund		0.00%		0.40%		0		9
PIMCO RealPath™ Blend 2050 Fund		0.00%		0.43%		0		8
PIMCO RealPath™ Blend 2055 Fund		0.00%		0.43%		0		9
PIMCO RealPath™ Blend Income Fund		0.00%		0.27%		0		4

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

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2017, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2016.

86 PIMCO EQUITY SERIES

Management of the Trust

(Unaudited)

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

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

Name, Year of Birth and Position Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Public Company and Investment Company Directorships Held by Trustee During the Past 5 Years
Interested Trustees*
Brent R. Harris (1959) Chairman of the Board and Trustee	03/2010 to present	Managing Director, PIMCO. Formerly, member of Executive Committee, PIMCO.	169	Chairman and Trustee, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT; Director, StocksPLUS® Management, Inc; and member of Board of Governors, Investment Company Institute.
Independent Trustees
E. Philip Cannon (1940) Trustee	03/2010 to present	Private Investor. Formerly, President, Houston Zoo.	169	Trustee, PIMCO Equity Series VIT; Lead Independent Trustee, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust. Formerly, Trustee, Allianz Funds (formerly, PIMCO Funds: Multi-Manager Series).
Jennifer Holden Dunbar (1963) Trustee	02/2016 to present	Managing Director, Dunbar Partners, LLC (business consulting and investments).	169	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust; Director, PS Business Parks; Director, Big 5 Sporting Goods Corporation.
Peter B. McCarthy (1950) Trustee	09/2011 to present	Formerly, Assistant Secretary and Chief Financial Officer, United States Department of Treasury; Deputy Managing Director, Institute of International Finance.	169	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust.
Ronald C. Parker (1951) Trustee	02/2016 to present	Director of Roseburg Forest Products Company. Formerly, Chairman of the Board, The Ford Family Foundation. Formerly President, Chief Executive Officer, Hampton Affiliates (forestry products).	169	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust.

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

** Trustees serve until their successors are duly elected and qualified.

ANNUAL REPORT JUNE 30, 2016 87

Management of the Trust (Cont.)

(Unaudited)

Executive Officers

Name, Year of Birth and Position Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years*
Peter G. Strelow (1970) President	02/2014 to present Senior Vice President 11/2013 to 02/2014 Vice President 03/2010 to 11/2013	Managing Director, PIMCO. President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust and PIMCO Closed-End Funds.
David C. Flattum (1964) Chief Legal Officer	03/2010 to present	Managing Director and General Counsel, PIMCO. Chief Legal Officer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Formerly, Managing Director, Chief Operating Officer and General Counsel, Allianz Asset Management of America L.P.
Jennifer E. Durham (1970) Chief Compliance Officer	03/2010 to present	Managing Director and Chief Compliance Officer, PIMCO. Chief Compliance Officer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT.
Brent R. Harris (1959) Senior Vice President	03/2010 to present	Managing Director, PIMCO. Senior Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Formerly, member of Executive Committee, PIMCO.
Douglas M. Hodge (1957) Senior Vice President	02/2014 to present President 05/2013 to 02/2014	Managing Director, Chief Executive Officer, PIMCO (since 2/14); Chief Operating Officer, PIMCO (7/09 - 2/14); Member of Executive Committee and Head of PIMCO’s Asia Pacific region. Member Global Executive Committee, Allianz Asset Management. Senior Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT.
Kevin M. Broadwater (1964) Vice President - Senior Counsel	05/2012 to present	Executive Vice President and Deputy General Counsel, PIMCO. Vice President - Senior Counsel, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT.
Joshua D. Ratner (1976)** Vice President - Senior Counsel, Secretary	11/2013 to present Assistant Secretary 03/2010 to 01/2011	Executive Vice President and Senior Counsel, PIMCO. Chief Legal Officer, PIMCO Investments LLC. Vice President - Senior Counsel, Secretary, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Vice President, Secretary and Chief Legal Officer, PIMCO Managed Accounts Trust and PIMCO Closed-End Funds.
Ryan G. Leshaw (1980) Assistant Secretary	05/2012 to present	Senior Vice President and Senior Counsel, PIMCO. Assistant Secretary, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust and PIMCO Closed-End Funds. Formerly, Associate, Willkie Farr & Gallagher LLP.
Stacie D. Anctil (1969) Vice President	05/2015 to present Assistant Treasurer 03/2010 to 05/2015	Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust and PIMCO Closed-End Funds.
William G. Galipeau (1974) Vice President	11/2013 to present	Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Treasurer, PIMCO Managed Accounts Trust and PIMCO Closed-End Funds. Formerly, Vice President, Fidelity Investments.
Eric D. Johnson (1970)** Vice President	05/2011 to present	Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust and PIMCO Closed-End Funds.
Henrik P. Larsen (1970) Vice President	03/2010 to present	Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT.
Greggory S. Wolf (1970) Vice President	05/2011 to present	Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT.
Trent W. Walker (1974) Treasurer	11/2013 to present Assistant Treasurer 03/2010 to 11/2013	Executive Vice President, PIMCO. Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Assistant Treasurer, PIMCO Managed Accounts Trust and PIMCO Closed-End Funds.
Erik C. Brown (1967) Assistant Treasurer	03/2010 to present	Executive Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust and PIMCO Closed-End Funds.
Jason J. Nagler (1982)** Assistant Treasurer	05/2015 to present	Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust and PIMCO Closed-End Funds. Formerly, Head of Mutual Fund Reporting, GMO and Assistant Treasurer, GMO Trust and GMO Series Trust Funds.

* The term “PIMCO Closed-End Funds” as used herein includes: PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund Inc., PIMCO Corporate & Income Opportunity Fund, PIMCO Corporate & Income Strategy Fund, PIMCO Dynamic Credit Income Fund, PIMCO Dynamic Income Fund, PIMCO Global StocksPLUS & Income Fund, PIMCO High Income Fund, PIMCO Income Opportunity Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II and PIMCO Strategic Income Fund, Inc.

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

88 PIMCO EQUITY SERIES

Privacy Policy¹

(Unaudited)

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

OBTAINING PERSONAL INFORMATION

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

RESPECTING YOUR PRIVACY

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

SHARING INFORMATION WITH THIRD PARTIES

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

shareholder’s accounts to a non-affiliated third party at the shareholder’s request or with the consent of the shareholder.

SHARING INFORMATION WITH AFFILIATES

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

PROCEDURES TO SAFEGUARD PRIVATE INFORMATION

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

INFORMATION COLLECTED FROM WEBSITES

Websites maintained by the Funds or their service providers may use a variety of technologies to collect information that help the Funds and their service providers understand how the website is used. Information collected from your web browser (including small files stored on your device that are commonly referred to as “cookies”) allow the websites to recognize your web browser and help to personalize and improve your user experience and enhance navigation of the website. In addition, the Funds or their Service Affiliates may use third parties to place advertisements for the Funds on other websites, including banner advertisements. Such third parties may collect anonymous information through the use of cookies or action tags (such as web beacons). The information these third parties collect is generally limited to technical and web navigation information, such as your IP address, web pages visited and browser type, and does not include personally identifiable information such as name, address, phone number or email address.

ANNUAL REPORT JUNE 30, 2016 89

Privacy Policy¹ (Cont.)

(Unaudited)

You can change your cookie preferences by changing the setting on your web browser to delete or reject cookies. If you delete or reject cookies, some website pages may not function properly.

CHANGES TO THE PRIVACY POLICY

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

¹ Amended as of May 13, 2015.

² PIMCO Investments LLC (“PI”) serves as the Funds’ distributor. This Privacy Policy applies to the activities of PI to the extent that PI regularly effects or engages in transactions with or for a Fund shareholder who is the record owner of such shares. For purposes of this Privacy Policy, references to “the Funds” shall include PI when acting in this capacity.

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

90 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 Board. Shareholders of all series of the Trust voted together on the proposal, and elected two (2) Trustees at the special meeting. The results of the proxy solicitation on this matter are available in the Funds’ Semi-Annual Report to shareholders for the period ended December 31, 2015.

ANNUAL REPORT JUNE 30, 2016 91

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_063016

Item 2. Code of Ethics.

As of the end of the period covered by this report, the Registrant has adopted a code of ethics (the “Code”) that applies to the Registrant’s principal executive officer and principal financial officer. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the principal executive officer or principal financial officer during the period covered by this report.

A copy of the Code is included as an exhibit to this report.

Item 3. Audit Committee Financial Expert.

(a) The Board of Trustees has determined that Peter B. McCarthy, who serves on the Board’s audit committee, qualifies as an “audit committee financial expert” as such term is defined in the instructions to this Item 3. The Board has also determined that Mr. McCarthy is “independent” as such term is interpreted under this Item 3.

Item 4. Principal Accountant Fees and Services.

(a)	Fiscal Year Ended	Audit Fees
	June 30, 2016	$432,388
	June 30, 2015	$483,201
(b)	Fiscal Year Ended	Audit-Related Fees(1)
	June 30, 2016	$5,500
	June 30, 2015	$410,500
(c)	Fiscal Year Ended	Tax Fees
	June 30, 2016	$—
	June 30, 2015	$24,650
(d)	Fiscal Year Ended	All Other Fees (2)
	June 30, 2016	$—
	June 30, 2015	$—

“Audit Fees” represents aggregate fees billed for each of the last two fiscal years for professional services rendered for the audit of the PIMCO Equity Series (the “Trust” or “Registrant”) annual financial statements or services that are normally provided by the accountant in connection with statutory or regulatory filings or engagements for those fiscal years.

“Audit-Related Fees” represents aggregate fees billed for each of the last two fiscal years for assurance and related services reasonably related to the performance of the audit of the Trust’s annual financial statements for those years.

“Tax Fees” represents aggregate fees billed for each of the last two fiscal years for professional services related to tax compliance, tax advice and tax planning, including review of federal and state income tax returns, review of excise tax distribution requirements and preparation of excise tax returns.

“All Other Fees” represents aggregate fees, if any, billed for other products and services rendered by the principal accountant to the Trust for the last two fiscal years.

⁽¹⁾  Includes aggregate fees billed for review of the registrant’s semi-annual reports to shareholders related to fair value securities held by the Trust.

⁽²⁾  There were no “All Other Fees” for the last two fiscal years.

(e) Pre-approval policies and procedures

(1) The Registrant’s Audit Oversight Committee has adopted pre-approval policies and procedures (the “Procedures”) to govern the Audit Oversight Committee’s pre-approval of (i) all audit services and permissible non-audit services to be provided to the Registrant by its independent accountant, and (ii) all permissible non-audit services to be provided by such independent accountant to the Registrant’s investment adviser and to any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant (collectively, the “Service Affiliates”) if the services provided directly relate to the Registrant’s operations and financial reporting. In accordance with the Procedures, the Audit Oversight Committee is responsible for the engagement of the independent accountant to certify the Registrant’s financial statements for each fiscal year. With respect to the pre-approval of non-audit services provided to the Registrant and its Service Affiliates, the Procedures provide that the Audit Oversight Committee may annually pre-approve a list of types or categories of non-audit services that may be provided to the Registrant or its Service Affiliates, or the Audit Oversight Committee may pre-approve such services on a project-by-project basis as they arise. Unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Oversight Committee if it is to be provided by the independent accountant. The Procedures also permit the Audit Oversight Committee to delegate authority to one or more of its members to pre-approve any proposed non-audit services that have not been previously pre-approved by the Audit Oversight Committee, subject to the ratification by the full Audit Oversight Committee no later than its next scheduled meeting.

(2) With respect to the services described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Oversight Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g)

	Aggregate Non-Audit Fees Billed to Entity
Entity	June 30, 2016		June 30, 2015
PIMCO Equity Series Trust	$	5,500	$	435,150
Pacific Investment Management Company LLC (“PIMCO”)		7,767,308		9,815,893
Totals	$	8,772,808	$	10,251,043

(h) The Registrant’s Audit Oversight Committee has considered whether the provision of non-audit services that were rendered to the Registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant which were not pre-approved (not requiring pre-approval) is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The audit committee is comprised of:

E. Philip Cannon

Jennifer Holden Dunbar

Peter B. McCarthy

Ronald C. Parker

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 pursuant to Section 406 of the Sarbanes-Oxley Act of 2002.
(a)(2)	Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
(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: August 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: August 26, 2016
By:	/s/    Trent W. Walker
	Trent W. Walker
	Treasurer (Principal Financial & Accounting Officer)
Date: August 26, 2016