UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-22375

PIMCO Equity Series

(Exact name of registrant as specified in charter)

650 Newport Center Drive, Newport Beach, CA 92660

(Address of principal executive office)

Trent W. Walker

Treasurer (Principal Financial & Accounting Officer)

PIMCO Equity Series

650 Newport Center Drive

Newport Beach, CA 92660

(Name and address of agent for service)

Copies to:

Brendan C. Fox

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

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

Date of fiscal year end: June 30

Date of reporting period: December 31, 2018

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 are copies of the reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR 270.30e-1).

• PIMCO Equity Series Funds

• PIMCO Equity Series RAE Funds

• PIMCO Equity Series RealPath^® Blend Funds

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

• PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF

• PIMCO RAFI Dynamic Multi-Factor International Equity ETF

PIMCO EQUITY SERIES^®

Semiannual Report

December 31, 2018

PIMCO Dividend and Income Fund

PIMCO EqS^® Long/Short Fund

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

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

Beginning January 1, 2019, you may elect to receive all future reports in paper free of charge. If you own these shares through a financial intermediary, such as a broker-dealer or bank, you may contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 888.87.PIMCO (888.877.4626). Your election to receive reports in paper will apply to all funds held with the fund complex if you invest directly with the Fund or to all funds held in your account if you invest through a financial intermediary, such as a broker-dealer or bank.

Table of Contents

			Page
Chairman’s Letter				2
Important Information About the Funds				4
Expense Examples				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				46
Glossary				67
Approval of Investment Advisory Contract and Other Agreements				68
Fund	Fund Summary		Schedule of Investments
PIMCO Dividend and Income Fund		6		21
PIMCO EqS® Long/Short Fund		8		40

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,

Following this letter is the PIMCO Equity Series Semiannual Report, which covers the six-month reporting period ended December 31, 2018. On the subsequent pages you will find specific details regarding investment results and discussion of the factors that most affected performance during the reporting period.

For the six-month reporting period ended December 31, 2018

The U.S. economy continued to expand during the reporting period. Looking back, U.S. gross domestic product (“GDP”) grew at an annual pace of 4.2% during the second quarter of 2018, the strongest since the third quarter of 2014. GDP then expanded at an annual pace of 3.4% during the third quarter of the year. Finally, the Commerce Department’s initial reading for fourth-quarter 2018 GDP has been delayed due to the partial government shutdown.

The Federal Reserve (the “Fed”) continued to normalize monetary policy during the reporting period. After raising rates in March and June, the Fed again moved rates higher at its September and December 2018 meetings. The Fed’s December rate hike pushed the federal funds rate to a range between 2.25% and 2.50%. In addition, the Fed continued to reduce its balance sheet during the reporting period.

Economic activity outside the U.S. initially accelerated during the reporting period, but moderated as it progressed. Against this backdrop, the European Central Bank (the “ECB”) and the Bank of Japan largely maintained their highly accommodative monetary policies, while other central banks took a more hawkish stance. The Bank of England raised rates at its meeting in August 2018 and the Bank of Canada raised rates twice during the reporting period. Meanwhile, the ECB ended its quantitative easing program in December 2018, but indicated that it does not expect to raise interest rates “at least through the summer of 2019.”

The U.S. Treasury yield curve flattened during the reporting period as longer-term rates fell more than short-term rates. The yield on the benchmark 10-year U.S. Treasury note was 2.69% at the end of the reporting period, down from 2.85% on June 30, 2018. U.S. Treasuries, as measured by the Bloomberg Barclays U.S. Treasury Index, returned 1.96% over the six months ended December 31, 2018. Meanwhile, the Bloomberg Barclays U.S. Aggregate Bond Index, a widely used index of U.S. investment grade bonds, returned 1.65% over the period. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, generated weaker results versus the broad U.S. market. The ICE BofAML U.S. High Yield Index returned -2.34% over the reporting period, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global, returned 0.65% over the reporting period. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned 0.25% over the period.

Global equities produced poor results during the reporting period. U.S. equities moved sharply higher over the first half of the period. We believe this rally was driven by a number of factors, including corporate profits that often exceeded expectations. However, U.S. equities fell sharply during the fourth quarter of 2018. We believe this was triggered by a number of factors, including signs of moderating global growth, concerns over future Fed rate hikes, the ongoing trade dispute between the U.S. and China and the partial U.S. government shutdown. All told, U.S. equities, as represented by the S&P 500 Index, returned -6.85% during the reporting period. Elsewhere, emerging market equities, as measured by the MSCI Emerging Markets Index, returned -8.49% during the reporting period, whereas global equities, as represented by the MSCI World Index, returned -9.10%. Elsewhere, Japanese equities, as represented by the Nikkei 225 Index (in JPY), returned -9.45% during the reporting period and European equities, as represented by the MSCI Europe Index (in EUR), returned -10.14%.

Commodity prices fluctuated and generally declined during the reporting period. When the reporting period began, West Texas crude oil was approximately $70 a barrel, but by the end it was roughly $45 a barrel. This was driven in part by increased supply and declining global demand. Elsewhere, gold prices rose, whereas copper prices declined during the reporting period.

2 PIMCO EQUITY SERIES

Finally, during the reporting period the foreign exchange markets experienced periods of volatility, due in part to signs of decoupling economic growth and central bank policies, along with a number of geopolitical events. The U.S. dollar produced mixed results against other major currencies during the reporting period. For example, the U.S. dollar appreciated 1.92% and 3.53% versus the euro and the British pound, respectively, whereas the U.S. dollar depreciated 0.97% versus the yen during the reporting period.

Thank you for the assets you have placed with us. We deeply value your trust, and we will continue to work diligently to meet your broad investment needs. For any questions regarding the funds, please contact your account manager or financial adviser, or call one of our shareholder associates at (888) 87-PIMCO. We also invite you to visit our website at pimco.com to learn more about our global viewpoints.

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

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

SEMIANNUAL REPORT DECEMBER 31, 2018 3

Important Information About the Funds

PIMCO Equity Series (the “Trust”) is an open-end management investment company that includes PIMCO Dividend and Income Fund and PIMCO EqS^® Long/Short Fund (each, a “Fund” and collectively, the “Funds”).

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

The values of equity securities, such as common stocks and preferred securities, have historically risen and fallen in periodic cycles and may decline due to general market conditions, which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Equity securities may also decline due to factors that affect a particular industry or industries, such as labor shortages, increased production costs and competitive conditions within an industry. In addition, the value of an equity security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets. Different types of equity securities may react differently to these developments and a change in the financial condition of a single issuer may affect securities markets as a whole.

During a general downturn in the securities markets, multiple asset classes, including equity securities, may decline in value simultaneously. The market price of equity securities owned by a Fund may go up or down, sometimes rapidly or unpredictably. Equity securities generally have greater price volatility than fixed income securities and common stocks generally have the greatest appreciation and depreciation potential of all equity securities.

The Funds may be subject to various risks as described in each Fund’s prospectus and in the Principal Risks in the Notes to Financial Statements.

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

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

On each individual Fund Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay on (i) Fund distributions or (ii) the redemption of Fund shares. The Cumulative Returns chart and Average Annual Total Return table reflect any sales load that would have applied at the time of purchase or any Contingent Deferred Sales Charge (“CDSC”) that would have applied if a full redemption occurred on the last business day of the period shown in the Cumulative Returns chart. Class A shares are subject to an initial sales charge. A CDSC may be imposed in certain circumstances on Class A shares that are purchased without an initial sales charge and then redeemed during the first 12 months after purchase. Class C shares are subject to a 1% CDSC, which may apply in the first year. The Cumulative Returns chart reflects only Institutional Class performance. Performance may vary by share class based on each class’s expense ratios. Performance shown is net of fees and expenses. The minimum initial investment amount for Institutional Class, I-2 and I-3 shares is $1,000,000. The minimum initial investment amount for Class A and Class C shares is $1,000. Each Fund measures its performance against at least one broad-based securities market index (“benchmark index”). The benchmark index does not take into account fees, expenses, or taxes. A Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. There is no assurance that any Fund, including any Fund that has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) a Fund’s total return in excess of that of the Fund’s benchmark between reporting periods or 2) a Fund’s total return in excess of the Fund’s historical returns between reporting periods. Unusual performance is defined as a significant change in a Fund’s performance as compared to one or more previous reporting periods.

4 PIMCO EQUITY SERIES

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

I-2*

I-3

Class A

Class C

Diversification Status

PIMCO Dividend and Income Fund

12/14/11

12/14/11

12/14/11

—

12/14/11

12/14/11

Diversified

PIMCO EqS® Long/Short Fund

04/20/12

04/20/12

04/30/12

04/27/2018

04/30/12

04/30/12

Non-diversified

* Effective April 27, 2018, the name of Class P for all Funds of the Trust that offer such class was changed to I-2.

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 proxies on behalf of a Fund. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of a Fund, and information about how the Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30th, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Fund’s website at www.pimco.com, and on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

The Trust files a complete schedule of each Fund’s 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. A Fund’s Form N-Q is also available without charge, upon request, by calling the Trust at (888) 87-PIMCO and on the Fund’s website at www.pimco.com.

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

The SEC adopted amendments to certain disclosure requirements relating to open-end investment companies’ liquidity risk management programs. Effective December 1, 2019, large fund complexes will be required to include in their shareholder reports a discussion of their liquidity risk management programs’ operations over the past year.

SEMIANNUAL REPORT DECEMBER 31, 2018 5

PIMCO Dividend and Income Fund

Cumulative Returns Through December 31, 2018

$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 seeks to provide current income that exceeds the average yield on global stocks, and as a secondary objective, seeks to provide long-term capital appreciation, by investing under normal circumstances at least 80% of its assets in a diversified portfolio of income-producing investments, and will typically invest between 60-80% of its assets in equity and equity-related securities (such portion of the Fund’s portfolio, the “Equity Sleeve”) providing exposure to a portfolio of stocks (the “RAE Income Global Portfolio”) through investment in the securities that comprise the RAE Income Global Portfolio. Equity-related securities include securities having an equity component (e.g., hybrids, bank capital) and equity derivatives. With respect to investments in equity securities, there is no limitation on the market capitalization range of the issuers in which the Fund may invest. The stocks for the Equity Sleeve are selected by the Fund’s sub-adviser, Research Affiliates, LLC, from a broad universe of global equities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2018
		6 Months*		1 Year		5 Year		Fund Inception (12/14/11)
	PIMCO Dividend and Income Fund Institutional Class		(6.74)%		(8.78)%		1.76%		5.87%
	PIMCO Dividend and Income Fund I-2		(6.77)%		(8.83)%		1.68%		5.79%
	PIMCO Dividend and Income Fund Class A		(6.90)%		(9.04)%		1.41%		5.50%
	PIMCO Dividend and Income Fund Class A (adjusted)		(12.01)%		(14.04)%		0.26%		4.66%
	PIMCO Dividend and Income Fund Class C		(7.20)%		(9.71)%		0.66%		4.71%
	PIMCO Dividend and Income Fund Class C (adjusted)		(8.11)%		(10.59)%		0.66%		4.71%
	MSCI World Index±		(9.10)%		(8.71)%		4.56%		9.57%
	75% MSCI World Index/25% Bloomberg Barclays Global Aggregate USD Unhedged±±		(6.71)%		(6.71)%		3.80%		7.52%

All Fund returns are net of fees and expenses.

* Cumulative return.

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

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

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares and 1.00% CDSC on Class C shares. For performance data current to the most recent month-end, visit www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio in effect as of period end, were 0.86% for the Institutional Class shares, 0.96% for the I-2 shares, 1.21% for the Class A shares, and 1.96% for the Class C shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

6 PIMCO EQUITY SERIES

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

Geographic Breakdown as of 12/31/2018^1§

United States‡	56.9%
Japan	9.1%
United Kingdom	8.1%
France	4.9%
Germany	3.7%
Australia	2.2%
Switzerland	2.0%
Netherlands	1.9%
Spain	1.9%
Italy	1.6%
Canada	1.3%
Other	6.2%

Sector Breakdown as of 12/31/2018^1§

Financials	20.5%
U.S. Treasury Obligations	9.4%
Industrials	9.0%
Health Care	8.3%
Energy	7.9%
Communication Services	6.7%
Consumer Discretionary	6.3%
Utilities	6.0%
Consumer Staples	4.6%
Information Technology	4.4%
Asset-Backed Securities	3.9%
Non-Agency Mortgage-Backed Securities	3.7%
U.S. Government Agencies	3.4%
Materials	2.3%
Other‡	3.5%

¹  % of Investments, at value.

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

^‡ Includes Central Funds Used for Cash Management Purposes.

Fund Insights

The following affected performance during the reporting period:

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

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

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

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

» U.S. Interest rate strategies contributed to performance, as U.S. treasury yields decreased.

» Holdings of high yield corporate bonds detracted from performance, as credit spreads widened.

» Holdings of investment grade corporate bonds detracted from performance, as credit spreads widened.

SEMIANNUAL REPORT DECEMBER 31, 2018 7

PIMCO EqS^® Long/Short Fund

Cumulative Returns Through December 31, 2018

$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 securities (and securities convertible into, or that PIMCO expects to be exchanged for, common or preferred securities), 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. Equity-related securities include securities having an equity component (e.g., hybrids, bank capital) and equity derivatives. With respect to investments in equity securities, there is no limitation on the market capitalization range of the issuers in which the Fund may invest. The Fund may also invest in fixed income securities of varying maturities, cash and cash equivalents. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2018*
		6 Months**		1 Year		5 Year		10 Year		Fund Inception (01/01/03)
	PIMCO EqS® Long/Short Fund Institutional Class		(0.29)%		0.39%		2.25%		6.25%		10.26%
	PIMCO EqS® Long/Short Fund I-2		(0.37)%		0.31%		2.14%		6.19%		10.22%
	PIMCO EqS® Long/Short Fund I-3		(0.37)%		0.26%		2.10%		6.15%		10.19%
	PIMCO EqS® Long/Short Fund Class A		(0.38)%		0.05%		1.90%		6.00%		10.09%
	PIMCO EqS® Long/Short Fund Class A (adjusted)		(5.90)%		(5.43)%		0.75%		5.40%		9.71%
	PIMCO EqS® Long/Short Fund Class C		(0.85)%		(0.67)%		1.13%		5.47%		9.75%
	PIMCO EqS® Long/Short Fund Class C (adjusted)		(1.77)%		(1.59)%		1.13%		5.47%		9.75%
	3 Month USD LIBOR Index±		1.19%		2.20%		0.92%		0.69%		1.68%

All Fund returns are net of fees and expenses.

** Cumulative return.

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

It is not possible to invest 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. For periods prior to the inception date of each of the I-2, I-3, Class A and C shares’ performance 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. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 5.50% on Class A shares and 1.00% CDSC on Class C shares. For performance data current to the most recent month-end, visit www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio in effect as of period end, were 2.06% for the Institutional Class shares, 2.16% for the I-2 shares, 2.26% for the I-3 shares, 2.41% for the Class A shares, and 3.16% for the Class C shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

8 PIMCO EQUITY SERIES

Institutional Class - PMHIX I-2 -  PMHBX Class A - PMHAX I-3 -  PMHNX Class C -  PMHCX

Top 10 Long Exposure Holdings as of 12/31/2018^1§

ONEOK, Inc.	3.8%
SPDR S&P Regional Banking ETF	3.3%
Walt Disney Co.	2.8%
Deutsche Boerse AG	2.6%
Alphabet, Inc. ‘C’	2.5%
Royal Caribbean Cruises Ltd.	2.4%
Discover Financial Services	2.1%
Illinois Tool Works, Inc.	1.9%
Fortis, Inc.	1.9%
Oracle Corp.	1.9%

Long Exposure Sector Breakdown as of 12/31/2018^1§

Energy	10.1%
Financials	8.5%
Health Care	5.6%
Consumer Discretionary	5.6%
Communication Services	5.2%
Real Estate	4.7%
Industrials	4.6%
Information Technology	3.4%
Utilities	3.2%

Top 10 Short Exposure Holdings as of 12/31/2018^1§

TransCanada Corp.	(2.1	)%
Norfolk Southern Corp.	(1.8	)%
CSX Corp.	(1.7	)%
Amazon.com, Inc.	(1.7	)%
Iron Mountain, Inc.	(1.6	)%
NVR, Inc.	(1.4	)%
Domino’s Pizza, Inc.	(1.3	)%
Wells Fargo & Co.	(1.3	)%
Facebook, Inc.	(1.3	)%
Southern Co.	(1.2	)%

Short Exposure Sector Breakdown as of 12/31/2018^1§

Consumer Discretionary	(7.0	)%
Real Estate	(4.3	)%
Energy	(4.2	)%
Industrials	(4.0	)%
Health Care	(2.5	)%
Financials	(2.4	)%
Communication Services	(2.0	)%
Utilities	(1.2	)%
Information Technology	(1.1	)%
Consumer Staples	(0.9	)%

¹ % of net exposure (Investments, at value net Securities Sold Short). Financial derivative instruments and short-term instruments are not taken into consideration.

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

Fund Insights

The following affected performance during the reporting period:

» Proceeds received from a settlement of litigation brought on behalf of the Fund and other investors against a real estate investment trust in which the Fund had invested contributed to performance.

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

» The Fund’s long position in Norfolk Southern Corporation contributed to absolute returns, as the price of the security rose.

» The Fund’s long position in Union Pacific Corporation contributed to absolute returns, as the price of the security rose.

» The Fund’s long position in Alerian MLP detracted from absolute returns, as the price of the security fell.

» The Fund’s long position in ONEOK detracted from absolute returns, as the price of the security fell.

» The Fund’s long position in an S&P Regional Banking ETF detracted from absolute returns, as the price of the security fell.

SEMIANNUAL REPORT DECEMBER 31, 2018 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 July 1, 2018 to December 31, 2018 unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate row for your share class, in the column entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

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

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (07/01/18)		Ending Account Value (12/31/18)		Expenses Paid During Period*		Beginning Account Value (07/01/18)		Ending Account Value (12/31/18)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO Dividend and Income Fund
Institutional Class	$	1,000.00	$	932.60	$	4.58	$	1,000.00	$	1,020.47	$	4.79		0.94	%
I-2		1,000.00		932.30		5.07		1,000.00		1,019.96		5.30		1.04
Class A		1,000.00		931.00		6.28		1,000.00		1,018.70		6.56		1.29
Class C		1,000.00		928.00		9.91		1,000.00		1,014.92		10.36		2.04
PIMCO EqS® Long/Short Fund
Institutional Class	$	1,000.00	$	997.10	$	11.83	$	1,000.00	$	1,013.36	$	11.93		2.35	%
I-2		1,000.00		996.30		12.33		1,000.00		1,012.85		12.43		2.45
I-3		1,000.00		996.30		12.58		1,000.00		1,012.60		12.68		2.50
Class A		1,000.00		996.20		13.59		1,000.00		1,011.59		13.69		2.70
Class C		1,000.00		991.50		17.32		1,000.00		1,007.81		17.46		3.45

* 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 184/365 (to reflect the one-half year period).

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

10 PIMCO EQUITY SERIES

(THIS PAGE INTENTIONALLY LEFT BLANK)

SEMIANNUAL REPORT DECEMBER 31, 2018 11

Financial Highlights

			Investment Operations									Less Distributions(b)
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 Net Investment Income			From Net Realized Capital Gains			Total
PIMCO Dividend and Income Fund
Institutional Class
07/01/2018 - 12/31/2018+	$	11.54	$	0.17		$	(0.94	)	$	(0.77	)	$	(0.32	)	$	0.00		$	(0.32	)
06/30/2018		11.09		0.36			0.41			0.77			(0.32	)		0.00			(0.32	)
06/30/2017		9.94		0.30			1.08			1.38			(0.23	)		0.00			(0.23	)
06/30/2016		12.29		0.43			(1.58	)		(1.15	)		(0.44	)		(0.76	)		(1.20	)
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	)
I-2
07/01/2018 - 12/31/2018+		11.56		0.16			(0.94	)		(0.78	)		(0.31	)		0.00			(0.31	)
06/30/2018		11.11		0.34			0.42			0.76			(0.31	)		0.00			(0.31	)
06/30/2017		9.96		0.30			1.07			1.37			(0.22	)		0.00			(0.22	)
06/30/2016		12.30		0.39			(1.54	)		(1.15	)		(0.43	)		(0.76	)		(1.19	)
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	)
Class A
07/01/2018 - 12/31/2018+		11.53		0.15			(0.94	)		(0.79	)		(0.30	)		0.00			(0.30	)
06/30/2018		11.08		0.31			0.42			0.73			(0.28	)		0.00			(0.28	)
06/30/2017		9.94		0.27			1.07			1.34			(0.20	)		0.00			(0.20	)
06/30/2016		12.29		0.39			(1.57	)		(1.18	)		(0.41	)		(0.76	)		(1.17	)
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	)
Class C
07/01/2018 - 12/31/2018+		11.48		0.10			(0.92	)		(0.82	)		(0.26	)		0.00			(0.26	)
06/30/2018		11.06		0.22			0.42			0.64			(0.22	)		0.00			(0.22	)
06/30/2017		9.92		0.18			1.07			1.25			(0.11	)		0.00			(0.11	)
06/30/2016		12.27		0.31			(1.57	)		(1.26	)		(0.33	)		(0.76	)		(1.09	)
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	)
PIMCO EqS® Long/Short Fund
Institutional Class
07/01/2018 - 12/31/2018+	$	11.86	$	0.02		$	(0.04	)	$	(0.02	)	$	0.00		$	(0.85	)	$	(0.85	)
06/30/2018		12.26		(0.01	)		0.25			0.24			0.00			(0.64	)		(0.64	)
06/30/2017		11.69		(0.04	)		1.20			1.16			(0.36	)		(0.23	)		(0.59	)
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	)
I-2
07/01/2018 - 12/31/2018+		11.78		0.01			(0.04	)		(0.03	)		0.00			(0.85	)		(0.85	)
06/30/2018		12.19		(0.03	)		0.26			0.23			0.00			(0.64	)		(0.64	)
06/30/2017		11.63		(0.05	)		1.19			1.14			(0.35	)		(0.23	)		(0.58	)
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	)
I-3
07/01/2018 - 12/31/2018+		11.78		0.02			(0.05	)		(0.03	)		0.00			(0.85	)		(0.85	)
04/27/2018 - 06/30/2018		11.76		0.01			0.01			0.02			0.00			0.00			0.00
Class A
07/01/2018 - 12/31/2018+		11.60		0.00			(0.03	)		(0.03	)		0.00			(0.85	)		(0.85	)
06/30/2018		12.05		(0.05	)		0.24			0.19			0.00			(0.64	)		(0.64	)
06/30/2017		11.52		(0.08	)		1.18			1.10			(0.34	)		(0.23	)		(0.57	)
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	)

12 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets
Net Asset Value End of Year or Period		Total Return			Net Assets End of Year or Period (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense and Dividends on Securities Sold Short			Expenses Excluding Interest Expense, Dividends on Securities Sold Short and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
$	10.45		(6.74	)%	$	19,604		0.94	%*		0.95	%*		0.80	%*		0.81	%*		2.91	%*		36	%
	11.54		6.89			23,027		0.85			0.86			0.80			0.81			3.04			80
	11.09		14.01			23,087		0.80			0.81			0.79			0.80			2.88			93
	9.94		(9.06	)		31,840		0.83	(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
	10.47		(6.77	)		24,088		1.04	*		1.05	*		0.90	*		0.91	*		2.81	*		36
	11.56		6.80			27,286		0.95			0.96			0.90			0.91			2.94			80
	11.11		13.86			24,731		0.90			0.91			0.89			0.90			2.79			93
	9.96		(9.05	)		34,120		0.93	(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
	10.44		(6.90	)		119,582		1.29	*		1.30	*		1.15	*		1.16	*		2.56	*		36
	11.53		6.60			138,561		1.20			1.21			1.15			1.16			2.70			80
	11.08		13.54			144,912		1.15			1.16			1.14			1.15			2.53			93
	9.94		(9.38	)		167,857		1.18	(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
	10.40		(7.20	)		91,541		2.04	*		2.05	*		1.90	*		1.91	*		1.81	*		36
	11.48		5.72			115,183		1.95			1.96			1.90			1.91			1.91			80
	11.06		12.70			140,710		1.90			1.91			1.89			1.90			1.75			93
	9.92		(10.07	)		195,393		1.93	(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
$	10.99		(0.29	)%	$	156,269		2.35	%*		2.36	%*		1.50	%*		1.51	%*		0.34	%*		121	%
	11.86		2.03			174,777		2.05			2.06			1.50			1.51			(0.11	)		276
	12.26		10.38			188,022		1.86			1.87			1.49			1.50			(0.32	)		251
	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
	11.92		13.59			545,346		2.02			2.04			1.48			1.50			(0.82	)		522
	10.90		(0.37	)		137,930		2.45	*		2.46	*		1.60	*		1.61	*		0.22	*		121
	11.78		1.96			115,469		2.15			2.16			1.60			1.61			(0.22	)		276
	12.19		10.28			138,946		1.96			1.97			1.59			1.60			(0.44	)		251
	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
	11.88		13.40			277,661		2.00			2.02			1.58			1.60			(0.71	)		522
	10.90		(0.37	)		1,346		2.50	*		2.56	*		1.65	*		1.71	*		0.41	*		121
	11.78		0.17			18		2.25	*		2.26	*		1.70	*		1.71	*		0.41	*		276
	10.72		(0.38	)		97,399		2.70	*		2.71	*		1.85	*		1.86	*		(0.02	)*		121
	11.60		1.64			113,499		2.40			2.41			1.85			1.86			(0.41	)		276
	12.05		9.97			88,636		2.21			2.22			1.84			1.85			(0.67	)		251
	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	(
	11.83		13.17			382,160		2.27			2.29			1.83			1.85			(0.98	)		522

SEMIANNUAL REPORT DECEMBER 31, 2018 13

Financial Highlights (Cont.)

			Investment Operations									Less Distributions(b)
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 Net Investment Income			From Net Realized Capital Gains			Tax Basis Return of Capital		Total
PIMCO EqS® Long/Short Fund (Cont.)
Class C
07/01/2018 - 12/31/2018+	$	11.12	$	(0.04	)	$	(0.04	)	$	(0.08	)	$	0.00		$	(0.85	)	$	0.00	$	(0.85	)
06/30/2018		11.65		(0.14	)		0.25			0.11			0.00			(0.64	)		0.00		(0.64	)
06/30/2017		11.20		(0.16	)		1.13			0.97			(0.29	)		(0.23	)		0.00		(0.52	)
06/30/2016		11.69		(0.29	)		(0.06	)		(0.35	)		0.00			(0.14	)		0.00		(0.14	)
06/30/2015		11.67		(0.11	)		0.18			0.07			0.00			(0.05	)		0.00		(0.05	)
06/30/2014		10.98		(0.20	)		1.55			1.35			(0.05	)		(0.61	)		0.00		(0.66	)

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

+ Unaudited

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

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

14 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets
Net Asset Value End of Year or Period		Total Return			Net Assets End of Year or Period (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense and Dividends on Securities Sold Short			Expenses Excluding Interest Expense, Dividends on Securities Sold Short and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
$	10.19		(0.85	)%	$	62,533		3.45	%*		3.46	%*		2.60	%*		2.61	%*		(0.77	)%*		121	%
	11.12		0.99			71,218		3.15			3.16			2.60			2.61			(1.23	)		276
	11.65		9.07			91,557		2.96			2.97			2.59			2.60			(1.41	)		251
	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
	11.67		12.26			214,485		3.00			3.02			2.58			2.60			(1.71	)		522

SEMIANNUAL REPORT DECEMBER 31, 2018 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*	$	283,845		$	315,243
Investments in Affiliates		1,213			148,442
Financial Derivative Instruments
Exchange-traded or centrally cleared		108			236
Over the counter		166			144
Cash		372			0
Deposits with counterparty		929			110,254
Foreign currency, at value		1,483			605
Receivable for investments sold		7,999			384
Receivable for Fund shares sold		1,366			557
Interest and/or dividends receivable		1,391			486
Dividends receivable from Affiliates		1			319
Reimbursement receivable from PIMCO		15			24
Other assets		1			0
Total Assets		298,889			576,694
Liabilities:
Borrowings & Other Financing Transactions
Payable for reverse repurchase agreements	$	18,220		$	0
Payable for sale-buyback transactions		7,327			0
Payable for short sales		0			106,038
Financial Derivative Instruments
Exchange-traded or centrally cleared		72			361
Over the counter		372			979
Payable for investments purchased		7,281			9,491
Payable for investments in Affiliates purchased		1			319
Payable for TBA investments purchased		9,388			0
Deposits from counterparty		1			0
Payable for Fund shares redeemed		1,121			3,355
Overdraft due to custodian		0			2
Accrued investment advisory fees		105			400
Accrued supervisory and administrative fees		84			199
Accrued distribution fees		58			39
Accrued servicing fees		44			34
Total Liabilities		44,074			121,217
Net Assets	$	254,815		$	455,477
Net Assets Consist of:
Paid in capital	$	363,213		$	459,255
Distributable earnings (accumulated loss)		(108,398	)		(3,810	)
Net Assets	$	254,815		$	455,445
Cost of investments in securities	$	290,894		$	335,919
Cost of investments in Affiliates	$	1,213		$	148,424
Cost of foreign currency held	$	1,484		$	617
Proceeds received on short sales	$	0		$	115,458
Cost or premiums of financial derivative instruments, net	$	(359	)	$	(2,669	)
* Includes repurchase agreements of:	$	0		$	596

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

16 PIMCO EQUITY SERIES See Accompanying Notes

	PIMCO Dividend and Income Fund		PIMCO EqS® Long/Short Fund
Net Assets:
Institutional Class	$	19,604	$	156,269
I-2		24,088		137,930
I-3		N/A		1,346
Class A		119,582		97,399
Class C		91,541		62,533
Shares Issued and Outstanding:
Institutional Class		1,875		14,217
I-2		2,301		12,651
I-3		N/A		123
Class A		11,458		9,088
Class C		8,805		6,136
Net Asset Value Per Share Outstanding:
Institutional Class	$	10.45	$	10.99
I-2		10.47		10.90
I-3		N/A		10.90
Class A		10.44		10.72
Class C		10.40		10.19

SEMIANNUAL REPORT DECEMBER 31, 2018 17

Statements of Operations

Six Months Ended December 31, 2018 (Unaudited)
(Amounts in thousands†)	PIMCO Dividend and Income Fund			PIMCO EqS® Long/Short Fund
Investment Income:
Interest	$	2,227		$	1,861
Dividends, net of foreign taxes*		3,349			2,941
Dividends from Investments in Affiliates		6			1,754
Total Income		5,582			6,556
Expenses:
Investment advisory fees		711			2,539
Supervisory and administrative fees		569			1,258
Distribution fees - Class C		403			259
Servicing fees - Class A		167			138
Servicing fees - Class C		134			86
Dividends on short sales		0			1,850
Trustee fees		16			25
Interest expense		206			246
Miscellaneous expense		11			18
Total Expenses		2,217			6,419
Waiver and/or Reimbursement by PIMCO		(16	)		(26	)
Net Expenses		2,201			6,393
Net Investment Income (Loss)		3,381			163
Net Realized Gain (Loss):
Investments in securities		3,016			13,315
Investments in Affiliates		0			(11	)
Exchange-traded or centrally cleared financial derivative instruments		(229	)		7,704
Over the counter financial derivative instruments		549			(2,244	)
Short sales		0			10,985
Foreign currency		(113	)		27
Net Realized Gain (Loss)		3,223			29,776
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		(26,184	)		(39,358	)
Investments in Affiliates		0			(21	)
Exchange-traded or centrally cleared financial derivative instruments		247			1,108
Over the counter financial derivative instruments		(22	)		(1,346	)
Short sales		0			7,876
Foreign currency assets and liabilities		24			(398	)
Net Change in Unrealized Appreciation (Depreciation)		(25,935	)		(32,139	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(19,331	)	$	(2,200	)
* Foreign tax withholdings - Dividends	$	137		$	8

^†   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†)	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	3,381		$	8,073		$	163		$	(2,081	)
Net realized gain (loss)		3,223			16,762			29,776			14,765
Net change in unrealized appreciation (depreciation)		(25,935	)		(3,553	)		(32,139	)		(2,974	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(19,331	)		21,282			(2,200	)		9,710
Distributions to Shareholders:
From net investment income and/or net realized capital gains*
Institutional Class		(598	)		(650	)		(11,637	)		(9,995	)
I-2		(719	)		(724	)		(10,268	)		(6,284	)
I-3		0			0			(92	)		0
Class D		0			(152	)(a)		0			(2,640	)(a)
Class A		(3,401	)		(3,458	)		(7,472	)		(4,412	)
Class C		(2,282	)		(2,417	)		(4,947	)		(4,484	)
Total Distributions(b)		(7,000	)		(7,401	)		(34,416	)		(27,815	)
Portfolio Share Transactions:
Net increase (decrease) resulting from Fund share transactions**		(22,911	)		(51,381	)		17,112			(60,493	)
Total Increase (Decrease) in Net Assets		(49,242	)		(37,500	)		(19,504	)		(78,598	)
Net Assets:
Beginning of period		304,057			341,557			474,981			553,579
End of period	$	254,815		$	304,057		$	455,477		$	474,981

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

* See Note 2, New Accounting Pronouncements, in the Notes to Financial Statements for more information.

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

^(a)  Class D Shares converted into Class A Shares on March 23, 2018, and are no longer available for purchase or as an exchange.

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

SEMIANNUAL REPORT DECEMBER 31, 2018 19

Statement of Cash Flows

Six Months Ended December 31, 2018 (Unaudited)
(Amounts in thousands†)	PIMCO EqS®  Long/Short Fund
Cash Flows Provided by (Used for) Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	(2,200	)
Adjustments to Reconcile Net Increase (Decrease) in Net Assets from Operations to Net Cash Provided by (Used for) Operating Activities:
Purchases of long-term securities		(346,948	)
Proceeds from sales of long-term securities		458,784
(Purchases) Proceeds from sales of short-term portfolio investments, net		(123,962	)
(Increase) decrease in deposits with counterparty		20,705
(Increase) decrease in receivable for investments sold		(48	)
(Increase) decrease in interest and/or dividends receivable		(82	)
(Increase) decrease in dividends receivable from Affiliates		(50	)
Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments		8,841
Proceeds from (Payments on) over the counter financial derivative instruments		(2,243	)
(Increase) decrease in reimbursement receivable from PIMCO		(16	)
(Increase) decrease in other assets		1
Increase (decrease) in payable for investments purchased		4,678
Increase (decrease) in deposits from counterparty		(871	)
Increase (decrease) in accrued investment advisory fees		(29	)
Increase (decrease) in accrued supervisory and administrative fees		(12	)
Increase (decrease) in accrued distribution fees		(7	)
Increase (decrease) in accrued servicing fees		(6	)
Proceeds from (Payments on) short sales transactions, net		(3,491	)
Proceeds from (Payments on) foreign currency transactions		(371	)
Net Realized (Gain) Loss
Investments in securities		(13,315	)
Investments in Affiliates		11
Exchange-traded or centrally cleared financial derivative instruments		(7,704	)
Over the counter financial derivative instruments		2,244
Short sales		(10,985	)
Foreign currency		(27	)
Net Change in Unrealized (Appreciation) Depreciation
Investments in securities		39,358
Investments in Affiliates		21
Exchange-traded or centrally cleared financial derivative instruments		(1,108	)
Over the counter financial derivative instruments		1,346
Short sales		(7,876	)
Foreign currency assets and liabilities		398
Net amortization (accretion) on investments		(486	)
Net Cash Provided by (Used for) Operating Activities		14,550
Cash Flows Received from (Used for) Financing Activities:
Proceeds from shares sold		90,937
Payments on shares redeemed		(105,586	)
Increase (decrease) in overdraft due to custodian		2
Cash distributions paid*		(55	)
Net Cash Received from (Used for) Financing Activities		(14,702	)
Net Increase (Decrease) in Cash and Foreign Currency		(152	)
Cash and Foreign Currency:
Beginning of period		757
End of period	$	605
* Reinvestment of distributions	$	34,361
Supplemental Disclosure of Cash Flow Information:
Dividends on short sales paid during the period	$	1,781
Interest expense paid during the period	$	247

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

A Statement of Cash Flows is presented when a Fund has a significant amount of borrowing during the period, based on the average total borrowing outstanding in relation to total assets or when substantially all of a Fund’s investments are not classified as Level 1 or 2 in the fair value hierarchy.

20 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO Dividend and Income Fund

December 31, 2018 (Unaudited)

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 111.4%
ASSET-BACKED SECURITIES 4.4%
CAYMAN ISLANDS 0.5%
Evans Grove CLO Ltd.
3.627% due 05/28/2028 •	$		800	$		794
TruPS Financials Note Securitization Ltd.
4.362% due 09/20/2039 •			550			546
Total Cayman Islands						1,340
UNITED STATES 3.9%
Conseco Finance Corp.
6.280% due 09/01/2030			381			406
Credit Suisse First Boston Mortgage Securities Corp.
3.126% due 01/25/2032 •			1,281			1,252
EMC Mortgage Loan Trust
3.806% due 02/25/2041 •			36			36
Enterprise Fleet Financing LLC
2.550% due 08/20/2019			51			51
Legacy Mortgage Asset Trust
4.256% due 01/28/2070 •			1,320			1,345
LP Credit Card ABS Master Trust
3.830% due 08/20/2024 •			350			351
Morgan Stanley Home Equity Loan Trust
2.606% due 12/25/2036 •			1,858			1,092
Navient Student Loan Trust
3.556% due 12/27/2066 •			588			589
Residential Asset Securities Corp. Trust
3.391% due 01/25/2034 •			1,430			1,421
SoFi Consumer Loan Program Trust
3.200% due 08/25/2027			601			600
Structured Asset Investment Loan Trust
2.656% due 09/25/2036 •			2,802			2,705
Total United States						9,848
Total Asset-Backed Securities (Cost $10,450)						11,188
LOAN PARTICIPATIONS AND ASSIGNMENTS 0.7%
CANADA 0.0%
Valeant Pharmaceuticals International, Inc.
5.379% due 06/02/2025			5			4
Total Canada						4
LUXEMBOURG 0.0%
Intelsat Jackson Holdings S.A.
6.256% due 11/27/2023			14			14
6.625% due 01/02/2024			13			13
Total Luxembourg						27
UNITED ARAB EMIRATES 0.0%
Dubai World
1.750% - 2.000% due 09/30/2022			100			94
Total United Arab Emirates						94
UNITED STATES 0.7%
Avolon Holdings Ltd.
4.470% due 01/15/2025			36			34
Beacon Roofing Supply, Inc.
4.682% due 01/02/2025			10			9
BWAY Holding Co.
5.658% due 04/03/2024			10			9
Caesars Resort Collection LLC
5.272% due 12/22/2024			99			95
Community Health Systems, Inc.
5.957% due 01/27/2021			52			50
Core & Main LP
5.707% - 5.738% due 08/01/2024			10			10

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Diamond Resorts Corp.
6.272% due 09/02/2023	$		98	$		91
Envision Healthcare Corp.
6.273% due 10/10/2025			100			94
Financial & Risk U.S. Holdings, Inc.
6.272% due 10/01/2025			100			94
Hilton Worldwide Finance LLC
4.256% due 10/25/2023			230			222
iHeartCommunications, Inc.
TBD% due 01/30/2019 ^(c)			440			294
TBD% due 07/30/2019 ^(c)			40			27
Las Vegas Sands LLC
4.272% due 03/27/2025			391			374
MH Sub LLC
6.254% due 09/13/2024			20			19
Multi Color Corp.
4.522% due 10/31/2024 «			2			2
Neiman Marcus Group Ltd. LLC
5.630% due 10/25/2020			131			111
PetSmart, Inc.
5.380% due 03/11/2022			20			16
Post Holdings, Inc.
4.510% due 05/24/2024			6			6
Sprint Communications, Inc.
5.063% due 02/02/2024			98			94
TEX Operations Co. LLC
4.522% due 08/04/2023			23			23
West Corp.
6.527% due 10/10/2024			9			8
Total United States						1,682
Total Loan Participations and Assignments (Cost $1,985)						1,807
		SHARES
COMMON STOCKS 73.4%
AUSTRALIA 2.3%
COMMUNICATION SERVICES 0.2%
Telstra Corp. Ltd.			288,043			578
CONSUMER DISCRETIONARY 0.1%
Crown Resorts Ltd.			7,382			62
Wesfarmers Ltd.			6,163			140
						202
CONSUMER STAPLES 0.4%
Coca-Cola Amatil Ltd.			24,020			139
Coles Group Ltd. (d)			7,487			62
Woolworths Ltd.			37,171			771
						972
ENERGY 0.1%
Woodside Petroleum Ltd.			13,845			305
WorleyParsons Ltd.			15,380			124
						429
FINANCIALS 1.0%
AMP Ltd.			108,461			187
Australia & New Zealand Banking Group Ltd.			56,549			977
Genworth Mortgage Insurance Australia Ltd.			47,832			74
National Australia Bank Ltd.			37,573			637
Suncorp Group Ltd.			57,396			511
Westpac Banking Corp.			15,664			277
						2,663

	SHARES			MARKET VALUE (000S)
HEALTH CARE 0.1%
Healius Ltd.		59,940	$		94
Sonic Healthcare Ltd.		3,674			57
					151
INDUSTRIALS 0.1%
Downer EDI Ltd.		27,559			131
MATERIALS 0.3%
BHP Group Ltd.		29,525			714
Total Australia					5,840
AUSTRIA 0.2%
ENERGY 0.1%
OMV AG		4,002			175
FINANCIALS 0.1%
Raiffeisen Bank International AG		7,431			190
MATERIALS 0.0%
voestalpine AG		2,519			75
Total Austria					440
BELGIUM 0.3%
COMMUNICATION SERVICES 0.1%
Proximus S.A.		7,804			211
FINANCIALS 0.2%
Ageas		8,500			383
INDUSTRIALS 0.0%
bpost S.A.		6,460			59
Total Belgium					653
BRAZIL 0.0%
ENERGY 0.0%
Dommo Energia S.A. «(d)(k)		347,361			67
Dommo Energia S.A. SP - ADR «(d)		63			1
					68
UTILITIES 0.0%
Eneva S.A. (d)(k)		239			1
Total Brazil					69
CANADA 1.2%
COMMUNICATION SERVICES 0.0%
Shaw Communications, Inc. ‘B’		5,926			107
ENERGY 0.2%
ARC Resources Ltd.		8,776			52
Crescent Point Energy Corp.		108,886			330
Husky Energy, Inc.		27,064			280
					662
FINANCIALS 0.7%
Bank of Montreal		6,695			437
Canadian Imperial Bank of Commerce		9,055			674

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 21

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

	SHARES			MARKET VALUE (000S)
Home Capital Group, Inc.		6,410	$		68
National Bank of Canada		5,443			223
Power Corp. of Canada		14,351			258
Power Financial Corp.		4,575			87
					1,747
INDUSTRIALS 0.1%
WestJet Airlines Ltd.		13,841			183
UTILITIES 0.2%
Atco Ltd. ‘I’		6,578			186
Capital Power Corp.		5,315			104
TransAlta Corp.		30,282			124
					414
Total Canada					3,113
DENMARK 0.1%
INDUSTRIALS 0.1%
AP Moller - Maersk A/S ‘B’		151			190
Total Denmark					190
FINLAND 0.3%
FINANCIALS 0.1%
Nordea Bank Abp		35,924			302
MATERIALS 0.1%
Stora Enso Oyj ‘R’		15,212			176
UTILITIES 0.1%
Fortum Oyj		12,045			264
Total Finland					742
FRANCE 4.9%
COMMUNICATION SERVICES 0.9%
Lagardere S.C.A.		15,288			386
Orange S.A.		86,681			1,405
Vivendi S.A.		18,945			459
					2,250
CONSUMER DISCRETIONARY 0.1%
Cie Generale des Etablissements Michelin S.C.A.		3,144			309
CONSUMER STAPLES 0.5%
Carrefour S.A.		42,950			734
Casino Guichard Perrachon S.A.		12,245			510
					1,244
ENERGY 0.3%
Total S.A.		17,972			948
FINANCIALS 1.0%
AXA S.A.		19,083			412
BNP Paribas S.A.		17,832			805
Eurazeo S.A.		562			40
SCOR SE		3,076			138
Societe Generale S.A.		37,468			1,188
					2,583

	SHARES			MARKET VALUE (000S)
HEALTH CARE 1.1%
Sanofi		31,493	$		2,732
INDUSTRIALS 0.4%
Alstom S.A.		1,871			76
Bouygues S.A.		12,013			431
Cie de Saint-Gobain		10,776			358
Rexel S.A.		11,353			121
					986
UTILITIES 0.6%
Electricite de France S.A.		67,701			1,071
Engie S.A.		31,715			456
					1,527
Total France					12,579
GERMANY 3.0%
COMMUNICATION SERVICES 0.0%
ProSiebenSat.1 Media SE		3,049			54
CONSUMER DISCRETIONARY 0.8%
Bayerische Motoren Werke AG		11,712			950
Ceconomy AG		13,993			50
Daimler AG		22,096			1,165
Hugo Boss AG		500			31
					2,196
CONSUMER STAPLES 0.0%
Suedzucker AG		1,510			20
FINANCIALS 0.6%
Aareal Bank AG		2,124			66
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		5,825			1,270
Talanx AG (d)		4,011			137
					1,473
HEALTH CARE 0.2%
Bayer AG		8,401			584
INDUSTRIALS 0.4%
Bilfinger SE		1,372			40
Deutsche Lufthansa AG		33,519			757
Deutsche Post AG		5,007			137
					934
MATERIALS 0.5%
BASF SE		14,007			976
Evonik Industries AG		5,379			134
K+S AG		9,199			166
					1,276
UTILITIES 0.5%
E.ON SE		34,763			343
Innogy SE		5,238			245
RWE AG		27,070			589
					1,177
Total Germany					7,714

	SHARES			MARKET VALUE (000S)
HONG KONG 0.5%
CONSUMER DISCRETIONARY 0.1%
Li & Fung Ltd.		516,000	$		81
SJM Holdings Ltd.		243,000			226
					307
INFORMATION TECHNOLOGY 0.0%
Kingboard Chemical Holdings Ltd.		15,000			40
REAL ESTATE 0.4%
China South City Holdings Ltd.		278,000			39
Kerry Properties Ltd.		41,500			142
New World Development Co. Ltd.		53,000			70
Shimao Property Holdings Ltd.		77,000			205
Swire Pacific Ltd. ‘A’		46,000			486
Wheelock & Co. Ltd.		15,000			86
					1,028
Total Hong Kong					1,375
ISRAEL 0.2%
COMMUNICATION SERVICES 0.1%
Bezeq The Israeli Telecommunication Corp. Ltd.		172,980			169
FINANCIALS 0.0%
Mizrahi Tefahot Bank Ltd.		1,184			20
MATERIALS 0.1%
Israel Chemicals Ltd.		51,902			295
Israel Corp. Ltd.		178			47
					342
Total Israel					531
ITALY 1.6%
ENERGY 0.5%
Eni SpA		85,328			1,348
FINANCIALS 0.5%
Assicurazioni Generali SpA		9,983			167
Poste Italiane SpA		103,298			828
Unipol Gruppo Finanziario SpA		40,046			162
					1,157
INDUSTRIALS 0.0%
Societa Iniziative Autostradali e Servizi SpA		4,100			57
UTILITIES 0.6%
Enel SpA		264,695			1,534
Total Italy					4,096
JAPAN 10.1%
COMMUNICATION SERVICES 0.7%
Fuji Media Holdings, Inc.		6,400			88
Gree, Inc.		8,400			33
GungHo Online Entertainment, Inc. (d)		6,900			13
Nippon Telegraph & Telephone Corp.		35,200			1,436

22 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

	SHARES			MARKET VALUE (000S)
NTT DOCOMO, Inc.		3,600	$		81
					1,651
CONSUMER DISCRETIONARY 1.8%
Aisin Seiki Co. Ltd.		2,200			76
Aoyama Trading Co. Ltd.		2,900			70
Bridgestone Corp.		8,500			326
DCM Holdings Co. Ltd.		4,500			47
EDION Corp.		3,600			36
Geo Holdings Corp.		2,200			33
Honda Motor Co. Ltd.		32,000			843
Isuzu Motors Ltd.		5,800			81
Kohnan Shoji Co. Ltd.		1,200			29
Mazda Motor Corp.		24,400			251
Nikon Corp.		3,000			45
Nissan Motor Co. Ltd.		106,800			854
Showa Corp.		2,100			25
Skylark Co. Ltd.		5,600			89
Subaru Corp.		6,100			130
Sumitomo Rubber Industries Ltd.		8,600			101
Toyota Motor Corp.		24,000			1,389
Yokohama Rubber Co. Ltd.		2,300			43
					4,468
CONSUMER STAPLES 0.4%
Japan Tobacco, Inc.		11,800			280
Kirin Holdings Co. Ltd.		18,200			380
Seven & i Holdings Co. Ltd.		7,900			343
					1,003
ENERGY 0.3%
Cosmo Energy Holdings Co. Ltd.		1,500			30
Inpex Corp.		49,300			437
Japan Petroleum Exploration Co. Ltd.		4,500			80
JXTG Holdings, Inc.		23,700			123
					670
FINANCIALS 2.2%
Chiba Bank Ltd.		5,100			29
Concordia Financial Group Ltd.		14,600			56
Daiwa Securities Group, Inc.		46,900			238
Fukuoka Financial Group, Inc.		3,000			61
Gunma Bank Ltd.		11,300			47
Hokuhoku Financial Group, Inc.		10,200			114
Mitsubishi UFJ Financial Group, Inc.		288,000			1,413
Mizuho Financial Group, Inc.		840,000			1,300
North Pacific Bank Ltd.		12,100			32
ORIX Corp.		21,100			308
Resona Holdings, Inc.		47,400			227
SBI Holdings, Inc.		5,100			100
Sumitomo Mitsui Financial Group, Inc.		34,200			1,127
Sumitomo Mitsui Trust Holdings, Inc.		10,900			397
T&D Holdings, Inc.		9,000			104
Yamaguchi Financial Group, Inc.		2,600			25
					5,578
HEALTH CARE 0.4%
Astellas Pharma, Inc.		14,400			184
Daiichi Sankyo Co. Ltd.		14,200			454
Miraca Holdings, Inc.		2,200			50

	SHARES			MARKET VALUE (000S)
Takeda Pharmaceutical Co. Ltd.		6,300	$		214
Toho Holdings Co. Ltd.		1,900			46
					948
INDUSTRIALS 1.8%
Asahi Glass Co. Ltd.		6,500			202
Dai Nippon Printing Co. Ltd.		11,900			248
Hino Motors Ltd.		2,000			19
Hitachi Zosen Corp.		19,700			60
ITOCHU Corp.		29,800			506
Japan Airlines Co. Ltd.		10,900			386
Kanematsu Corp.		6,600			80
Kawasaki Heavy Industries Ltd.		5,700			122
Komatsu Ltd.		3,500			75
Marubeni Corp.		60,100			422
Mitsubishi Corp.		20,100			551
Mitsubishi Heavy Industries Ltd.		17,800			639
Mitsui & Co. Ltd.		39,600			608
Mitsui E&S Holdings Co. Ltd. (d)		6,300			59
Nippon Yusen KK		5,000			76
Sojitz Corp.		14,000			49
Sumitomo Corp.		31,200			443
Toppan Printing Co. Ltd.		5,800			85
Toyota Tsusho Corp.		2,600			76
					4,706
INFORMATION TECHNOLOGY 1.6%
Anritsu Corp.		2,300			32
Canon, Inc.		22,100			608
Fujitsu Ltd.		11,000			686
Hitachi Ltd.		52,400			1,389
Ibiden Co. Ltd.		3,800			53
Konica Minolta, Inc.		34,800			313
NEC Corp.		5,400			161
Nippon Electric Glass Co. Ltd.		1,500			37
Oki Electric Industry Co. Ltd.		11,800			139
Ricoh Co. Ltd.		74,600			729
					4,147
MATERIALS 0.3%
Asahi Kasei Corp.		4,200			43
Denka Co. Ltd.		900			25
DIC Corp.		1,100			34
Kobe Steel Ltd.		17,300			120
Kuraray Co. Ltd.		1,700			24
Mitsubishi Materials Corp.		5,000			132
Nippon Paper Industries Co. Ltd.		8,900			159
Oji Holdings Corp.		32,000			163
Showa Denko KK		1,200			36
Ube Industries Ltd.		1,200			24
					760
REAL ESTATE 0.0%
Nomura Real Estate Holdings, Inc.		6,500			119
UTILITIES 0.6%
Chubu Electric Power Co., Inc.		11,700			166
Chugoku Electric Power Co., Inc.		30,800			400
Electric Power Development Co. Ltd. ‘C’		7,200			171
Hokuriku Electric Power Co. (d)		28,100			245
Osaka Gas Co. Ltd.		3,500			64
Tohoku Electric Power Co., Inc.		23,900			315

	SHARES			MARKET VALUE (000S)
Tokyo Gas Co. Ltd.		7,500	$		190
					1,551
Total Japan					25,601
LUXEMBOURG 0.1%
COMMUNICATION SERVICES 0.1%
RTL Group S.A.		1,850			99
SES S.A.		3,988			77
					176
Total Luxembourg					176
MEXICO 0.0%
CONSUMER DISCRETIONARY 0.0%
Desarrolladora Homex S.A.B. de C.V. (d)		41,996			0
Total Mexico					0
NETHERLANDS 1.7%
COMMUNICATION SERVICES 0.2%
Koninklijke KPN NV		116,532			340
VEON Ltd. ADR		93,873			220
					560
CONSUMER STAPLES 0.0%
Heineken Holding NV		1,093			92
ENERGY 1.0%
Royal Dutch Shell PLC ‘A’		87,245			2,572
FINANCIALS 0.2%
Aegon NV		66,258			311
ASR Nederland NV		2,712			107
					418
HEALTH CARE 0.3%
Koninklijke Philips NV		18,266			640
INDUSTRIALS 0.0%
Arcadis NV		1,299			16
Boskalis Westminster		2,974			74
					90
Total Netherlands					4,372
NEW ZEALAND 0.0%
MATERIALS 0.0%
Fletcher Building Ltd.		23,980			79
UTILITIES 0.0%
Contact Energy Ltd.		5,878			23
Total New Zealand					102
NORWAY 0.5%
COMMUNICATION SERVICES 0.1%
Telenor ASA		11,141			216
ENERGY 0.3%
Equinor ASA		39,329			834

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 23

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

	SHARES			MARKET VALUE (000S)
FINANCIALS 0.0%
DNB ASA		5,330	$		86
MATERIALS 0.1%
Yara International ASA		6,403			247
Total Norway					1,383
PORTUGAL 0.2%
MATERIALS 0.0%
Navigator Co. S.A.		8,072			33
UTILITIES 0.2%
EDP - Energias de Portugal S.A.		136,874			479
Total Portugal					512
SINGAPORE 0.1%
INDUSTRIALS 0.1%
Keppel Corp. Ltd.		60,000			260
Total Singapore					260
SOUTH AFRICA 0.1%
FINANCIALS 0.1%
Old Mutual Ltd.		135,699			202
Total South Africa					202
SPAIN 2.1%
COMMUNICATION SERVICES 0.7%
Telefonica S.A.		207,488			1,746
CONSUMER STAPLES 0.0%
Distribuidora Internacional de Alimentacion S.A.		111,010			59
FINANCIALS 0.9%
Banco Santander S.A.		487,964			2,216
Mapfre S.A.		24,878			66
					2,282
INDUSTRIALS 0.3%
ACS Actividades de Construccion y Servicios S.A.		15,811			612
Obrascon Huarte Lain S.A.		44,110			33
					645
UTILITIES 0.2%
Endesa S.A.		27,278			629
Total Spain					5,361
SWEDEN 0.4%
COMMUNICATION SERVICES 0.3%
Tele2 AB ‘B’		19,442			248
Telia Co. AB		95,161			453
					701
FINANCIALS 0.1%
Swedbank AB ‘A’		4,989			111

	SHARES			MARKET VALUE (000S)
HEALTH CARE 0.0%
Getinge AB ‘B’		9,973	$		90
Total Sweden					902
SWITZERLAND 2.2%
COMMUNICATION SERVICES 0.1%
Swisscom AG		306			146
CONSUMER DISCRETIONARY 0.1%
Garmin Ltd.		2,137			135
Swatch Group AG		170			50
					185
FINANCIALS 1.2%
Baloise Holding AG		328			45
Swiss Life Holding AG		1,532			591
Swiss Re AG		12,990			1,195
Zurich Insurance Group AG		4,565			1,361
					3,192
HEALTH CARE 0.7%
Roche Holding AG		7,469			1,854
INDUSTRIALS 0.0%
ABB Ltd.		6,422			123
INFORMATION TECHNOLOGY 0.1%
TE Connectivity Ltd.		1,914			145
Total Switzerland					5,645
UNITED KINGDOM 5.8%
COMMUNICATION SERVICES 0.7%
BT Group PLC		132,569			403
Vodafone Group PLC		645,923			1,256
					1,659
CONSUMER DISCRETIONARY 0.4%
Berkeley Group Holdings PLC		2,437			108
InterContinental Hotels Group PLC		786			42
Kingfisher PLC		31,629			83
Marks & Spencer Group PLC		140,550			441
Next PLC		4,038			206
					880
CONSUMER STAPLES 0.3%
J Sainsbury PLC		119,459			404
Tate & Lyle PLC		8,365			70
WM Morrison Supermarkets PLC		95,253			259
					733
ENERGY 1.0%
BP PLC		399,042			2,523
Petrofac Ltd.		5,790			35
					2,558
FINANCIALS 1.7%
Direct Line Insurance Group PLC		74,460			303
HSBC Holdings PLC		378,172			3,120
Intermediate Capital Group PLC		1,503			18

	SHARES			MARKET VALUE (000S)
Legal & General Group PLC		34,476	$		101
Provident Financial PLC		5,976			44
Quilter PLC		73,846			111
Standard Chartered PLC		80,938			629
					4,326
HEALTH CARE 0.9%
GlaxoSmithKline PLC		124,930			2,381
INDUSTRIALS 0.3%
BAE Systems PLC		16,570			97
Capita PLC		63,377			91
easyJet PLC		8,111			114
Firstgroup PLC (d)		23,091			25
Royal Mail PLC		117,411			407
					734
MATERIALS 0.1%
Rio Tinto PLC		5,055			242
UTILITIES 0.4%
Centrica PLC		411,030			709
National Grid PLC		39,311			385
Severn Trent PLC		1,587			37
					1,131
Total United Kingdom					14,644
UNITED STATES 35.5%
COMMUNICATION SERVICES 3.4%
AT&T, Inc.		98,697			2,817
CenturyLink, Inc.		48,291			732
Frontier Communications Corp.		80,555			192
Telephone & Data Systems, Inc.		3,741			122
Tribune Media Co. ‘A’		696			31
Verizon Communications, Inc.		69,780			3,923
Viacom, Inc. ‘B’		35,450			911
Windstream Holdings, Inc. (d)		13,671			28
					8,756
CONSUMER DISCRETIONARY 3.7%
Abercrombie & Fitch Co. ‘A’		23,426			470
American Eagle Outfitters, Inc.		5,913			114
Bed Bath & Beyond, Inc.		45,461			515
Caesars Entertainment Corp. (d)		18,339			125
Dick’s Sporting Goods, Inc.		2,587			81
Dillard’s, Inc. ‘A’		4,318			260
Foot Locker, Inc.		964			51
Ford Motor Co.		89,325			683
GameStop Corp. ‘A’		28,165			355
Gap, Inc.		14,986			386
General Motors Co.		30,921			1,034
GNC Holdings, Inc. ‘A’ (d)		67,710			161
Goodyear Tire & Rubber Co.		9,369			191
Kohl’s Corp.		16,203			1,075
L Brands, Inc.		10,950			281
Macy’s, Inc.		26,596			792
Mattel, Inc. (d)		15,852			158
Nordstrom, Inc.		8,098			378
Signet Jewelers Ltd.		1,594			51
Tapestry, Inc.		2,827			95
Target Corp.		25,983			1,717
Tupperware Brands Corp.		3,737			118

24 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

	SHARES			MARKET VALUE (000S)
Visteon Corp. (d)		2,666	$		161
Weight Watchers International, Inc. (d)		905			35
Williams-Sonoma, Inc.		900			45
Wyndham Destinations, Inc.		502			18
					9,350
CONSUMER STAPLES 3.6%
Altria Group, Inc.		564			28
Archer-Daniels-Midland Co.		13,705			562
Bunge Ltd.		3,216			172
General Mills, Inc.		5,066			197
Herbalife Nutrition Ltd. (d)		6,033			356
Kroger Co.		55,220			1,519
Nu Skin Enterprises, Inc. ‘A’		756			46
Philip Morris International, Inc.		15,775			1,053
Procter & Gamble Co.		20,173			1,854
Wal-Mart Stores, Inc.		35,076			3,267
					9,054
ENERGY 4.9%
Chevron Corp.		22,549			2,453
ConocoPhillips		18,330			1,143
CVR Energy, Inc.		804			28
Diamond Offshore Drilling, Inc. (d)		13,409			126
Exxon Mobil Corp.		65,478			4,465
Helmerich & Payne, Inc.		454			22
Hess Corp.		6,842			277
HollyFrontier Corp.		7,998			409
Marathon Oil Corp.		19,335			277
Marathon Petroleum Corp.		14,687			867
Murphy Oil Corp.		11,080			259
National Oilwell Varco, Inc.		8,104			208
Occidental Petroleum Corp.		2,045			125
Oceaneering International, Inc. (d)		6,413			78
Phillips 66		1,160			100
Rowan Cos. PLC ‘A’ (d)		11,530			97
Transocean Ltd.		62,780			436
Valero Energy Corp.		12,186			913
Williams Cos., Inc.		2,539			56
					12,339
FINANCIALS 6.0%
Aflac, Inc.		12,448			567
Ally Financial, Inc.		44,639			1,012
American Express Co.		12,864			1,226
American International Group, Inc.		69,490			2,739
Assurant, Inc.		2,066			185
Capital One Financial Corp.		15,297			1,156
CNO Financial Group, Inc.		8,085			120
Discover Financial Services		11,757			693
Fifth Third Bancorp		11,763			277
Franklin Resources, Inc.		9,114			270
Goldman Sachs Group, Inc.		686			115
JPMorgan Chase & Co.		20,295			1,981
LPL Financial Holdings, Inc.		947			58
Navient Corp.		41,600			366
New York Community Bancorp, Inc.		15,470			146
PNC Financial Services Group, Inc.		1,803			211
Santander Consumer USA Holdings, Inc.		15,656			275
Synchrony Financial		1,989			47
T Rowe Price Group, Inc.		1,175			108
Travelers Cos., Inc.		11,308			1,354

	SHARES			MARKET VALUE (000S)
U.S. Bancorp		8,350	$		382
Voya Financial, Inc.		10,968			440
Wells Fargo & Co.		34,126			1,573
					15,301
HEALTH CARE 5.6%
Anthem, Inc.		5,200			1,366
CVS Health Corp.		21,955			1,439
Encompass Health Corp.		588			36
Gilead Sciences, Inc.		28,224			1,765
HCA Healthcare, Inc.		13,791			1,716
Merck & Co., Inc.		38,322			2,928
Pfizer, Inc.		112,775			4,923
Quest Diagnostics, Inc.		2,210			184
					14,357
INDUSTRIALS 2.2%
AGCO Corp.		901			50
American Airlines Group, Inc.		26,986			867
Arcosa, Inc. (d)		1,328			37
Caterpillar, Inc.		3,077			391
CSX Corp.		1,679			104
Cummins, Inc.		1,090			146
Deere & Co.		4,550			679
Delta Air Lines, Inc.		2,214			110
Emerson Electric Co.		9,245			552
Fluor Corp.		3,646			117
General Electric Co.		153,080			1,159
ManpowerGroup, Inc.		397			26
Norfolk Southern Corp.		2,683			401
Pitney Bowes, Inc.		30,777			182
Ryder System, Inc.		4,053			195
Trinity Industries, Inc.		2,520			52
United Technologies Corp.		2,856			304
WW Grainger, Inc.		937			265
					5,637
INFORMATION TECHNOLOGY 3.2%
Avnet, Inc.		6,564			237
Booz Allen Hamilton Holding Corp.		6,983			315
Corning, Inc.		32,231			974
Intel Corp.		12,081			567
International Business Machines Corp.		32,586			3,704
Jabil, Inc.		7,167			177
KLA-Tencor Corp.		1,893			169
QUALCOMM, Inc.		8,683			494
Seagate Technology PLC		23,943			924
Symantec Corp.		4,377			83
Western Union Co.		18,685			319
Xerox Corp.		14,312			283
					8,246
MATERIALS 1.0%
Bemis Co., Inc.		1,037			48
CF Industries Holdings, Inc.		3,914			170
Domtar Corp.		6,880			242
Eastman Chemical Co.		431			31
International Paper Co.		5,998			242
LyondellBasell Industries NV ‘A’		13,706			1,140
Mosaic Co.		23,678			692
					2,565

		SHARES			MARKET VALUE (000S)
UTILITIES 1.9%
American Electric Power Co., Inc.			7,907	$		591
CenterPoint Energy, Inc.			10,663			301
Consolidated Edison, Inc.			8,106			620
Entergy Corp.			9,374			807
Exelon Corp.			26,149			1,179
Pinnacle West Capital Corp.			1,737			148
PPL Corp.			10,484			297
Public Service Enterprise Group, Inc.			10,363			539
Vistra Energy Corp. (d)			18,024			413
						4,895
Total United States						90,500
Total Common Stocks (Cost $192,285)						187,002
		PRINCIPAL AMOUNT (000S)
CONVERTIBLE BONDS & NOTES 0.0%
UNITED STATES 0.0%
INDUSTRIALS 0.0%
Caesars Entertainment Corp.
5.000% due 10/01/2024	$		9			11
Total Convertible Bonds & Notes (Cost $17)						11
CORPORATE BONDS & NOTES 11.4%
AUSTRALIA 0.2%
BANKING & FINANCE 0.2%
National Australia Bank Ltd.
1.375% due 07/12/2019			400			397
INDUSTRIALS 0.0%
Newcrest Finance Pty. Ltd.
4.450% due 11/15/2021			4			4
Total Australia						401
BERMUDA 0.3%
BANKING & FINANCE 0.3%
Aircastle Ltd.
7.625% due 04/15/2020			443			463
5.500% due 02/15/2022			380			389
Athene Holding Ltd.
4.125% due 01/12/2028			6			6
						858
INDUSTRIALS 0.0%
VOC Escrow Ltd.
5.000% due 02/15/2028			7			6
Total Bermuda						864
BRAZIL 0.2%
INDUSTRIALS 0.0%
Odebrecht Oil & Gas Finance Ltd.
0.000% due 01/31/2019 (f)(i)			46			1
UTILITIES 0.2%
Petrobras Global Finance BV
6.250% due 12/14/2026	GBP		100			132
6.125% due 01/17/2022	$		23			24
5.999% due 01/27/2028			304			287
						443
Total Brazil						444

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 25

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
CANADA 0.0%
BANKING & FINANCE 0.0%
Brookfield Finance, Inc.
4.700% due 09/20/2047	$		28	$		26
3.900% due 01/25/2028			12			11
Fairfax Financial Holdings Ltd.
4.850% due 04/17/2028			8			8
						45
INDUSTRIALS 0.0%
Air Canada Pass-Through Trust
3.700% due 07/15/2027			4			4
Bausch Health Cos., Inc.
6.500% due 03/15/2022			17			17
7.000% due 03/15/2024			25			25
BC Unlimited Liability Co.
4.250% due 05/15/2024			36			33
						79
Total Canada						124
CAYMAN ISLANDS 0.5%
BANKING & FINANCE 0.4%
Ambac LSNI LLC
7.803% due 02/12/2023 •			85			85
Avolon Holdings Funding Ltd.
5.125% due 10/01/2023			32			31
5.500% due 01/15/2023			20			19
U.S. Capital Funding Ltd.
2.694% (US0003M + 0.280%) due 07/10/2043 •			996			891
						1,026
INDUSTRIALS 0.0%
Park Aerospace Holdings Ltd.
5.250% due 08/15/2022			27			26
5.500% due 02/15/2024			13			13
4.500% due 03/15/2023			23			22
3.625% due 03/15/2021			13			12
Shelf Drilling Holdings Ltd.
8.250% due 02/15/2025			2			2
						75
UTILITIES 0.1%
Odebrecht Drilling Norbe Ltd.
6.350% due 12/01/2021			41			40
Odebrecht Drilling Norbe Ltd. (6.350% Cash or 7.350% PIK)
7.350% due 12/01/2026 (b)			88			50
Odebrecht Offshore Drilling Finance Ltd.
6.720% due 12/01/2022			2			1
Transocean Phoenix Ltd.
7.750% due 10/15/2024			4			4
						95
Total Cayman Islands						1,196
FINLAND 0.0%
INDUSTRIALS 0.0%
Nokia Oyj
4.375% due 06/12/2027			6			6
Total Finland						6
FRANCE 0.5%
BANKING & FINANCE 0.1%
Societe Generale S.A.
7.375% due 10/04/2023 •(i)(j)			200			187

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INDUSTRIALS 0.4%
Altice France S.A.
7.375% due 05/01/2026	$		700	$		644
Pernod Ricard S.A.
4.450% due 01/15/2022			530			541
						1,185
Total France						1,372
GERMANY 0.6%
BANKING & FINANCE 0.6%
Deutsche Bank AG
2.700% due 07/13/2020			26			25
3.406% (US0003M + 0.970%) due 07/13/2020 ~			28			27
4.250% due 10/14/2021			590			577
Volkswagen Bank GmbH
0.625% due 09/08/2021	EUR		700			797
						1,426
Total Germany						1,426
IRELAND 0.2%
INDUSTRIALS 0.2%
Russian Railways via RZD Capital PLC
7.487% due 03/25/2031	GBP		300			458
Total Ireland						458
ITALY 0.2%
BANKING & FINANCE 0.2%
UniCredit SpA
7.830% due 12/04/2023	$		370			387
Total Italy						387
JAPAN 0.2%
UTILITIES 0.2%
Chugoku Electric Power Co., Inc.
2.701% due 03/16/2020			400			397
Total Japan						397
JERSEY, CHANNEL ISLANDS 0.2%
INDUSTRIALS 0.2%
AA Bond Co. Ltd.
2.875% due 07/31/2043	GBP		300			356
Aptiv PLC
3.150% due 11/19/2020	$		204			203
						559
Total Jersey, Channel Islands						559
LUXEMBOURG 1.0%
BANKING & FINANCE 0.3%
Emerald Bay S.A.
0.000% due 10/08/2020 (f)	EUR		4			4
Sberbank of Russia Via SB Capital S.A.
3.352% due 11/15/2019			200			233
6.125% due 02/07/2022	$		400			412
						649
INDUSTRIALS 0.2%
Altice Financing S.A.
5.250% due 02/15/2023	EUR		340			394
Intelsat Connect Finance S.A.
9.500% due 02/15/2023	$		20			17

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Intelsat Jackson Holdings S.A.
9.750% due 07/15/2025	$		18	$		18
5.500% due 08/01/2023			28			25
8.000% due 02/15/2024			28			29
8.500% due 10/15/2024			50			49
Intelsat Luxembourg S.A.
7.750% due 06/01/2021 ^			54			49
						581
UTILITIES 0.5%
Gazprom Neft OAO Via GPN Capital S.A.
4.375% due 09/19/2022			300			295
6.000% due 11/27/2023			300			311
Gazprom OAO Via Gaz Capital S.A.
9.250% due 04/23/2019			600			609
5.999% due 01/23/2021			30			31
						1,246
Total Luxembourg						2,476
MEXICO 0.0%
INDUSTRIALS 0.0%
Corp. GEO S.A.B. de C.V.
8.875% due 03/27/2022 ^(c)			300			0
9.250% due 06/30/2020 ^(c)			100			0
Petroleos Mexicanos
6.750% due 09/21/2047			10			8
6.500% due 03/13/2027			40			38
						46
Total Mexico						46
NETHERLANDS 0.4%
BANKING & FINANCE 0.4%
Cooperatieve Rabobank UA
6.625% due 06/29/2021 •(i)(j)	EUR		800			998
Stichting AK Rabobank Certificaten
6.500% due 12/29/2049 (i)			25			31
						1,029
INDUSTRIALS 0.0%
Teva Pharmaceutical Finance Netherlands BV
2.200% due 07/21/2021	$		118			108
1.700% due 07/19/2019			2			2
						110
Total Netherlands						1,139
NORWAY 0.0%
INDUSTRIALS 0.0%
Yara International ASA
4.750% due 06/01/2028			16			16
Total Norway						16
UNITED KINGDOM 2.3%
BANKING & FINANCE 1.8%
Barclays Bank PLC
14.000% due 06/15/2019 •(i)	GBP		300			401
7.625% due 11/21/2022 (j)	$		430			446
Barclays PLC
7.750% due 09/15/2023 •(i)(j)			200			193
6.500% due 09/15/2019 •(i)(j)	EUR		225			252
FCE Bank PLC
1.875% due 06/24/2021			100			114
HSBC Holdings PLC
3.600% due 05/25/2023	$		200			199
6.000% due 09/29/2023 •(i)(j)	EUR		320			389

26 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Lloyds Banking Group PLC
7.875% due 06/27/2029 •(i)(j)	GBP		200	$		274
7.625% due 06/27/2023 •(i)(j)			200			263
7.500% due 09/27/2025 •(i)(j)	$		200			194
Royal Bank of Scotland Group PLC
7.500% due 08/10/2020 •(i)(j)			360			357
2.500% due 03/22/2023	EUR		350			410
Santander UK Group Holdings PLC
4.750% due 09/15/2025	$		460			434
Tesco Property Finance PLC
6.052% due 10/13/2039	GBP		400			589
Unique Pub Finance Co. PLC
5.659% due 06/30/2027			42			59
						4,574
INDUSTRIALS 0.5%
EI Group PLC
6.875% due 02/15/2021			200			274
Imperial Brands Finance PLC
3.750% due 07/21/2022	$		400			397
Marston’s Issuer PLC
5.641% due 07/15/2035 •	GBP		200			214
Mitchells & Butlers Finance PLC
1.356% (BP0003M + 0.450%) due 12/15/2030 ~			129			155
Spirit Issuer PLC
6.582% due 03/28/2025			90			116
3.605% (BP0003M + 2.700%) due 12/28/2031 ~			22			27
						1,183
Total United Kingdom						5,757
UNITED STATES 4.6%
BANKING & FINANCE 2.1%
Ally Financial, Inc.
3.750% due 11/18/2019	$		2			2
4.250% due 04/15/2021			200			197
American International Group, Inc.
5.750% due 04/01/2048 •			16			14
American Tower Corp.
3.000% due 06/15/2023			16			15
5.900% due 11/01/2021			150			159
Assurant, Inc.
4.200% due 09/27/2023			8			8
AXA Equitable Holdings, Inc.
3.900% due 04/20/2023			2			2
4.350% due 04/20/2028			18			17
5.000% due 04/20/2048			10			9
Bank of America Corp.
5.875% due 03/15/2028 •(i)			337			307
Boston Properties LP
3.200% due 01/15/2025			5			5
Brighthouse Financial, Inc.
3.700% due 06/22/2027			12			10
Brixmor Operating Partnership LP
3.591% (US0003M + 1.050%) due 02/01/2022 ~			18			18
Cantor Fitzgerald LP
7.875% due 10/15/2019			280			288
CIT Group, Inc.
4.125% due 03/09/2021			8			8
5.250% due 03/07/2025			4			4
Citigroup, Inc.
3.450% (US0003M + 0.960%) due 04/25/2022 ~			1			1
3.740% (US0003M + 1.100%) due 05/17/2024 ~			20			19
3.437% (US0003M + 0.950%) due 07/24/2023 ~			13			13
Crown Castle International Corp.
3.200% due 09/01/2024			6			6
3.650% due 09/01/2027			20			19

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
CTR Partnership LP
5.250% due 06/01/2025	$		12	$		11
Digital Realty Trust LP
3.700% due 08/15/2027			2			2
EPR Properties
4.950% due 04/15/2028			2			2
4.750% due 12/15/2026			2			2
ERP Operating LP
3.500% due 03/01/2028			6			6
Fortress Transportation & Infrastructure Investors LLC
6.750% due 03/15/2022			56			56
6.500% due 10/01/2025			30			28
GLP Capital LP
5.250% due 06/01/2025			7			7
5.300% due 01/15/2029			21			21
Howard Hughes Corp.
5.375% due 03/15/2025			27			25
Hudson Pacific Properties LP
3.950% due 11/01/2027			5			5
Hunt Cos., Inc.
6.250% due 02/15/2026			2			2
International Lease Finance Corp.
6.250% due 05/15/2019			1,110			1,120
iStar, Inc.
4.625% due 09/15/2020			2			2
5.250% due 09/15/2022			7			6
JPMorgan Chase & Co.
3.390% (US0003M + 0.900%) due 04/25/2023 ~			180			178
Kennedy-Wilson, Inc.
5.875% due 04/01/2024			10			9
Life Storage LP
3.875% due 12/15/2027			4			4
LoanCore Capital Markets LLC
6.875% due 06/01/2020			370			370
MetLife, Inc.
5.875% due 03/15/2028 •(i)			2			2
Navient Corp.
8.000% due 03/25/2020			600			611
6.500% due 06/15/2022			66			61
Newmark Group, Inc.
6.125% due 11/15/2023			8			8
Oppenheimer Holdings, Inc.
6.750% due 07/01/2022			6			6
Physicians Realty LP
3.950% due 01/15/2028			8			7
Provident Funding Associates LP
6.375% due 06/15/2025			4			4
Santander Holdings USA, Inc.
4.400% due 07/13/2027			7			7
3.400% due 01/18/2023			8			8
3.700% due 03/28/2022			6			6
4.450% due 12/03/2021			13			13
SL Green Operating Partnership LP
3.250% due 10/15/2022			2			2
Springleaf Finance Corp.
8.250% due 12/15/2020			980			1,017
6.125% due 05/15/2022			292			285
5.625% due 03/15/2023			200			185
6.875% due 03/15/2025			16			14
Starwood Property Trust, Inc.
4.750% due 03/15/2025			10			9
STORE Capital Corp.
4.500% due 03/15/2028			6			6
UDR, Inc.
4.625% due 01/10/2022			2			2
3.500% due 01/15/2028			6			6
VEREIT Operating Partnership LP
3.950% due 08/15/2027			8			7
Vornado Realty LP
3.500% due 01/15/2025			4			4
Wells Fargo & Co.
3.757% (US0003M + 1.230%) due 10/31/2023 ~			98			98

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Welltower, Inc.
4.250% due 04/15/2028	$		4	$		4
3.950% due 09/01/2023			10			10
WeWork Cos., Inc.
7.875% due 05/01/2025			10			9
						5,368
INDUSTRIALS 2.0%
AbbVie, Inc.
3.750% due 11/14/2023			12			12
3.375% due 11/14/2021			30			30
American Airlines Pass-Through Trust
3.350% due 04/15/2031			10			9
Andeavor Logistics LP
3.500% due 12/01/2022			2			2
4.250% due 12/01/2027			2			2
Arrow Electronics, Inc.
3.250% due 09/08/2024			4			4
Broadcom Corp.
3.000% due 01/15/2022			68			65
3.625% due 01/15/2024			8			7
3.875% due 01/15/2027			20			18
Campbell Soup Co.
3.288% (US0003M + 0.500%) due 03/16/2020 ~			20			20
3.418% (US0003M + 0.630%) due 03/15/2021 ~			10			10
Charter Communications Operating LLC
4.200% due 03/15/2028			19			18
4.191% (US0003M + 1.650%) due 02/01/2024 ~			78			77
4.500% due 02/01/2024			6			6
Cigna Corp.
3.138% (US0003M + 0.350%) due 03/17/2020 ~			40			40
Clear Channel Worldwide Holdings, Inc.
7.625% due 03/15/2020			10			10
6.500% due 11/15/2022			3			3
Cleveland-Cliffs, Inc.
4.875% due 01/15/2024			4			4
Comcast Corp.
3.127% (US0003M + 0.330%) due 10/01/2020 ~			20			20
3.237% (US0003M + 0.440%) due 10/01/2021 ~			7			7
3.038% (US0003M + 0.630%) due 04/15/2024 ~			20			19
Community Health Systems, Inc.
6.250% due 03/31/2023			195			178
8.625% due 01/15/2024			87			86
5.125% due 08/01/2021			153			143
CVS Pass-Through Trust
8.353% due 07/10/2031			489			592
DAE Funding LLC
4.500% due 08/01/2022			10			10
5.000% due 08/01/2024			20			19
4.000% due 08/01/2020			102			100
Diamond Resorts International, Inc.
7.750% due 09/01/2023			109			105
Discovery Communications LLC
2.950% due 03/20/2023			5			5
3.950% due 03/20/2028			6			6
DISH DBS Corp.
7.875% due 09/01/2019			165			169
EMC Corp.
2.650% due 06/01/2020			370			355
Energy Transfer Operating LP
4.200% due 09/15/2023			8			8
6.000% due 06/15/2048			6			6
4.950% due 06/15/2028			12			12
EQT Corp.
3.567% (US0003M + 0.770%) due 10/01/2020 ~			11			11
Equifax, Inc.
3.600% due 08/15/2021			4			4
3.486% (US0003M + 0.870%) due 08/15/2021 ~			12			12

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 27

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Exela Intermediate LLC
10.000% due 07/15/2023	$		16	$		15
General Electric Co.
5.000% due 01/21/2021 •(i)			180			138
5.550% due 05/04/2020			8			8
3.100% due 01/09/2023			14			13
3.450% due 05/15/2024			1			1
2.200% due 01/09/2020			7			7
5.550% due 01/05/2026			41			40
6.150% due 08/07/2037			1			1
6.875% due 01/10/2039			8			8
General Mills, Inc.
2.976% (US0003M + 0.540%) due 04/16/2021 ~			17			17
3.200% due 04/16/2021			3			3
HCA, Inc.
5.875% due 03/15/2022			360			370
Hilton Domestic Operating Co., Inc.
5.125% due 05/01/2026			14			13
Hyundai Capital America
3.601% due 09/18/2020 •			20			20
iHeartCommunications, Inc.
9.000% due 03/01/2021 ^(c)			29			19
9.000% due 12/15/2019 ^(c)			122			82
9.000% due 09/15/2022 ^(c)			403			270
11.250% due 03/01/2021 ^(c)			60			40
10.625% due 03/15/2023 ^(c)			4			3
Incitec Pivot Finance LLC
6.000% due 12/10/2019			2			2
Kraft Heinz Foods Co.
3.500% due 07/15/2022			10			10
Marriott Ownership Resorts, Inc.
6.500% due 09/15/2026			12			12
Molson Coors Brewing Co.
2.100% due 07/15/2021			300			289
NetApp, Inc.
3.300% due 09/29/2024			3			3
ONEOK Partners LP
3.375% due 10/01/2022			3			3
Ortho-Clinical Diagnostics, Inc.
6.625% due 05/15/2022			27			24
Penske Truck Leasing Co. LP
3.375% due 02/01/2022			270			267
PetSmart, Inc.
5.875% due 06/01/2025			16			12
Radiate Holdco LLC
6.875% due 02/15/2023			10			9
Refinitiv U.S. Holdings, Inc.
6.250% due 05/15/2026			16			15
Sprint Spectrum Co. LLC
5.152% due 09/20/2029			200			197
Sunoco LP
4.875% due 01/15/2023			6			6
Tech Data Corp.
3.700% due 02/15/2022			5			5
4.950% due 02/15/2027			6			6
Tenet Healthcare Corp.
4.625% due 07/15/2024			34			32
Textron, Inc.
3.168% (US0003M + 0.550%) due 11/10/2020 ~			40			40
Time Warner Cable LLC
5.000% due 02/01/2020			600			608
Triumph Group, Inc.
4.875% due 04/01/2021			2			2
5.250% due 06/01/2022			4			3
United Technologies Corp.
4.125% due 11/16/2028			22			22
3.279% (US0003M + 0.650%) due 08/16/2021 ~			8			8
3.650% due 08/16/2023			22			22
Univision Communications, Inc.
5.125% due 02/15/2025			116			102
5.125% due 05/15/2023			106			95
ViaSat, Inc.
5.625% due 09/15/2025			8			7

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
VMware, Inc.
2.300% due 08/21/2020	$		8	$		8
2.950% due 08/21/2022			12			11
3.900% due 08/21/2027			10			9
Wabtec Corp.
3.838% (US0003M + 1.050%) due 09/15/2021 ~			12			12
Western Digital Corp.
4.750% due 02/15/2026			40			35
Wyndham Destinations, Inc.
5.750% due 04/01/2027			6			5
5.400% due 04/01/2024			5			5
3.900% due 03/01/2023			2			2
						5,160
UTILITIES 0.5%
AT&T, Inc.
3.386% (US0003M + 0.950%) due 07/15/2021 ~			85			85
5.000% due 03/01/2021			2			2
4.900% due 08/15/2037			50			47
Enable Midstream Partners LP
4.950% due 05/15/2028			8			7
FirstEnergy Corp.
2.850% due 07/15/2022			410			400
ITC Holdings Corp.
2.700% due 11/15/2022			4			4
ONEOK, Inc.
4.550% due 07/15/2028			8			8
5.200% due 07/15/2048			10			10
Pacific Gas & Electric Co.
3.500% due 10/01/2020			18			17
3.750% due 08/15/2042			2			1
2.450% due 08/15/2022			6			5
2.950% due 03/01/2026			8			7
4.250% due 05/15/2021			4			4
3.250% due 09/15/2021			4			4
Southern California Edison Co.
6.650% due 04/01/2029			2			2
5.750% due 04/01/2035			2			2
Sprint Communications, Inc.
7.000% due 08/15/2020			610			626
Sprint Corp.
7.625% due 03/01/2026			18			18
Verizon Communications, Inc.
5.250% due 03/16/2037			20			21
						1,270
Total United States						11,798
VENEZUELA 0.0%
INDUSTRIALS 0.0%
Petroleos de Venezuela S.A.
6.000% due 11/15/2026 ^(c)			300			45
6.000% due 05/16/2024 ^(c)			20			3
9.750% due 05/17/2035 ^(c)			20			4
						52
Total Venezuela						52
Total Corporate Bonds & Notes (Cost $29,923)						28,918
NON-AGENCY MORTGAGE-BACKED SECURITIES 4.1%
UNITED KINGDOM 0.9%
Eurosail PLC
1.600% due 09/13/2045 •	GBP		559			675
1.850% due 06/13/2045 •			953			1,187
Grifonas Finance PLC
0.014% due 08/28/2039 •	EUR		349			354
Juno Eclipse Ltd.
0.000% due 11/20/2022 •			160			181
Total United Kingdom						2,397

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
UNITED STATES 3.2%
Banc of America Alternative Loan Trust
6.000% due 04/25/2036 ^	$		40	$		40
6.000% due 07/25/2046 ^			91			79
Banc of America Funding Trust
4.173% due 05/20/2036 ^~			16			15
Banc of America Mortgage Trust
4.273% due 11/20/2046 ^~			9			8
6.000% due 10/25/2036 ^			20			19
Bear Stearns Mortgage Funding Trust
7.500% due 08/25/2036 Ø			100			89
Chase Mortgage Finance Trust
4.065% due 09/25/2036 ^~			47			44
Countrywide Alternative Loan Trust
3.206% due 10/25/2037 ^•			4,778			1,501
6.000% due 06/25/2036 ^			139			115
6.000% due 02/25/2037 ^			71			46
6.250% due 12/25/2036 ^•			29			21
Countrywide Home Loan Mortgage Pass-Through Trust
3.006% due 07/25/2037 ^•			20			11
Credit Suisse First Boston Mortgage Securities Corp.
6.000% due 01/25/2036 ^			44			39
Credit Suisse First Boston Mortgage-Backed Pass-through Certificates
6.000% due 11/25/2035 ^			357			188
Credit Suisse Mortgage Capital Certificates
3.834% due 12/29/2037 ~			190			158
First Horizon Alternative Mortgage Securities Trust
4.172% due 06/25/2036 ^~			367			339
HSI Asset Loan Obligation Trust
6.000% due 06/25/2037 ^			10			9
JPMorgan Alternative Loan Trust
5.663% due 05/26/2037 «~			84			72
JPMorgan Mortgage Trust
6.500% due 07/25/2036 ^			111			80
Merrill Lynch Mortgage Investors Trust
3.677% due 03/25/2036 ^~			16			12
OBX Trust
3.356% due 04/25/2048 •			662			661
Residential Accredit Loans, Inc. Trust
3.306% due 10/25/2045 •			98			89
5.500% due 03/25/2037 ^			488			434
6.250% due 03/25/2037 ^			38			33
Structured Adjustable Rate Mortgage Loan Trust
4.072% due 10/25/2036 ^~			2,174			1,772
Wells Fargo Alternative Loan Trust
4.486% due 07/25/2037 ^~			1,139			1,063
Wells Fargo Commercial Mortgage Trust
3.412% due 09/15/2058			1,156			1,162
Total United States						8,099
Total Non-Agency Mortgage-Backed Securities (Cost $11,411)						10,496
MUNICIPAL BONDS & NOTES 0.7%
CALIFORNIA 0.2%
California State Public Works Board Revenue Notes, Series 2011
5.786% due 12/01/2021			476			502
Total California						502
ILLINOIS 0.1%
Illinois State General Obligation Bonds, (BABs), Series 2010
6.630% due 02/01/2035			15			16
7.350% due 07/01/2035			5			6
Illinois State General Obligation Bonds, Series 2003
5.100% due 06/01/2033			150			143
Total Illinois						165

28 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
MICHIGAN 0.1%
Michigan Tobacco Settlement Finance Authority Revenue Bonds, Series 2006
7.309% due 06/01/2034	$		205	$		200
Total Michigan						200
PUERTO RICO 0.1%
Commonwealth of Puerto Rico General Obligation Bonds, Series 2001
5.125% due 07/01/2031 ^(c)			30			16
Commonwealth of Puerto Rico General Obligation Bonds, Series 2007
5.250% due 07/01/2034 ^(c)			5			3
5.250% due 07/01/2037 ^(c)			5			3
Commonwealth of Puerto Rico General Obligation Bonds, Series 2008
5.500% due 07/01/2032 ^(c)			20			11
5.700% due 07/01/2023 ^(c)			10			5
Commonwealth of Puerto Rico General Obligation Bonds, Series 2009
6.000% due 07/01/2039 ^(c)			5			3
Commonwealth of Puerto Rico General Obligation Bonds, Series 2011
5.375% due 07/01/2030 ^(c)			10			6
Commonwealth of Puerto Rico General Obligation Bonds, Series 2012
5.000% due 07/01/2041 ^(c)			120			64
5.125% due 07/01/2037 ^(c)			10			5
5.500% due 07/01/2039 ^(c)			125			67
Commonwealth of Puerto Rico General Obligation Notes, Series 2012
5.000% due 07/01/2021 ^(c)			10			5
Puerto Rico Electric Power Authority Revenue Bonds, (BABs), Series 2010
6.125% due 07/01/2040 ^(c)			100			62
Total Puerto Rico						250
VIRGINIA 0.1%
Tobacco Settlement Financing Corp., Virginia Revenue Bonds, Series 2007
6.706% due 06/01/2046			380			359
Total Virginia						359
WEST VIRGINIA 0.1%
Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007
7.467% due 06/01/2047			355			349
Total West Virginia						349
Total Municipal Bonds & Notes (Cost $1,568)						1,825
		SHARES
PREFERRED STOCKS 0.7%
GERMANY 0.6%
INDUSTRIALS 0.6%
Schaeffler AG			5,524			47
Volkswagen AG			9,083			1,449
						1,496
Total Germany						1,496
UNITED KINGDOM 0.1%
BANKING & FINANCE 0.1%
Nationwide Building Society
10.250% ~			1,130			201
Total United Kingdom						201
Total Preferred Stocks (Cost $1,592)						1,697

		SHARES			MARKET VALUE (000S)
REAL ESTATE INVESTMENT TRUSTS 0.5%
CANADA 0.1%
REAL ESTATE 0.1%
Artis Real Estate Investment Trust			9,953	$		67
Cominar Real Estate Investment Trust			16,451			135
Dream Office Real Estate Investment Trust			8,736			143
						345
Total Canada						345
UNITED KINGDOM 0.0%
REAL ESTATE 0.0%
Intu Properties PLC			34,929			51
Total United Kingdom						51
UNITED STATES 0.4%
FINANCIALS 0.1%
Annaly Capital Management, Inc.			18,990			186
REAL ESTATE 0.3%
CoreCivic, Inc.			10,053			179
Hospitality Properties Trust			4,323			103
VICI Properties, Inc.			26,432			497
						779
Total United States						965
Total Real Estate Investment Trusts (Cost $1,379)						1,361
		PRINCIPAL AMOUNT (000S)
SOVEREIGN ISSUES 1.1%
ARGENTINA 0.4%
Argentina Government International Bond
2.260% due 12/31/2038 Ø	EUR		135			86
2.500% due 12/31/2038 Ø	$		22			12
4.625% due 01/11/2023			130			103
5.625% due 01/26/2022			15			13
6.875% due 01/11/2048			100			70
7.125% due 07/06/2036			150			108
7.820% due 12/31/2033	EUR		227			220
41.328% (BADLARPP) due 10/04/2022 ~	ARS		28			1
48.797% (BADLARPP + 3.250%) due 03/01/2020 ~			400			11
50.225% (BADLARPP + 2.000%) due 04/03/2022 ~(a)			2,600			67
50.950% (BADLARPP + 2.500%) due 03/11/2019 ~(a)			238			6
59.257% (ARLLMONP) due 06/21/2020 ~(a)			12,939			370
Total Argentina						1,067
GREECE 0.1%
Republic of Greece Government International Bond
4.750% due 04/17/2019	EUR		200			232
Total Greece						232
KUWAIT 0.2%
Kuwait International Government Bond
3.500% due 03/20/2027	$		385			384
Total Kuwait						384

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
PERU 0.1%
Peru Government International Bond
5.940% due 02/12/2029	PEN		140	$		42
6.150% due 08/12/2032			260			79
6.900% due 08/12/2037			7			2
6.950% due 08/12/2031			100			33
Total Peru						156
SAUDI ARABIA 0.2%
Saudi Government International Bond
2.875% due 03/04/2023	$		200			193
4.500% due 10/26/2046			200			181
4.625% due 10/04/2047			200			183
Total Saudi Arabia						557
SPAIN 0.0%
Autonomous Community of Catalonia
4.900% due 09/15/2021	EUR		50			62
Total Spain						62
TURKEY 0.1%
Turkey Government International Bond
7.250% due 12/23/2023	$		200			206
Total Turkey						206
VENEZUELA 0.0%
Venezuela Government International Bond
6.000% due 12/09/2020 ^(c)			125			29
7.000% due 03/31/2038 ^(c)			2			0
7.650% due 04/21/2025 ^(c)			3			1
9.250% due 09/15/2027 ^(c)			44			10
Total Venezuela						40
Total Sovereign Issues (Cost $3,315)						2,704
U.S. GOVERNMENT AGENCIES 3.8%
UNITED STATES 3.8%
Fannie Mae
3.000% due 11/01/2029			25			25
Fannie Mae, TBA
3.000% due 01/01/2049			1,500			1,464
4.000% due 01/01/2049			6,000			6,119
Freddie Mac, TBA
3.000% due 01/01/2049			2,000			1,949
Total U.S. Government Agencies (Cost $9,413)						9,557
U.S. TREASURY OBLIGATIONS 10.5%
UNITED STATES 10.5%
U.S. Treasury Bonds
2.875% due 11/15/2046			1,000			974
U.S. Treasury Inflation Protected Securities (h)
0.750% due 07/15/2028			504			494
U.S. Treasury Notes
1.750% due 03/31/2022 (l)			300			293
1.750% due 05/15/2022 (l)			300			293
1.750% due 09/30/2022 (l)			500			487
1.750% due 05/15/2023 (l)			700			679
1.875% due 01/31/2022			1,600			1,572
1.875% due 02/28/2022			1,400			1,375
1.875% due 08/31/2022			500			489
1.875% due 08/31/2024			200			193
2.000% due 07/31/2022 (l)			400			394
2.000% due 05/31/2024			200			195
2.000% due 06/30/2024			4,300			4,183
2.000% due 11/15/2026			760			726
2.125% due 12/31/2021			1,500			1,486
2.125% due 06/30/2022			1,000			988
2.125% due 02/29/2024 (l)			400			392
2.125% due 07/31/2024 (l)			400			391

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 29

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
2.250% due 12/31/2023	$		3,610	$		3,565
2.250% due 01/31/2024			190			188
2.250% due 10/31/2024			2,600			2,557
2.250% due 11/15/2024 (l)			300			295
2.250% due 02/15/2027 (l)			500			486
2.500% due 05/15/2024			500			499
2.500% due 01/31/2025 (l)			3,200			3,189
2.750% due 02/15/2028 (l)			400			402
Total U.S. Treasury Obligations (Cost $27,069)						26,785
SHORT-TERM INSTRUMENTS 0.1%
CERTIFICATES OF DEPOSIT 0.0%
Barclays Bank PLC
2.890% (US0003M + 0.400%) due 10/25/2019 ~			122			122
ARGENTINA TREASURY BILLS 0.1%
(1.152)% due 01/31/2019 - 06/28/2019 (e)(f)	ARS		12,930			363

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
GREECE TREASURY BILLS 0.0%
1.267% due 03/15/2019 (f)(g)	EUR		8			9
Total Short-Term Instruments (Cost $487)						494
Total Investments in Securities (Cost $290,894)						283,845
		SHARES
INVESTMENTS IN AFFILIATES 0.5%
SHORT-TERM INSTRUMENTS 0.5%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.5%
PIMCO Short-Term Floating NAV Portfolio III			122,710	$		1,213
Total Short-Term Instruments (Cost $1,213)						1,213
Total Investments in Affiliates (Cost $1,213)						1,213

		MARKET VALUE (000S)
Total Investments 111.9% (Cost $292,107)	$		285,058
Financial Derivative Instruments (m)(n) (0.1)% (Cost or Premiums, net $(359))			(170	)
Other Assets and Liabilities, net (11.8)%			(30,073	)
Net Assets 100.0%	$		254,815

NOTES TO SCHEDULE OF INVESTMENTS:

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

^ Security is in default.

« Security valued using significant unobservable inputs (Level 3).

~ Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

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

(a) Interest only security.

(b) Payment in-kind security.

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

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

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

(f) Zero coupon security.

(g) Coupon represents a yield to maturity.

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

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

(j) Contingent convertible security.

(k)  RESTRICTED SECURITIES:

Issuer Description	Acquisition Date	Cost		Market Value		Market Value as Percentage of Net Assets
Dommo Energia S.A.	12/21/2017 - 12/26/2017	$	9	$	67		0.03	%
Eneva S.A.	12/21/2017		1		1		0.00
		$	10	$	68		0.03	%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

REVERSE REPURCHASE AGREEMENTS:

Counterparty	Borrowing Rate(1)			Settlement Date		Maturity Date		Amount Borrowed(1)			Payable for Reverse Repurchase Agreements
BOS		3.000	%		12/18/2018		01/02/2019	$	(2,477	)	$	(2,480	)
BSN		2.370			10/09/2018		01/09/2019		(1,548	)		(1,557	)
		2.380			10/10/2018		01/10/2019		(6,577	)		(6,613	)
GRE		2.440			10/18/2018		01/18/2019		(704	)		(708	)
RCY		2.660			12/04/2018		01/14/2019		(5,892	)		(5,905	)
SCX		2.850			12/18/2018		01/17/2019		(956	)		(957	)
Total Reverse Repurchase Agreements											$	(18,220	)

30 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

SALE-BUYBACK TRANSACTIONS:

Counterparty	Borrowing Rate(1)			Borrowing Date		Maturity Date		Amount Borrowed(1)			Payable for Sale-Buyback Transactions(2)
BOS		2.950	%		12/28/2018		01/04/2019	$	(7,325	)	$	(7,327	)
Total Sale-Buyback Transactions											$	(7,327	)

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2018:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions(2)			Total Borrowings and Other Financing Transactions			Collateral Pledged/(Received)		Net  Exposure(3)
Global/Master Repurchase Agreement
BOS	$	0	$	(2,480	)	$	0		$	(2,480	)	$	2,474	$	(6	)
BSN		0		(8,170	)		0			(8,170	)		8,312		142
GRE		0		(708	)		0			(708	)		726		18
RCY		0		(5,905	)		0			(5,905	)		5,928		23
SCX		0		(957	)		0			(957	)		974		17
Master Securities Forward Transaction Agreement
BOS		0		0			(7,327	)		(7,327	)		7,301		(26	)
Total Borrowings and Other Financing Transactions	$	0	$	(18,220	)	$	(7,327	)

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements

	Overnight and Continuous		Up to 30 days			31-90 days		Greater Than 90 days		Total
Reverse Repurchase Agreements
U.S. Treasury Obligations	$	0	$	(18,220	)	$	0	$	0	$	(18,220	)
Total	$	0	$	(18,220	)	$	0	$	0	$	(18,220	)
Sale-Buyback Transactions
U.S. Treasury Obligations		0		(7,327	)		0		0		(7,327	)
Total	$	0	$	(7,327	)	$	0	$	0	$	(7,327	)
Total Borrowings	$	0	$	(25,547	)	$	0	$	0	$	(25,547	)
Payable for reverse repurchase agreements and sale-buyback financing transactions										$	(25,547	)

(l) Securities with an aggregate market value of $25,716 have been pledged as collateral under the terms of the above master agreements as of December 31, 2018.

⁽¹⁾ The average amount of borrowings outstanding during the period ended December 31, 2018 was $(16,646) at a weighted average interest rate of 2.286%. Average borrowings may include sale-buyback transactions and reverse repurchase agreements, if held during the period.

⁽²⁾ Payable for sale-buyback transactions includes $(2) of deferred price drop.

⁽³⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

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

PURCHASED OPTIONS:

OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

Description	Strike Price		Expiration Date		# of Contracts		Notional Amount		Cost			Market Value
Put - CBOT U.S. Treasury 10-Year Note March 2019 Futures	$	106.000		02/22/2019		75	$	75	$	1		$	0
Put - CBOT U.S. Treasury 10-Year Note March 2019 Futures		111.500		02/22/2019		30		30		(1	)		0
Put - CBOT U.S. Treasury 10-Year Note March 2019 Futures		112.000		02/22/2019		65		65		1			0
Total Purchased Options									$	1		$	0

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 31

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

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS

Description	Expiration Month	# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)		Variation Margin
								Asset		Liability
Australia Government 10-Year Bond March Futures	03/2019		2	$	187	$	2	$	1	$	0
Call Options Strike @ EUR 150.000 on United Kingdom Long Gilt March 2019 Futures	02/2019		14		0		0		0		0
U.S. Treasury 10-Year Note March Futures	03/2019		170		20,743		513		66		0
						$	515	$	67	$	0

SHORT FUTURES CONTRACTS

Description	Expiration Month	# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)		Variation Margin
									Asset		Liability
United Kingdom Long Gilt March Futures	03/2019		14	$	(2,198	)	$	5	$	2	$	(7	)
Total Futures Contracts								$    520	$	69	$	(7	)

SWAP AGREEMENTS:

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

Index/Tranches	Fixed (Pay) Rate			Payment Frequency		Maturity Date		Notional Amount(3)		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Market Value(4)			Variation Margin
																		Asset		Liability
CDX.HY-30 5-Year Index		(5.000	)%		Quarterly		06/20/2023		$       525	$	(35	)	$	18	$	(17	)	$	0	$	(1	)
CDX.HY-31 5-Year Index		(5.000	)		Quarterly		12/20/2023		1,000		(67	)		45		(22	)		0		(1	)
CDX.IG-30 5-Year Index		(1.000	)		Quarterly		06/20/2023		2,350		(41	)		21		(20	)		0		(1	)
										$	(143	)	$	84	$	(59	)	$	0	$	(3	)

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

Index/Tranches	Fixed Receive Rate			Payment Frequency	Maturity Date		Notional Amount(3)		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Market Value(4)		Variation Margin
																Asset		Liability
CDX.IG-31 5-Year Index		1.000	%	Quarterly		12/20/2023	$	400	$	3	$	(1	)	$	2	$	0	$	0

INTEREST RATE SWAPS

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
																				Asset		Liability
Pay	3-Month USD-LIBOR		2.750	%	Semi-Annual		12/19/2023		$	3,000	$	(60	)	$	83		$	23		$	6	$	0
Receive	3-Month USD-LIBOR		2.250		Semi-Annual		06/20/2028			4,900		108			79			187			0		(18	)
Receive	3-Month USD-LIBOR		2.500		Semi-Annual		06/20/2048			1,000		38			37			75			0		(6	)
Receive	3-Month USD-LIBOR		3.000		Semi-Annual		12/19/2048			1,850		6			(59	)		(53	)		0		(11	)
Pay	3-Month ZAR-JIBAR		7.250		Quarterly		09/19/2023		ZAR	900		0			(1	)		(1	)		0		0
Receive	3-Month ZAR-JIBAR		8.300		Quarterly		03/15/2027			600		(2	)		1			(1	)		0		0
Pay	6-Month  AUD-BBR-BBSW		2.750		Semi-Annual		06/17/2026		AUD	5,080		175			(88	)		87			12		0
Receive	6-Month  AUD-BBR-BBSW		3.000		Semi-Annual		03/21/2027			80		(1	)		(2	)		(3	)		0		0
Receive(5)	6-Month EUR-EURIBOR		1.000		Annual		03/20/2029		EUR	800		3			(16	)		(13	)		0		(1	)
Receive(5)	6-Month GBP-LIBOR		1.500		Semi-Annual		03/20/2029		GBP	1,793		29			(41	)		(12	)		0		(9	)
Receive	6-Month JPY-LIBOR		0.354		Semi-Annual		01/18/2028		JPY	20,000		0			(4	)		(4	)		0		0
Receive	6-Month JPY-LIBOR		0.300		Semi-Annual		03/20/2028			140,000		10			(29	)		(19	)		0		0
Receive	6-Month JPY-LIBOR		0.380		Semi-Annual		06/18/2028			10,000		0			(2	)		(2	)		0		0
Receive(5)	6-Month JPY-LIBOR		0.450		Semi-Annual		03/20/2029			1,250,000		(61	)		(234	)		(295	)		0		(6	)
Receive(5)	6-Month JPY-LIBOR		0.415		Semi-Annual		03/25/2029			20,000		0			(4	)		(4	)		0		0
Receive(5)	6-Month JPY-LIBOR		0.400		Semi-Annual		03/27/2029			40,000		0			(8	)		(8	)		0		0
Receive(5)	6-Month JPY-LIBOR		0.450		Semi-Annual		03/29/2029			40,000		(1	)		(8	)		(9	)		0		0
Pay	28-Day MXN-TIIE		5.610		Lunar		07/07/2021		MXN	700		(2	)		0			(2	)		0		0
Pay	28-Day MXN-TIIE		6.750		Lunar		08/31/2021			2,000		(1	)		(4	)		(5	)		0		0
Pay	28-Day MXN-TIIE		5.798		Lunar		09/06/2021			2,500		(8	)		(1	)		(9	)		0		0
Pay	28-Day MXN-TIIE		7.350		Lunar		11/17/2021			600		0			(1	)		(1	)		0		0
Pay	28-Day MXN-TIIE		7.388		Lunar		11/17/2021			500		0			(1	)		(1	)		0		0
Pay	28-Day MXN-TIIE		7.199		Lunar		12/03/2021			500		0			(1	)		(1	)		0		0
Pay	28-Day MXN-TIIE		7.538		Lunar		02/23/2022			1,000		0			(2	)		(2	)		0		0
Receive	28-Day MXN-TIIE		6.950		Lunar		06/17/2022			32,100		(5	)		87			82			0		(4	)
Pay	28-Day MXN-TIIE		7.875		Lunar		12/16/2022			400		0			0			0			0		0

32 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount			Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
																				Asset		Liability
Pay	28-Day MXN-TIIE		7.880	%	Lunar		12/27/2022		MXN	21,200	$	10		$	(36	)	$	(26	)	$	3	$	0
Pay	28-Day MXN-TIIE		7.640		Lunar		01/03/2023			200		0			0			0			0		0
Pay	28-Day MXN-TIIE		7.645		Lunar		01/03/2023			2,000		0			(3	)		(3	)		0		0
Pay	28-Day MXN-TIIE		7.745		Lunar		01/05/2023			1,400		0			(2	)		(2	)		0		0
Pay	28-Day MXN-TIIE		7.610		Lunar		01/23/2023			6,000		(2	)		(8	)		(10	)		1		0
Pay	28-Day MXN-TIIE		7.805		Lunar		02/06/2023			3,400		0			(5	)		(5	)		1		0
Pay	28-Day MXN-TIIE		7.820		Lunar		02/06/2023			3,400		(1	)		(4	)		(5	)		1		0
Pay	28-Day MXN-TIIE		5.950		Lunar		01/30/2026			600		(4	)		(1	)		(5	)		0		0
Pay	28-Day MXN-TIIE		5.990		Lunar		01/30/2026			4,300		(4	)		(28	)		(32	)		1		0
Pay	28-Day MXN-TIIE		6.008		Lunar		03/10/2026			15,500		(15	)		(98	)		(113	)		3		0
Pay	28-Day MXN-TIIE		6.490		Lunar		09/08/2026			30,000		13			(209	)		(196	)		7		0
Pay	28-Day MXN-TIIE		7.380		Lunar		11/04/2026			100		0			0			0			0		0
Pay	28-Day MXN-TIIE		8.090		Lunar		01/15/2027			3,300		0			(6	)		(6	)		1		0
Pay	28-Day MXN-TIIE		8.120		Lunar		01/15/2027			700		0			(1	)		(1	)		0		0
Pay	28-Day MXN-TIIE		7.865		Lunar		02/02/2027			2,400		0			(6	)		(6	)		1		0
Pay	28-Day MXN-TIIE		8.010		Lunar		02/04/2027			1,200		0			(3	)		(3	)		1		0
Pay	28-Day MXN-TIIE		7.818		Lunar		02/17/2027			1,100		0			(3	)		(3	)		0		0
Pay	28-Day MXN-TIIE		7.150		Lunar		06/11/2027			1,200		(1	)		(5	)		(6	)		0		0
Pay	28-Day MXN-TIIE		7.370		Lunar		10/11/2027			2,500		0			(11	)		(11	)		1		0
Receive	28-Day MXN-TIIE		7.940		Lunar		12/10/2027			2,900		0			7			7			0		(1	)
Receive	28-Day MXN-TIIE		8.005		Lunar		12/21/2027			11,400		(6	)		35			29			0		(3	)
Receive	28-Day MXN-TIIE		7.800		Lunar		12/28/2027			1,200		0			4			4			0		(1	)
Receive	28-Day MXN-TIIE		7.910		Lunar		12/30/2027			700		0			2			2			0		0
Receive	28-Day MXN-TIIE		8.030		Lunar		01/31/2028			2,000		0			5			5			0		(1	)
Receive	28-Day MXN-TIIE		8.050		Lunar		01/31/2028			1,900		1			4			5			0		(1	)
Pay	28-Day MXN-TIIE		7.165		Lunar		09/06/2032			400		0			(3	)		(3	)		0		0
Pay	28-Day MXN-TIIE		7.380		Lunar		08/14/2037			100		0			(1	)		(1	)		0		0
Pay	28-Day MXN-TIIE		7.360		Lunar		08/21/2037			100		0			(1	)		(1	)		0		0
Receive	28-Day MXN-TIIE		8.103		Lunar		01/04/2038			900		1			4			5			0		0
											$	220		$	(592	)	$	(372	)	$	39	$	(62	)
Total Swap Agreements											$	80		$	(509	)	$	(429	)	$	39	$	(65	)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2018:

	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset				Total		Market Value		Variation Margin Liability				Total
	Purchased Options		Futures		Swap Agreements				Written Options		Futures		Swap Agreements
Total Exchange-Traded or Centrally Cleared	$	0	$	69	$	39	$	108	$	0	$	(7)	$	(65)	$	(72)

Cash of $929 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2018. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

⁽¹⁾ If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

⁽²⁾ If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

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

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

⁽⁵⁾ This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 33

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

(n)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
							Asset		Liability
BOA		01/2019	EUR	4,178	$	4,770	$	0	$	(20	)
		01/2019	TRY	10		2		0		0
		01/2019	$	14	ARS	586		1		0
		02/2019	TRY	303	$	53		0		(3	)
BPS		01/2019	ARS	196		5		0		0
		01/2019	TRY	413		78		0		0
		01/2019	$	25	ARS	968		1		0
		02/2019	PEN	425	$	125		0		0
		02/2019	TRY	1,205		221		0		0
		03/2019	$	5	ARS	196		0		0
BRC		01/2019	TRY	256	$	47		0		(1	)
		01/2019	$	70	GBP	55		0		0
CBK		01/2019	AUD	2,654	$	1,945		75		0
		01/2019	EUR	101		115		0		(1	)
		01/2019	JPY	18,300		165		0		(2	)
		01/2019	$	23	ARS	930		2		0
		01/2019		1,603	MXN	30,812		0		(40	)
		02/2019	TRY	524	$	97		0		0
DUB		01/2019	BRL	559		144		0		0
		01/2019		145	BRL	559		0		(1	)
		02/2019	BRL	559	$	145		1		0
GLM		01/2019	GBP	4,436		5,673		16		0
		01/2019	$	65	AUD	91		0		(1	)
		01/2019		48	EUR	42		0		0
		01/2019		87	GBP	68		0		0
		01/2019		909	RUB	60,217		0		(47	)
		02/2019	NZD	1,133	$	764		3		0
		07/2019	$	5	ARS	219		0		0
HUS		01/2019	BRL	559	$	144		0		0
		01/2019	MXN	3,857		191		0		(5	)
		01/2019	$	5	ARS	212		0		0
		01/2019		144	BRL	559		0		0
IND		01/2019	JPY	99,451	$	877		0		(30	)
JPM		01/2019	TRY	4		1		0		0
		01/2019	$	28	ARS	1,097		1		0
		01/2019		46	EUR	40		0		0
		01/2019		18	RUB	1,225		0		(1	)
		02/2019	TRY	610	$	111		0		(1	)
		02/2019	$	1,457	TRY	8,174		48		0
MYI		01/2019	MXN	2,854	$	145		0		0
NGF		03/2019	$	401	INR	28,672		8		0
RBC		02/2019	TRY	255	$	45		0		(2	)
RYL		01/2019	$	205	AUD	290		0		(1	)
SCX		01/2019	TRY	603	$	113		0		(1	)
		01/2019	$	38	TRY	249		9		0
		02/2019		288	RUB	19,097		0		(15	)
Total Forward Foreign Currency Contracts							$	165	$	(172	)

PURCHASED OPTIONS:

FOREIGN CURRENCY OPTIONS

Counterparty	Description	Strike Price			Expiration Date		Notional Amount			Cost		Market Value
HUS	Call - OTC AUD versus USD		$	0.773		02/26/2019		AUD	2,500	$	1	$    0
	Call - OTC USD versus MXN		MXN	25.463		02/26/2019		$	1,300		0	0
	Call - OTC USD versus RUB		RUB	96.733		02/27/2019			1,100		0	1
										$	1	$    1

34 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

OPTIONS ON SECURITIES

Counterparty	Description	Strike Price		Expiration Date		Notional Amount		Cost		Market Value
FAR	Put - OTC Fannie Mae, TBA 3.000% due 02/01/2049	$	67.500		02/06/2019		$    1,500	$	0	$	0
	Put - OTC Fannie Mae, TBA 4.000% due 01/01/2049		75.500		01/07/2019		2,000		0		0
	Put - OTC Fannie Mae, TBA 4.000% due 02/01/2049		76.000		02/06/2019		3,500		0		0
JPM	Put - OTC Fannie Mae, TBA 4.000% due 12/01/2049		70.000		01/07/2019		500		0		0
SAL	Put - OTC Freddie Mac, TBA 3.000% due 01/01/2049		72.000		01/07/2019		2,000		0		0
								$	0	$	0
Total Purchased Options								$	1	$	1

WRITTEN OPTIONS:

CREDIT DEFAULT SWAPTIONS ON CREDIT INDICES

Counterparty	Description	Buy/Sell Protection	Exercise Rate			Expiration Date		Notional Amount			Premiums (Received)			Market Value
BOA	Put - OTC CDX.IG-31 5-Year Index	Sell		0.850	%		01/16/2019		$	200	$	0		$	(1	)
	Put - OTC CDX.IG-31 5-Year Index	Sell		0.900			01/16/2019			800		(1	)		(1	)
	Put - OTC CDX.IG-31 5-Year Index	Sell		1.200			03/20/2019			4,900		(6	)		(8	)
BPS	Put - OTC CDX.IG-31 5-Year Index	Sell		0.850			01/16/2019			500		(1	)		(2	)
	Put - OTC CDX.IG-31 5-Year Index	Sell		1.000			02/20/2019			200		0			(1	)
BRC	Put - OTC CDX.IG-31 5-Year Index	Sell		1.000			01/16/2019			200		0			0
CBK	Put - OTC CDX.HY-31 5-Year Index	Sell		94.000			03/20/2019			100		(1	)		0
	Put - OTC CDX.IG-31 5-Year Index	Sell		0.950			01/16/2019			200		0			0
	Put - OTC CDX.IG-31 5-Year Index	Sell		0.950			02/20/2019			200		(1	)		(1	)
	Put - OTC CDX.IG-31 5-Year Index	Sell		1.100			02/20/2019			100		0			0
	Put - OTC CDX.IG-31 5-Year Index	Sell		1.050			03/20/2019			200		0			(1	)
	Put - OTC CDX.IG-31 5-Year Index	Sell		1.100			03/20/2019			100		0			0
	Put - OTC CDX.IG-31 5-Year Index	Sell		1.200			03/20/2019			200		0			0
GST	Put - OTC CDX.IG-31 5-Year Index	Sell		0.900			01/16/2019			3,700		(4	)		(6	)
	Put - OTC CDX.IG-31 5-Year Index	Sell		0.900			02/20/2019			800		(1	)		(3	)
	Put - OTC CDX.IG-31 5-Year Index	Sell		2.400			09/18/2019			200		0			(1	)
	Put - OTC iTraxx Europe 30 5-Year Index	Sell		2.400			09/18/2019		EUR	200		0			0
JPM	Put - OTC CDX.IG-31 5-Year Index	Sell		1.200			03/20/2019		$	100		0			0
MYC	Put - OTC CDX.IG-31 5-Year Index	Sell		0.900			01/16/2019			200		0			0
	Put - OTC CDX.IG-31 5-Year Index	Sell		1.100			02/20/2019			200		0			0
Total Written Options											$	(15	)	$	(25	)

SWAP AGREEMENTS:

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

Counterparty	Reference Entity	Fixed Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at December 31, 2018(2)			Notional Amount(3)		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at  Value(4)
																				Asset		Liability
BOA	Brazil Government International Bond		1.000	%		Quarterly		06/20/2023		1.903	%	$	200	$	(11	)	$	4		$	0	$	(7	)
BPS	Brazil Government International Bond		1.000			Quarterly		06/20/2023		1.903			100		(6	)		2			0		(4	)
	Mexico Government International Bond		1.000			Quarterly		12/20/2023		1.549			100		(2	)		0			0		(2	)
CBK	Argentine Republic Government International Bond		5.000			Quarterly		06/20/2023		8.005			4		0			0			0		0
	Brazil Government International Bond		1.000			Quarterly		12/20/2022		1.717			245		(8	)		2			0		(6	)
	Mexico Government International Bond		1.000			Quarterly		12/20/2023		1.549			45		0			(1	)		0		(1	)
DUB	Argentine Republic Government International Bond		5.000			Quarterly		12/20/2022		8.004			250		29			(52	)		0		(23	)
GST	Mexico Government International Bond		1.000			Quarterly		06/20/2023		1.434			300		(3	)		(2	)		0		(5	)
	Petrobras Global Finance BV		1.000			Quarterly		12/20/2021		1.967			200		(37	)		32			0		(5	)
HUS	Brazil Government International Bond		1.000			Quarterly		06/20/2023		1.903			600		(38	)		16			0		(22	)
	Colombia Government International Bond		1.000			Quarterly		12/20/2022		1.307			50		0			(1	)		0		(1	)
	Mexico Government International Bond		1.000			Quarterly		12/20/2023		1.549			800		(12	)		(8	)		0		(20	)

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 35

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

Counterparty	Reference Entity	Fixed Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at December 31, 2018(2)			Notional Amount(3)		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at  Value(4)
																				Asset		Liability
JPM	South Africa Government International Bond		1.000	%		Quarterly		06/20/2023		2.113	%	$	100	$	(5	)	$	0		$	0	$	(5	)
MYC	South Africa Government International Bond		1.000			Quarterly		12/20/2022		1.969			400		(8	)		(6	)		0		(14	)
														$	(101	)	$	(14	)	$	0	$	(115	)

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

Counterparty	Index/Tranches	Fixed Receive Rate			Payment Frequency		Maturity Date		Notional Amount(3)		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Swap Agreements, at  Value(4)
																Asset		Liability
DUB	CMBX.NA.AAA.9 Index		0.500	%		Monthly		09/17/2058		$    2,300	$	(128	)	$	120	$	0	$	(8	)
FBF	CMBX.NA.AAA.9 Index		0.500			Monthly		09/17/2058		600		(24	)		22		0		(2	)
GST	CMBX.NA.AAA.10 Index		0.500			Monthly		11/17/2059		4,000		(85	)		41		0		(44	)
MYC	CMBX.NA.AAA.9 Index		0.500			Monthly		09/17/2058		1,600		(88	)		82		0		(6	)
											$	(325	)	$	265	$	0	$	(60	)
Total Swap Agreements											$	(426	)	$	251	$	0	$	(175	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2018:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options			Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure(5)
BOA	$	1	$	0	$	0	$	1	$	(23	)	$	(10	)	$	(7	)	$	(40	)	$	(39	)	$	0	$	(39	)
BPS		1		0		0		1		0			(3	)		(6	)		(9	)		(8	)		0		(8	)
BRC		0		0		0		0		(1	)		0			0			(1	)		(1	)		0		(1	)
CBK		77		0		0		77		(43	)		(2	)		(7	)		(52	)		25			0		25
DUB		1		0		0		1		(1	)		0			(31	)		(32	)		(31	)		0		(31	)
FBF		0		0		0		0		0			0			(2	)		(2	)		(2	)		0		(2	)
GLM		19		0		0		19		(48	)		0			0			(48	)		(29	)		0		(29	)
GST		0		0		0		0		0			(10	)		(54	)		(64	)		(64	)		0		(64	)
HUS		0		1		0		1		(5	)		0			(43	)		(48	)		(47	)		0		(47	)
IND		0		0		0		0		(30	)		0			0			(30	)		(30	)		0		(30	)
JPM		49		0		0		49		(2	)		0			(5	)		(7	)		42			0		42
MYC		0		0		0		0		0			0			(20	)		(20	)		(20	)		0		(20	)
NGF		8		0		0		8		0			0			0			0			8			0		8
RBC		0		0		0		0		(2	)		0			0			(2	)		(2	)		0		(2	)
RYL		0		0		0		0		(1	)		0			0			(1	)		(1	)		0		(1	)
SCX		9		0		0		9		(16	)		0			0			(16	)		(7	)		0		(7	)
Total Over the Counter	$	165	$	1	$	0	$	166	$	(172	)	$	(25	)	$	(175	)	$	(372	)

⁽¹⁾  If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

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

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

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

⁽⁵⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

36 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2018:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	69	$	69
Swap Agreements		0		0		0		0		39		39
	$	0	$	0	$	0	$	0	$	108	$	108
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	165	$	0	$	165
Purchased Options		0		0		0		1		0		1
	$	0	$	0	$	0	$	166	$	0	$	166
	$	0	$	0	$	0	$	166	$	108	$	274
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	7	$	7
Swap Agreements		0		3		0		0		62		65
	$	0	$	3	$	0	$	0	$	69	$	72
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	172	$	0	$	172
Written Options		0		25		0		0		0		25
Swap Agreements		0		175		0		0		0		175
	$	0	$	200	$	0	$	172	$	0	$	372
	$	0	$	203	$	0	$	172	$	69	$	444

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2018:

	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	$	0	$	(84	)	$	(84	)
Swap Agreements		0		(54	)		0		0		(91	)		(145	)
	$	0	$	(54	)	$	0	$	0	$	(175	)	$	(229	)
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	470	$	0		$	470
Written Options		0		22			0		1		13			36
Swap Agreements		0		43			0		0		0			43
	$	0	$	65		$	0	$	471	$	13		$	549
	$	0	$	11		$	0	$	471	$	(162	)	$	320
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0		$	0	$	0	$	(1	)	$	(1	)
Futures		0		0			0		0		438			438
Swap Agreements		0		83			0		0		(273	)		(190	)
	$	0	$	83		$	0	$	0	$	164		$	247
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	24	$	0		$	24
Written Options		0		(15	)		0		0		(3	)		(18	)
Swap Agreements		0		(28	)		0		0		0			(28	)
	$	0	$	(43	)	$	0	$	24	$	(3	)	$	(22	)
	$	0	$	40		$	0	$	24	$	161		$	225

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 37

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

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Investments in Securities, at Value
Asset-Backed Securities
Cayman Islands	$	0	$	1,340	$	0	$	1,340
United States		0		9,848		0		9,848
Loan Participations and Assignments
Canada		0		4		0		4
Luxembourg		0		27		0		27
United Arab Emirates		0		94		0		94
United States		0		1,680		2		1,682
Common Stocks
Australia
Communication Services		0		578		0		578
Consumer Discretionary		0		202		0		202
Consumer Staples		62		910		0		972
Energy		0		429		0		429
Financials		0		2,663		0		2,663
Health Care		94		57		0		151
Industrials		0		131		0		131
Materials		0		714		0		714
Austria
Energy		0		175		0		175
Financials		0		190		0		190
Materials		0		75		0		75
Belgium
Communication Services		0		211		0		211
Financials		0		383		0		383
Industrials		0		59		0		59
Brazil
Energy		0		0		68		68
Utilities		0		1		0		1
Canada
Communication Services		107		0		0		107
Energy		662		0		0		662
Financials		1,747		0		0		1,747
Industrials		183		0		0		183
Utilities		414		0		0		414
Denmark
Industrials		0		190		0		190
Finland
Financials		0		302		0		302
Materials		0		176		0		176
Utilities		0		264		0		264
France
Communication Services		0		2,250		0		2,250
Consumer Discretionary		0		309		0		309
Consumer Staples		0		1,244		0		1,244
Energy		0		948		0		948
Financials		0		2,583		0		2,583
Health Care		0		2,732		0		2,732
Industrials		0		986		0		986
Utilities		0		1,527		0		1,527
Germany
Communication Services		0		54		0		54
Consumer Discretionary		50		2,146		0		2,196
Consumer Staples		0		20		0		20
Financials		0		1,473		0		1,473
Health Care		0		584		0		584
Industrials		0		934		0		934
Materials		0		1,276		0		1,276
Utilities		0		1,177		0		1,177
Hong Kong
Consumer Discretionary		0		307		0		307
Information Technology		0		40		0		40
Real Estate		0		1,028		0		1,028
Israel
Communication Services		0		169		0		169
Financials		0		20		0		20
Materials		0		342		0		342

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Italy
Energy	$	0	$	1,348	$	0	$	1,348
Financials		0		1,157		0		1,157
Industrials		0		57		0		57
Utilities		0		1,534		0		1,534
Japan
Communication Services		0		1,651		0		1,651
Consumer Discretionary		0		4,468		0		4,468
Consumer Staples		0		1,003		0		1,003
Energy		0		670		0		670
Financials		0		5,578		0		5,578
Health Care		0		948		0		948
Industrials		0		4,706		0		4,706
Information Technology		0		4,147		0		4,147
Materials		0		760		0		760
Real Estate		0		119		0		119
Utilities		0		1,551		0		1,551
Luxembourg
Communication Services		0		176		0		176
Netherlands
Communication Services		220		340		0		560
Consumer Staples		0		92		0		92
Energy		0		2,572		0		2,572
Financials		0		418		0		418
Health Care		0		640		0		640
Industrials		0		90		0		90
New Zealand
Materials		79		0		0		79
Utilities		0		23		0		23
Norway
Communication Services		0		216		0		216
Energy		0		834		0		834
Financials		0		86		0		86
Materials		0		247		0		247
Portugal
Materials		0		33		0		33
Utilities		0		479		0		479
Singapore
Industrials		0		260		0		260
South Africa
Financials		0		202		0		202
Spain
Communication Services		0		1,746		0		1,746
Consumer Staples		0		59		0		59
Financials		0		2,282		0		2,282
Industrials		0		645		0		645
Utilities		0		629		0		629
Sweden
Communication Services		0		701		0		701
Financials		0		111		0		111
Health Care		0		90		0		90
Switzerland
Communication Services		0		146		0		146
Consumer Discretionary		135		50		0		185
Financials		0		3,192		0		3,192
Health Care		0		1,854		0		1,854
Industrials		0		123		0		123
Information Technology		145		0		0		145
United Kingdom
Communication Services		0		1,659		0		1,659
Consumer Discretionary		0		880		0		880
Consumer Staples		0		733		0		733
Energy		0		2,558		0		2,558
Financials		0		4,326		0		4,326
Health Care		0		2,381		0		2,381
Industrials		0		734		0		734
Materials		0		242		0		242
Utilities		0		1,131		0		1,131

38 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
United States
Communication Services	$	8,756	$	0	$	0	$	8,756
Consumer Discretionary		9,350		0		0		9,350
Consumer Staples		9,054		0		0		9,054
Energy		12,339		0		0		12,339
Financials		15,301		0		0		15,301
Health Care		14,357		0		0		14,357
Industrials		5,637		0		0		5,637
Information Technology		8,246		0		0		8,246
Materials		2,565		0		0		2,565
Utilities		4,895		0		0		4,895
Convertible Bonds & Notes
United States
Industrials		0		11		0		11
Corporate Bonds & Notes
Australia
Banking & Finance		0		397		0		397
Industrials		0		4		0		4
Bermuda
Banking & Finance		0		858		0		858
Industrials		0		6		0		6
Brazil
Industrials		0		1		0		1
Utilities		0		443		0		443
Canada
Banking & Finance		0		45		0		45
Industrials		0		79		0		79
Cayman Islands
Banking & Finance		0		1,026		0		1,026
Industrials		0		75		0		75
Utilities		0		95		0		95
Finland
Industrials		0		6		0		6
France
Banking & Finance		0		187		0		187
Industrials		0		1,185		0		1,185
Germany
Banking & Finance		0		1,426		0		1,426
Ireland
Industrials		0		458		0		458
Italy
Banking & Finance		0		387		0		387
Japan
Utilities		0		397		0		397
Jersey, Channel Islands
Industrials		0		559		0		559
Luxembourg
Banking & Finance		0		649		0		649
Industrials		0		581		0		581
Utilities		0		1,246		0		1,246
Mexico
Industrials		0		46		0		46
Netherlands
Banking & Finance		0		1,029		0		1,029
Industrials		0		110		0		110
Norway
Industrials		0		16		0		16
United Kingdom
Banking & Finance		0		4,574		0		4,574
Industrials		0		1,183		0		1,183
United States
Banking & Finance		0		5,368		0		5,368
Industrials		0		5,160		0		5,160
Utilities		0		1,270		0		1,270
Venezuela
Industrials		0		52		0		52

Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 12/31/2018
Non-Agency Mortgage-Backed Securities
United Kingdom	$	0		$	2,397		$	0	$	2,397
United States		0			8,027			72		8,099
Municipal Bonds & Notes
California		0			502			0		502
Illinois		0			165			0		165
Michigan		0			200			0		200
Puerto Rico		0			250			0		250
Virginia		0			359			0		359
West Virginia		0			349			0		349
Preferred Stocks
Germany
Industrials		0			1,496			0		1,496
United Kingdom
Banking & Finance		0			201			0		201
Real Estate Investment Trusts
Canada
Real Estate		345			0			0		345
United Kingdom
Real Estate		0			51			0		51
United States
Financials		186			0			0		186
Real Estate		779			0			0		779
Sovereign Issues
Argentina		0			1,067			0		1,067
Greece		0			232			0		232
Kuwait		0			384			0		384
Peru		0			156			0		156
Saudi Arabia		0			557			0		557
Spain		0			62			0		62
Turkey		0			206			0		206
Venezuela		0			40			0		40
U.S. Government Agencies
United States		0			9,557			0		9,557
U.S. Treasury Obligations
United States		0			26,785			0		26,785
Short-Term Instruments
Certificates of Deposit		0			122			0		122
Greece Treasury Bills		0			9			0		9
Argentina Treasury Bills		0			363			0		363
	$	95,708		$	187,995		$	142	$	283,845
Investments in Affiliates, at Value
Short-Term Instruments
Central Funds Used for Cash Management Purposes	$	1,213		$	0		$	0	$	1,213
Total Investments	$	96,921		$	187,995		$	142	$	285,058
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		69			39			0		108
Over the counter		0			166			0		166
	$	69		$	205		$	0	$	274
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(7	)		(65	)		0		(72	)
Over the counter		0			(372	)		0		(372	)
	$	(7	)	$	(437	)	$	0	$	(444	)
Total Financial Derivative Instruments	$	62		$	(232	)	$	0	$	(170	)
Totals	$	96,983		$	187,763		$	142	$	284,888

There were no significant transfers into or out of Level 3 during the period ended December 31, 2018.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 39

Schedule of Investments PIMCO EqS^® Long/Short Fund

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 69.2%
COMMON STOCKS 34.8%
CANADA 1.5%
UTILITIES 1.5%
Fortis, Inc.		205,000	$		6,834
Total Canada					6,834
GERMANY 2.0%
FINANCIALS 2.0%
Deutsche Boerse AG		77,000			9,206
Total Germany					9,206
IRELAND 1.1%
HEALTH CARE 1.1%
Medtronic PLC		53,000			4,821
Total Ireland					4,821
UNITED STATES 30.2%
COMMUNICATION SERVICES 4.1%
Alphabet, Inc. ‘C’ (a)		8,500			8,803
Walt Disney Co.		90,000			9,868
					18,671
CONSUMER DISCRETIONARY 4.4%
Carnival Corp. (f)		80,000			3,944
DR Horton, Inc.		65,000			2,253
Las Vegas Sands Corp.		100,000			5,205
Royal Caribbean Cruises Ltd.		87,000			8,508
					19,910
ENERGY 7.9%
Enterprise Products Partners LP		250,000			6,148
Equitrans Midstream Corp. (a)(f)		64,000			1,281
Marathon Oil Corp.		250,000			3,585
ONEOK, Inc.		250,000			13,487
Plains All American Pipeline LP		300,000			6,012
WPX Energy, Inc. (a)		500,000			5,675
					36,188

	SHARES			MARKET VALUE (000S)
FINANCIALS 2.1%
Discover Financial Services		125,000	$		7,373
Lincoln National Corp. (f)		39,000			2,001
					9,374
HEALTH CARE 3.3%
Celgene Corp. (a)(f)		34,000			2,179
Mylan NV (a)(f)		50,000			1,370
Pfizer, Inc.		150,000			6,548
UnitedHealth Group, Inc. (f)		20,000			4,982
					15,079
INDUSTRIALS 3.6%
Illinois Tool Works, Inc. (f)		55,000			6,968
JetBlue Airways Corp. (a)(f)		300,000			4,818
Masco Corp.		160,000			4,678
					16,464
INFORMATION TECHNOLOGY 2.7%
Apple, Inc.		35,000			5,521
Oracle Corp.		150,000			6,772
					12,293
REAL ESTATE 1.1%
Howard Hughes Corp. (a)		50,000			4,881
UTILITIES 1.0%
ONE Gas, Inc.		60,000			4,776
Total United States					137,636
Total Common Stocks (Cost $174,337)					158,497
EXCHANGE-TRADED FUNDS 2.6%
UNITED STATES 2.6%
SPDR S&P Regional Banking ETF		250,000			11,697
Total Exchange-Traded Funds (Cost $15,701)					11,697
REAL ESTATE INVESTMENT TRUSTS 2.6%
UNITED STATES 2.6%
REAL ESTATE 2.6%
Equinix, Inc.		8,300			2,926
HCP, Inc.		111,000			3,100

		SHARES			MARKET VALUE (000S)
Host Hotels & Resorts, Inc.			178,500	$		2,976
STORE Capital Corp.			108,000			3,057
						12,059
Total Real Estate Investment Trusts (Cost $12,889)						12,059
SHORT-TERM INSTRUMENTS 29.2%
REPURCHASE AGREEMENTS (d) 0.1%
						596
		PRINCIPAL AMOUNT (000S)
U.S. TREASURY BILLS 29.1%
2.348% due 01/03/2019 - 02/19/2019 (b)(c)(h)(j)	$		132,600			132,394
Total Short-Term Instruments (Cost $132,992)						132,990
Total Investments in Securities (Cost $335,919)						315,243
		SHARES
INVESTMENTS IN AFFILIATES 32.6%
SHORT-TERM INSTRUMENTS 32.6%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 32.6%
PIMCO Short-Term Floating NAV Portfolio III			15,018,379			148,442
Total Short-Term Instruments (Cost $148,424)						148,442
Total Investments in Affiliates (Cost $148,424)						148,442
Total Investments 101.8% (Cost $484,343)				$		463,685
Securities Sold Short (e) (23.3)% (Proceeds $115,458)						(106,038	)
Financial Derivative Instruments (g)(i) (0.2)% (Cost or Premiums, net $(2,669))						(960	)
Other Assets and Liabilities, net 21.7%						98,790
Net Assets 100.0%				$		455,477

NOTES TO SCHEDULE OF INVESTMENTS:

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

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

(b) 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)
FICC		2.000	%		12/31/2018		01/02/2019	$	596	U.S. Treasury Notes 2.875% due 09/30/2023	$	(613	)	$	596	$	596
Total Repurchase Agreements											$	(613	)	$	596	$	596

40 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

(e)  SECURITIES SOLD SHORT

Counterparty	Description	Shares		Proceeds			Payable for Short Sales(2)
	Common Stocks (18.2)%
	Canada (1.6)%
	Energy (1.6)%
GSC	TransCanada Corp.		210,000	$	(8,959	)	$	(7,605	)
	Total Canada				(8,959	)		(7,605	)
	United States (16.6)%
	Communication Services (1.6)%
	Facebook, Inc.		35,000		(4,989	)		(4,588	)
	Omnicom Group, Inc.		34,000		(2,449	)		(2,511	)
					(7,438	)		(7,099	)
	Consumer Discretionary (5.5)%
	Amazon.com, Inc.		4,000		(6,612	)		(6,008	)
	BJ’s Restaurants, Inc.		55,000		(3,522	)		(2,781	)
FOB	Choice Hotels International, Inc.		30,000		(2,360	)		(2,154	)
GSC	Domino’s Pizza, Inc.		19,000		(4,771	)		(4,712	)
	Dunkin’ Brands Group, Inc.		35,000		(2,490	)		(2,244	)
	Hyatt Hotels Corp. ‘A’		35,000		(2,482	)		(2,366	)
FOB	NVR, Inc.		2,000		(4,876	)		(4,874	)
					(27,113	)		(25,139	)
	Consumer Staples (0.7)%
GSC	Clorox Co.		20,000		(2,554	)		(3,083	)
	Energy (1.6)%
	Apache Corp.		120,000		(4,859	)		(3,150	)
	Exxon Mobil Corp.		64,000		(5,054	)		(4,364	)
					(9,913	)		(7,514	)
	Financials (1.0)%
	Wells Fargo & Co.		100,000		(5,142	)		(4,608	)
	Health Care (1.2)%
	AbbVie, Inc.		26,000		(2,346	)		(2,397	)
FOB	Amgen, Inc.		16,000		(2,682	)		(3,115	)
					(5,028	)		(5,512	)
	Industrials (3.1)%
GSC	CSX Corp.		100,000		(6,979	)		(6,213	)
	Norfolk Southern Corp.		43,000		(7,061	)		(6,430	)
	Snap-on, Inc.		11,000		(1,706	)		(1,598	)
					(15,746	)		(14,241	)
	Information Technology (0.9)%
	International Business Machines Corp.		35,000		(4,272	)		(3,979	)
	Utilities (1.0)%
	Southern Co.		100,000		(4,737	)		(4,392	)
	Total United States				(81,943	)		(75,567	)
	Total Common Stocks				(90,902	)		(83,172	)
	Exchange-Traded Funds (0.8)%
	United States (0.8)%
FOB	iShares Nasdaq Biotechnology ETF		35,000		(3,860	)		(3,375	)
	Total Exchange-Traded Funds				(3,860	)		(3,375	)
	Real Estate Investment Trusts (4.2)%
	United States (4.2)%
FOB	Apollo Commercial Real Estate Finance, Inc.		124,000		(2,332	)		(2,123	)
GSC	Digital Realty Trust, Inc.		22,000		(2,527	)		(2,366	)
	Iron Mountain, Inc.		170,000		(6,110	)		(5,614	)
	Pebblebrook Hotel Trust		73,600		(2,387	)		(2,093	)
	Realty Income Corp.		45,000		(2,577	)		(2,847	)
FOB	Starwood Property Trust, Inc.		100,000		(2,211	)		(2,019	)
GSC	Welltower, Inc		35,000		(2,552	)		(2,429	)
	Total Real Estate Investment Trusts				(20,696	)		(19,491	)
Total Short Sales (23.2)%				$	(115,458	)	$	(106,038	)

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 41

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

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2018:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Payable for Short Sales(2)			Total Borrowings and Other Financing Transactions			Collateral Pledged/(Received)			Net  Exposure(3)
Global/Master Repurchase Agreement
FICC	$	596	$	0	$	0	$	0		$	596		$	(613	)	$	(17	)
Prime Brokerage Agreement
FOB		0		0		0		(17,660	)		(17,660	)		31,865			14,205
GSC		0		0		0		(88,378	)		(88,378	)		94,260			5,882
Total Borrowings and Other Financing Transactions	$	596	$	0	$	0	$	(106,038	)

(f) Securities with an aggregate market value of $17,533 and cash of $108,592 have been pledged as collateral as of December 31, 2018 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.

⁽¹⁾ Includes accrued interest.

⁽²⁾ Payable for short sales includes $384 of dividends payable.

⁽³⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

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

PURCHASED OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Cost		Market Value
Call - CBOE S&P 500	$	2,675.000		01/18/2019		785	$	79	$	1,340	$	236
Total Purchased Options									$	1,340	$	236

WRITTEN OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Call - CBOE S&P 500	$	2,725.000		01/18/2019		785	$	79	$	(641	)	$	(82	)
Total Written Options									$	(641	)	$	(82	)

FUTURES CONTRACTS:

SHORT FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
											Asset		Liability
E-mini Russell 2000 Index March Futures		03/2019		354	$	(23,877	)	$	(22	)	$	0	$	(143	)
E-mini S&P 500 Index March Futures		03/2019		84		(10,522	)		161			0		(81	)
Total Futures Contracts								$	139		$	0	$	(224	)

SWAP AGREEMENTS:

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

Index/Tranches	Fixed (Pay) Rate			Payment Frequency	Maturity Date		Notional Amount(2)		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)		Market Value(3)			Variation Margin
																	Asset		Liability
CDX.HY-29 5-Year Index		(5.000	)%	Quarterly		12/20/2022	$	41,800	$	(3,368	)	$	1,910	$	(1,458	)	$	0	$	(55	)
Total Swap Agreements									$	(3,368	)	$	1,910	$	(1,458	)	$	0	$	(55	)

42 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2018:

	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	$	236	$	0	$	0	$	236	$	(82)	$	(224)	$	(55)	$	(361)

(h) Securities with an aggregate market value of $1,546 and cash of $1,775 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2018. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

⁽¹⁾ If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

⁽²⁾ 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 serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the 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.

(i)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received	Unrealized Appreciation/ (Depreciation)
						Asset		Liability
BOA		01/2019	CAD	9,629	$      7,194	$	139	$	0
		01/2019	EUR	8,890	10,149		0		(43	)
NAB		01/2019	CAD	204	155		5		0
Total Forward Foreign Currency Contracts						$	144	$	(43	)

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
															Asset		Liability
BPS	Receive	AMZX Index		3,729	3-Month USD-LIBOR plus a specified spread	Quarterly	09/19/2019	$	8,000	$	0	$	(69	)	$	0	$	(69	)
CBK	Receive	AMZX Index		4,249	3-Month USD-LIBOR plus a specified spread	Quarterly	02/15/2019		5,309		0		(565	)		0		(565	)
	Receive	AMZX Index		2,178	3-Month USD-LIBOR plus a specified spread	Quarterly	11/20/2019		2,530		0		(209	)		0		(209	)
FAR	Receive	AMZX Index		8,182	3-Month USD-LIBOR plus a specified spread	Quarterly	09/12/2019		8,747		0		(93	)		0		(93	)
										$	0	$	(936	)	$	0	$	(936	)
Total Swap Agreements										$	0	$	(936	)	$	0	$	(936	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged as of December 31, 2018:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged		Net Exposure(2)
BOA	$	139	$	0	$	0	$	139	$	(43	)	$	0	$	0		$	(43	)	$	96		$	0	$	96
BPS		0		0		0		0		0			0		(69	)		(69	)		(69	)		1,993		1,924

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 43

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

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged		Net Exposure(2)
CBK	$	0	$	0	$	0	$	0	$	0		$	0	$	(774	)	$	(774	)	$	(774	)	$	763	$	(11	)
FAR		0		0		0		0		0			0		(93	)		(93	)		(93	)		0		(93	)
NAB		5		0		0		5		0			0		0			0			5			0		5
Total Over the Counter	$	144	$	0	$	0	$	144	$	(43	)	$	0	$	(936	)	$	(979	)

(j) Securities with an aggregate market value of $2,756 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2018.

⁽¹⁾ Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference.

⁽²⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2018:

	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	$	236	$	0	$	0	$	236
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	144	$	0	$	144
	$	0	$	0	$	236	$	144	$	0	$	380
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	82	$	0	$	0	$	82
Futures		0		0		224		0		0		224
Swap Agreements		0		55		0		0		0		55
	$	0	$	55	$	306	$	0	$	0	$	361
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	43	$	0	$	43
Swap Agreements		0		0		936		0		0		936
	$	0	$	0	$	936	$	43	$	0	$	979
	$	0	$	55	$	1,242	$	43	$	0	$	1,340

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2018:

	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	$	(1,006	)	$	0		$	9,772		$	0	$	0	$	8,766
Swap Agreements		0			(1,062	)		0			0		0		(1,062	)
	$	(1,006	)	$	(1,062	)	$	9,772		$	0	$	0	$	7,704
Over the counter
Forward Foreign Currency Contracts	$	0		$	0		$	0		$	963	$	0	$	963
Swap Agreements		0			0			(3,207	)		0		0		(3,207	)
	$	0		$	0		$	(3,207	)	$	963	$	0	$	(2,244	)
	$	(1,006	)	$	(1,062	)	$	6,565		$	963	$	0	$	5,460

44 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

	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	$	(1,104	)	$	0		$	0	$	(1,104	)
Written Options		0		0		558			0			0		558
Futures		1,097		0		(649	)		0			0		448
Swap Agreements		0		1,206		0			0			0		1,206
	$	1,097	$	1,206	$	(1,195	)	$	0		$	0	$	1,108
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0		$	(173	)	$	0	$	(173	)
Swap Agreements		0		0		(1,173	)		0			0		(1,173	)
	$	0	$	0	$	(1,173	)	$	(173	)	$	0	$	(1,346	)
	$	1,097	$	1,206	$	(2,368	)	$	(173	)	$	0	$	(238	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Investments in Securities, at Value
Common Stocks
Canada
Utilities	$	6,834	$	0	$	0	$	6,834
Germany
Financials		0		9,206		0		9,206
Ireland
Health Care		4,821		0		0		4,821
United States
Communication Services		18,671		0		0		18,671
Consumer Discretionary		19,910		0		0		19,910
Energy		36,188		0		0		36,188
Financials		9,374		0		0		9,374
Health Care		15,079		0		0		15,079
Industrials		16,464		0		0		16,464
Information Technology		12,293		0		0		12,293
Real Estate		4,881		0		0		4,881
Utilities		4,776		0		0		4,776
Exchange-Traded Funds
United States		11,697		0		0		11,697
Real Estate Investment Trusts
United States
Real Estate		12,059		0		0		12,059
Short-Term Instruments
Repurchase Agreements		0		596		0		596
U.S. Treasury Bills		0		132,394		0		132,394
	$	173,047	$	142,196	$	0	$	315,243
Investments in Affiliates, at Value
Short-Term Instruments
Central Funds Used for Cash Management Purposes	$	148,442	$	0	$	0	$	148,442
Total Investments	$	321,489	$	142,196	$	0	$	463,685

Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 12/31/2018
Short Sales, at Value - Liabilities
Common Stocks
Canada
Energy	$	(7605	)	$	0		$	0	$	(7605	)
United States
Communication Services		(7,099	)		0			0		(7,099	)
Consumer Discretionary		(25,139	)		0			0		(25,139	)
Consumer Staples		(3,083	)		0			0		(3,083	)
Energy		(7,514	)		0			0		(7,514	)
Financials		(4,608	)		0			0		(4,608	)
Health Care		(5,512	)		0			0		(5,512	)
Industrials		(14,241	)		0			0		(14,241	)
Information Technology		(3,979	)		0			0		(3,979	)
Utilities		(4,392	)		0			0		(4,392	)
Exchange-Traded Funds
United States		(3,375	)		0			0		(3,375	)
Real Estate Investment Trusts
United States		(19,491	)		0			0		(19,491	)
	$	(106,038	)	$	0		$	0	$	(106,038	)
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		0			236			0		236
Over the counter		0			144			0		144
	$	0		$	380		$	0	$	380
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(224	)		(137	)		0		(361	)
Over the counter		0			(979	)		0		(979	)
	$	(224	)	$	(1,116	)	$	0	$	(1,340	)
Total Financial Derivative Instruments	$	(224	)	$	(736	)	$	0	$	(960	)
Totals	$	215,227		$	141,460		$	0	$	356,687

There were no significant transfers into or out of Level 3 during the period ended December 31, 2018.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 45

Notes to Financial Statements

1. ORGANIZATION

PIMCO Equity Series (the “Trust”) was established as a Delaware statutory trust on March 30, 2010. The Trust is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, I-2, I-3, 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 equity portion of the PIMCO Dividend and Income Fund. PIMCO and Research Affiliates have also engaged Parametric Portfolio Associates, LLC (“Parametric”) to implement the investment strategies of the equity portion of the PIMCO Dividend and Income Fund.

2. SIGNIFICANT ACCOUNTING POLICIES

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

(a) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized

appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

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

(b) Foreign Currency Translation  The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. The Funds may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.

(c) Multi-Class Operations  Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to

46 PIMCO EQUITY SERIES

December 31, 2018 (Unaudited)

that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the respective Fund. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value (“NAV”) of a class of the respective Fund’s shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

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

	Distribution Frequency
Fund Name	Declared		Distributed
PIMCO Dividend and Income Fund		Quarterly		Quarterly
PIMCO EqS® Long/Short Fund		Annually		Annually

Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than once each year.

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

If a Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund estimates the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is estimated that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund’s daily internal accounting records and practices, a Fund’s financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund’s internal accounting records and practices may take into account, among other

factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include, among others, the treatment of paydowns on mortgage-backed securities purchased at a discount and periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund’s financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution’s tax character will be reported on Form 1099 DIV sent to shareholders for the calendar year.

Distributions classified as a tax basis return of capital, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(e) New Accounting Pronouncements  In August 2016, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”), ASU 2016-15, which amends Accounting Standards Codification (“ASC”) 230 to clarify guidance on the classification of certain cash receipts and cash payments in the Statement of Cash Flows. The ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. The Funds have adopted the ASU. The implementation of the ASU did not have an impact on the Funds’ financial statements.

In November 2016, the FASB issued ASU 2016-18 which amends ASC 230 to provide guidance on the classification and presentation of changes in restricted cash and restricted cash equivalents on the Statement of Cash Flows. The ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. The Funds have adopted the ASU. The implementation of the ASU did not have an impact on the Funds’ financial statements.

In March 2017, the FASB issued ASU 2017-08 which provides guidance related to the amortization period for certain purchased callable debt securities held at a premium. The ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The Funds have adopted the ASU. The implementation of the ASU did not have an impact on the Funds’ financial statements.

SEMIANNUAL REPORT DECEMBER 31, 2018 47

Notes to Financial Statements (Cont.)

In August 2018, the FASB issued ASU 2018-13 which modifies certain disclosure requirements for fair value measurements in ASC 820. The ASU is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. At this time, management has elected to early adopt the amendments that allow for removal of certain disclosure requirements. Management plans to adopt the amendments that require additional fair value measurement disclosures for annual periods beginning after December 15, 2019, and interim periods within those annual periods. Management is currently evaluating the impact of these changes on the financial statements.

In August 2018, the U.S. Securities and Exchange Commission (“SEC”) adopted amendments to certain rules and forms for the purpose of disclosure update and simplification. The compliance date for these amendments is 30 days after date of publication in the Federal Register, which was on October 4, 2018. Management has adopted these amendments and the changes are incorporated throughout all periods presented in the financial statements. Prior distributions for the period ended June 30, 2018, before these amendments became effective, were presented as follows (amounts in thousands^†):

	PIMCO Dividend and Income Fund			PIMCO EqS® Long/Short Fund
Distributions to Shareholders:
From net investment income
Institutional Class	$	(650	)	$	0
Class I-2		(724	)		0
Class I-3		0			0
Class D		(152	)(a)		0	(a)
Class A		(3,458	)		0
Class C		(2,417	)		0
From net realized capital gains
Institutional Class		0			(9,995	)
Class I-2		0			(6,284	)
Class I-3		0			0
Class D		0	(a)		(2,640	)(a)
Class A		0			(4,412	)
Class C		0			(4,484	)
Total Distributions from Net Investment Income and/or Net Realized Capital Gains	$	(7,401	)	$	(27,815	)

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

^(a)  Class D shares converted into Class A shares on March 23, 2018, and are no longer available for purchase or as an exchange.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies  The price of a Fund’s shares is based on the Fund’s NAV. The NAV of a Fund, or each of its share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets, less any liabilities attributable to that Fund or class, by the total number of shares outstanding of that Fund or class.

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

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

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

48 PIMCO EQUITY SERIES

December 31, 2018 (Unaudited)

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

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

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

(b) Fair Value Hierarchy  U.S. GAAP describes fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in

SEMIANNUAL REPORT DECEMBER 31, 2018 49

Notes to Financial Statements (Cont.)

an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2, or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:

^∎  Level 1 — Quoted prices in active markets or exchanges for identical assets and liabilities.

^∎  Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

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

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

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of a Fund’s assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

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

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained 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

50 PIMCO EQUITY SERIES

December 31, 2018 (Unaudited)

valuation. Foreign exchange adjustments are applied to the last reported price to convert the linked equity’s trading currency to the contract’s settling currency. These investments are categorized as Level 2 of the fair value hierarchy.

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

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

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

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

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

Each Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III (“Central Funds”) to the extent permitted by the Act and rules thereunder. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Funds. The table below shows the Funds’ transactions in and earnings from investments in the affiliated Funds for the period ended December 31, 2018 (amounts in thousands^†):

Investments in PIMCO Short-Term Floating NAV Portfolio III
Fund Name	Market Value 06/30/2018		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2018		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Dividend and Income Fund	$	2,007	$	19,707	$	(20,501	)	$	0		$	0		$	1,213	$	6	$	0
PIMCO EqS® Long/Short Fund		141,419		222,354		(215,299	)		(11	)		(21	)		148,442		1,754		0

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

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

SEMIANNUAL REPORT DECEMBER 31, 2018 51

Notes to Financial Statements (Cont.)

(b) Investments in Securities

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

Exchange-Traded Funds  typically are index-based investment companies that hold substantially all of their assets in securities representing their specific index, but may also be actively-managed investment companies. Shares of ETFs trade throughout the day on an exchange and represent an investment in a portfolio of securities and other assets. As a shareholder of another investment company, a Fund would bear their pro rata portion of the other investment company’s expenses, including advisory fees, in addition to the expenses the Funds bear directly in connection with their own operations. Investments in ETFs entail certain risks; in particular, investments in index ETFs involve the risk that the ETF’s performance may not track the performance of the index the ETF is designed to track.

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

Loans and Other Indebtedness, Loan Participations and Assignments  are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. 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 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. Unfunded loan commitments are reflected as a liability on the Statements of Assets and Liabilities.

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

52 PIMCO EQUITY SERIES

December 31, 2018 (Unaudited)

insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments, and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable, such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases and syndicated bank loans.

Collateralized Debt Obligations  (“CDOs”) include Collateralized Bond Obligations (“CBOs”), Collateralized Loan Obligations (“CLOs”) and other similarly structured securities. CBOs and CLOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and each Fund’s prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to, (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) the risk that a Fund may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Collateralized Mortgage Obligations  (“CMOs”) are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as “tranches”, with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs

may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

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

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

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

Real Estate Investment Trusts  (“REITs”) are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is not taxed on the income distributed to shareholders. Distributions received from REITs may be characterized as income, capital gain or a return of capital. A return of capital is recorded by 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.

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Notes to Financial Statements (Cont.)

Restricted Investments  are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Funds at December 31, 2018 are disclosed in the Notes to Schedules of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises  are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association (“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.

Roll-timing strategies can be used where a Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and

opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statements of Assets and Liabilities as an asset or liability, respectively.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

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

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

(a) Repurchase Agreements  Under the terms of a typical repurchase agreement, a Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by a Fund’s custodian or designated subcustodians under tri-party repurchase agreements and in certain instances will remain in custody with the counterparty. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for the receipt of collateral, which may result in interest expense to the Fund.

(b) Reverse Repurchase Agreements  In a reverse repurchase agreement, a Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. A Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by a Fund to counterparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In

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periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(c) Sale-Buybacks  A sale-buyback financing transaction consists of a sale of a security by a Fund to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. A Fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by a Fund are reflected as a liability on the Statements of Assets and Liabilities. A Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the ‘price drop’. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, a Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between a Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statements of Operations. Interest payments based upon negotiated financing terms made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(d) Short Sales  Short sales are transactions in which 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 a 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, or securities identical to 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 a Fund is unable, for whatever reason, to close out its short position.

6. FINANCIAL DERIVATIVE INSTRUMENTS

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

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

(a) Forward Foreign Currency Contracts  may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Fund’s securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by a Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statements of Assets and Liabilities. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts  are agreements to buy or sell a security or other asset for a set price on a future date. A Fund may use futures contracts

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Notes to Financial Statements (Cont.)

to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures 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  may be written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Fund’s exposure to the underlying instrument. Writing call options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statements of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. A Fund as a writer of an option has no control over whether the underlying instrument may be sold (“call”) or purchased (“put”) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. A Fund pays a premium which is included as an asset on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with

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

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

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

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

Options on Indices  (“Index Option”) use a specified index as the underlying instrument for the option contract. The exercise for an Index Option will not include physical delivery of the underlying index but will result in a cash transfer of the amount of the difference between the settlement price of the underlying index and the strike price.

Options on Securities  may be written or purchased to enhance returns or to hedge an existing position or future investment. An option on a security uses a specified security as the underlying instrument for the option contract.

(d) Swap Agreements  are bilaterally negotiated agreements between 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.

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Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps (“Swap Variation Margin”), if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gain (loss) on the Statements of Operations.

For purposes of applying certain of a Fund’s investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by a Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of a Fund’s investment policies and restrictions, the Funds will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of a Fund’s other investment policies and restrictions. For example, a Fund may value credit default swaps at full exposure value for purposes of a Fund’s credit quality guidelines (if any) because such value in general better reflects a Fund’s actual economic exposure during the term of the credit default swap agreement. As a result, a Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in a Fund’s prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether a Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by a Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the

amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

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

To the extent a Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements  on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where 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

SEMIANNUAL REPORT DECEMBER 31, 2018 57

Notes to Financial Statements (Cont.)

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

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Fund may use credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indices are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedules of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular

referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

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

Interest Rate Swap Agreements  may be entered into to help hedge against interest rate risk exposure and to maintain a Fund’s ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Funds hold may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, a Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by a Fund with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and

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a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements  are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities, or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, a Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, a Fund would owe payments on any net positive total return, and would receive payments in the event of a net negative total return.

7. PRINCIPAL RISKS

The principal risks of investing in a Fund, which could adversely affect its net asset value, yield and total return, are listed below.

Risks	PIMCO Dividend and Income Fund		PIMCO EqS® Long/Short Fund
Equity		X		X
Dividend-Oriented Stocks		X
Value Investing		X		X
Foreign (Non-U.S.) Investment		X		X
Emerging Markets		X		X
Sovereign Debt		X		X
Market		X		X
Issuer		X		X
Interest Rate		X		X
Call		X		X
Credit		X		X
High Yield and Distressed Company		X		X
Currency		X		X
Real Estate		X		X
Liquidity		X		X
Leveraging		X		X
Issuer Non-Diversification				X
Management		X		X
Small-Cap and Mid-Cap Company		X		X
Derivatives		X		X
Model		X
Mortgage-Related and Other Asset-Backed		X
Short Exposure		X		X
Convertible Securities		X		X
Cash Holdings				X

Please see “Description of Principal Risks” in a Fund’s prospectus for a more detailed description of the risks of investing in a Fund.

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

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

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

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

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

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

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Notes to Financial Statements (Cont.)

Market Risk  is the risk that the value of securities owned by a Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Issuer Risk  is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services.

Interest Rate Risk  is the risk that fixed income securities and dividend-paying equity securities will decline in value because of an increase in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration.

Call Risk  is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer’s credit quality). If an issuer calls a security that a Fund has invested in, a Fund may not recoup the full amount of its initial investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk  is the risk that a Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling to meet its financial obligations.

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

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

Real Estate Risk  is the risk that a Fund’s investments in Real Estate Investment Trusts (“REITs”) or real estate-linked derivative instruments will subject a Fund to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions,

supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. A Fund’s investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, privately traded REITs subject a Fund to liquidity and valuation risk.

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

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

Issuer Non-Diversification Risk  is the risk of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are “non-diversified” may invest a greater percentage of their assets in the securities of a single issuer than funds that are “diversified”.

Management Risk  is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio manager in connection with managing a Fund. There is no guarantee that the investment objective of a Fund will be achieved.

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

Derivatives Risk  is the risk of investing in derivative instruments (such as futures, swaps and structured securities), including leverage, liquidity, interest rate, market, credit and management risks, mispricing or valuation complexity. Changes in the value of the derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested. A Fund’s use of derivatives may result in losses to the Fund, a reduction in a Fund’s returns and/or increased volatility. Over-the-counter (“OTC”) derivatives are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to

60 PIMCO EQUITY SERIES

December 31, 2018 (Unaudited)

centrally-cleared derivative transactions might not be available for OTC derivatives. For derivatives traded on an exchange or through a central counterparty, credit risk resides with a Fund’s clearing broker, or the clearinghouse itself, rather than with a counterparty in an OTC derivative transaction. Changes in regulation relating to a mutual fund’s use of derivatives and related instruments could potentially limit or impact a Fund’s ability to invest in derivatives, limit a Fund’s ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and a Fund’s performance.

Model Risk  is the risk that a Fund’s investment models used in making investment allocation decisions may not adequately take into account certain factors and may result in a decline in the value of an investment in a Fund.

Mortgage-Related and Other Asset-Backed Risk  is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk.

Short Exposure Risk  is the risk of entering into short sales, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale will not fulfill its contractual obligations, causing a loss to a Fund.

Convertible Securities Risk  is the risk that arises when convertible securities share both fixed income and equity characteristics. Convertible securities are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk and credit risk.

Cash Holdings Risk  is the risk of holding large cash positions, including lower returns and potential lost opportunities to participate in market appreciation.

8. MASTER NETTING ARRANGEMENTS

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

Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

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

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

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

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as

SEMIANNUAL REPORT DECEMBER 31, 2018 61

Notes to Financial Statements (Cont.)

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 are 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.

9. FEES AND EXPENSES

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

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

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

	Investment Advisory Fee		Supervisory and Administrative Fee
Fund Name	All Classes		Institutional Class		I-2		I-3			Class A		Class C
PIMCO Dividend and Income Fund		0.49%		0.30%		0.40%		0.50%	*(1)		0.40%		0.40%
PIMCO EqS® Long/Short Fund		1.04%		0.45%		0.55%		0.65%	(1)		0.55%		0.55%

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

⁽¹⁾  PIMCO has contractually agreed, through October 31, 2019, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund.

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

The Trust has adopted separate Distribution and Servicing Plans with respect to the Class A and Class C shares of the Trust pursuant to

Rule 12b-1 under the Act. In connection with the distribution of Class C shares of the Trust, the Distributor receives distribution fees from the Trust of up to 0.75% for Class C shares, and in connection with personal services rendered to Class A and Class C shareholders and the maintenance of such shareholder accounts, the Distributor receives

62 PIMCO EQUITY SERIES

December 31, 2018 (Unaudited)

servicing fees from the Trust of up to 0.25% for each of Class A and Class C shares (percentages reflect annual rates of the average daily net assets attributable to the applicable class).

The Trust paid distribution and servicing fees at effective rates as noted in the following table (calculated as a percentage of 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 December 31, 2018, the Distributor retained $28,233 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, 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 each other 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  Pursuant to the Expense Limitation Agreement, PIMCO has agreed to waive a portion of the Funds’ Supervisory and Administrative Fee, or reimburse each Fund, to the extent that each Fund’s organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee Fees exceed 0.0049%, the “Expense Limit” (calculated as a percentage of each Fund’s average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

Pursuant to a Fee Waiver Agreement, PIMCO previously contractually agreed to reduce its Advisory Fee for the PIMCO Dividend and Income Fund. Effective June 16, 2016, this contractual agreement has been terminated. The waiver is reflected in the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO.

Under certain conditions, PIMCO may be reimbursed for amounts waived pursuant to the Expense Limitation Agreement in future periods, not to exceed thirty-six months after the waiver. The total recoverable amounts to PIMCO at December 31, 2018, were as follows (amounts in thousands^†):

	Expiring within
Fund Name	12 months		13-24 months		25-36 months		Total
PIMCO Dividend and Income Fund	$	427	$	29	$	30	$	486
PIMCO EqS® Long/Short Fund		114		47		48		209

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

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through October 31, 2019, to reduce its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the PIMCO Dividend and Income Fund and PIMCO EqS^® Long/Short Fund. This Fee Waiver Agreement will automatically

renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The Waiver is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

SEMIANNUAL REPORT DECEMBER 31, 2018 63

Notes to Financial Statements (Cont.)

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

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. Purchases and sales of securities pursuant to Rule 17a-7 under the Act for the period ended December 31, 2018, were as follows (amounts in thousands^†):

Fund Name	Purchases		Sales
PIMCO Dividend and Income Fund	$	637	$	57

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

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust’s organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust

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

12. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as “portfolio turnover.” Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs 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 shareholder’s performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2018, were as follows (amounts in thousands^†):

	U.S. Government/Agency				All Other
Fund Name	Purchases		Sales		Purchases		Sales
PIMCO Dividend and Income Fund	$	69,365	$	70,788	$	40,817	$	47,032
PIMCO EqS® Long/Short Fund		0		0		539,671		639,777

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

64 PIMCO EQUITY SERIES

December 31, 2018 (Unaudited)

13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands^†):

	PIMCO Dividend and Income Fund												PIMCO EqS®  Long/Short Fund
	Six Months Ended 12/31/2018 (Unaudited)						Year Ended 06/30/2018						Six Months Ended 12/31/2018 (Unaudited)						Year Ended 06/30/2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		268		$	3,067			521		$	6,106			1,899		$	22,699			5,993		$	72,343
I-2		398			4,512			1,178			13,779			4,641			55,861			2,466			29,527
I-3		0			0			0			0			119			1,426			2			18
Class D		0			0			80			935			0			0			1,764			21,142
Class A		876			9,903			2,541	(a)		29,861	(a)		711			8,373			5,044	(b)		58,073	(b)
Class C		400			4,475			688			8,096			256			2,866			455			5,181
Issued as reinvestment of distributions
Institutional Class		56			597			55			650			1,046			11,635			850			9,984
I-2		46			497			41			487			928			10,241			537			6,263
I-3		0			0			0			0			8			92			0			0
Class D		0			0			13			151			0			0			229			2,640
Class A		280			2,985			255			2,994			687			7,450			382			4,401
Class C		184			1,951			175			2,049			479			4,943			405			4,480
Cost of shares redeemed
Institutional Class		(444	)		(5,062	)		(662	)		(7,742	)		(3,465	)		(40,966	)		(7,452	)		(89,807	)
I-2		(503	)		(5,740	)		(1,085	)		(12,726	)		(2,723	)		(32,069	)		(4,603	)		(55,234	)
I-3		0			0			0			0			(6	)		(67	)		0			0
Class D		0			0			(825	)(a)		(9,540	)(a)		0			0			(5,839	)(b)		(67,810	)(b)
Class A		(1,719	)		(19,528	)		(3,850	)		(45,103	)		(2,091	)		(24,233	)		(3,005	)		(35,350	)
Class C		(1,809	)		(20,568	)		(3,554	)		(41,378	)		(1,005	)		(11,139	)		(2,314	)		(26,344	)
Net increase (decrease) resulting from Fund share transactions		(1,967	)	$	(22,911	)		(4,429	)	$	(51,381	)		1,484		$	17,112			(5,086	)	$	(60,493	)

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

^(a)  On March 23, 2018, 625 Class D shares in the amount of $7,204 converted into Class A shares of the Fund.

^(b)  On March 23, 2018, 3,827 Class D shares in the amount of $43,813 converted into Class A shares of the Fund.

14. REGULATORY AND LITIGATION MATTERS

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

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

15. FEDERAL INCOME TAX MATTERS

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

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

In accordance with U.S. GAAP, the Adviser has reviewed the Funds’ tax positions for all open tax years. As of December 31, 2018, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

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

Under the Regulated Investment Company Modernization Act of 2010, 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.

SEMIANNUAL REPORT DECEMBER 31, 2018 65

Notes to Financial Statements (Cont.)

December 31, 2018 (Unaudited)

As of their last fiscal year ended June 30, 2018, the Funds had the following post-effective capital losses with no expiration (amounts in thousands^†):

	Short-Term		Long-Term
PIMCO Dividend and Income Fund	$	66,535	$	37,203
PIMCO EqS® Long/Short Fund		0		0

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

As of December 31, 2018, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for Federal income tax purposes are as follows (amounts in thousands^†):

	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)(1)
PIMCO Dividend and Income Fund	$	292,592	$	20,738	$	(28,387	)	$	(7,649	)
PIMCO EqS® Long/Short Fund		368,447		16,092		(28,892	)		(12,800	)

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

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

66 PIMCO EQUITY SERIES

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

(Unaudited)

Counterparty Abbreviations:
BOA	Bank of America N.A.	FICC	Fixed Income Clearing Corporation	MYC	Morgan Stanley Capital Services, Inc.
BOS	Banc of America Securities LLC	FOB	Credit Suisse Securities (USA) LLC	MYI	Morgan Stanley & Co. International PLC
BPS	BNP Paribas S.A.	GLM	Goldman Sachs Bank USA	NAB	National Australia Bank Ltd.
BRC	Barclays Bank PLC	GRE	RBS Securities, Inc.	NGF	Nomura Global Financial Products, Inc.
BSN	Bank of Nova Scotia	GSC	Goldman Sachs & Co.	RBC	Royal Bank of Canada
CBK	Citibank N.A.	GST	Goldman Sachs International	RCY	Royal Bank of Canada
DUB	Deutsche Bank AG	HUS	HSBC Bank USA N.A.	RYL	Royal Bank of Scotland Group PLC
FAR	Wells Fargo Bank National Association	IND	Crédit Agricole Corporate and Investment Bank S.A.	SAL	Citigroup Global Markets, Inc.
FBF	Credit Suisse International	JPM	JP Morgan Chase Bank N.A.	SCX	Standard Chartered Bank
Currency Abbreviations:
ARS	Argentine Peso	GBP	British Pound	PEN	Peruvian New Sol
AUD	Australian Dollar	INR	Indian Rupee	RUB	Russian Ruble
BRL	Brazilian Real	JPY	Japanese Yen	TRY	Turkish New Lira
CAD	Canadian Dollar	MXN	Mexican Peso	USD (or $)	United States Dollar
EUR	Euro	NZD	New Zealand Dollar	ZAR	South African Rand
Exchange Abbreviations:
CBOE	Chicago Board Options Exchange	CBOT	Chicago Board of Trade	OTC	Over the Counter
Index/Spread Abbreviations:
AMZX	Alerian MLP Total Return Index	CDX.HY	Credit Derivatives Index - High Yield	S&P 500	Standard & Poor’s 500 Index
BADLARPP	Argentina Badlar Floating Rate Notes	CDX.IG	Credit Derivatives Index - Investment Grade	US0003M	3 Month USD Swap Rate
BP0003M	3 Month GBP-LIBOR	CMBX	Commercial Mortgage-Backed Index
Other Abbreviations:
ABS	Asset-Backed Security	EURIBOR	Euro Interbank Offered Rate	SP - ADR	Sponsored American Depositary Receipt
ADR	American Depositary Receipt	JIBAR	Johannesburg Interbank Agreed Rate	SPDR	Standard & Poor’s Depositary Receipts
BABs	Build America Bonds	LIBOR	London Interbank Offered Rate	TBA	To-Be-Announced
BBR	Bank Bill Rate	Lunar	Monthly payment based on 28-day periods. One year consists of 13 periods.	TBD%	Interest rate to be determined when loan settles or at the time of funding
BBSW	Bank Bill Swap Reference Rate	PIK	Payment-in-Kind	TIIE	Tasa de Interés Interbancaria de Equilibrio “Equilibrium Interbank Interest Rate”
CLO	Collateralized Loan Obligation

SEMIANNUAL REPORT DECEMBER 31, 2018 67

Approval of Investment Advisory Contract and Other Agreements

Approval of Renewal of the Investment Advisory Contract, Sub-Advisory Agreement, Portfolio Implementation Agreement and Second Amended and Restated Supervision and Administration Agreement

At a meeting held on August 22, 2018, the Board of Trustees (the “Board”) of PIMCO Equity Series (the “Trust”), including the Trustees who are not “interested persons” of the Trust under the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered and unanimously approved the renewal of the Investment Advisory Contract (the “Investment Advisory Contract”) between the Trust, on behalf of each of the Trust’s series (the “Funds”), and Pacific Investment Management Company LLC (“PIMCO”) for an additional one-year term through August 31, 2019. The Board also considered and unanimously approved the renewal of the Second Amended and Restated Supervision and Administration Agreement (the “Supervision and Administration Agreement” and together with the Investment Advisory Contract, the “Agreements”) between the Trust, on behalf of the Funds, and PIMCO for an additional one-year term through August 31, 2019. In addition, the Board considered and unanimously approved the renewal of the: (i) Sub-Advisory Agreement (the “Sub-Advisory Agreement”) between PIMCO, on behalf of PIMCO RAE Fundamental Emerging Markets Fund, PIMCO RAE Fundamental Global ex-US Fund, PIMCO RAE Fundamental Global Fund, PIMCO RAE Fundamental International Fund, PIMCO RAE Fundamental US Fund, PIMCO RAE Fundamental US Small Fund and the equity sleeve of the PIMCO Dividend and Income Fund (the “RAE Funds”), each a series of the Trust, and Research Affiliates, LLC (“Research Affiliates”); and (ii) Portfolio Implementation Agreement (the “Portfolio Implementation Agreement”) among PIMCO, on behalf of the RAE Funds, each a series of the Trust, Research Affiliates and Parametric Portfolio Associates LLC (“Parametric”), each for an additional one-year term through August 31, 2019.

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

1. INFORMATION RECEIVED

(a) Materials Reviewed:  During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO, Research Affiliates and Parametric to the Trust. At each of its quarterly meetings, the Board reviewed the Funds’ investment performance and a significant amount of information relating to Fund operations, including shareholder services, valuation and custody, the Funds’ compliance program and other information relating to the nature, extent and quality of services provided by PIMCO, Research Affiliates and Parametric to the Trust and each of the Funds, as applicable. In considering whether to approve the renewal of the Agreements, the Sub-Advisory Agreement, and the Portfolio

Implementation Agreement, the Board reviewed additional information, including, but not limited to, comparative industry data with regard to investment performance, advisory and supervisory and administrative fees and expenses, financial information for PIMCO and, where relevant, Research Affiliates and Parametric, information regarding the profitability to PIMCO of its relationship with the Funds, information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Funds, and information about the fees charged and services provided to other clients with similar investment mandates as the Funds, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees, which included, among other things, memoranda outlining legal duties of the Board in considering the renewal of the Agreements, the Sub-Advisory Agreement and the Portfolio Implementation Agreement.

(b) Review Process:  In connection with considering the renewal of the Agreements, the Sub-Advisory Agreement and the Portfolio Implementation Agreement, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates and Parametric in response to requests from counsel to the Trust and the Independent Trustees encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from counsel to the Trust and the Independent Trustees, and reviewed comparative fee and performance data prepared at the Board’s request by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company performance information and fee and expense data. The Board received information on matters related to the Agreements, the Sub-Advisory Agreement and the Portfolio Implementation Agreement and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 22, 2018 meeting. The Independent Trustees also conducted an in-person meeting with counsel to the Trust and the Independent Trustees on July 18, 2018, to discuss the Lipper Report, as defined below, and certain aspects of the 2018 15(c) materials including, but not limited to, the Funds’ performance, the Funds’ advisory fees and total expense ratios, the comparative information with respect to fees and performance included in the Lipper Report, and the unified fee structure employed by the Trusts. In addition, the Independent Trustees requested and received supplemental information.

The approval determinations were made on the basis of each Trustee’s business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Sub-Advisory Agreement, and the Portfolio Implementation Agreement, the Board

68 PIMCO EQUITY SERIES

(Unaudited)

did not identify any single factor or particular information that, in isolation, was controlling. The discussion below is intended to summarize the broad factors and information that figured prominently in the Board’s consideration of the renewal of the Agreements, the Sub-Advisory Agreement and the Portfolio Implementation Agreement, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, Parametric, their Personnel and Resources:  The Board considered the depth and quality of PIMCO’s investment management process, including: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Funds’ asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment Advisory Contract. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO’s commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed to stay at the forefront of the competitive investment management industry and to strengthen its ability to deliver services under the Agreements. The Board considered PIMCO’s policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations and its commitment to further developing and strengthening these programs, its oversight of matters that may involve conflicts of interest between the Funds’ investments and those of other accounts managed by PIMCO, and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered PIMCO’s continuous investment in new disciplines and talented personnel, which has enhanced PIMCO’s services to the Funds and has allowed PIMCO to introduce innovative new funds over time.

The Trustees considered that PIMCO has continued to strengthen the process it uses to actively manage counterparty risk and to assess the financial stability of counterparties with which the Funds do business, to manage collateral and to protect the Funds from an unforeseen deterioration in the creditworthiness of trading counterparties. The Trustees noted that, consistent with its fiduciary duty, PIMCO executes transactions through a competitive best execution process and uses only those counterparties that meet its stringent and monitored criteria. The Trustees considered that PIMCO’s collateral management team utilizes a counterparty risk system to analyze portfolio-level exposure and collateral being exchanged with counterparties.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented since the Board renewed the Agreements in 2017, including, but not limited to: upgrading the global network and infrastructure to support trading and risk management systems; enhancing and continuing to expand capabilities within the pre-trade compliance platform; enhancing flexible client reporting capabilities to support increased differentiation within local markets; developing new application and database frameworks to support new trading strategies; expanding proprietary applications suites to enrich capabilities across Compliance, Analytics, Risk Management, Client Reporting, Attribution and Customer Relationship Management; continuing investment in its enterprise risk management function, including PIMCO’s cybersecurity program and global business continuity functions; oversight by the Americas Fund Oversight Committee, which provides senior-level oversight and supervision focused on new and ongoing fund-related business opportunities; engaging a third party service provider to implement the SEC reporting modernization regime; expanding the Fund Treasurer’s Office; enhancing a proprietary application to provide portfolio managers with more timely and high quality income reporting; developing a global tax management application that will enable investment professionals to access foreign market and security tax information on a real-time basis; enhancing reporting of tax reporting for portfolio managers for income products with improved transparency on tax factors impacting income generation and dividend yield; upgrading a proprietary application to allow shareholder subscription and redemption data to pass to portfolio managers more quickly and efficiently; and continuing to expand the pricing portal and the proprietary performance reconciliation tool.

Similarly, the Board considered the sub-advisory services provided by Research Affiliates to the RAE Funds and noted that it had met with senior personnel from Research Affiliates during the year. The Board further considered PIMCO’s oversight of Research Affiliates in connection with Research Affiliates providing sub-advisory services to the RAE Funds. The Board also considered Research Affiliates’ supervisory responsibilities with respect to Parametric’s provision of portfolio implementation services to the RAE Funds. The Board further considered the depth and quality of Research Affiliates’ investment management and research capabilities, the experience and capabilities of its portfolio management personnel and the overall financial strength of the organization.

In addition, the Board considered the portfolio implementation and other operational services provided by Parametric to the RAE Funds by, among other things, effecting portfolio transactions on behalf of the RAE Funds. The Board further considered PIMCO’s oversight of Parametric in connection with Parametric providing portfolio implementation services. The Board also considered information about

SEMIANNUAL REPORT DECEMBER 31, 2018 69

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

Parametric’s personnel responsible for providing services to the RAE Funds under the Portfolio Implementation Agreement. The Board also considered the nature and quality of Parametric’s trading, risk management, and compliance capabilities and resources, including Parametric’s policies and procedures regarding trade aggregation and allocation, which are integral parts of its role as portfolio implementer.

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

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

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

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Funds’ performance, as available, over short- and long-term periods ended March 31, 2018 and other performance data, as available, over short- and long-term periods ended June 30, 2018 (the “PIMCO Report”) and from Broadridge concerning the Funds’ performance, as available, over short- and long-term periods ended March 31, 2018 (the “Lipper Report”). The Board considered information regarding both the short- and long-term investment performance of each Fund relative to its peer group and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Lipper Report, which were provided in advance of the August 22, 2018 meeting.

The Board noted that, as of June 30, 2018, 62%, 66% and 76% of the assets of the Trust (based on Institutional Class performance) had outperformed their relevant benchmark net of fees over the three-, five- and ten-year periods, respectively. The Board discussed these and other performance-related developments.

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

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

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

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

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

70 PIMCO EQUITY SERIES

(Unaudited)

Funds to PIMCO. With respect to advisory fees, the Board reviewed data from Broadridge that compared the average and median advisory fees of other funds in a “Peer Group” of comparable funds, as well as the universe of other similar funds. The Board also considered that PIMCO reviews the Funds’ fee levels and carefully considers changes where appropriate.

The Board also reviewed data comparing the Funds’ advisory fees to the standard and negotiated fee rates PIMCO charges to separate accounts and to other sub-advised clients with similar investment strategies, including differences in advisory services provided. The Board discussed comparisons of fees for Funds with fees for separate accounts and/or PIMCO private/alternative funds with similar investment strategies, noting that for certain Funds, there were no appropriate comparisons because PIMCO did not manage comparable separate accounts at the time that the Board considered the Agreements. The Board noted that the advisory fees (or management fees, where applicable) for most Funds were similar to the fee rates charged to other investment companies with the same investment strategies as the Funds.

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

The Board considered the Funds’ supervisory and administrative fees, comparing them to similar funds in the report supplied by Broadridge. The Board also considered that as the Funds’ business has become increasingly complex and the number of Funds has grown over time, PIMCO has provided an increasingly broad array of fund supervisory and administrative functions. In addition, the Board considered the Trust’s unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for

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

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

The Trustees also considered the advisory fees charged to the Funds that operate as funds of funds (the “Funds of Funds”) and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the various fee waiver agreements in place for the Funds of Funds.

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

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

The Board reviewed information regarding PIMCO’s costs of providing services to the Funds as a whole, as well as the resulting level of profits to PIMCO under both the adjusted asset profitability method and the profit and loss profitability method, which were each utilized to calculate profitability. The Independent Trustees also noted that the

SEMIANNUAL REPORT DECEMBER 31, 2018 71

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

(Unaudited)

2017 margins with respect to PIMCO’s relationship with the Funds were within the range of publicly-traded asset manager margins reported by Strategic Insight and Broadridge. The Board also noted that it had received information regarding the structure and manner in which PIMCO’s investment professionals were compensated and PIMCO’s view of the relationship of such compensation to the attraction and retention of quality personnel. The Board considered PIMCO’s need to invest in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce and offer new services and to accommodate changing regulatory requirements.

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

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

6. ANCILLARY BENEFITS

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

7. CONCLUSIONS

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

72 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

Portfolio Implementer

Parametric Portfolio Associates

1918 Eighth Avenue, Suite 3100

Seattle, WA 98101

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

Transfer Agent

DST Asset Manager Solutions, Inc.

Institutional Class, I-2, Administrative Class

430 W 7th Street STE 219024

Kansas City, MO 64105-1407

DST Asset Manager Solutions, Inc.

Class A, Class C, Class R

430 W 7th Street STE 219294

Kansas City, MO 64105-1407

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Funds listed on the Report cover.

PES4001SAR_123118

PIMCO EQUITY SERIES^®

Semiannual Report

December 31, 2018

PIMCO RAE Emerging Markets Fund

PIMCO RAE Global Fund

PIMCO RAE Global ex-US Fund

PIMCO RAE International Fund

PIMCO RAE US Fund

PIMCO RAE US Small Fund

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

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

Beginning January 1, 2019, you may elect to receive all future reports in paper free of charge. If you own these shares through a financial intermediary, such as a broker-dealer or bank, you may contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 888.87.PIMCO (888.877.4626). Your election to receive reports in paper will apply to all funds held with the fund complex if you invest directly with the Fund or to all funds held in your account if you invest through a financial intermediary, such as a broker-dealer or bank.

Table of Contents

	Page
Chairman’s Letter		2
Important Information About the Funds		4
Expense Examples		18
Financial Highlights		20
Statements of Assets and Liabilities		26
Statements of Operations		28
Statements of Changes in Net Assets		30
Notes to Financial Statements		65
Glossary		81
Approval of Investment Advisory Contract and Other Agreements		82

Fund	Fund Summary		Schedule of Investments
PIMCO RAE Emerging Markets Fund1		6		32
PIMCO RAE Global Fund2		8		41
PIMCO RAE Global ex-US Fund3		10		43
PIMCO RAE International Fund4		12		45
PIMCO RAE US Fund5		14		54
PIMCO RAE US Small Fund6		16		58

¹   Prior to July 30, 2018, the PIMCO RAE Emerging Markets Fund was named the PIMCO RAE Fundamental Emerging Markets Fund.

²  Prior to July 30, 2018, the PIMCO RAE Global Fund was named the PIMCO RAE Fundamental Global Fund.

³  Prior to July 30, 2018, the PIMCO RAE Global ex-US Fund was named the PIMCO RAE Fundamental Global ex-US Fund.

⁴  Prior to July 30, 2018, the PIMCO RAE International Fund was named the PIMCO RAE Fundamental International Fund.

⁵  Prior to July 30, 2018, the PIMCO RAE US Fund was named the PIMCO RAE Fundamental US Fund.

⁶  Prior to July 30, 2018, the PIMCO RAE US Small Fund was named the PIMCO RAE Fundamental US Small 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,

Following this letter is the PIMCO Equity Series Semiannual Report, which covers the six-month reporting period ended December 31, 2018. On the subsequent pages you will find specific details regarding investment results and discussion of the factors that most affected performance during the reporting period.

For the six-month reporting period ended December 31, 2018

The U.S. economy continued to expand during the reporting period. Looking back, U.S. gross domestic product (“GDP”) grew at an annual pace of 4.2% during the second quarter of 2018, the strongest since the third quarter of 2014. GDP then expanded at an annual pace of 3.4% during the third quarter of the year. Finally, the Commerce Department’s initial reading for fourth-quarter 2018 GDP has been delayed due to the partial government shutdown.

The Federal Reserve (the “Fed”) continued to normalize monetary policy during the reporting period. After raising rates in March and June, the Fed again moved rates higher at its September and December 2018 meetings. The Fed’s December rate hike pushed the federal funds rate to a range between 2.25% and 2.50%. In addition, the Fed continued to reduce its balance sheet during the reporting period.

Economic activity outside the U.S. initially accelerated during the reporting period, but moderated as it progressed. Against this backdrop, the European Central Bank (the “ECB”) and the Bank of Japan largely maintained their highly accommodative monetary policies, while other central banks took a more hawkish stance. The Bank of England raised rates at its meeting in August 2018 and the Bank of Canada raised rates twice during the reporting period. Meanwhile, the ECB ended its quantitative easing program in December 2018, but indicated that it does not expect to raise interest rates “at least through the summer of 2019.”

The U.S. Treasury yield curve flattened during the reporting period as longer-term rates fell more than short-term rates. The yield on the benchmark 10-year U.S. Treasury note was 2.69% at the end of the reporting period, down from 2.85% on June 30, 2018. U.S. Treasuries, as measured by the Bloomberg Barclays U.S. Treasury Index, returned 1.96% over the six months ended December 31, 2018. Meanwhile, the Bloomberg Barclays U.S. Aggregate Bond Index, a widely used index of U.S. investment grade bonds, returned 1.65% over the period. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, generated weaker results versus the broad U.S. market. The ICE BofAML U.S. High Yield Index returned -2.34% over the reporting period, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global, returned 0.65% over the reporting period. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned 0.25% over the period.

Global equities produced poor results during the reporting period. U.S. equities moved sharply higher over the first half of the period. We believe this rally was driven by a number of factors, including corporate profits that often exceeded expectations. However, U.S. equities fell sharply during the fourth quarter of 2018. We believe this was triggered by a number of factors, including signs of moderating global growth, concerns over future Fed rate hikes, the ongoing trade dispute between the U.S. and China and the partial U.S. government shutdown. All told, U.S. equities, as represented by the S&P 500 Index, returned -6.85% during the reporting period. Elsewhere, emerging market equities, as measured by the MSCI Emerging Markets Index, returned -8.49% during the reporting period, whereas global equities, as represented by the MSCI World Index, returned -9.10%. Elsewhere, Japanese equities, as represented by the Nikkei 225 Index (in JPY), returned -9.45% during the reporting period and European equities, as represented by the MSCI Europe Index (in EUR), returned -10.14%.

Commodity prices fluctuated and generally declined during the reporting period. When the reporting period began, West Texas crude oil was approximately $70 a barrel, but by the end it was roughly $45 a barrel. This was driven in part by increased supply and declining global demand. Elsewhere, gold prices rose, whereas copper prices declined during the reporting period.

2 PIMCO EQUITY SERIES

Finally, during the reporting period the foreign exchange markets experienced periods of volatility, due in part to signs of decoupling economic growth and central bank policies, along with a number of geopolitical events. The U.S. dollar produced mixed results against other major currencies during the reporting period. For example, the U.S. dollar appreciated 1.92% and 3.53% versus the euro and the British pound, respectively, whereas the U.S. dollar depreciated 0.97% versus the yen during the reporting period.

Thank you for the assets you have placed with us. We deeply value your trust, and we will continue to work diligently to meet your broad investment needs. For any questions regarding the funds, please contact your account manager or financial adviser, or call one of our shareholder associates at (888) 87-PIMCO. We also invite you to visit our website at pimco.com to learn more about our global viewpoints.

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

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

SEMIANNUAL REPORT DECEMBER 31, 2018 3

Important Information About the Funds

PIMCO Equity Series (the “Trust”) is an open-end management investment company that includes PIMCO RAE Emerging Markets Fund, PIMCO RAE Global Fund, PIMCO RAE Global ex-US Fund, PIMCO RAE International Fund, PIMCO RAE US Fund and PIMCO RAE US Small Fund (each, a “Fund” and collectively, the “Funds”).

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

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

The values of equity securities, such as common stocks and preferred securities, have historically risen and fallen in periodic cycles and may decline due to general market conditions, which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Equity securities may also decline due to factors that affect a particular industry or industries, such as labor shortages, increased production costs and competitive conditions within an industry. In addition, the value of an equity security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets. Different types of equity securities may react differently to these developments and a change in the financial condition of a single issuer may affect securities markets as a whole.

During a general downturn in the securities markets, multiple asset classes, including equity securities, may decline in value simultaneously. The market price of equity securities owned by a Fund may go up or down, sometimes rapidly or unpredictably. Equity securities generally have greater price volatility than fixed income securities and common stocks generally have the greatest appreciation and depreciation potential of all corporate securities.

The Funds may be subject to various risks as described in each Fund’s prospectus and in the Principal Risks in the Notes to Financial Statements.

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

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

On each individual Fund Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay on (i) Fund distributions or (ii) the redemption of Fund shares. The Cumulative Returns chart and Average Annual Total Return table reflect any sales load that would have applied at the time of purchase or any Contingent Deferred Sales Charge (“CDSC”) that would have applied if a full redemption occurred on the last business day of the period shown in the Cumulative Returns chart. Class A shares are subject to an initial sales charge. A CDSC may be imposed in certain circumstances on Class A shares that are purchased without an initial sales charge and then redeemed during the first 12 months after purchase. The Cumulative Returns chart reflects only Institutional Class performance. Performance may vary by share class based on each class’s expense ratios. Performance shown is net of fees and expenses. The minimum initial investment amount for Institutional Class, I-2 and I-3 shares is $1,000,000. The minimum initial investment amount for Class A shares is $1,000. Each Fund measures its performance against at least one broad-based securities market index (“benchmark index”). The benchmark index does not take into account fees, expenses, or taxes. A Fund’s past performance,

before and after taxes, is not necessarily an indication of how the Fund

4 PIMCO EQUITY SERIES

will perform in the future. There is no assurance that any Fund, including any Fund that has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) a Fund’s total return in excess of that of the Fund’s

benchmark between reporting periods or 2) a Fund’s total return in excess of the Fund’s historical returns between reporting periods. Unusual performance is defined as a significant change in a Fund’s performance as compared to one or more previous reporting periods.

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

Fund Name

Fund Inception

Institutional Class

I-2*

I-3

Class A

Diversification Status

PIMCO RAE Emerging Markets Fund

06/05/15

06/05/15

06/05/15

—

06/05/15

Non-diversified

PIMCO RAE Global Fund

06/05/15

06/05/15

06/05/15

—

06/05/15

Non-diversified

PIMCO RAE Global ex-US Fund

06/05/15

06/05/15

06/05/15

—

06/05/15

Non-diversified

PIMCO RAE International Fund

06/05/15

06/05/15

06/05/15

—

06/05/15

Non-diversified

PIMCO RAE US Fund

06/05/15

06/05/15

06/05/15

—

06/05/15

Non-diversified

PIMCO RAE US Small Fund

06/05/15

06/05/15

06/05/15

—

06/05/15

Non-diversified

* Effective April 27, 2018, the name of Class P for all Funds of the Trust that offer such class was changed to I-2.

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 proxies on behalf of a Fund. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of a Fund, and information about how the Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30th, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Fund’s website at www.pimco.com, and on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

The Trust files a complete schedule of each Fund’s 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. A Fund’s Form N-Q is also available without charge, upon request, by calling the Trust at (888) 87-PIMCO and on the Fund’s website at www.pimco.com.

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

The SEC adopted amendments to certain disclosure requirements relating to open-end investment companies’ liquidity risk management programs. Effective December 1, 2019, large fund complexes will be required to include in their shareholder reports a discussion of their liquidity risk management programs’ operations over the past year.

SEMIANNUAL REPORT DECEMBER 31, 2018 5

PIMCO RAE Emerging Markets Fund

Cumulative Returns Through December 31, 2018

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

Investment Objective and Strategy Overview

PIMCO RAE Emerging Markets Fund seeks long-term capital appreciation by investing under normal circumstances at least 80% of its assets in investments that are economically tied to emerging market countries. Specifically, under normal circumstances, the Fund will obtain exposure to a portfolio of stocks economically tied to emerging market countries (“RAE Emerging Markets Portfolio”) through investment in the securities that comprise the RAE Emerging Markets Portfolio. The stocks are selected by the Fund’s sub-adviser, Research Affiliates, LLC, from a broad universe of companies which satisfy certain liquidity and capacity requirements. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2018*
		6 Months**		1 Year		5 Year		10 Year		Fund Inception (05/31/06)
	PIMCO RAE Emerging Markets Fund Institutional Class		(6.06)%		(12.65)%		2.38%		9.22%		5.66%
	PIMCO RAE Emerging Markets Fund I-2		(6.10)%		(12.72)%		2.29%		9.17%		5.63%
	PIMCO RAE Emerging Markets Fund Class A		(6.10)%		(12.87)%		2.16%		9.10%		5.58%
	PIMCO RAE Emerging Markets Fund Class A (adjusted)		(9.65)%		(16.15)%		1.38%		8.68%		5.27%
	MSCI Emerging Markets Index±		(8.49)%		(14.58)%		1.65%		8.02%		4.45%
	MSCI Emerging Markets Value Index±±		(3.54)%		(10.74)%		0.51%		6.99%		4.24%

All Fund returns are net of fees and expenses.

** Cumulative return.

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

^±± The MSCI Emerging Markets Value Index captures large and mid-cap securities exhibiting overall value style characteristics across 24 emerging markets countries. The value investment style characteristics for index construction of the MSCI Emerging Markets Value Index are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield.

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

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 3.75% on Class A shares. For performance data current to the most recent month-end, visit www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio in effect as of period end, were 0.97% for the Institutional Class shares, 1.07% for the I-2 shares and 1.32% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

6 PIMCO EQUITY SERIES

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

Geographic Breakdown as of 12/31/2018^1§

China	24.2%
South Korea	19.9%
Taiwan	10.1%
Russia	10.1%
Hong Kong	6.1%
Brazil	5.4%
India	5.2%
South Africa	4.4%
Thailand	3.0%
Turkey	2.6%
Mexico	2.0%
Malaysia	2.0%
Poland	1.4%
Indonesia	1.2%
Other	1.9%

¹  % of Investments, at value.

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

Fund Insights

The following affected performance during the reporting period:

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

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

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

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

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

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

SEMIANNUAL REPORT DECEMBER 31, 2018 7

PIMCO RAE Global Fund

Cumulative Returns Through December 31, 2018

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

Investment Objective and Strategy Overview

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

Average Annual Total Return for the period ended December 31, 2018
		6 Months*		1 Year		Fund Inception (06/05/15)
	PIMCO RAE Global Fund Institutional Class		(9.13)%		(11.61)%		3.15%
	PIMCO RAE Global Fund I-2		(9.23)%		(11.79)%		3.01%
	PIMCO RAE Global Fund Class A		(9.26)%		(11.91)%		2.80%
	PIMCO RAE Global Fund Class A (adjusted)		(12.69)%		(15.22)%		1.71%
	MSCI All Country World Index±		(9.02)%		(9.42)%		3.68%
	MSCI All Country World Value Index±±		(7.19)%		(10.79)%		2.50%

All Fund returns are net of fees and expenses.

* Cumulative return.

^± The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Index consists of 47 country indices comprising 23 developed and 24 emerging market country indices.

^±± The MSCI All Country World Value Index captures large and mid-cap securities exhibiting overall value style characteristics across 23 developed markets countries and 24 emerging markets countries. The value investment style characteristics for index construction of the MSCI All Country World Value Index are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield.

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 3.75% on Class A shares. For performance data current to the most recent month-end, visit www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund Expenses), were 1.21% for the Institutional Class shares, 1.31% for the I-2 shares and 1.56% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

8 PIMCO EQUITY SERIES

Institutional Class - PFQIX I-2 -  PFQPX Class A -  PFQAX

Top Holdings as of 12/31/2018^1§

PIMCO RAE US Fund	44.6%
PIMCO RAE International Fund	42.8%
PIMCO RAE Emerging Markets Fund	12.5%

¹  % of Investments, at value.

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

Fund Insights

The following affected performance during the reporting period:

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

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

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

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

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

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

SEMIANNUAL REPORT DECEMBER 31, 2018 9

PIMCO RAE Global ex-US Fund

Cumulative Returns Through December 31, 2018

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

Investment Objective and Strategy Overview

PIMCO RAE Global ex-US Fund seeks long-term capital appreciation by investing under normal circumstances substantially all of its assets in (i) Institutional Class shares of the PIMCO RAE International Fund (“International Fund”) and the PIMCO RAE Emerging Markets Fund (“Emerging Markets Fund”) (together, the International Fund and the Emerging Markets Fund are referred to as the “Underlying Funds”) and (ii) securities that are eligible investment for the Underlying Funds. Under normal circumstances, each of the Underlying Funds obtains exposure to a portfolio of stocks (each, a “RAE Portfolio”) through investment in the securities that comprise the RAE Portfolio. The stocks are selected by the Fund’s sub-adviser, Research Affiliates, LLC, from a broad universe of companies which satisfy certain liquidity and capacity requirements. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2018
		6 Months*		1 Year		Fund Inception (06/05/15)
	PIMCO RAE Global ex-US Fund Institutional Class		(9.98)%		(14.91)%		1.08%
	PIMCO RAE Global ex-US Fund I-2		(9.99)%		(14.94)%		0.97%
	PIMCO RAE Global ex-US Fund Class A		(10.12)%		(15.16)%		0.76%
	PIMCO RAE Global ex-US Fund Class A (adjusted)		(13.47)%		(18.36)%		(0.31)%
	MSCI All Country World ex US Index±		(10.84)%		(14.20)%		0.63%
	MSCI All Country World ex US Value Index±±		(9.17)%		(13.97)%		(0.17)%

All Fund returns are net of fees and expenses.

* Cumulative return.

^± The MSCI All Country World ex US Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The Index consists of 46 country indices comprising 22 developed and 24 emerging market country indices.

^±± The MSCI All Country World ex US Value Index captures large and mid-cap securities exhibiting overall value style characteristics across 22 developed and 24 emerging markets countries. The value investment style characteristics for index construction of the MSCI All Country World ex US Value Index are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield.

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 3.75% on Class A shares. For performance data current to the most recent month-end, visit www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund Expenses), were 1.32% for the Institutional Class shares, 1.42% for the I-2 shares and 1.67% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

10 PIMCO EQUITY SERIES

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

Top Holdings as of 12/31/2018^1§

PIMCO RAE International Fund	77.0%
PIMCO RAE Emerging Markets Fund	22.6%

¹  % of Investments, at value.

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

Fund Insights

The following affected performance during the reporting period:

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

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

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

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

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

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

SEMIANNUAL REPORT DECEMBER 31, 2018 11

PIMCO RAE International Fund

Cumulative Returns Through December 31, 2018

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

Investment Objective and Strategy Overview

PIMCO RAE International Fund seeks long-term capital appreciation under normal circumstances by obtaining exposure to a portfolio of stocks economically tied to at least three foreign (non-U.S.) countries (“RAE International Portfolio”) through investment in the securities that comprise the RAE International Portfolio. The stocks are selected by the Fund’s sub-adviser, Research Affiliates, LLC, from a broad universe of companies which satisfy certain liquidity and capacity requirements. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2018
		6 Months*		1 Year		Fund Inception (06/05/15)
	PIMCO RAE International Fund Institutional Class		(11.21)%		(15.52)%		0.39%
	PIMCO RAE International Fund I-2		(11.14)%		(15.54)%		0.35%
	PIMCO RAE International Fund Class A		(11.28)%		(15.76)%		0.07%
	PIMCO RAE International Fund Class A (adjusted)		(14.61)%		(18.90)%		(0.99)%
	MSCI EAFE Index±		(11.35)%		(13.79)%		0.32%
	MSCI EAFE Value Index±±		(10.66)%		(14.78)%		(0.84)%

All Fund returns are net of fees and expenses.

* Cumulative return.

^± MSCI EAFE Index is an unmanaged index designed to represent the performance of large and mid-cap securities across 21 developed markets, including countries in Europe, Australasia and the Far East, excluding the U.S. and Canada.

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

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 3.75% on Class A shares. For performance data current to the most recent month-end, visit www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio in effect as of period end, were 0.62% for the Institutional Class shares, 0.72% for the I-2 shares and 0.97% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

12 PIMCO EQUITY SERIES

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

Geographic Breakdown as of 12/31/2018^1§

Japan	25.7%
United Kingdom	15.3%
France	10.5%
Germany	9.2%
Canada	7.2%
Switzerland	6.2%
Australia	5.0%
Spain	3.9%
Netherlands	3.4%
Italy	3.2%
Hong Kong	2.4%
Sweden	1.5%
Singapore	1.1%
Israel	1.0%
Other	4.4%

¹  % of Investments, at value.

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

Fund Insights

The following affected performance during the reporting period:

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

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

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

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

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

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

SEMIANNUAL REPORT DECEMBER 31, 2018 13

PIMCO RAE US Fund

Cumulative Returns Through December 31, 2018

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

Investment Objective and Strategy Overview

PIMCO RAE US Fund seeks long-term capital appreciation by investing under normal circumstances at least 80% of its assets in securities of companies economically tied to the United States (“U.S. companies”). Specifically, under normal circumstances, the Fund will obtain exposure to a portfolio of stocks of U.S. companies (“RAE US Portfolio”) through investment in the securities that comprise the RAE US Portfolio. The stocks are selected by the Fund’s sub-adviser, Research Affiliates, LLC, from a broad universe of companies which satisfy certain liquidity and capacity requirements. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2018*
		6 Months**		1 Year		5 Year		10 Year		Fund Inception (12/22/04)
	PIMCO RAE US Fund Institutional Class		(8.08)%		(7.01)%		6.33%		12.74%		7.40%
	PIMCO RAE US Fund Class I-2		(8.11)%		(7.12)%		6.25%		12.70%		7.37%
	PIMCO RAE US Fund Class A		(8.25)%		(7.43)%		6.02%		12.59%		7.29%
	PIMCO RAE US Fund Class A (adjusted)		(11.72)%		(10.88)%		5.22%		12.16%		7.01%
	S&P 500 Index±		(6.85)%		(4.38)%		8.49%		13.12%		7.54%¨
	Russell 1000® Value Index±±		(6.69)%		(8.27)%		5.95%		11.18%		6.39% ¨

All Fund returns are net of fees and expenses.

** Cumulative return.

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

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

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

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

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 3.75% on Class A shares. For performance data current to the most recent month-end, visit www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio in effect as of period end, were 0.52% for the Institutional Class shares, 0.62% for the I-2 shares and 0.92% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

14 PIMCO EQUITY SERIES

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

Sector Breakdown as of12/31/2018^1§

Information Technology	15.9%
Financials	15.6%
Health Care	15.2%
Consumer Discretionary	10.8%
Industrials	8.8%
Consumer Staples	8.3%
Communication Services	8.1%
Energy	8.0%
Utilities	6.0%
Materials	2.0%
Real Estate	0.8%

¹  % of Investments, at value.

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

Fund Insights

The following affected performance during the reporting period:

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

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

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

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

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

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

SEMIANNUAL REPORT DECEMBER 31, 2018 15

PIMCO RAE US Small Fund

Cumulative Returns Through December 31, 2018

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

Investment Objective and Strategy Overview

PIMCO RAE US Small Fund seeks long-term capital appreciation by investing under normal circumstances at least 80% of its assets in securities of small companies economically tied to the United States (“U.S. companies”). Specifically, under normal circumstances, the Fund will obtain exposure to a portfolio of stocks of small U.S. companies (“RAE US Small Portfolio”) through investment in the securities that comprise the RAE US Small Portfolio. The stocks are selected by the Fund’s sub-adviser, Research Affiliates, LLC, from a broad universe of companies which satisfy certain liquidity and capacity requirements. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2018*
		6 Months**		1 Year		5 Year		10 Year		Fund Inception (09/29/05)
	PIMCO RAE US Small Fund Institutional Class		(16.75)%		(11.66)%		3.53%		13.15%		7.16%
	PIMCO RAE US Small Fund I-2		(16.80)%		(11.70)%		3.44%		13.10%		7.12%
	PIMCO RAE US Small Fund Class A		(16.87)%		(11.98)%		3.24%		12.97%		7.03%
	PIMCO RAE US Small Fund Class A (adjusted)		(20.01)%		(15.28)%		2.46%		12.53%		6.73%
	Russell 2000® Index±		(17.35)%		(11.01)%		4.41%		11.97%		6.88%¨
	Russell 2000® Value Index±±		(17.36)%		(12.86)%		3.61%		10.40%		5.95%

All Fund returns are net of fees and expenses.

** Cumulative return.

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

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

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

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

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The adjusted returns take into account the maximum sales charge of 3.75% on Class A shares. For performance data current to the most recent month-end, visit www.pimco.com or via (888) 87-PIMCO.

The Fund’s total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund Expenses), were 0.63% for the Institutional Class shares, 0.73% for the I-2 shares and 1.03% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

16 PIMCO EQUITY SERIES

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

Sector Breakdown as of12/31/2018^1§

Consumer Discretionary	18.4%
Industrials	16.8%
Financials	16.3%
Real Estate	11.2%
Information Technology	10.5%
Health Care	5.9%
Materials	5.2%
Consumer Staples	4.3%
Utilities	4.2%
Communication Services	3.8%
Energy	3.1%

¹  % of Investments, at value.

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

Fund Insights

The following affected performance during the reporting period:

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

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

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

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

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

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

SEMIANNUAL REPORT DECEMBER 31, 2018 17

Expense Examples

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for all Funds and share classes is from July 1, 2018 to December 31, 2018 unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate row for your share class, in the column entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

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

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (07/01/18)		Ending Account Value (12/31/18)		Expenses Paid During Period*		Beginning Account Value (07/01/18)		Ending Account Value (12/31/18)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO RAE Emerging Markets Fund
Institutional Class	$	1,000.00	$	939.40	$	3.72	$	1,000.00	$	1,021.37	$	3.87		0.76	%
I-2		1,000.00		939.00		4.20		1,000.00		1,020.87		4.38		0.86
Class A		1,000.00		939.00		5.43		1,000.00		1,019.61		5.65		1.11
PIMCO RAE Global Fund
Institutional Class	$	1,000.00	$	908.70	$	0.10	$	1,000.00	$	1,025.10	$	0.10		0.02	%
I-2		1,000.00		907.70		0.58		1,000.00		1,024.60		0.61		0.12
Class A		1,000.00		907.40		1.78		1,000.00		1,023.34		1.89		0.37
PIMCO RAE Global ex-US Fund
Institutional Class	$	1,000.00	$	900.20	$	0.05	$	1,000.00	$	1,025.16	$	0.05		0.01	%
I-2		1,000.00		900.10		0.53		1,000.00		1,024.65		0.56		0.11
Class A		1,000.00		898.80		1.72		1,000.00		1,023.39		1.84		0.36
PIMCO RAE International Fund
Institutional Class	$	1,000.00	$	887.90	$	2.43	$	1,000.00	$	1,022.63	$	2.60		0.51	%
I-2		1,000.00		888.60		2.90		1,000.00		1,022.13		3.11		0.61
Class A		1,000.00		887.20		4.09		1,000.00		1,020.87		4.38		0.86

18 PIMCO EQUITY SERIES

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (07/01/18)		Ending Account Value (12/31/18)		Expenses Paid During Period*		Beginning Account Value (07/01/18)		Ending Account Value (12/31/18)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO RAE US Fund
Institutional Class	$	1,000.00	$	919.20	$	1.98	$	1,000.00	$	1,023.14	$	2.09		0.41	%
I-2		1,000.00		918.90		2.47		1,000.00		1,022.63		2.60		0.51
Class A		1,000.00		917.50		3.91		1,000.00		1,021.12		4.13		0.81
PIMCO RAE US Small Fund
Institutional Class	$	1,000.00	$	832.50	$	2.36	$	1,000.00	$	1,022.63	$	2.60		0.51	%
I-2		1,000.00		832.00		2.82		1,000.00		1,022.13		3.11		0.61
Class A		1,000.00		831.30		4.20		1,000.00		1,020.62		4.63		0.91

* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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

SEMIANNUAL REPORT DECEMBER 31, 2018 19

Financial Highlights

			Investment Operations									Less Distributions(b)
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 Net Investment Income			From Net Realized Capital Gains			Tax Basis Return of Capital			Total
PIMCO RAE Emerging Markets Fund
Institutional Class
07/01/2018 - 12/31/2018+	$	10.74	$	0.18		$	(0.82	)	$	(0.64	)	$	(0.26	)	$	(0.74	)	$	0.00		$	(1.00	)
06/30/2018		10.83		0.25			0.59			0.84			(0.19	)		(0.74	)		0.00			(0.93	)
06/30/2017		8.73		0.20			2.17			2.37			(0.27	)		0.00			0.00			(0.27	)
06/30/2016		9.95		0.32			(1.37	)		(1.05	)		(0.17	)		0.00			0.00			(0.17	)
06/05/2015 - 06/30/2015		10.00		0.06			(0.11	)		(0.05	)		0.00			0.00			0.00			0.00
I-2
07/01/2018 - 12/31/2018+		10.68		0.20			(0.84	)		(0.64	)		(0.26	)		(0.74	)		0.00			(1.00	)
06/30/2018		10.79		0.24			0.57			0.81			(0.18	)		(0.74	)		0.00			(0.92	)
06/30/2017		8.70		0.23			2.12			2.35			(0.26	)		0.00			0.00			(0.26	)
06/30/2016		9.96		0.25			(1.33	)		(1.08	)		(0.18	)		0.00			0.00			(0.18	)
06/05/2015 - 06/30/2015		10.00		0.06			(0.10	)		(0.04	)		0.00			0.00			0.00			0.00
Class A
07/01/2018 - 12/31/2018+		10.68		0.16			(0.80	)		(0.64	)		(0.26	)		(0.74	)		0.00			(1.00	)
06/30/2018		10.81		0.21			0.59			0.80			(0.19	)		(0.74	)		0.00			(0.93	)
06/30/2017		8.73		0.14			2.19			2.33			(0.25	)		0.00			0.00			(0.25	)
06/30/2016		9.96		0.22			(1.30	)		(1.08	)		(0.15	)		0.00			0.00			(0.15	)
06/05/2015 - 06/30/2015		10.00		0.08			(0.12	)		(0.04	)		0.00			0.00			0.00			0.00
PIMCO RAE Global Fund
Institutional Class
07/01/2018 - 12/31/2018+	$	11.04	$	0.31		$	(1.30	)	$	(0.99	)	$	(0.30	)	$	(0.49	)	$	0.00		$	(0.79	)
06/30/2018		10.78		0.35			0.64			0.99			(0.46	)		(0.27	)		0.00			(0.73	)
06/30/2017		9.32		0.24			1.55			1.79			(0.24	)		(0.09	)		0.00			(0.33	)
06/30/2016		9.86		0.14			(0.58	)		(0.44	)		(0.10	)		0.00			0.00			(0.10	)
06/05/2015 - 06/30/2015		10.00		(0.00	)		(0.14	)		(0.14	)		0.00			0.00			0.00			0.00
I-2
07/01/2018 - 12/31/2018+		11.01		0.23			(1.23	)		(1.00	)		(0.29	)		(0.49	)		0.00			(0.78	)
06/30/2018		10.76		0.35			0.62			0.97			(0.45	)		(0.27	)		0.00			(0.72	)
06/30/2017		9.31		0.02			1.76			1.78			(0.24	)		(0.09	)		0.00			(0.33	)
06/30/2016		9.85		0.08			(0.52	)		(0.44	)		(0.10	)		0.00			0.00			(0.10	)
06/05/2015 - 06/30/2015		10.00		(0.00	)		(0.15	)		(0.15	)		0.00			0.00			0.00			0.00
Class A
07/01/2018 - 12/31/2018+		10.95		0.31			(1.31	)		(1.00	)		(0.28	)		(0.49	)		0.00			(0.77	)
06/30/2018		10.72		0.24			0.70			0.94			(0.44	)		(0.27	)		0.00			(0.71	)
06/30/2017		9.29		0.18			1.57			1.75			(0.23	)		(0.09	)		0.00			(0.32	)
06/30/2016		9.85		0.02			(0.48	)		(0.46	)		(0.10	)		0.00			0.00			(0.10	)
06/05/2015 - 06/30/2015		10.00		(0.00	)		(0.15	)		(0.15	)		0.00			0.00			0.00			0.00
PIMCO RAE Global ex-US Fund
Institutional Class
07/01/2018 - 12/31/2018+	$	10.68	$	0.32		$	(1.39	)	$	(1.07	)	$	(0.26	)	$	0.00		$	0.00		$	(0.26	)
06/30/2018		10.49		0.38			0.28			0.66			(0.42	)		0.00			(0.05	)		(0.47	)
06/30/2017		8.68		0.22			1.83			2.05			(0.22	)		0.00			(0.02	)		(0.24	)
06/30/2016		9.86		0.10			(1.18	)		(1.08	)		(0.10	)		0.00			(0.00	)		(0.10	)
06/05/2015 - 06/30/2015		10.00		(0.00	)		(0.14	)		(0.14	)		0.00			0.00			0.00			0.00
I-2
07/01/2018 - 12/31/2018+		10.65		0.20			(1.27	)		(1.07	)		(0.25	)		0.00			0.00			(0.25	)
06/30/2018		10.47		0.29			0.35			0.64			(0.41	)		0.00			(0.05	)		(0.46	)
06/30/2017		8.67		0.07			1.97			2.04			(0.22	)		0.00			(0.02	)		(0.24	)
06/30/2016		9.86		0.09			(1.18	)		(1.09	)		(0.10	)		0.00			(0.00	)		(0.10	)
06/05/2015 - 06/30/2015		10.00		(0.00	)		(0.14	)		(0.14	)		0.00			0.00			0.00			0.00
Class A
07/01/2018 - 12/31/2018+		10.61		0.28			(1.36	)		(1.08	)		(0.24	)		0.00			0.00			(0.24	)
06/30/2018		10.44		0.24			0.38			0.62			(0.40	)		0.00			(0.05	)		(0.45	)
06/30/2017		8.66		0.10			1.92			2.02			(0.22	)		0.00			(0.02	)		(0.24	)
06/30/2016		9.86		0.00			(1.11	)		(1.11	)		(0.09	)		0.00			(0.00	)		(0.09	)
06/05/2015 - 06/30/2015		10.00		(0.00	)		(0.14	)		(0.14	)		0.00			0.00			0.00			0.00

20 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(c)
Net Asset Value End of Year or Period		Total Return			Net Assets End of Year or Period (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
$	9.10		(6.06	)%	$	1,934,305		0.76	%*		0.97	%*		0.76	%*		0.97	%*		3.53	%*		17	%
	10.74		7.50			1,848,953		0.76			0.97			0.76			0.97			2.13			28
	10.83		27.53			1,510,983		0.75			0.96			0.75			0.96			1.99			43
	8.73		(10.32	)		1,379,204		0.76			0.96			0.76			0.96			3.92			30
	9.95		(0.50	)		199,378		0.75	*		0.98	*		0.75	*		0.98	*		10.11	*		7
	9.04		(6.10	)		10,654		0.86	*		1.07	*		0.86	*		1.07	*		3.81	*		17
	10.68		7.26			17,486		0.86			1.07			0.86			1.07			2.07			28
	10.79		27.46			14,664		0.85			1.06			0.85			1.06			2.18			43
	8.70		(10.54	)		1,827		0.86			1.06			0.86			1.06			3.25			30
	9.96		(0.40	)		10		0.85	*		1.08	*		0.85	*		1.08	*		10.09	*		7
	9.04		(6.10	)		8,744		1.11	*		1.32	*		1.11	*		1.32	*		2.98	*		17
	10.68		7.08			7,350		1.11			1.32			1.11			1.32			1.76			28
	10.81		27.06			1,937		1.10			1.31			1.10			1.31			1.35			43
	8.73		(10.61	)		146		1.11			1.31			1.11			1.31			2.64			30
	9.96		(0.40	)		19		1.10	*		1.33	*		1.10	*		1.33	*		13.46	*		7
$	9.26		(9.13	)%	$	317,443		0.02	%*		0.72	%*		0.02	%*		0.72	%*		5.62	%*		31	%
	11.04		9.05			359,953		0.02			0.72			0.02			0.72			3.07			19
	10.78		19.60			409,144		0.01			0.71			0.01			0.71			2.36			20
	9.32		(4.38	)		282,274		0.04			0.71			0.04			0.71			1.59			13
	9.86		(1.40	)		38,160		0.04	*		0.86	*		0.04	*		0.86	*		(0.04	)*		2
	9.23		(9.23	)		2,025		0.12	*		0.82	*		0.12	*		0.82	*		4.13	*		31
	11.01		8.93			3,293		0.12			0.82			0.12			0.82			3.09			19
	10.76		19.49			3,127		0.11			0.81			0.11			0.81			0.22			20
	9.31		(4.44	)		57		0.14			0.81			0.14			0.81			0.92			13
	9.85		(1.50	)		10		0.14	*		0.96	*		0.14	*		0.96	*		(0.14	)*		2
	9.18		(9.26	)		1,756		0.37	*		1.07	*		0.37	*		1.07	*		5.75	*		31
	10.95		8.64			1,505		0.37			1.07			0.37			1.07			2.09			19
	10.72		19.18			1,009		0.36			1.06			0.36			1.06			1.79			20
	9.29		(4.61	)		286		0.39			1.06			0.39			1.06			0.23			13
	9.85		(1.50	)		10		0.39	*		1.21	*		0.39	*		1.21	*		(0.40	)*		2
$	9.35		(9.98	)%	$	72,230		0.01	%*		0.77	%*		0.01	%*		0.77	%*		6.08	%*		7	%
	10.68		6.01			75,994		0.00			0.77			0.00			0.77			3.36			9
	10.49		23.98			78,610		0.00			0.76			0.00			0.76			2.23			8
	8.68		(10.93	)		62,809		0.00			0.76			0.00			0.76			1.10			8
	9.86		(1.40	)		70,077		0.01	*		0.84	*		0.01	*		0.84	*		(0.02	)*		2
	9.33		(9.99	)		403		0.11	*		0.87	*		0.11	*		0.87	*		3.88	*		7
	10.65		5.88			900		0.10			0.87			0.10			0.87			2.58			9
	10.47		23.87			349		0.10			0.86			0.10			0.86			0.69			8
	8.67		(11.07	)		9		0.10			0.86			0.10			0.86			1.01			8
	9.86		(1.40	)		10		0.11	*		0.94	*		0.11	*		0.94	*		(0.11	)*		2
	9.29		(10.12	)		1,464		0.36	*		1.12	*		0.36	*		1.12	*		5.48	*		7
	10.61		5.69			1,531		0.35			1.12			0.35			1.12			2.14			9
	10.44		23.65			717		0.35			1.11			0.35			1.11			1.02			8
	8.66		(11.29	)		9		0.35			1.11			0.35			1.11			(0.02	)		8
	9.86		(1.40	)		10		0.36	*		1.19	*		0.36	*		1.19	*		(0.37	)*		2

SEMIANNUAL REPORT DECEMBER 31, 2018 21

Financial Highlights (Cont.)

			Investment Operations								Less Distributions(b)
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 Net Investment Income			From Net Realized Capital Gains			Tax Basis Return of Capital		Total
PIMCO RAE International Fund
Institutional Class
07/01/2018 - 12/31/2018+	$	10.60	$	0.11	$	(1.30	)	$	(1.19	)	$	(0.25	)	$	(0.27	)	$	0.00	$	(0.52	)
06/30/2018		10.27		0.33		0.29			0.62			(0.28	)		(0.01	)		0.00		(0.29	)
06/30/2017		8.56		0.28		1.64			1.92			(0.21	)		0.00			0.00		(0.21	)
06/30/2016		9.83		0.28		(1.32	)		(1.04	)		(0.08	)		(0.15	)		0.00		(0.23	)
06/05/2015 - 06/30/2015		10.00		0.02		(0.19	)		(0.17	)		0.00			0.00			0.00		0.00
I-2
07/01/2018 - 12/31/2018+		10.57		0.09		(1.27	)		(1.18	)		(0.25	)		(0.27	)		0.00		(0.52	)
06/30/2018		10.24		0.26		0.35			0.61			(0.27	)		(0.01	)		0.00		(0.28	)
06/30/2017		8.55		0.29		1.62			1.91			(0.22	)		0.00			0.00		(0.22	)
06/30/2016		9.83		0.28		(1.33	)		(1.05	)		(0.08	)		(0.15	)		0.00		(0.23	)
06/05/2015 - 06/30/2015		10.00		0.02		(0.19	)		(0.17	)		0.00			0.00			0.00		0.00
Class A
07/01/2018 - 12/31/2018+		10.53		0.08		(1.27	)		(1.19	)		(0.25	)		(0.27	)		0.00		(0.52	)
06/30/2018		10.24		0.37		0.21			0.58			(0.28	)		(0.01	)		0.00		(0.29	)
06/30/2017		8.55		0.29		1.60			1.89			(0.20	)		0.00			0.00		(0.20	)
06/30/2016		9.83		0.34		(1.42	)		(1.08	)		(0.05	)		(0.15	)		0.00		(0.20	)
06/05/2015 - 06/30/2015		10.00		0.01		(0.18	)		(0.17	)		0.00			0.00			0.00		0.00
PIMCO RAE US Fund
Institutional Class
07/01/2018 - 12/31/2018+	$	11.30	$	0.13	$	(1.02	)	$	(0.89	)	$	(0.21	)	$	(0.46	)	$	0.00	$	(0.67	)
06/30/2018		10.57		0.23		1.16			1.39			(0.22	)		(0.44	)		0.00		(0.66	)
06/30/2017		9.82		0.22		1.07			1.29			(0.22	)		(0.32	)		0.00		(0.54	)
06/30/2016		9.85		0.22		0.08			0.30			(0.11	)		(0.22	)		0.00		(0.33	)
06/05/2015 - 06/30/2015		10.00		0.01		(0.16	)		(0.15	)		0.00			0.00			0.00		0.00
I-2
07/01/2018 - 12/31/2018+		11.26		0.13		(1.02	)		(0.89	)		(0.21	)		(0.46	)		0.00		(0.67	)
06/30/2018		10.54		0.22		1.15			1.37			(0.21	)		(0.44	)		0.00		(0.65	)
06/30/2017		9.81		0.21		1.06			1.27			(0.22	)		(0.32	)		0.00		(0.54	)
06/30/2016		9.85		0.21		0.08			0.29			(0.11	)		(0.22	)		0.00		(0.33	)
06/05/2015 - 06/30/2015		10.00		0.01		(0.16	)		(0.15	)		0.00			0.00			0.00		0.00
Class A
07/01/2018 - 12/31/2018+		11.19		0.11		(1.01	)		(0.90	)		(0.21	)		(0.46	)		0.00		(0.67	)
06/30/2018		10.50		0.18		1.15			1.33			(0.20	)		(0.44	)		0.00		(0.64	)
06/30/2017		9.79		0.17		1.07			1.24			(0.21	)		(0.32	)		0.00		(0.53	)
06/30/2016		9.86		0.18		0.07			0.25			(0.10	)		(0.22	)		0.00		(0.32	)
06/05/2015 - 06/30/2015		10.00		0.01		(0.15	)		(0.14	)		0.00			0.00			0.00		0.00
PIMCO RAE US Small Fund
Institutional Class
07/01/2018 - 12/31/2018+	$	12.33	$	0.12	$	(2.15	)	$	(2.03	)	$	(0.09	)	$	(0.64	)	$	0.00	$	(0.73	)
06/30/2018		11.10		0.15		1.63			1.78			(0.17	)		(0.38	)		0.00		(0.55	)
06/30/2017		9.31		0.12		1.81			1.93			(0.14	)		0.00			0.00		(0.14	)
06/30/2016		9.93		0.10		(0.57	)		(0.47	)		(0.04	)		(0.11	)		0.00		(0.15	)
06/05/2015 - 06/30/2015		10.00		0.01		(0.08	)		(0.07	)		0.00			0.00			0.00		0.00
I-2
07/01/2018 - 12/31/2018+		12.29		0.10		(2.13	)		(2.03	)		(0.09	)		(0.64	)		0.00		(0.73	)
06/30/2018		11.07		0.14		1.62			1.76			(0.16	)		(0.38	)		0.00		(0.54	)
06/30/2017		9.29		0.12		1.79			1.91			(0.13	)		0.00			0.00		(0.13	)
06/30/2016		9.92		0.11		(0.59	)		(0.48	)		(0.04	)		(0.11	)		0.00		(0.15	)
06/05/2015 - 06/30/2015		10.00		0.01		(0.09	)		(0.08	)		0.00			0.00			0.00		0.00

22 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(c)
Net Asset Value End of Year or Period		Total Return			Net Assets End of Year or Period (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
$	8.89		(11.21	)%	$	499,240		0.51	%*		0.62	%*		0.51	%*		0.62	%*		2.04	%*		24	%
	10.60		5.88			543,875		0.51			0.62			0.51			0.62			3.04			47
	10.27		22.76			475,759		0.50			0.61			0.50			0.61			2.90			20
	8.56		(10.60	)		247,182		0.50			0.61			0.50			0.61			3.25			39
	9.83		(1.70	)		151,532		0.50	*		0.64	*		0.50	*		0.64	*		2.68	*		7
	8.87		(11.14	)		846		0.61	*		0.72	*		0.61	*		0.72	*		1.68	*		24
	10.57		5.84			1,994		0.61			0.72			0.61			0.72			2.33			47
	10.24		22.67			4,998		0.60			0.71			0.60			0.71			3.03			20
	8.55		(10.70	)		1,041		0.60			0.71			0.60			0.71			3.24			39
	9.83		(1.70	)		10		0.60	*		0.74	*		0.60	*		0.74	*		2.57	*		7
	8.82		(11.28	)		3,972		0.86	*		0.97	*		0.86	*		0.97	*		1.64	*		24
	10.53		5.53			5,007		0.86			0.97			0.86			0.97			3.34			47
	10.24		22.34			323		0.85			0.96			0.85			0.96			2.99			20
	8.55		(10.95	)		46		0.85			0.96			0.85			0.96			3.94			39
	9.83		(1.70	)		10		0.85	*		0.99	*		0.85	*		0.99	*		2.32	*		7
$	9.74		(8.08	)%	$	684,371		0.41	%*		0.52	%*		0.41	%*		0.52	%*		2.28	%*		19	%
	11.30		13.22			771,581		0.41			0.52			0.41			0.52			2.06			44
	10.57		13.33			620,951		0.40			0.51			0.40			0.51			2.08			31
	9.82		3.16			511,838		0.40			0.51			0.40			0.51			2.29			42
	9.85		(1.50	)		447,755		0.40	*		0.51	*		0.40	*		0.51	*		2.03	*		5
	9.70		(8.11	)		6,338		0.51	*		0.62	*		0.51	*		0.62	*		2.17	*		19
	11.26		13.10			7,265		0.51			0.62			0.51			0.62			1.96			44
	10.54		13.15			7,769		0.50			0.61			0.50			0.61			1.99			31
	9.81		3.09			3,372		0.50			0.61			0.50			0.61			2.23			42
	9.85		(1.50	)		10		0.50	*		0.61	*		0.50	*		0.61	*		1.92	*		5
	9.62		(8.25	)		10,044		0.81	*		0.92	*		0.81	*		0.92	*		1.90	*		19
	11.19		12.73			6,973		0.81			0.92			0.81			0.92			1.65			44
	10.50		12.83			7,259		0.80			0.91			0.80			0.91			1.68			31
	9.79		2.67			2,982		0.80			0.91			0.80			0.91			1.88			42
	9.86		(1.40	)		14		0.80	*		0.91	*		0.80	*		0.91	*		1.67	*		5
$	9.57		(16.75	)%	$	147,194		0.51	%*		0.62	%*		0.51	%*		0.62	%*		1.96	%*		22	%
	12.33		16.37			128,985		0.50			0.62			0.50			0.62			1.30			30
	11.10		20.70			93,541		0.50			0.61			0.50			0.61			1.13			45
	9.31		(4.68	)		81,226		0.50			0.61			0.50			0.61			1.10			85
	9.93		(0.70	)		46,426		0.50	*		0.73	*		0.50	*		0.73	*		1.44	*		9
	9.53		(16.80	)		2,622		0.61	*		0.72	*		0.61	*		0.72	*		1.62	*		22
	12.29		16.27			4,366		0.60			0.72			0.60			0.72			1.19			30
	11.07		20.59			3,902		0.60			0.71			0.60			0.71			1.12			45
	9.29		(4.79	)		1,456		0.60			0.71			0.60			0.71			1.26			85
	9.92		(0.80	)		10		0.60	*		0.83	*		0.60	*		0.83	*		1.33	*		9

SEMIANNUAL REPORT DECEMBER 31, 2018 23

Financial Highlights (Cont.)

			Investment Operations								Less Distributions(b)
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 Net Investment Income			From Net Realized Capital Gains			Tax Basis Return of Capital		Total
PIMCO RAE US Small Fund (Cont.)
Class A
07/01/2018 - 12/31/2018+	$	12.24	$	0.09	$	(2.12	)	$	(2.03	)	$	(0.09	)	$	(0.64	)	$	0.00	$	(0.73	)
06/30/2018		11.05		0.09		1.62			1.71			(0.14	)		(0.38	)		0.00		(0.52	)
06/30/2017		9.29		0.10		1.79			1.89			(0.13	)		0.00			0.00		(0.13	)
06/30/2016		9.92		0.08		(0.60	)		(0.52	)		(0.00	)		(0.11	)		0.00		(0.11	)
06/05/2015 - 06/30/2015		10.00		0.01		(0.09	)		(0.08	)		0.00			0.00			0.00		0.00

+ Unaudited

* Annualized

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

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

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

24 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(c)
Net Asset Value End of Year or Period		Total Return			Net Assets End of Year or Period (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
$	9.48		(16.87	)%	$	2,874		0.91	%*		1.02	%*		0.91	%*		1.02	%*		1.46	%*		22	%
	12.24		15.83			4,875		0.90			1.02			0.90			1.02			0.82			30
	11.05		20.32			8,549		0.90			1.01			0.90			1.01			0.88			45
	9.29		(5.11	)		1,699		0.90			1.01			0.90			1.01			0.85			85
	9.92		(0.80	)		10		0.90	*		1.13	*		0.90	*		1.13	*		1.04	*		9

SEMIANNUAL REPORT DECEMBER 31, 2018 25

Statements of Assets and Liabilities

(Amounts in thousands†, except per share amounts)	PIMCO RAE Emerging Markets Fund		PIMCO RAE Global Fund		PIMCO RAE Global ex-US Fund			PIMCO RAE International Fund			PIMCO RAE US Fund		PIMCO RAE US Small Fund
Assets:
Investments, at value
Investments in securities*	$	1,944,786	$	353	$	335		$	501,490		$	699,979	$	153,528
Investments in Affiliates		0		321,193		73,738			0			0		0
Cash		1		0		1			0			1		0
Foreign currency, at value		1,890		0		0			132			0		0
Receivable for investments sold		0		0		0			3,094			0		4
Receivable for Fund shares sold		700		54		247			788			368		104
Interest and/or dividends receivable		7,950		0		0			1,478			998		527
Reimbursement receivable from PIMCO		419		206		49			71			99		21
Other assets		0		0		0			13			0		0
Total Assets		1,955,746		321,806		74,370			507,066			701,445		154,184
Liabilities:
Payable for investments purchased	$	237	$	0	$	0		$	37		$	0	$	136
Payable for investments in Affiliates purchased		0		0		227			0			0		0
Deposits from counterparty		0		0		0			337			0		0
Payable for Fund shares redeemed		255		390		0			525			386		1,277
Overdraft due to custodian		0		0		0			1,852			0		0
Accrued investment advisory fees		811		110		24			128			151		46
Accrued supervisory and administrative fees		732		82		21			128			153		34
Accrued servicing fees		2		0		1			1			2		1
Other liabilities		6		0		0			0			0		0
Total Liabilities		2,043		582		273			3,008			692		1,494
Net Assets	$	1,953,703	$	321,224	$	74,097		$	504,058		$	700,753	$	152,690
Net Assets Consist of:
Paid in capital	$	1,913,273	$	313,622	$	78,193		$	528,034		$	619,466	$	162,195
Distributable earnings (accumulated loss)		40,430		7,602		(4,096	)		(23,976	)		81,287		(9,505	)
Net Assets	$	1,953,703	$	321,224	$	74,097		$	504,058		$	700,753	$	152,690
Cost of investments in securities	$	1,851,282	$	353	$	335		$	508,838		$	610,514	$	160,027
Cost of investments in Affiliates	$	0	$	322,519	$	79,981		$	0		$	0	$	0
Cost of foreign currency held	$	1,905	$	0	$	0		$	132		$	0	$	0
* Includes repurchase agreements of:	$	8,752	$	353	$	335		$	0		$	3,624	$	836

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

26 PIMCO EQUITY SERIES See Accompanying Notes

	PIMCO RAE Emerging Markets Fund		PIMCO RAE Global Fund		PIMCO RAE Global ex-US Fund		PIMCO RAE International Fund		PIMCO RAE US Fund		PIMCO RAE US Small Fund
Net Assets:
Institutional Class	$	1,934,305	$	317,443	$	72,230	$	499,240	$	684,371	$	147,194
Class I-2		10,654		2,025		403		846		6,338		2,622
Class A		8,744		1,756		1,464		3,972		10,044		2,874
Shares Issued and Outstanding:
Institutional Class		212,575		34,294		7,726		56,130		70,272		15,375
Class I-2		1,178		219		43		95		653		275
Class A		967		191		158		451		1,044		303
Net Asset Value Per Share Outstanding:
Institutional Class	$	9.10	$	9.26	$	9.35	$	8.89	$	9.74	$	9.57
Class I-2		9.04		9.23		9.33		8.87		9.70		9.53
Class A		9.04		9.18		9.29		8.82		9.62		9.48

SEMIANNUAL REPORT DECEMBER 31, 2018 27

Statements of Operations

Six Months Ended December 31, 2018
(Amounts in thousands†)	PIMCO RAE Emerging Markets Fund			PIMCO RAE Global Fund			PIMCO RAE Global ex-US Fund			PIMCO RAE International Fund			PIMCO RAE US Fund			PIMCO RAE US Small Fund
Investment Income:
Interest	$	83		$	6		$	1		$	3		$	43		$	11
Dividends, net of foreign taxes*		42,162			0			0			7,239			10,730			1,934
Dividends from Investments in Affiliates		0			10,097			2,386			0			0			0
Total Income		42,245			10,103			2,387			7,242			10,773			1,945
Expenses:
Investment advisory fees		4,918			719			159			852			1,004			277
Supervisory and administrative fees		4,438			542			141			855			1,016			204
Distribution fees - Class C		4	(a)		3	(a)		3	(a)		2	(a)		9	(a)		2	(a)
Servicing fees - Class A		12			2			2			5			12			6
Servicing fees - Class C		1	(a)		1	(a)		1	(a)		1	(a)		3	(a)		1	(a)
Trustee fees		103			20			4			30			42			8
Interest expense		32			4			0			12			3			0
Miscellaneous expense		48			9			2			14			20			4
Total Expenses		9,556			1,300			312			1,771			2,109			502
Waiver and/or Reimbursement by PIMCO		(2,070	)		(1,248	)		(302	)		(314	)		(444	)		(87	)
Net Expenses		7,486			52			10			1,457			1,665			415
Net Investment Income (Loss)		34,759			10,051			2,377			5,785			9,108			1,530
Net Realized Gain (Loss):
Investments in securities		1,689			0			0			(2,169	)		15,122			2,698
Investments in Affiliates		0			5,745			(449	)		0			0			0
Net capital gain distributions received from Affiliate investments		0			11,657			2,460			0			0			0
Over the counter financial derivative instruments		(89	)		0			0			(30	)		0			0
Foreign currency		(1,006	)		0			0			(82	)		0			0
Net Realized Gain (Loss)		594			17,402			2,011			(2,281	)		15,122			2,698
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		(155,312	)		0			0			(66,694	)		(85,095	)		(34,791	)
Investments in Affiliates		0			(57,576	)		(12,550	)		0			0			0
Foreign currency assets and liabilities		43			0			0			9			0			0
Net Change in Unrealized Appreciation (Depreciation)		(155,269	)		(57,576	)		(12,550	)		(66,685	)		(85,095	)		(34,791	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(119,916	)	$	(30,123	)	$	(8,162	)	$	(63,181	)	$	(60,865	)	$	(30,563	)
* Foreign tax withholdings - Dividends	$	6,432		$	0		$	0		$	566		$	0		$	0

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

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

28 PIMCO EQUITY SERIES See Accompanying Notes

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SEMIANNUAL REPORT DECEMBER 31, 2018 29

Statements of Changes in Net Assets

	PIMCO RAE Emerging Markets Fund						PIMCO RAE Global Fund						PIMCO RAE Global ex-US Fund
(Amounts in thousands†)	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	34,759		$	40,461		$	10,051		$	12,817		$	2,377		$	2,846
Net realized gain (loss)		594			157,002			17,402			17,283			2,011			727
Net change in unrealized appreciation (depreciation)		(155,269	)		(85,613	)		(57,576	)		7,299			(12,550	)		1,530
Net Increase (Decrease) in Net Assets Resulting from Operations		(119,916	)		111,850			(30,123	)		37,399			(8,162	)		5,103
Distributions to Shareholders:
From net investment income and/or net realized capital gains*
Institutional Class		(196,506	)		(144,230	)		(26,024	)		(26,492	)		(1,951	)		(3,011	)
Class I-2		(1,053	)		(1,259	)		(170	)		(235	)		(12	)		(16	)
Class A		(838	)		(361	)		(137	)		(67	)		(37	)		(29	)
Class C		0	(a)		(166	)		0	(a)		(101	)		0	(a)		(47	)
Tax basis return of capital
Institutional Class		0			0			0			0			0			(381	)
Class I-2		0			0			0			0			0			(3	)
Class A		0			0			0			0			0			(6	)
Class C		0	(a)		0			0	(a)		0			0	(a)		(7	)
Total Distributions(b)		(198,397	)		(146,016	)		(26,331	)		(26,895	)		(2,000	)		(3,500	)
Portfolio Share Transactions:
Net increase (decrease) resulting from Fund share transactions**		396,216			381,301			11,461			(59,036	)		4,211			(2,240	)
Total Increase (Decrease) in Net Assets		77,903			347,135			(44,993	)		(48,532	)		(5,951	)		(637	)
Net Assets:
Beginning of period		1,875,800			1,528,665			366,217			414,749			80,048			80,685
End of period	$	1,953,703		$	1,875,800		$	321,224		$	366,217		$	74,097		$	80,048

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

* See Note 2, New Accounting Pronouncements, in the Notes to Financial Statements for more information.

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

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

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

30 PIMCO EQUITY SERIES See Accompanying Notes

PIMCO RAE International Fund						PIMCO RAE US Fund						PIMCO RAE US Small Fund
Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
$	5,785		$	16,111		$	9,108		$	13,786		$	1,530		$	1,459
	(2,281	)		11,725			15,122			16,790			2,698			7,106
	(66,685	)		(8,876	)		(85,095	)		47,903			(34,791	)		9,575
	(63,181	)		18,960			(60,865	)		78,479			(30,563	)		18,140
	(28,805	)		(13,101	)		(45,510	)		(36,716	)		(10,827	)		(4,636	)
	(52	)		(125	)		(389	)		(468	)		(196	)		(197	)
	(229	)		(62	)		(672	)		(447	)		(302	)		(371	)
	0	(a)		(21	)		0	(a)		(267	)		0	(a)		(29	)
	0			0			0			0			0			0
	0			0			0			0			0			0
	0			0			0			0			0			0
	0	(a)		0			0	(a)		0			0	(a)		0
	(29,086	)		(13,309	)		(46,571	)		(37,898	)		(11,325	)		(5,233	)
	44,572			64,515			17,656			108,521			55,584			19,537
	(47,695	)		70,166			(89,780	)		149,102			13,696			32,444
	551,753			481,587			790,533			641,431			138,994			106,550
$	504,058		$	551,753		$	700,753		$	790,533		$	152,690		$	138,994

SEMIANNUAL REPORT DECEMBER 31, 2018 31

Schedule of Investments PIMCO RAE Emerging Markets Fund

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.5%
COMMON STOCKS 97.8%
BRAZIL 4.5%
COMMUNICATION SERVICES 0.0%
Telefonica Brasil S.A. ADR		19,224	$		229
TIM Participacoes S.A. ADR		16,531			254
					483
CONSUMER DISCRETIONARY 0.0%
Via Varejo S.A.		713,800			810
CONSUMER STAPLES 0.5%
JBS S.A.		2,578,200			7,702
Marfrig Global Foods S.A. (a)		1,031,800			1,450
Natura Cosmeticos S.A.		112,800			1,309
					10,461
ENERGY 0.8%
Petroleo Brasileiro S.A. SP - ADR		1,123,594			14,618
FINANCIALS 1.6%
Banco Bradesco S.A. ADR		821,304			8,123
Banco BTG Pactual S.A.		273,886			1,665
Banco do Brasil S.A.		875,300			10,478
Banco Santander Brasil S.A.		81,900			901
Itau Unibanco Holding S.A. SP - ADR ‘H’		1,130,148			10,330
Porto Seguro S.A.		14,000			188
Sul America S.A.		27,046			199
					31,884
INDUSTRIALS 0.1%
Embraer S.A. SP - ADR		53,065			1,174
MATERIALS 1.0%
Cia Siderurgica Nacional S.A. SP - ADR		547,760			1,200
Fibria Celulose S.A. - ADR		53,411			919
Gerdau S.A. SP - ADR		188,302			708
Nexa Resources S.A.		69,866			831
Suzano Papel e Celulose S.A.		21,700			214
Vale S.A.		1,131,039			14,827
					18,699
UTILITIES 0.5%
AES Tiete Energia S.A.		436,300			1,126
Cia de Saneamento do Parana		20,100			319
Cia Energetica de Minas Gerais SP - ADR		1,998,910			7,116
Light S.A.		119,300			507
					9,068
Total Brazil					87,197
CHILE 0.6%
CONSUMER DISCRETIONARY 0.0%
Ripley Corp. S.A.		659,301			550
CONSUMER STAPLES 0.1%
Cencosud S.A.		1,265,558			2,279

	SHARES			MARKET VALUE (000S)
ENERGY 0.0%
Empresas COPEC S.A.		16,283	$		196
FINANCIALS 0.2%
Banco de Chile		6,653,540			950
Banco de Credito e Inversiones		3,152			205
Banco Santander Chile ADR		33,278			995
Itau CorpBanca		21,908,476			205
Sociedad Matriz del Banco de Chile S.A. ‘B’		2,397,859			1,092
					3,447
INDUSTRIALS 0.0%
AntarChile S.A.		12,460			164
MATERIALS 0.2%
Antofagasta PLC		30,622			306
CAP S.A.		143,123			1,255
Empresas CMPC S.A.		525,361			1,668
					3,229
UTILITIES 0.1%
AES Gener S.A.		1,514,288			422
Colbun S.A.		984,887			200
Enel Chile S.A.		3,748,163			361
Inversiones Aguas Metropolitanas S.A.		136,276			198
					1,181
Total Chile					11,046
CHINA 24.1%
COMMUNICATION SERVICES 0.9%
China Communications Services Corp. Ltd. ‘H’		4,244,000			3,519
China Telecom Corp. Ltd. ‘H’		26,632,000			13,645
Sohu.com Ltd. ADR (a)		35,961			627
					17,791
CONSUMER DISCRETIONARY 0.3%
BAIC Motor Corp. Ltd. ‘H’		1,656,500			876
Dongfeng Motor Group Co. Ltd. ‘H’		1,804,000			1,640
Golden Eagle Retail Group Ltd.		178,000			184
GOME Retail Holdings Ltd.		18,645,000			1,546
Great Wall Motor Co. Ltd. ‘H’		1,988,000			1,143
Shanghai Jin Jiang International Hotels Group Co. Ltd. ‘H’		1,438,000			348
					5,737
CONSUMER STAPLES 0.2%
Hengan International Group Co. Ltd.		155,500			1,129
Tingyi Cayman Islands Holding Corp.		1,276,000			1,709
Uni-President China Holdings Ltd.		244,000			211
Want Want China Holdings Ltd.		2,423,000			1,695
					4,744
ENERGY 3.4%
China Coal Energy Co. Ltd. ‘H’		1,050,000			413

	SHARES			MARKET VALUE (000S)
China Oilfield Services Ltd. ‘H’		368,000	$		317
China Petroleum & Chemical Corp. ‘H’		27,486,400			19,593
China Shenhua Energy Co. Ltd. ‘H’		4,435,000			9,672
CNOOC Ltd.		17,271,000			26,603
PetroChina Co. Ltd. ‘H’		16,654,000			10,334
Yanzhou Coal Mining Co. Ltd. ‘H’		332,000			268
					67,200
FINANCIALS 13.8%
Agricultural Bank of China Ltd. ‘H’		42,431,000			18,585
Bank of China Ltd. ‘H’		104,043,000			44,853
Bank of Chongqing Co. Ltd. ‘H’		1,019,000			581
Bank of Communications Co. Ltd. ‘H’		14,268,000			11,141
China Cinda Asset Management Co. Ltd. ‘H’		6,975,000			1,691
China CITIC Bank Corp. Ltd. ‘H’		16,307,000			9,893
China Construction Bank Corp. ‘H’		93,095,000			76,231
China Everbright Bank Co. Ltd. ‘H’		8,317,000			3,604
China Huarong Asset Management Co. Ltd. ‘H’		13,210,000			2,411
China Life Insurance Co. Ltd. ‘H’		881,000			1,863
China Merchants Bank Co. Ltd. ‘H’		2,183,500			7,974
China Minsheng Banking Corp. Ltd. ‘H’		8,751,920			6,036
Chongqing Rural Commercial Bank Co. Ltd. ‘H’		6,414,000			3,437
CSC Financial Co. Ltd. ‘H’		1,003,000			570
Industrial & Commercial Bank of China Ltd. ‘H’		74,388,000			52,909
People’s Insurance Co. Group of China Ltd. ‘H’		11,727,000			4,707
PICC Property & Casualty Co. Ltd. ‘H’		2,880,000			2,939
Ping An Insurance Group Co. of China Ltd. ‘H’		1,447,000			12,766
Postal Savings Bank of China Co. Ltd. ‘H’		13,498,000			7,109
					269,300
HEALTH CARE 0.2%
China Resources Pharmaceutical Group Ltd.		1,653,500			2,154
Sihuan Pharmaceutical Holdings Group Ltd.		2,063,000			360
Sinopharm Group Co. Ltd.		266,000			1,120
					3,634
INDUSTRIALS 1.1%
Air China Ltd. ‘H’		1,660,000			1,437
AviChina Industry & Technology Co. Ltd.		300,000			188
China Communications Construction Co. Ltd. ‘H’		1,653,000			1,559
China Eastern Airlines Corp. Ltd. ‘H’		1,794,000			995
China Lesso Group Holdings Ltd. ‘L’		1,130,000			565

32 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

	SHARES			MARKET VALUE (000S)
China Machinery Engineering Corp. ‘H’		349,000	$		165
China Railway Construction Corp. Ltd. ‘H’		1,881,500			2,613
China Railway Group Ltd. ‘H’		2,674,000			2,437
China Southern Airlines Co. Ltd. ‘H’		3,148,000			1,930
COSCO SHIPPING Energy Transportation Co. Ltd. ‘H’		1,844,000			918
Country Garden Services Holdings Co. Ltd. (a)		92,298			146
Fosun International Ltd.		724,000			1,055
Guangshen Railway Co. Ltd. ‘H’		458,000			172
Jiangsu Expressway Co. Ltd. ‘H’		170,000			237
Shenzhen Expressway Co. Ltd. ‘H’		416,000			459
Sinopec Engineering Group Co. Ltd. ‘H’		1,561,500			1,282
Sinotrans Ltd. ‘H’		1,654,000			718
Sinotruk Hong Kong Ltd.		915,500			1,380
Yangzijiang Shipbuilding Holdings Ltd.		1,426,800			1,311
Zhejiang Expressway Co. Ltd. ‘H’		1,898,000			1,647
Zoomlion Heavy Industry Science and Technology Co. Ltd. ‘H’		696,400			251
					21,465
INFORMATION TECHNOLOGY 0.8%
AVIC International Holdings Ltd.		348,000			183
FIH Mobile Ltd.		1,748,000			183
Legend Holdings Corp. ‘H’		1,012,300			2,648
Lenovo Group Ltd.		17,608,000			11,895
Semiconductor Manufacturing International Corp. (a)		173,000			151
					15,060
MATERIALS 1.0%
Anhui Conch Cement Co. Ltd. ‘H’		416,500			2,014
China BlueChemical Ltd. ‘H’		5,544,000			1,742
China Hongqiao Group Ltd.		1,567,500			891
China National Building Material Co. Ltd. ‘H’		18,001,400			12,318
China Zhongwang Holdings Ltd.		3,839,200			1,700
					18,665
REAL ESTATE 1.5%
Agile Group Holdings Ltd.		2,928,000			3,454
Beijing Capital Land Ltd. ‘H’		2,070,000			743
China Aoyuan Group Ltd.		2,494,000			1,581
China Evergrande Group		192,000			574
China SCE Property Holdings Ltd.		1,020,000			372
China Vanke Co. Ltd. ‘H’		393,000			1,331
CIFI Holdings Group Co. Ltd.		578,000			306
Country Garden Holdings Co. Ltd.		378,000			459
Fantasia Holdings Group Co. Ltd.		5,406,000			621
Future Land Development Holdings Ltd.		851,138			582
Greentown China Holdings Ltd.		2,156,000			1,621
Guangzhou R&F Properties Co. Ltd. ‘H’		2,167,800			3,280
Guorui Properties Ltd.		666,000			167

	SHARES			MARKET VALUE (000S)
Kaisa Group Holdings Ltd.		807,000	$		257
KWG Property Holding Ltd.		1,643,500			1,456
Longfor Group Holdings Ltd.		501,500			1,492
Powerlong Real Estate Holdings Ltd.		2,734,000			1,077
Shui On Land Ltd.		10,793,500			2,403
Sino-Ocean Group Holding Ltd.		7,357,000			3,245
SOHO China Ltd. (a)		6,343,000			2,265
Times China Holdings Ltd.		812,000			901
Yuzhou Properties Co. Ltd.		3,419,000			1,411
					29,598
UTILITIES 0.9%
Beijing Jingneng Clean Energy Co. Ltd. ‘H’		1,342,000			324
China Datang Corp. Renewable Power Co. Ltd. ‘H’		987,000			118
China Longyuan Power Group Corp. Ltd. ‘H’		3,518,000			2,402
Datang International Power Generation Co. Ltd. ‘H’		8,960,000			2,107
ENN Energy Holdings Ltd.		20,000			178
Huadian Fuxin Energy Corp. Ltd. ‘H’		6,228,000			1,515
Huadian Power International Corp. Ltd. ‘H’		8,824,000			3,980
Huaneng Power International, Inc. ‘H’		11,608,000			7,368
Huaneng Renewables Corp. Ltd.		610,000			164
					18,156
Total China					471,350
GREECE 0.7%
COMMUNICATION SERVICES 0.1%
Hellenic Telecommunications Organization S.A.		231,860			2,530
CONSUMER DISCRETIONARY 0.1%
FF Group «(a)		51,384			0
OPAP S.A.		130,333			1,133
					1,133
ENERGY 0.0%
Hellenic Petroleum S.A.		49,185			416
Motor Oil Hellas Corinth Refineries S.A.		19,487			469
					885
FINANCIALS 0.5%
Alpha Bank AE (a)		3,726,782			4,688
Eurobank Ergasias S.A. (a)		706,769			437
National Bank of Greece S.A. (a)		2,082,725			2,621
Piraeus Bank S.A. (a)		1,426,999			1,372
					9,118
UTILITIES 0.0%
Public Power Corp. S.A. (a)		220,031			326
Total Greece					13,992

	SHARES			MARKET VALUE (000S)
HONG KONG 6.0%
COMMUNICATION SERVICES 1.9%
China Mobile Ltd.		3,006,500	$		29,093
China Unicom Hong Kong Ltd.		7,614,000			8,112
					37,205
CONSUMER DISCRETIONARY 0.1%
China Travel International Investment Hong Kong Ltd.		2,522,000			673
Dah Chong Hong Holdings Ltd.		1,417,000			489
					1,162
CONSUMER STAPLES 0.3%
China Agri-Industries Holdings Ltd.		2,944,000			1,049
China Resources Beer Holdings Co. Ltd.		1,740,000			6,083
					7,132
ENERGY 0.2%
Kunlun Energy Co. Ltd.		3,622,000			3,848
FINANCIALS 0.6%
BOC Hong Kong Holdings Ltd.		1,320,500			4,901
China Everbright Ltd.		892,000			1,581
China Taiping Insurance Holdings Co. Ltd.		1,681,600			4,623
Far East Horizon Ltd.		1,331,000			1,343
					12,448
INDUSTRIALS 0.9%
China Merchants Port Holdings Co. Ltd.		276,000			496
CITIC Ltd.		7,251,000			11,378
COSCO SHIPPING Ports Ltd.		2,824,000			2,776
Shanghai Industrial Holdings Ltd.		1,114,000			2,252
Shenzhen International Holdings Ltd.		429,000			827
					17,729
MATERIALS 0.2%
China Resources Cement Holdings Ltd.		2,246,000			2,025
Shougang Fushan Resources Group Ltd.		6,724,000			1,365
					3,390
REAL ESTATE 1.1%
China Jinmao Holdings Group Ltd.		7,432,000			3,346
China Overseas Grand Oceans Group Ltd.		760,000			249
China Overseas Land & Investment Ltd.		1,596,000			5,503
China Resources Land Ltd.		1,250,000			4,808
Joy City Property Ltd.		832,000			89
Poly Property Group Co. Ltd.		6,238,000			1,951
Shenzhen Investment Ltd.		7,014,000			2,319
Yuexiu Property Co. Ltd.		20,286,000			3,728
					21,993

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 33

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

	SHARES			MARKET VALUE (000S)
UTILITIES 0.7%
Beijing Enterprises Holdings Ltd.		111,000	$		589
China Power International Development Ltd.		18,250,000			4,141
China Resources Power Holdings Co. Ltd.		4,370,000			8,405
Guangdong Investment Ltd.		106,000			205
					13,340
Total Hong Kong					118,247
INDIA 5.2%
COMMUNICATION SERVICES 0.3%
Reliance Communications Ltd. (a)		26,557,089			5,478
CONSUMER DISCRETIONARY 0.3%
Tata Motors Ltd.		2,845,494			7,018
CONSUMER STAPLES 0.0%
RP-SG Retail Ltd (a)		9,059			16
ENERGY 0.5%
Coal India Ltd.		1,143,644			3,943
Hindustan Petroleum Corp. Ltd.		61,061			222
Indian Oil Corp. Ltd.		108,567			213
Oil & Natural Gas Corp. Ltd.		1,502,958			3,224
Oil India Ltd.		117,708			295
Reliance Industries Ltd.		86,464			1,392
					9,289
FINANCIALS 2.1%
Allahabad Bank		2,729,208			1,804
Andhra Bank (a)		3,951,838			1,661
Axis Bank Ltd.		47,794			424
Bank of Baroda (a)		1,301,032			2,208
Bank of India (a)		842,441			1,257
Canara Bank (a)		532,584			2,093
ICICI Bank Ltd.		1,043,650			5,395
IDFC Ltd.		697,740			435
Oriental Bank of Commerce (a)		1,886,855			2,579
Power Finance Corp. Ltd.		2,396,769			3,692
Punjab National Bank (a)		2,658,495			2,973
REC Ltd.		2,787,458			4,848
State Bank of India		1,434,856			6,072
Syndicate Bank		1,747,973			981
Union Bank of India		3,147,083			3,859
					40,281
INDUSTRIALS 0.2%
Adani Enterprises Ltd.		165,980			381
Bharat Heavy Electricals Ltd.		880,956			920
GMR Infrastructure Ltd. (a)		2,009,253			473
Jaiprakash Associates Ltd. (a)		26,766,276			2,969
					4,743
INFORMATION TECHNOLOGY 0.2%
Infosys Ltd. SP - ADR		178,334			1,698
Mphasis Ltd.		38,920			569
RP-SG Business Process Services Ltd. (a)		3,019			16

	SHARES			MARKET VALUE (000S)
Tata Consultancy Services Ltd.		6,864	$		186
Tech Mahindra Ltd.		80,097			828
					3,297
MATERIALS 1.0%
Hindalco Industries Ltd.		1,369,091			4,417
Jindal Steel & Power Ltd. (a)		1,566,425			3,692
National Aluminium Co. Ltd.		2,010,220			1,897
NMDC Ltd.		416,451			577
Steel Authority of India Ltd. (a)		623,055			504
Tata Chemicals Ltd.		105,195			1,064
Tata Steel Ltd.		884,834			6,597
Vedanta Ltd.		542,124			1,568
					20,316
UTILITIES 0.6%
Adani Gas Ltd. (a)		452,573			650
Adani Green Energy Ltd. (a)		708,034			424
Adani Power Ltd. (a)		3,476,450			2,537
CESC Ltd.		15,099			145
JSW Energy Ltd.		785,430			773
NHPC Ltd.		4,214,592			1,569
NLC India Ltd.		179,190			178
NTPC Ltd.		599,157			1,275
Reliance Infrastructure Ltd.		433,313			1,955
Reliance Power Ltd. (a)		2,016,090			826
Tata Power Co. Ltd.		925,019			1,016
					11,348
Total India					101,786
INDONESIA 1.2%
COMMUNICATION SERVICES 0.1%
Telekomunikasi Indonesia Persero Tbk PT		7,189,700			1,880
CONSUMER DISCRETIONARY 0.0%
Astra International Tbk PT		1,407,800			807
CONSUMER STAPLES 0.1%
Indofood Sukses Makmur Tbk PT		4,214,000			2,182
ENERGY 0.2%
Adaro Energy Tbk PT		6,842,500			579
Bukit Asam Tbk PT		1,744,190			522
Indo Tambangraya Megah Tbk PT		1,374,700			1,939
					3,040
FINANCIALS 0.5%
Bank Danamon Indonesia Tbk PT		2,510,600			1,327
Bank Mandiri Persero Tbk PT		3,928,200			2,015
Bank Negara Indonesia Persero Tbk PT		4,144,800			2,542
Bank Pan Indonesia Tbk PT		2,431,500			194
Bank Rakyat Indonesia Persero Tbk PT		11,424,500			2,910
Bank Tabungan Negara Persero Tbk PT		788,500			140
					9,128

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 0.0%
Berlian Laju Tanker Tbk PT «(a)		707,200	$		0
MATERIALS 0.2%
Indah Kiat Pulp & Paper Corp. Tbk PT		1,656,600			1,330
Indocement Tunggal Prakarsa Tbk PT		1,006,300			1,293
Semen Indonesia Persero Tbk PT		1,317,100			1,053
					3,676
UTILITIES 0.1%
Perusahaan Gas Negara Persero Tbk		19,146,500			2,829
Total Indonesia					23,542
MALAYSIA 1.9%
COMMUNICATION SERVICES 0.1%
Astro Malaysia Holdings Bhd.		1,451,000			457
Axiata Group Bhd.		950,400			903
Maxis Bhd.		233,500			302
Telekom Malaysia Bhd.		1,592,000			1,026
					2,688
CONSUMER DISCRETIONARY 0.2%
DRB-Hicom Bhd.		2,131,000			875
Genting Bhd.		1,363,800			2,012
Genting Malaysia Bhd.		159,800			117
UMW Holdings Bhd.		419,200			555
					3,559
CONSUMER STAPLES 0.1%
British American Tobacco Malaysia Bhd.		249,300			2,174
Felda Global Ventures Holdings Bhd.		3,956,700			683
					2,857
ENERGY 0.1%
Sapura Energy Bhd. (a)		33,387,800			2,333
FINANCIALS 0.9%
AMMB Holdings Bhd.		1,996,800			2,093
CIMB Group Holdings Bhd.		1,751,100			2,418
Hong Leong Bank Bhd.		75,900			375
Hong Leong Financial Group Bhd.		83,300			374
Malayan Banking Bhd.		3,099,200			7,119
Public Bank Bhd.		454,400			2,720
RHB Bank Bhd.		1,366,500			1,747
					16,846
INDUSTRIALS 0.2%
AirAsia Group Bhd.		658,700			472
Berjaya Corp. Bhd. (a)		4,595,200			317
IJM Corp. Bhd.		1,368,600			537
MISC Bhd.		333,900			541
Sime Darby Bhd.		2,729,800			1,585
					3,452

34 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

	SHARES			MARKET VALUE (000S)
MATERIALS 0.0%
Petronas Chemicals Group Bhd.		287,500	$		646
REAL ESTATE 0.0%
Sunway Bhd.		1,986,533			707
UTILITIES 0.3%
Malakoff Corp. Bhd.		3,268,000			632
Tenaga Nasional Bhd.		659,600			2,173
YTL Corp. Bhd.		6,102,702			1,490
YTL Power International Bhd.		2,868,514			576
					4,871
Total Malaysia					37,959
MALTA 0.0%
FINANCIALS 0.0%
Brait SE		65,820			137
Total Malta					137
MEXICO 2.0%
COMMUNICATION SERVICES 0.4%
America Movil S.A.B. de C.V. SP - ADR ‘L’		494,552			7,047
Grupo Televisa S.A.B. ADR		33,452			421
					7,468
CONSUMER DISCRETIONARY 0.0%
Nemak S.A.B. de C.V.		272,400			203
CONSUMER STAPLES 0.4%
Coca-Cola Femsa S.A.B. de C.V. SP - ADR		12,572			765
Fomento Economico Mexicano S.A.B. de C.V. SP - ADR		30,433			2,619
Grupo Bimbo S.A.B. de C.V. ‘A’		876,900			1,749
Grupo Comercial Chedraui S.A. de C.V.		84,300			169
Kimberly-Clark de Mexico S.A.B. de C.V. ‘A’		198,200			316
Wal-Mart de Mexico S.A.B. de C.V.		1,166,600			2,967
					8,585
FINANCIALS 0.3%
Gentera S.A.B. de C.V.		2,508,200			1,851
Grupo Elektra S.A.B. de C.V.		12,439			600
Grupo Financiero Banorte S.A.B. de C.V. ‘O’		413,700			2,019
Grupo Financiero Inbursa S.A.B. de C.V. ‘O’		383,600			554
					5,024
INDUSTRIALS 0.3%
Alfa S.A.B. de C.V. ‘A’		4,320,000			5,142
MATERIALS 0.6%
Alpek S.A.B. de C.V. (a)		137,100			168
Cemex S.A.B. de C.V. SP - ADR (a)		1,723,299			8,306
Grupo Mexico S.A.B. de C.V. ‘B’		1,613,300			3,331
Mexichem S.A.B. de C.V.		132,000			335
					12,140
Total Mexico					38,562

	SHARES			MARKET VALUE (000S)
PHILIPPINES 0.5%
COMMUNICATION SERVICES 0.2%
Globe Telecom, Inc.		33,465	$		1,206
PLDT, Inc.		150,320			3,228
					4,434
FINANCIALS 0.0%
Metropolitan Bank & Trust Co.		513,415			793
INDUSTRIALS 0.2%
Alliance Global Group, Inc.		6,295,100			1,422
DMCI Holdings, Inc.		2,652,300			644
San Miguel Corp.		258,240			723
					2,789
UTILITIES 0.1%
Manila Electric Co.		130,990			947
Total Philippines					8,963
POLAND 1.4%
COMMUNICATION SERVICES 0.1%
Orange Polska S.A.		1,330,752			1,708
PLAY Communications S.A.		210,247			1,175
					2,883
ENERGY 0.2%
Polski Koncern Naftowy ORLEN S.A.		17,545			508
Polskie Gornictwo Naftowe i Gazownictwo S.A.		1,417,381			2,621
					3,129
FINANCIALS 0.5%
Bank Polska Kasa Opieki S.A.		204,088			5,950
Getin Noble Bank S.A. (a)		1,505,212			149
Powszechna Kasa Oszczednosci Bank Polski S.A.		146,695			1,550
Powszechny Zaklad Ubezpieczen S.A.		272,129			3,206
					10,855
INFORMATION TECHNOLOGY 0.1%
Asseco Poland S.A.		106,155			1,310
MATERIALS 0.1%
Grupa Azoty S.A.		9,319			78
KGHM Polska Miedz S.A. (a)		82,290			1,952
					2,030
UTILITIES 0.4%
Enea S.A.		531,166			1,408
Energa S.A.		608,614			1,454
PGE Polska Grupa Energetyczna S.A.		1,038,459			2,784
Tauron Polska Energia S.A.		3,296,212			1,932
					7,578
Total Poland					27,785

	SHARES			MARKET VALUE (000S)
RUSSIA 9.8%
COMMUNICATION SERVICES 0.7%
Mobile TeleSystems PJSC		2,382,500	$		8,141
Rostelecom PJSC		2,764,720			2,906
Sistema PJSC FC SP - GDR		1,136,502			2,638
					13,685
CONSUMER STAPLES 0.2%
Magnit PJSC		38,477			1,938
X5 Retail Group NV GDR		80,869			2,006
					3,944
ENERGY 7.2%
Gazprom Neft PJSC SP - ADR		55,312			1,386
Gazprom PJSC SP - ADR		17,297,583			76,516
Lukoil PJSC SP - ADR		530,423			37,970
Rosneft Oil, Co. PJSC GDR		1,466,260			9,051
Surgutneftegas OJSC SP - ADR		3,706,083			14,061
Tatneft PJSC SP - ADR		43,551			2,749
					141,733
FINANCIALS 0.4%
Sberbank of Russia PJSC SP - ADR		615,473			6,741
VTB Bank PJSC GDR		609,706			678
					7,419
INDUSTRIALS 0.2%
Aeroflot PJSC		1,265,260			1,835
Globaltrans Investment PLC GDR		133,710			1,211
					3,046
MATERIALS 0.8%
Alrosa PJSC		816,700			1,151
Evraz PLC		234,193			1,434
Mechel PJSC SP - ADR		673,901			1,334
MMC Norilsk Nickel PJSC ADR		358,446			6,727
Novolipetsk Steel PJSC GDR		10,109			231
PhosAgro PJSC GDR		91,947			1,172
Polyus PJSC GDR		24,227			947
Severstal PJSC GDR		247,012			3,372
					16,368
UTILITIES 0.3%
Federal Grid Co. Unified Energy System PJSC		472,820,000			1,005
Inter RAO UES PJSC		13,023,000			723
Rosseti PJSC		165,738,012			1,850
RusHydro PJSC		151,405,000			1,056
Unipro PJSC		10,847,000			406
					5,040
Total Russia					191,235
SINGAPORE 0.1%
INDUSTRIALS 0.1%
BOC Aviation Ltd.		223,600			1,650
Total Singapore					1,650

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 35

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

	SHARES			MARKET VALUE (000S)
SOUTH AFRICA 4.4%
COMMUNICATION SERVICES 0.8%
MTN Group Ltd.		1,954,277	$		12,080
Telkom S.A. SOC Ltd.		691,144			3,043
Vodacom Group Ltd.		28,595			263
					15,386
CONSUMER DISCRETIONARY 0.1%
Motus Holdings Ltd. (a)		149,174			912
Tsogo Sun Holdings Ltd.		196,644			293
Woolworths Holdings Ltd.		191,080			732
					1,937
CONSUMER STAPLES 0.0%
Massmart Holdings Ltd.		88,448			637
FINANCIALS 1.6%
Absa Group Ltd.		920,053			10,326
FirstRand Ltd.		788,410			3,591
Investec Ltd.		342,375			1,871
Liberty Holdings Ltd.		319,943			2,446
MMI Holdings Ltd.		1,791,111			2,127
Nedbank Group Ltd.		186,124			3,550
Sanlam Ltd.		35,908			199
Standard Bank Group Ltd.		582,179			7,233
					31,343
HEALTH CARE 0.2%
Life Healthcare Group Holdings Ltd.		586,540			1,078
Netcare Ltd.		1,029,782			1,885
					2,963
INDUSTRIALS 0.2%
Barloworld Ltd.		303,976			2,437
Imperial Logistics Ltd.		177,175			838
					3,275
MATERIALS 1.5%
African Rainbow Minerals Ltd.		46,850			463
AngloGold Ashanti Ltd. SP - ADR		25,238			317
Gold Fields Ltd. SP - ADR		1,523,276			5,362
Impala Platinum Holdings Ltd. (a)		1,267,297			3,233
Kumba Iron Ore Ltd.		134,832			2,651
Nampak Ltd. (a)		1,111,348			1,070
Sasol Ltd.		561,765			16,694
					29,790
Total South Africa					85,331
SOUTH KOREA 19.8%
COMMUNICATION SERVICES 2.0%
KT Corp. SP - ADR		1,144,541			16,275
LG Uplus Corp.		633,679			10,015
SK Telecom Co. Ltd. SP - ADR		504,208			13,513
					39,803
CONSUMER DISCRETIONARY 4.1%
CJ O Shopping Co. Ltd.		8,927			1,616
Hankook Tire Co. Ltd.		86,445			3,107
Hotel Shilla Co. Ltd.		3,500			240

	SHARES			MARKET VALUE (000S)
Hyosung TNC Co. Ltd. (a)		649	$		107
Hyundai Department Store Co. Ltd.		39,986			3,238
Hyundai Mobis Co. Ltd.		20,792			3,547
Hyundai Motor Co.		230,665			24,488
Hyundai Wia Corp.		66,603			2,164
Kia Motors Corp.		583,147			17,577
Kumho Tire Co., Inc. (a)		590,480			2,812
LG Electronics, Inc.		179,337			10,056
LOTTE Himart Co. Ltd.		14,002			587
Lotte Shopping Co. Ltd.		42,361			7,998
Mando Corp.		30,422			789
Shinsegae, Inc.		11,115			2,552
					80,878
CONSUMER STAPLES 0.6%
AMOREPACIFIC Group		3,602			235
CJ CheilJedang Corp.		5,208			1,544
E-MART, Inc.		24,563			4,011
GS Retail Co. Ltd.		11,446			415
Hite Jinro Co. Ltd.		123,480			1,839
KT&G Corp.		28,541			2,599
					10,643
ENERGY 0.4%
GS Holdings Corp.		87,152			4,027
SK Innovation Co. Ltd.		19,058			3,059
					7,086
FINANCIALS 4.4%
BNK Financial Group, Inc.		555,673			3,649
DB Insurance Co. Ltd.		21,381			1,347
DGB Financial Group, Inc.		421,343			3,139
Hana Financial Group, Inc.		306,913			9,982
Hanwha Life Insurance Co. Ltd.		1,048,707			3,970
Hyundai Marine & Fire Insurance Co. Ltd.		79,127			2,906
Industrial Bank of Korea		608,627			7,665
ING Life Insurance Korea Ltd.		35,868			900
JB Financial Group Co. Ltd.		224,300			1,147
KB Financial Group, Inc.		178,326			7,439
Korea Investment Holdings Co. Ltd.		6,540			350
Meritz Fire & Marine Insurance Co. Ltd.		50,700			992
Mirae Asset Life Insurance Co. Ltd.		273,944			1,131
Samsung Card Co. Ltd.		60,941			1,883
Samsung Fire & Marine Insurance Co. Ltd.		15,118			3,635
Samsung Life Insurance Co. Ltd.		95,676			7,001
Shinhan Financial Group Co. Ltd.		491,720			17,434
Tongyang Life Insurance Co. Ltd.		144,760			620
Woori Bank		774,071			10,824
					86,014
INDUSTRIALS 2.3%
Asiana Airlines, Inc. (a)		835,530			3,100
CJ Corp.		47,999			5,235
Doosan Corp.		38,255			3,822
Doosan Heavy Industries & Construction Co. Ltd.		480,288			4,200
Doosan Infracore Co. Ltd. (a)		537,789			3,664
Hanwha Corp.		194,505			5,464

	SHARES			MARKET VALUE (000S)
Hyosung Corp.		2,069	$		93
Hyosung Heavy Industries Corp. (a)		1,398			52
Hyundai Engineering & Construction Co. Ltd.		69,607			3,409
KCC Corp.		4,832			1,335
Korean Air Lines Co. Ltd.		274,781			8,145
LG Corp.		5,431			340
LS Corp.		46,298			2,040
Posco Daewoo Corp.		12,242			200
SK Holdings Co. Ltd.		3,334			778
SK Networks Co. Ltd.		617,876			2,877
					44,754
INFORMATION TECHNOLOGY 3.4%
LG Display Co. Ltd.		496,366			8,055
Samsung Electro-Mechanics Co. Ltd.		3,752			350
Samsung Electronics Co. Ltd.		1,573,519			54,777
SK Hynix, Inc.		63,710			3,473
					66,655
MATERIALS 1.2%
Dongkuk Steel Mill Co. Ltd.		84,511			551
Hanwha Chemical Corp.		76,510			1,388
Hyosung Advanced Materials Corp. ‘C’ (a)		672			62
Hyosung Chemical Corp. (a)		478			61
Hyundai Steel Co.		154,324			6,275
Kolon Industries, Inc.		47,342			2,437
LG Chem Ltd.		4,621			1,441
OCI Co. Ltd.		3,518			338
POSCO		47,896			10,476
Taekwang Industrial Co. Ltd.		575			680
					23,709
UTILITIES 1.4%
Korea Electric Power Corp.		806,181			23,880
Korea Gas Corp.		81,893			3,540
					27,420
Total South Korea					386,962
TAIWAN 10.1%
COMMUNICATION SERVICES 0.3%
Chunghwa Telecom Co. Ltd.		1,078,000			3,936
Far EasTone Telecommunications Co. Ltd.		607,000			1,508
					5,444
CONSUMER DISCRETIONARY 0.5%
Cheng Shin Rubber Industry Co. Ltd.		1,580,000			2,102
Far Eastern Department Stores Ltd.		1,029,000			525
Formosa Taffeta Co. Ltd.		548,000			616
Pou Chen Corp.		3,651,000			3,868
Ruentex Industries Ltd.		929,000			2,376
Yulon Motor Co. Ltd.		1,917,000			1,135
					10,622
CONSUMER STAPLES 0.3%
President Chain Store Corp.		19,000			191

36 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

	SHARES			MARKET VALUE (000S)
Uni-President Enterprises Corp.		2,023,640	$		4,591
					4,782
FINANCIALS 2.9%
Cathay Financial Holding Co. Ltd.		3,323,000			5,087
Chang Hwa Commercial Bank Ltd.		811,200			454
China Development Financial Holding Corp.		8,178,000			2,590
China Life Insurance Co. Ltd.		5,317,964			4,826
CTBC Financial Holding Co. Ltd.		4,731,000			3,112
E.Sun Financial Holding Co. Ltd.		1,270,353			831
First Financial Holding Co. Ltd.		4,233,470			2,758
Fubon Financial Holding Co. Ltd.		3,577,000			5,488
Hua Nan Financial Holdings Co. Ltd. ‘C’		3,763,244			2,143
Mega Financial Holding Co. Ltd.		5,719,658			4,829
Mercuries Life Insurance Co. Ltd. (a)		2,280,082			863
Shanghai Commercial & Savings Bank Ltd.		192,000			251
Shin Kong Financial Holding Co. Ltd.		31,613,017			9,245
SinoPac Financial Holdings Co. Ltd.		13,340,494			4,465
Taishin Financial Holding Co. Ltd.		7,446,393			3,166
Taiwan Business Bank		5,313,134			1,789
Taiwan Cooperative Financial Holding Co. Ltd.		3,010,666			1,729
Yuanta Financial Holding Co. Ltd.		6,397,000			3,216
					56,842
INDUSTRIALS 0.4%
China Airlines Ltd.		3,910,000			1,399
Eva Airways Corp.		2,365,550			1,215
Far Eastern New Century Corp.		5,982,520			5,433
Teco Electric and Machinery Co. Ltd.		856,000			487
					8,534
INFORMATION TECHNOLOGY 5.0%
Acer, Inc.		1,504,000			950
ASE Technology Holding Co. Ltd.		172,790			327
Asustek Computer, Inc.		1,147,000			7,517
AU Optronics Corp.		19,167,000			7,616
Chicony Electronics Co. Ltd.		584,225			1,190
Compal Electronics, Inc.		7,518,000			4,264
Delta Electronics, Inc.		337,000			1,418
Foxconn Technology Co. Ltd.		124,000			245
Hon Hai Precision Industry Co. Ltd.		4,794,316			11,034
HTC Corp.		368,000			422
Innolux Corp.		25,518,000			8,087
Inventec Corp.		3,869,000			2,768
Lite-On Technology Corp.		3,475,035			4,589
MediaTek, Inc.		615,000			4,577
Novatek Microelectronics Corp.		626,000			2,890
Pegatron Corp.		3,290,000			5,508
Powertech Technology, Inc.		348,000			748
Quanta Computer, Inc.		2,315,000			3,962
Synnex Technology International Corp.		1,188,650			1,404

	SHARES			MARKET VALUE (000S)
Taiwan Semiconductor Manufacturing Co. Ltd. SP - ADR		356,013	$		13,140
TPK Holding Co. Ltd.		129,000			204
United Microelectronics Corp.		17,621,000			6,372
Wistron Corp.		6,503,515			4,023
WPG Holdings Ltd.		2,320,320			2,784
Yageo Corp.		24,567			255
Zhen Ding Technology Holding Ltd.		657,000			1,709
					98,003
MATERIALS 0.6%
Asia Cement Corp.		2,901,000			3,208
China Steel Corp.		2,967,000			2,343
Formosa Chemicals & Fibre Corp.		308,000			1,054
Nan Ya Plastics Corp.		183,000			450
Taiwan Cement Corp.		3,455,800			3,989
					11,044
REAL ESTATE 0.1%
Highwealth Construction Corp.		1,182,000			1,729
Total Taiwan					197,000
THAILAND 2.9%
COMMUNICATION SERVICES 0.2%
Advanced Info Service PCL		359,700			1,907
Total Access Communication PCL		1,703,600			2,265
					4,172
CONSUMER STAPLES 0.0%
Charoen Pokphand Foods PCL		790,500			598
ENERGY 0.9%
Banpu PCL		3,290,900			1,498
PTT Exploration & Production PCL		2,179,400			7,563
PTT PCL		6,181,300			8,717
Thai Oil PCL		63,500			129
					17,907
FINANCIALS 1.5%
Bangkok Bank PCL		1,229,400			7,673
Kasikornbank PCL		743,600			4,230
Kiatnakin Bank PCL		386,600			787
Krung Thai Bank PCL		8,926,275			5,267
Siam Commercial Bank PCL		1,456,500			5,979
Thanachart Capital PCL		2,129,604			3,256
Tisco Financial Group PCL		226,300			544
TMB Bank PCL		14,503,700			981
					28,717
INDUSTRIALS 0.1%
Thai Airways International PCL (a)		4,429,400			1,647
MATERIALS 0.2%
PTT Global Chemical PCL		1,194,200			2,617

	SHARES			MARKET VALUE (000S)
Siam Cement PCL		103,700	$		1,389
					4,006
REAL ESTATE 0.0%
Pruksa Holding PCL		699,600			372
Total Thailand					57,419
TURKEY 2.6%
COMMUNICATION SERVICES 0.2%
Turk Telekomunikasyon A/S		2,788,272			2,052
Turkcell Iletisim Hizmetleri A/S		855,464			1,962
					4,014
CONSUMER DISCRETIONARY 0.1%
Arcelik A/S		698,609			2,081
Vestel Elektronik Sanayi ve Ticaret A/S (a)		432,648			453
					2,534
CONSUMER STAPLES 0.1%
Anadolu Efes Biracilik Ve Malt Sanayii A/S		290,090			1,130
Coca-Cola Icecek A/S		38,550			224
Migros Ticaret A/S		176,983			498
					1,852
ENERGY 0.0%
Tupras Turkiye Petrol Rafinerileri A/S		22,250			490
FINANCIALS 1.8%
Akbank Turk A/S		3,347,150			4,318
Haci Omer Sabanci Holding A/S		5,296,710			7,515
Sekerbank TAS (a)		2,586,900			536
Turkiye Garanti Bankasi A/S		3,196,910			4,792
Turkiye Halk Bankasi A/S		5,117,910			6,763
Turkiye Is Bankasi ‘C’		7,231,620			6,172
Turkiye Vakiflar Bankasi TAO ‘D’		3,615,000			2,655
Yapi ve Kredi Bankasi A/S (a)		5,450,812			1,646
					34,397
INDUSTRIALS 0.3%
KOC Holding A/S		663,370			1,776
TAV Havalimanlari Holding A/S		325,738			1,471
Turk Hava Yollari AO (a)		634,240			1,925
Turkiye Sise ve Cam Fabrikalari A/S		648,243			694
					5,866
MATERIALS 0.1%
Eregli Demir ve Celik Fabrikalari TAS		729,471			992
Total Turkey					50,145
UNITED KINGDOM 0.0%
MATERIALS 0.0%
Mondi Ltd.		20,556			443
Total United Kingdom					443
Total Common Stocks (Cost $1,828,073)					1,910,751

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 37

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

	SHARES			MARKET VALUE (000S)
PREFERRED STOCKS 1.2%
BRAZIL 1.0%
BANKING & FINANCE 0.2%
Banco do Estado do Rio Grande do Sul S.A.		574,700	$		3,287
INDUSTRIALS 0.5%
Braskem S.A.		71,800			877
Cia Brasileira de Distribuicao		101,900			2,125
Metalurgica Gerdau S.A.		3,895,800			6,955
					9,957
UTILITIES 0.3%
Centrais Eletricas Brasileiras S.A.		221,400			1,603
Cia Energetica de Sao Paulo		436,300			2,449
Cia Paranaense de Energia		180,100			1,417
					5,469
Total Brazil					18,713
RUSSIA 0.2%
ENERGY 0.2%
Bashneft PJSC		57,058			1,466
Transneft PJSC		1,301			3,192
					4,658
Total Russia					4,658

	SHARES			MARKET VALUE (000S)
SOUTH KOREA 0.0%
INDUSTRIALS 0.0%
CJ Corp.		7,199	$		314
Total South Korea					314
Total Preferred Stocks (Cost $12,750)					23,685
REAL ESTATE INVESTMENT TRUSTS 0.1%
SOUTH AFRICA 0.0%
REAL ESTATE 0.0%
Growthpoint Properties Ltd.		390,332			634
Total South Africa					634
TURKEY 0.1%
REAL ESTATE 0.1%
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S		3,410,700			964
Total Turkey					964
Total Real Estate Investment Trusts (Cost $1,707)					1,598

	SHARES			MARKET VALUE (000S)
RIGHTS 0.0%
MALAYSIA 0.0%
ENERGY 0.0%
Sapura Energy Bhd.		69,001,453	$		0
Total Rights (Cost $0)					0
SHORT-TERM INSTRUMENTS 0.4%
REPURCHASE AGREEMENTS (b) 0.4%
					8,752
Total Short-Term Instruments (Cost $8,752)					8,752
Total Investments in Securities (Cost $1,851,282)					1,944,786
Total Investments 99.5% (Cost $1,851,282)			$		1,944,786
Other Assets and Liabilities, net 0.5%					8,917
Net Assets 100.0%			$		1,953,703

NOTES TO SCHEDULE OF INVESTMENTS:

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

« Security valued using significant unobservable inputs (Level 3).

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

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(b)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received(1)
FICC		2.000	%		12/31/2018		01/02/2019	$	8,752	U.S. Treasury Notes 2.875% due 09/30/2023	$	(8,928	)	$	8,752	$	8,752
Total Repurchase Agreements											$	(8,928	)	$	8,752	$	8,752

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2018:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net  Exposure(2)
Global/Master Repurchase Agreement
FICC	$	8,752	$	0	$	0	$	8,752	$	(8,928	)	$	(176	)
Total Borrowings and Other Financing Transactions	$	8,752	$	0	$	0

⁽¹⁾  Includes accrued interest.

⁽²⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

38 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2018:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts			Interest Rate Contracts		Total
Net Realized (Loss) on Financial Derivative Instruments
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	(89	)	$	0	$	(89	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Investments in Securities, at Value
Common Stocks
Brazil
Communication Services	$	483	$	0	$	0	$	483
Consumer Discretionary		0		810		0		810
Consumer Staples		0		10,461		0		10,461
Energy		14,618		0		0		14,618
Financials		18,453		13,431		0		31,884
Industrials		1,174		0		0		1,174
Materials		3,658		15,041		0		18,699
Utilities		7,116		1,952		0		9,068
Chile
Consumer Discretionary		0		550		0		550
Consumer Staples		2,279		0		0		2,279
Energy		0		196		0		196
Financials		3,447		0		0		3,447
Industrials		0		164		0		164
Materials		1,668		1,561		0		3,229
Utilities		783		398		0		1,181
China
Communication Services		627		17,164		0		17,791
Consumer Discretionary		184		5,553		0		5,737
Consumer Staples		0		4,744		0		4,744
Energy		0		67,200		0		67,200
Financials		0		269,300		0		269,300
Health Care		0		3,634		0		3,634
Industrials		0		21,465		0		21,465
Information Technology		0		15,060		0		15,060
Materials		0		18,665		0		18,665
Real Estate		0		29,598		0		29,598
Utilities		0		18,156		0		18,156
Greece
Communication Services		0		2,530		0		2,530
Consumer Discretionary		0		1,133		0		1,133
Energy		0		885		0		885
Financials		0		9,118		0		9,118
Utilities		0		326		0		326
Hong Kong
Communication Services		0		37,205		0		37,205
Consumer Discretionary		0		1,162		0		1,162
Consumer Staples		0		7,132		0		7,132
Energy		0		3,848		0		3,848
Financials		1,343		11,105		0		12,448
Industrials		0		17,729		0		17,729
Materials		0		3,390		0		3,390
Real Estate		0		21,993		0		21,993
Utilities		0		13,340		0		13,340
India
Communication Services		0		5,478		0		5,478
Consumer Discretionary		0		7,018		0		7,018

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Consumer Staples	$	0	$	16	$	0	$	16
Energy		0		9,289		0		9,289
Financials		0		40,281		0		40,281
Industrials		0		4,743		0		4,743
Information Technology		1,698		1,599		0		3,297
Materials		0		20,316		0		20,316
Utilities		650		10,698		0		11,348
Indonesia
Communication Services		0		1,880		0		1,880
Consumer Discretionary		0		807		0		807
Consumer Staples		0		2,182		0		2,182
Energy		0		3,040		0		3,040
Financials		0		9,128		0		9,128
Materials		0		3,676		0		3,676
Utilities		0		2,829		0		2,829
Malaysia
Communication Services		0		2,688		0		2,688
Consumer Discretionary		0		3,559		0		3,559
Consumer Staples		0		2,857		0		2,857
Energy		0		2,333		0		2,333
Financials		0		16,846		0		16,846
Industrials		0		3,452		0		3,452
Materials		0		646		0		646
Real Estate		0		707		0		707
Utilities		0		4,871		0		4,871
Malta
Financials		137		0		0		137
Mexico
Communication Services		7,468		0		0		7,468
Consumer Discretionary		203		0		0		203
Consumer Staples		8,585		0		0		8,585
Financials		5,024		0		0		5,024
Industrials		5,142		0		0		5,142
Materials		12,140		0		0		12,140
Philippines
Communication Services		0		4,434		0		4,434
Financials		0		793		0		793
Industrials		0		2,789		0		2,789
Utilities		0		947		0		947
Poland
Communication Services		0		2,883		0		2,883
Energy		0		3,129		0		3,129
Financials		0		10,855		0		10,855
Information Technology		0		1,310		0		1,310
Materials		0		2,030		0		2,030
Utilities		0		7,578		0		7,578
Russia
Communication Services		1,635		12,050		0		13,685
Consumer Staples		397		3,547		0		3,944
Energy		48,329		93,404		0		141,733

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 39

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

December 31, 2018 (Unaudited)

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Financials	$	1,047	$	6,372	$	0	$	7,419
Industrials		1,211		1,835		0		3,046
Materials		7,218		9,150		0		16,368
Utilities		0		5,040		0		5,040
Singapore
Industrials		0		1,650		0		1,650
South Africa
Communication Services		0		15,386		0		15,386
Consumer Discretionary		1,205		732		0		1,937
Consumer Staples		637		0		0		637
Financials		2,446		28,897		0		31,343
Health Care		0		2,963		0		2,963
Industrials		0		3,275		0		3,275
Materials		7,212		22,578		0		29,790
South Korea
Communication Services		29,788		10,015		0		39,803
Consumer Discretionary		0		80,878		0		80,878
Consumer Staples		0		10,643		0		10,643
Energy		0		7,086		0		7,086
Financials		0		86,014		0		86,014
Industrials		0		44,754		0		44,754
Information Technology		0		66,655		0		66,655
Materials		680		23,029		0		23,709
Utilities		0		27,420		0		27,420
Taiwan
Communication Services		0		5,444		0		5,444
Consumer Discretionary		0		10,622		0		10,622
Consumer Staples		0		4,782		0		4,782
Financials		0		56,842		0		56,842
Industrials		0		8,534		0		8,534
Information Technology		13,140		84,863		0		98,003
Materials		0		11,044		0		11,044
Real Estate		0		1,729		0		1,729
Thailand
Communication Services		0		4,172		0		4,172

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Consumer Staples	$	0	$	598	$	0	$	598
Energy		0		17,907		0		17,907
Financials		0		28,717		0		28,717
Industrials		0		1,647		0		1,647
Materials		0		4,006		0		4,006
Real Estate		0		372		0		372
Turkey
Communication Services		0		4,014		0		4,014
Consumer Discretionary		0		2,534		0		2,534
Consumer Staples		0		1,852		0		1,852
Energy		0		490		0		490
Financials		0		34,397		0		34,397
Industrials		0		5,866		0		5,866
Materials		0		992		0		992
United Kingdom
Materials		0		443		0		443
Preferred Stocks
Brazil
Banking & Finance		0		3,287		0		3,287
Industrials		0		9,957		0		9,957
Utilities		0		5,469		0		5,469
Russia
Energy		0		4,658		0		4,658
South Korea
Industrials		0		314		0		314
Real Estate Investment Trusts
South Africa
Real Estate		0		634		0		634
Turkey
Real Estate		0		964		0		964
Short-Term Instruments
Repurchase Agreements		0		8,752		0		8,752
Total Investments	$	211,825	$	1,732,961	$	0	$	1,944,786

There were no significant transfers into or out of Level 3 during the period ended December 31, 2018.

40 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAE Global Fund

December 31, 2018 (Unaudited)

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

				MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 0.1%
SHORT-TERM INSTRUMENTS 0.1%
REPURCHASE AGREEMENTS (b) 0.1%
			$		353
Total Short-Term Instruments (Cost $353)					353
Total Investments in Securities (Cost $353)					353
	SHARES
INVESTMENTS IN AFFILIATES 100.0%
MUTUAL FUNDS (a) 100.0%
UNITED STATES 100.0%
PIMCO RAE Emerging Markets Fund		4,433,201			40,342

	SHARES			MARKET VALUE (000S)
PIMCO RAE International Fund		15,471,050	$		137,538
PIMCO RAE US Fund		14,713,856			143,313
Total Mutual Funds (Cost $322,519)					321,193
Total Investments in Affiliates (Cost $322,519)					321,193
Total Investments 100.1% (Cost $322,872)			$		321,546
Other Assets and Liabilities, net (0.1)%					(322	)
Net Assets 100.0%			$		321,224

NOTES TO SCHEDULE OF INVESTMENTS:

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

(a) Institutional Class Shares of each Fund.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(b)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received(1)
FICC		2.000	%		12/31/2018		01/02/2019	$	353	U.S. Treasury Notes 2.875% due 09/30/2023	$	(362	)	$	353	$	353
Total Repurchase Agreements											$	(362	)	$	353	$	353

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2018:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net  Exposure(2)
Global/Master Repurchase Agreement
FICC	$	353	$	0	$	0	$	353	$	(362	)	$	(9	)
Total Borrowings and Other Financing Transactions	$	353	$	0	$	0

⁽¹⁾   Includes accrued interest.

⁽²⁾  Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 41

Schedule of Investments PIMCO RAE Global Fund (Cont.)

December 31, 2018 (Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Investments in Securities, at Value
Short-Term Instruments
Repurchase Agreements	$	0	$	353	$	0	$	353
	$	0	$	353	$	0	$	353
Investments in Affiliates, at Value
Mutual Funds
United States	$	321,193	$	0	$	0	$	321,193
Total Investments	$	321,193	$	353	$	0	$	321,546

There were no significant transfers into or out of Level 3 during the period ended December 31, 2018.

42 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAE Global ex-US Fund

December 31, 2018 (Unaudited)

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

				MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 0.5%
SHORT-TERM INSTRUMENTS 0.5%
REPURCHASE AGREEMENTS (b) 0.5%
			$		335
Total Short-Term Instruments (Cost $335)					335
Total Investments in Securities (Cost $335)					335
	SHARES
INVESTMENTS IN AFFILIATES 99.5%
MUTUAL FUNDS (a) 99.5%
UNITED STATES 99.5%
PIMCO RAE Emerging Markets Fund		1,838,378			16,729

	SHARES			MARKET VALUE (000S)
PIMCO RAE International Fund		6,412,642	$		57,009
Total Mutual Funds (Cost $79,981)					73,738
Total Investments in Affiliates (Cost $79,981)					73,738
Total Investments 100.0% (Cost $80,316)			$		74,073
Other Assets and Liabilities, net 0.0%					24
Net Assets 100.0%			$		74,097

NOTES TO SCHEDULE OF INVESTMENTS:

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

(a) Institutional Class Shares of each Fund.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(b)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received(1)
FICC		2.000	%		12/31/2018		01/02/2019	$	335	U.S. Treasury Notes 2.875% due 09/30/2023	$	(342	)	$	335	$	335
Total Repurchase Agreements											$	(342	)	$	335	$	335

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2018:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net  Exposure(2)
Global/Master Repurchase Agreement
FICC	$	335	$	0	$	0	$	335	$	(342	)	$	(7	)
Total Borrowings and Other Financing Transactions	$	335	$	0	$	0

⁽¹⁾   Includes accrued interest.

⁽²⁾  Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 43

Schedule of Investments PIMCO RAE Global ex-US Fund (Cont.)

December 31, 2018 (Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Investments in Securities, at Value
Short-Term Instruments
Repurchase Agreements	$	0	$	335	$	0	$	335
	$	0	$	335	$	0	$	335
Investments in Affiliates, at Value
Mutual Funds
United States	$	73,738	$	0	$	0	$	73,738
Total Investments	$	73,738	$	335	$	0	$	74,073

There were no significant transfers into or out of Level 3 during the period ended December 31, 2018.

44 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAE International Fund

December 31, 2018 (Unaudited)

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.5%
COMMON STOCKS 98.2%
AUSTRALIA 4.9%
COMMUNICATION SERVICES 0.3%
Telstra Corp. Ltd.		709,107	$		1,423
CONSUMER DISCRETIONARY 0.3%
Crown Resorts Ltd.		33,957			284
Flight Centre Travel Group Ltd.		3,425			104
Wesfarmers Ltd.		42,490			965
					1,353
CONSUMER STAPLES 0.6%
Coca-Cola Amatil Ltd.		51,117			295
Coles Group Ltd. (a)		45,180			373
Inghams Group Ltd.		48,768			142
Metcash Ltd.		78,562			136
Woolworths Ltd.		87,477			1,815
					2,761
ENERGY 0.2%
Origin Energy Ltd.		19,252			88
Woodside Petroleum Ltd.		33,300			733
WorleyParsons Ltd.		42,914			345
					1,166
FINANCIALS 2.6%
AMP Ltd.		216,667			374
Australia & New Zealand Banking Group Ltd.		135,298			2,338
Bendigo & Adelaide Bank Ltd.		43,538			331
Commonwealth Bank of Australia		48,504			2,474
Genworth Mortgage Insurance Australia Ltd.		75,097			116
Insurance Australia Group Ltd.		20,540			101
Macquarie Group Ltd.		17,937			1,374
National Australia Bank Ltd.		126,595			2,148
QBE Insurance Group Ltd.		44,115			314
Suncorp Group Ltd.		144,562			1,287
Westpac Banking Corp.		124,047			2,192
					13,049
HEALTH CARE 0.1%
Healius Ltd.		145,070			228
Sonic Healthcare Ltd.		16,332			255
					483
INDUSTRIALS 0.3%
Aurizon Holdings Ltd.		114,417			345
Brambles Ltd.		17,189			123
CIMIC Group Ltd.		7,101			217
Downer EDI Ltd.		136,846			652
Qantas Airways Ltd.		75,246			307
					1,644
MATERIALS 0.5%
BHP Group Ltd.		81,636			1,973
Fortescue Metals Group Ltd.		58,941			174
Incitec Pivot Ltd.		40,047			92
					2,239

	SHARES			MARKET VALUE (000S)
REAL ESTATE 0.0%
Lend Lease Group		23,143	$		189
UTILITIES 0.0%
APA Group		20,345			122
Total Australia					24,429
AUSTRIA 0.4%
ENERGY 0.1%
OMV AG		8,597			375
FINANCIALS 0.3%
Erste Group Bank AG		23,763			788
Raiffeisen Bank International AG		13,733			351
Vienna Insurance Group AG Wiener Versicherung Gruppe		4,360			101
					1,240
INDUSTRIALS 0.0%
Oesterreichische Post AG		3,314			114
MATERIALS 0.0%
voestalpine AG		5,633			168
Total Austria					1,897
BELGIUM 0.6%
COMMUNICATION SERVICES 0.1%
Proximus S.A.		21,881			592
CONSUMER STAPLES 0.0%
Colruyt S.A.		1,456			104
FINANCIALS 0.4%
Ageas		30,496			1,373
KBC Group NV		9,754			627
					2,000
INDUSTRIALS 0.1%
bpost S.A.		19,112			175
MATERIALS 0.0%
Solvay S.A.		1,418			142
Total Belgium					3,013
CANADA 7.0%
COMMUNICATION SERVICES 0.3%
BCE, Inc.		10,145			401
Entertainment One Ltd.		23,189			105
Quebecor, Inc. ‘B’		9,473			199
Rogers Communications, Inc. ‘B’		2,224			114
Shaw Communications, Inc. ‘B’		15,961			289
TELUS Corp.		19,640			651
					1,759
CONSUMER DISCRETIONARY 0.4%
Canadian Tire Corp. Ltd. ‘A’		5,900			617
Hudson’s Bay Co.		19,530			104
Magna International, Inc.		29,842			1,355
					2,076

	SHARES			MARKET VALUE (000S)
CONSUMER STAPLES 0.3%
Empire Co. Ltd. ‘A’		22,744	$		480
George Weston Ltd.		9,761			644
Loblaw Cos. Ltd.		6,143			275
					1,399
ENERGY 1.3%
ARC Resources Ltd.		24,880			148
Baytex Energy Corp. (a)		62,620			110
Canadian Natural Resources Ltd.		29,732			717
Cenovus Energy, Inc.		67,514			475
Crescent Point Energy Corp.		222,950			676
Enerplus Corp.		18,338			143
Husky Energy, Inc.		59,218			612
Imperial Oil Ltd.		9,416			239
MEG Energy Corp. (a)		67,202			379
Precision Drilling Corp. (a)		83,499			145
Suncor Energy, Inc.		85,701			2,394
TransCanada Corp.		9,487			339
Vermilion Energy, Inc.		5,568			117
					6,494
FINANCIALS 3.0%
Bank of Montreal		33,665			2,199
Bank of Nova Scotia		44,269			2,207
Brookfield Asset Management, Inc. ‘A’		2,465			95
Canadian Imperial Bank of Commerce		22,207			1,654
CI Financial Corp.		19,862			251
Home Capital Group, Inc.		24,078			254
IGM Financial, Inc.		5,047			115
Manulife Financial Corp.		13,023			185
National Bank of Canada		11,471			471
Onex Corp.		11,518			627
Power Corp. of Canada		43,266			777
Power Financial Corp.		18,521			351
Royal Bank of Canada		38,789			2,655
Sun Life Financial, Inc.		14,209			471
Toronto-Dominion Bank		61,744			3,069
					15,381
INDUSTRIALS 1.0%
Air Canada (a)		71,162			1,353
Canadian National Railway Co.		13,259			982
Canadian Pacific Railway Ltd.		4,537			806
TFI International, Inc.		9,712			251
Thomson Reuters Corp.		19,757			954
WestJet Airlines Ltd.		33,983			448
WSP Global, Inc.		4,183			180
					4,974
INFORMATION TECHNOLOGY 0.1%
Canadian Solar, Inc. (a)		8,270			118
Celestica, Inc. (a)		26,084			229
					347
MATERIALS 0.3%
First Quantum Minerals Ltd.		8,223			67
Goldcorp, Inc.		45,709			448
Resolute Forest Products, Inc.		13,212			105
Teck Resources Ltd. ‘B’		13,569			292

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 45

Schedule of Investments PIMCO RAE International Fund (Cont.)

	SHARES			MARKET VALUE (000S)
Yamana Gold, Inc.		217,877	$		514
					1,426
UTILITIES 0.3%
Atco Ltd. ‘I’		16,499			466
Canadian Utilities Ltd. ‘A’		9,320			214
Capital Power Corp.		18,011			351
Hydro One Ltd.		8,336			124
Superior Plus Corp.		11,914			84
TransAlta Corp.		69,062			283
					1,522
Total Canada					35,378
DENMARK 0.5%
CONSUMER STAPLES 0.1%
Carlsberg A/S ‘B’		3,313			352
HEALTH CARE 0.1%
Novo Nordisk A/S ‘B’		16,321			750
INDUSTRIALS 0.3%
AP Moller - Maersk A/S ‘B’		380			478
ISS A/S		38,413			1,076
					1,554
Total Denmark					2,656
FINLAND 0.6%
CONSUMER STAPLES 0.1%
Kesko Oyj ‘B’		3,575			193
FINANCIALS 0.2%
Nordea Bank Abp		110,821			933
MATERIALS 0.2%
Stora Enso Oyj ‘R’		40,214			466
UPM-Kymmene Oyj		21,131			535
					1,001
UTILITIES 0.1%
Fortum Oyj		29,712			650
Total Finland					2,777
FRANCE 10.5%
COMMUNICATION SERVICES 1.2%
Lagardere S.C.A.		35,214			889
Orange S.A.		205,509			3,330
Publicis Groupe S.A.		9,040			516
Television Francaise		11,288			91
Vivendi S.A.		41,697			1,011
					5,837
CONSUMER DISCRETIONARY 0.7%
Cie Generale des Etablissements Michelin S.C.A.		10,863			1,069
Elior Group S.A.		8,265			124
Kering S.A.		543			254
LVMH Moet Hennessy Louis Vuitton SE		3,578			1,047
Peugeot S.A.		21,739			464

	SHARES			MARKET VALUE (000S)
Renault S.A.		12,746	$		794
					3,752
CONSUMER STAPLES 0.7%
Carrefour S.A.		108,434			1,853
Casino Guichard Perrachon S.A.		27,635			1,151
L’Oreal S.A.		876			200
Pernod Ricard S.A.		1,591			261
					3,465
ENERGY 1.0%
CGG S.A. (a)		71,855			95
Total S.A.		93,360			4,924
					5,019
FINANCIALS 1.9%
AXA S.A.		100,138			2,161
BNP Paribas S.A.		67,304			3,040
Credit Agricole S.A.		34,214			368
Eurazeo S.A.		7,554			535
Natixis S.A.		20,120			95
SCOR SE		12,629			568
Societe Generale S.A.		94,471			2,995
					9,762
HEALTH CARE 1.3%
Korian S.A.		2,688			96
Sanofi		76,554			6,641
					6,737
INDUSTRIALS 1.9%
Air France-KLM (a)		205,464			2,231
Airbus SE		1,011			96
Alstom S.A.		10,795			436
Bouygues S.A.		29,728			1,068
Bureau Veritas S.A.		4,863			99
Cie de Saint-Gobain		38,247			1,270
Eiffage S.A.		7,481			625
Europcar Mobility Group		18,644			168
Rexel S.A.		39,663			422
Safran S.A.		3,615			434
Schneider Electric SE		13,458			913
SPIE S.A.		5,615			75
Vinci S.A.		19,479			1,602
					9,439
INFORMATION TECHNOLOGY 0.1%
Atos SE		4,511			370
Capgemini SE		1,603			159
Neopost S.A.		3,748			102
					631
MATERIALS 0.1%
Air Liquide S.A.		921			114
Arkema S.A.		1,370			118
					232
UTILITIES 1.6%
Electricite de France S.A.		161,439			2,555
Engie S.A.		263,457			3,785
Suez		52,033			687

	SHARES			MARKET VALUE (000S)
Veolia Environnement S.A.		39,927	$		818
					7,845
Total France					52,719
GERMANY 8.4%
COMMUNICATION SERVICES 0.9%
Axel Springer SE		4,505			255
Deutsche Telekom AG		206,129			3,504
ProSiebenSat.1 Media SE		23,064			410
Telefonica Deutschland Holding AG		25,042			99
					4,268
CONSUMER DISCRETIONARY 1.7%
adidas AG		795			166
Bayerische Motoren Werke AG		32,854			2,665
Ceconomy AG		46,150			166
Continental AG		3,453			481
Daimler AG		82,715			4,360
Hella GmbH & Co. KGaA		3,094			124
Hugo Boss AG		6,067			374
TUI AG		9,865			142
					8,478
CONSUMER STAPLES 0.4%
METRO AG		103,046			1,586
Suedzucker AG		17,440			226
					1,812
FINANCIALS 1.7%
Aareal Bank AG		8,379			259
Commerzbank AG		159,742			1,060
Deutsche Bank AG		304,459			2,428
Deutsche Pfandbriefbank AG		39,122			391
Hannover Rueck SE		3,094			417
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		15,983			3,486
Talanx AG		16,479			563
					8,604
HEALTH CARE 0.5%
Bayer AG		27,350			1,902
Fresenius Medical Care AG & Co. KGaA		4,564			296
Fresenius SE & Co. KGaA		4,447			215
					2,413
INDUSTRIALS 1.2%
Brenntag AG		4,409			192
Deutsche Lufthansa AG		93,014			2,101
Deutsche Post AG		56,490			1,543
Fraport AG Frankfurt Airport Services Worldwide		3,820			273
Rheinmetall AG		2,639			234
Siemens AG		17,268			1,927
					6,270
INFORMATION TECHNOLOGY 0.1%
SAP SE		5,704			566

46 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

	SHARES			MARKET VALUE (000S)
MATERIALS 0.8%
BASF SE		33,532	$		2,336
Evonik Industries AG		17,790			444
HeidelbergCement AG		5,709			350
K+S AG		24,015			434
Salzgitter AG		11,566			338
					3,902
REAL ESTATE 0.0%
Vonovia SE		4,198			189
UTILITIES 1.1%
E.ON SE		184,003			1,816
Innogy SE		17,972			839
RWE AG		119,052			2,593
Uniper SE		13,705			354
					5,602
Total Germany					42,104
HONG KONG 2.3%
COMMUNICATION SERVICES 0.0%
HKT Trust & HKT Ltd.		68,000			98
PCCW Ltd.		228,000			131
					229
CONSUMER DISCRETIONARY 0.2%
Li & Fung Ltd.		1,162,000			183
Shangri-La Asia Ltd.		72,000			106
SJM Holdings Ltd.		706,000			656
Yue Yuen Industrial Holdings Ltd.		85,500			274
					1,219
FINANCIALS 0.1%
Hang Seng Bank Ltd.		13,500			303
INDUSTRIALS 0.3%
Cathay Pacific Airways Ltd.		124,000			177
CK Hutchison Holdings Ltd.		63,000			605
Jardine Matheson Holdings Ltd.		1,700			118
MTR Corp. Ltd.		39,000			205
Seaspan Corp.		37,922			297
					1,402
INFORMATION TECHNOLOGY 0.1%
GCL-Poly Energy Holdings Ltd. (a)		687,000			42
Kingboard Chemical Holdings Ltd.		76,500			204
					246
REAL ESTATE 1.5%
China South City Holdings Ltd.		1,018,000			144
CK Asset Holdings Ltd.		60,500			443
Hang Lung Properties Ltd.		60,000			114
Henderson Land Development Co. Ltd.		52,500			261
Hongkong Land Holdings Ltd.		84,400			532
Hysan Development Co. Ltd.		45,000			214
Kerry Properties Ltd.		102,000			348
New World Development Co. Ltd.		549,000			725
Shimao Property Holdings Ltd.		270,000			719

	SHARES			MARKET VALUE (000S)
Sino Land Co. Ltd.		130,000	$		223
Sun Hung Kai Properties Ltd.		67,000			956
Swire Pacific Ltd. ‘A’		98,000			1,035
Swire Properties Ltd.		70,800			249
Wharf Holdings Ltd.		269,000			701
Wharf Real Estate Investment Co. Ltd.		91,000			544
Wheelock & Co. Ltd.		46,000			264
					7,472
UTILITIES 0.1%
CLP Holdings Ltd.		64,000			723
Total Hong Kong					11,594
IRELAND 0.7%
CONSUMER DISCRETIONARY 0.0%
Aptiv PLC		2,013			124
FINANCIALS 0.1%
Bank of Ireland Group PLC		71,944			400
HEALTH CARE 0.3%
Endo International PLC (a)		18,586			135
Medtronic PLC		17,545			1,596
					1,731
INDUSTRIALS 0.1%
AerCap Holdings NV (a)		7,852			311
MATERIALS 0.2%
CRH PLC		18,338			486
Smurfit Kappa Group PLC		19,255			512
					998
Total Ireland					3,564
ISRAEL 1.0%
COMMUNICATION SERVICES 0.1%
Bezeq The Israeli Telecommunication Corp. Ltd.		367,087			358
FINANCIALS 0.5%
Bank Hapoalim BM		110,971			702
Bank Leumi Le-Israel BM		180,917			1,093
Israel Discount Bank Ltd. ‘A’		134,067			414
Mizrahi Tefahot Bank Ltd.		7,086			120
					2,329
HEALTH CARE 0.3%
Teva Pharmaceutical Industries Ltd. SP - ADR		112,841			1,740
MATERIALS 0.1%
Israel Chemicals Ltd.		115,526			657
Total Israel					5,084
ITALY 3.2%
COMMUNICATION SERVICES 0.2%
Telecom Italia SpA		1,988,999			1,101

	SHARES			MARKET VALUE (000S)
ENERGY 0.7%
Eni SpA		218,182	$		3,447
Saipem SpA (a)		19,560			73
					3,520
FINANCIALS 1.5%
Assicurazioni Generali SpA		112,962			1,888
Banca Monte dei Paschi di Siena SpA (a)		72,539			124
Banca Popolare di Sondrio SCPA		34,808			105
Banco BPM SpA (a)		121,951			274
BPER Banca		83,994			324
Intesa Sanpaolo SpA		556,223			1,238
Poste Italiane SpA		262,742			2,107
UniCredit SpA		15,863			180
Unione di Banche Italiane SpA		137,138			398
Unipol Gruppo Finanziario SpA		161,063			650
UnipolSai Assicurazioni SpA		109,551			248
					7,536
INDUSTRIALS 0.1%
ASTM SpA		4,694			94
Leonardo SpA		13,408			118
Salini Impregilo SpA		57,323			93
Societa Iniziative Autostradali e Servizi SpA		8,093			112
					417
UTILITIES 0.7%
Enel SpA		608,911			3,530
Iren SpA		49,530			119
					3,649
Total Italy					16,223
JAPAN 25.6%
COMMUNICATION SERVICES 1.5%
Dentsu, Inc.		4,500			201
Fuji Media Holdings, Inc.		24,300			335
Gree, Inc.		51,600			204
GungHo Online Entertainment, Inc.		122,300			224
KDDI Corp.		64,900			1,551
Nippon Telegraph & Telephone Corp.		89,300			3,643
NTT DOCOMO, Inc.		45,200			1,016
SKY Perfect JSAT Holdings, Inc.		23,900			102
SoftBank Group Corp.		1,300			85
					7,361
CONSUMER DISCRETIONARY 4.7%
Adastria Co. Ltd.		6,200			104
Aisin Seiki Co. Ltd.		7,100			244
Aoyama Trading Co. Ltd.		8,200			197
Benesse Holdings, Inc.		4,500			114
Bridgestone Corp.		27,500			1,055
Canon Marketing Japan, Inc.		8,200			146
Casio Computer Co. Ltd.		10,400			123
DCM Holdings Co. Ltd.		22,000			230
Denso Corp.		10,900			483
EDION Corp.		18,600			183
Geo Holdings Corp.		9,500			144
H2O Retailing Corp.		6,800			96
Heiwa Corp.		5,600			114

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 47

Schedule of Investments PIMCO RAE International Fund (Cont.)

	SHARES			MARKET VALUE (000S)
Honda Motor Co. Ltd.		126,400	$		3,330
Isetan Mitsukoshi Holdings Ltd.		46,700			516
Isuzu Motors Ltd.		15,700			220
J Front Retailing Co. Ltd.		18,700			214
JVC Kenwood Corp.		96,900			209
K’s Holdings Corp.		11,800			116
Kohnan Shoji Co. Ltd.		4,300			104
Marui Group Co. Ltd.		8,000			155
Mazda Motor Corp.		76,800			790
Nikon Corp.		28,700			428
Nissan Motor Co. Ltd.		264,500			2,116
Onward Holdings Co. Ltd.		33,600			181
Panasonic Corp.		83,600			751
Pioneer Corp. (a)		242,400			141
Sankyo Co. Ltd.		2,700			103
Sega Sammy Holdings, Inc.		15,200			212
Seiko Holdings Corp.		6,900			132
Sekisui Chemical Co. Ltd.		22,100			329
Sekisui House Ltd.		20,400			300
Shimachu Co. Ltd.		3,900			105
Skylark Co. Ltd.		27,600			436
Sony Corp.		23,200			1,118
Subaru Corp.		24,000			513
Sumitomo Electric Industries Ltd.		40,900			542
Sumitomo Forestry Co. Ltd.		9,400			123
Sumitomo Rubber Industries Ltd.		23,800			280
Sushiro Global Holdings Ltd.		3,300			180
Suzuki Motor Corp.		7,500			378
Takashimaya Co. Ltd.		19,200			245
Tokai Rika Co. Ltd.		6,400			106
Toyo Tire & Rubber Co. Ltd.		10,500			131
Toyota Industries Corp.		2,100			97
Toyota Motor Corp.		86,800			5,025
TS Tech Co. Ltd.		2,800			77
Yamada Denki Co. Ltd.		117,500			564
Yokohama Rubber Co. Ltd.		8,900			166
Yoshinoya Holdings Co. Ltd.		8,600			142
Zensho Holdings Co. Ltd.		4,600			111
					23,919
CONSUMER STAPLES 1.6%
Aeon Co. Ltd.		122,747			2,399
Ajinomoto Co., Inc.		6,900			123
cocokara fine, Inc.		1,900			93
Japan Tobacco, Inc.		29,556			702
Kao Corp.		5,800			429
Kirin Holdings Co. Ltd.		36,000			751
Matsumotokiyoshi Holdings Co. Ltd.		2,500			77
Megmilk Snow Brand Co. Ltd.		3,800			98
Morinaga Milk Industry Co. Ltd.		9,400			263
NH Foods Ltd.		5,800			218
Nippon Suisan Kaisha Ltd.		36,900			206
Sapporo Holdings Ltd.		13,500			280
Seven & i Holdings Co. Ltd.		29,800			1,295
Shiseido Co. Ltd.		5,400			338
Suntory Beverage & Food Ltd.		3,300			149
Valor Holdings Co. Ltd.		5,400			130
Yamazaki Baking Co. Ltd.		21,400			448
					7,999
ENERGY 0.6%
Cosmo Energy Holdings Co. Ltd.		12,000			244
Idemitsu Kosan Co. Ltd.		3,400			111

	SHARES			MARKET VALUE (000S)
Inpex Corp.		147,300	$		1,305
Japan Petroleum Exploration Co. Ltd.		16,700			296
JXTG Holdings, Inc.		160,250			832
Showa Shell Sekiyu KK		8,100			112
					2,900
FINANCIALS 4.9%
77 Bank Ltd.		6,700			116
Bank of Kyoto Ltd.		3,200			132
Chiba Bank Ltd.		41,900			233
Concordia Financial Group Ltd.		45,800			175
Credit Saison Co. Ltd.		8,500			100
Dai-ichi Life Holdings, Inc.		117,000			1,817
Daiwa Securities Group, Inc.		127,000			645
Fukuoka Financial Group, Inc.		13,200			268
Gunma Bank Ltd.		50,400			210
Hachijuni Bank Ltd.		32,300			132
Hokuhoku Financial Group, Inc.		22,700			255
Iyo Bank Ltd.		18,700			98
Jafco Co. Ltd.		3,200			101
Japan Post Bank Co. Ltd.		52,200			575
Japan Post Holdings Co. Ltd.		161,900			1,869
Mitsubishi UFJ Financial Group, Inc.		758,300			3,721
Mizuho Financial Group, Inc.		2,306,500			3,569
MS&AD Insurance Group Holdings, Inc.		31,100			884
Nishi-Nippon Financial Holdings, Inc.		14,000			121
Nomura Holdings, Inc.		134,600			510
North Pacific Bank Ltd.		65,700			175
ORIX Corp.		78,800			1,151
Resona Holdings, Inc.		112,200			538
SBI Holdings, Inc.		22,900			447
Shinsei Bank Ltd.		9,000			107
Shizuoka Bank Ltd.		36,800			287
Sompo Holdings, Inc.		3,300			112
Sony Financial Holdings, Inc.		22,200			414
Sumitomo Mitsui Financial Group, Inc.		89,500			2,950
Sumitomo Mitsui Trust Holdings, Inc.		29,800			1,085
Suruga Bank Ltd.		21,600			80
T&D Holdings, Inc.		51,000			590
Tokio Marine Holdings, Inc.		17,100			812
Tokyo Century Corp.		2,100			92
Yamaguchi Financial Group, Inc.		21,000			201
					24,572
HEALTH CARE 1.1%
Alfresa Holdings Corp.		12,600			321
Astellas Pharma, Inc.		108,400			1,385
Daiichi Sankyo Co. Ltd.		29,216			934
Eisai Co. Ltd.		1,300			101
Medipal Holdings Corp.		11,500			246
Miraca Holdings, Inc.		7,600			172
Nipro Corp.		7,100			87
Olympus Corp.		3,400			104
Otsuka Holdings Co. Ltd.		14,628			598
Sumitomo Dainippon Pharma Co. Ltd.		6,500			207
Suzuken Co. Ltd.		6,600			336
Takeda Pharmaceutical Co. Ltd.		22,900			776

	SHARES			MARKET VALUE (000S)
Toho Holdings Co. Ltd.		7,900	$		193
					5,460
INDUSTRIALS 4.4%
ANA Holdings, Inc.		7,200			258
Asahi Glass Co. Ltd.		14,600			454
Central Glass Co. Ltd.		5,500			108
Central Japan Railway Co.		3,000			633
Dai Nippon Printing Co. Ltd.		31,000			647
East Japan Railway Co.		19,400			1,713
Fuji Electric Co. Ltd.		7,800			230
Fujikura Ltd.		27,800			110
Glory Ltd.		5,600			126
Hitachi Zosen Corp.		80,200			243
IHI Corp.		5,600			154
ITOCHU Corp.		75,400			1,280
Iwatani Corp.		7,800			260
Japan Airlines Co. Ltd.		26,400			936
JTEKT Corp.		13,900			154
Kanematsu Corp.		22,800			276
Kawasaki Heavy Industries Ltd.		15,400			329
Komatsu Ltd.		7,200			155
LIXIL Group Corp.		24,000			297
Marubeni Corp.		182,800			1,283
Mitsubishi Corp.		48,500			1,330
Mitsubishi Electric Corp.		70,200			774
Mitsubishi Heavy Industries Ltd.		49,900			1,791
Mitsui & Co. Ltd.		95,300			1,464
Mitsui E&S Holdings Co. Ltd.		22,300			208
Nagase & Co. Ltd.		6,800			94
Nippon Express Co. Ltd.		5,200			289
Nippon Sheet Glass Co. Ltd.		63,400			481
Nippon Yusen KK		35,500			543
Nisshinbo Holdings, Inc.		22,500			170
NTN Corp.		79,000			227
Obayashi Corp.		12,000			109
Okamura Corp.		8,800			114
Secom Co. Ltd.		1,800			149
Seino Holdings Co. Ltd.		10,300			135
Sojitz Corp.		157,300			545
Sumitomo Corp.		63,300			898
Sumitomo Heavy Industries Ltd.		4,400			130
Taisei Corp.		2,100			90
Tobu Railway Co. Ltd.		7,300			197
Tokyu Corp.		21,200			346
Toppan Printing Co. Ltd.		24,500			360
Toshiba Corp.		34,000			960
Toyota Tsusho Corp.		13,900			408
West Japan Railway Co.		11,800			834
					22,292
INFORMATION TECHNOLOGY 3.1%
Brother Industries Ltd.		10,500			155
Canon, Inc.		39,850			1,097
Citizen Watch Co. Ltd.		23,000			113
FUJIFILM Holdings Corp.		41,700			1,616
Fujitsu Ltd.		29,500			1,839
Hitachi Ltd.		138,400			3,669
Ibiden Co. Ltd.		17,500			246
Japan Display, Inc. (a)		306,700			201
Konica Minolta, Inc.		131,900			1,187
Kyocera Corp.		7,700			385
Murata Manufacturing Co. Ltd.		600			81
NEC Corp.		50,000			1,487

48 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

	SHARES			MARKET VALUE (000S)
Oki Electric Industry Co. Ltd.		27,000	$		319
Omron Corp.		2,700			98
Ricoh Co. Ltd.		193,000			1,886
Seiko Epson Corp.		11,300			158
Taiyo Yuden Co. Ltd.		6,100			91
TDK Corp.		8,100			567
TIS, Inc.		4,100			161
Toshiba TEC Corp.		4,600			107
					15,463
MATERIALS 1.2%
Asahi Kasei Corp.		54,000			554
Denka Co. Ltd.		4,900			138
DIC Corp.		7,300			223
JFE Holdings, Inc.		8,600			137
Kaneka Corp.		8,400			301
Kobe Steel Ltd.		57,600			399
Mitsubishi Chemical Holdings Corp.		128,500			971
Mitsubishi Materials Corp.		9,600			253
Nippon Light Metal Holdings Co. Ltd.		40,400			82
Nippon Paper Industries Co. Ltd.		28,618			511
Oji Holdings Corp.		92,000			470
Rengo Co. Ltd.		16,000			126
Showa Denko KK		2,800			83
Sumitomo Chemical Co. Ltd.		121,000			586
Taiheiyo Cement Corp.		7,100			219
Teijin Ltd.		13,600			217
Toray Industries, Inc.		14,300			101
Toyo Seikan Group Holdings Ltd.		21,300			488
Toyobo Co. Ltd.		9,200			125
Ube Industries Ltd.		5,400			109
					6,093
REAL ESTATE 0.3%
Daiwa House Industry Co. Ltd.		11,800			376
Leopalace21 Corp.		22,100			88
Mitsui Fudosan Co. Ltd.		9,400			209
Nomura Real Estate Holdings, Inc.		19,700			361
Sumitomo Realty & Development Co. Ltd.		4,000			146
Tokyu Fudosan Holdings Corp.		50,700			250
					1,430
UTILITIES 2.2%
Chubu Electric Power Co., Inc.		109,400			1,554
Chugoku Electric Power Co., Inc.		59,000			767
Electric Power Development Co. Ltd. ‘C’		13,000			308
Hokkaido Electric Power Co., Inc.		55,800			386
Hokuriku Electric Power Co. (a)		65,188			568
Kansai Electric Power Co., Inc.		100,300			1,504
Kyushu Electric Power Co., Inc.		42,900			511
Osaka Gas Co. Ltd.		7,600			139
Shikoku Electric Power Co., Inc.		38,500			465
Tohoku Electric Power Co., Inc.		61,500			810
Tokyo Electric Power Co. Holdings, Inc. (a)		673,700			4,002
Tokyo Gas Co. Ltd.		13,300			336
					11,350
Total Japan					128,839

	SHARES			MARKET VALUE (000S)
LUXEMBOURG 0.1%
COMMUNICATION SERVICES 0.1%
RTL Group S.A.		5,315	$		285
SES S.A.		6,816			130
					415
Total Luxembourg					415
MACAU 0.0%
CONSUMER DISCRETIONARY 0.0%
Sands China Ltd.		25,600			111
Wynn Macau Ltd.		50,400			110
					221
Total Macau					221
NETHERLANDS 3.3%
COMMUNICATION SERVICES 0.2%
Koninklijke KPN NV		220,388			644
VEON Ltd. ADR		208,268			487
					1,131
CONSUMER STAPLES 0.5%
Heineken Holding NV		6,690			565
Heineken NV		1,319			117
Koninklijke Ahold Delhaize NV		67,387			1,702
					2,384
ENERGY 1.2%
Fugro NV (a)		25,420			220
Royal Dutch Shell PLC ‘A’		203,224			5,990
					6,210
FINANCIALS 0.6%
ABN AMRO Group NV		6,634			156
Aegon NV		186,252			873
ASR Nederland NV		15,449			611
ING Groep NV		85,129			916
NN Group NV		15,172			603
					3,159
HEALTH CARE 0.3%
Koninklijke Philips NV		42,149			1,478
INDUSTRIALS 0.3%
Arcadis NV		14,137			172
Boskalis Westminster		6,078			151
Signify NV		33,287			779
Wolters Kluwer NV		5,625			331
					1,433
INFORMATION TECHNOLOGY 0.0%
Gemalto NV		1,916			111
MATERIALS 0.2%
Akzo Nobel NV		7,774			626
Koninklijke DSM NV		3,972			322
					948
Total Netherlands					16,854

	SHARES			MARKET VALUE (000S)
NEW ZEALAND 0.1%
COMMUNICATION SERVICES 0.0%
Spark New Zealand Ltd.		72,506	$		202
MATERIALS 0.1%
Fletcher Building Ltd.		100,901			331
Total New Zealand					533
NORWAY 0.8%
COMMUNICATION SERVICES 0.1%
Telenor ASA		41,488			806
CONSUMER STAPLES 0.1%
Marine Harvest ASA		15,236			321
ENERGY 0.4%
Equinor ASA		91,400			1,939
FINANCIALS 0.1%
DNB ASA		19,479			312
MATERIALS 0.1%
Yara International ASA		15,513			598
Total Norway					3,976
PORTUGAL 0.3%
FINANCIALS 0.0%
Banco Espirito Santo S.A. «		59,573			1
MATERIALS 0.1%
Navigator Co. S.A.		62,370			257
UTILITIES 0.2%
EDP - Energias de Portugal S.A.		357,758			1,252
Total Portugal					1,510
SINGAPORE 1.1%
COMMUNICATION SERVICES 0.1%
M1 Ltd.		68,500			105
Singapore Press Holdings Ltd.		74,400			128
Singapore Telecommunications Ltd.		195,300			422
					655
FINANCIALS 0.6%
DBS Group Holdings Ltd.		72,310			1,258
Oversea-Chinese Banking Corp. Ltd.		105,100			869
United Overseas Bank Ltd.		57,100			1,033
					3,160
INDUSTRIALS 0.3%
ComfortDelGro Corp. Ltd.		200,400			316
Hutchison Port Holdings Trust		220,700			54
Keppel Corp. Ltd.		152,700			663
Singapore Airlines Ltd.		69,567			481
					1,514

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 49

Schedule of Investments PIMCO RAE International Fund (Cont.)

	SHARES			MARKET VALUE (000S)
REAL ESTATE 0.1%
CapitaLand Ltd.		94,500	$		215
City Developments Ltd.		17,700			106
Yanlord Land Group Ltd.		112,500			101
					422
Total Singapore					5,751
SOUTH AFRICA 0.3%
CONSUMER DISCRETIONARY 0.0%
Steinhoff International Holdings NV ‘H’ (a)		1,414,239			161
FINANCIALS 0.3%
Investec PLC		49,025			276
Old Mutual Ltd.		613,892			915
					1,191
Total South Africa					1,352
SPAIN 3.8%
COMMUNICATION SERVICES 0.8%
Telefonica S.A.		464,351			3,909
CONSUMER STAPLES 0.0%
Distribuidora Internacional de Alimentacion S.A.		59,563			31
ENERGY 0.2%
Repsol S.A.		66,114			1,063
FINANCIALS 1.4%
Banco Bilbao Vizcaya Argentaria S.A.		193,220			1,026
Banco de Sabadell S.A.		190,593			218
Banco Santander S.A.		1,215,239			5,519
Mapfre S.A.		109,214			290
Unicaja Banco S.A.		92,165			122
					7,175
INDUSTRIALS 0.4%
Abengoa S.A. ‘B’ (a)		226,011			1
ACS Actividades de Construccion y Servicios S.A.		36,952			1,430
Ferrovial S.A.		18,306			371
Obrascon Huarte Lain S.A.		128,979			96
Sacyr S.A.		38,572			77
					1,975
UTILITIES 1.0%
Acciona S.A.		5,554			470
Endesa S.A.		65,043			1,500
Iberdrola S.A.		289,692			2,326
Naturgy Energy Group S.A.		34,357			876
					5,172
Total Spain					19,325
SWEDEN 1.5%
COMMUNICATION SERVICES 0.3%
Tele2 AB ‘B’		33,019			421
Telia Co. AB		231,578			1,102
					1,523

	SHARES			MARKET VALUE (000S)
CONSUMER DISCRETIONARY 0.1%
Electrolux AB ‘B’		8,748	$		184
Hennes & Mauritz AB ‘B’		35,424			504
					688
CONSUMER STAPLES 0.1%
Swedish Match AB		7,425			292
FINANCIALS 0.3%
Skandinaviska Enskilda Banken AB ‘A’		52,028			506
Svenska Handelsbanken AB ‘A’		30,218			336
Swedbank AB ‘A’		30,018			671
					1,513
HEALTH CARE 0.1%
Getinge AB ‘B’		31,865			288
INDUSTRIALS 0.1%
S.A.S. AB (a)		117,039			276
Sandvik AB		17,391			249
Volvo AB ‘B’		17,725			232
					757
INFORMATION TECHNOLOGY 0.5%
Telefonaktiebolaget LM Ericsson ‘B’		269,644			2,387
Total Sweden					7,448
SWITZERLAND 6.1%
COMMUNICATION SERVICES 0.1%
Swisscom AG		1,256			601
CONSUMER DISCRETIONARY 0.2%
Cie Financiere Richemont S.A.		3,298			213
Garmin Ltd.		8,149			516
Swatch Group AG		519			151
					880
CONSUMER STAPLES 1.0%
Aryzta AG (a)		16,670			18
Nestle S.A.		59,446			4,825
					4,843
FINANCIALS 2.3%
Baloise Holding AG		2,338			323
Credit Suisse Group AG		92,467			1,011
Helvetia Holding AG		495			289
Swiss Life Holding AG		4,054			1,565
Swiss Re AG		36,679			3,374
UBS Group AG		126,094			1,573
Zurich Insurance Group AG		12,401			3,697
					11,832
HEALTH CARE 1.9%
Novartis AG		59,709			5,114
Roche Holding AG		17,385			4,316
					9,430

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 0.4%
ABB Ltd.		42,791	$		817
Adecco Group AG		10,272			483
Ferguson PLC		10,632			679
Kuehne + Nagel International AG		1,546			199
SGS S.A.		47			106
					2,284
INFORMATION TECHNOLOGY 0.1%
TE Connectivity Ltd.		3,532			267
MATERIALS 0.1%
Glencore PLC		30,442			113
LafargeHolcim Ltd.		14,897			615
					728
REAL ESTATE 0.0%
Swiss Prime Site AG		1,275			103
Total Switzerland					30,968
UNITED KINGDOM 15.0%
COMMUNICATION SERVICES 1.4%
BT Group PLC		395,238			1,202
ITV PLC		187,471			298
Pearson PLC		95,021			1,138
TalkTalk Telecom Group PLC		67,643			98
Vodafone Group PLC		1,474,334			2,867
WPP PLC		109,608			1,193
					6,796
CONSUMER DISCRETIONARY 1.5%
Berkeley Group Holdings PLC		11,290			501
Burberry Group PLC		7,629			167
Compass Group PLC		39,434			830
Dixons Carphone PLC		84,472			129
Fiat Chrysler Automobiles NV (a)		116,410			1,683
Greene King PLC		50,368			339
Inchcape PLC		30,383			214
InterContinental Hotels Group PLC		3,019			163
Kingfisher PLC		306,142			805
Marks & Spencer Group PLC		364,205			1,142
Next PLC		13,745			700
Persimmon PLC		4,149			102
Sports Direct International PLC		22,016			67
Taylor Wimpey PLC		58,608			102
Thomas Cook Group PLC		309,306			122
Whitbread PLC		4,530			265
William Hill PLC		133,679			264
					7,595
CONSUMER STAPLES 1.7%
British American Tobacco PLC		22,718			723
Diageo PLC		30,887			1,104
Imperial Brands PLC		66,479			2,018
J Sainsbury PLC		341,563			1,155
Reckitt Benckiser Group PLC		12,994			995
Tate & Lyle PLC		28,735			242
Tesco PLC		40,951			99
Unilever NV		21,357			1,157
Unilever PLC		14,790			776

50 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

	SHARES			MARKET VALUE (000S)
WM Morrison Supermarkets PLC		169,364	$		460
					8,729
ENERGY 1.3%
BP PLC		977,440			6,179
Petrofac Ltd.		20,969			127
					6,306
FINANCIALS 3.7%
3i Group PLC		18,851			186
Aviva PLC		271,703			1,300
Barclays PLC		1,528,090			2,924
CYBG PLC		54,600			126
Direct Line Insurance Group PLC		257,872			1,048
HSBC Holdings PLC		901,156			7,434
Intermediate Capital Group PLC		16,835			201
Legal & General Group PLC		180,382			531
Lloyds Banking Group PLC		3,623,918			2,389
Provident Financial PLC		40,399			296
Quilter PLC		149,595			226
Royal Bank of Scotland Group PLC		135,547			376
Standard Chartered PLC		213,936			1,663
					18,700
HEALTH CARE 2.2%
AstraZeneca PLC		62,298			4,650
GlaxoSmithKline PLC		334,503			6,375
Smith & Nephew PLC		7,155			134
					11,159
INDUSTRIALS 1.2%
Aggreko PLC		15,505			145
BAE Systems PLC		166,679			975
Capita PLC		362,885			520
CNH Industrial NV		21,050			190
easyJet PLC		25,399			358
Experian PLC		4,845			117
Firstgroup PLC (a)		118,606			126
G4S PLC		39,303			99
IMI PLC		7,952			96
International Consolidated Airlines Group S.A.		85,806			677
Meggitt PLC		35,790			215
National Express Group PLC		69,851			333
RELX PLC		15,908			328
Rolls-Royce Holdings PLC		64,614			681
Royal Mail PLC		308,406			1,070
Stagecoach Group PLC		61,124			103
Travis Perkins PLC		7,381			101
					6,134
INFORMATION TECHNOLOGY 0.0%
Sage Group PLC		18,082			139

	SHARES			MARKET VALUE (000S)
MATERIALS 1.0%
Anglo American PLC		7,336	$		164
BHP Group PLC		76,531			1,617
DS Smith PLC		27,184			104
Johnson Matthey PLC		2,642			95
Mondi PLC		6,522			136
Rio Tinto Ltd.		16,502			913
Rio Tinto PLC		44,542			2,133
					5,162
UTILITIES 1.0%
Centrica PLC		973,353			1,679
National Grid PLC		204,514			2,001
Severn Trent PLC		12,182			282
SSE PLC		43,427			600
United Utilities Group PLC		33,573			316
					4,878
Total United Kingdom					75,598
UNITED STATES 0.1%
CONSUMER DISCRETIONARY 0.0%
Carnival PLC		1,860			89
ENERGY 0.1%
Transocean Ltd.		63,050			438
Total United States					527
Total Common Stocks (Cost $501,667)					494,755
PREFERRED STOCKS 0.8%
GERMANY 0.8%
INDUSTRIALS 0.8%
Schaeffler AG		21,601			184
Volkswagen AG		24,006			3,828
					4,012
Total Preferred Stocks (Cost $3,932)					4,012
REAL ESTATE INVESTMENT TRUSTS 0.5%
AUSTRALIA 0.1%
REAL ESTATE 0.1%
Mirvac Group		141,710			224
Stockland		83,945			208
					432
Total Australia					432
CANADA 0.2%
REAL ESTATE 0.2%
Artis Real Estate Investment Trust		18,063			122
Cominar Real Estate Investment Trust		34,106			280

	SHARES			MARKET VALUE (000S)
Dream Office Real Estate Investment Trust		15,269	$		249
H&R Real Estate Investment Trust		14,142			214
RioCan Real Estate Investment Trust		7,563			132
					997
Total Canada					997
FRANCE 0.0%
REAL ESTATE 0.0%
Klepierre S.A.		4,053			125
Total France					125
HONG KONG 0.0%
REAL ESTATE 0.0%
Link REIT		22,000			223
Total Hong Kong					223
UNITED KINGDOM 0.2%
REAL ESTATE 0.2%
British Land Co. PLC		42,532			289
Intu Properties PLC		157,409			227
Land Securities Group PLC		38,614			397
					913
Total United Kingdom					913
Total Real Estate Investment Trusts (Cost $3,208)					2,690
RIGHTS 0.0%
SPAIN 0.0%
ENERGY 0.0%
Repsol S.A.		66,114			30
Total Rights (Cost $31)					30
WARRANTS 0.0%
SPAIN 0.0%
INDUSTRIALS 0.0%
Abengoa S.A. ‘B’ - Exp. 03/31/2025		226,011			3
Total Warrants (Cost $0)					3
Total Investments in Securities (Cost $508,838)					501,490
Total Investments 99.5% (Cost $508,838)			$		501,490
Other Assets and Liabilities, net 0.5%					2,568
Net Assets 100.0%			$		504,058

NOTES TO SCHEDULE OF INVESTMENTS:

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

« Security valued using significant unobservable inputs (Level 3).

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

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 51

Schedule of Investments PIMCO RAE International Fund (Cont.)

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2018:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts			Interest Rate Contracts		Total
Net Realized (Loss) on Financial Derivative Instruments
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	(30	)	$	0	$	(30	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Investments in Securities, at Value
Common Stocks
Australia
Communication Services	$	0	$	1,423	$	0	$	1,423
Consumer Discretionary		0		1,353		0		1,353
Consumer Staples		373		2,388		0		2,761
Energy		0		1,166		0		1,166
Financials		0		13,049		0		13,049
Health Care		228		255		0		483
Industrials		0		1,644		0		1,644
Materials		0		2,239		0		2,239
Real Estate		0		189		0		189
Utilities		0		122		0		122
Austria
Energy		0		375		0		375
Financials		101		1,139		0		1,240
Industrials		0		114		0		114
Materials		0		168		0		168
Belgium
Communication Services		0		592		0		592
Consumer Staples		0		104		0		104
Financials		0		2,000		0		2,000
Industrials		0		175		0		175
Materials		0		142		0		142
Canada
Communication Services		1,654		105		0		1,759
Consumer Discretionary		2,076		0		0		2,076
Consumer Staples		1,399		0		0		1,399
Energy		6,494		0		0		6,494
Financials		15,381		0		0		15,381
Industrials		4,974		0		0		4,974
Information Technology		347		0		0		347
Materials		1,426		0		0		1,426
Utilities		1,522		0		0		1,522
Denmark
Consumer Staples		0		352		0		352
Health Care		0		750		0		750
Industrials		0		1,554		0		1,554
Finland
Consumer Staples		0		193		0		193
Financials		0		933		0		933
Materials		0		1,001		0		1,001
Utilities		0		650		0		650
France
Communication Services		0		5,837		0		5,837
Consumer Discretionary		0		3,752		0		3,752
Consumer Staples		0		3,465		0		3,465
Energy		0		5,019		0		5,019
Financials		0		9,762		0		9,762
Health Care		0		6,737		0		6,737
Industrials		0		9,439		0		9,439

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Information Technology	$	0	$	631	$	0	$	631
Materials		0		232		0		232
Utilities		687		7,158		0		7,845
Germany
Communication Services		0		4,268		0		4,268
Consumer Discretionary		166		8,312		0		8,478
Consumer Staples		0		1,812		0		1,812
Financials		0		8,604		0		8,604
Health Care		0		2,413		0		2,413
Industrials		0		6,270		0		6,270
Information Technology		0		566		0		566
Materials		0		3,902		0		3,902
Real Estate		0		189		0		189
Utilities		0		5,602		0		5,602
Hong Kong
Communication Services		0		229		0		229
Consumer Discretionary		0		1,219		0		1,219
Financials		0		303		0		303
Industrials		297		1,105		0		1,402
Information Technology		0		246		0		246
Real Estate		0		7,472		0		7,472
Utilities		0		723		0		723
Ireland
Consumer Discretionary		124		0		0		124
Financials		0		400		0		400
Health Care		1,731		0		0		1,731
Industrials		311		0		0		311
Materials		0		998		0		998
Israel
Communication Services		0		358		0		358
Financials		0		2,329		0		2,329
Health Care		1,740		0		0		1,740
Materials		0		657		0		657
Italy
Communication Services		0		1,101		0		1,101
Energy		0		3,520		0		3,520
Financials		0		7,536		0		7,536
Industrials		0		417		0		417
Utilities		0		3,649		0		3,649
Japan
Communication Services		0		7,361		0		7,361
Consumer Discretionary		0		23,919		0		23,919
Consumer Staples		0		7,999		0		7,999
Energy		0		2,900		0		2,900
Financials		0		24,572		0		24,572
Health Care		0		5,460		0		5,460
Industrials		0		22,292		0		22,292
Information Technology		0		15,463		0		15,463
Materials		0		6,093		0		6,093
Real Estate		0		1,430		0		1,430
Utilities		0		11,350		0		11,350

52 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Luxembourg
Communication Services	$	0	$	415	$	0	$	415
Macau
Consumer Discretionary		0		221		0		221
Netherlands
Communication Services		487		644		0		1,131
Consumer Staples		0		2,384		0		2,384
Energy		0		6,210		0		6,210
Financials		0		3,159		0		3,159
Health Care		0		1,478		0		1,478
Industrials		0		1,433		0		1,433
Information Technology		111		0		0		111
Materials		0		948		0		948
New Zealand
Communication Services		0		202		0		202
Materials		331		0		0		331
Norway
Communication Services		0		806		0		806
Consumer Staples		0		321		0		321
Energy		0		1,939		0		1,939
Financials		0		312		0		312
Materials		0		598		0		598
Portugal
Financials		0		0		1		1
Materials		0		257		0		257
Utilities		0		1,252		0		1,252
Singapore
Communication Services		0		655		0		655
Financials		0		3,160		0		3,160
Industrials		0		1,514		0		1,514
Real Estate		0		422		0		422
South Africa
Consumer Discretionary		0		161		0		161
Financials		0		1,191		0		1,191
Spain
Communication Services		0		3,909		0		3,909
Consumer Staples		0		31		0		31
Energy		0		1,063		0		1,063
Financials		0		7,175		0		7,175
Industrials		0		1,975		0		1,975
Utilities		0		5,172		0		5,172
Sweden
Communication Services		0		1,523		0		1,523
Consumer Discretionary		0		688		0		688
Consumer Staples		0		292		0		292
Financials		0		1,513		0		1,513
Health Care		0		288		0		288
Industrials		0		757		0		757
Information Technology		0		2,387		0		2,387

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Switzerland
Communication Services	$	0	$	601	$	0	$	601
Consumer Discretionary		516		364		0		880
Consumer Staples		0		4,843		0		4,843
Financials		0		11,832		0		11,832
Health Care		0		9,430		0		9,430
Industrials		0		2,284		0		2,284
Information Technology		267		0		0		267
Materials		0		728		0		728
Real Estate		0		103		0		103
United Kingdom
Communication Services		0		6,796		0		6,796
Consumer Discretionary		1,683		5,912		0		7,595
Consumer Staples		0		8,729		0		8,729
Energy		0		6,306		0		6,306
Financials		126		18,574		0		18,700
Health Care		0		11,159		0		11,159
Industrials		436		5,698		0		6,134
Information Technology		0		139		0		139
Materials		0		5,162		0		5,162
Utilities		0		4,878		0		4,878
United States
Consumer Discretionary		0		89		0		89
Energy		438		0		0		438
Preferred Stocks
Germany
Industrials		0		4,012		0		4,012
Real Estate Investment Trusts
Australia
Real Estate		0		432		0		432
Canada
Real Estate		997		0		0		997
France
Real Estate		0		125		0		125
Hong Kong
Real Estate		0		223		0		223
United Kingdom
Real Estate		0		913		0		913
Rights
Spain
Energy		30		0		0		30
Warrants
Spain
Industrials		3		0		0		3
Total Investments	$	46,456	$	455,033	$	1	$	501,490

There were no significant transfers into or out of Level 3 during the period ended December 31, 2018.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 53

Schedule of Investments PIMCO RAE US Fund

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.9%
COMMON STOCKS 98.4%
IRELAND 0.1%
INFORMATION TECHNOLOGY 0.0%
Accenture PLC ‘A’		1,984	$		280
MATERIALS 0.1%
Linde PLC		3,697			577
Total Ireland					857
SWITZERLAND 0.0%
CONSUMER DISCRETIONARY 0.0%
Garrett Motion, Inc. (a)		913			11
Total Switzerland					11
UNITED STATES 98.3%
COMMUNICATION SERVICES 8.1%
Activision Blizzard, Inc.		8,316			387
Alphabet, Inc. ‘C’ (a)		885			917
Altice USA, Inc.		4,924			81
AT&T, Inc.		394,027			11,246
CBS Corp. NVDR ‘B’		44,814			1,959
CenturyLink, Inc.		202,998			3,076
Comcast Corp. ‘A’		116,435			3,965
Discovery, Inc. ‘A’ (a)		30,817			762
Frontier Communications Corp.		159,648			380
InterActiveCorp (a)		2,509			459
Interpublic Group of Cos., Inc.		28,840			595
Liberty Media Corp-Liberty SiriusXM ‘C’ (a)		48,249			1,784
Omnicom Group, Inc.		13,313			975
Sprint Corp. (a)		58,126			338
T-Mobile US, Inc. (a)		2,339			149
TEGNA, Inc.		14,782			161
Telephone & Data Systems, Inc.		25,427			827
Tribune Media Co. ‘A’		19,611			890
Twenty-First Century Fox, Inc. ‘A’		93,340			4,492
Verizon Communications, Inc.		255,841			14,383
Viacom, Inc. ‘B’		128,607			3,305
Walt Disney Co.		48,535			5,322
					56,453
CONSUMER DISCRETIONARY 10.7%
Abercrombie & Fitch Co. ‘A’		85,897			1,722
Adient PLC		4,224			64
American Eagle Outfitters, Inc.		31,817			615
Ascena Retail Group, Inc. (a)		60,944			153
AutoNation, Inc. (a)		5,247			187
AutoZone, Inc. (a)		227			190
Bed Bath & Beyond, Inc.		163,777			1,854
Best Buy Co., Inc.		24,698			1,308
Big Lots, Inc.		18,778			543
Carnival Corp.		12,713			627
Carter’s, Inc.		3,829			312
Dick’s Sporting Goods, Inc.		19,506			609
Dillard’s, Inc. ‘A’		16,121			972
Dollar General Corp.		13,835			1,495
eBay, Inc. (a)		25,823			725
Foot Locker, Inc.		11,033			587
Ford Motor Co.		333,955			2,555
Fossil Group, Inc. (a)		79,844			1,256

	SHARES			MARKET VALUE (000S)
GameStop Corp. ‘A’		107,814	$		1,361
Gap, Inc.		61,029			1,572
General Motors Co.		127,138			4,253
Genuine Parts Co.		5,066			486
GNC Holdings, Inc. ‘A’ (a)		131,257			311
Goodyear Tire & Rubber Co.		37,959			775
H&R Block, Inc.		9,454			240
Home Depot, Inc.		37,209			6,393
International Game Technology PLC		10,258			150
JC Penney Co., Inc. (a)		244,986			255
Kohl’s Corp.		66,179			4,390
L Brands, Inc.		33,581			862
Las Vegas Sands Corp.		8,561			446
Lear Corp.		546			67
Lowe’s Cos., Inc.		40,386			3,730
Macy’s, Inc.		108,918			3,244
Mattel, Inc. (a)		59,656			596
McDonald’s Corp.		31,371			5,571
Michaels Cos., Inc. (a)		9,065			123
NIKE, Inc. ‘B’		19,187			1,422
Nordstrom, Inc.		31,473			1,467
O’Reilly Automotive, Inc. (a)		2,637			908
Office Depot, Inc.		232,858			601
Polaris Industries, Inc.		742			57
PulteGroup, Inc.		16,458			428
PVH Corp.		3,575			332
Qurate Retail, Inc. (a)		76,154			1,487
Ralph Lauren Corp.		10,976			1,136
Royal Caribbean Cruises Ltd.		1,029			101
Sally Beauty Holdings, Inc. (a)		54,879			936
Signet Jewelers Ltd.		15,171			482
Six Flags Entertainment Corp.		5,049			281
Tapestry, Inc.		14,561			491
Target Corp.		96,140			6,354
TJX Cos., Inc.		31,478			1,408
Tractor Supply Co.		1,839			153
Tupperware Brands Corp.		15,949			503
Urban Outfitters, Inc. (a)		12,841			426
VF Corp.		15,524			1,107
Visteon Corp. (a)		10,829			653
Weight Watchers International, Inc. (a)		4,723			182
Wendy’s Co.		28,259			441
Whirlpool Corp.		4,480			479
Williams-Sonoma, Inc.		5,644			285
Wyndham Destinations, Inc.		13,597			487
Wyndham Hotels & Resorts, Inc.		7,917			359
Yum! Brands, Inc.		18,910			1,738
					75,303
CONSUMER STAPLES 8.3%
Altria Group, Inc.		14,714			727
Archer-Daniels-Midland Co.		47,097			1,930
Bunge Ltd.		10,637			568
Coca-Cola Co.		112,308			5,318
Colgate-Palmolive Co.		19,460			1,158
Costco Wholesale Corp.		6,805			1,386
Estee Lauder Cos., Inc. ‘A’		2,616			340
Flowers Foods, Inc.		13,583			251
General Mills, Inc.		35,495			1,382
Herbalife Nutrition Ltd. (a)		24,454			1,442
JM Smucker Co.		3,457			323
Keurig Dr Pepper, Inc.		6,978			179
Kimberly-Clark Corp.		4,036			460

	SHARES			MARKET VALUE (000S)
Kraft Heinz Co.		5,536	$		238
Kroger Co.		201,815			5,550
Mondelez International, Inc. ‘A’		74,176			2,969
Nu Skin Enterprises, Inc. ‘A’		7,422			455
PepsiCo, Inc.		54,632			6,036
Philip Morris International, Inc.		51,951			3,468
Procter & Gamble Co.		92,049			8,461
Rite Aid Corp. (a)		257,256			182
Spectrum Brands Holdings, Inc.		6,527			276
Sysco Corp.		16,325			1,023
U.S. Foods Holding Corp. (a)		36,444			1,153
Wal-Mart Stores, Inc.		130,334			12,141
Walgreens Boots Alliance, Inc.		8,912			609
					58,025
ENERGY 8.0%
Anadarko Petroleum Corp.		5,922			260
Antero Resources Corp. (a)		14,520			136
Apache Corp.		18,175			477
Chesapeake Energy Corp. (a)		450,945			947
Chevron Corp.		83,799			9,117
ConocoPhillips		71,391			4,451
CVR Energy, Inc.		10,974			378
Diamond Offshore Drilling, Inc. (a)		55,373			523
Exxon Mobil Corp.		233,825			15,945
Helmerich & Payne, Inc.		4,833			232
Hess Corp.		37,434			1,516
HollyFrontier Corp.		32,010			1,636
Kinder Morgan, Inc.		127,448			1,960
Marathon Oil Corp.		90,776			1,302
Marathon Petroleum Corp.		51,878			3,061
Murphy Oil Corp.		43,999			1,029
Nabors Industries Ltd.		121,262			243
National Oilwell Varco, Inc.		30,751			790
Noble Energy, Inc.		8,231			154
Occidental Petroleum Corp.		41,194			2,529
Oceaneering International, Inc. (a)		31,064			376
PBF Energy, Inc. ‘A’		15,554			508
Phillips 66		28,219			2,431
Rowan Cos. PLC ‘A’ (a)		49,814			418
Schlumberger Ltd.		3,447			124
Transocean Ltd.		147,691			1,025
Valero Energy Corp.		50,257			3,768
Whiting Petroleum Corp. (a)		11,777			267
Williams Cos., Inc.		20,653			455
WPX Energy, Inc. (a)		4,185			48
					56,106
FINANCIALS 15.5%
Aflac, Inc.		42,060			1,916
Allstate Corp.		21,954			1,814
Ally Financial, Inc.		150,188			3,403
American Express Co.		48,910			4,662
American Financial Group, Inc.		1,429			129
American International Group, Inc.		239,296			9,431
Ameriprise Financial, Inc.		10,605			1,107
Assurant, Inc.		10,332			924
Bank of America Corp.		236,687			5,832
Bank of New York Mellon Corp.		39,093			1,840
BB&T Corp.		29,892			1,295
Berkshire Hathaway, Inc. ‘B’ (a)		35,903			7,331
BlackRock, Inc.		1,922			755
Brighthouse Financial, Inc. (a)		11,685			356
Capital One Financial Corp.		59,866			4,525

54 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

	SHARES			MARKET VALUE (000S)
CIT Group, Inc.		24,655	$		944
Citigroup, Inc.		134,475			7,001
Citizens Financial Group, Inc.		14,569			433
CNO Financial Group, Inc.		33,861			504
Discover Financial Services		47,881			2,824
Fifth Third Bancorp		56,805			1,337
Franklin Resources, Inc.		35,265			1,046
Genworth Financial, Inc. ‘A’ (a)		143,658			669
Goldman Sachs Group, Inc.		10,823			1,808
Hartford Financial Services Group, Inc.		25,517			1,134
Invesco Ltd.		29,739			498
JPMorgan Chase & Co.		107,737			10,517
Legg Mason, Inc.		33,159			846
Lincoln National Corp.		10,369			532
Loews Corp.		19,199			874
LPL Financial Holdings, Inc.		6,746			412
M&T Bank Corp.		474			68
MetLife, Inc.		34,603			1,421
Navient Corp.		123,575			1,089
New York Community Bancorp, Inc.		71,717			675
Old Republic International Corp.		6,334			130
OneMain Holdings, Inc. (a)		15,156			368
People’s United Financial, Inc.		14,557			210
PNC Financial Services Group, Inc.		13,423			1,569
Prudential Financial, Inc.		11,009			898
Regions Financial Corp.		48,719			652
Reinsurance Group of America, Inc.		2,409			338
Santander Consumer USA Holdings, Inc.		62,265			1,095
SLM Corp. (a)		39,240			326
State Street Corp.		18,501			1,167
SunTrust Banks, Inc.		12,476			629
Synchrony Financial		23,634			555
T Rowe Price Group, Inc.		5,045			466
Travelers Cos., Inc.		42,447			5,083
U.S. Bancorp		62,154			2,840
Voya Financial, Inc.		55,853			2,242
Wells Fargo & Co.		196,309			9,046
White Mountains Insurance Group Ltd.		887			761
					108,327
HEALTH CARE 15.2%
Abbott Laboratories		33,762			2,442
AbbVie, Inc.		45,515			4,196
Allergan PLC		17,030			2,276
Amgen, Inc.		18,815			3,663
Anthem, Inc.		20,007			5,254
Bausch Health Cos., Inc. (a)		180,925			3,342
Baxter International, Inc.		2,376			156
Bristol-Myers Squibb Co.		27,685			1,439
Brookdale Senior Living, Inc. (a)		104,829			702
Cardinal Health, Inc.		22,474			1,002
Celgene Corp. (a)		4,311			276
Cigna Corp. (a)		20,403			3,875
Community Health Systems, Inc. (a)		115,218			325
CVS Health Corp.		131,415			8,610
DaVita, Inc. (a)		10,429			537
Eli Lilly & Co.		14,701			1,701
Encompass Health Corp.		5,519			341
Gilead Sciences, Inc.		104,064			6,509

	SHARES			MARKET VALUE (000S)
HCA Healthcare, Inc.		55,533	$		6,911
Humana, Inc.		4,203			1,204
Johnson & Johnson		73,909			9,538
Laboratory Corp. of America Holdings (a)		1,033			131
Mallinckrodt PLC (a)		6,832			108
McKesson Corp.		8,435			932
MEDNAX, Inc. (a)		14,587			481
Merck & Co., Inc.		143,972			11,001
Mylan NV (a)		2,774			76
Patterson Cos., Inc.		23,282			458
Pfizer, Inc.		454,432			19,836
Quest Diagnostics, Inc.		9,004			750
Tenet Healthcare Corp. (a)		91,716			1,572
United Therapeutics Corp. (a)		4,546			495
UnitedHealth Group, Inc.		22,513			5,609
Universal Health Services, Inc. ‘B’		6,744			786
Varian Medical Systems, Inc. (a)		824			93
					106,627
INDUSTRIALS 8.8%
3M Co.		15,511			2,955
AGCO Corp.		6,861			382
Allison Transmission Holdings, Inc.		3,011			132
American Airlines Group, Inc.		108,343			3,479
Arcosa, Inc. (a)		5,260			146
Avis Budget Group, Inc. (a)		68,563			1,541
Boeing Co.		13,211			4,261
Caterpillar, Inc.		11,183			1,421
CSX Corp.		15,770			980
Cummins, Inc.		3,887			519
Deere & Co.		17,670			2,636
Delta Air Lines, Inc.		10,172			508
Dun & Bradstreet Corp.		3,789			541
Eaton Corp. PLC		11,649			800
Emerson Electric Co.		36,900			2,205
Expeditors International of Washington, Inc.		4,739			323
FedEx Corp.		6,670			1,076
Flowserve Corp.		10,531			400
Fluor Corp.		13,368			430
General Dynamics Corp.		4,585			721
General Electric Co.		1,312,272			9,934
Hertz Global Holdings, Inc. (a)		114,957			1,569
Honeywell International, Inc.		10,158			1,342
Illinois Tool Works, Inc.		10,238			1,297
JetBlue Airways Corp. (a)		29,611			476
L3 Technologies, Inc.		2,213			384
Lockheed Martin Corp.		1,739			455
Macquarie Infrastructure Corp.		3,974			145
ManpowerGroup, Inc.		9,527			617
Neilsen Holdings PLC		25,650			598
Norfolk Southern Corp.		8,534			1,276
Northrop Grumman Corp.		7,133			1,747
Oshkosh Corp.		1,125			69
Owens Corning		2,768			122
PACCAR, Inc.		1,323			76
Pitney Bowes, Inc.		92,893			549
Raytheon Co.		7,193			1,103
Republic Services, Inc.		3,085			222
Resideo Technologies, Inc. (a)		1,693			35
Robert Half International, Inc.		6,766			387
Ryder System, Inc.		14,239			686

	SHARES			MARKET VALUE (000S)
Southwest Airlines Co.		2,578	$		120
Stanley Black & Decker, Inc.		2,531			303
TransDigm Group, Inc. (a)		253			86
Trinity Industries, Inc.		15,780			325
Union Pacific Corp.		34,815			4,813
United Continental Holdings, Inc. (a)		12,615			1,056
United Parcel Service, Inc. ‘B’		1,405			137
United Rentals, Inc. (a)		1,924			197
United Technologies Corp.		36,430			3,879
Waste Management, Inc.		6,447			574
WESCO International, Inc. (a)		8,988			431
WW Grainger, Inc.		4,808			1,358
					61,824
INFORMATION TECHNOLOGY 15.8%
Amdocs Ltd.		7,534			441
Apple, Inc.		149,008			23,505
Applied Materials, Inc.		11,627			381
Arrow Electronics, Inc. (a)		15,030			1,036
Avaya Holdings Corp. (a)		34,500			502
Avnet, Inc.		25,170			909
Booz Allen Hamilton Holding Corp.		24,093			1,086
Cisco Systems, Inc.		149,348			6,471
Citrix Systems, Inc.		1,565			161
Conduent, Inc. (a)		28,218			300
Corning, Inc.		146,107			4,414
DXC Technology Co.		6,276			334
F5 Networks, Inc. (a)		2,532			410
First Solar, Inc. (a)		9,313			396
Fiserv, Inc. (a)		5,629			414
Flex Ltd. (a)		47,512			362
Genpact Ltd.		8,975			242
Hewlett Packard Enterprise Co.		236,586			3,125
HP, Inc.		51,431			1,052
Intel Corp.		229,256			10,759
International Business Machines Corp.		119,810			13,619
Intuit, Inc.		2,794			550
Jabil, Inc.		25,454			631
Juniper Networks, Inc.		40,532			1,091
KLA-Tencor Corp.		7,511			672
Maxim Integrated Products, Inc.		3,709			189
Microsoft Corp.		122,313			12,423
Motorola Solutions, Inc.		20,160			2,319
NetApp, Inc.		31,730			1,893
Oracle Corp.		104,589			4,722
Perspecta, Inc.		2,260			39
QUALCOMM, Inc.		120,405			6,852
Seagate Technology PLC		87,668			3,383
Symantec Corp.		42,251			798
Teradata Corp. (a)		26,390			1,012
Texas Instruments, Inc.		17,388			1,643
Western Digital Corp.		3,441			127
Western Union Co.		69,914			1,193
Xerox Corp.		51,485			1,017
Xilinx, Inc.		3,378			288
					110,761
MATERIALS 1.9%
Alcoa Corp. (a)		8,921			237
Ashland Global Holdings, Inc.		5,778			410
Avery Dennison Corp.		2,407			216

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 55

Schedule of Investments PIMCO RAE US Fund (Cont.)

	SHARES			MARKET VALUE (000S)
Bemis Co., Inc.		9,209	$		423
CF Industries Holdings, Inc.		17,335			754
Domtar Corp.		23,571			828
Eastman Chemical Co.		4,123			301
Graphic Packaging Holding Co.		20,543			219
International Paper Co.		23,735			958
LyondellBasell Industries NV ‘A’		49,028			4,077
Mosaic Co.		94,924			2,773
Newmont Mining Corp.		6,532			226
PPG Industries, Inc.		11,099			1,135
Reliance Steel & Aluminum Co.		4,067			289
Sealed Air Corp.		8,607			300
Sherwin-Williams Co.		190			75
WestRock Co.		2,662			101
					13,322
REAL ESTATE 0.0%
Jones Lang LaSalle, Inc.		2,529			320
UTILITIES 6.0%
AES Corp.		210,869			3,049
Ameren Corp.		22,518			1,469
American Electric Power Co., Inc.		35,321			2,640
CenterPoint Energy, Inc.		35,749			1,009
CMS Energy Corp.		11,338			563
Consolidated Edison, Inc.		27,114			2,073
DTE Energy Co.		2,296			253
Duke Energy Corp.		52,030			4,490
Edison International		22,357			1,269
Entergy Corp.		33,343			2,870
Evergy, Inc.		6,783			385
Eversource Energy		16,309			1,061
Exelon Corp.		86,266			3,891

	SHARES			MARKET VALUE (000S)
FirstEnergy Corp.		57,572	$		2,162
Hawaiian Electric Industries, Inc.		10,018			367
MDU Resources Group, Inc.		24,116			575
NextEra Energy, Inc.		8,497			1,477
NRG Energy, Inc.		15,139			599
PG&E Corp. (a)		55,267			1,313
Pinnacle West Capital Corp.		8,754			746
Portland General Electric Co.		5,097			234
PPL Corp.		47,987			1,359
Public Service Enterprise Group, Inc.		37,005			1,926
SCANA Corp.		29,936			1,430
Southern Co.		19,143			841
UGI Corp.		8,043			429
Vectren Corp.		2,546			183
Vistra Energy Corp. (a)		69,878			1,599
WEC Energy Group, Inc.		1,193			83
Xcel Energy, Inc.		27,762			1,368
					41,713
Total United States					688,781
Total Common Stocks (Cost $599,734)					689,649
REAL ESTATE INVESTMENT TRUSTS 1.0%
UNITED STATES 1.0%
FINANCIALS 0.2%
AGNC Investment Corp.		12,206			214
Annaly Capital Management, Inc.		64,978			638
Chimera Investment Corp.		15,413			275
					1,127
REAL ESTATE 0.8%
Brixmor Property Group, Inc.		20,929			307
CoreCivic, Inc.		33,540			598

	SHARES			MARKET VALUE (000S)
Equity Residential		5,050	$		333
HCP, Inc.		21,956			613
Hospitality Properties Trust		18,522			442
Host Hotels & Resorts, Inc.		18,779			313
Iron Mountain, Inc.		5,961			193
Kimco Realty Corp.		10,479			154
Park Hotels & Resorts, Inc.		5,154			134
Retail Value, Inc.		1,026			26
Senior Housing Properties Trust		32,985			387
SITE Centers Corp.		21,688			240
SL Green Realty Corp.		1,532			121
Spirit Realty Capital, Inc.		3,707			131
Ventas, Inc.		12,589			738
VEREIT, Inc.		37,521			268
Welltower, Inc.		8,369			581
					5,579
Total Real Estate Investment Trusts (Cost $7,156)					6,706
SHORT-TERM INSTRUMENTS 0.5%
REPURCHASE AGREEMENTS (b) 0.5%
					3,624
Total Short-Term Instruments (Cost $3,624)					3,624
Total Investments in Securities (Cost $610,514)					699,979
Total Investments 99.9% (Cost $610,514)			$		699,979
Other Assets and Liabilities, net 0.1%					774
Net Assets 100.0%			$		700,753

NOTES TO SCHEDULE OF INVESTMENTS:

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

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

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(b)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received(1)
FICC		2.000	%		12/31/2018		01/02/2019	$	3,624	U.S. Treasury Notes 2.875% due 09/30/2023	$	(3,701	)	$	3,624	$	3,624
Total Repurchase Agreements											$	(3,701	)	$	3,624	$	3,624

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2018:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net  Exposure(2)
Global/Master Repurchase Agreement
FICC	$	3,624	$	0	$	0	$	3,624	$	(3,701	)	$	(77	)
Total Borrowings and Other Financing Transactions	$	3,624	$	0	$	0

⁽¹⁾  Includes accrued interest.

56 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

⁽²⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Investments in Securities, at Value
Common Stocks
Ireland
Information Technology	$	280	$	0	$	0	$	280
Materials		577		0		0		577
Switzerland
Consumer Discretionary		11		0		0		11
United States
Communication Services		56,453		0		0		56,453
Consumer Discretionary		75,303		0		0		75,303
Consumer Staples		58,025		0		0		58,025
Energy		56,106		0		0		56,106
Financials		108,327		0		0		108,327
Health Care		106,627		0		0		106,627

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Industrials	$	61,824	$	0	$	0	$	61,824
Information Technology		110,761		0		0		110,761
Materials		13,322		0		0		13,322
Real Estate		320		0		0		320
Utilities		41,713		0		0		41,713
Real Estate Investment Trusts
United States
Financials		1,127		0		0		1,127
Real Estate		5,579		0		0		5,579
Short-Term Instruments
Repurchase Agreements		0		3,624		0		3,624
Total Investments	$	696,355	$	3,624	$	0	$	699,979

There were no significant transfers into or out of Level 3 during the period ended December 31, 2018.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 57

Schedule of Investments PIMCO RAE US Small Fund

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 100.5%
COMMON STOCKS 86.2%
UNITED STATES 86.2%
COMMUNICATION SERVICES 3.9%
AMC Entertainment Holdings, Inc. ‘A’		3,666	$		45
AMC Networks, Inc. ‘A’ (a)		3,782			208
ATN International, Inc.		1,626			116
Cable One, Inc.		134			110
Cars.com, Inc. (a)		15,399			331
Cincinnati Bell, Inc. (a)		22,255			173
Cogent Communications Holdings, Inc.		3,624			164
Consolidated Communications Holdings, Inc.		19,221			190
EW Scripps Co. ‘A’		4,484			71
Gannett Co., Inc.		46,779			399
Glu Mobile, Inc. (a)		2,463			20
Gray Television, Inc. (a)		3,230			48
IDT Corp. ‘B’		2,030			13
Iridium Communications, Inc. (a)		22,795			421
John Wiley & Sons, Inc. ‘A’		9,374			440
Liberty TripAdvisor Holdings, Inc. ‘A’ (a)		19,009			302
Marcus Corp.		1,776			70
MDC Partners, Inc. ‘A’ (a)		8,296			22
Media General, Inc. CVR «		2,855			0
Meredith Corp.		6,881			357
MSG Networks, Inc. ‘A’ (a)		1,497			35
National CineMedia, Inc.		39,047			253
New Media Investment Group, Inc.		8,261			96
New York Times Co. ‘A’		4,990			111
Nexstar Media Group, Inc. ‘A’		1,499			118
NII Holdings, Inc. (a)		59,231			261
Pandora Media, Inc. (a)		9,957			81
Scholastic Corp.		5,710			230
Shenandoah Telecommunications Co.		958			42
Sinclair Broadcast Group, Inc. ‘A’		9,675			255
Spok Holdings, Inc.		7,116			94
TechTarget, Inc. (a)		1,725			21
Tribune Publishing Co. (a)		8,309			94
Vonage Holdings Corp. (a)		25,649			224
WideOpenWest, Inc. (a)		11,563			82
World Wrestling Entertainment, Inc. ‘A’		703			52
Yelp, Inc. (a)		2,941			103
Zynga, Inc. ‘A’ (a)		58,245			229
					5,881
CONSUMER DISCRETIONARY 18.5%
1-800-Flowers.com, Inc. ‘A’ (a)		1,579			19
Aaron’s, Inc.		18,842			792
Acushnet Holdings Corp.		6,915			146
Adtalem Global Education, Inc. (a)		9,854			466
America’s Car-Mart, Inc. (a)		1,520			110
American Axle & Manufacturing Holdings, Inc. (a)		10,478			116
American Outdoor Brands Corp. (a)		15,178			195
American Public Education, Inc. (a)		4,017			114
Asbury Automotive Group, Inc. (a)		8,610			574
At Home Group, Inc. (a)		495			9
Barnes & Noble Education, Inc. (a)		21,502			86
Barnes & Noble, Inc.		53,061			376
Bassett Furniture Industries, Inc.		1,083			22
Beazer Homes USA, Inc. (a)		10,131			96

	SHARES			MARKET VALUE (000S)
Big 5 Sporting Goods Corp.		3,776	$		10
Biglari Holdings, Inc. ‘A’ (a)		7			4
BJ’s Restaurants, Inc.		3,887			197
Bloomin’ Brands, Inc.		18,717			335
Boot Barn Holdings, Inc. (a)		2,735			47
Boyd Gaming Corp.		6,583			137
Bridgepoint Education, Inc. (a)		14,697			103
Brinker International, Inc.		22,559			992
Buckle, Inc.		16,993			329
Caleres, Inc.		7,143			199
Callaway Golf Co.		5,353			82
Camping World Holdings, Inc. ‘A’		934			11
Career Education Corp. (a)		13,232			151
Carrols Restaurant Group, Inc. (a)		13,363			131
Cato Corp. ‘A’		15,850			226
Cavco Industries, Inc. (a)		436			57
Century Communities, Inc. (a)		1,464			25
Cheesecake Factory, Inc.		6,998			304
Chegg, Inc. (a)		2,796			79
Chico’s FAS, Inc.		82,351			463
Children’s Place, Inc.		1,536			138
Churchill Downs, Inc.		857			209
Citi Trends, Inc.		3,812			78
Conn’s, Inc. (a)		5,540			104
Container Store Group, Inc. (a)		10,459			50
Cooper Tire & Rubber Co.		16,095			520
Cooper-Standard Holding, Inc. (a)		2,810			175
Core-Mark Holding Co., Inc.		4,765			111
Cracker Barrel Old Country Store, Inc.		995			159
Crocs, Inc. (a)		14,530			377
CSS Industries, Inc.		1,573			14
Dana, Inc.		8,816			120
Dave & Buster’s Entertainment, Inc.		4,290			191
Deckers Outdoor Corp. (a)		5,869			751
Denny’s Corp. (a)		8,241			134
Dine Brands Global, Inc.		5,998			404
Dorman Products, Inc. (a)		1,701			153
Drive Shack, Inc. (a)		27,990			110
DSW Inc. ‘A’		20,876			516
Eldorado Resorts, Inc. (a)		5,162			187
Ethan Allen Interiors, Inc.		5,678			100
Etsy, Inc. (a)		2,385			113
Express, Inc. (a)		47,483			243
Extended Stay America, Inc.		20,503			318
Fiesta Restaurant Group, Inc. (a)		1,787			28
Five Below, Inc. (a)		631			65
Francesca’s Holdings Corp. (a)		15,793			15
FTD Cos., Inc. (a)		9,895			15
G-III Apparel Group Ltd. (a)		7,111			198
Genesco, Inc. (a)		18,745			830
Gentherm, Inc. (a)		1,956			78
GoPro, Inc. ‘A’ (a)		13,837			59
Graham Holdings Co. ‘B’		851			545
Group 1 Automotive, Inc.		6,599			348
Groupon, Inc. (a)		109,203			349
Guess?, Inc.		23,991			498
Haverty Furniture Cos., Inc.		6,730			126
Helen of Troy Ltd. (a)		3,855			506
Hibbett Sports, Inc. (a)		12,582			180
Hilton Grand Vacations, Inc. (a)		2,006			53
Houghton Mifflin Harcourt Co. (a)		42,437			376
Hovnanian Enterprises, Inc. ‘A’ (a)		14,394			10
Hudson Ltd. ‘A’ (a)		2,924			50
International Speedway Corp. ‘A’		3,848			169

	SHARES			MARKET VALUE (000S)
iRobot Corp. (a)		1,394	$		117
Jack in the Box, Inc.		5,037			391
K12, Inc. (a)		7,310			181
KB Home		9,468			181
Kirkland’s, Inc. (a)		7,774			74
La-Z-Boy, Inc.		8,789			243
Lands’ End, Inc. (a)		6,306			90
Laureate Education, Inc. ‘A’ (a)		4,650			71
LCI Industries		1,568			105
LGI Homes, Inc. (a)		755			34
Libbey, Inc.		9,622			37
Liberty Expedia Holdings, Inc. (a)		6,780			265
Lithia Motors, Inc. ‘A’		1,851			141
Lumber Liquidators Holdings, Inc. (a)		2,092			20
M/I Homes, Inc. (a)		5,661			119
Marriott Vacations Worldwide Corp.		3,329			235
MDC Holdings, Inc.		6,555			184
Meritage Homes Corp. (a)		5,801			213
Modine Manufacturing Co. (a)		1,460			16
Monarch Casino & Resort, Inc. (a)		461			18
Monro, Inc.		2,046			141
Movado Group, Inc.		4,557			144
Murphy USA, Inc. (a)		7,783			596
Nutrisystem, Inc.		404			18
Ollie’s Bargain Outlet Holdings, Inc. (a)		1,018			68
Overstock.com, Inc. (a)		2,146			29
Oxford Industries, Inc.		2,391			170
Papa John’s International, Inc.		1,060			42
Party City Holdco, Inc. (a)		14,654			146
Penn National Gaming, Inc. (a)		25,906			488
PetMed Express, Inc.		1,031			24
Pier 1 Imports, Inc.		86,942			27
Planet Fitness, Inc. ‘A’ (a)		1,106			59
RCI Hospitality Holdings, Inc.		694			15
Red Robin Gourmet Burgers, Inc. (a)		2,426			65
Red Rock Resorts, Inc. ‘A’		5,890			120
Regis Corp. (a)		11,845			201
Rent-A-Center, Inc. (a)		52,485			850
RH (a)		3,045			365
Ruth’s Hospitality Group, Inc.		3,877			88
SeaWorld Entertainment, Inc. (a)		26,473			585
Shoe Carnival, Inc.		3,956			133
Shutterfly, Inc. (a)		5,417			218
Shutterstock, Inc.		390			14
Sleep Number Corp. (a)		9,622			305
Sonic Automotive, Inc. ‘A’		15,212			209
Sotheby’s (a)		8,182			325
Sportsman’s Warehouse Holdings, Inc. (a)		13,421			59
Stamps.com, Inc. (a)		204			32
Standard Motor Products, Inc.		1,912			93
Steven Madden Ltd.		9,058			274
Stoneridge, Inc. (a)		2,760			68
Strategic Education, Inc.		1,578			179
Sturm Ruger & Co., Inc.		3,118			166
Superior Industries International, Inc.		7,765			37
Tailored Brands, Inc.		11,891			162
Taylor Morrison Home Corp. ‘A’ (a)		15,389			245
Tempur Sealy International, Inc. (a)		5,913			245
Tenneco, Inc.		11,001			301
TopBuild Corp. (a)		3,027			136
Tower International, Inc.		3,774			90
Town Sports International Holdings, Inc. (a)		7,181			46

58 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

	SHARES			MARKET VALUE (000S)
TravelCenters of America LLC (a)		9,552	$		36
TRI Pointe Group, Inc. (a)		9,244			101
Universal Electronics, Inc. (a)		621			16
Vera Bradley, Inc. (a)		9,325			80
Vista Outdoor, Inc. (a)		18,245			207
Vitamin Shoppe, Inc. (a)		19,183			91
William Lyon Homes ‘A’ (a)		5,113			55
Wingstop, Inc.		713			46
Winnebago Industries, Inc.		849			20
Wolverine World Wide, Inc.		10,817			345
Zumiez, Inc. (a)		6,196			119
					28,205
CONSUMER STAPLES 4.3%
Andersons, Inc.		3,749			112
B&G Foods, Inc.		5,264			152
Boston Beer Co., Inc. ‘A’ (a)		847			204
Cal-Maine Foods, Inc.		2,997			127
Calavo Growers, Inc.		211			15
Casey’s General Stores, Inc.		2,258			289
Central Garden & Pet Co. ‘A’ (a)		3,667			115
Chefs’ Warehouse, Inc. (a)		2,637			84
Coca-Cola Bottling Co. Consolidated		585			104
Cott Corp.		2,721			38
Darling Ingredients, Inc. (a)		18,003			346
Dean Foods Co.		73,081			278
Edgewell Personal Care Co. (a)		7,215			270
Energizer Holdings, Inc.		4,115			186
Fresh Del Monte Produce, Inc.		4,696			133
Hain Celestial Group, Inc. (a)		6,124			97
Hostess Brands, Inc. (a)		4,667			51
Ingles Markets, Inc. ‘A’		7,062			192
Inter Parfums, Inc.		2,170			142
J&J Snack Foods Corp.		977			141
John B Sanfilippo & Son, Inc.		308			17
Lancaster Colony Corp.		1,096			194
Lifevantage Corp. (a)		1,365			18
Medifast, Inc.		1,062			133
Performance Food Group Co. (a)		18,261			589
PriceSmart, Inc.		1,595			94
Pyxus International, Inc. (a)		5,811			69
Sanderson Farms, Inc.		2,406			239
Smart & Final Stores, Inc. (a)		19,304			92
SpartanNash Co.		11,911			205
Sprouts Farmers Market, Inc. (a)		13,430			316
TreeHouse Foods, Inc. (a)		2,315			117
United Natural Foods, Inc. (a)		11,695			124
Universal Corp.		8,495			460
USANA Health Sciences, Inc. (a)		2,614			308
Vector Group Ltd.		13,319			130
WD-40 Co.		1,148			210
Weis Markets, Inc.		3,004			144
					6,535
ENERGY 3.1%
Arch Coal, Inc. ‘A’		691			57
Archrock, Inc.		15,302			115
Basic Energy Services, Inc. (a)		6,221			24
Bristow Group, Inc. (a)		29,179			71
California Resources Corp. (a)		5,822			99
Callon Petroleum Co. (a)		1,925			13
CARBO Ceramics, Inc. (a)		10,398			36
Cloud Peak Energy, Inc. (a)		46,968			17
CNX Resources Corp. (a)		24,865			284

	SHARES			MARKET VALUE (000S)
Covia Holdings Corp. (a)		5,302	$		18
Delek U.S. Holdings, Inc.		9,436			307
Denbury Resources, Inc. (a)		53,700			92
Dorian LPG Ltd. (a)		10,249			60
Dril-Quip, Inc. (a)		5,991			180
Enbridge Energy Management LLC «		58,437			0
EP Energy Corp. ‘A’ (a)		20,272			14
Exterran Corp. (a)		4,947			88
Extraction Oil & Gas, Inc. (a)		5,104			22
Forum Energy Technologies, Inc. (a)		8,870			37
Green Plains, Inc.		6,813			89
Gulfport Energy Corp. (a)		7,033			46
Halcon Resources Corp. (a)		10,836			18
Helix Energy Solutions Group, Inc. (a)		18,113			98
HighPoint Resources Corp. (a)		7,841			20
International Seaways, Inc. (a)		9,724			164
ION Geophysical Corp. (a)		773			4
KLX Energy Services Holdings, Inc. (a)		744			17
Kosmos Energy Ltd.		9,159			37
Lonestar Resources US, Inc. ‘A’ (a)		2,262			8
Matrix Service Co. (a)		3,264			59
McDermott International, Inc. (a)		14,930			98
Midstates Petroleum Co., Inc. (a)		3,156			24
NACCO Industries, Inc. ‘A’		1,022			35
Navigator Holdings Ltd. (a)		1,652			16
Newpark Resources, Inc. (a)		3,417			23
Oasis Petroleum, Inc. (a)		23,142			128
Oil States International, Inc. (a)		9,763			139
Overseas Shipholding Group, Inc. ‘A’ (a)		45,157			75
Patterson-UTI Energy, Inc.		11,073			115
PDC Energy, Inc. (a)		2,061			61
Pioneer Energy Services Corp. (a)		20,909			26
QEP Resources, Inc. (a)		44,987			253
Renewable Energy Group, Inc. (a)		7,365			189
REX American Resources Corp. (a)		477			32
SandRidge Energy, Inc. (a)		14,492			110
SEACOR Holdings, Inc. (a)		3,325			123
SEACOR Marine Holdings, Inc. (a)		3,215			38
SemGroup Corp. ‘A’		9,274			128
SM Energy Co.		9,134			141
Southwestern Energy Co. (a)		20,294			69
SRC Energy, Inc. (a)		1,705			8
Superior Energy Services, Inc. (a)		50,985			171
TETRA Technologies, Inc. (a)		23,779			40
Tidewater, Inc. (a)		9,560			183
Unit Corp. (a)		3,313			47
W&T Offshore, Inc. (a)		15,605			64
World Fuel Services Corp.		11,882			254
					4,684
FINANCIALS 13.3%
Ambac Financial Group, Inc. (a)		26,891			464
American Equity Investment Life Holding Co.		22,647			633
AMERISAFE, Inc.		1,543			87
Artisan Partners Asset Management, Inc. ‘A’		3,905			86
Associated Banc-Corp.		4,906			97
Axos Financial, Inc. (a)		3,563			90
Banc of California, Inc.		5,025			67
BancFirst Corp.		1,440			72
Bancorp, Inc. (a)		3,633			29
BancorpSouth Bank		9,569			250
Bank of Hawaii Corp.		4,512			304

	SHARES			MARKET VALUE (000S)
BankUnited, Inc.		2,640	$		79
Banner Corp.		3,038			162
Beneficial Bancorp, Inc.		6,656			95
Berkshire Hills Bancorp, Inc.		2,669			72
Blucora, Inc. (a)		4,739			126
Boston Private Financial Holdings, Inc.		7,683			81
Brookline Bancorp, Inc.		8,088			112
Bryn Mawr Bank Corp.		1,079			37
Cadence BanCorp		875			15
Camden National Corp.		1,017			37
Cannae Holdings, Inc. (a)		17,114			293
Capitol Federal Financial, Inc.		25,187			322
Cathay General Bancorp		5,985			201
Central Pacific Financial Corp.		4,710			115
City Holding Co.		1,428			96
Cohen & Steers, Inc.		2,720			93
Columbia Banking System, Inc.		4,872			177
Community Bank System, Inc.		3,579			209
Community Trust Bancorp, Inc.		1,887			75
Cowen, Inc. (a)		9,903			132
Customers Bancorp, Inc. (a)		3,137			57
CVB Financial Corp.		6,173			125
Dime Community Bancshares, Inc.		5,879			100
Donnelley Financial Solutions, Inc. (a)		11,822			166
Eagle Bancorp, Inc. (a)		1,150			56
eHealth, Inc. (a)		1,952			75
Employers Holdings, Inc.		2,530			106
Encore Capital Group, Inc. (a)		3,551			83
Enova International, Inc. (a)		7,743			151
Enterprise Financial Services Corp.		665			25
Evercore, Inc. ‘A’		1,708			122
EZCORP, Inc. ‘A’ (a)		21,454			166
FBL Financial Group, Inc. ‘A’		1,140			75
FCB Financial Holdings, Inc. ‘A’ (a)		2,323			78
Federal Agricultural Mortgage Corp. ‘C’		1,583			96
Federated Investors, Inc. ‘B’		16,425			436
Financial Institutions, Inc.		2,363			61
First Bancorp		1,587			52
First Busey Corp.		2,148			53
First Commonwealth Financial Corp.		12,392			150
First Community Bancshares, Inc.		806			25
First Defiance Financial Corp.		1,333			33
First Financial Bancorp		6,857			163
First Financial Bankshares, Inc.		2,719			157
First Financial Corp.		956			38
First Hawaiian, Inc.		3,056			69
First Interstate BancSystem, Inc. ‘A’		2,591			95
First Merchants Corp.		2,469			85
First Midwest Bancorp, Inc.		5,775			114
FirstCash, Inc.		2,360			171
Flagstar Bancorp, Inc. (a)		5,178			137
Flushing Financial Corp.		4,958			107
Fulton Financial Corp.		28,637			443
GAIN Capital Holdings, Inc.		5,062			31
Glacier Bancorp, Inc.		5,913			234
Great Southern Bancorp, Inc.		1,424			66
Great Western Bancorp, Inc.		3,966			124
Green Dot Corp. ‘A’ (a)		215			17
Greenhill & Co., Inc.		11,130			272
Hanmi Financial Corp.		1,209			24
HCI Group, Inc.		2,219			113
Heartland Financial USA, Inc.		1,828			80
Hercules Capital, Inc.		9,042			100

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 59

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

	SHARES			MARKET VALUE (000S)
Heritage Financial Corp.		1,798	$		53
Heritage Insurance Holdings, Inc.		3,785			56
Hilltop Holdings, Inc.		5,560			99
HomeStreet, Inc. (a)		3,318			70
HomeTrust Bancshares, Inc.		927			24
Hope Bancorp, Inc.		5,109			61
Horace Mann Educators Corp.		4,419			165
Houlihan Lokey, Inc.		665			24
Independent Bank Corp.		1,779			125
International Bancshares Corp.		6,208			214
INTL FCStone, Inc. (a)		1,627			59
Investment Technology Group, Inc.		4,747			144
Investors Bancorp, Inc.		5,025			52
Kearny Financial Corp.		5,283			68
Kemper Corp.		4,330			287
Lakeland Financial Corp.		903			36
LegacyTexas Financial Group, Inc.		1,616			52
MB Financial, Inc.		2,642			105
MBIA, Inc. (a)		68,725			613
Mercury General Corp.		2,971			154
MGIC Investment Corp. (a)		5,324			56
Moelis & Co. ‘A’		1,135			39
Morningstar, Inc.		614			67
National Bank Holdings Corp. ‘A’		4,820			149
National General Holdings Corp.		2,208			53
National Western Life Group, Inc. ‘A’		212			64
Navigators Group, Inc.		1,711			119
NBT Bancorp, Inc.		5,065			175
Nelnet, Inc. ‘A’		4,870			255
Northfield Bancorp, Inc.		4,807			65
Northwest Bancshares, Inc.		19,222			326
Ocwen Financial Corp. (a)		60,020			80
Old National Bancorp		17,313			267
Oppenheimer Holdings, Inc. ‘A’		3,582			91
Opus Bank		2,425			47
Oritani Financial Corp.		9,404			139
Park National Corp.		1,888			160
Piper Jaffray Cos.		2,215			146
PRA Group, Inc. (a)		7,408			180
ProAssurance Corp.		12,007			487
Provident Financial Services, Inc.		7,915			191
Radian Group, Inc.		2,209			36
Regional Management Corp. (a)		3,646			88
Renasant Corp.		3,083			93
RLI Corp.		2,111			146
S&T Bancorp, Inc.		2,859			108
Safety Insurance Group, Inc.		1,302			106
Sandy Spring Bancorp, Inc.		2,395			75
Selective Insurance Group, Inc.		3,757			229
Simmons First National Corp. ‘A’		3,843			93
South State Corp.		1,390			83
State Bank Financial Corp.		2,057			44
Stewart Information Services Corp.		1,868			77
Stifel Financial Corp.		2,712			112
TCF Financial Corp.		13,321			260
Tompkins Financial Corp.		813			61
Towne Bank		3,742			90
TriCo Bancshares		1,066			36
TrustCo Bank Corp.		14,142			97
Trustmark Corp.		8,964			255
UMB Financial Corp.		2,445			149
Union Bankshares Corp.		3,913			110
United Bankshares, Inc.		5,744			179
United Community Banks, Inc.		3,901			84
United Financial Bancorp, Inc.		5,128			75

	SHARES			MARKET VALUE (000S)
United Fire Group, Inc.		1,900	$		105
Universal Insurance Holdings, Inc.		2,525			96
Valley National Bancorp		16,402			146
Virtus Investment Partners, Inc.		873			69
Waddell & Reed Financial, Inc. ‘A’		38,283			692
Walker & Dunlop, Inc.		2,425			105
Washington Federal, Inc.		14,962			400
Washington Trust Bancorp, Inc.		528			25
Waterstone Financial, Inc.		3,067			51
WesBanco, Inc.		3,957			145
Westamerica Bancorporation		2,487			138
WisdomTree Investments, Inc.		2,469			16
World Acceptance Corp. (a)		3,276			335
WSFS Financial Corp.		1,707			65
					20,330
HEALTH CARE 5.9%
Acadia Healthcare Co., Inc. (a)		14,673			377
Acorda Therapeutics, Inc. (a)		7,899			123
Akorn, Inc. (a)		16,681			57
Allscripts Healthcare Solutions, Inc. (a)		25,743			248
AMAG Pharmaceuticals, Inc. (a)		15,171			230
Amedisys, Inc. (a)		3,015			353
Amicus Therapeutics, Inc. (a)		2,853			27
AMN Healthcare Services, Inc. (a)		3,824			217
Amneal Pharmaceuticals, Inc. (a)		6,868			93
Amphastar Pharmaceuticals, Inc. (a)		1,035			21
AngioDynamics, Inc. (a)		8,339			168
Anika Therapeutics, Inc. (a)		430			14
Assertio Therapeutics, Inc. (a)		23,881			86
Avanos Medical, Inc. (a)		4,676			209
BioScrip, Inc. (a)		22,386			80
Cambrex Corp. (a)		2,129			80
Cantel Medical Corp.		231			17
Civitas Solutions, Inc. (a)		3,159			55
Computer Programs & Systems, Inc.		2,705			68
CONMED Corp.		3,778			243
Diplomat Pharmacy, Inc. (a)		4,767			64
Emergent BioSolutions, Inc. (a)		4,159			247
Enanta Pharmaceuticals, Inc. (a)		706			50
Ensign Group, Inc.		4,785			186
Haemonetics Corp. (a)		1,056			106
HMS Holdings Corp. (a)		5,937			167
Horizon Pharma PLC (a)		15,905			311
Integer Holdings Corp. (a)		3,945			301
Invacare Corp.		10,309			44
Lannett Co., Inc. (a)		5,408			27
Lantheus Holdings, Inc. (a)		1,162			18
LHC Group, Inc. (a)		2,565			241
Ligand Pharmaceuticals, Inc. (a)		423			57
Luminex Corp.		3,684			85
Magellan Health, Inc. (a)		4,265			243
Medicines Co. (a)		3,341			64
Medidata Solutions, Inc. (a)		278			19
Medpace Holdings, Inc. (a)		1,207			64
Meridian Bioscience, Inc.		7,829			136
Merit Medical Systems, Inc. (a)		2,256			126
Myriad Genetics, Inc. (a)		18,998			552
National HealthCare Corp.		2,358			185
Natus Medical, Inc. (a)		3,562			121
Neogen Corp. (a)		1,592			91
NextGen Healthcare, Inc. (a)		10,226			155
NuVasive, Inc. (a)		4,428			219

	SHARES			MARKET VALUE (000S)
NxStage Medical, Inc. (a)		1,391	$		40
Omnicell, Inc. (a)		1,387			85
OPKO Health, Inc. (a)		38,990			117
OraSure Technologies, Inc. (a)		1,205			14
Orthofix Medical, Inc. (a)		2,887			152
Owens & Minor, Inc.		40,485			256
PDL BioPharma, Inc. (a)		98,745			286
Prestige Consumer Healthcare, Inc. (a)		6,482			200
Providence Service Corp. (a)		1,793			108
Quidel Corp. (a)		1,339			65
Quorum Health Corp. (a)		15,697			45
R1 RCM, Inc. (a)		11,793			94
RadNet, Inc. (a)		9,833			100
Retrophin, Inc. (a)		740			17
Select Medical Holdings Corp. (a)		25,995			399
Spectrum Pharmaceuticals, Inc. (a)		3,781			33
SurModics, Inc. (a)		545			26
Syneos Health, Inc. (a)		885			35
Tivity Health, Inc. (a)		2,984			74
U.S. Physical Therapy, Inc.		1,183			121
Varex Imaging Corp. (a)		3,753			89
					9,001
INDUSTRIALS 16.8%
AAR Corp.		4,929			184
ABM Industries, Inc.		5,068			163
ACCO Brands Corp.		13,434			91
Actuant Corp. ‘A’		13,194			277
Advanced Disposal Services, Inc. (a)		6,784			162
Advanced Drainage Systems, Inc.		1,696			41
Aegion Corp. (a)		5,376			88
Aerojet Rocketdyne Holdings, Inc. (a)		1,169			41
Aerovironment, Inc. (a)		1,045			71
Air Transport Services Group, Inc. (a)		4,177			95
Aircastle Ltd.		19,262			332
Alamo Group, Inc.		592			46
Albany International Corp. ‘A’		1,784			111
Allegiant Travel Co.		2,106			211
Altra Industrial Motion Corp.		793			20
American Woodmark Corp. (a)		766			43
Apogee Enterprises, Inc.		2,231			67
Applied Industrial Technologies, Inc.		4,646			251
ArcBest Corp.		5,146			176
Armstrong Flooring, Inc. (a)		8,811			104
Armstrong World Industries, Inc.		6,946			404
ASGN, Inc. (a)		1,522			83
Astec Industries, Inc.		2,214			67
Astronics Corp. (a)		1,722			52
Atkore International Group, Inc. (a)		8,194			163
Atlas Air Worldwide Holdings, Inc. (a)		4,660			197
Axon Enterprise, Inc. (a)		950			42
AZZ, Inc.		2,089			84
Babcock & Wilcox Enterprises, Inc. (a)		49,306			19
Barnes Group, Inc.		3,743			201
Beacon Roofing Supply, Inc. (a)		1,770			56
BlueLinx Holdings, Inc. (a)		2,505			62
BMC Stock Holdings, Inc. (a)		5,888			91
Brady Corp. ‘A’		6,740			293
Briggs & Stratton Corp.		10,759			141
Brink’s Co.		915			59
Builders FirstSource, Inc. (a)		11,659			127
CAI International, Inc. (a)		4,775			111

60 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

	SHARES			MARKET VALUE (000S)
Casella Waste Systems, Inc. ‘A’ (a)		4,006	$		114
CBIZ, Inc. (a)		5,619			111
Chart Industries, Inc. (a)		3,053			199
Civeo Corp. (a)		35,736			51
Clean Harbors, Inc. (a)		6,803			336
Columbus McKinnon Corp.		602			18
Comfort Systems USA, Inc.		3,018			132
Continental Building Products, Inc. (a)		2,865			73
Covanta Holding Corp.		24,419			328
Covenant Transportation Group, Inc. ‘A’ (a)		1,343			26
CRA International, Inc.		1,005			43
Cubic Corp.		1,905			102
Deluxe Corp.		6,695			257
Douglas Dynamics, Inc.		1,745			63
DXP Enterprises, Inc. (a)		569			16
Dycom Industries, Inc. (a)		1,850			100
Echo Global Logistics, Inc. (a)		2,767			56
Encore Wire Corp.		1,610			81
EnerSys		5,308			412
Ennis, Inc.		4,754			92
EnPro Industries, Inc.		1,087			65
ESCO Technologies, Inc.		1,861			123
Essendant, Inc.		19,109			240
Esterline Technologies Corp. (a)		4,567			555
Exponent, Inc.		3,294			167
Federal Signal Corp.		5,516			110
Forward Air Corp.		1,455			80
Franklin Electric Co., Inc.		2,512			108
FTI Consulting, Inc. (a)		6,730			448
GATX Corp.		9,747			690
Generac Holdings, Inc. (a)		10,170			505
Gibraltar Industries, Inc. (a)		1,963			70
Global Brass & Copper Holdings, Inc.		3,378			85
GMS, Inc. (a)		5,815			86
Granite Construction, Inc.		2,315			93
Greenbrier Cos., Inc.		5,474			216
Griffon Corp.		11,217			117
H&E Equipment Services, Inc.		8,487			173
Harsco Corp. (a)		9,646			192
Hawaiian Holdings, Inc.		7,608			201
HC2 Holdings, Inc. (a)		11,301			30
Healthcare Services Group, Inc.		1,675			67
Heartland Express, Inc.		3,853			71
Heidrick & Struggles International, Inc.		5,431			169
Herc Holdings, Inc. (a)		3,521			92
Herman Miller, Inc.		7,580			229
Hillenbrand, Inc.		5,242			199
HNI Corp.		7,966			282
Hub Group, Inc. ‘A’ (a)		2,575			95
Huron Consulting Group, Inc. (a)		3,719			191
Hyster-Yale Materials Handling, Inc.		1,228			76
ICF International, Inc.		3,657			237
InnerWorkings, Inc. (a)		11,971			45
Insperity, Inc.		2,711			253
Interface, Inc.		6,658			95
JELD-WEN Holding, Inc. (a)		1,854			26
John Bean Technologies Corp.		781			56
Kadant, Inc.		546			44
Kaman Corp.		3,728			209
KBR, Inc.		9,034			137
Kelly Services, Inc. ‘A’		10,526			216
Kennametal, Inc.		5,199			173

	SHARES			MARKET VALUE (000S)
Kforce, Inc.		7,416	$		229
Knoll, Inc.		6,228			103
Korn/Ferry International		4,959			196
Lindsay Corp.		1,437			138
LSC Communications, Inc.		21,442			150
Marten Transport Ltd.		3,570			58
Masonite International Corp. (a)		1,414			63
MasTec, Inc. (a)		2,081			84
Matson, Inc.		5,226			167
Matthews International Corp. ‘A’		2,136			87
McGrath RentCorp		4,173			215
Meritor, Inc. (a)		6,565			111
Milacron Holdings Corp. (a)		7,957			95
Mobile Mini, Inc.		5,137			163
Moog, Inc. ‘A’		6,705			519
MRC Global, Inc. (a)		13,288			163
MSA Safety, Inc.		2,595			245
Mueller Industries, Inc.		10,184			238
Mueller Water Products, Inc. ‘A’		9,656			88
MYR Group, Inc. (a)		2,659			75
National Presto Industries, Inc.		900			105
Navigant Consulting, Inc.		8,414			202
Navistar International Corp. (a)		425			11
NCI Building Systems, Inc. (a)		2,596			19
NOW, Inc. (a)		8,884			103
Primoris Services Corp.		3,131			60
Proto Labs, Inc. (a)		1,068			120
Quad/Graphics, Inc.		12,835			158
Quanex Building Products Corp.		3,193			43
Raven Industries, Inc.		1,210			44
RBC Bearings, Inc. (a)		791			104
Regal Beloit Corp.		5,525			387
Resources Connection, Inc.		9,898			141
Rexnord Corp. (a)		14,346			329
RR Donnelley & Sons Co.		62,637			248
Rush Enterprises, Inc. ‘A’		4,637			160
Saia, Inc. (a)		2,573			144
Simpson Manufacturing Co., Inc.		4,162			225
SiteOne Landscape Supply, Inc. (a)		2,660			147
SkyWest, Inc.		9,131			406
SP Plus Corp. (a)		518			15
Spirit Airlines, Inc. (a)		8,745			507
SPX Corp. (a)		1,426			40
SPX FLOW, Inc. (a)		7,515			229
Standex International Corp.		1,045			70
Steelcase, Inc. ‘A’		22,126			328
Sun Hydraulics Corp.		798			26
Sunrun, Inc. (a)		5,843			64
Team, Inc. (a)		960			14
Tennant Co.		1,812			94
Terex Corp.		11,303			312
Tetra Tech, Inc.		3,504			181
Textainer Group Holdings Ltd. (a)		10,714			107
Thermon Group Holdings, Inc. (a)		4,007			81
Timken Co.		1,030			38
Titan Machinery, Inc. (a)		8,311			109
Trex Co., Inc. (a)		1,777			105
TriMas Corp. (a)		3,743			102
TriNet Group, Inc. (a)		1,540			65
Triumph Group, Inc.		11,889			137
TrueBlue, Inc. (a)		5,813			129
Tutor Perini Corp. (a)		6,072			97
UniFirst Corp.		1,325			190
Univar, Inc. (a)		9,455			168
Universal Forest Products, Inc.		3,843			100

	SHARES			MARKET VALUE (000S)
Valmont Industries, Inc.		3,085	$		342
Vectrus, Inc. (a)		1,464			32
Veritiv Corp. (a)		6,604			165
Viad Corp.		1,332			67
Wabash National Corp.		8,099			106
Watts Water Technologies, Inc. ‘A’		2,802			181
Welbilt, Inc. (a)		10,479			116
Werner Enterprises, Inc.		5,373			159
Wesco Aircraft Holdings, Inc. (a)		10,970			87
YRC Worldwide, Inc. (a)		20,796			66
					25,724
INFORMATION TECHNOLOGY 10.5%
2U, Inc. (a)		536			27
3D Systems Corp. (a)		1,659			17
8x8, Inc. (a)		912			16
ACI Worldwide, Inc. (a)		10,696			296
ADTRAN, Inc.		13,468			145
Advanced Energy Industries, Inc. (a)		1,611			69
Ambarella, Inc. (a)		1,581			55
Amkor Technology, Inc. (a)		23,150			152
Anixter International, Inc. (a)		6,463			351
Avid Technology, Inc. (a)		11,430			54
AVX Corp.		6,495			99
Badger Meter, Inc.		1,635			81
Belden, Inc.		3,857			161
Benchmark Electronics, Inc.		9,103			193
Bottomline Technologies de, Inc. (a)		2,522			121
Brooks Automation, Inc.		5,009			131
Cabot Microelectronics Corp.		2,763			263
CACI International, Inc. ‘A’ (a)		1,909			275
Calix, Inc. (a)		2,552			25
Ciena Corp. (a)		10,404			353
Cirrus Logic, Inc. (a)		5,495			182
Coherent, Inc. (a)		283			30
CommVault Systems, Inc. (a)		3,086			182
Comtech Telecommunications Corp.		10,473			255
CoreLogic, Inc. (a)		6,746			225
Cray, Inc. (a)		6,336			137
Cree, Inc. (a)		8,313			356
CSG Systems International, Inc.		5,198			165
CTS Corp.		3,152			82
Diebold Nixdorf, Inc.		21,316			53
Digi International, Inc. (a)		3,538			36
Diodes, Inc. (a)		4,332			140
Eastman Kodak Co. (a)		13,691			35
Ebix, Inc.		1,385			59
Electro Scientific Industries, Inc. (a)		2,074			62
Electronics For Imaging, Inc. (a)		6,658			165
Ellie Mae, Inc. (a)		487			31
Envestnet, Inc. (a)		2,156			106
ePlus, Inc. (a)		1,785			127
Everi Holdings, Inc. (a)		3,979			21
ExlService Holdings, Inc. (a)		1,846			97
Extreme Networks, Inc. (a)		4,636			28
FARO Technologies, Inc. (a)		2,365			96
Finisar Corp. (a)		7,369			159
FireEye, Inc. (a)		7,513			122
Fitbit, Inc. ‘A’ (a)		42,738			212
GTT Communications, Inc. (a)		402			10
Harmonic, Inc. (a)		28,600			135
II-VI, Inc. (a)		3,044			99
Infinera Corp. (a)		12,418			50
Insight Enterprises, Inc. (a)		9,627			392

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 61

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

	SHARES			MARKET VALUE (000S)
Integrated Device Technology, Inc. (a)		5,742	$		278
InterDigital, Inc.		3,679			244
Internap Corp. (a)		2,751			11
Itron, Inc. (a)		2,964			140
j2 Global, Inc.		1,995			138
KEMET Corp.		2,768			49
Knowles Corp. (a)		15,879			211
Lattice Semiconductor Corp. (a)		2,321			16
LiveRamp Holdings, Inc. (a)		4,248			164
Lumentum Holdings, Inc. (a)		1,082			45
Manhattan Associates, Inc. (a)		5,390			228
ManTech International Corp. ‘A’		3,738			196
Methode Electronics, Inc.		2,962			69
MicroStrategy, Inc. ‘A’ (a)		1,215			155
MoneyGram International, Inc. (a)		18,471			37
Monotype Imaging Holdings, Inc.		3,913			61
MTS Systems Corp.		2,105			85
NCR Corp. (a)		4,093			95
NETGEAR, Inc. (a)		4,186			218
NetScout Systems, Inc. (a)		15,738			372
NIC, Inc.		5,819			73
Novanta, Inc. (a)		1,607			101
OSI Systems, Inc. (a)		1,830			134
Park Electrochemical Corp.		5,499			99
PC Connection, Inc.		521			16
PCM, Inc. (a)		1,064			19
Pegasystems, Inc.		507			24
Perficient, Inc. (a)		4,357			97
Photronics, Inc. (a)		19,092			185
Plantronics, Inc.		6,169			204
Plexus Corp. (a)		3,630			185
Power Integrations, Inc.		1,530			93
Presidio, Inc.		5,952			78
Progress Software Corp.		9,397			334
Qualys, Inc. (a)		1,250			93
Rambus, Inc. (a)		8,846			68
Rogers Corp. (a)		1,135			112
Rubicon Project, Inc. (a)		6,849			26
Rudolph Technologies, Inc. (a)		2,952			60
Sanmina Corp. (a)		13,229			318
ScanSource, Inc. (a)		4,996			172
Science Applications International Corp.		3,718			237
Semtech Corp. (a)		3,437			158
Silicon Laboratories, Inc. (a)		665			52
Stratasys Ltd. (a)		4,954			89
Sykes Enterprises, Inc. (a)		6,236			154
Synaptics, Inc. (a)		6,455			240
Synchronoss Technologies, Inc. (a)		3,933			24
SYNNEX Corp.		4,772			386
Tech Data Corp. (a)		7,550			618
TiVo Corp.		26,848			253
TTEC Holdings, Inc.		1,727			49
TTM Technologies, Inc. (a)		12,340			120
Unisys Corp. (a)		30,676			357
Veeco Instruments, Inc. (a)		4,773			35
Verint Systems, Inc. (a)		8,025			340
Versum Materials, Inc.		576			16
ViaSat, Inc. (a)		1,704			100
Viavi Solutions, Inc. (a)		7,859			79
Virtusa Corp. (a)		2,933			125
Vishay Intertechnology, Inc.		24,221			436
Xperi Corp.		11,200			206
					16,110

	SHARES			MARKET VALUE (000S)
MATERIALS 5.2%
A Schulman, Inc. «		1,831	$		3
AdvanSix, Inc. (a)		4,093			100
AK Steel Holding Corp. (a)		19,706			44
Allegheny Technologies, Inc. (a)		5,831			127
Boise Cascade Co.		4,098			98
Cabot Corp.		1,456			63
Carpenter Technology Corp.		4,741			169
Clearwater Paper Corp. (a)		9,768			238
Cleveland-Cliffs, Inc. (a)		51,788			398
Commercial Metals Co.		19,628			314
Compass Minerals International, Inc.		3,006			125
Ferro Corp. (a)		3,730			58
Flotek Industries, Inc. (a)		6,883			7
FutureFuel Corp.		4,316			68
GCP Applied Technologies, Inc. (a)		7,048			173
Gold Resource Corp.		7,468			30
Graphic Packaging Holding Co.		10,734			114
Greif, Inc. ‘A’		5,816			216
Haynes International, Inc.		633			17
HB Fuller Co.		5,007			214
Hecla Mining Co.		18,001			42
Ingevity Corp. (a)		1,744			146
Innophos Holdings, Inc.		6,025			148
Innospec, Inc.		1,942			120
Kaiser Aluminum Corp.		2,062			184
Koppers Holdings, Inc. (a)		2,990			51
Kraton Corp. (a)		2,460			54
Louisiana-Pacific Corp.		2,741			61
LSB Industries, Inc. (a)		5,179			29
Materion Corp.		2,751			124
Minerals Technologies, Inc.		2,242			115
Myers Industries, Inc.		5,566			84
Neenah Paper, Inc.		1,343			79
Olin Corp.		2,747			55
Olympic Steel, Inc.		1,132			16
OMNOVA Solutions, Inc. (a)		3,682			27
Owens-Illinois, Inc. (a)		37,746			651
PH Glatfelter Co.		9,034			88
Platform Specialty Products Corp. (a)		37,632			389
PolyOne Corp.		11,945			342
Quaker Chemical Corp.		687			122
Rayonier Advanced Materials, Inc.		7,311			78
Ryerson Holding Corp. (a)		10,815			69
Schnitzer Steel Industries, Inc. ‘A’		2,606			56
Schweitzer-Mauduit International, Inc.		4,744			119
Scotts Miracle-Gro Co.		336			21
Sensient Technologies Corp.		5,503			307
Silgan Holdings, Inc.		17,653			417
Stepan Co.		1,527			113
Summit Materials, Inc. ‘A’ (a)		7,931			98
SunCoke Energy, Inc. (a)		12,763			109
Tahoe Resources, Inc. (a)		85,406			312
TimkenSteel Corp. (a)		3,525			31
Tredegar Corp.		2,018			32
Trinseo S.A.		2,537			116
Tronox Ltd. ‘A’		15,269			119
Verso Corp. (a)		11,194			251
Warrior Met Coal, Inc.		1,470			35
Worthington Industries, Inc.		4,456			155
					7,941

	SHARES			MARKET VALUE (000S)
REAL ESTATE 0.5%
Alexander & Baldwin, Inc.		6,249	$		115
HFF, Inc. ‘A’		3,343			111
Kennedy-Wilson Holdings, Inc.		6,790			124
New York REIT, Inc.		4,082			57
Rafael Holdings, Inc. ‘B’ (a)		1,015			8
Realogy Holdings Corp.		20,860			306
St. Joe Co. (a)		5,464			72
					793
UTILITIES 4.2%
ALLETE, Inc.		3,942			300
American States Water Co.		3,658			245
Atlantic Power Corp. (a)		8,032			17
Avista Corp.		13,165			559
Black Hills Corp.		5,491			345
California Water Service Group		4,803			229
Chesapeake Utilities Corp.		1,372			112
Clearway Energy, Inc. ‘C’		8,845			153
El Paso Electric Co.		8,226			412
MGE Energy, Inc.		3,789			227
New Jersey Resources Corp.		2,792			128
Northwest Natural Holding Co.		4,656			281
NorthWestern Corp.		9,440			561
ONE Gas, Inc.		4,366			348
Ormat Technologies, Inc.		1,928			101
Otter Tail Corp.		6,270			311
Pattern Energy Group, Inc. ‘A’		8,962			167
PNM Resources, Inc.		14,726			605
SJW Group		1,778			99
South Jersey Industries, Inc.		7,056			196
Southwest Gas Holdings, Inc.		7,137			546
Spire, Inc.		3,586			266
TerraForm Power, Inc.		10,072			113
Unitil Corp.		2,946			149
					6,470
Total Common Stocks (Cost $134,741)					131,674
REAL ESTATE INVESTMENT TRUSTS 13.8%
UNITED STATES 13.8%
FINANCIALS 3.1%
AG Mortgage Investment Trust, Inc.		7,782			124
Anworth Mortgage Asset Corp.		34,398			139
Apollo Commercial Real Estate Finance, Inc.		9,995			166
Arbor Realty Trust, Inc.		1,446			15
Ares Commercial Real Estate Corp.		6,383			83
ARMOUR Residential REIT, Inc.		1,927			39
Blackstone Mortgage Trust, Inc. ‘A’		9,063			289
Capstead Mortgage Corp.		45,055			301
Dynex Capital, Inc.		27,138			155
Exantas Capital Corp.		14,644			147
Invesco Mortgage Capital, Inc.		29,729			430
Ladder Capital Corp.		11,430			177
MFA Financial, Inc.		97,975			654
New York Mortgage Trust, Inc.		45,289			267
PennyMac Mortgage Investment Trust		29,107			542
Ready Capital Corp.		1,227			17
Redwood Trust, Inc.		22,538			340
TPG RE Finance Trust, Inc.		3,981			73

62 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

	SHARES			MARKET VALUE (000S)
Two Harbors Investment Corp.		45,138	$		580
Western Asset Mortgage Capital Corp.		16,244			135
					4,673
REAL ESTATE 10.7%
Acadia Realty Trust		4,087			97
Agree Realty Corp.		346			20
Alexander’s, Inc.		103			31
American Assets Trust, Inc.		3,854			155
Apple Hospitality REIT, Inc.		2,578			37
Ashford Hospitality Trust, Inc.		38,440			154
Braemar Hotels & Resorts, Inc.		9,541			85
Brandywine Realty Trust		28,018			361
CareTrust REIT, Inc.		4,632			85
CBL & Associates Properties, Inc.		169,201			325
Cedar Realty Trust, Inc.		23,832			75
Chatham Lodging Trust		6,033			107
Chesapeake Lodging Trust		10,003			244
Columbia Property Trust, Inc.		38,322			742
CorEnergy Infrastructure Trust, Inc.		1,451			48
CorePoint Lodging, Inc.		6,152			75
Corporate Office Properties Trust		10,191			214
Cousins Properties, Inc.		6,976			55
DiamondRock Hospitality Co.		35,970			327
EastGroup Properties, Inc.		1,931			177
Empire State Realty Trust, Inc. ‘A’		6,926			99
Equity Commonwealth		14,056			422
First Industrial Realty Trust, Inc.		4,823			139
Four Corners Property Trust, Inc.		801			21
Franklin Street Properties Corp.		28,086			175
GEO Group, Inc.		20,203			398
Getty Realty Corp.		3,284			97
Global Net Lease, Inc.		7,465			132
Government Properties Income Trust		16,498			113
Healthcare Realty Trust, Inc.		7,198			205
Hersha Hospitality Trust		11,233			197

	SHARES			MARKET VALUE (000S)
Independence Realty Trust, Inc.		2,128	$		20
Industrial Logistics Properties Trust		7,074			139
InfraREIT, Inc.		5,282			111
Investors Real Estate Trust		3,320			163
iStar Inc.		9,131			84
Kite Realty Group Trust		15,576			219
Lexington Realty Trust		42,871			352
Life Storage, Inc.		1,092			102
LTC Properties, Inc.		3,071			128
Mack-Cali Realty Corp.		12,610			247
Monmouth Real Estate Investment Corp.		2,531			31
National Health Investors, Inc.		2,006			152
National Storage Affiliates Trust		2,354			62
New Senior Investment Group, Inc.		42,357			175
NorthStar Realty Europe Corp.		7,339			107
Outfront Media, Inc.		29,175			529
Paramount Group, Inc.		23,597			296
Pebblebrook Hotel Trust		24,741			700
Pennsylvania Real Estate Investment Trust		20,450			121
Physicians Realty Trust		6,282			101
Piedmont Office Realty Trust, Inc. ‘A’		34,199			583
Potlatch Corp.		2,661			84
Preferred Apartment Communities, Inc. ‘A’		5,855			82
PS Business Parks, Inc.		1,495			196
QTS Realty Trust, Inc. ‘A’		2,739			101
Rayonier, Inc.		654			18
Retail Opportunity Investments Corp.		8,154			129
Retail Properties of America, Inc. ‘A’		54,317			589
Rexford Industrial Realty, Inc.		1,373			40
RLJ Lodging Trust		27,068			444
RPT Realty		16,123			193
Ryman Hospitality Properties, Inc.		1,793			120
Sabra Health Care REIT, Inc.		7,127			117
Select Income REIT		14,077			104
Seritage Growth Properties ‘A’		3,144			102
SITE Centers Corp.		24,770			274

	SHARES			MARKET VALUE (000S)
Spirit MTA REIT		1,262	$		9
Spirit Realty Capital, Inc.		7,534			266
STAG Industrial, Inc.		4,596			114
Summit Hotel Properties, Inc.		7,027			68
Sunstone Hotel Investors, Inc.		25,372			330
Tanger Factory Outlet Centers, Inc.		9,312			188
Taubman Centers, Inc.		6,593			300
Terreno Realty Corp.		2,002			70
Tier REIT, Inc.		10,670			220
Uniti Group, Inc.		32,512			506
Urban Edge Properties		5,004			83
Urstadt Biddle Properties, Inc. ‘A’		1,622			31
Washington Prime Group, Inc.		126,890			617
Washington Real Estate Investment Trust		8,142			187
Weingarten Realty Investors		10,876			270
Whitestone REIT		4,428			54
Xenia Hotels & Resorts, Inc.		35,152			605
					16,345
Total Real Estate Investment Trusts (Cost $24,450)					21,018
SHORT-TERM INSTRUMENTS 0.5%
REPURCHASE AGREEMENTS (b) 0.5%
					836
Total Short-Term Instruments (Cost $836)					836
Total Investments in Securities (Cost $160,027)					153,528
Total Investments 100.5% (Cost $160,027)			$		153,528
Other Assets and Liabilities, net (0.5)%					(838	)
Net Assets 100.0%			$		152,690

NOTES TO SCHEDULE OF INVESTMENTS:

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

« Security valued using significant unobservable inputs (Level 3).

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

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(b)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received(1)
FICC		2.000	%		12/31/2018		01/02/2019	$	836	U.S. Treasury Notes 2.875% due 09/30/2023	$	(858	)	$	836	$	836
Total Repurchase Agreements											$	(858	)	$	836	$	836

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 63

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

December 31, 2018 (Unaudited)

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2018:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net  Exposure(2)
Global/Master Repurchase Agreement
FICC	$	836	$	0	$	0	$	836	$	(858	)	$	(22	)
Total Borrowings and Other Financing Transactions	$	836	$	0	$	0

⁽¹⁾  Includes accrued interest.

⁽²⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Investments in Securities, at Value
Common Stocks
United States
Communication Services	$	5,881	$	0	$	0	$	5,881
Consumer Discretionary		28,205		0		0		28,205
Consumer Staples		6,535		0		0		6,535
Energy		4,684		0		0		4,684
Financials		20,330		0		0		20,330
Health Care		9,001		0		0		9,001
Industrials		25,724		0		0		25,724
Information Technology		16,110		0		0		16,110

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Materials	$	7,938	$	0	$	3	$	7,941
Real Estate		736		57		0		793
Utilities		6,470		0		0		6,470
Real Estate Investment Trusts
United States
Financials		4,673		0		0		4,673
Real Estate		16,345		0		0		16,345
Short-Term Instruments
Repurchase Agreements		0		836		0		836
Total Investments	$	152,632	$	893	$	3	$	153,528

There were no significant transfers into or out of Level 3 during the period ended December 31, 2018.

64 PIMCO EQUITY SERIES See Accompanying Notes

Notes to Financial Statements

December 31, 2018 (Unaudited)

1. ORGANIZATION

PIMCO Equity Series (the “Trust”) was established as a Delaware statutory trust on March 30, 2010. The Trust is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, I-2, I-3 and Class A shares of the funds (each a “Fund” and collectively, the “Funds”) indicated on the cover of this report. Pacific Investment Management Company LLC (“PIMCO”) serves as the investment adviser (the “Adviser”) for the Funds. Research Affiliates, LLC (“Research Affiliates”) serves as the sub-adviser for the Funds. PIMCO and Research Affiliates have also engaged Parametric Portfolio Associates, LLC (“Parametric”) to implement all or a portion of each Fund’s investment strategies. The PIMCO RAE Global Fund may invest substantially all of its assets in Institutional Class shares of the PIMCO RAE US Fund, PIMCO RAE International Fund (“International Fund”) and PIMCO RAE Emerging Markets Fund (“Emerging Markets Fund”) (collectively, “Underlying Funds”), and equity securities that are eligible investments for the Underlying Funds. The PIMCO RAE Global ex-US Fund may invest substantially all of its assets in Institutional Class shares of the International Fund and Emerging Markets Fund, equity securities of small companies economically tied to non-U.S. countries, and securities that are eligible investments for the International Fund and Emerging Markets Fund. The PIMCO RAE Global Fund and PIMCO RAE Global ex-US Fund may invest in other affiliated funds and unaffiliated funds, which may or may not be registered under the Investment Company Act of 1940 (together with the Underlying Funds, “Acquired Funds”).

2. SIGNIFICANT ACCOUNTING POLICIES

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

(a) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for

the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

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

SEMIANNUAL REPORT DECEMBER 31, 2018 65

Notes to Financial Statements (Cont.)

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

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

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

	Distribution Frequency
Fund Name	Declared		Distributed
PIMCO RAE Emerging Markets Fund		Annually		Annually
PIMCO RAE Global Fund		Annually		Annually
PIMCO RAE Global ex-US Fund		Annually		Annually
PIMCO RAE International Fund		Annually		Annually
PIMCO RAE US Fund		Annually		Annually
PIMCO RAE US Small Fund		Annually		Annually

Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than once each year.

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

If a Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such

distribution through a Section 19 Notice. For these purposes, a Fund estimates the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is estimated that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund’s daily internal accounting records and practices, a Fund’s financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund’s internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include, among others, the treatment of paydowns on mortgage-backed securities purchased at a discount and periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund’s financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution’s tax character will be reported on Form 1099 DIV sent to shareholders for the calendar year.

Distributions classified as a tax basis return of capital, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(e) New Accounting Pronouncements  In August 2016, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”), ASU 2016-15, which amends Accounting Standards Codification (“ASC”) 230 to clarify guidance on the classification of certain cash receipts and cash payments in the Statement of Cash Flows. The ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. The Funds have adopted the ASU. The implementation of the ASU did not have an impact on the Funds’ financial statements.

In November 2016, the FASB issued ASU 2016-18 which amends ASC 230 to provide guidance on the classification and presentation of changes in restricted cash and restricted cash equivalents on the

66 PIMCO EQUITY SERIES

December 31, 2018 (Unaudited)

Statement of Cash Flows. The ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. The Funds have adopted the ASU. The implementation of the ASU did not have an impact on the Funds’ financial statements.

In March 2017, the FASB issued ASU 2017-08 which provides guidance related to the amortization period for certain purchased callable debt securities held at a premium. The ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The Funds have adopted the ASU. The implementation of the ASU did not have an impact on the Funds’ financial statements.

In August 2018, the FASB issued ASU 2018-13 which modifies certain disclosure requirements for fair value measurements in ASC 820. The ASU is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. At this time, management has elected to early adopt the amendments that allow for removal of certain disclosure requirements. Management plans to adopt the amendments that require additional fair value measurement disclosures for annual periods beginning after December 15, 2019, and interim periods within those annual periods. Management is currently evaluating the impact of these changes on the financial statements.

In August 2018, the U.S. Securities and Exchange Commission (“SEC”) adopted amendments to certain rules and forms for the purpose of disclosure update and simplification. The compliance date for these amendments is 30 days after date of publication in the Federal Register, which was on October 4, 2018. Management has adopted these amendments and the changes are incorporated throughout all periods presented in the financial statements. Prior distributions for the period ended June 30, 2018, before these amendments became effective, were presented as follows (amounts in thousands^†):

	PIMCO RAE Emerging Markets Fund			PIMCO RAE Global Fund			PIMCO RAE Global ex-US Fund			PIMCO RAE International Fund			PIMCO RAE US Fund			PIMCO RAE US Small Fund
Distributions to Shareholders:
From net investment income
Institutional Class	$	(31,636	)	$	(16,750	)	$	(3,011	)	$	(12,799	)	$	(12,630	)	$	(1,435	)
Class I-2		(260	)		(148	)		(16	)		(122	)		(156	)		(60	)
Class A		(75	)		(41	)		(29	)		(61	)		(143	)		(99	)
Class C		(29	)		(61	)		(47	)		(20	)		(71	)		(6	)
From net realized capital gains
Institutional Class		(112,594	)		(9,742	)		0			(302	)		(24,086	)		(3,201	)
Class I-2		(999	)		(87	)		0			(3	)		(312	)		(137	)
Class A		(286	)		(26	)		0			(1	)		(304	)		(272	)
Class C		(137	)		(40	)		0			(1	)		(196	)		(23	)
Total Distributions from Net Investment Income and/or Net Realized Capital Gains	$	(146,016	)	$	(26,895	)	$	(3,103	)	$	(13,309	)	$	(37,898	)	$	(5,233	)

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies  The price of a Fund’s shares is based on the Fund’s NAV. The NAV of a Fund, or each of its share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets, less any liabilities attributable to that Fund or class, by the total number of shares outstanding of that Fund or class.

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

For purposes of calculating a NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of official closing prices or the last reported sales prices, or if no sales are reported, based on quotes obtained from established market makers or prices (including evaluated prices) supplied by the Funds’ approved pricing services, quotation reporting systems and other third-party sources (together, “Pricing Services”). The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. If market value pricing is used, a foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by the Adviser to be the primary exchange. A foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign

SEMIANNUAL REPORT DECEMBER 31, 2018 67

Notes to Financial Statements (Cont.)

exchange. Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Services using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Services may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Services. A Fund’s investments in open-end management investment companies, other than exchange-traded funds (“ETFs”), are valued at the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security’s value has materially changed after the close of the security’s primary exchange or principal market but before the NYSE Close, the security may be valued at fair value based on procedures established and approved by the Board of Trustees of the Trust (the “Board”). Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, a Fund may determine the fair value of investments based on information provided by Pricing Services and other third-party vendors, which may recommend fair value or adjustments with reference to other securities, indices or assets. In considering whether fair valuation is required and in determining fair values, a Fund may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, any movement in the applicable reference index or instrument (“zero trigger”) between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in a Fund’s portfolio investments being affected when shareholders are unable to buy or sell shares.

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

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determining whether the value of the applicable securities or assets should be reevaluated in light of such significant events.

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

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

^∎  Level 1 — Quoted prices in active markets or exchanges for identical assets and liabilities.

^∎  Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

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

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

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of a Fund’s assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

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

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

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

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

SEMIANNUAL REPORT DECEMBER 31, 2018 69

Notes to Financial Statements (Cont.)

reported price to convert the linked equity’s trading currency to the contract’s settling currency. These investments are categorized as Level 2 of the fair value hierarchy.

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

Level 3 trading assets and trading liabilities, at fair value  When a fair valuation method is applied by the Adviser that uses significant

unobservable inputs, investments will be priced by a method that the Board or persons acting at their direction believe reflects fair value and are categorized as Level 3 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

The PIMCO RAE Global Fund may invest substantially all or a significant portion of its assets in Acquired Funds and equity securities that are eligible investments for the Underlying Funds. The PIMCO RAE Global ex-US Fund may invest substantially all of its assets in Acquired Funds (except the PIMCO RAE US Fund), equity securities of small companies economically tied to non-U.S. countries, and securities that are eligible investments for the International Fund and Emerging Markets Fund. The Underlying Funds are considered to be affiliated with the PIMCO RAE Global Fund and PIMCO RAE Global ex-US Fund.

Each Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III (“Central Funds”) to the extent permitted by the Act and rules thereunder. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Funds. The tables below show the Funds’ transactions in and earnings from investments in the affiliated Funds for the period ended December 31, 2018 (amounts in thousands^†):

PIMCO RAE Global Fund
Underlying PIMCO Funds	Market Value 06/30/2018		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2018		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO RAE Emerging Markets Fund	$	43,001	$	15,881	$	(12,168	)	$	557		$	(6,929	)	$	40,342	$	1,477	$	2,685
PIMCO RAE International Fund		161,744		47,341		(47,421	)		3,374			(27,500	)		137,538		4,441		3,553
PIMCO RAE US Fund		161,300		50,827		(47,481	)		1,814			(23,147	)		143,313		4,179		5,419
Totals	$	366,045	$	114,049	$	(107,070	)	$	5,745		$	(57,576	)	$	321,193	$	10,097	$	11,657
PIMCO RAE Global ex-US Fund
Underlying PIMCO Funds	Market Value 06/30/2018		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2018		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO RAE Emerging Markets Fund	$	16,805	$	3,780	$	(1,144	)	$	(240	)	$	(2,472	)	$	16,729	$	594	$	1,057
PIMCO RAE International Fund		63,164		8,690		(4,558	)		(209	)		(10,078	)		57,009		1,792		1,403
Totals	$	79,969	$	12,470	$	(5,702	)	$	(449	)	$	(12,550	)	$	73,738	$	2,386	$	2,460

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

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

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(b) Investments in Securities

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

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

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

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

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

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

Repurchase Agreements  Under the terms of a typical repurchase agreement, a Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by a Fund’s custodian or designated subcustodians under tri-party repurchase agreements and in certain instances will remain in custody with the counterparty. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for the receipt of collateral, which may result in interest expense to the Fund.

6. FINANCIAL DERIVATIVE INSTRUMENTS

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

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

SEMIANNUAL REPORT DECEMBER 31, 2018 71

Notes to Financial Statements (Cont.)

appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.

Forward Foreign Currency Contracts  may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Fund’s securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily,

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

7. PRINCIPAL RISKS

The principal risks of investing in a Fund, which could adversely affect its net asset value, yield and total return, are listed below.

Risks

PIMCO RAE Emerging Markets Fund

PIMCO RAE Global Fund

PIMCO RAE Global ex-US Fund

PIMCO RAE International Fund

PIMCO RAE US Fund

PIMCO RAE US Small Fund

New/Small Fund

X

Allocation

X

X

Acquired Fund

X

X

Equity

X

X

X

X

X

X

Value Investing

X

X

X

X

X

X

Foreign (Non-U.S.) Investment

X

X

X

X

Emerging Markets

X

X

X

X

Issuer Non-Diversification

X

Market

X

X

X

X

X

X

Issuer

X

X

X

X

X

X

Credit

X

X

X

X

X

X

Distressed Company

X

X

X

Currency

X

X

X

X

Real Estate

X

X

X

X

X

X

Liquidity

X

X

X

X

X

X

Leveraging

X

X

X

X

X

X

Management

X

X

X

X

X

X

Small Company

X

X

X

Derivatives

X

X

X

X

X

X

Model

X

X

X

X

X

X

The principal risks of investing in a Fund include risks from direct investments and/or for certain Funds that invest in Acquired Funds or Underlying PIMCO Funds, indirect exposure through investment in such Acquired Funds or Underlying PIMCO Funds. Please see “Description of Principal Risks” in a Fund’s prospectus for a more detailed description of the risks of investing in a Fund.

New/Small Fund Risk  is the risk that a new or smaller Fund’s performance may not represent how a Fund is expected to or may perform in the long term. In addition, new Funds have limited operating histories for investors to evaluate and new and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies.

Allocation Risk  is the risk that a Fund could lose money as a result of less than optimal or poor asset allocation decisions as to how its assets are allocated or reallocated. A Fund could miss attractive investment opportunities by underweighting markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience significant declines.

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

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

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

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

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

Issuer Non-Diversification Risk  is the risk of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are “non-diversified” may invest a greater percentage of their assets in the securities of a single issuer than funds that are “diversified”.

Market Risk  is the risk that the value of securities owned by a Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Issuer Risk  is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services.

Credit Risk  is the risk that a Fund could lose money if the counterparty to a derivative contract is unable or unwilling to meet its financial obligations.

Distressed Company Risk  is the risk that securities of distressed companies may be subject to greater levels of market, issuer and

liquidity risks. Distressed companies may be engaged in restructurings or bankruptcy proceedings, which may cause the value of their securities to fluctuate rapidly or unpredictably.

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

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

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

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

Management Risk  is the risk that the investment techniques and risk analyses applied by the Sub-Adviser will not produce the desired results and that legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to the Sub-Adviser and the individual portfolio manager in connection with managing a Fund. There is no guarantee that the investment objective of a Fund will be achieved.

Small Company Risk  is the risk that the value of equity securities issued by small companies, ranked by fundamental size as determined by the Sub-Adviser, may go up or down, sometimes rapidly and unpredictably, due to narrow markets and limited managerial and financial resources.

Derivatives Risk  is the risk of investing in derivative instruments (such as futures, swaps and structured securities), including leverage,

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Notes to Financial Statements (Cont.)

liquidity, interest rate, market, credit and management risks, mispricing or valuation complexity. Changes in the value of the derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested. A Fund’s use of derivatives may result in losses to a Fund, a reduction in a Fund’s returns and/or increased volatility. Over-the-counter (“OTC”) derivatives are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives. For derivatives traded on an exchange or through a central counterparty, credit risk resides with a Fund’s clearing broker, or the clearinghouse itself, rather than with a counterparty in an OTC derivative transaction. Changes in regulation relating to a mutual fund’s use of derivatives and related instruments could potentially limit or impact a Fund’s ability to invest in derivatives, limit a Fund’s ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and a Fund’s performance.

Model Risk  is the risk that a Fund’s investment models used in making investment allocation decisions may not adequately take into account certain factors and may result in a decline in the value of an investment in a Fund.

8. MASTER NETTING ARRANGEMENTS

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

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which

typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

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

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

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant (“FCM”) registered with the Commodity Futures Trading Commission (“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

74 PIMCO EQUITY SERIES

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margin posted, and any unsettled variation margin as of period end are disclosed in the Notes to Schedules of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions

under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. In limited circumstances, the ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level. These amounts, if any, may be segregated with a third-party custodian. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

9. FEES AND EXPENSES

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

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

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

	Investment Advisory Fee		Supervisory and Administrative Fee
Fund Name	All Classes		Institutional Class		I-2		I-3			Class A		Class C
PIMCO RAE Emerging Markets Fund(1)		0.50%		0.45%		0.55%		N/A			0.55%		0.55%~
PIMCO RAE Global Fund(1)		0.40%		0.30%		0.40%		N/A			0.40%		0.40%~
PIMCO RAE Global ex-US Fund(1)		0.40%		0.35%		0.45%		N/A			0.45%		0.45%~
PIMCO RAE International Fund(2)		0.30%		0.30%		0.40%		N/A			0.40%		0.40%~
PIMCO RAE US Fund(2)		0.25%		0.25%		0.35%		0.45%	*(3)		0.40%		0.40%~
PIMCO RAE US Small Fund(2)		0.35%		0.25%		0.35%		N/A			0.40%		0.40%~

~ This share class was liquidated during the reporting period.

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

⁽¹⁾  PIMCO has contractually agreed, through October 31, 2019, to reduce its Investment Advisory Fee by 0.20% of the average daily net assets of the Fund.

⁽²⁾  PIMCO has contractually agreed, through October 31, 2019, to reduce its Investment Advisory Fee by 0.10% of the average daily net assets of the Fund.

⁽³⁾  PIMCO has contractually agreed, through October 31, 2019, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund.

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

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

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

	Allowable Rate
	Distribution Fee		Servicing Fee
Class A		—		0.25%

The Distributor also received the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares and the contingent deferred sales charges paid by the shareholders upon certain redemptions of Class A shares. For the period ended

SEMIANNUAL REPORT DECEMBER 31, 2018 75

Notes to Financial Statements (Cont.)

December 31, 2018, the Distributor retained $28,233 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, 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 each other 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  Pursuant to the Expense Limitation Agreement, PIMCO has agreed to waive a portion of the Funds’ Supervisory and Administrative Fee, or reimburse each Fund, to the extent that each Fund’s organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee Fees exceed 0.0049%, the “Expense Limit” (calculated as a percentage of each Fund’s average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

Pursuant to the Fee Waiver Agreement, PIMCO has contractually agreed, through October 31, 2019, to waive a portion of the Investment Advisory Fee as set forth in the following table (calculated as a percentage of each Fund’s average daily net assets). This Fee Waiver Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver is reflected in the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

Fund Name	Fee Waiver		Expiration Date
PIMCO RAE Emerging Markets Fund		0.20%		10/31/2019
PIMCO RAE Global Fund		0.20%		10/31/2019
PIMCO RAE Global ex-US Fund		0.20%		10/31/2019
PIMCO RAE International Fund		0.10%		10/31/2019
PIMCO RAE US Fund		0.10%		10/31/2019
PIMCO RAE US Small Fund		0.10%		10/31/2019

Under certain conditions, PIMCO may be reimbursed for amounts waived pursuant to the Expense Limitation Agreement and Investment Advisory Fee Waiver Agreement in future periods, not to exceed thirty-six months after the waiver. The total recoverable amounts to PIMCO (from the Fee Waiver Agreement and Expense Limitation Agreement combined) at December 31, 2018, were as follows (amounts in thousands^†):

	Expiring within
Fund Name	12 months		13-24 months		25-36 months		Total
PIMCO RAE Emerging Markets Fund	$	2,343	$	3,322	$	4,161	$	9,826
PIMCO RAE Global Fund		611		858		816		2,285
PIMCO RAE Global ex-US Fund		134		167		174		475
PIMCO RAE International Fund		278		477		617		1,372
PIMCO RAE US Fund		586		663		831		2,080
PIMCO RAE US Small Fund		100		115		153		368

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

76 PIMCO EQUITY SERIES

December 31, 2018 (Unaudited)

Pursuant to a Fee Waiver, PIMCO has contractually agreed, through October 31, 2019, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of PIMCO RAE US Fund. This Fee Waiver Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

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

The expenses associated with investing in a fund of funds are generally higher than those for mutual funds that do not invest in other mutual funds. The cost of investing in a fund of funds will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. By investing in a fund of funds, an investor will indirectly bear fees and expenses charged by Acquired Funds in addition to each Fund’s direct fees and expenses. In addition, the use of a fund of funds structure could affect the timing, amount and character of distributions to the shareholders and may therefore increase the amount of taxes payable by shareholders.

PIMCO has contractually agreed, through October 31, 2019, to waive, first, the Investment Advisory Fee and, second, to the extent necessary, the Supervisory and Administrative Fee it receives from the PIMCO RAE Global Fund in an amount equal to its proportionate share of the Investment Advisory Fees and Supervisory and Administrative Fees charged by PIMCO to the Underlying Funds in which the Fund invests (the “Underlying Fund Fees”) indirectly incurred by the Fund in connection with its investments in Underlying Funds, to the extent the Fund’s Investment Advisory Fee or Investment Advisory Fee and Supervisory and Administrative Fee, taken together, are greater than or equal to the Underlying Fund Fees. This waiver will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

PIMCO has contractually agreed, through October 31, 2019, to waive, first, the Investment Advisory Fee and, second, to the extent necessary, the Supervisory and Administrative Fee it receives from the PIMCO RAE Global ex-US Fund in an amount equal to the Underlying Fund Fees indirectly incurred by the Fund in connection with its investments in Underlying Funds, to the extent the Fund’s Investment Advisory Fee or Investment Advisory Fee and Supervisory and Administrative Fee, taken together, are greater than or equal to the Underlying Fund Fees. This waiver will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

The waivers are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended December 31, 2018, the amounts were (in thousands^†):

Fund Name	Waived Fees
PIMCO RAE Emerging Markets Fund	$	1,967
PIMCO RAE Global Fund		1,228
PIMCO RAE Global ex-US Fund		298
PIMCO RAE International Fund		284
PIMCO RAE US Fund		402
PIMCO RAE US Small Fund		79

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

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

11. GUARANTEES AND INDEMNIFICATIONS

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

12. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as “portfolio turnover.” Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs 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 shareholder’s performance. The portfolio turnover rates are reported in the Financial Highlights.

SEMIANNUAL REPORT DECEMBER 31, 2018 77

Notes to Financial Statements (Cont.)

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2018, were as follows (amounts in thousands^†):

	U.S. Government/Agency				All Other
Fund Name	Purchases		Sales		Purchases		Sales
PIMCO RAE Emerging Markets Fund	$	0	$	0	$	566,552	$	336,730
PIMCO RAE Global Fund		0		0		114,047		107,069
PIMCO RAE Global ex-US Fund		0		0		12,469		5,702
PIMCO RAE International Fund		0		0		156,480		131,843
PIMCO RAE US Fund		0		0		149,827		163,905
PIMCO RAE US Small Fund		60		20		81,388		33,642

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

13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands^†):

	PIMCO RAE Emerging Markets Fund												PIMCO RAE Global Fund												PIMCO RAE Global ex-US Fund
	Six Months Ended 12/31/2018						Year Ended 06/30/2018						Six Months Ended 12/31/2018						Year Ended 06/30/2018						Six Months Ended 12/31/2018						Year Ended 06/30/2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		39,122		$	405,206			30,347		$	349,297			8,339		$	92,043			5,200		$	59,960			777		$	7,790			57		$	648
Class I-2		282			2,854			845			9,918			21			247			82			929			4			48			62			692
Class A		5,005			53,327			628			7,473			73			792			81			940			63			641			88			1,003
Class C		2	(a)		27	(a)		208			2,439			3	(a)		34	(a)		60			688			0	(a)		1	(a)		82			926
Issued as reinvestment of distributions
Institutional Class		20,956			196,505			12,803			144,230			2,703			26,021			2,182			25,015			211			1,951			300			3,392
Class I-2		113			1,053			112			1,259			18			170			21			235			1			12			2			19
Class A		90			838			32			361			14			137			6			67			4			37			3			35
Class C		0	(a)		0	(a)		15			166			0	(a)		0	(a)		9			100			0	(a)		0	(a)		5			54
Cost of shares redeemed
Institutional Class		(19,685	)		(201,678	)		(10,430	)		(122,669	)		(9,351	)		(104,862	)		(12,724	)		(144,589	)		(376	)		(3,707	)		(739	)		(8,369	)
Class I-2		(854	)		(8,784	)		(680	)		(7,893	)		(119	)		(1,289	)		(95	)		(1,074	)		(47	)		(474	)		(12	)		(133	)
Class A		(4,816	)		(51,199	)		(151	)		(1,744	)		(33	)		(349	)		(44	)		(497	)		(53	)		(533	)		(16	)		(176	)
Class C		(194	)(a)		(1,933	)(a)		(132	)		(1,536	)		(139	)(a)		(1,483	)(a)		(72	)		(810	)		(155	)(a)		(1,555	)(a)		(30	)		(331	)
Net increase (decrease) resulting from Fund share transactions		40,021		$	396,216			33,597		$	381,301			1,529		$	11,461			(5,294	)	$	(59,036	)		429		$	4,211			(198	)	$	(2,240	)

78 PIMCO EQUITY SERIES

December 31, 2018 (Unaudited)

	PIMCO RAE International Fund												PIMCO RAE US Fund												PIMCO RAE US Small Fund
	Six Months Ended 12/31/2018						Year Ended 06/30/2018						Six Months Ended 12/31/2018						Year Ended 06/30/2018						Six Months Ended 12/31/2018						Year Ended 06/30/2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		13,218		$	137,588			22,737		$	256,560			8,911		$	101,922			23,795		$	269,702			5,702		$	69,507			2,176		$	25,480
Class I-2		70			691			213			2,339			145			1,556			226			2,500			48			528			79			896
Class A		53			525			447			4,961			513			5,834			206			2,288			70			803			214			2,481
Class C		5	(a)		49	(a)		76			820			28	(a)		321	(a)		124			1,362			8	(a)		97	(a)		30			349
Issued as reinvestment of distributions
Institutional Class		3,050			27,859			1,176			13,088			4,229			43,121			3,244			36,389			946			9,610			401			4,636
Class I-2		6			52			11			125			38			389			42			468			19			196			17			197
Class A		25			228			6			62			66			667			40			444			30			302			32			371
Class C		0	(a)		0	(a)		2			20			0	(a)		0	(a)		24			267			0	(a)		0	(a)		2			27
Cost of shares redeemed
Institutional Class		(11,437	)		(118,674	)		(18,960	)		(207,043	)		(11,156	)		(127,216	)		(17,502	)		(194,714	)		(1,735	)		(20,938	)		(541	)		(6,516	)
Class I-2		(170	)		(1,802	)		(523	)		(5,840	)		(175	)		(1,979	)		(360	)		(4,009	)		(148	)		(1,756	)		(93	)		(1,083	)
Class A		(102	)		(1,061	)		(10	)		(105	)		(158	)		(1,746	)		(314	)		(3,470	)		(195	)		(1,948	)		(621	)		(7,084	)
Class C		(90	)(a)		(883	)(a)		(43	)		(472	)		(457	)(a)		(5,213	)(a)		(246	)		(2,706	)		(72	)(a)		(817	)(a)		(19	)		(217	)
Net increase (decrease) resulting from Fund share transactions		4,628		$	44,572			5,132		$	64,515			1,984		$	17,656			9,279		$	108,521			4,673		$	55,584			1,677		$	19,537

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

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

The following table discloses the number of shareholders that own 10% or more of the outstanding shares of a Fund along with their respective percent ownership, if any, for the period ended December 31, 2018. Some of these shareholders may be considered related parties, which may include, but are not limited to, the investment adviser and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.

	Shareholders that own 10% or more of outstanding shares				Total percentage of portfolio held by shareholders that own 10% or more of outstanding shares
	Non-Related Parties		Related Parties		Non-Related Parties		Related Parties
PIMCO RAE Emerging Markets Fund		0		2		0%		85%
PIMCO RAE Global Fund		1		0		22%		0%
PIMCO RAE Global ex-US Fund		2		0		86%		0%
PIMCO RAE International Fund		0		2		0%		39%
PIMCO RAE US Fund		0		1		0%		20%
PIMCO RAE US Small Fund		2		1		40%		36%

14. REGULATORY AND LITIGATION MATTERS

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

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

15. FEDERAL INCOME TAX MATTERS

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

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

In accordance with U.S. GAAP, the Adviser has reviewed the Funds’ tax positions for all open tax years. As of December 31, 2018, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

The Funds file U.S. federal, state, and local tax returns as required. The Funds’ tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations,

SEMIANNUAL REPORT DECEMBER 31, 2018 79

Notes to Financial Statements (Cont.)

December 31, 2018 (Unaudited)

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

Under the Regulated Investment Company Modernization Act of 2010, 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 their last fiscal year ended June 30, 2018, the Funds had the following post-effective capital losses with no expiration (amounts in thousands^†)⁽¹⁾

	Short-Term		Long-Term
PIMCO RAE Emerging Markets Fund*	$	2,812	$	12,578
PIMCO RAE Global Fund		0		0
PIMCO RAE Global ex-US Fund		0		0
PIMCO RAE International Fund		0		0
PIMCO RAE US Fund		0		0
PIMCO RAE US Small Fund		0		0

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

⁽¹⁾  *Portion of amount represents realized loss and recognized built-in loss, which is carried forward to future years to offset future realized gain subject to certain limitations.

As of December 31, 2018, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for Federal income tax purposes are as follows (amounts in thousands^†):

	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)(1)
PIMCO RAE Emerging Markets Fund	$	1,882,455	$	212,027	$	(149,696	)	$	62,331
PIMCO RAE Global Fund		325,471		2,921		(6,846	)		(3,925	)
PIMCO RAE Global ex-US Fund		80,914		0		(6,841	)		(6,841	)
PIMCO RAE International Fund		523,946		39,590		(62,046	)		(22,456	)
PIMCO RAE US Fund		626,111		121,421		(47,553	)		73,868
PIMCO RAE US Small Fund		163,151		15,341		(24,964	)		(9,623	)

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

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

80 PIMCO EQUITY SERIES

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

(Unaudited)

Counterparty Abbreviations:
FICC	Fixed Income Clearing Corporation
Currency Abbreviations:
USD (or $)	United States Dollar
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	TBA	To-Be-Announced
NVDR	Non-Voting Depositary Receipt

SEMIANNUAL REPORT DECEMBER 31, 2018 81

Approval of Investment Advisory Contract and Other Agreements

Approval of Renewal of the Investment Advisory Contract, Sub-Advisory Agreement, Portfolio Implementation Agreement and Second Amended and Restated Supervision and Administration Agreement

At a meeting held on August 22, 2018, the Board of Trustees (the “Board”) of PIMCO Equity Series (the “Trust”), including the Trustees who are not “interested persons” of the Trust under the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered and unanimously approved the renewal of the Investment Advisory Contract (the “Investment Advisory Contract”) between the Trust, on behalf of each of the Trust’s series (the “Funds”), and Pacific Investment Management Company LLC (“PIMCO”) for an additional one-year term through August 31, 2019. The Board also considered and unanimously approved the renewal of the Second Amended and Restated Supervision and Administration Agreement (the “Supervision and Administration Agreement” and together with the Investment Advisory Contract, the “Agreements”) between the Trust, on behalf of the Funds, and PIMCO for an additional one-year term through August 31, 2019. In addition, the Board considered and unanimously approved the renewal of the: (i) Sub-Advisory Agreement (the “Sub-Advisory Agreement”) between PIMCO, on behalf of PIMCO RAE Fundamental Emerging Markets Fund, PIMCO RAE Fundamental Global ex-US Fund, PIMCO RAE Fundamental Global Fund, PIMCO RAE Fundamental International Fund, PIMCO RAE Fundamental US Fund, PIMCO RAE Fundamental US Small Fund and the equity sleeve of the PIMCO Dividend and Income Fund (the “RAE Funds”), each a series of the Trust, and Research Affiliates, LLC (“Research Affiliates”); and (ii) Portfolio Implementation Agreement (the “Portfolio Implementation Agreement”) among PIMCO, on behalf of the RAE Funds, each a series of the Trust, Research Affiliates and Parametric Portfolio Associates LLC (“Parametric”), each for an additional one-year term through August 31, 2019.

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

1. INFORMATION RECEIVED

(a) Materials Reviewed:  During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO, Research Affiliates and Parametric to the Trust. At each of its quarterly meetings, the Board reviewed the Funds’ investment performance and a significant amount of information relating to Fund operations, including shareholder services, valuation and custody, the Funds’ compliance program and other information relating to the nature, extent and quality of services provided by PIMCO, Research Affiliates and Parametric to the Trust and each of the Funds, as applicable. In considering whether to approve the renewal of the Agreements, the Sub-Advisory Agreement, and the Portfolio

Implementation Agreement, the Board reviewed additional information, including, but not limited to, comparative industry data with regard to investment performance, advisory and supervisory and administrative fees and expenses, financial information for PIMCO and, where relevant, Research Affiliates and Parametric, information regarding the profitability to PIMCO of its relationship with the Funds, information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Funds, and information about the fees charged and services provided to other clients with similar investment mandates as the Funds, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees, which included, among other things, memoranda outlining legal duties of the Board in considering the renewal of the Agreements, the Sub-Advisory Agreement and the Portfolio Implementation Agreement.

(b) Review Process:  In connection with considering the renewal of the Agreements, the Sub-Advisory Agreement and the Portfolio Implementation Agreement, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates and Parametric in response to requests from counsel to the Trust and the Independent Trustees encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from counsel to the Trust and the Independent Trustees, and reviewed comparative fee and performance data prepared at the Board’s request by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company performance information and fee and expense data. The Board received information on matters related to the Agreements, the Sub-Advisory Agreement and the Portfolio Implementation Agreement and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 22, 2018 meeting. The Independent Trustees also conducted an in-person meeting with counsel to the Trust and the Independent Trustees on July 18, 2018, to discuss the Lipper Report, as defined below, and certain aspects of the 2018 15(c) materials including, but not limited to, the Funds’ performance, the Funds’ advisory fees and total expense ratios, the comparative information with respect to fees and performance included in the Lipper Report, and the unified fee structure employed by the Trusts. In addition, the Independent Trustees requested and received supplemental information.

The approval determinations were made on the basis of each Trustee’s business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Sub-Advisory Agreement, and the Portfolio Implementation Agreement, the Board

82 PIMCO EQUITY SERIES

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did not identify any single factor or particular information that, in isolation, was controlling. The discussion below is intended to summarize the broad factors and information that figured prominently in the Board’s consideration of the renewal of the Agreements, the Sub-Advisory Agreement and the Portfolio Implementation Agreement, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, Parametric, their Personnel and Resources:  The Board considered the depth and quality of PIMCO’s investment management process, including: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Funds’ asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment Advisory Contract. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO’s commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed to stay at the forefront of the competitive investment management industry and to strengthen its ability to deliver services under the Agreements. The Board considered PIMCO’s policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations and its commitment to further developing and strengthening these programs, its oversight of matters that may involve conflicts of interest between the Funds’ investments and those of other accounts managed by PIMCO, and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered PIMCO’s continuous investment in new disciplines and talented personnel, which has enhanced PIMCO’s services to the Funds and has allowed PIMCO to introduce innovative new funds over time.

The Trustees considered that PIMCO has continued to strengthen the process it uses to actively manage counterparty risk and to assess the financial stability of counterparties with which the Funds do business, to manage collateral and to protect the Funds from an unforeseen deterioration in the creditworthiness of trading counterparties. The Trustees noted that, consistent with its fiduciary duty, PIMCO executes transactions through a competitive best execution process and uses only those counterparties that meet its stringent and monitored criteria. The Trustees considered that PIMCO’s collateral management team utilizes a counterparty risk system to analyze portfolio-level exposure and collateral being exchanged with counterparties.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented since the Board renewed the Agreements in 2017, including, but not limited to: upgrading the global network and infrastructure to support trading and risk management systems; enhancing and continuing to expand capabilities within the pre-trade compliance platform; enhancing flexible client reporting capabilities to support increased differentiation within local markets; developing new application and database frameworks to support new trading strategies; expanding proprietary applications suites to enrich capabilities across Compliance, Analytics, Risk Management, Client Reporting, Attribution and Customer Relationship Management; continuing investment in its enterprise risk management function, including PIMCO’s cybersecurity program and global business continuity functions; oversight by the Americas Fund Oversight Committee, which provides senior-level oversight and supervision focused on new and ongoing fund-related business opportunities; engaging a third party service provider to implement the SEC reporting modernization regime; expanding the Fund Treasurer’s Office; enhancing a proprietary application to provide portfolio managers with more timely and high quality income reporting; developing a global tax management application that will enable investment professionals to access foreign market and security tax information on a real-time basis; enhancing reporting of tax reporting for portfolio managers for income products with improved transparency on tax factors impacting income generation and dividend yield; upgrading a proprietary application to allow shareholder subscription and redemption data to pass to portfolio managers more quickly and efficiently; and continuing to expand the pricing portal and the proprietary performance reconciliation tool.

Similarly, the Board considered the sub-advisory services provided by Research Affiliates to the RAE Funds and noted that it had met with senior personnel from Research Affiliates during the year. The Board further considered PIMCO’s oversight of Research Affiliates in connection with Research Affiliates providing sub-advisory services to the RAE Funds. The Board also considered Research Affiliates’ supervisory responsibilities with respect to Parametric’s provision of portfolio implementation services to the RAE Funds. The Board further considered the depth and quality of Research Affiliates’ investment management and research capabilities, the experience and capabilities of its portfolio management personnel and the overall financial strength of the organization.

In addition, the Board considered the portfolio implementation and other operational services provided by Parametric to the RAE Funds by, among other things, effecting portfolio transactions on behalf of the RAE Funds. The Board further considered PIMCO’s oversight of Parametric in connection with Parametric providing portfolio implementation services. The Board also considered information about

SEMIANNUAL REPORT DECEMBER 31, 2018 83

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

Parametric’s personnel responsible for providing services to the RAE Funds under the Portfolio Implementation Agreement. The Board also considered the nature and quality of Parametric’s trading, risk management, and compliance capabilities and resources, including Parametric’s policies and procedures regarding trade aggregation and allocation, which are integral parts of its role as portfolio implementer.

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

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

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

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Funds’ performance, as available, over short- and long-term periods ended March 31, 2018 and other performance data, as available, over short- and long-term periods ended June 30, 2018 (the “PIMCO Report”) and from Broadridge concerning the Funds’ performance, as available, over short- and long-term periods ended March 31, 2018 (the “Lipper Report”). The Board considered information regarding both the short- and long-term investment performance of each Fund relative to its peer group and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Lipper Report, which were provided in advance of the August 22, 2018 meeting.

The Board noted that, as of June 30, 2018, 62%, 66% and 76% of the assets of the Trust (based on Institutional Class performance) had outperformed their relevant benchmark net of fees over the three-, five- and ten-year periods, respectively. The Board discussed these and other performance-related developments.

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

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

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

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

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

84 PIMCO EQUITY SERIES

(Unaudited)

Funds to PIMCO. With respect to advisory fees, the Board reviewed data from Broadridge that compared the average and median advisory fees of other funds in a “Peer Group” of comparable funds, as well as the universe of other similar funds. The Board also considered that PIMCO reviews the Funds’ fee levels and carefully considers changes where appropriate.

The Board also reviewed data comparing the Funds’ advisory fees to the standard and negotiated fee rates PIMCO charges to separate accounts and to other sub-advised clients with similar investment strategies, including differences in advisory services provided. The Board discussed comparisons of fees for Funds with fees for separate accounts and/or PIMCO private/alternative funds with similar investment strategies, noting that for certain Funds, there were no appropriate comparisons because PIMCO did not manage comparable separate accounts at the time that the Board considered the Agreements. The Board noted that the advisory fees (or management fees, where applicable) for most Funds were similar to the fee rates charged to other investment companies with the same investment strategies as the Funds.

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

The Board considered the Funds’ supervisory and administrative fees, comparing them to similar funds in the report supplied by Broadridge. The Board also considered that as the Funds’ business has become increasingly complex and the number of Funds has grown over time, PIMCO has provided an increasingly broad array of fund supervisory and administrative functions. In addition, the Board considered the Trust’s unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for

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

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

The Trustees also considered the advisory fees charged to the Funds that operate as funds of funds (the “Funds of Funds”) and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the various fee waiver agreements in place for the Funds of Funds.

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

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

The Board reviewed information regarding PIMCO’s costs of providing services to the Funds as a whole, as well as the resulting level of profits to PIMCO under both the adjusted asset profitability method and the profit and loss profitability method, which were each utilized to calculate profitability. The Independent Trustees also noted that the

SEMIANNUAL REPORT DECEMBER 31, 2018 85

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

(Unaudited)

2017 margins with respect to PIMCO’s relationship with the Funds were within the range of publicly-traded asset manager margins reported by Strategic Insight and Broadridge. The Board also noted that it had received information regarding the structure and manner in which PIMCO’s investment professionals were compensated and PIMCO’s view of the relationship of such compensation to the attraction and retention of quality personnel. The Board considered PIMCO’s need to invest in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce and offer new services and to accommodate changing regulatory requirements.

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

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

6. ANCILLARY BENEFITS

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

7. CONCLUSIONS

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

86 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

Portfolio Implementer

Parametric Portfolio Associates

1918 Eighth Avenue, Suite 3100

Seattle, WA 98101

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

Transfer Agent

DST Asset Manager Solutions, Inc.

Institutional Class, I-2, Administrative Class

430 W 7th Street STE 219024

Kansas City, MO 64105-1407

DST Asset Manager Solutions, Inc.

Class A, Class C, Class R

430 W 7th Street STE 219294

Kansas City, MO 64105-1407

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Funds listed on the Report cover.

PES4003SAR_123118

PIMCO EQUITY SERIES^®

Semiannual Report

December 31, 2018

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

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

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

Beginning January 1, 2019, you may elect to receive all future reports in paper free of charge. If you own these shares through a financial intermediary, such as a broker-dealer or bank, you may contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 888.87.PIMCO (888.877.4626). Your election to receive reports in paper will apply to all funds held with the fund complex if you invest directly with the Fund or to all funds held in your account if you invest through a financial intermediary, such as a broker-dealer or bank.

Table of Contents

			Page
Chairman’s Letter				2
Important Information About the Funds				4
Expense Examples				26
Financial Highlights				28
Statements of Assets and Liabilities				34
Statements of Operations				38
Statements of Changes in Net Assets				40
Notes to Financial Statements				68
Glossary				89
Approval of Investment Advisory Contract and Other Agreements				90
Fund	Fund Summary		Schedule of Investments
PIMCO REALPATH® Blend 2020 Fund		8		42
PIMCO REALPATH® Blend 2025 Fund		10		45
PIMCO REALPATH® Blend 2030 Fund		12		48
PIMCO REALPATH® Blend 2035 Fund		14		51
PIMCO REALPATH® Blend 2040 Fund		16		53
PIMCO REALPATH® Blend 2045 Fund		18		56
PIMCO REALPATH® Blend 2050 Fund		20		59
PIMCO REALPATH® Blend 2055 Fund		22		62
PIMCO REALPATH® Blend Income Fund		24		65

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,

Following this letter is the PIMCO Equity Series Semiannual Report, which covers the six-month reporting period ended December 31, 2018. On the subsequent pages you will find specific details regarding investment results and discussion of the factors that most affected performance during the reporting period.

For the six-month reporting period ended December 31, 2018

The U.S. economy continued to expand during the reporting period. Looking back, U.S. gross domestic product (“GDP”) grew at an annual pace of 4.2% during the second quarter of 2018, the strongest since the third quarter of 2014. GDP then expanded at an annual pace of 3.4% during the third quarter of the year. Finally, the Commerce Department’s initial reading for fourth-quarter 2018 GDP has been delayed due to the partial government shutdown.

The Federal Reserve (the “Fed”) continued to normalize monetary policy during the reporting period. After raising rates in March and June, the Fed again moved rates higher at its September and December 2018 meetings. The Fed’s December rate hike pushed the federal funds rate to a range between 2.25% and 2.50%. In addition, the Fed continued to reduce its balance sheet during the reporting period.

Economic activity outside the U.S. initially accelerated during the reporting period, but moderated as it progressed. Against this backdrop, the European Central Bank (the “ECB”) and the Bank of Japan largely maintained their highly accommodative monetary policies, while other central banks took a more hawkish stance. The Bank of England raised rates at its meeting in August 2018 and the Bank of Canada raised rates twice during the reporting period. Meanwhile, the ECB ended its quantitative easing program in December 2018, but indicated that it does not expect to raise interest rates “at least through the summer of 2019.”

The U.S. Treasury yield curve flattened during the reporting period as longer-term rates fell more than short-term rates. The yield on the benchmark 10-year U.S. Treasury note was 2.69% at the end of the reporting period, down from 2.85% on June 30, 2018. U.S. Treasuries, as measured by the Bloomberg Barclays U.S. Treasury Index, returned 1.96% over the six months ended December 31, 2018. Meanwhile, the Bloomberg Barclays U.S. Aggregate Bond Index, a widely used index of U.S. investment grade bonds, returned 1.65% over the period. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, generated weaker results versus the broad U.S. market. The ICE BofAML U.S. High Yield Index returned -2.34% over the reporting period, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global, returned 0.65% over the reporting period. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned 0.25% over the period.

Global equities produced poor results during the reporting period. U.S. equities moved sharply higher over the first half of the period. We believe this rally was driven by a number of factors, including corporate profits that often exceeded expectations. However, U.S. equities fell sharply during the fourth quarter of 2018. We believe this was triggered by a number of factors, including signs of moderating global growth, concerns over future Fed rate hikes, the ongoing trade dispute between the U.S. and China and the partial U.S. government shutdown. All told, U.S. equities, as represented by the S&P 500 Index, returned -6.85% during the reporting period. Elsewhere, emerging market equities, as measured by the MSCI Emerging Markets Index, returned -8.49% during the reporting period, whereas global equities, as represented by the MSCI World Index, returned -9.10%. Elsewhere, Japanese equities, as represented by the Nikkei 225 Index (in JPY), returned -9.45% during the reporting period and European equities, as represented by the MSCI Europe Index (in EUR), returned -10.14%.

Commodity prices fluctuated and generally declined during the reporting period. When the reporting period began, West Texas crude oil was approximately $70 a barrel, but by the end it was roughly $45 a barrel. This was driven in part by increased supply and declining global demand. Elsewhere, gold prices rose, whereas copper prices declined during the reporting period.

2 PIMCO EQUITY SERIES

Finally, during the reporting period the foreign exchange markets experienced periods of volatility, due in part to signs of decoupling economic growth and central bank policies, along with a number of geopolitical events. The U.S. dollar produced mixed results against other major currencies during the reporting period. For example, the U.S. dollar appreciated 1.92% and 3.53% versus the euro and the British pound, respectively, whereas the U.S. dollar depreciated 0.97% versus the yen during the reporting period.

Thank you for the assets you have placed with us. We deeply value your trust, and we will continue to work diligently to meet your broad investment needs. For any questions regarding the funds, please contact your account manager or financial adviser, or call one of our shareholder associates at (888) 87-PIMCO. We also invite you to visit our website at pimco.com to learn more about our global viewpoints.

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

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

SEMIANNUAL REPORT DECEMBER 31, 2018 3

Important Information About the Funds

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

The Funds are each “fund of funds,” which is a term used to describe mutual funds that pursue their investment objective by investing in other mutual funds instead of investing directly in stocks or bonds of other issuers. Under normal circumstances, the Funds invest in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended, equity securities, fixed income instruments of varying maturities, or related derivatives on any of the preceding securities mentioned. The Funds may invest in Institutional Class or Class M shares of any funds of the Trust and PIMCO Funds, and in other affiliated funds, including funds of PIMCO ETF Trust, except funds of funds (collectively, “Underlying PIMCO Funds”), and unaffiliated funds that are registered under the Investment Company Act of 1940 (collectively, “Acquired Funds”). The risks and strategies associated with an investment in the Fund may result from direct investments and/or indirect exposure through investment in Acquired Funds.

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

Among other things, equity and equity-related securities may decline in value due to both real and perceived general market, economic, and industry conditions. The values of equity securities, such as common stocks and preferred securities, have historically risen and fallen in periodic cycles and may decline due to general market conditions, which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Equity securities may also decline due to factors that affect a particular industry or industries, such as labor shortages, increased production costs and competitive conditions within an industry. In addition, the value of an equity security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets. Different types of equity securities may react differently to these developments and a change in the financial condition of a single issuer may affect securities markets as a whole.

During a general downturn in the securities markets, multiple asset classes, including equity securities, may decline in value simultaneously.

The market price of equity securities owned by a Fund may go up or down, sometimes rapidly or unpredictably. Equity securities generally have greater price volatility than fixed income securities and common stocks generally have the greatest appreciation and depreciation potential of all equity securities.

Bond funds and fixed income securities are subject to a variety of risks, including interest rate risk, liquidity risk and market risk. In an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by a Fund (and/or Underlying PIMCO Funds or Acquired Funds, as applicable) are likely to decrease in value. A wide variety of factors can cause interest rates to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that management will anticipate such movement accurately. A Fund may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the U.S. are at or near historically low levels. Thus, the Funds currently face a heightened level of interest rate risk, especially since the Fed has ended its quantitative easing program and has begun, and may continue, to raise interest rates. To the extent the Fed continues to raise interest rates, there is a risk that rates across the financial system may rise. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to “make markets.”

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security’s price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets or negatively impact a Fund’s performance or cause the Fund to incur losses. As a result, a Fund may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of the Fund.

The Funds may be subject to various risks as described in each Fund’s prospectus and in the Principal Risks in the Notes to Financial Statements.

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 United States presidential administration’s enforcement of tariffs on goods from other countries, with a focus on China, has contributed to

4 PIMCO EQUITY SERIES

international trade tensions and may impact portfolio securities held by the Underlying PIMCO Funds or Acquired Funds.

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

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

money managers and are designed to offer individual investors comprehensive asset allocation strategies tailored to the time when they expect to retire or to begin withdrawing assets. Each PIMCO REALPATH^® Blend Fund is designed for investors expecting to retire or to begin withdrawing portions of their investments around the year indicated in the Fund’s name. The retirement year included in the REALPATH^® Blend Fund’s name does not necessarily represent the specific year you expect to begin withdrawing your assets. It is intended only as a general guide.

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

On each individual Fund Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay on (i) Fund distributions or (ii) the redemption of Fund shares. The Cumulative Returns chart and Average Annual Total Return table reflect any sales load that would have applied at the time of purchase or any Contingent Deferred Sales Charge (“CDSC”) that would have applied if a full redemption occurred on the last business day of the period shown in the Cumulative Returns chart. Class A shares are subject to an initial sales charge. A CDSC may be imposed in certain circumstances on Class A shares that are purchased without an initial sales charge and then redeemed during the first 12 months after purchase. The Cumulative Returns chart reflects only Institutional Class performance. Performance may vary by share class based on each class’s expense ratios. Performance shown is net of fees and expenses. The minimum initial investment amount for Institutional Class and Administrative Class shares is $1,000,000. The minimum initial investment amount for Class A shares is $1,000. Each Fund measures its performance against at least one broad-based securities market index (“benchmark index”). The benchmark index does not take into account fees, expenses, or taxes. A Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. There is no assurance that any Fund, including any Fund that has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) a Fund’s total return in excess of that of the Fund’s benchmark between reporting periods or 2) a Fund’s total return in excess of the Fund’s historical returns between reporting periods. Unusual performance is defined as a significant change in a Fund’s performance as compared to one or more previous reporting periods.

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

Fund Name

Fund Inception

Institutional Class

Administrative Class

Class A

Class R

Diversification Status

PIMCO REALPATH® Blend 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

SEMIANNUAL REPORT DECEMBER 31, 2018 5

Important Information About the Funds (cont.)

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

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when

voting proxies on behalf of a Fund. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of a Fund, and information about how the Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30th, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Fund’s website at www.pimco.com, and on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

The Trust files a complete schedule of each Fund’s 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. A Fund’s Form N-Q is also available without charge, upon request, by calling the Trust at (888) 87-PIMCO and on the Fund’s website at www.pimco.com.

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

The SEC adopted amendments to certain disclosure requirements relating to open-end investment companies’ liquidity risk management programs. Effective December 1, 2019, large fund complexes will be required to include in their shareholder reports a discussion of their liquidity risk management programs’ operations over the past year.

6 PIMCO EQUITY SERIES

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SEMIANNUAL REPORT DECEMBER 31, 2018 7

PIMCO REALPATH^® Blend 2020 Fund

Cumulative Returns Through December 31, 2018

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

Investment Objective and Strategy Overview

PIMCO REALPATH^® Blend 2020 Fund seeks to maximize total return, consistent with prudent investment management, by investing under normal circumstances in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any of the preceding securities. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2018
		6 Months*		1 Year		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2020 Fund Institutional Class		(3.83)%		(4.53)%		3.50%
	PIMCO REALPATH® Blend 2020 Fund Administrative Class		(3.95)%		(4.76)%		3.23%
	PIMCO REALPATH® Blend 2020 Fund Class A		(4.16)%		(5.07)%		2.99%
	PIMCO REALPATH® Blend 2020 Fund Class A (adjusted)		(9.44)%		(10.32)%		1.55%
	S&P Target Date 2020 Index±		(4.31)%		(4.16)%		3.71%

All Fund returns are net of fees and expenses.

* Cumulative return.

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

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

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

The Fund’s total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund Expenses), were 0.49% for the Institutional Class shares, 0.74% for the Administrative shares, and 0.99% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

8 PIMCO EQUITY SERIES

Institutional Class - PBZNX Administrative Class - PBZDX Class A -  PBZAX

Top 10 Holdings as of 12/31/2018^1§

Vanguard Institutional Index Fund	20.2%
PIMCO Income Fund	14.9%
Vanguard Developed Markets Index Fund ‘Admiral’	10.5%
PIMCO Total Return Fund	10.1%
PIMCO Real Return Fund	8.5%
PIMCO International Bond Fund (U.S. Dollar-Hedged)	5.5%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	4.9%
PIMCO High Yield Fund	4.8%
PIMCO Long-Term Real Return Fund	4.5%
PIMCO Long Duration Total Return Fund	3.4%

¹  % of Investments, at value.

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

Fund Insights

The following affected performance during the reporting period:

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

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

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

SEMIANNUAL REPORT DECEMBER 31, 2018 9

PIMCO REALPATH^® Blend 2025 Fund

Cumulative Returns Through December 31, 2018

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

Investment Objective and Strategy Overview

PIMCO REALPATH^® Blend 2025 Fund seeks to maximize total return, consistent with prudent investment management, by investing under normal circumstances in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any of the preceding securities. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2018
		6 Months*		1 Year		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2025 Fund Institutional Class		(4.94)%		(5.56)%		3.54%
	PIMCO REALPATH® Blend 2025 Fund Administrative Class		(5.07)%		(5.80)%		3.26%
	PIMCO REALPATH® Blend 2025 Fund Class A		(5.10)%		(6.01)%		3.04%
	PIMCO REALPATH® Blend 2025 Fund Class A (adjusted)		(10.33)%		(11.21)%		1.60%
	S&P Target Date 2025 Index±		(5.30)%		(5.02)%		4.00%

All Fund returns are net of fees and expenses.

* Cumulative return.

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

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

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

The Fund’s total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund Expenses), were 0.43% for the Institutional Class shares, 0.68% for the Administrative shares, and 0.93% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

10 PIMCO EQUITY SERIES

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

Top 10 Holdings as of 12/31/2018^1§

Vanguard Institutional Index Fund	25.4%
Vanguard Developed Markets Index Fund ‘Institutional’	13.6%
PIMCO Income Fund	10.0%
PIMCO Long-Term Real Return Fund	6.4%
PIMCO Total Return Fund	6.2%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	6.2%
PIMCO Real Return Fund	5.2%
PIMCO Long Duration Total Return Fund	4.8%
PIMCO Long-Term Credit Bond Fund	4.8%
PIMCO High Yield Fund	3.8%

¹  % of Investments, at value.

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

Fund Insights

The following affected performance during the reporting period:

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

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

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

SEMIANNUAL REPORT DECEMBER 31, 2018 11

PIMCO REALPATH^® Blend 2030 Fund

Cumulative Returns Through December 31, 2018

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

Investment Objective and Strategy Overview

PIMCO REALPATH^® Blend 2030 Fund seeks to maximize total return, consistent with prudent investment management, by investing under normal circumstances in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any of the preceding securities. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2018
		6 Months*		1 Year		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2030 Fund Institutional Class		(5.77)%		(6.27)%		3.88%
	PIMCO REALPATH® Blend 2030 Fund Administrative Class		(5.89)%		(6.41)%		3.63%
	PIMCO REALPATH® Blend 2030 Fund Class A		(6.00)%		(6.71)%		3.38%
	PIMCO REALPATH® Blend 2030 Fund Class A (adjusted)		(11.16)%		(11.86)%		1.94%
	S&P Target Date 2030 Index±		(6.40)%		(5.99)%		4.22%

All Fund returns are net of fees and expenses.

* Cumulative return.

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

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

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

The Fund’s total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund Expenses), were 0.38% for the Institutional Class shares, 0.63% for the Administrative shares, and 0.88% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

12 PIMCO EQUITY SERIES

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

Top 10 Holdings as of 12/31/2018^1§

Vanguard Institutional Index Fund	29.4%
Vanguard Developed Markets Index Fund ‘Institutional’	15.3%
PIMCO Income Fund	7.5%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	7.1%
PIMCO Long-Term Real Return Fund	5.9%
PIMCO Long-Term Credit Bond Fund	4.6%
PIMCO Long Duration Total Return Fund	4.5%
PIMCO Total Return Fund	4.4%
PIMCO Real Return Fund	3.7%
Vanguard Small-Cap Index Fund ‘Admiral’	3.4%

¹  % of Investments, at value.

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

Fund Insights

The following affected performance during the reporting period:

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

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

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

SEMIANNUAL REPORT DECEMBER 31, 2018 13

PIMCO REALPATH^® Blend 2035 Fund

Cumulative Returns Through December 31, 2018

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

Investment Objective and Strategy Overview

PIMCO REALPATH^® Blend 2035 Fund seeks to maximize total return, consistent with prudent investment management, by investing under normal circumstances in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any of the preceding securities. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2018
		6 Months*		1 Year		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2035 Fund Institutional Class		(6.46)%		(6.76)%		3.96%
	PIMCO REALPATH® Blend 2035 Fund Administrative Class		(6.58)%		(6.99)%		3.68%
	PIMCO REALPATH® Blend 2035 Fund Class A		(6.76)%		(7.26)%		3.44%
	PIMCO REALPATH® Blend 2035 Fund Class A (adjusted)		(11.91)%		(12.37)%		1.99%
	S&P Target Date 2035 Index±		(7.40)%		(6.88)%		4.43%

All Fund returns are net of fees and expenses.

* Cumulative return.

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

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

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

The Fund’s total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund Expenses), were 0.33% for the Institutional Class shares, 0.58% for the Administrative shares, and 0.83% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

14 PIMCO EQUITY SERIES

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

Top 10 Holdings as of 12/31/2018^1§

Vanguard Institutional Index Fund	33.9%
Vanguard Developed Markets Index Fund ‘Institutional’	17.7%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	8.2%
PIMCO Income Fund	6.1%
PIMCO Long-Term Real Return Fund	4.4%
Vanguard Small-Cap Index Fund ‘Admiral’	3.9%
PIMCO Long Duration Total Return Fund	3.4%
PIMCO Total Return Fund	3.4%
PIMCO Long-Term Credit Bond Fund	3.3%
PIMCO Real Return Fund	2.8%

¹  % of Investments, at value.

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

Fund Insights

The following affected performance during the reporting period:

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

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

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

SEMIANNUAL REPORT DECEMBER 31, 2018 15

PIMCO REALPATH^® Blend 2040 Fund

Cumulative Returns Through December 31, 2018

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

Investment Objective and Strategy Overview

PIMCO REALPATH^® Blend 2040 Fund seeks to maximize total return, consistent with prudent investment management, by investing under normal circumstances in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any of the preceding securities. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2018
		6 Months*		1 Year		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2040 Fund Institutional Class		(7.13)%		(7.18)%		4.05%
	PIMCO REALPATH® Blend 2040 Fund Administrative Class		(7.16)%		(7.40)%		3.81%
	PIMCO REALPATH® Blend 2040 Fund Class A		(7.29)%		(7.62)%		3.54%
	PIMCO REALPATH® Blend 2040 Fund Class A (adjusted)		(12.39)%		(12.69)%		2.09%
	S&P Target Date 2040 Index±		(8.03)%		(7.41)%		4.60%

All Fund returns are net of fees and expenses.

* Cumulative return.

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

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

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

The Fund’s total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund Expenses), were 0.28% for the Institutional Class shares, 0.53% for the Administrative shares, and 0.78% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

16 PIMCO EQUITY SERIES

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

Top 10 Holdings as of 12/31/2018^1§

Vanguard Institutional Index Fund	37.3%
Vanguard Developed Markets Index Fund ‘Institutional’	19.5%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	9.3%
PIMCO Income Fund	4.7%
Vanguard Small-Cap Index Fund ‘Admiral’	4.3%
PIMCO Long-Term Real Return Fund	3.0%
PIMCO Total Return Fund	2.4%
PIMCO Long Duration Total Return Fund	2.3%
PIMCO Long-Term Credit Bond Fund	2.3%
PIMCO High Yield Fund	2.2%

¹  % of Investments, at value.

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

Fund Insights

The following affected performance during the reporting period:

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

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

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

SEMIANNUAL REPORT DECEMBER 31, 2018 17

PIMCO REALPATH^® Blend 2045 Fund

Cumulative Returns Through December 31, 2018

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

Investment Objective and Strategy Overview

PIMCO REALPATH^® Blend 2045 Fund seeks to maximize total return, consistent with prudent investment management, by investing under normal circumstances in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any of the preceding securities. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2018
		6 Months*		1 Year		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2045 Fund Institutional Class		(7.42)%		(7.46)%		3.99%
	PIMCO REALPATH® Blend 2045 Fund Administrative Class		(7.63)%		(7.69)%		3.70%
	PIMCO REALPATH® Blend 2045 Fund Class A		(7.74)%		(7.90)%		3.45%
	PIMCO REALPATH® Blend 2045 Fund Class A (adjusted)		(12.85)%		(12.99)%		2.00%
	S&P Target Date 2045 Index±		(8.39)%		(7.74)%		4.72%

All Fund returns are net of fees and expenses.

* Cumulative return.

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

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

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

The Fund’s total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund Expenses), were 0.25% for the Institutional Class shares, 0.50% for the Administrative shares, and 0.75% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

18 PIMCO EQUITY SERIES

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

Top 10 Holdings as of 12/31/2018^1§

Vanguard Institutional Index Fund	40.1%
Vanguard Developed Markets Index Fund ‘Institutional’	20.9%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	9.7%
Vanguard Small-Cap Index Fund ‘Admiral’	4.6%
PIMCO Income Fund	3.4%
PIMCO Long-Term Real Return Fund	2.4%
PIMCO Long Duration Total Return Fund	1.8%
PIMCO Long-Term Credit Bond Fund	1.8%
PIMCO Total Return Fund	1.7%
PIMCO High Yield Fund	1.6%

¹  % of Investments, at value.

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

Fund Insights

The following affected performance during the reporting period:

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

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

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

SEMIANNUAL REPORT DECEMBER 31, 2018 19

PIMCO REALPATH^® Blend 2050 Fund

Cumulative Returns Through December 31, 2018

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

Investment Objective and Strategy Overview

PIMCO REALPATH^® Blend 2050 Fund seeks to maximize total return, consistent with prudent investment management, by investing under normal circumstances in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any of the preceding securities. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2018
		6 Months*		1 Year		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2050 Fund Institutional Class		(7.77)%		(7.76)%		4.03%
	PIMCO REALPATH® Blend 2050 Fund Administrative Class		(7.89)%		(7.90)%		3.75%
	PIMCO REALPATH® Blend 2050 Fund Class A		(7.94)%		(8.17)%		3.51%
	PIMCO REALPATH® Blend 2050 Fund Class A (adjusted)		(13.02)%		(13.23)%		2.06%
	S&P Target Date 2050 Index±		(8.65)%		(7.94)%		4.84%

All Fund returns are net of fees and expenses.

* Cumulative return.

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

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

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

The Fund’s total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund Expenses), were 0.23% for the Institutional Class shares, 0.48% for the Administrative shares, and 0.73% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

20 PIMCO EQUITY SERIES

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

Top 10 Holdings as of 12/31/2018^1§

Vanguard Institutional Index Fund	41.7%
Vanguard Developed Markets Index Fund ‘Institutional’	21.8%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	10.1%
Vanguard Small-Cap Index Fund ‘Admiral’	4.8%
PIMCO Income Fund	2.4%
PIMCO Long-Term Real Return Fund	2.0%
PIMCO Long Duration Total Return Fund	1.6%
PIMCO Long-Term Credit Bond Fund	1.5%
PIMCO High Yield Fund	1.2%
PIMCO Total Return Fund	1.2%

¹  % of Investments, at value.

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

Fund Insights

The following affected performance during the reporting period:

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

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

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

SEMIANNUAL REPORT DECEMBER 31, 2018 21

PIMCO REALPATH^® Blend 2055 Fund

Cumulative Returns Through December 31, 2018

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

Investment Objective and Strategy Overview

PIMCO REALPATH^® Blend 2055 Fund seeks to maximize total return, consistent with prudent investment management, by investing under normal circumstances in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any of the preceding securities. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2018
		6 Months*		1 Year		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2055 Fund Institutional Class		(7.70)%		(7.68)%		3.98%
	PIMCO REALPATH® Blend 2055 Fund Administrative Class		(7.87)%		(7.90)%		3.73%
	PIMCO REALPATH® Blend 2055 Fund Class A		(7.95)%		(8.19)%		3.42%
	PIMCO REALPATH® Blend 2055 Fund Class A (adjusted)		(13.01)%		(13.22)%		1.98%
	S&P Target Date 2055+ Index±		(8.69)%		(7.97)%		4.93%

All Fund returns are net of fees and expenses.

* Cumulative return.

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

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

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

The Fund’s total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund Expenses), were 0.23% for the Institutional Class shares, 0.48% for the Administrative shares, and 0.73% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

22 PIMCO EQUITY SERIES

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

Top 10 Holdings as of 12/31/2018^1§

Vanguard Institutional Index Fund	41.6%
Vanguard Developed Markets Index Fund ‘Admiral’	21.8%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	10.1%
Vanguard Small-Cap Index Fund ‘Admiral’	4.8%
PIMCO Income Fund	2.3%
PIMCO Long-Term Real Return Fund	1.9%
PIMCO Long Duration Total Return Fund	1.5%
PIMCO Long-Term Credit Bond Fund	1.5%
PIMCO Total Return Fund	1.2%
PIMCO High Yield Fund	1.1%

¹  % of Investments, at value.

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

Fund Insights

The following affected performance during the reporting period:

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

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

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

SEMIANNUAL REPORT DECEMBER 31, 2018 23

PIMCO REALPATH^® Blend Income Fund

Cumulative Returns Through December 31, 2018

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

Investment Objective and Strategy Overview

PIMCO REALPATH^® Blend Income Fund seeks to maximize total return, consistent with prudent investment management, by investing under normal circumstances in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any of the preceding securities. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2018
		6 Months*		1 Year		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend Income Fund Institutional Class		(3.48)%		(4.15)%		3.45%
	PIMCO REALPATH® Blend Income Fund Administrative Class		(3.61)%		(4.38)%		3.18%
	PIMCO REALPATH® Blend Income Fund Class A		(3.72)%		(4.59)%		2.93%
	PIMCO REALPATH® Blend Income Fund Class A (adjusted)		(8.99)%		(9.84)%		1.49%
	S&P Target Date Retirement Income Index±		(2.43)%		(2.54)%		2.61%

All Fund returns are net of fees and expenses.

* Cumulative return.

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

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

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

The Fund’s total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund Expenses), were 0.50% for the Institutional Class shares, 0.75% for the Administrative shares, and 1% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

24 PIMCO EQUITY SERIES

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

Top 10 Holdings as of 12/31/2018^1§

Vanguard Institutional Index Fund	19.3%
PIMCO Income Fund	16.1%
PIMCO Total Return Fund	11.1%
Vanguard Developed Markets Index Fund ‘Admiral’	10.1%
PIMCO Real Return Fund	9.4%
PIMCO International Bond Fund (U.S. Dollar-Hedged)	6.1%
PIMCO High Yield Fund	5.1%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	4.7%
PIMCO Long-Term Real Return Fund	4.0%
PIMCO Long Duration Total Return Fund	3.0%

¹  % of Investments, at value.

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

Fund Insights

The following affected performance during the reporting period:

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

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

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

SEMIANNUAL REPORT DECEMBER 31, 2018 25

Expense Examples

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for all Funds and share classes is from July 1, 2018 to December 31, 2018 unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate row for your share class, in the column entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

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

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (07/01/18)		Ending Account Value (12/31/18)		Expenses Paid During Period*		Beginning Account Value (07/01/18)		Ending Account Value (12/31/18)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO REALPATH® Blend 2020 Fund
Institutional Class	$	1,000.00	$	961.70	$	0.20	$	1,000.00	$	1,025.00	$	0.20		0.04	%
Administrative Class		1,000.00		960.50		1.43		1,000.00		1,023.74		1.48		0.29
Class A		1,000.00		958.40		2.67		1,000.00		1,022.48		2.75		0.54
PIMCO REALPATH® Blend 2025 Fund
Institutional Class	$	1,000.00	$	950.60	$	0.20	$	1,000.00	$	1,025.00	$	0.20		0.04	%
Administrative Class		1,000.00		949.30		1.42		1,000.00		1,023.74		1.48		0.29
Class A		1,000.00		949.00		2.65		1,000.00		1,022.48		2.75		0.54
PIMCO REALPATH® Blend 2030 Fund
Institutional Class	$	1,000.00	$	942.30	$	0.24	$	1,000.00	$	1,024.95	$	0.26		0.05	%
Administrative Class		1,000.00		941.10		1.47		1,000.00		1,023.69		1.53		0.30
Class A		1,000.00		940.00		2.69		1,000.00		1,022.43		2.80		0.55
PIMCO REALPATH® Blend 2035 Fund
Institutional Class	$	1,000.00	$	935.40	$	0.29	$	1,000.00	$	1,024.90	$	0.31		0.06	%
Administrative Class		1,000.00		934.20		1.51		1,000.00		1,023.64		1.58		0.31
Class A		1,000.00		932.40		2.73		1,000.00		1,022.38		2.85		0.56

26 PIMCO EQUITY SERIES

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (07/01/18)		Ending Account Value (12/31/18)		Expenses Paid During Period*		Beginning Account Value (07/01/18)		Ending Account Value (12/31/18)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO REALPATH® Blend 2040 Fund
Institutional Class	$	1,000.00	$	928.70	$	0.29	$	1,000.00	$	1,024.90	$	0.31		0.06	%
Administrative Class		1,000.00		928.40		1.51		1,000.00		1,023.64		1.58		0.31
Class A		1,000.00		927.10		2.72		1,000.00		1,022.38		2.85		0.56
PIMCO REALPATH® Blend 2045 Fund
Institutional Class	$	1,000.00	$	925.80	$	0.29	$	1,000.00	$	1,024.90	$	0.31		0.06	%
Administrative Class		1,000.00		923.70		1.50		1,000.00		1,023.64		1.58		0.31
Class A		1,000.00		922.60		2.71		1,000.00		1,022.38		2.85		0.56
PIMCO REALPATH® Blend 2050 Fund
Institutional Class	$	1,000.00	$	922.30	$	0.29	$	1,000.00	$	1,024.90	$	0.31		0.06	%
Administrative Class		1,000.00		921.10		1.50		1,000.00		1,023.64		1.58		0.31
Class A		1,000.00		920.60		2.71		1,000.00		1,022.38		2.85		0.56
PIMCO REALPATH® Blend 2055 Fund
Institutional Class	$	1,000.00	$	923.00	$	0.29	$	1,000.00	$	1,024.90	$	0.31		0.06	%
Administrative Class		1,000.00		921.30		1.50		1,000.00		1,023.64		1.58		0.31
Class A		1,000.00		920.50		2.71		1,000.00		1,022.38		2.85		0.56
PIMCO REALPATH® Blend Income Fund
Institutional Class	$	1,000.00	$	965.20	$	0.20	$	1,000.00	$	1,025.00	$	0.20		0.04	%
Administrative Class		1,000.00		963.90		1.44		1,000.00		1,023.74		1.48		0.29
Class A		1,000.00		962.80		2.67		1,000.00		1,022.48		2.75		0.54

* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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

SEMIANNUAL REPORT DECEMBER 31, 2018 27

Financial Highlights

			Investment Operations								Less Distributions(b)
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 Net Investment Income			From Net Realized Capital Gains			Tax Basis Return of Capital		Total
PIMCO REALPATH® Blend 2020 Fund
Institutional Class
07/01/2018 - 12/31/2018+	$	10.98	$	0.19	$	(0.61	)	$	(0.42	)	$	(0.20	)	$	(0.17	)	$	0.00	$	(0.37	)
06/30/2018		10.58		0.31		0.33			0.64			(0.24	)		0.00			0.00		(0.24	)
06/30/2017		9.90		0.31		0.60			0.91			(0.23	)		0.00			0.00		(0.23	)
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
07/01/2018 - 12/31/2018+		10.97		0.17		(0.60	)		(0.43	)		(0.19	)		(0.17	)		0.00		(0.36	)
06/30/2018		10.58		0.33		0.28			0.61			(0.22	)		0.00			0.00		(0.22	)
06/30/2017		9.90		0.27		0.62			0.89			(0.21	)		0.00			0.00		(0.21	)
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
07/01/2018 - 12/31/2018+		10.97		0.16		(0.61	)		(0.45	)		(0.18	)		(0.17	)		0.00		(0.35	)
06/30/2018		10.57		0.26		0.33			0.59			(0.19	)		0.00			0.00		(0.19	)
06/30/2017		9.91		0.33		0.53			0.86			(0.20	)		0.00			0.00		(0.20	)
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
07/01/2018 - 12/31/2018+	$	11.15	$	0.19	$	(0.74	)	$	(0.55	)	$	(0.19	)	$	(0.18	)	$	0.00	$	(0.37	)
06/30/2018		10.63		0.31		0.43			0.74			(0.22	)		0.00			0.00		(0.22	)
06/30/2017		9.85		0.30		0.70			1.00			(0.22	)		0.00			0.00		(0.22	)
06/30/2016		9.99		0.32		(0.12	)		0.20			(0.32	)		(0.02	)		0.00		(0.34	)
12/31/2014 - 06/30/2015		10.00		0.12		(0.08	)		0.04			(0.05	)		0.00			0.00		(0.05	)
Administrative Class
07/01/2018 - 12/31/2018+		11.13		0.17		(0.73	)		(0.56	)		(0.18	)		(0.18	)		0.00		(0.36	)
06/30/2018		10.62		0.33		0.38			0.71			(0.20	)		0.00			0.00		(0.20	)
06/30/2017		9.85		0.28		0.69			0.97			(0.20	)		0.00			0.00		(0.20	)
06/30/2016		9.99		0.28		(0.11	)		0.17			(0.29	)		(0.02	)		0.00		(0.31	)
12/31/2014 - 06/30/2015		10.00		0.11		(0.08	)		0.03			(0.04	)		0.00			0.00		(0.04	)
Class A
07/01/2018 - 12/31/2018+		11.13		0.15		(0.72	)		(0.57	)		(0.16	)		(0.18	)		0.00		(0.34	)
06/30/2018		10.62		0.25		0.43			0.68			(0.17	)		0.00			0.00		(0.17	)
06/30/2017		9.85		0.32		0.64			0.96			(0.19	)		0.00			0.00		(0.19	)
06/30/2016		9.99		0.24		(0.10	)		0.14			(0.26	)		(0.02	)		0.00		(0.28	)
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
07/01/2018 - 12/31/2018+	$	11.39	$	0.18	$	(0.83	)	$	(0.65	)	$	(0.18	)	$	(0.26	)	$	0.00	$	(0.44	)
06/30/2018		10.81		0.30		0.54			0.84			(0.24	)		(0.02	)		0.00		(0.26	)
06/30/2017		9.87		0.31		0.88			1.19			(0.25	)		0.00			0.00		(0.25	)
06/30/2016		10.00		0.31		(0.16	)		0.15			(0.25	)		(0.03	)		0.00		(0.28	)
12/31/2014 - 06/30/2015		10.00		0.13		(0.08	)		0.05			(0.05	)		0.00			0.00		(0.05	)
Administrative Class
07/01/2018 - 12/31/2018+		11.38		0.16		(0.82	)		(0.66	)		(0.17	)		(0.26	)		0.00		(0.43	)
06/30/2018		10.80		0.32		0.50			0.82			(0.22	)		(0.02	)		0.00		(0.24	)
06/30/2017		9.88		0.29		0.85			1.14			(0.22	)		0.00			0.00		(0.22	)
06/30/2016		10.00		0.29		(0.15	)		0.14			(0.23	)		(0.03	)		0.00		(0.26	)
12/31/2014 - 06/30/2015		10.00		0.12		(0.08	)		0.04			(0.04	)		0.00			0.00		(0.04	)
Class A
07/01/2018 - 12/31/2018+		11.36		0.15		(0.82	)		(0.67	)		(0.16	)		(0.26	)		0.00		(0.42	)
06/30/2018		10.78		0.25		0.54			0.79			(0.19	)		(0.02	)		0.00		(0.21	)
06/30/2017		9.87		0.33		0.80			1.13			(0.22	)		0.00			0.00		(0.22	)
06/30/2016		10.00		0.26		(0.16	)		0.10			(0.20	)		(0.03	)		0.00		(0.23	)
12/31/2014 - 06/30/2015		10.00		0.10		(0.07	)		0.03			(0.03	)		0.00			0.00		(0.03	)

28 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(c)
Net Asset Value End of Year or Period		Total Return			Net Assets End of Year or Period (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
$	10.19		(3.83	)%	$	19,730		0.04	%*		0.05	%*		0.04	%*		0.05	%*		3.51	%*		16	%
	10.98		6.03			10,812		0.04			0.05			0.04			0.05			2.86			71
	10.58		9.33			8,511		0.04			0.05			0.04			0.05			2.97			36
	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
	10.18		(3.95	)		11,625		0.29	*		0.30	*		0.29	*		0.30	*		3.17	*		16
	10.97		5.74			12,407		0.29			0.30			0.29			0.30			2.97			71
	10.58		9.06			11		0.29			0.30			0.29			0.30			2.63			36
	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
	10.17		(4.16	)		5,191		0.54	*		0.55	*		0.54	*		0.55	*		2.93	*		16
	10.97		5.57			5,302		0.54			0.55			0.54			0.55			2.41			71
	10.57		8.73			2,394		0.54			0.55			0.54			0.55			3.12			36
	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
$	10.23		(4.94	)%	$	16,253		0.04	%*		0.05	%*		0.04	%*		0.05	%*		3.41	%*		22	%
	11.15		6.92			6,824		0.04			0.04			0.04			0.04			2.75			75
	10.63		10.33			6,131		0.04			0.05			0.04			0.05			2.94			27
	9.85		2.10			3,395		0.03			0.03			0.03			0.03			3.32			59
	9.99		0.39			3,026		0.03	*		0.57	*		0.03	*		0.57	*		2.38	*		5
	10.21		(5.07	)		18,775		0.29	*		0.30	*		0.29	*		0.30	*		3.00	*		22
	11.13		6.65			19,661		0.29			0.29			0.29			0.29			2.90			75
	10.62		9.98			28		0.29			0.30			0.29			0.30			2.72			27
	9.85		1.81			16		0.28			0.28			0.28			0.28			2.96			59
	9.99		0.30			15		0.28	*		0.82	*		0.28	*		0.82	*		2.20	*		5
	10.22		(5.10	)		4,786		0.54	*		0.55	*		0.54	*		0.55	*		2.76	*		22
	11.13		6.36			5,078		0.54			0.54			0.54			0.54			2.30			75
	10.62		9.85			3,899		0.54			0.55			0.54			0.55			3.06			27
	9.85		1.50			27		0.53			0.53			0.53			0.53			2.49			59
	9.99		0.17			11		0.53	*		1.07	*		0.53	*		1.07	*		1.92	*		5
$	10.30		(5.77	)%	$	28,397		0.05	%*		0.06	%*		0.05	%*		0.06	%*		3.25	%*		7	%
	11.39		7.81			13,974		0.05			0.05			0.05			0.05			2.63			98
	10.81		12.20			12,978		0.05			0.06			0.05			0.06			2.99			23
	9.87		1.67			6,409		0.04			0.04			0.04			0.04			3.22			65
	10.00		0.49			3,015		0.04	*		0.58	*		0.04	*		0.58	*		2.55	*		6
	10.29		(5.89	)		17,851		0.30	*		0.31	*		0.30	*		0.31	*		2.82	*		7
	11.38		7.64			20,114		0.30			0.30			0.30			0.30			2.77			98
	10.80		11.76			39		0.30			0.31			0.30			0.31			2.75			23
	9.88		1.52			23		0.29			0.29			0.29			0.29			3.05			65
	10.00		0.37			10		0.29	*		0.83	*		0.29	*		0.83	*		2.30	*		6
	10.27		(6.00	)		5,137		0.55	*		0.56	*		0.55	*		0.56	*		2.73	*		7
	11.36		7.36			4,169		0.55			0.55			0.55			0.55			2.20			98
	10.78		11.64			3,118		0.55			0.56			0.55			0.56			3.13			23
	9.87		1.15			13		0.54			0.54			0.54			0.54			2.74			65
	10.00		0.27			10		0.54	*		1.08	*		0.54	*		1.08	*		2.04	*		6

SEMIANNUAL REPORT DECEMBER 31, 2018 29

Financial Highlights (Cont.)

			Investment Operations								Less Distributions(b)
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 Net Investment Income			From Net Realized Capital Gains			Tax Basis Return of Capital		Total
PIMCO REALPATH® Blend 2035 Fund
Institutional Class
07/01/2018 - 12/31/2018+	$	11.58	$	0.18	$	(0.91	)	$	(0.73	)	$	(0.18	)	$	(0.39	)	$	0.00	$	(0.57	)
06/30/2018		10.91		0.29		0.64			0.93			(0.26	)		0.00			0.00		(0.26	)
06/30/2017		9.83		0.31		0.98			1.29			(0.21	)		0.00			0.00		(0.21	)
06/30/2016		10.04		0.29		(0.24	)		0.05			(0.23	)		(0.03	)		0.00		(0.26	)
12/31/2014 - 06/30/2015		10.00		0.13		(0.04	)		0.09			(0.05	)		0.00			0.00		(0.05	)
Administrative Class
07/01/2018 - 12/31/2018+		11.57		0.16		(0.91	)		(0.75	)		(0.16	)		(0.39	)		0.00		(0.55	)
06/30/2018		10.91		0.31		0.59			0.90			(0.24	)		0.00			0.00		(0.24	)
06/30/2017		9.83		0.25		1.01			1.26			(0.18	)		0.00			0.00		(0.18	)
06/30/2016		10.04		0.26		(0.24	)		0.02			(0.20	)		(0.03	)		0.00		(0.23	)
12/31/2014 - 06/30/2015		10.00		0.11		(0.03	)		0.08			(0.04	)		0.00			0.00		(0.04	)
Class A
07/01/2018 - 12/31/2018+		11.61		0.14		(0.91	)		(0.77	)		(0.15	)		(0.39	)		0.00		(0.54	)
06/30/2018		10.94		0.24		0.64			0.88			(0.21	)		0.00			0.00		(0.21	)
06/30/2017		9.88		0.32		0.92			1.24			(0.18	)		0.00			0.00		(0.18	)
06/30/2016		10.03		0.20		(0.19	)		0.01			(0.13	)		(0.03	)		0.00		(0.16	)
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
07/01/2018 - 12/31/2018+	$	11.71	$	0.17	$	(0.98	)	$	(0.81	)	$	(0.17	)	$	(0.39	)	$	0.00	$	(0.56	)
06/30/2018		11.00		0.29		0.71			1.00			(0.27	)		(0.02	)		0.00		(0.29	)
06/30/2017		9.84		0.34		1.00			1.34			(0.18	)		0.00			0.00		(0.18	)
06/30/2016		10.07		0.28		(0.24	)		0.04			(0.24	)		(0.03	)		0.00		(0.27	)
12/31/2014 - 06/30/2015		10.00		0.12		0.00			0.12			(0.05	)		0.00			0.00		(0.05	)
Administrative Class
07/01/2018 - 12/31/2018+		11.69		0.15		(0.97	)		(0.82	)		(0.15	)		(0.39	)		0.00		(0.54	)
06/30/2018		10.99		0.31		0.66			0.97			(0.25	)		(0.02	)		0.00		(0.27	)
06/30/2017		9.83		0.24		1.07			1.31			(0.15	)		0.00			0.00		(0.15	)
06/30/2016		10.07		0.27		(0.27	)		0.00			(0.21	)		(0.03	)		0.00		(0.24	)
12/31/2014 - 06/30/2015		10.00		0.11		0.00			0.11			(0.04	)		0.00			0.00		(0.04	)
Class A
07/01/2018 - 12/31/2018+		11.67		0.14		(0.97	)		(0.83	)		(0.14	)		(0.39	)		0.00		(0.53	)
06/30/2018		10.98		0.23		0.70			0.93			(0.22	)		(0.02	)		0.00		(0.24	)
06/30/2017		9.83		0.32		0.97			1.29			(0.14	)		0.00			0.00		(0.14	)
06/30/2016		10.07		0.25		(0.27	)		(0.02	)		(0.19	)		(0.03	)		0.00		(0.22	)
12/31/2014 - 06/30/2015		10.00		0.10		0.00			0.10			(0.03	)		0.00			0.00		(0.03	)
PIMCO REALPATH® Blend 2045 Fund
Institutional Class
07/01/2018 - 12/31/2018+	$	11.79	$	0.16	$	(1.01	)	$	(0.85	)	$	(0.18	)	$	(0.48	)	$	0.00	$	(0.66	)
06/30/2018		11.00		0.28		0.77			1.05			(0.26	)		0.00			0.00		(0.26	)
06/30/2017		9.79		0.35		1.02			1.37			(0.16	)		0.00			0.00		(0.16	)
06/30/2016		10.10		0.27		(0.32	)		(0.05	)		(0.23	)		(0.03	)		0.00		(0.26	)
12/31/2014 - 06/30/2015		10.00		0.12		0.03			0.15			(0.05	)		0.00			0.00		(0.05	)
Administrative Class
07/01/2018 - 12/31/2018+		11.77		0.15		(1.03	)		(0.88	)		(0.16	)		(0.48	)		0.00		(0.64	)
06/30/2018		10.99		0.31		0.71			1.02			(0.24	)		0.00			0.00		(0.24	)
06/30/2017		9.79		0.25		1.09			1.34			(0.14	)		0.00			0.00		(0.14	)
06/30/2016		10.09		0.24		(0.31	)		(0.07	)		(0.20	)		(0.03	)		0.00		(0.23	)
12/31/2014 - 06/30/2015		10.00		0.14		(0.01	)		0.13			(0.04	)		0.00			0.00		(0.04	)
Class A
07/01/2018 - 12/31/2018+		11.77		0.13		(1.02	)		(0.89	)		(0.15	)		(0.48	)		0.00		(0.63	)
06/30/2018		10.99		0.22		0.77			0.99			(0.21	)		0.00			0.00		(0.21	)
06/30/2017		9.80		0.32		0.99			1.31			(0.12	)		0.00			0.00		(0.12	)
06/30/2016		10.09		0.22		(0.31	)		(0.09	)		(0.17	)		(0.03	)		0.00		(0.20	)
12/31/2014 - 06/30/2015		10.00		0.09		0.03			0.12			(0.03	)		0.00			0.00		(0.03	)

30 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(c)
Net Asset Value End of Year or Period		Total Return			Net Assets End of Year or Period (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
$	10.28		(6.46	)%	$	23,482		0.06	%*		0.07	%*		0.06	%*		0.07	%*		3.06	%*		5	%
	11.58		8.56			16,958		0.06			0.07			0.06			0.07			2.52			101
	10.91		13.29			17,276		0.06			0.07			0.06			0.07			2.95			20
	9.83		0.64			5,958		0.05			0.05			0.05			0.05			3.05			56
	10.04		0.89			3,027		0.05	*		0.58	*		0.05	*		0.58	*		2.48	*		6
	10.27		(6.58	)		15,939		0.31	*		0.32	*		0.31	*		0.32	*		2.70	*		5
	11.57		8.29			17,270		0.31			0.32			0.31			0.32			2.69			101
	10.91		13.01			34		0.31			0.32			0.31			0.32			2.35			20
	9.83		0.34			10		0.30			0.30			0.30			0.30			2.69			56
	10.04		0.77			10		0.30	*		0.83	*		0.30	*		0.83	*		2.22	*		6
	10.30		(6.76	)		4,806		0.56	*		0.57	*		0.56	*		0.57	*		2.49	*		5
	11.61		8.06			4,330		0.56			0.57			0.56			0.57			2.10			101
	10.94		12.66			3,296		0.56			0.57			0.56			0.57			2.96			20
	9.88		0.21			10		0.55			0.55			0.55			0.55			2.10			56
	10.03		0.65			22		0.55	*		1.08	*		0.55	*		1.08	*		2.33	*		6
$	10.34		(7.13	)%	$	37,872		0.06	%*		0.07	%*		0.06	%*		0.07	%*		2.93	%*		15	%
	11.71		9.17			26,413		0.06			0.07			0.06			0.07			2.50			95
	11.00		13.73			24,381		0.06			0.07			0.06			0.07			3.16			15
	9.84		0.48			3,509		0.05			0.05			0.05			0.05			2.90			43
	10.07		1.19			3,036		0.05	*		0.58	*		0.05	*		0.58	*		2.39	*		6
	10.33		(7.16	)		10,708		0.31	*		0.32	*		0.31	*		0.32	*		2.60	*		15
	11.69		8.90			11,003		0.31			0.32			0.31			0.32			2.66			95
	10.99		13.48			52		0.31			0.32			0.31			0.32			2.33			15
	9.83		0.14			36		0.30			0.30			0.30			0.30			2.89			43
	10.07		1.08			12		0.30	*		0.83	*		0.30	*		0.83	*		2.20	*		6
	10.31		(7.29	)		5,947		0.56	*		0.57	*		0.56	*		0.57	*		2.40	*		15
	11.67		8.52			5,484		0.56			0.57			0.56			0.57			2.03			95
	10.98		13.24			5,285		0.56			0.57			0.56			0.57			2.98			15
	9.83		(0.10	)		30		0.55			0.55			0.55			0.55			2.63			43
	10.07		0.98			11		0.55	*		1.08	*		0.55	*		1.08	*		1.93	*		6
$	10.28		(7.42	)%	$	47,663		0.06	%*		0.07	%*		0.06	%*		0.07	%*		2.80	%*		4	%
	11.79		9.57			41,708		0.06			0.07			0.06			0.07			2.43			105
	11.00		14.12			36,311		0.06			0.07			0.06			0.07			3.27			10
	9.79		(0.45	)		3,415		0.05			0.05			0.05			0.05			2.84			41
	10.10		1.48			3,044		0.05	*		0.58	*		0.05	*		0.58	*		2.37	*		6
	10.25		(7.63	)		9,661		0.31	*		0.32	*		0.31	*		0.32	*		2.49	*		4
	11.77		9.31			10,287		0.31			0.32			0.31			0.32			2.58			105
	10.99		13.77			60		0.31			0.32			0.31			0.32			2.35			10
	9.79		(0.63	)		39		0.30			0.30			0.30			0.30			2.55			41
	10.09		1.33			39		0.30	*		0.83	*		0.30	*		0.83	*		2.69	*		6
	10.25		(7.74	)		3,584		0.56	*		0.57	*		0.56	*		0.57	*		2.27	*		4
	11.77		9.01			3,569		0.56			0.57			0.56			0.57			1.93			105
	10.99		13.50			3,071		0.56			0.57			0.56			0.57			2.94			10
	9.80		(0.81	)		10		0.55			0.55			0.55			0.55			2.31			41
	10.09		1.16			10		0.55	*		1.08	*		0.55	*		1.08	*		1.86	*		6

SEMIANNUAL REPORT DECEMBER 31, 2018 31

Financial Highlights (Cont.)

			Investment Operations								Less Distributions(b)
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 Net Investment Income			From Net Realized Capital Gains			Tax Basis Return of Capital			Total
PIMCO REALPATH® Blend 2050 Fund
Institutional Class
07/01/2018 - 12/31/2018+	$	11.86	$	0.16	$	(1.06	)	$	(0.90	)	$	(0.17	)	$	(0.50	)	$	0.00		$	(0.67	)
06/30/2018		11.05		0.28		0.79			1.07			(0.26	)		0.00			0.00			(0.26	)
06/30/2017		9.82		0.35		1.05			1.40			(0.17	)		0.00			0.00			(0.17	)
06/30/2016		10.11		0.27		(0.32	)		(0.05	)		(0.21	)		(0.03	)		0.00			(0.24	)
12/31/2014 - 06/30/2015		10.00		0.12		0.04			0.16			(0.05	)		0.00			0.00			(0.05	)
Administrative Class
07/01/2018 - 12/31/2018+		11.84		0.14		(1.05	)		(0.91	)		(0.16	)		(0.50	)		0.00			(0.66	)
06/30/2018		11.04		0.31		0.73			1.04			(0.24	)		0.00			0.00			(0.24	)
06/30/2017		9.82		0.24		1.13			1.37			(0.15	)		0.00			0.00			(0.15	)
06/30/2016		10.10		0.24		(0.30	)		(0.06	)		(0.19	)		(0.03	)		0.00			(0.22	)
12/31/2014 - 06/30/2015		10.00		0.12		0.02			0.14			(0.04	)		0.00			0.00			(0.04	)
Class A
07/01/2018 - 12/31/2018+		11.80		0.13		(1.05	)		(0.92	)		(0.14	)		(0.50	)		0.00			(0.64	)
06/30/2018		11.00		0.22		0.79			1.01			(0.21	)		0.00			0.00			(0.21	)
06/30/2017		9.80		0.30		1.03			1.33			(0.13	)		0.00			0.00			(0.13	)
06/30/2016		10.10		0.23		(0.32	)		(0.09	)		(0.18	)		(0.03	)		0.00			(0.21	)
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
07/01/2018 - 12/31/2018+	$	11.74	$	0.17	$	(1.06	)	$	(0.89	)	$	(0.12	)	$	(0.42	)	$	0.00		$	(0.54	)
06/30/2018		11.02		0.28		0.77			1.05			(0.33	)		0.00			0.00			(0.33	)
06/30/2017		9.80		0.27		1.12			1.39			(0.17	)		0.00			0.00			(0.17	)
06/30/2016		10.11		0.27		(0.33	)		(0.06	)		(0.22	)		(0.03	)		0.00			(0.25	)
12/31/2014 - 06/30/2015		10.00		0.12		0.04			0.16			(0.05	)		0.00			0.00			(0.05	)
Administrative Class
07/01/2018 - 12/31/2018+		11.75		0.16		(1.07	)		(0.91	)		(0.11	)		(0.42	)		0.00			(0.53	)
06/30/2018		11.03		0.30		0.73			1.03			(0.31	)		0.00			0.00			(0.31	)
06/30/2017		9.80		0.22		1.15			1.37			(0.14	)		0.00			0.00			(0.14	)
06/30/2016		10.11		0.24		(0.33	)		(0.09	)		(0.19	)		(0.03	)		0.00			(0.22	)
12/31/2014 - 06/30/2015		10.00		0.11		0.04			0.15			(0.04	)		0.00			0.00			(0.04	)
Class A
07/01/2018 - 12/31/2018+		11.69		0.13		(1.05	)		(0.92	)		(0.09	)		(0.42	)		0.00			(0.51	)
06/30/2018		10.98		0.21		0.78			0.99			(0.28	)		0.00			0.00			(0.28	)
06/30/2017		9.79		0.31		1.01			1.32			(0.13	)		0.00			0.00			(0.13	)
06/30/2016		10.09		0.22		(0.32	)		(0.10	)		(0.17	)		(0.03	)		0.00			(0.20	)
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
07/01/2018 - 12/31/2018+	$	10.92	$	0.19	$	(0.57	)	$	(0.38	)	$	(0.21	)	$	0.00		$	0.00		$	(0.21	)
06/30/2018		10.54		0.32		0.26			0.58			(0.20	)		0.00			0.00			(0.20	)
06/30/2017		9.92		0.31		0.56			0.87			(0.25	)		0.00			0.00			(0.25	)
06/30/2016		9.95		0.32		0.00			0.32			(0.32	)		(0.02	)		(0.01	)		(0.35	)
12/31/2014 - 06/30/2015		10.00		0.10		(0.10	)		0.00			(0.05	)		0.00			0.00			(0.05	)
Administrative Class
07/01/2018 - 12/31/2018+		10.92		0.17		(0.56	)		(0.39	)		(0.20	)		0.00			0.00			(0.20	)
06/30/2018		10.55		0.33		0.22			0.55			(0.18	)		0.00			0.00			(0.18	)
06/30/2017		9.92		0.28		0.57			0.85			(0.22	)		0.00			0.00			(0.22	)
06/30/2016		9.94		0.29		0.01			0.30			(0.29	)		(0.02	)		(0.01	)		(0.32	)
12/31/2014 - 06/30/2015		10.00		0.09		(0.11	)		(0.02	)		(0.04	)		0.00			0.00			(0.04	)
Class A
07/01/2018 - 12/31/2018+		10.88		0.16		(0.56	)		(0.40	)		(0.19	)		0.00			0.00			(0.19	)
06/30/2018		10.52		0.27		0.25			0.52			(0.16	)		0.00			0.00			(0.16	)
06/30/2017		9.91		0.31		0.51			0.82			(0.21	)		0.00			0.00			(0.21	)
06/30/2016		9.94		0.28		(0.01	)		0.27			(0.27	)		(0.02	)		(0.01	)		(0.30	)
12/31/2014 - 06/30/2015		10.00		0.13		(0.15	)		(0.02	)		(0.04	)		0.00			0.00			(0.04	)

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

+ Unaudited

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

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

32 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(c)
Net Asset Value End of Year or Period		Total Return			Net Assets End of Year or Period (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
$	10.29		(7.77	)%	$	55,160		0.06	%*		0.07	%*		0.06	%*		0.07	%*		2.73	%*		5	%
	11.86		9.69			50,057		0.06			0.07			0.06			0.07			2.39			108
	11.05		14.40			43,554		0.06			0.07			0.06			0.07			3.26			10
	9.82		(0.40	)		3,934		0.05			0.05			0.05			0.05			2.86			38
	10.11		1.59			3,046		0.05	*		0.58	*		0.05	*		0.58	*		2.39	*		6
	10.27		(7.89	)		13,754		0.31	*		0.32	*		0.31	*		0.32	*		2.43	*		5
	11.84		9.44			14,382		0.31			0.32			0.31			0.32			2.58			108
	11.04		14.05			21		0.31			0.32			0.31			0.32			2.26			10
	9.82		(0.60	)		13		0.30			0.30			0.30			0.30			2.53			38
	10.10		1.39			14		0.30	*		0.83	*		0.30	*		0.83	*		2.33	*		6
	10.24		(7.94	)		3,793		0.56	*		0.57	*		0.56	*		0.57	*		2.20	*		5
	11.80		9.20			3,782		0.56			0.57			0.56			0.57			1.90			108
	11.00		13.74			3,440		0.56			0.57			0.56			0.57			2.79			10
	9.80		(0.89	)		110		0.55			0.55			0.55			0.55			2.47			38
	10.10		1.31			15		0.55	*		1.08	*		0.55	*		1.08	*		2.05	*		6
$	10.31		(7.70	)%	$	17,037		0.06	%*		0.07	%*		0.06	%*		0.07	%*		2.90	%*		3	%
	11.74		9.56			10,558		0.06			0.07			0.06			0.07			2.43			67
	11.02		14.35			6,555		0.06			0.07			0.06			0.07			2.56			14
	9.80		(0.47	)		3,388		0.05			0.05			0.05			0.05			2.83			38
	10.11		1.58			3,048		0.05	*		0.58	*		0.05	*		0.58	*		2.39	*		5
	10.31		(7.87	)		290		0.31	*		0.32	*		0.31	*		0.32	*		2.78	*		3
	11.75		9.37			152		0.31			0.32			0.31			0.32			2.54			67
	11.03		14.11			16		0.31			0.32			0.31			0.32			2.11			14
	9.80		(0.77	)		11		0.30			0.30			0.30			0.30			2.54			38
	10.11		1.47			11		0.30	*		0.83	*		0.30	*		0.83	*		2.18	*		5
	10.26		(7.95	)		2,107		0.56	*		0.57	*		0.56	*		0.57	*		2.21	*		3
	11.69		9.04			2,038		0.56			0.57			0.56			0.57			1.85			67
	10.98		13.62			1,799		0.56			0.57			0.56			0.57			2.85			14
	9.79		(0.94	)		60		0.55			0.55			0.55			0.55			2.29			38
	10.09		1.28			66		0.55	*		1.08	*		0.55	*		1.08	*		2.53	*		5
$	10.33		(3.48	)%	$	14,712		0.04	%*		0.05	%*		0.04	%*		0.05	%*		3.53	%*		31	%
	10.92		5.52			7,556		0.04			0.04			0.04			0.04			2.91			34
	10.54		8.85			6,027		0.04			0.05			0.04			0.05			2.95			30
	9.92		3.33			3,317		0.03			0.03			0.03			0.03			3.34			41
	9.95		(0.02	)		3,035		0.03	*		0.56	*		0.03	*		0.56	*		2.03	*		4
	10.33		(3.61	)		11,615		0.29	*		0.30	*		0.29	*		0.30	*		3.16	*		31
	10.92		5.17			13,340		0.29			0.29			0.29			0.29			2.98			34
	10.55		8.71			74		0.29			0.30			0.29			0.30			2.68			30
	9.92		3.08			50		0.28			0.28			0.28			0.28			2.95			41
	9.94		(0.21	)		14		0.28	*		0.81	*		0.28	*		0.81	*		1.84	*		4
	10.29		(3.72	)		4,686		0.54	*		0.55	*		0.54	*		0.55	*		3.02	*		31
	10.88		4.91			3,535		0.54			0.54			0.54			0.54			2.51			34
	10.52		8.39			1,661		0.54			0.55			0.54			0.55			2.91			30
	9.91		2.75			70		0.53			0.53			0.53			0.53			2.84			41
	9.94		(0.22	)		73		0.53	*		1.06	*		0.53	*		1.06	*		2.61	*		4

SEMIANNUAL REPORT DECEMBER 31, 2018 33

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*	$	14,064		$	19,171		$	29,174		$	28,194
Investments in Affiliates		22,432			20,266			22,546			16,116
Financial Derivative Instruments
Exchange-traded or centrally cleared		158			169			0			0
Cash		0			0			0			59
Receivable for investments sold		221			97			316			414
Receivable for investments in Affiliates sold		702			362			54			48
Receivable for Fund shares sold		11			296			29			27
Dividends receivable from Affiliates		74			67			72			51
Reimbursement receivable from PIMCO		2			2			3			2
Total Assets		37,664			40,430			52,194			44,911
Liabilities:
Financial Derivative Instruments
Exchange-traded or centrally cleared	$	16		$	19		$	0		$	0
Over the counter		52			64			89			83
Payable for investments purchased		220			407			624			543
Payable for investments in Affiliates purchased		824			119			72			51
Payable for Fund shares redeemed		0			1			16			0
Accrued investment advisory fees		0			0			1			1
Accrued supervisory and administrative fees		2			1			2			2
Accrued distribution fees		3			4			4			3
Accrued servicing fees		1			1			1			1
Total Liabilities		1,118			616			809			684
Net Assets	$	36,546		$	39,814		$	51,385		$	44,227
Net Assets Consist of:
Paid in capital	$	38,763		$	42,678		$	55,196		$	47,380
Distributable earnings (accumulated loss)		(2,217	)		(2,864	)		(3,811	)		(3,153	)
Net Assets	$	36,546		$	39,814		$	51,385		$	44,227
Cost of investments in securities	$	15,317		$	20,409		$	31,969		$	30,681
Cost of investments in Affiliates	$	23,084		$	21,088		$	23,328		$	16,638
Cost or premiums of financial derivative instruments, net	$	124		$	137		$	0		$	0
* Includes repurchase agreements of:	$	217		$	220		$	596		$	0

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

34 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

PIMCO REALPATH® Blend 2040 Fund			PIMCO REALPATH® Blend 2045 Fund			PIMCO REALPATH® Blend 2050 Fund			PIMCO REALPATH® Blend 2055 Fund			PIMCO REALPATH® Blend Income Fund
$	39,358		$	47,378		$	59,241		$	15,888		$	11,115
	15,685			14,363			14,882			3,972			19,512
	0			0			0			0			135
	1			1			1			1			47
	424			549			545			48			0
	0			0			97			95			802
	65			13			18			8			7
	49			44			44			12			68
	3			3			4			1			2
	55,585			62,351			74,832			20,025			31,688
$	0		$	0		$	0		$	0		$	14
	103			130			157			37			39
	898			1,262			1,867			540			544
	49			44			44			12			68
	0			1			50			0			5
	2			1			1			1			0
	2			2			2			1			2
	2			2			3			0			2
	2			1			1			0			1
	1,058			1,443			2,125			591			675
$	54,527		$	60,908		$	72,707		$	19,434		$	31,013
$	58,838		$	65,722		$	78,578		$	20,934		$	32,437
	(4,311	)		(4,814	)		(5,871	)		(1,500	)		(1,424	)
$	54,527		$	60,908		$	72,707		$	19,434		$	31,013
$	42,710		$	51,651		$	64,622		$	17,269		$	11,598
$	16,169		$	14,814		$	15,317		$	4,050		$	20,130
$	0		$	0		$	0		$	0		$	107
$	356		$	288		$	394		$	337		$	0

SEMIANNUAL REPORT DECEMBER 31, 2018 35

Statements of Assets and Liabilities (Cont.)

	PIMCO REALPATH® Blend 2020 Fund		PIMCO REALPATH® Blend 2025 Fund		PIMCO REALPATH® Blend 2030 Fund		PIMCO REALPATH® Blend 2035 Fund
Net Assets:
Institutional Class	$	19,730	$	16,253	$	28,397	$	23,482
Administrative Class		11,625		18,775		17,851		15,939
Class A		5,191		4,786		5,137		4,806
Shares Issued and Outstanding:
Institutional Class		1,938		1,589		2,758		2,285
Administrative Class		1,142		1,838		1,736		1,552
Class A		510		469		500		466
Net Asset Value Per Share Outstanding:
Institutional Class	$	10.19	$	10.23	$	10.30	$	10.28
Administrative Class		10.18		10.21		10.29		10.27
Class A		10.17		10.22		10.27		10.30

36 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

PIMCO REALPATH® Blend 2040 Fund		PIMCO REALPATH® Blend 2045 Fund		PIMCO REALPATH® Blend 2050 Fund		PIMCO REALPATH® Blend 2055 Fund		PIMCO REALPATH® Blend Income Fund
$	37,872	$	47,663	$	55,160	$	17,037	$	14,712
	10,708		9,661		13,754		290		11,615
	5,947		3,584		3,793		2,107		4,686
	3,662		4,639		5,360		1,654		1,425
	1,037		942		1,339		28		1,124
	577		350		371		205		455
$	10.34	$	10.28	$	10.29	$	10.31	$	10.33
	10.33		10.25		10.27		10.31		10.33
	10.31		10.25		10.24		10.26		10.29

SEMIANNUAL REPORT DECEMBER 31, 2018 37

Statements of Operations

Six Months Ended December 31, 2018
(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:
Interest	$	2		$	2		$	4		$	2
Dividends		183			245			364			369
Dividends from Investments in Affiliates		442			399			420			300
Total Income		627			646			788			671
Expenses:
Investment advisory fees		2			2			5			7
Supervisory and administrative fees		10			10			11			11
Distribution and/or servicing fees - Administrative Class		15			25			25			21
Servicing fees - Class A		7			6			6			6
Trustee fees		2			2			3			2
Interest expense		0			0			0			0
Miscellaneous expense		1			1			1			1
Total Expenses		37			46			51			48
Waiver and/or Reimbursement by PIMCO		(2	)		(2	)		(2	)		(2	)
Net Expenses		35			44			49			46
Net Investment Income (Loss)		592			602			739			625
Net Realized Gain (Loss):
Investments in securities		(165	)		(758	)		(164	)		(106	)
Investments in Affiliates		(151	)		(70	)		(56	)		(39	)
Net capital gain distributions received from investments		16			21			32			31
Net capital gain distributions received from Affiliate investments		26			35			40			24
Exchange-traded or centrally cleared financial derivative instruments		37			38			9			3
Over the counter financial derivative instruments		(93	)		(107	)		(159	)		(130	)
Net Realized Gain (Loss)		(330	)		(841	)		(298	)		(217	)
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		(1,422	)		(1,387	)		(3,250	)		(3,048	)
Investments in Affiliates		(372	)		(459	)		(523	)		(339	)
Exchange-traded or centrally cleared financial derivative instruments		44			38			0			0
Over the counter financial derivative instruments		(79	)		(101	)		(141	)		(145	)
Net Change in Unrealized Appreciation (Depreciation)		(1,829	)		(1,909	)		(3,914	)		(3,532	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(1,567	)	$	(2,148	)	$	(3,473	)	$	(3,124	)

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

38 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

PIMCO REALPATH® Blend 2040 Fund			PIMCO REALPATH® Blend 2045 Fund			PIMCO REALPATH® Blend 2050 Fund			PIMCO REALPATH® Blend 2055 Fund			PIMCO REALPATH® Blend Income Fund
$	3		$	5		$	6		$	1		$	2
	479			616			761			186			125
	277			256			259			61			394
	759			877			1,026			248			521
	8			9			11			2			1
	13			11			12			4			9
	14			13			18			0			16
	8			5			5			3			6
	2			3			4			1			1
	0			0			1			0			0
	1			1			2			1			1
	46			42			53			11			34
	(3	)		(3	)		(4	)		(1	)		(2	)
	43			39			49			10			32
	716			838			977			238			489
	(492	)		(115	)		(98	)		(26	)		(202	)
	(12	)		(11	)		(6	)		(7	)		(97	)
	43			52			64			17			0
	22			19			19			5			18
	1			(2	)		(2	)		(2	)		28
	(175	)		(192	)		(225	)		(67	)		(81	)
	(613	)		(249	)		(248	)		(80	)		(334	)
	(3,972	)		(5,083	)		(6,357	)		(1,658	)		(1,010	)
	(315	)		(278	)		(280	)		(58	)		(334	)
	0			0			0			0			36
	(179	)		(235	)		(293	)		(62	)		(61	)
	(4,466	)		(5,596	)		(6,930	)		(1,778	)		(1,369	)
$	(4,363	)	$	(5,007	)	$	(6,201	)	$	(1,620	)	$	(1,214	)

SEMIANNUAL REPORT DECEMBER 31, 2018 39

Statements of Changes in Net Assets

	PIMCO REALPATH® Blend 2020 Fund						PIMCO REALPATH® Blend 2025 Fund						PIMCO REALPATH® Blend 2030 Fund						PIMCO REALPATH® Blend 2035 Fund
(Amounts in thousands†)	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	592		$	586		$	602		$	622		$	739		$	756		$	625		$	780
Net realized gain (loss)		(330	)		602			(841	)		742			(298	)		1,249			(217	)		1,600
Net change in unrealized appreciation (depreciation)		(1,829	)		(600	)		(1,909	)		(648	)		(3,914	)		(754	)		(3,532	)		(605	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(1,567	)		588			(2,148	)		716			(3,473	)		1,251			(3,124	)		1,775
Distributions to Shareholders:
From net investment income and/or net realized capital gains*
Institutional Class		(691	)		(202	)		(555	)		(134	)		(1,135	)		(315	)		(1,198	)		(397	)
Administrative Class		(403	)		(187	)		(646	)		(256	)		(725	)		(269	)		(825	)		(216	)
Class A		(172	)		(56	)		(159	)		(70	)		(201	)		(69	)		(241	)		(72	)
Total Distributions(a)		(1,266	)		(445	)		(1,360	)		(460	)		(2,061	)		(653	)		(2,264	)		(685	)
Portfolio Share Transactions:
Net increase (decrease) resulting from Fund share transactions**		10,858			17,462			11,759			21,249			18,662			21,524			11,057			16,862
Total Increase (Decrease) in Net Assets		8,025			17,605			8,251			21,505			13,128			22,122			5,669			17,952
Net Assets:
Beginning of period		28,521			10,916			31,563			10,058			38,257			16,135			38,558			20,606
End of period	$	36,546		$	28,521		$	39,814		$	31,563		$	51,385		$	38,257		$	44,227		$	38,558

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

* See Note 2, New Accounting Pronouncements, in the Notes to Financial Statements for more information.

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

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

40 PIMCO EQUITY SERIES See Accompanying Notes

PIMCO REALPATH® Blend 2040 Fund						PIMCO REALPATH® Blend 2045 Fund						PIMCO REALPATH® Blend 2050 Fund						PIMCO REALPATH® Blend 2055 Fund						PIMCO REALPATH® Blend Income Fund
Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
$	716		$	906		$	838		$	1,163		$	977		$	1,410		$	238		$	242		$	489		$	495
	(613	)		2,088			(249	)		2,827			(248	)		3,472			(80	)		788			(334	)		(32	)
	(4,466	)		(326	)		(5,596	)		(186	)		(6,930	)		(173	)		(1,778	)		(190	)		(1,369	)		(68	)
	(4,363	)		2,668			(5,007	)		3,804			(6,201	)		4,709			(1,620	)		840			(1,214	)		395
	(1,866	)		(633	)		(2,875	)		(858	)		(3,375	)		(1,050	)		(822	)		(229	)		(267	)		(121	)
	(535	)		(167	)		(578	)		(135	)		(841	)		(185	)		(14	)		(1	)		(224	)		(171	)
	(291	)		(110	)		(209	)		(63	)		(227	)		(65	)		(101	)		(45	)		(84	)		(38	)
	(2,692	)		(910	)		(3,662	)		(1,056	)		(4,443	)		(1,300	)		(937	)		(275	)		(575	)		(330	)
	18,682			11,424			14,013			13,374			15,130			17,797			9,243			3,813			8,371			16,604
	11,627			13,182			5,344			16,122			4,486			21,206			6,686			4,378			6,582			16,669
	42,900			29,718			55,564			39,442			68,221			47,015			12,748			8,370			24,431			7,762
$	54,527		$	42,900		$	60,908		$	55,564		$	72,707		$	68,221		$	19,434		$	12,748		$	31,013		$	24,431

SEMIANNUAL REPORT DECEMBER 31, 2018 41

Schedule of Investments PIMCO REALPATH^® Blend 2020 Fund

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

	SHARES		MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 38.4%
MUTUAL FUNDS 37.8%
Vanguard Developed Markets Index Fund ‘Admiral’	321,573	$		3,846
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	56,103			1,782
Vanguard Institutional Index Fund ‘Institutional’	32,373			7,366
Vanguard Small-Cap Index Fund ‘Admiral’	13,486			853
Total Mutual Funds (Cost $15,100)				13,847
SHORT-TERM INSTRUMENTS 0.6%
REPURCHASE AGREEMENTS (b) 0.6%
				217
Total Short-Term Instruments (Cost $217)				217
Total Investments in Securities (Cost $15,317)				14,064

	SHARES		MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 61.5%
MUTUAL FUNDS (a) 57.4%
PIMCO Emerging Markets Local Currency and Bond Fund	134,951	$		885
PIMCO High Yield Fund	210,337			1,741
PIMCO Income Fund	459,419			5,426
PIMCO International Bond Fund (U.S. Dollar-Hedged)	189,178			2,013
PIMCO Long Duration Total Return Fund	122,279			1,230
PIMCO Long-Term Credit Bond Fund	112,572			1,228
PIMCO Long-Term Real Return Fund	208,543			1,631
PIMCO Real Return Fund	294,477			3,110
PIMCO Total Return Fund	371,278			3,687
Total Mutual Funds (Cost $21,603)				20,951

	SHARES		MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 4.1%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.1%
PIMCO Short-Term Floating NAV Portfolio III	149,839	$		1,481
Total Short-Term Instruments (Cost $1,481)				1,481
Total Investments in Affiliates (Cost $23,084)				22,432
Total Investments 99.9% (Cost $38,401)		$		36,496
Financial Derivative Instruments (c)(d) 0.2% (Cost or Premiums, net $124)				90
Other Assets and Liabilities, net (0.1)%				(40	)
Net Assets 100.0%		$		36,546

NOTES TO SCHEDULE OF INVESTMENTS:

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

(a) Institutional Class Shares of each Fund.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(b)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received(1)
FICC		2.000	%		12/31/2018		01/02/2019	$	217	U.S. Treasury Notes 2.875% due 09/30/2023	$	(225	)	$	217	$	217
Total Repurchase Agreements											$	(225	)	$	217	$	217

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2018:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/ (Received)			Net Exposure(2)
Global/Master Repurchase Agreement
FICC	$	217	$	0	$	0	$	217	$	(225	)	$	(8	)
Total Borrowings and Other Financing Transactions	$	217	$	0	$	0

⁽¹⁾   Includes accrued interest.

⁽²⁾  Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

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

PURCHASED OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Cost		Market Value
Put - CBOE S&P 500	$	2,000.000		03/15/2019		5	$	0	$	17	$	4
Put - CBOE S&P 500		2,175.000		03/15/2019		4		0		22		8
Put - CBOE S&P 500		1,975.000		06/21/2019		8		1		32		18

42 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Cost		Market Value
Put - CBOE S&P 500	$	2,175.000		06/21/2019		6	$	1	$	20	$	28
Put - CBOE S&P 500		2,100.000		09/30/2019		6		1		37		33
Put - CBOE S&P 500		2,300.000		09/30/2019		7		1		24		67
Total Purchased Options									$	152	$	158

WRITTEN OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Put - CBOE S&P 500	$	1,725.000		03/15/2019		4	$	0	$	(7	)	$	(1	)
Put - CBOE S&P 500		1,650.000		06/21/2019		8		1		(10	)		(5	)
Put - CBOE S&P 500		1,725.000		09/30/2019		6		1		(11	)		(10	)
Total Written Options									$	(28	)	$	(16	)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2018:

	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	$	158	$	0	$	0	$	158	$	(16)	$	0	$	0	$	(16)

(d)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
															Asset		Liability
BPS	Receive	DWRTFT Index		33	1-Month USD-LIBOR plus a specified spread	Monthly	08/26/2019	$	448	$	0	$	(1	)	$	0	$	(1	)
	Receive	DWRTFT Index		63	1-Month USD-LIBOR plus a specified spread	Monthly	11/06/2019		606		0		(19	)		0		(19	)
CBK	Receive	BCOMTR Index		2,916	3-Month U.S. Treasury Bill rate plus a specified spread	Monthly	02/15/2019		633		0		(28	)		0		(28	)
JPM	Receive	BCOMTR Index		523	3-Month U.S. Treasury Bill rate plus a specified spread	Monthly	02/15/2019		87		0		(4	)		0		(4	)
Total Swap Agreements										$	0	$	(52	)	$	0	$	(52	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2018:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure(2)
BPS	$	0	$	0	$	0	$	0	$	0	$	0	$	(20	)	$	(20	)	$	(20	)	$	0	$	(20	)
CBK		0		0		0		0		0		0		(28	)		(28	)		(28	)		0		(28	)
JPM		0		0		0		0		0		0		(4	)		(4	)		(4	)		0		(4	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(52	)	$	(52	)

⁽¹⁾   Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference.

⁽²⁾  Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 43

Schedule of Investments PIMCO REALPATH^® Blend 2020 Fund (Cont.)

December 31, 2018 (Unaudited)

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2018:

	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	$	158	$	0	$	0	$	158
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	16	$	0	$	0	$	16
Over the counter
Swap Agreements	$	32	$	0	$	20	$	0	$	0	$	52
	$	32	$	0	$	36	$	0	$	0	$	68

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2018:

	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	$	46		$	0	$	0	$	46
Written Options		0			0		(17	)		0		0		(17	)
Futures		0			0		8			0		0		8
	$	0		$	0	$	37		$	0	$	0	$	37
Over the counter
Swap Agreements	$	(61	)	$	0	$	(32	)	$	0	$	0	$	(93	)
	$	(61	)	$	0	$	5		$	0	$	0	$	(56	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0		$	0	$	40		$	0	$	0	$	40
Written Options		0			0		4			0		0		4
	$	0		$	0	$	44		$	0	$	0	$	44
Over the counter
Swap Agreements	$	(30	)	$	0	$	(49	)	$	0	$	0	$	(79	)
	$	(30	)	$	0	$	(5	)	$	0	$	0	$	(35	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Investments in Securities, at Value
Mutual Funds	$	13,847	$	0	$	0	$	13,847
Short-Term Instruments
Repurchase Agreements		0		217		0		217
	$	13,847	$	217	$	0	$	14,064
Investments in Affiliates, at Value
Mutual Funds		20,951		0		0		20,951
Short-Term Instruments
Central Funds Used for Cash Management Purposes		1,481		0		0		1,481
	$	22,432	$	0	$	0	$	22,432
Total Investments	$	36,279	$	217	$	0	$	36,496

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2018
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	158		$	0	$	158
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(16	)		0		(16	)
Over the counter		0		(52	)		0		(52	)
	$	0	$	(68	)	$	0	$	(68	)
Total Financial Derivative Instruments	$	0	$	90		$	0	$	90
Totals	$	36,279	$	307		$	0	$	36,586

There were no significant transfers into or out of Level 3 during the period ended December 31, 2018.

44 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO REALPATH^® Blend 2025 Fund

December 31, 2018 (Unaudited)

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 48.2%
MUTUAL FUNDS 47.6%
Vanguard Developed Markets Index Fund ‘Institutional’		447,927	$		5,362
Vanguard Emerging Markets Stock Index Fund ‘Admiral’		76,362			2,425
Vanguard Institutional Index Fund ‘Institutional’		44,062			10,026
Vanguard Small-Cap Index Fund ‘Admiral’		17,990			1,138
Total Mutual Funds (Cost $20,189)					18,951
SHORT-TERM INSTRUMENTS 0.6%
REPURCHASE AGREEMENTS (b) 0.6%
					220
Total Short-Term Instruments (Cost $220)					220
Total Investments in Securities (Cost $20,409)					19,171

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 50.9%
MUTUAL FUNDS (a) 46.3%
PIMCO Emerging Markets Local Currency and Bond Fund		120,320	$		789
PIMCO High Yield Fund		179,912			1,490
PIMCO Income Fund		335,508			3,962
PIMCO International Bond Fund (U.S. Dollar-Hedged)		127,009			1,351
PIMCO Long Duration Total Return Fund		188,994			1,901
PIMCO Long-Term Credit Bond Fund		174,005			1,898
PIMCO Long-Term Real Return Fund		321,965			2,518
PIMCO Real Return Fund		194,853			2,058
PIMCO Total Return Fund		247,407			2,457
Total Mutual Funds (Cost $19,246)					18,424

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 4.6%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.6%
PIMCO Short-Term Floating NAV Portfolio III		186,354	$		1,842
Total Short-Term Instruments (Cost $1,842)					1,842
Total Investments in Affiliates (Cost $21,088)					20,266
Total Investments 99.1% (Cost $41,497)			$		39,437
Financial Derivative Instruments (c)(d) 0.2% (Cost or Premiums, net $137)					86
Other Assets and Liabilities, net 0.7%					291
Net Assets 100.0%			$		39,814

NOTES TO SCHEDULE OF INVESTMENTS:

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

(a) Institutional Class Shares of each Fund.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(b)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received(1)
FICC		2.000	%		12/31/2018		01/02/2019	$	220	U.S. Treasury Notes 2.875% due 09/30/2023	$	(225	)	$	220	$	220
Total Repurchase Agreements											$	(225	)	$	220	$	220

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2018:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net  Exposure(2)
Global/Master Repurchase Agreement
FICC	$	220	$	0	$	0	$	220	$	(225	)	$	(5	)
Total Borrowings and Other Financing Transactions	$	220	$	0	$	0

⁽¹⁾   Includes accrued interest.

⁽²⁾  Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

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

PURCHASED OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Cost		Market Value
Put - CBOE S&P 500	$	2,000.000		03/15/2019		6	$	1	$	21	$	5
Put - CBOE S&P 500		2,175.000		03/15/2019		5		0		27		10
Put - CBOE S&P 500		1,975.000		06/21/2019		9		1		36		21

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 45

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

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Cost		Market Value
Put - CBOE S&P 500	$	2,175.000		06/21/2019		6	$	0	$	21	$	28
Put - CBOE S&P 500		2,100.000		09/30/2019		7		1		43		38
Put - CBOE S&P 500		2,300.000		09/30/2019		7		1		24		67
Total Purchased Options									$	172	$	169

WRITTEN OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Put - CBOE S&P 500	$	1,725.000		03/15/2019		5	$	0	$	(8	)	$	(1	)
Put - CBOE S&P 500		1,650.000		06/21/2019		9		1		(11	)		(6	)
Put - CBOE S&P 500		1,725.000		09/30/2019		7		1		(14	)		(12	)
Total Written Options									$	(33	)	$	(19	)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2018:

	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	$	169	$	0	$	0	$	169	$	(19	)	$	0	$	0	$	(19	)

(d)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
																Asset		Liability
BPS	Receive	DWRTFT Index		43	1-Month USD-LIBOR plus a specified spread	Monthly	08/26/2019	$	541	$	0		$	(1	)	$	0	$	(1	)
	Receive	DWRTFT Index		92	1-Month USD-LIBOR plus a specified spread	Monthly	11/06/2019		885		0			(27	)		0		(27	)
CBK	Receive	BCOMTR Index		3,596	3-Month U.S. Treasury Bill rate plus a specified spread	Monthly	02/15/2019		806		(2	)		(34	)		0		(36	)
JPM	Receive	BCOMTR Index		41	3-Month U.S. Treasury Bill rate plus a specified spread	Monthly	02/15/2019		7		0			0			0		0
Total Swap Agreements										$	(2	)	$	(62	)	$	0	$	(64	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2018:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure(2)
BPS	$	0	$	0	$	0	$	0	$	0	$	0	$	(28	)	$	(28	)	$	(28	)	$	0	$	(28	)
CBK		0		0		0		0		0		0		(36	)		(36	)		(36	)		0		(36	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(64	)	$	(64	)

⁽¹⁾   Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference.

⁽²⁾  Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

46 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2018:

	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	$	169	$	0	$	0	$	169
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	19	$	0	$	0	$	19
Over the counter
Swap Agreements	$	36	$	0	$	28	$	0	$	0	$	64
	$	36	$	0	$	47	$	0	$	0	$	83

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2018:

	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	$	50		$	0	$	0	$	50
Written Options		0			0		(18	)		0		0		(18	)
Futures		0			0		6			0		0		6
	$	0		$	0	$	38		$	0	$	0	$	38
Over the counter
Swap Agreements	$	(67	)	$	0	$	(40	)	$	0	$	0	$	(107	)
	$	(67	)	$	0	$	(2	)	$	0	$	0	$	(69	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0		$	0	$	32		$	0	$	0	$	32
Written Options		0			0		6			0		0		6
	$	0		$	0	$	38		$	0	$	0	$	38
Over the counter
Swap Agreements	$	(33	)	$	0	$	(68	)	$	0	$	0	$	(101	)
	$	(33	)	$	0	$	(30	)	$	0	$	0	$	(63	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Investments in Securities, at Value
Mutual Funds	$	18,951	$	0	$	0	$	18,951
Short-Term Instruments
Repurchase Agreements		0		220		0		220
	$	18,951	$	220	$	0	$	19,171
Investments in Affiliates, at Value
Mutual Funds		18,424		0		0		18,424
Short-Term Instruments
Central Funds Used for Cash Management Purposes		1,842		0		0		1,842
	$	20,266	$	0	$	0	$	20,266
Total Investments	$	39,217	$	220	$	0	$	39,437

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2018
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	169		$	0	$	169
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(19	)		0		(19	)
Over the counter		0		(64	)		0		(64	)
	$	0	$	(83	)	$	0	$	(83	)
Total Financial Derivative Instruments	$	0	$	86		$	0	$	86
Totals	$	39,217	$	306		$	0	$	39,523

There were no significant transfers into or out of Level 3 during the period ended December 31, 2018.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 47

Schedule of Investments PIMCO REALPATH^® Blend 2030 Fund

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 56.8%
MUTUAL FUNDS 55.6%
Vanguard Developed Markets Index Fund ‘Institutional’		662,701	$		7,933
Vanguard Emerging Markets Stock Index Fund ‘Admiral’		115,818			3,678
Vanguard Institutional Index Fund ‘Institutional’		66,825			15,206
Vanguard Small-Cap Index Fund ‘Admiral’		27,844			1,761
Total Mutual Funds (Cost $31,373)					28,578
SHORT-TERM INSTRUMENTS 1.2%
REPURCHASE AGREEMENTS (b) 1.2%
					596
Total Short-Term Instruments (Cost $596)					596
Total Investments in Securities (Cost $31,969)					29,174

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 43.9%
MUTUAL FUNDS (a) 37.9%
PIMCO Emerging Markets Local Currency and Bond Fund		122,247	$		802
PIMCO High Yield Fund		195,040			1,615
PIMCO Income Fund		327,968			3,873
PIMCO International Bond Fund (U.S. Dollar-Hedged)		114,765			1,221
PIMCO Long Duration Total Return Fund		233,779			2,352
PIMCO Long-Term Credit Bond Fund		217,102			2,369
PIMCO Long-Term Real Return Fund		393,027			3,073
PIMCO Real Return Fund		180,047			1,901
PIMCO Total Return Fund		228,451			2,269
Total Mutual Funds (Cost $20,257)					19,475

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 6.0%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.0%
PIMCO Short-Term Floating NAV Portfolio III		310,719	$		3,071
Total Short-Term Instruments (Cost $3,071)					3,071
Total Investments in Affiliates (Cost $23,328)					22,546
Total Investments 100.7% (Cost $55,297)			$		51,720
Financial Derivative Instruments (c) (0.2)% (Cost or Premiums, net $0)					(89	)
Other Assets and Liabilities, net (0.5)%					(246	)
Net Assets 100.0%			$		51,385

NOTES TO SCHEDULE OF INVESTMENTS:

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

(a) Institutional Class Shares of each Fund.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(b)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received(1)
FICC		2.000	%		12/31/2018		01/02/2019	$	596	U.S. Treasury Notes 2.875% due 09/30/2023	$	(613	)	$	596	$	596
Total Repurchase Agreements											$	(613	)	$	596	$	596

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2018:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net  Exposure(2)
Global/Master Repurchase Agreement
FICC	$	596	$	0	$	0	$	596	$	(613	)	$	(17	)
Total Borrowings and Other Financing Transactions	$	596	$	0	$	0

⁽¹⁾   Includes accrued interest.

⁽²⁾  Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

(c)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
																Asset		Liability
BPS	Receive	DWRTFT Index		54	1-Month USD-LIBOR plus a specified spread	Monthly		08/26/2019	$	849	$	0	$	(2	)	$	0	$	(2	)
	Receive	DWRTFT Index		139	1-Month USD-LIBOR plus a specified spread	Monthly		11/06/2019		1,337		0		(41	)		0		(41	)

48 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
																Asset		Liability
CBK	Receive	BCOMTR Index		637	3-Month U.S. Treasury Bill rate plus a specified spread	Monthly		02/15/2019	$	911	$	0	$	(40	)	$	0	$	(40	)
JPM	Receive	BCOMTR Index		807	3-Month U.S. Treasury Bill rate plus a specified spread	Monthly		02/15/2019		135		0		(6	)		0		(6	)
											$	0	$	(89	)	$	0	$	(89	)
Total Swap Agreements											$	0	$	(89	)	$	0	$	(89	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2018:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure(2)
BPS	$	0	$	0	$	0	$	0	$	0	$	0	$	(43	)	$	(43	)	$	(43	)	$	0	$	(43	)
CBK		0		0		0		0		0		0		(40	)		(40	)		(40	)		0		(40	)
JPM		0		0		0		0		0		0		(6	)		(6	)		(6	)		0		(6	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(89	)	$	(89	)

⁽¹⁾   Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference.

⁽²⁾  Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2018:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Liabilities
Over the counter
Swap Agreements	$	46	$	0	$	43	$	0	$	0	$	89

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2018:

	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	$	9		$	0	$	0	$	9
Over the counter
Swap Agreements	$	(84	)	$	0	$	(75	)	$	0	$	0	$	(159	)
	$	(84	)	$	0	$	(66	)	$	0	$	0	$	(150	)
Net Change in Unrealized (Depreciation) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	(44	)	$	0	$	(97	)	$	0	$	0	$	(141	)

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 49

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

December 31, 2018 (Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Investments in Securities, at Value
Mutual Funds	$	28,578	$	0	$	0	$	28,578
Short-Term Instruments
Repurchase Agreements		0		596		0		596
	$	28,578	$	596	$	0	$	29,174
Investments in Affiliates, at Value
Mutual Funds		19,475		0		0		19,475
Short-Term Instruments
Central Funds Used for Cash Management Purposes		3,071		0		0		3,071
	$	22,546	$	0	$	0	$	22,546
Total Investments	$	51,124	$	596	$	0	$	51,720

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2018
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(89	)	$	0	$	(89	)
Total Financial Derivative Instruments	$	0	$	(89	)	$	0	$	(89	)
Totals	$	51,124	$	507		$	0	$	51,631

There were no significant transfers into or out of Level 3 during the period ended December 31, 2018.

50 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO REALPATH^® Blend 2035 Fund

December 31, 2018 (Unaudited)

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 63.7%
MUTUAL FUNDS 63.7%
Vanguard Developed Markets Index Fund ‘Institutional’		653,804	$		7,826
Vanguard Emerging Markets Stock Index Fund ‘Admiral’		114,266			3,629
Vanguard Institutional Index Fund ‘Institutional’		65,929			15,002
Vanguard Small-Cap Index Fund ‘Admiral’		27,465			1,737
Total Mutual Funds (Cost $30,681)					28,194
Total Investments in Securities (Cost $30,681)					28,194
INVESTMENTS IN AFFILIATES 36.5%
MUTUAL FUNDS 29.3% (a)
PIMCO Emerging Markets Local Currency and Bond Fund		93,359			612
PIMCO High Yield Fund		141,521			1,172
PIMCO Income Fund		227,441			2,686
PIMCO International Bond Fund (U.S. Dollar-Hedged)		72,919			776
PIMCO Long Duration Total Return Fund		149,057			1,499
PIMCO Long-Term Credit Bond Fund		136,025			1,484

	SHARES			MARKET VALUE (000S)
PIMCO Long-Term Real Return Fund		249,977	$		1,955
PIMCO Real Return Fund		119,229			1,259
PIMCO Total Return Fund		150,841			1,498
Total Mutual Funds (Cost $13,464)					12,941
SHORT-TERM INSTRUMENTS 7.2%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.2%
PIMCO Short-Term Floating NAV Portfolio III		321,169			3,175
Total Short-Term Instruments (Cost $3,174)					3,175
Total Investments in Affiliates (Cost $16,638)					16,116
Total Investments 100.2% (Cost $47,319)			$		44,310
Financial Derivative Instruments (b) (0.2)% (Cost or Premiums, net $0)					(83	)
Other Assets and Liabilities, net 0.0%					0
Net Assets 100.0%			$		44,227

NOTES TO SCHEDULE OF INVESTMENTS:

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

(a) Institutional Class Shares of each Fund.

(b)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency		Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
																Asset		Liability
BPS	Receive	DWRTFT Index		60	1-Month USD-LIBOR plus a specified spread		Monthly	08/26/2019	$	737	$	0	$	(2	)	$	0	$	(2	)
	Receive	DWRTFT Index		143	1-Month USD-LIBOR plus a specified spread		Monthly	11/06/2019		1,375		0		(42	)		0		(42	)
CBK	Receive	BCOMTR Index		490	3-Month U.S. Treasury Bill rate plus a specified spread		Monthly	02/15/2019		821		0		(36	)		0		(36	)
JPM	Receive	BCOMTR Index		334	3-Month U.S. Treasury Bill rate plus a specified spread		Monthly	02/15/2019		56		0		(3	)		0		(3	)
Total Swap Agreements											$	0	$	(83	)	$	0	$	(83	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2018:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure(2)
BPS	$	0	$	0	$	0	$	0	$	0	$	0	$	(44	)	$	(44	)	$	(44	)	$	0	$	(44	)
CBK		0		0		0		0		0		0		(36	)		(36	)		(36	)		0		(36	)
JPM		0		0		0		0		0		0		(3	)		(3	)		(3	)		0		(3	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(83	)	$	(83	)

⁽¹⁾   Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 51

Schedule of Investments PIMCO REALPATH^® Blend 2035 Fund (Cont.)

December 31, 2018 (Unaudited)

⁽²⁾  Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2018:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Liabilities
Over the counter
Swap Agreements	$	39	$	0	$	44	$	0	$	0	$	83

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2018:

	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	$	3		$	0	$	0	$	3
Over the counter
Swap Agreements	$	(74	)	$	0	$	(56	)	$	0	$	0	$	(130	)
	$	(74	)	$	0	$	(53	)	$	0	$	0	$	(127	)
Net Change in Unrealized (Depreciation) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	(36	)	$	0	$	(109	)	$	0	$	0	$	(145	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Investments in Securities, at Value
Mutual Funds	$	28,194	$	0	$	0	$	28,194
	$	28,194	$	0	$	0	$	28,194
Investments in Affiliates, at Value
Mutual Funds		12,941		0		0		12,941
Short-Term Instruments
Central Funds Used for Cash Management Purposes		3,175		0		0		3,175
	$	16,116	$	0	$	0	$	16,116
Total Investments	$	44,310	$	0	$	0	$	44,310

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2018
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(83	)	$	0	$	(83	)
Total Financial Derivative Instruments	$	0	$	(83	)	$	0	$	(83	)
Totals	$	44,310	$	(83	)	$	0	$	44,227

There were no significant transfers into or out of Level 3 during the period ended December 31, 2018.

52 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO REALPATH^® Blend 2040 Fund

December 31, 2018 (Unaudited)

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

		SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 72.2%
MUTUAL FUNDS 71.0%
Vanguard Developed Markets Index Fund ‘Institutional’			894,754	$		10,710
Vanguard Emerging Markets Stock Index Fund ‘Institutional’			211,012			5,096
Vanguard Institutional Index Fund ‘Institutional’			90,226			20,531
Vanguard Small-Cap Index Fund ‘Admiral’			37,586			2,377
Total Mutual Funds (Cost $42,066)						38,714
SHORT-TERM INSTRUMENTS 1.2%
REPURCHASE AGREEMENTS (d) 0.7%
						356
		PRINCIPAL AMOUNT (000S)
U.S. TREASURY BILLS 0.5%
2.422% due 02/19/2019 (a)(b)(f)	$		289			288
Total Short-Term Instruments (Cost $644)						644
Total Investments in Securities (Cost $42,710)						39,358

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 28.7%
MUTUAL FUNDS (c) 21.6%
PIMCO Emerging Markets Local Currency and Bond Fund		94,206	$		618
PIMCO High Yield Fund		147,750			1,223
PIMCO Income Fund		219,488			2,592
PIMCO International Bond Fund (U.S. Dollar-Hedged)		68,227			726
PIMCO Long Duration Total Return Fund		127,593			1,284
PIMCO Long-Term Credit Bond Fund		115,678			1,262
PIMCO Long-Term Real Return Fund		211,321			1,652
PIMCO Real Return Fund		105,385			1,113
PIMCO Total Return Fund		133,516			1,326
Total Mutual Funds (Cost $12,281)					11,796

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 7.1%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.1%
PIMCO Short-Term Floating NAV Portfolio III		393,420	$		3,889
Total Short-Term Instruments (Cost $3,888)					3,889
Total Investments in Affiliates (Cost $16,169)					15,685
Total Investments 100.9% (Cost $58,879)			$		55,043
Financial Derivative Instruments (e) (0.2)% (Cost or Premiums, net $0)					(103	)
Other Assets and Liabilities, net (0.7)%					(413	)
Net Assets 100.0%			$		54,527

NOTES TO SCHEDULE OF INVESTMENTS:

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

(a) Zero coupon security.

(b) Coupon represents a yield to maturity.

(c) Institutional Class Shares of each Fund.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(d)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received(1)
FICC		2.000	%		12/31/2018		01/02/2019	$	356	U.S. Treasury Notes 2.875% due 09/30/2023	$	(368	)	$	356	$	356
Total Repurchase Agreements											$	(368	)	$	356	$	356

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2018:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net  Exposure(2)
Global/Master Repurchase Agreement
FICC	$	356	$	0	$	0	$	356	$	(368	)	$	(12	)
Total Borrowings and Other Financing Transactions	$	356	$	0	$	0

⁽¹⁾   Includes accrued interest.

⁽²⁾  Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 53

Schedule of Investments PIMCO REALPATH^® Blend 2040 Fund (Cont.)

(e)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
																Asset		Liability
BPS	Receive	DWRTFT Index		57	1-Month USD-LIBOR plus a specified spread	Monthly		08/26/2019	$	1,129	$	0	$	(3	)	$	0	$	(3	)
	Receive	DWRTFT Index		183	1-Month USD-LIBOR plus a specified spread	Monthly		11/06/2019		1,815		0		(53	)		0		(53	)
CBK	Receive	BCOMTR Index		413	3-Month U.S. Treasury Bill rate plus a specified spread	Monthly		02/15/2019		1,055		0		(47	)		0		(47	)
JPM	Receive	BCOMTR Index		48	3-Month U.S. Treasury Bill rate plus a specified spread	Monthly		02/15/2019		8		0		0			0		0
Total Swap Agreements											$	0	$	(103	)	$	0	$	(103	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged as of December 31, 2018:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged		Net Exposure(2)
BPS	$	0	$	0	$	0	$	0	$	0	$	0	$	(56	)	$	(56	)	$	(56	)	$	288	$	232
CBK		0		0		0		0		0		0		(47	)		(47	)		(47	)		0		(47	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(103	)	$	(103	)

(f) Securities with an aggregate market value of $288 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2018.

⁽¹⁾  Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference.

⁽²⁾  Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2018:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Liabilities
Over the counter
Swap Agreements	$	47	$	0	$	56	$	0	$	0	$	103

54 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2018:

	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	$	1		$	0	$	0	$	1
Over the counter
Swap Agreements	$	(89	)	$	0	$	(86	)	$	0	$	0	$	(175	)
	$	(89	)	$	0	$	(85	)	$	0	$	0	$	(174	)
Net Change in Unrealized (Depreciation) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	(45	)	$	0	$	(134	)	$	0	$	0	$	(179	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Investments in Securities, at Value
Mutual Funds	$	38,714	$	0	$	0	$	38,714
Short-Term Instruments
Repurchase Agreements		0		356		0		356
U.S. Treasury Bills		0		288		0		288
	$	38,714	$	644	$	0	$	39,358
Investments in Affiliates, at Value
Mutual Funds		11,796		0		0		11,796
Short-Term Instruments
Central Funds Used for Cash Management Purposes		3,889		0		0		3,889
	$	15,685	$	0	$	0	$	15,685
Total Investments	$	54,399	$	644	$	0	$	55,043

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2018
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(103	)	$	0	$	(103	)
Total Financial Derivative Instruments	$	0	$	(103	)	$	0	$	(103	)
Totals	$	54,399	$	541		$	0	$	54,940

There were no significant transfers into or out of Level 3 during the period ended December 31, 2018.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 55

Schedule of Investments PIMCO REALPATH^® Blend 2045 Fund

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 77.8%
MUTUAL FUNDS 76.3%
Vanguard Developed Markets Index Fund ‘Institutional’		1,077,998	$		12,904
Vanguard Emerging Markets Stock Index Fund ‘Institutional’		247,779			5,984
Vanguard Institutional Index Fund ‘Institutional’		108,703			24,735
Vanguard Small-Cap Index Fund ‘Admiral’		45,287			2,863
Total Mutual Funds (Cost $50,759)					46,486
SHORT-TERM INSTRUMENTS 1.5%
REPURCHASE AGREEMENTS (d) 0.5%
					288
	PRINCIPAL AMOUNT (000S)
U.S. TREASURY BILLS 1.0%
2.348% due 01/03/2019 -02/26/2019 (a)(b)(f)	$	605			604
Total Short-Term Instruments (Cost $892)					892
Total Investments in Securities (Cost $51,651)					47,378

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 23.6%
MUTUAL FUNDS (c) 16.0%
PIMCO Emerging Markets Local Currency and Bond Fund		77,511	$		509
PIMCO High Yield Fund		121,867			1,009
PIMCO Income Fund		175,358			2,071
PIMCO International Bond Fund (U.S. Dollar-Hedged)		52,470			558
PIMCO Long Duration Total Return Fund		109,487			1,101
PIMCO Long-Term Credit Bond Fund		99,264			1,083
PIMCO Long-Term Real Return Fund		187,712			1,468
PIMCO Real Return Fund		86,897			918
PIMCO Total Return Fund		103,716			1,030
Total Mutual Funds (Cost $10,198)					9,747

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 7.6%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.6%
PIMCO Short-Term Floating NAV Portfolio III		467,005	$		4,616
Total Short-Term Instruments (Cost $4,616)					4,616
Total Investments in Affiliates (Cost $14,814)					14,363
Total Investments 101.4% (Cost $66,465)			$		61,741
Financial Derivative Instruments (e) (0.2)% (Cost or Premiums, net $0)					(130	)
Other Assets and Liabilities, net (1.2)%					(703	)
Net Assets 100.0%			$		60,908

NOTES TO SCHEDULE OF INVESTMENTS:

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

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

(b) Zero coupon security.

(c) Institutional Class Shares of each Fund.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(d)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received(1)
FICC		2.000	%		12/31/2018		01/02/2019	$	288	U.S. Treasury Notes 2.875% due 09/30/2023	$	(296	)	$	288	$	288
Total Repurchase Agreements											$	(296	)	$	288	$	288

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2018:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net  Exposure(2)
Global/Master Repurchase Agreement
FICC	$	288	$	0	$	0	$	288	$	(296	)	$	(8	)
Total Borrowings and Other Financing Transactions	$	288	$	0	$	0

⁽¹⁾   Includes accrued interest.

⁽²⁾  Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

56 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

(e)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
																Asset		Liability
BPS	Receive	DWRTFT Index		88	1-Month USD-LIBOR plus a specified spread	Monthly		08/26/2019	$	1,139	$	0	$	(3	)	$	0	$	(3	)
	Receive	DWRTFT Index		246	1-Month USD-LIBOR plus a specified spread	Monthly		11/06/2019		2,365		0		(72	)		0		(72	)
CBK	Receive	BCOMTR Index		503	3-Month U.S. Treasury Bill rate plus a specified spread	Monthly		02/15/2019		1,231		0		(55	)		0		(55	)
Total Swap Agreements											$	0	$	(130	)	$	0	$	(130	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged as of December 31, 2018:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged		Net Exposure(2)
BPS	$	0	$	0	$	0	$	0	$	0	$	0	$	(75	)	$	(75	)	$	(75	)	$	336	$	261
CBK		0		0		0		0				0		(55	)		(55	)		(55	)		0		(55	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(130	)	$	(130	)

(f) Securities with an aggregate market value of $336 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2018.

⁽¹⁾  Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference.

⁽²⁾  Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2018:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Liabilities
Over the counter
Swap Agreements	$	55	$	0	$	75	$	0	$	0	$	130

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2018:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts			Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Realized (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0		$	0	$	(2	)	$	0	$	0	$	(2	)
Over the counter
Swap Agreements	$	(105	)	$	0	$	(87	)	$	0	$	0	$	(192	)
	$	(105	)	$	0	$	(89	)	$	0	$	0	$	(194	)
Net Change in Unrealized (Depreciation) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	(52	)	$	0	$	(183	)	$	0	$	0	$	(235	)

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 57

Schedule of Investments PIMCO REALPATH^® Blend 2045 Fund (Cont.)

December 31, 2018 (Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Investments in Securities, at Value
Mutual Funds	$	46,486	$	0	$	0	$	46,486
Short-Term Instruments
Repurchase Agreements		0		288		0		288
U.S. Treasury Bills		0		604		0		604
	$	46,486	$	892	$	0	$	47,378
Investments in Affiliates, at Value
Mutual Funds		9,747		0		0		9,747
Short-Term Instruments
Central Funds Used for Cash Management Purposes		4,616		0		0		4,616
	$	14,363	$	0	$	0	$	14,363
Total Investments	$	60,849	$	892	$	0	$	61,741

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2018
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(130	)	$	0	$	(130	)
Total Financial Derivative Instruments	$	0	$	(130	)	$	0	$	(130	)
Totals	$	60,849	$	762		$	0	$	61,611

There were no significant transfers into or out of Level 3 during the period ended December 31, 2018.

58 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO REALPATH^® Blend 2050 Fund

December 31, 2018 (Unaudited)

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

		SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 81.4%
MUTUAL FUNDS 79.9%
Vanguard Developed Markets Index Fund ‘Institutional’			1,347,300	$		16,127
Vanguard Emerging Markets Stock Index Fund ‘Institutional’			309,685			7,479
Vanguard Institutional Index Fund ‘Institutional’			135,854			30,914
Vanguard Small-Cap Index Fund ‘Admiral’			56,595			3,578
Total Mutual Funds (Cost $63,478)						58,098
SHORT-TERM INSTRUMENTS 1.5%
REPURCHASE AGREEMENTS (d) 0.5%
						394
		PRINCIPAL AMOUNT (000S)
U.S. TREASURY BILLS 1.0%
2.347% due 01/03/2019 - 02/26/2019 (a)(b)(f)	$		751			749
Total Short-Term Instruments (Cost $1,144)						1,143
Total Investments in Securities (Cost $64,622)						59,241

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 20.5%
MUTUAL FUNDS (c)12.3%
PIMCO Emerging Markets Local Currency and Bond Fund		70,670	$		464
PIMCO High Yield Fund		105,132			870
PIMCO Income Fund		151,284			1,787
PIMCO International Bond Fund (U.S. Dollar-Hedged)		42,093			448
PIMCO Long Duration Total Return Fund		114,234			1,149
PIMCO Long-Term Credit Bond Fund		103,100			1,125
PIMCO Long-Term Real Return Fund		191,363			1,496
PIMCO Real Return Fund		69,850			738
PIMCO Total Return Fund		86,412			858
Total Mutual Funds (Cost $9,370)					8,935

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 8.2%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.2%
PIMCO Short-Term Floating NAV Portfolio III		601,671	$		5,947
Total Short-Term Instruments (Cost $5,947)					5,947
Total Investments in Affiliates (Cost $15,317)					14,882
Total Investments 101.9% (Cost $79,939)			$		74,123
Financial Derivative Instruments (e) (0.2)% (Cost or Premiums, net $0)					(157	)
Other Assets and Liabilities, net (1.7)%					(1,259	)
Net Assets 100.0%			$		72,707

NOTES TO SCHEDULE OF INVESTMENTS:

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

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

(b) Zero coupon security.

(c) Institutional Class Shares of each Fund.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(d)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received(1)
FICC		2.000	%		12/31/2018		01/02/2019	$	394	U.S. Treasury Notes 2.875% due 09/30/2023	$	(403	)	$	394	$	394
Total Repurchase Agreements											$	(403	)	$	394	$	394

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2018:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net  Exposure(2)
Global/Master Repurchase Agreement
FICC	$	394	$	0	$	0	$	394	$	(403	)	$	(9	)
Total Borrowings and Other Financing Transactions	$	394	$	0	$	0

⁽¹⁾   Includes accrued interest.

⁽²⁾  Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 59

Schedule of Investments PIMCO REALPATH^® Blend 2050 Fund (Cont.)

(e)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency		Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
																Asset		Liability
BPS	Receive	DWRTFT Index		107	1-Month USD-LIBOR plus a specified spread		Monthly	08/26/2019	$	1,381	$	0	$	(4	)	$	0	$	(4	)
	Receive	DWRTFT Index		305	1-Month USD-LIBOR plus a specified spread		Monthly	11/06/2019		3,063		0		(89	)		0		(89	)
CBK	Receive	BCOMTR Index		421	3-Month U.S. Treasury Bill rate plus a specified spread		Monthly	02/15/2019		1,447		0		(64	)		0		(64	)
Total Swap Agreements											$	0	$	(157	)	$	0	$	(157	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged as of December 31, 2018:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged		Net Exposure(2)
BPS	$	0	$	0	$	0	$	0	$	0	$	0	$	(93	)	$	(93	)	$	(93	)	$	409	$	316
CBK		0		0		0		0		0		0		(64	)		(64	)		(64	)		0		(64	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(157	)	$	(157	)

(f) Securities with an aggregate market value of $409 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2018.

⁽¹⁾  Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference.

⁽²⁾  Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2018:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Liabilities
Over the counter
Swap Agreements	$	64	$	0	$	93	$	0	$	0	$	157

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2018:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts			Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Realized (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0		$	0	$	(2	)	$	0	$	0	$	(2	)
Over the counter
Swap Agreements	$	(125	)	$	0	$	(100	)	$	0	$	0	$	(225	)
	$	(125	)	$	0	$	(102	)	$	0	$	0	$	(227	)
Net Change in Unrealized (Depreciation) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	(60	)	$	0	$	(233	)	$	0	$	0	$	(293	)

60 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Investments in Securities, at Value
Mutual Funds	$	58,098	$	0	$	0	$	58,098
Short-Term Instruments
Repurchase Agreements		0		394		0		394
U.S. Treasury Bills		0		749		0		749
	$	58,098	$	1,143	$	0	$	59,241
Investments in Affiliates, at Value
Mutual Funds		8,935		0		0		8,935
Short-Term Instruments
Central Funds Used for Cash Management Purposes		5,947		0		0		5,947
	$	14,882	$	0	$	0	$	14,882
Total Investments	$	72,980	$	1,143	$	0	$	74,123

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2018
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(157	)	$	0	$	(157	)
Total Financial Derivative Instruments	$	0	$	(157	)	$	0	$	(157	)
Totals	$	72,980	$	986		$	0	$	73,966

There were no significant transfers into or out of Level 3 during the period ended December 31, 2018.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 61

Schedule of Investments PIMCO REALPATH^® Blend 2055 Fund

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 81.7%
MUTUAL FUNDS 80.0%
Vanguard Developed Markets Index Fund ‘Admiral’		361,424	$		4,323
Vanguard Emerging Markets Stock Index Fund ‘Admiral’		62,997			2,001
Vanguard Institutional Index Fund ‘Institutional’		36,344			8,270
Vanguard Small-Cap Index Fund ‘Admiral’		15,141			957
Total Mutual Funds (Cost $16,932)					15,551
SHORT-TERM INSTRUMENTS 1.7%
REPURCHASE AGREEMENTS (b) 1.7%
					337
Total Short-Term Instruments (Cost $337)					337
Total Investments in Securities (Cost $17,269)					15,888

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 20.5%
MUTUAL FUNDS (a) 12.1%
PIMCO Emerging Markets Local Currency and Bond Fund		18,302	$		120
PIMCO High Yield Fund		27,362			227
PIMCO Income Fund		39,152			462
PIMCO International Bond Fund (U.S. Dollar-Hedged)		12,279			131
PIMCO Long Duration Total Return Fund		29,070			293
PIMCO Long-Term Credit Bond Fund		26,765			292
PIMCO Long-Term Real Return Fund		49,255			385
PIMCO Real Return Fund		18,453			195
PIMCO Total Return Fund		23,692			235
Total Mutual Funds (Cost $2,417)					2,340

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 8.4%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.4%
PIMCO Short-Term Floating NAV Portfolio III		165,146	$		1,632
Total Short-Term Instruments (Cost $1,633)					1,632
Total Investments in Affiliates (Cost $4,050)					3,972
Total Investments 102.2% (Cost $21,319)			$		19,860
Financial Derivative Instruments (c) (0.2)% (Cost or Premiums, net $0)					(37	)
Other Assets and Liabilities, net (2.0)%					(389	)
Net Assets 100.0%			$		19,434

NOTES TO SCHEDULE OF INVESTMENTS:

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

(a) Institutional Class Shares of each Fund.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(b)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received(1)
FICC		2.000	%		12/31/2018		01/02/2019	$	337	U.S. Treasury Notes 2.875% due 09/30/2023	$	(347	)	$	337	$	337
Total Repurchase Agreements											$	(347	)	$	337	$	337

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2018:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net  Exposure(2)
Global/Master Repurchase Agreement
FICC	$	337	$	0	$	0	$	337	$	(347	)	$	(10	)
Total Borrowings and Other Financing Transactions	$	337	$	0	$	0

⁽¹⁾   Includes accrued interest.

⁽²⁾  Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

62 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

(c)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
																Asset		Liability
BPS	Receive	DWRTFT Index		37	1-Month USD-LIBOR plus a specified spread	Monthly		08/26/2019	$	551	$	0	$	(1	)	$	0	$	(1	)
	Receive	DWRTFT Index		51	1-Month USD-LIBOR plus a specified spread	Monthly		11/06/2019		634		0		(18	)		0		(18	)
CBK	Receive	BCOMTR Index		199	3-Month U.S. Treasury Bill rate plus a specified spread	Monthly		02/15/2019		361		0		(16	)		0		(16	)
JPM	Receive	BCOMTR Index		194	3-Month U.S. Treasury Bill rate plus a specified spread	Monthly		02/15/2019		32		0		(2	)		0		(2	)
Total Swap Agreements											$	0	$	(37	)	$	0	$	(37	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2018:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure(2)
BPS	$	0	$	0	$	0	$	0	$	0	$	0	$	(19	)	$	(19	)	$	(19	)	$	0	$	(19	)
CBK		0		0		0		0		0		0		(16	)		(16	)		(16	)		0		(16	)
JPM		0		0		0		0		0		0		(2	)		(2	)		(2	)		0		(2	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(37	)	$	(37	)

⁽¹⁾   Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference.

⁽²⁾  Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2018:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Liabilities
Over the counter
Swap Agreements	$	18	$	0	$	19	$	0	$	0	$	37

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2018:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts			Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Realized (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Futures	$	0		$	0	$	(2	)	$	0	$	0	$	(2	)
Over the counter
Swap Agreements	$	(29	)	$	0	$	(38	)	$	0	$	0	$	(67	)
	$	(29	)	$	0	$	(40	)	$	0	$	0	$	(69	)

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 63

Schedule of Investments PIMCO REALPATH^® Blend 2055 Fund (Cont.)

December 31, 2018 (Unaudited)

	Derivatives not accounted for as hedging instruments
	Commodity Contracts			Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Change in Unrealized (Depreciation) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	(17	)	$	0	$	(45	)	$	0	$	0	$	(62	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Investments in Securities, at Value
Mutual Funds	$	15,551	$	0	$	0	$	15,551
Short-Term Instruments
Repurchase Agreements		0		337		0		337
	$	15,551	$	337	$	0	$	15,888
Investments in Affiliates, at Value
Mutual Funds		2,340		0		0		2,340
Short-Term Instruments
Central Funds Used for Cash Management Purposes		1,632		0		0		1,632
	$	3,972	$	0	$	0	$	3,972
Total Investments	$	19,523	$	337	$	0	$	19,860

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2018
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(37	)	$	0	$	(37	)
Total Financial Derivative Instruments	$	0	$	(37	)	$	0	$	(37	)
Totals	$	19,523	$	300		$	0	$	19,823

There were no significant transfers into or out of Level 3 during the period ended December 31, 2018.

64 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO REALPATH^® Blend Income Fund

December 31, 2018 (Unaudited)

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

	SHARES		MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 35.9%
MUTUAL FUNDS 35.9%
Vanguard Developed Markets Index Fund ‘Admiral’	258,096	$		3,087
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	45,121			1,433
Vanguard Institutional Index Fund ‘Institutional’	25,979			5,911
Vanguard Small-Cap Index Fund ‘Admiral’	10,822			684
Total Mutual Funds (Cost $11,598)				11,115
Total Investments in Securities (Cost $11,598)				11,115

	SHARES		MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 62.9%
MUTUAL FUNDS (a) 59.6%
PIMCO Emerging Markets Local Currency and Bond Fund	117,386	$		770
PIMCO High Yield Fund	188,497			1,561
PIMCO Income Fund	417,773			4,934
PIMCO International Bond Fund (U.S. Dollar-Hedged)	174,458			1,856
PIMCO Long Duration Total Return Fund	92,549			931
PIMCO Long-Term Credit Bond Fund	85,218			930
PIMCO Long-Term Real Return Fund	158,082			1,236
PIMCO Real Return Fund	271,337			2,865
PIMCO Total Return Fund	342,265			3,399
Total Mutual Funds (Cost $19,100)				18,482

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 3.3%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.3%
PIMCO Short-Term Floating NAV Portfolio III	104,182		$		1,030
Total Short-Term Instruments (Cost $1,030)					1,030
Total Investments in Affiliates (Cost $20,130)					19,512
Total Investments 98.8% (Cost $31,728)		$			30,627
Financial Derivative Instruments (b)(c) 0.3% (Cost or Premiums, net $107)					82
Other Assets and Liabilities, net 0.9%					304
Net Assets 100.0%		$			31,013

NOTES TO SCHEDULE OF INVESTMENTS:

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

(a) Institutional Class Shares of each Fund.

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

PURCHASED OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Cost		Market Value
Put - CBOE S&P 500	$	2,000.000		03/15/2019		4	$	0	$	14	$	3
Put - CBOE S&P 500		2,175.000		03/15/2019		4		0		22		8
Put - CBOE S&P 500		1,975.000		06/21/2019		7		1		28		16
Put - CBOE S&P 500		2,175.000		06/21/2019		5		1		17		24
Put - CBOE S&P 500		2,100.000		09/30/2019		5		0		31		27
Put - CBOE S&P 500		2,300.000		09/30/2019		6		1		20		57
Total Purchased Options									$	132	$	135

WRITTEN OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Put - CBOE S&P 500	$	1,725.000		03/15/2019		4	$	0	$	(7	)	$	(1	)
Put - CBOE S&P 500		1,650.000		06/21/2019		7		1		(9	)		(5	)
Put - CBOE S&P 500		1,725.000		09/30/2019		5		1		(9	)		(8	)
Total Written Options									$	(25	)	$	(14	)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2018:

	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	$	135	$	0	$	0	$	135	$	(14	)	$	0	$	0	$	(14	)

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 65

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

(c)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
															Asset		Liability
BPS	Receive	DWRTFT Index		31	1-Month USD-LIBOR plus a specified spread	Monthly	08/26/2019	$	467	$	0	$	(1	)	$	0	$	(1	)
	Receive	DWRTFT Index		37	1-Month USD-LIBOR plus a specified spread	Monthly	11/06/2019		356		0		(11	)		0		(11	)
CBK	Receive	BCOMTR Index		2,745	3-Month U.S. Treasury Bill rate plus a specified spread	Monthly	02/15/2019		591		0		(26	)		0		(26	)
JPM	Receive	BCOMTR Index		154	3-Month U.S. Treasury Bill rate plus a specified spread	Monthly	02/15/2019		26		0		(1	)		0		(1	)
Total Swap Agreements										$	0	$	(39	)	$	0	$	(39	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2018:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure(2)
BPS	$	0	$	0	$	0	$	0	$	0	$	0	$	(12	)	$	(12	)	$	(12	)	$	0	$	(12	)
CBK		0		0		0		0		0		0		(26	)		(26	)		(26	)		0		(26	)
JPM		0		0		0		0		0		0		(1	)		(1	)		(1	)		0		(1	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(39	)	$	(39	)

⁽¹⁾   Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference.

⁽²⁾  Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information regarding master netting arrangements.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2018:

	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	$	135	$	0	$	0	$	135
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	14	$	0	$	0	$	14
Over the counter
Swap Agreements	$	27	$	0	$	12	$	0	$	0	$	39
	$	27	$	0	$	26	$	0	$	0	$	53

66 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2018:

	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	$	41		$	0	$	0	$	41
Written Options		0			0		(15	)		0		0		(15	)
Futures		0			0		2			0		0		2
	$	0		$	0	$	28		$	0	$	0	$	28
Over the counter
Swap Agreements	$	(53	)	$	0	$	(28	)	$	0	$	0	$	(81	)
	$	(53	)	$	0	$	(0	)	$	0	$	0	$	(53	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0		$	0	$	32		$	0	$	0	$	32
Written Options		0			0		4			0		0		4
	$	0		$	0	$	36		$	0	$	0	$	36
Over the counter
Swap Agreements	$	(25	)	$	0	$	(36	)	$	0	$	0	$	(61	)
	$	(25	)	$	0	$	0		$	0	$	0	$	(25	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Investments in Securities, at Value
Mutual Funds	$	11,115	$	0	$	0	$	11,115
	$	11,115	$	0	$	0	$	11,115
Investments in Affiliates, at Value
Mutual Funds		18,482		0		0		18,482
Short-Term Instruments
Central Funds Used for Cash Management Purposes		1,030		0		0		1,030
	$	19,512	$	0	$	0	$	19,512
Total Investments	$	30,627	$	0	$	0	$	30,627

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2018
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	135		$	0	$	135
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(14	)		0		(14	)
Over the counter		0		(39	)		0		(39	)
	$	0	$	(53	)	$	0	$	(53	)
Total Financial Derivative Instruments	$	0	$	82		$	0	$	82
Totals	$	30,627	$	82		$	0	$	30,709

There were no significant transfers into or out of Level 3 during the period ended December 31, 2018.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 67

Notes to Financial Statements

1. ORGANIZATION

PIMCO Equity Series (the “Trust”) was established as a Delaware statutory trust on March 30, 2010. The Trust is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, 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 functional and reporting currency for the Funds is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized

appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

(b) Foreign Currency Translation  The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. The Funds may invest directly or indirectly through investments in Underlying PIMCO Funds or Acquired Funds, as applicable, in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.

(c) Multi-Class Operations  Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the respective Fund. Class specific expenses, where applicable, currently include supervisory

68 PIMCO EQUITY SERIES

December 31, 2018 (Unaudited)

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

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

	Distribution Frequency
Fund Name	Declared		Distributed
PIMCO REALPATH® Blend 2020 Fund		Quarterly		Quarterly
PIMCO REALPATH® Blend 2025 Fund		Quarterly		Quarterly
PIMCO REALPATH® Blend 2030 Fund		Quarterly		Quarterly
PIMCO REALPATH® Blend 2035 Fund		Quarterly		Quarterly
PIMCO REALPATH® Blend 2040 Fund		Quarterly		Quarterly
PIMCO REALPATH® Blend 2045 Fund		Quarterly		Quarterly
PIMCO REALPATH® Blend 2050 Fund		Quarterly		Quarterly
PIMCO REALPATH® Blend 2055 Fund		Quarterly		Quarterly
PIMCO REALPATH® Blend Income Fund		Quarterly		Quarterly

Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than once each year.

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

If a Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund estimates the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is estimated that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund’s daily internal accounting records and practices, a Fund’s financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund’s internal

accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include, among others, the treatment of paydowns on mortgage-backed securities purchased at a discount and periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund’s financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution’s tax character will be reported on Form 1099 DIV sent to shareholders for the calendar year.

Distributions classified as a tax basis return of capital, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(e) New Accounting Pronouncements  In August 2016, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”), ASU 2016-15, which amends Accounting Standards Codification (“ASC”) 230 to clarify guidance on the classification of certain cash receipts and cash payments in the Statement of Cash Flows. The ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. The Funds have adopted the ASU. The implementation of the ASU did not have an impact on the Funds’ financial statements.

In November 2016, the FASB issued ASU 2016-18 which amends ASC 230 to provide guidance on the classification and presentation of changes in restricted cash and restricted cash equivalents on the Statement of Cash Flows. The ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. The Funds have adopted the ASU. The implementation of the ASU did not have an impact on the Funds’ financial statements.

In March 2017, the FASB issued ASU 2017-08 which provides guidance related to the amortization period for certain purchased callable debt securities held at a premium. The ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The Funds have adopted the ASU. The implementation of the ASU did not have an impact on the Funds’ financial statements.

SEMIANNUAL REPORT DECEMBER 31, 2018 69

Notes to Financial Statements (Cont.)

In August 2018, the FASB issued ASU 2018-13 which modifies certain disclosure requirements for fair value measurements in ASC 820. The ASU is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. At this time, management has elected to early adopt the amendments that allow for

removal of certain disclosure requirements. Management plans to adopt the amendments that require additional fair value measurement disclosures for annual periods beginning after December 15, 2019, and interim periods within those annual periods. Management is currently evaluating the impact of these changes on the financial statements.

In August 2018, the U.S. Securities and Exchange Commission (“SEC”) adopted amendments to certain rules and forms for the purpose of disclosure update and simplification. The compliance date for these amendments is 30 days after date of publication in the Federal Register, which was on October 4, 2018. Management has adopted these amendments and the changes are incorporated throughout all periods presented in the financial statements. Prior distributions for the period ended June 30, 2018, before these amendments became effective, were presented as follows (amounts in thousands^†):

	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
Distributions to Shareholders:
From net investment income
Institutional Class	$	(202	)	$	(134	)	$	(290	)	$	(397	)	$	(581	)	$	(858	)	$	(1,050	)	$	(229	)	$	(121	)
Administrative Class		(187	)		(256	)		(243	)		(216	)		(150	)		(135	)		(185	)		(1	)		(171	)
Class A		(56	)		(70	)		(62	)		(72	)		(99	)		(63	)		(65	)		(45	)		(38	)
From net realized capital gains
Institutional Class		0			0			(25	)		0			(52	)		0			0			0			0
Administrative Class		0			0			(26	)		0			(17	)		0			0			0			0
Class A		0			0			(7	)		0			(11	)		0			0			0			0
Total Distributions from Net Investment Income and/or Net Realized Capital Gains	$	(445	)	$	(460	)	$	(653	)	$	(685	)	$	(910	)	$	(1,056	)	$	(1,300	)	$	(275	)	$	(330	)

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies  The price of a Fund’s shares is based on the Fund’s NAV. The NAV of a Fund, or each of its share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets, less any liabilities attributable to that Fund or class, by the total number of shares outstanding of that Fund or class.

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

For purposes of calculating a NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of official closing prices or the last reported sales prices, or if no sales are reported, based on quotes obtained from established market makers or prices (including evaluated prices) supplied by the Funds’ approved

pricing services, quotation reporting systems and other third-party sources (together, “Pricing Services”). The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. If market value pricing is used, a foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by the Adviser to be the primary exchange. A foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange. Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Services using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Services may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes

70 PIMCO EQUITY SERIES

December 31, 2018 (Unaudited)

obtained from brokers and dealers or market-based prices supplied by Pricing Services. A Fund’s investments in open-end management investment companies, other than exchange-traded funds (“ETFs”), are valued at the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security’s value has materially changed after the close of the security’s primary exchange or principal market but before the NYSE Close, the security may be valued at fair value based on procedures established and approved by the Board of Trustees of the Trust (the “Board”). Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, a Fund may determine the fair value of investments based on information provided by Pricing Services and other third-party vendors, which may recommend fair value or adjustments with reference to other securities, indices or assets. In considering whether fair valuation is required and in determining fair values, a Fund may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, any movement in the applicable reference index or instrument (“zero trigger”) between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in a Fund’s portfolio investments being affected when shareholders are unable to buy or sell shares.

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

When a Fund (or, in each instance in this paragraph, as applicable, an Underlying PIMCO Fund or Acquired Fund) uses fair valuation to determine the value of a portfolio security or other asset for purposes of calculating its NAV, such investments will not be priced on the basis of quotes from the primary market in which they are traded, but rather may be priced by another method that the Board or persons acting at their direction believe reflects fair value. Fair valuation may require subjective determinations about the value of a security. While the Trust’s policy is intended to result in a calculation of a Fund’s NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined by the Board or persons acting at their direction would accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time

SEMIANNUAL REPORT DECEMBER 31, 2018 71

Notes to Financial Statements (Cont.)

of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold. The Funds’ use of fair valuation may also help to deter “stale price arbitrage” as discussed under the “Abusive Trading Practices” section in each Fund’s prospectus.

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

^∎  Level 1 — Quoted prices in active markets or exchanges for identical assets and liabilities.

^∎  Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

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

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

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of a Fund’s assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

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

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

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

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

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

72 PIMCO EQUITY SERIES

December 31, 2018 (Unaudited)

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

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

Each Fund may invest substantially all or a significant portion of its assets in Underlying PIMCO Funds and Acquired Funds. The Underlying PIMCO Funds are considered to be affiliated with the Funds. Each Fund may also invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III (“Central Funds”) to the extent permitted by the Act and rules thereunder. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Funds. The tables below show the Funds’ transactions in and earnings from investments in the affiliated Funds for the period ended December 31, 2018 (amounts in thousands^†):

PIMCO REALPATH^® Blend 2020 Fund

Underlying PIMCO Funds	Market Value 06/30/2018		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2018		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	629	$	334	$	(48	)	$	(10	)	$	(20	)	$	885	$	25	$	0
PIMCO High Yield Fund		1,306		652		(138	)		(7	)		(72	)		1,741		45		0
PIMCO Income Fund		3,907		2,247		(651	)		(31	)		(46	)		5,426		139		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		1,445		790		(197	)		(1	)		(24	)		2,013		37		2
PIMCO Long Duration Total Return Fund		1,053		529		(314	)		(22	)		(16	)		1,230		33		9
PIMCO Long-Term Credit Bond Fund		1,038		542		(293	)		(25	)		(34	)		1,228		38		15
PIMCO Long-Term Real Return Fund		1,423		688		(359	)		(25	)		(96	)		1,631		19		0
PIMCO Real Return Fund		2,249		1,288		(348	)		(13	)		(66	)		3,110		28		0
PIMCO Short-Term Floating NAV Portfolio III		1,166		8,515		(8,200	)		0			0			1,481		16		0
PIMCO Total Return Fund		2,631		1,528		(457	)		(17	)		2			3,687		62		0
Totals	$	16,847	$	17,113	$	(11,005	)	$	(151	)	$	(372	)	$	22,432	$	442	$	26
PIMCO REALPATH®Blend 2025 Fund
Underlying PIMCO Funds	Market Value 06/30/2018		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2018		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	566	$	246	$	0		$	0		$	(23	)	$	789	$	22	$	0
PIMCO High Yield Fund		1,193		365		0			0			(68	)		1,490		39		0
PIMCO Income Fund		3,048		1,225		(253	)		(14	)		(44	)		3,962		103		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		1,030		394		(56	)		0			(17	)		1,351		25		2
PIMCO Long Duration Total Return Fund		1,531		612		(190	)		(14	)		(38	)		1,901		47		13
PIMCO Long-Term Credit Bond Fund		1,509		631		(158	)		(19	)		(65	)		1,898		53		20
PIMCO Long-Term Real Return Fund		2,059		830		(206	)		(14	)		(151	)		2,518		26		0
PIMCO Real Return Fund		1,607		611		(107	)		(4	)		(49	)		2,058		19		0
PIMCO Short-Term Floating NAV Portfolio III		1,319		5,823		(5,300	)		0			0			1,842		22		0
PIMCO Total Return Fund		1,868		715		(117	)		(5	)		(4	)		2,457		43		0
Totals	$	15,730	$	11,452	$	(6,387	)	$	(70	)	$	(459	)	$	20,266	$	399	$	35

SEMIANNUAL REPORT DECEMBER 31, 2018 73

Notes to Financial Statements (Cont.)

PIMCO REALPATH® Blend 2030 Fund
Underlying PIMCO Funds	Market Value 06/30/2018		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2018		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	561	$	320	$	(54	)	$	(6	)	$	(19	)	$	802	$	23	$	0
PIMCO High Yield Fund		1,169		523		0			0			(77	)		1,615		41		0
PIMCO Income Fund		2,783		1,500		(355	)		(18	)		(37	)		3,873		100		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		882		420		(65	)		0			(16	)		1,221		23		1
PIMCO Long Duration Total Return Fund		1,632		836		(55	)		(8	)		(53	)		2,352		53		15
PIMCO Long-Term Credit Bond Fund		1,608		858		0			0			(97	)		2,369		61		24
PIMCO Long-Term Real Return Fund		2,209		1,205		(152	)		(15	)		(174	)		3,073		30		0
PIMCO Real Return Fund		1,381		641		(71	)		(4	)		(46	)		1,901		17		0
PIMCO Short-Term Floating NAV Portfolio III		2,338		8,034		(7,300	)		0			(1	)		3,071		33		0
PIMCO Total Return Fund		1,609		779		(111	)		(5	)		(3	)		2,269		39		0
Totals	$	16,172	$	15,116	$	(8,163	)	$	(56	)	$	(523	)	$	22,546	$	420	$	40
PIMCO REALPATH®Blend 2035 Fund
Underlying PIMCO Funds	Market Value 06/30/2018		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2018		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	495	$	134	$	0		$	0		$	(17	)	$	612	$	17	$	0
PIMCO High Yield Fund		1,010		216		0			0			(54	)		1,172		31		0
PIMCO Income Fund		2,245		701		(221	)		(11	)		(28	)		2,686		71		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		658		182		(54	)		0			(10	)		776		15		1
PIMCO Long Duration Total Return Fund		1,216		378		(56	)		(9	)		(30	)		1,499		34		9
PIMCO Long-Term Credit Bond Fund		1,196		399		(52	)		(7	)		(52	)		1,484		38		14
PIMCO Long-Term Real Return Fund		1,612		510		(45	)		(5	)		(117	)		1,955		20		0
PIMCO Real Return Fund		1,029		326		(65	)		(3	)		(28	)		1,259		12		0
PIMCO Short-Term Floating NAV Portfolio III		2,538		5,438		(4,800	)		0			(1	)		3,175		36		0
PIMCO Total Return Fund		1,227		372		(95	)		(4	)		(2	)		1,498		26		0
Totals	$	13,226	$	8,656	$	(5,388	)	$	(39	)	$	(339	)	$	16,116	$	300	$	24
PIMCO REALPATH® Blend 2040 Fund
Underlying PIMCO Funds	Market Value 06/30/2018		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2018		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	409	$	224	$	0		$	0		$	(15	)	$	618	$	17	$	0
PIMCO High Yield Fund		925		356		0			0			(58	)		1,223		30		0
PIMCO Income Fund		1,913		875		(161	)		(8	)		(27	)		2,592		65		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		545		190		0			0			(9	)		726		14		1
PIMCO Long Duration Total Return Fund		907		406		0			0			(29	)		1,284		28		8
PIMCO Long-Term Credit Bond Fund		894		419		0			0			(51	)		1,262		31		13
PIMCO Long-Term Real Return Fund		1,247		502		0			0			(97	)		1,652		16		0
PIMCO Real Return Fund		853		288		0			0			(28	)		1,113		10		0
PIMCO Short-Term Floating NAV Portfolio III		3,146		7,744		(7,000	)		0			(1	)		3,889		43		0
PIMCO Total Return Fund		994		420		(84	)		(4	)		0			1,326		23		0
Totals	$	11,833	$	11,424	$	(7,245	)	$	(12	)	$	(315	)	$	15,685	$	277	$	22

74 PIMCO EQUITY SERIES

December 31, 2018 (Unaudited)

PIMCO REALPATH® Blend 2045 Fund
Underlying PIMCO Funds	Market Value 06/30/2018		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2018		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	379	$	144	$	0		$	0		$	(14	)	$	509	$	15	$	0
PIMCO High Yield Fund		856		199		0			0			(46	)		1,009		26		0
PIMCO Income Fund		1,723		529		(151	)		(8	)		(22	)		2,071		54		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		492		74		0			0			(8	)		558		11		1
PIMCO Long Duration Total Return Fund		901		228		0			0			(28	)		1,101		25		7
PIMCO Long-Term Credit Bond Fund		888		239		0			0			(44	)		1,083		29		11
PIMCO Long-Term Real Return Fund		1,261		298		0			0			(91	)		1,468		15		0
PIMCO Real Return Fund		750		191		0			0			(23	)		918		9		0
PIMCO Short-Term Floating NAV Portfolio III		4,363		5,354		(5,100	)		0			(1	)		4,616		54		0
PIMCO Total Return Fund		873		238		(77	)		(3	)		(1	)		1,030		18		0
Totals	$	12,486	$	7,494	$	(5,328	)	$	(11	)	$	(278	)	$	14,363	$	256	$	19
PIMCO REALPATH® Blend 2050 Fund
Underlying PIMCO Funds	Market Value 06/30/2018		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2018		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	358	$	118	$	0		$	0		$	(12	)	$	464	$	13	$	0
PIMCO High Yield Fund		809		101		0			0			(40	)		870		23		0
PIMCO Income Fund		1,582		317		(84	)		(5	)		(23	)		1,787		48		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		445		9		0			0			(6	)		448		9		1
PIMCO Long Duration Total Return Fund		989		190		0			0			(30	)		1,149		27		7
PIMCO Long-Term Credit Bond Fund		974		198		0			0			(47	)		1,125		31		11
PIMCO Long-Term Real Return Fund		1,399		196		0			0			(99	)		1,496		16		0
PIMCO Real Return Fund		670		88		0			0			(20	)		738		7		0
PIMCO Short-Term Floating NAV Portfolio III		5,280		8,568		(7,900	)		0			(1	)		5,947		68		0
PIMCO Total Return Fund		779		179		(97	)		(1	)		(2	)		858		17		0
Totals	$	13,285	$	9,964	$	(8,081	)	$	(6	)	$	(280	)	$	14,882	$	259	$	19
PIMCO REALPATH® Blend 2055 Fund
Underlying PIMCO Funds	Market Value 06/30/2018		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2018		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	62	$	60	$	0		$	0		$	(2	)	$	120	$	3	$	0
PIMCO High Yield Fund		153		85		0			0			(11	)		227		5		0
PIMCO Income Fund		302		218		(53	)		(2	)		(3	)		462		11		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		78		55		0			0			(2	)		131		2		0
PIMCO Long Duration Total Return Fund		184		139		(24	)		(1	)		(5	)		293		6		2
PIMCO Long-Term Credit Bond Fund		181		144		(21	)		(2	)		(10	)		292		7		3
PIMCO Long-Term Real Return Fund		246		184		(23	)		(2	)		(20	)		385		4		0
PIMCO Real Return Fund		116		83		0			0			(4	)		195		2		0
PIMCO Short-Term Floating NAV Portfolio III		1,016		5,116		(4,500	)		0			0			1,632		17		0
PIMCO Total Return Fund		147		89		0			0			(1	)		235		4		0
Totals	$	2,485	$	6,173	$	(4,621	)	$	(7	)	$	(58	)	$	3,972	$	61	$	5

SEMIANNUAL REPORT DECEMBER 31, 2018 75

Notes to Financial Statements (Cont.)

PIMCO REALPATH® Blend Income Fund
Underlying PIMCO Funds	Market Value 06/30/2018		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2018		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	591	$	302	$	(98	)	$	(11	)	$	(14	)	$	770	$	23	$	0
PIMCO High Yield Fund		1,231		487		(84	)		(4	)		(69	)		1,561		40		0
PIMCO Income Fund		3,860		1,741		(595	)		(27	)		(45	)		4,934		132		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		1,465		627		(211	)		(1	)		(24	)		1,856		37		2
PIMCO Long Duration Total Return Fund		745		320		(109	)		(10	)		(15	)		931		22		6
PIMCO Long-Term Credit Bond Fund		735		328		(93	)		(10	)		(30	)		930		25		10
PIMCO Long-Term Real Return Fund		998		426		(107	)		(8	)		(73	)		1,236		13		0
PIMCO Real Return Fund		2,266		982		(305	)		(13	)		(65	)		2,865		28		0
PIMCO Short-Term Floating NAV Portfolio III		1,018		4,612		(4,600	)		0			0			1,030		12		0
PIMCO Total Return Fund		2,651		1,185		(425	)		(13	)		1			3,399		62		0
Totals	$	15,560	$	11,010	$	(6,627	)	$	(97	)	$	(334	)	$	19,512	$	394	$	18

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

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

(b) Investments in Securities

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

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises  are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association (“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.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

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

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

Repurchase Agreements  Under the terms of a typical repurchase agreement, a Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by a Fund’s custodian or designated subcustodians under tri-party repurchase agreements and in certain instances will remain in custody

76 PIMCO EQUITY SERIES

December 31, 2018 (Unaudited)

with the counterparty. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for the receipt of collateral, which may result in interest expense to the Fund.

6. FINANCIAL DERIVATIVE INSTRUMENTS

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

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

(a) Futures Contracts  are agreements to buy or sell a security or other asset for a set price on a future date. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures 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.

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

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

Options on Indices  (“Index Option”) use a specified index as the underlying instrument for the option contract. The exercise for an Index Option will not include physical delivery of the underlying index but will result in a cash transfer of the amount of the difference between the settlement price of the underlying index and the strike price.

(c) Swap Agreements  are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows,

SEMIANNUAL REPORT DECEMBER 31, 2018 77

Notes to Financial Statements (Cont.)

assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market (“OTC swaps”) or may be cleared through a third party, known as a central counterparty or derivatives clearing organization (“Centrally Cleared Swaps”). A Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps (“Swap Variation Margin”), if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gain (loss) on the Statements of Operations.

For purposes of applying certain of a Fund’s investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by a Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of a Fund’s investment policies and restrictions, the Funds will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of a Fund’s other investment policies and restrictions. For example, a Fund may value credit default swaps at full exposure value for purposes of a Fund’s credit quality guidelines (if any) because such value in general better reflects a Fund’s actual economic exposure

during the term of the credit default swap agreement. As a result, a Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in a Fund’s prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether a Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by a Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

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

To the extent a Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Total Return Swap Agreements  are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities, or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, a Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, a Fund would owe payments on any net positive total return, and would receive payments in the event of a net negative total return.

78 PIMCO EQUITY SERIES

December 31, 2018 (Unaudited)

7. PRINCIPAL RISKS

The principal risks of investing in a Fund, which could adversely affect its net asset value, yield and total return, are listed below.

Risks

PIMCO REALPATH® Blend 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

New/Small Fund

X

X

X

X

X

X

X

X

X

Allocation

X

X

X

X

X

X

X

X

X

Acquired

X

X

X

X

X

X

X

X

X

Investment in Acquired Fund Risks

New/Small Fund

X

X

X

X

X

X

X

X

X

Equity

X

X

X

X

X

X

X

X

X

Value Investing

X

X

X

X

X

X

X

X

X

Interest Rate

X

X

X

X

X

X

X

X

X

Call

X

X

X

X

X

X

X

X

X

Credit

X

X

X

X

X

X

X

X

X

High Yield and Distressed Company

X

X

X

X

X

X

X

X

X

Market

X

X

X

X

X

X

X

X

X

Issuer

X

X

X

X

X

X

X

X

X

Liquidity

X

X

X

X

X

X

X

X

X

Derivatives

X

X

X

X

X

X

X

X

X

Commodity

X

X

X

X

X

X

X

X

X

Mortgage-Related and Other Asset-Backed Securities

X

X

X

X

X

X

X

X

X

Foreign (Non-U.S.) Investment

X

X

X

X

X

X

X

X

X

Real Estate

X

X

X

X

X

X

X

X

X

Emerging Markets

X

X

X

X

X

X

X

X

X

Sovereign Debt

X

X

X

X

X

X

X

X

X

Currency

X

X

X

X

X

X

X

X

X

Leveraging

X

X

X

X

X

X

X

X

X

Small-Cap and Mid-Cap Company

X

X

X

X

X

X

X

X

X

Management

X

X

X

X

X

X

X

X

X

Short Exposure

X

X

X

X

X

X

X

X

X

Tax

X

X

X

X

X

X

X

X

X

Subsidiary

X

X

X

X

X

X

X

X

X

Arbitrage

X

X

X

X

X

X

X

X

X

Convertible Securities

X

X

X

X

X

X

X

X

X

Exchange-Traded Fund

X

X

X

X

X

X

X

X

X

A Fund is generally subject to a different level and amount of risk relative to its target date and time horizon. The principal risks of investing in a Fund include risks from direct investments and/or for certain Funds that invest in Acquired Funds or Underlying PIMCO Funds, indirect exposure through investment in such Acquired Funds or Underlying PIMCO Funds. Please see “Description of Principal Risks” in a Fund’s prospectus for a more detailed description of the risks of investing in a Fund.

The following risks are principal risks of investing in a Fund.

New/Small Fund Risk  is the risk that a new or smaller Fund’s performance may not represent how a Fund is expected to or may perform in the long term. In addition, new Funds have limited operating histories for investors to evaluate and new and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies.

Allocation Risk  is the risk that a Fund could lose money as a result of less than optimal or poor asset allocation decisions. A Fund could miss attractive investment opportunities by underweighting markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience significant declines.

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

The following risks are principal risks of investing in a Fund that include risks from direct investments and/or indirect exposure through investment in Acquired Funds.

New/Small Fund Risk  is the risk that a new or smaller Fund’s performance may not represent how a Fund is expected to or may

SEMIANNUAL REPORT DECEMBER 31, 2018 79

Notes to Financial Statements (Cont.)

perform in the long term. In addition, new Funds have limited operating histories for investors to evaluate and new and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies.

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

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

Interest Rate Risk  is the risk that fixed income securities will decline in value because of an increase in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration.

Call Risk  is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer’s credit quality). If an issuer calls a security that a Fund has invested in, a Fund may not recoup the full amount of its initial investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk  is the risk that a Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling to meet its financial obligations.

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

Market Risk  is the risk that the value of securities owned by a Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Issuer Risk  is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services.

Liquidity Risk  is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, causing increased supply in the market due to selling activity.

Derivatives Risk  is the risk of investing in derivative instruments (such as futures, swaps and structured securities), including leverage, liquidity, interest rate, market, credit and management risks, mispricing or valuation complexity. Changes in the value of the derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested. A Fund’s use of derivatives may result in losses to the Fund, a reduction in a Fund’s returns and/or increased volatility. Over-the-counter (“OTC”) derivatives are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives. For derivatives traded on an exchange or through a central counterparty, credit risk resides with the Fund’s clearing broker, or the clearinghouse itself, rather than with a counterparty in an OTC derivative transaction. Changes in regulation relating to a mutual fund’s use of derivatives and related instruments could potentially limit or impact a Fund’s ability to invest in derivatives, limit a Fund’s ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and a Fund’s performance.

Commodity Risk  is the risk that investing in commodity-linked derivative instruments may subject a Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

Mortgage-Related and Other Asset-Backed Securities Risk  is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk.

Foreign (Non-U.S.) Investment Risk  is the risk that investing in foreign (non-U.S.) securities may result in a Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing

80 PIMCO EQUITY SERIES

December 31, 2018 (Unaudited)

reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

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

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

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

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

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

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

Management Risk  is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that legislative, regulatory, or tax restrictions, policies or developments

may affect the investment techniques available to PIMCO and the individual portfolio manager in connection with managing a Fund. There is no guarantee that the investment objective of a Fund will be achieved.

Short Exposure Risk  is the risk of entering into short sales, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale will not fulfill its contractual obligations, causing a loss to a Fund.

Tax Risk  is the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect whether income from such investments is “qualifying income” under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of the Fund’s taxable income or gains and distributions.

Subsidiary Risk  is the risk that, by investing in certain Underlying PIMCO Funds that invest in a subsidiary (each a “Subsidiary”), a Fund is indirectly exposed to the risks associated with a Subsidiary’s investments. The Subsidiaries are not registered under the 1940 Act and may not be subject to all the investor protections of the 1940 Act. There is no guarantee that the investment objective of a Subsidiary will be achieved.

Arbitrage Risk  is the risk that securities purchased pursuant to an arbitrage strategy intended to take advantage of a perceived relationship between the value of two securities may not perform as expected.

Convertible Securities Risk  is the risk that arises when convertible securities share both fixed income and equity characteristics. Convertible securities are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk and credit risk.

Exchange-Traded Fund Risk  is the risk that an exchange-traded fund may not track the performance of the index it is designed to track, market prices of shares of an exchange-traded fund may fluctuate rapidly and materially, or shares of an exchange-traded fund may trade significantly above or below net asset value, any of which may cause losses to a Fund invested in the exchange-traded fund.

8. MASTER NETTING ARRANGEMENTS

A Fund may be subject to various netting arrangements (“Master Agreements”) with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying

SEMIANNUAL REPORT DECEMBER 31, 2018 81

Notes to Financial Statements (Cont.)

credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

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

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

Master Securities Forward Transaction Agreements (“Master Forward Agreements”) govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between a Fund and select counterparties. The Master Forward

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

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant (“FCM”) registered with the Commodity Futures Trading Commission (“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 are 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

82 PIMCO EQUITY SERIES

December 31, 2018 (Unaudited)

below a predefined level. These amounts, if any, may be segregated with a third-party custodian. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee  PIMCO is a majority-owned subsidiary of Allianz Asset Management of America L.P. (“Allianz Asset Management”) and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from

each Fund at an annual rate based on average daily net assets (the “Investment Advisory Fee”). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

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

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

	Investment Advisory Fee		Supervisory and Administrative Fee
Fund Name	All Classes		Institutional Class		Administrative Class		Class A		Class R
PIMCO REALPATH® Blend 2020 Fund		0.01%		0.02%		0.02%		0.27%		0.27%	*
PIMCO REALPATH® Blend 2025 Fund		0.01%		0.02%		0.02%		0.27%		0.27%	*
PIMCO REALPATH® Blend 2030 Fund		0.02%		0.02%		0.02%		0.27%		0.27%	*
PIMCO REALPATH® Blend 2035 Fund		0.03%		0.02%		0.02%		0.27%		0.27%	*
PIMCO REALPATH® Blend 2040 Fund		0.03%		0.02%		0.02%		0.27%		0.27%	*
PIMCO REALPATH® Blend 2045 Fund		0.03%		0.02%		0.02%		0.27%		0.27%	*
PIMCO REALPATH® Blend 2050 Fund		0.03%		0.02%		0.02%		0.27%		0.27%	*
PIMCO REALPATH® Blend 2055 Fund		0.03%		0.02%		0.02%		0.27%		0.27%	*
PIMCO REALPATH® Blend Income Fund		0.01%		0.02%		0.02%		0.27%		0.27%	*

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

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

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

The Trust has adopted a Distribution and Servicing Plan with respect to the Administrative Class shares of each Fund pursuant to Rule 12b-1 under the Act (the “Administrative Class Plan”). Under the terms of the Administrative Class Plan, a Fund may compensate the Distributor for providing, or procuring through financial intermediaries, distribution, administrative, recordkeeping, shareholder and/or related services with

respect to Administrative Class shares. The Administrative Class Plan permits a Fund to make total payments at an annual rate of up to 0.25% of the average daily net assets attributable to the Administrative Class shares.

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

	Distribution Fee			Servicing Fee
Administrative Class		—			0.25%
Class A		—			0.25%
Class R		0.25%	*		0.25%	*

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

The Distributor also received the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares and the contingent deferred sales charges paid by the shareholders upon certain redemptions of Class A and Class C shares. For the period ended December 31, 2018, the Distributor retained $28,233 representing commissions (sales charges) and contingent deferred sales charges from the Trust.

SEMIANNUAL REPORT DECEMBER 31, 2018 83

Notes to Financial Statements (Cont.)

(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 each other 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  Pursuant to the Expense Limitation Agreement, PIMCO has agreed to waive a portion of the Funds’ Supervisory and Administrative Fee, or reimburse each Fund, to the extent that each Fund’s organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee Fees exceed 0.0049%, the “Expense Limit” (calculated as a percentage of each Fund’s average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

Under certain conditions, PIMCO may be reimbursed for amounts waived pursuant to the Expense Limitation Agreement in future periods, not to exceed thirty-six months after the waiver. The total recoverable amounts to PIMCO at December 31, 2018, were as follows (amounts in thousands^†):

	Expiring within
Fund Name	12 months		13-24 months		25-36 months		Total
PIMCO RealPath® Blend 2020 Fund	$	0	$	0	$	3	$	3
PIMCO RealPath® Blend 2025 Fund		0		0		3		3
PIMCO RealPath® Blend 2030 Fund		0		0		4		4
PIMCO RealPath® Blend 2035 Fund		0		0		4		4
PIMCO RealPath® Blend 2040 Fund		0		0		4		4
PIMCO RealPath® Blend 2045 Fund		0		0		5		5
PIMCO RealPath® Blend 2050 Fund		0		0		6		6
PIMCO RealPath® Blend 2055 Fund		0		1		1		2
PIMCO RealPath® Blend Income Fund		0		0		2		2

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

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

The expenses associated with investing in a fund of funds are generally higher than those for mutual funds that do not invest in other mutual funds. The cost of investing in a fund of funds will generally be higher

than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. By investing in a fund of funds, an investor will indirectly bear fees and expenses charged by Acquired Funds in addition to each Fund’s direct fees and expenses. In addition, the use of a fund of funds structure could affect the timing, amount and character of distributions to the shareholders and may therefore increase the amount of taxes payable by shareholders.

84 PIMCO EQUITY SERIES

December 31, 2018 (Unaudited)

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

11. GUARANTEES AND INDEMNIFICATIONS

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

12. PURCHASES AND SALES OF SECURITIES

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

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2018, 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	$	15,089	$	5,168
PIMCO REALPATH® Blend 2025 Fund		0		0		17,822		7,836
PIMCO REALPATH® Blend 2030 Fund		0		0		19,755		3,171
PIMCO REALPATH® Blend 2035 Fund		0		0		10,916		1,980
PIMCO REALPATH® Blend 2040 Fund		0		0		22,721		6,814
PIMCO REALPATH® Blend 2045 Fund		0		0		13,625		2,316
PIMCO REALPATH® Blend 2050 Fund		0		0		14,662		3,146
PIMCO REALPATH® Blend 2055 Fund		0		0		8,597		483
PIMCO REALPATH® Blend Income Fund		0		0		16,721		8,709

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

13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands^†):

	PIMCO REALPATH® Blend 2020 Fund												PIMCO REALPATH® Blend 2025 Fund
	Six Months Ended 12/31/2018						Year Ended 06/30/2018						Six Months Ended 12/31/2018						Year Ended 06/30/2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		1,410		$	15,479			466		$	5,145			1,097		$	12,213			302		$	3,386
Administrative Class		82			905			1,426			15,852			105			1,173			2,134			24,027
Class A		20			218			273			3,051			26			278			100			1,115
Issued as reinvestment of distributions
Institutional Class		66			691			18			202			53			555			12			134
Administrative Class		39			403			17			187			62			646			23			256
Class A		17			172			5			56			15			159			6			70
Cost of shares redeemed
Institutional Class		(523	)		(5,701	)		(304	)		(3,335	)		(173	)		(1,888	)		(279	)		(3,129	)
Administrative Class		(110	)		(1,200	)		(313	)		(3,464	)		(96	)		(1,068	)		(393	)		(4,416	)
Class A		(10	)		(109	)		(21	)		(232	)		(28	)		(309	)		(17	)		(194	)
Net increase (decrease) resulting from Fund share transactions		991		$	10,858			1,567		$	17,462			1,061		$	11,759			1,888		$	21,249

SEMIANNUAL REPORT DECEMBER 31, 2018 85

Notes to Financial Statements (Cont.)

	PIMCO REALPATH® Blend 2030 Fund												PIMCO REALPATH® Blend 2035 Fund
	Six Months Ended 12/31/2018						Year Ended 06/30/2018						Six Months Ended 12/31/2018						Year Ended 06/30/2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		1,767		$	20,271			433		$	4,973			927		$	10,696			278		$	3,228
Administrative Class		104			1,178			1,986			22,882			109			1,238			1,684			19,711
Class A		117			1,351			82			924			81			961			72			831
Issued as reinvestment of distributions
Institutional Class		107			1,135			28			315			112			1,198			34			397
Administrative Class		68			725			23			269			77			825			19			216
Class A		19			200			6			69			23			241			6			72
Cost of shares redeemed
Institutional Class		(342	)		(3,854	)		(436	)		(5,003	)		(218	)		(2,526	)		(431	)		(5,015	)
Administrative Class		(204	)		(2,310	)		(245	)		(2,798	)		(126	)		(1,449	)		(214	)		(2,505	)
Class A		(3	)		(34	)		(10	)		(107	)		(11	)		(127	)		(6	)		(73	)
Net increase (decrease) resulting from Fund share transactions		1,633		$	18,662			1,867		$	21,524			974		$	11,057			1,442		$	16,862

	PIMCO REALPATH® Blend 2040 Fund												PIMCO REALPATH® Blend 2045 Fund
	Six Months Ended 12/31/2018						Year Ended 06/30/2018						Six Months Ended 12/31/2018						Year Ended 06/30/2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		1,508		$	17,719			381		$	4,467			1,095		$	12,881			538		$	6,329
Administrative Class		85			980			1,028			12,149			74			867			980			11,605
Class A		82			964			93			1,071			28			331			46			543
Issued as reinvestment of distributions
Institutional Class		173			1,866			54			633			267			2,875			73			858
Administrative Class		50			535			14			167			54			578			11			135
Class A		27			290			9			109			20			209			5			63
Cost of shares redeemed
Institutional Class		(275	)		(3,200	)		(395	)		(4,620	)		(260	)		(3,007	)		(374	)		(4,373	)
Administrative Class		(39	)		(453	)		(106	)		(1,256	)		(60	)		(707	)		(122	)		(1,456	)
Class A		(2	)		(19	)		(113	)		(1,296	)		(1	)		(14	)		(28	)		(330	)
Net increase (decrease) resulting from Fund share transactions		1,609		$	18,682			965		$	11,424			1,217		$	14,013			1,129		$	13,374

	PIMCO REALPATH® Blend 2050 Fund												PIMCO REALPATH® Blend 2055 Fund
	Six Months Ended 12/31/2018						Year Ended 06/30/2018						Six Months Ended 12/31/2018						Year Ended 06/30/2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		1,040		$	12,330			652		$	7,661			762		$	8,864			347		$	4,050
Administrative Class		151			1,751			1,379			16,415			15			169			14			161
Class A		38			437			50			591			33			381			40			466
Issued as reinvestment of distributions
Institutional Class		313			3,375			89			1,050			76			821			19			229
Administrative Class		78			841			16			185			1			14			0			1
Class A		21			227			6			65			9			101			4			45
Cost of shares redeemed
Institutional Class		(214	)		(2,520	)		(462	)		(5,442	)		(83	)		(973	)		(62	)		(725	)
Administrative Class		(105	)		(1,220	)		(182	)		(2,172	)		(1	)		(6	)		(2	)		(27	)
Class A		(8	)		(91	)		(49	)		(556	)		(11	)		(128	)		(34	)		(387	)
Net increase (decrease) resulting from Fund share transactions		1,314		$	15,130			1,499		$	17,797			801		$	9,243			326		$	3,813

86 PIMCO EQUITY SERIES

December 31, 2018 (Unaudited)

	PIMCO REALPATH® Blend Income Fund
	Six Months Ended 12/31/2018						Year Ended 06/30/2018
	Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		956		$	10,429			638		$	7,015
Administrative Class		45			495			1,409			15,565
Class A		147			1,613			205			2,249
Issued as reinvestment of distributions
Institutional Class		26			267			11			121
Administrative Class		21			224			16			171
Class A		8			84			3			38
Cost of shares redeemed
Institutional Class		(249	)		(2,687	)		(529	)		(5,794	)
Administrative Class		(164	)		(1,785	)		(210	)		(2,309	)
Class A		(25	)		(269	)		(41	)		(452	)
Net increase (decrease) resulting from Fund share transactions		765		$	8,371			1,502		$	16,604

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

The following table discloses the number of shareholders that own 10% or more of the outstanding shares of a Fund along with their respective percent ownership, if any, for the period ended December 31, 2018. Some of these shareholders may be considered related parties, which may include, but are not limited to, the investment adviser and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.

	Shareholders that own 10% or more of outstanding shares				Total percentage of portfolio held by shareholders that own 10% or more of outstanding shares
	Non-Related Parties		Related Parties		Non-Related Parties		Related Parties
PIMCO REALPATH® Blend 2030 Fund		1		0		11%		0%
PIMCO REALPATH® Blend 2040 Fund		2		0		21%		0%
PIMCO REALPATH® Blend 2055 Fund		2		1		23%		18%

14. REGULATORY AND LITIGATION MATTERS

The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them. The foregoing speaks only as of the date of this report.

15. FEDERAL INCOME TAX MATTERS

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

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

In accordance with U.S. GAAP, the Adviser has reviewed the Funds’ tax positions for all open tax years. As of December 31, 2018, the Funds

have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

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

Under the Regulated Investment Company Modernization Act of 2010, 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.

SEMIANNUAL REPORT DECEMBER 31, 2018 87

Notes to Financial Statements (Cont.)

December 31, 2018 (Unaudited)

As of their last fiscal year ended June 30, 2018, 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	$	0
PIMCO REALPATH® Blend 2025 Fund		0		0
PIMCO REALPATH® Blend 2030 Fund		0		0
PIMCO REALPATH® Blend 2035 Fund		0		0
PIMCO REALPATH® Blend 2040 Fund		0		0
PIMCO REALPATH® Blend 2045 Fund		0		0
PIMCO REALPATH® Blend 2050 Fund		0		0
PIMCO REALPATH® Blend 2055 Fund		0		0
PIMCO REALPATH® Blend Income Fund		25		24

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

As of December 31, 2018, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for Federal income tax purposes are as follows (amounts in thousands^†):

	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)(1)
PIMCO REALPATH® Blend 2020 Fund	$	38,867	$	65	$	(2,346	)	$	(2,281	)
PIMCO REALPATH® Blend 2025 Fund		41,671		87		(2,350	)		(2,263	)
PIMCO REALPATH® Blend 2030 Fund		55,554		0		(3,923	)		(3,923	)
PIMCO REALPATH® Blend 2035 Fund		47,491		0		(3,264	)		(3,264	)
PIMCO REALPATH® Blend 2040 Fund		58,831		21		(4,042	)		(4,021	)
PIMCO REALPATH® Blend 2045 Fund		66,593		2		(4,984	)		(4,982	)
PIMCO REALPATH® Blend 2050 Fund		80,052		4		(6,090	)		(6,086	)
PIMCO REALPATH® Blend 2055 Fund		21,369		2		(1,548	)		(1,546	)
PIMCO REALPATH® Blend Income Fund		31,989		102		(1,382	)		(1,280	)

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

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

88 PIMCO EQUITY SERIES

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

(Unaudited)

Counterparty Abbreviations:
BPS	BNP Paribas S.A.	FICC	Fixed Income Clearing Corporation	JPM	JP Morgan Chase Bank N.A.
CBK	Citibank N.A.
Currency Abbreviations:
USD (or $)	United States Dollar
Exchange Abbreviations:
CBOE	Chicago Board Options Exchange	OTC	Over the Counter
Index/Spread Abbreviations:
BCOMTR	Bloomberg Commodity Index Total Return	DWRTFT	Dow Jones Wilshire REIT Total Return Index	S&P 500	Standard & Poor’s 500 Index
Other Abbreviations:
LIBOR	London Interbank Offered Rate	TBA	To-Be-Announced

SEMIANNUAL REPORT DECEMBER 31, 2018 89

Approval of Investment Advisory Contract and Other Agreements

Approval of Renewal of the Investment Advisory Contract, Sub-Advisory Agreement, Portfolio Implementation Agreement and Second Amended and Restated Supervision and Administration Agreement

At a meeting held on August 22, 2018, the Board of Trustees (the “Board”) of PIMCO Equity Series (the “Trust”), including the Trustees who are not “interested persons” of the Trust under the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered and unanimously approved the renewal of the Investment Advisory Contract (the “Investment Advisory Contract”) between the Trust, on behalf of each of the Trust’s series (the “Funds”), and Pacific Investment Management Company LLC (“PIMCO”) for an additional one-year term through August 31, 2019. The Board also considered and unanimously approved the renewal of the Second Amended and Restated Supervision and Administration Agreement (the “Supervision and Administration Agreement” and together with the Investment Advisory Contract, the “Agreements”) between the Trust, on behalf of the Funds, and PIMCO for an additional one-year term through August 31, 2019. In addition, the Board considered and unanimously approved the renewal of the: (i) Sub-Advisory Agreement (the “Sub-Advisory Agreement”) between PIMCO, on behalf of PIMCO RAE Fundamental Emerging Markets Fund, PIMCO RAE Fundamental Global ex-US Fund, PIMCO RAE Fundamental Global Fund, PIMCO RAE Fundamental International Fund, PIMCO RAE Fundamental US Fund, PIMCO RAE Fundamental US Small Fund and the equity sleeve of the PIMCO Dividend and Income Fund (the “RAE Funds”), each a series of the Trust, and Research Affiliates, LLC (“Research Affiliates”); and (ii) Portfolio Implementation Agreement (the “Portfolio Implementation Agreement”) among PIMCO, on behalf of the RAE Funds, each a series of the Trust, Research Affiliates and Parametric Portfolio Associates LLC (“Parametric”), each for an additional one-year term through August 31, 2019.

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

1. INFORMATION RECEIVED

(a) Materials Reviewed:  During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO, Research Affiliates and Parametric to the Trust. At each of its quarterly meetings, the Board reviewed the Funds’ investment performance and a significant amount of information relating to Fund operations, including shareholder services, valuation and custody, the Funds’ compliance program and other information relating to the nature, extent and quality of services provided by PIMCO, Research Affiliates and Parametric to the Trust and each of the Funds, as applicable. In considering whether to approve the renewal of the Agreements, the Sub-Advisory Agreement, and the Portfolio

Implementation Agreement, the Board reviewed additional information, including, but not limited to, comparative industry data with regard to investment performance, advisory and supervisory and administrative fees and expenses, financial information for PIMCO and, where relevant, Research Affiliates and Parametric, information regarding the profitability to PIMCO of its relationship with the Funds, information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Funds, and information about the fees charged and services provided to other clients with similar investment mandates as the Funds, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees, which included, among other things, memoranda outlining legal duties of the Board in considering the renewal of the Agreements, the Sub-Advisory Agreement and the Portfolio Implementation Agreement.

(b) Review Process:  In connection with considering the renewal of the Agreements, the Sub-Advisory Agreement and the Portfolio Implementation Agreement, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates and Parametric in response to requests from counsel to the Trust and the Independent Trustees encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from counsel to the Trust and the Independent Trustees, and reviewed comparative fee and performance data prepared at the Board’s request by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company performance information and fee and expense data. The Board received information on matters related to the Agreements, the Sub-Advisory Agreement and the Portfolio Implementation Agreement and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 22, 2018 meeting. The Independent Trustees also conducted an in-person meeting with counsel to the Trust and the Independent Trustees on July 18, 2018, to discuss the Lipper Report, as defined below, and certain aspects of the 2018 15(c) materials including, but not limited to, the Funds’ performance, the Funds’ advisory fees and total expense ratios, the comparative information with respect to fees and performance included in the Lipper Report, and the unified fee structure employed by the Trusts. In addition, the Independent Trustees requested and received supplemental information.

The approval determinations were made on the basis of each Trustee’s business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Sub-Advisory Agreement, and the Portfolio Implementation Agreement, the Board

90 PIMCO EQUITY SERIES

(Unaudited)

did not identify any single factor or particular information that, in isolation, was controlling. The discussion below is intended to summarize the broad factors and information that figured prominently in the Board’s consideration of the renewal of the Agreements, the Sub-Advisory Agreement and the Portfolio Implementation Agreement, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, Parametric, their Personnel and Resources:  The Board considered the depth and quality of PIMCO’s investment management process, including: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Funds’ asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment Advisory Contract. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO’s commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed to stay at the forefront of the competitive investment management industry and to strengthen its ability to deliver services under the Agreements. The Board considered PIMCO’s policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations and its commitment to further developing and strengthening these programs, its oversight of matters that may involve conflicts of interest between the Funds’ investments and those of other accounts managed by PIMCO, and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered PIMCO’s continuous investment in new disciplines and talented personnel, which has enhanced PIMCO’s services to the Funds and has allowed PIMCO to introduce innovative new funds over time.

The Trustees considered that PIMCO has continued to strengthen the process it uses to actively manage counterparty risk and to assess the financial stability of counterparties with which the Funds do business, to manage collateral and to protect the Funds from an unforeseen deterioration in the creditworthiness of trading counterparties. The Trustees noted that, consistent with its fiduciary duty, PIMCO executes transactions through a competitive best execution process and uses only those counterparties that meet its stringent and monitored criteria. The Trustees considered that PIMCO’s collateral management team utilizes a counterparty risk system to analyze portfolio-level exposure and collateral being exchanged with counterparties.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented since the Board renewed the Agreements in 2017, including, but not limited to: upgrading the global network and infrastructure to support trading and risk management systems; enhancing and continuing to expand capabilities within the pre-trade compliance platform; enhancing flexible client reporting capabilities to support increased differentiation within local markets; developing new application and database frameworks to support new trading strategies; expanding proprietary applications suites to enrich capabilities across Compliance, Analytics, Risk Management, Client Reporting, Attribution and Customer Relationship Management; continuing investment in its enterprise risk management function, including PIMCO’s cybersecurity program and global business continuity functions; oversight by the Americas Fund Oversight Committee, which provides senior-level oversight and supervision focused on new and ongoing fund-related business opportunities; engaging a third party service provider to implement the SEC reporting modernization regime; expanding the Fund Treasurer’s Office; enhancing a proprietary application to provide portfolio managers with more timely and high quality income reporting; developing a global tax management application that will enable investment professionals to access foreign market and security tax information on a real-time basis; enhancing reporting of tax reporting for portfolio managers for income products with improved transparency on tax factors impacting income generation and dividend yield; upgrading a proprietary application to allow shareholder subscription and redemption data to pass to portfolio managers more quickly and efficiently; and continuing to expand the pricing portal and the proprietary performance reconciliation tool.

Similarly, the Board considered the sub-advisory services provided by Research Affiliates to the RAE Funds and noted that it had met with senior personnel from Research Affiliates during the year. The Board further considered PIMCO’s oversight of Research Affiliates in connection with Research Affiliates providing sub-advisory services to the RAE Funds. The Board also considered Research Affiliates’ supervisory responsibilities with respect to Parametric’s provision of portfolio implementation services to the RAE Funds. The Board further considered the depth and quality of Research Affiliates’ investment management and research capabilities, the experience and capabilities of its portfolio management personnel and the overall financial strength of the organization.

In addition, the Board considered the portfolio implementation and other operational services provided by Parametric to the RAE Funds by, among other things, effecting portfolio transactions on behalf of the RAE Funds. The Board further considered PIMCO’s oversight of Parametric in connection with Parametric providing portfolio implementation services. The Board also considered information about

SEMIANNUAL REPORT DECEMBER 31, 2018 91

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

Parametric’s personnel responsible for providing services to the RAE Funds under the Portfolio Implementation Agreement. The Board also considered the nature and quality of Parametric’s trading, risk management, and compliance capabilities and resources, including Parametric’s policies and procedures regarding trade aggregation and allocation, which are integral parts of its role as portfolio implementer.

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

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

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

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Funds’ performance, as available, over short- and long-term periods ended March 31, 2018 and other performance data, as available, over short- and long-term periods ended June 30, 2018 (the “PIMCO Report”) and from Broadridge concerning the Funds’ performance, as available, over short- and long-term periods ended March 31, 2018 (the “Lipper Report”). The Board considered information regarding both the short- and long-term investment performance of each Fund relative to its peer group and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Lipper Report, which were provided in advance of the August 22, 2018 meeting.

The Board noted that, as of June 30, 2018, 62%, 66% and 76% of the assets of the Trust (based on Institutional Class performance) had outperformed their relevant benchmark net of fees over the three-, five- and ten-year periods, respectively. The Board discussed these and other performance-related developments.

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

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

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

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

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

92 PIMCO EQUITY SERIES

(Unaudited)

Funds to PIMCO. With respect to advisory fees, the Board reviewed data from Broadridge that compared the average and median advisory fees of other funds in a “Peer Group” of comparable funds, as well as the universe of other similar funds. The Board also considered that PIMCO reviews the Funds’ fee levels and carefully considers changes where appropriate.

The Board also reviewed data comparing the Funds’ advisory fees to the standard and negotiated fee rates PIMCO charges to separate accounts and to other sub-advised clients with similar investment strategies, including differences in advisory services provided. The Board discussed comparisons of fees for Funds with fees for separate accounts and/or PIMCO private/alternative funds with similar investment strategies, noting that for certain Funds, there were no appropriate comparisons because PIMCO did not manage comparable separate accounts at the time that the Board considered the Agreements. The Board noted that the advisory fees (or management fees, where applicable) for most Funds were similar to the fee rates charged to other investment companies with the same investment strategies as the Funds.

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

The Board considered the Funds’ supervisory and administrative fees, comparing them to similar funds in the report supplied by Broadridge. The Board also considered that as the Funds’ business has become increasingly complex and the number of Funds has grown over time, PIMCO has provided an increasingly broad array of fund supervisory and administrative functions. In addition, the Board considered the Trust’s unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for

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

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

The Trustees also considered the advisory fees charged to the Funds that operate as funds of funds (the “Funds of Funds”) and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the various fee waiver agreements in place for the Funds of Funds.

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

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

The Board reviewed information regarding PIMCO’s costs of providing services to the Funds as a whole, as well as the resulting level of profits to PIMCO under both the adjusted asset profitability method and the profit and loss profitability method, which were each utilized to calculate profitability. The Independent Trustees also noted that the

SEMIANNUAL REPORT DECEMBER 31, 2018 93

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

(Unaudited)

2017 margins with respect to PIMCO’s relationship with the Funds were within the range of publicly-traded asset manager margins reported by Strategic Insight and Broadridge. The Board also noted that it had received information regarding the structure and manner in which PIMCO’s investment professionals were compensated and PIMCO’s view of the relationship of such compensation to the attraction and retention of quality personnel. The Board considered PIMCO’s need to invest in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce and offer new services and to accommodate changing regulatory requirements.

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

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

6. ANCILLARY BENEFITS

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

7. CONCLUSIONS

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

94 PIMCO EQUITY SERIES

General Information

Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

Transfer Agent

DST Asset Manager Solutions, Inc.

Institutional Class, I-2, Administrative Class

430 W 7th Street STE 219024

Kansas City, MO 64105-1407

DST Asset Manager Solutions, Inc.

Class A, Class C, Class R

430 W 7th Street STE 219294

Kansas City, MO 64105-1407

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Funds listed on the Report cover.

PES4002SAR_123118

PIMCO EQUITY SERIES^®

Semiannual Report

December 31, 2018

PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF | MFEM | NYSE Arca

PIMCO RAFI Dynamic Multi-Factor International Equity ETF | MFDX | NYSE Arca

PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF | MFUS | NYSE Arca

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, you may not be receiving paper copies of the Fund’s shareholder reports from the financial intermediary, such as a broker-dealer or bank, which offers the Fund unless you specifically request paper copies from the financial intermediary. Instead, the shareholder reports will be made available on a website, and the financial intermediary will notify you by mail each time a report is posted and provide you with a website link to access the report. Instructions for requesting paper copies will be provided by your financial intermediary.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the financial intermediary electronically by following the instructions provided by the financial intermediary.

You may elect to receive all future reports in paper free of charge from the financial intermediary. You should contact the financial intermediary if you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account at the financial intermediary.

Table of Contents

			Page
Chairman’s Letter				2
Important Information About the Funds				4
Expense Examples				12
Financial Highlights				14
Statements of Assets and Liabilities				16
Statements of Operations				17
Statements of Changes in Net Assets				18
Notes to Financial Statements				47
Glossary				59
Approval of Investment Advisory Contract and Other Agreements				60
Fund	Fund Summary		Schedule of Investments
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF		6		19
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		8		28
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		10		41

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,

Following this letter is the PIMCO Equity Series Semiannual Report, which covers the six-month reporting period ended December 31, 2018. On the subsequent pages you will find specific details regarding investment results and discussion of the factors that most affected performance during the reporting period.

For the six-month reporting period ended December 31, 2018

The U.S. economy continued to expand during the reporting period. Looking back, U.S. gross domestic product (“GDP”) grew at an annual pace of 4.2% during the second quarter of 2018, the strongest since the third quarter of 2014. GDP then expanded at an annual pace of 3.4% during the third quarter of the year. Finally, the Commerce Department’s initial reading for fourth-quarter 2018 GDP has been delayed due to the partial government shutdown.

The Federal Reserve (the “Fed”) continued to normalize monetary policy during the reporting period. After raising rates in March and June, the Fed again moved rates higher at its September and December 2018 meetings. The Fed’s December rate hike pushed the federal funds rate to a range between 2.25% and 2.50%. In addition, the Fed continued to reduce its balance sheet during the reporting period.

Economic activity outside the U.S. initially accelerated during the reporting period, but moderated as it progressed. Against this backdrop, the European Central Bank (the “ECB”) and the Bank of Japan largely maintained their highly accommodative monetary policies, while other central banks took a more hawkish stance. The Bank of England raised rates at its meeting in August 2018 and the Bank of Canada raised rates twice during the reporting period. Meanwhile, the ECB ended its quantitative easing program in December 2018, but indicated that it does not expect to raise interest rates “at least through the summer of 2019.”

The U.S. Treasury yield curve flattened during the reporting period as longer-term rates fell more than short-term rates. The yield on the benchmark 10-year U.S. Treasury note was 2.69% at the end of the reporting period, down from 2.85% on June 30, 2018. U.S. Treasuries, as measured by the Bloomberg Barclays U.S. Treasury Index, returned 1.96% over the six months ended December 31, 2018. Meanwhile, the Bloomberg Barclays U.S. Aggregate Bond Index, a widely used index of U.S. investment grade bonds, returned 1.65% over the period. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, generated weaker results versus the broad U.S. market. The ICE BofAML U.S. High Yield Index returned -2.34% over the reporting period, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global, returned 0.65% over the reporting period. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned 0.25% over the period.

Global equities produced poor results during the reporting period. U.S. equities moved sharply higher over the first half of the period. We believe this rally was driven by a number of factors, including corporate profits that often exceeded expectations. However, U.S. equities fell sharply during the fourth quarter of 2018. We believe this was triggered by a number of factors, including signs of moderating global growth, concerns over future Fed rate hikes, the ongoing trade dispute between the U.S. and China and the partial U.S. government shutdown. All told, U.S. equities, as represented by the S&P 500 Index, returned -6.85% during the reporting period. Elsewhere, emerging market equities, as measured by the MSCI Emerging Markets Index, returned -8.49% during the reporting period, whereas global equities, as represented by the MSCI World Index, returned -9.10%. Elsewhere, Japanese equities, as represented by the Nikkei 225 Index (in JPY), returned -9.45% during the reporting period and European equities, as represented by the MSCI Europe Index (in EUR), returned -10.14%.

Commodity prices fluctuated and generally declined during the reporting period. When the reporting period began, West Texas crude oil was approximately $70 a barrel, but by the end it was roughly $45 a barrel. This was driven in part by increased supply and declining global demand. Elsewhere, gold prices rose, whereas copper prices declined during the reporting period.

2 PIMCO EQUITY SERIES

Finally, during the reporting period the foreign exchange markets experienced periods of volatility, due in part to signs of decoupling economic growth and central bank policies, along with a number of geopolitical events. The U.S. dollar produced mixed results against other major currencies during the reporting period. For example, the U.S. dollar appreciated 1.92% and 3.53% versus the euro and the British pound, respectively, whereas the U.S. dollar depreciated 0.97% versus the yen during the reporting period.

Thank you for the assets you have placed with us. We deeply value your trust, and we will continue to work diligently to meet your broad investment needs. For any questions regarding the funds, please contact your account manager or financial adviser, or call one of our shareholder associates at (888) 87-PIMCO. We also invite you to visit our website at pimco.com to learn more about our global viewpoints.

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

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

SEMIANNUAL REPORT DECEMBER 31, 2018 3

Important Information About the Funds

PIMCO Equity Series (the “Trust”) is an open-end management investment company that includes PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF, PIMCO RAFI Dynamic Multi-Factor International Equity ETF, and PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF, which are exchange-traded funds (“ETFs”) that seek to provide total return that closely corresponds, before fees and expenses, to the total return of a specified index (each, a “Fund” and collectively, the “Funds”). Each Fund employs a representative sampling strategy in seeking to achieve its investment objective. In using this strategy, PIMCO seeks to invest in a combination of instruments such that the portfolio effectively provides exposure to the underlying index. A Fund may not track its underlying index with the same degree of accuracy as a fund that replicates the composition and weighting of the underlying index. Shares of the Funds will be listed and traded at market prices on NYSE Arca, Inc. (“NYSE Arca”) and other secondary markets. The market price for each Fund’s shares may be different from the Fund’s net asset value (“NAV”). Each Fund issues and redeems shares at its NAV only in blocks of a specified number of shares (“Creation Units”). Only certain large institutional investors may purchase or redeem Creation Units directly with the Funds at NAV (“Authorized Participants”). These transactions are in exchange for certain securities similar to a Fund’s portfolio and/or cash. Except when aggregated in Creation Units, shares of a Fund are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares from the Funds at NAV.

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

The values of equity securities, such as common stocks and preferred securities, have historically risen and fallen in periodic cycles and may decline due to general market conditions, which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Equity securities may also decline due to factors that affect a particular industry or industries, such as labor shortages, increased production costs and competitive conditions within an industry. In addition, the value of an equity security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets. Different types of equity securities may react differently to these developments and a change in the financial condition of a single issuer may affect securities markets as a whole.

During a general downturn in the securities markets, multiple asset classes, including equity securities, may decline in value simultaneously. The market price of equity securities owned by a Fund may go up or down, sometimes rapidly or unpredictably. Equity securities generally have greater price volatility than fixed income securities and common stocks generally have the greatest appreciation and depreciation potential of all equity securities.

The Funds may be subject to various risks as described in each Fund’s prospectus and in the Principal Risks in the Notes to Financial Statements.

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

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

On each individual Fund Summary page in this Shareholder Report, the Average Annual Total Return table and the Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay on: (i) Fund distributions; or (ii) the sale of Fund shares. Each Fund’s performance is measured against the performance of at least one broad-based securities market index (“benchmark index”). A Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. There is no assurance that any Fund, including any Fund that has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) a Fund’s total return in excess of that of the Fund’s benchmark between reporting periods or 2) a Fund’s total return in excess of the Fund’s historical returns between reporting periods. Unusual performance is defined as a significant change in a Fund’s performance as compared to one or more previous reporting periods.

4 PIMCO EQUITY SERIES

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

Fund Name	Fund Inception		Diversification Status
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF		08/31/17		Diversified
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		08/31/17		Diversified
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		08/31/17		Diversified

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 the Funds.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service

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

The Funds may make available a complete schedule of portfolio holdings and the percentages they represent of the Fund’s net assets.

The frequency at which the daily market prices were at a discount or premium to each Fund’s NAV is disclosed on www.pimcoetfs.com. Please see “Disclosure of Portfolio Holdings” in the SAI for information about the availability of the complete schedule of each Fund’s holdings. Fund fact sheets provide additional information regarding a Fund and may be requested by calling (888) 400-4ETF and are available on the Fund’s website at www.pimcoetfs.com.

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of a Fund. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of a Fund, and information about how the Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30th, are available without charge, upon request, by calling the Trust at (888) 400-4ETF, on the Fund’s website at www.pimcoetfs.com, and on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

The Trust files a complete schedule of each Fund’s 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. A copy of the Funds’ Form N-Q is also available without charge, upon request, by calling the Trust at (888) 400-4ETF and on the Funds’ website at www.pimcoetfs.com.

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

The SEC adopted amendments to certain disclosure requirements relating to open-end investment companies’ liquidity risk management programs. Effective December 1, 2019, large fund complexes will be required to include in their shareholder reports a discussion of their liquidity risk management programs’ operations over the past year.

SEMIANNUAL REPORT DECEMBER 31, 2018 5

PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF

Cumulative Returns Through December 31, 2018

$10,000 invested at the end of the month when the Fund commenced operations.

Investment Objective and Strategy Overview

PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF seeks to track the investment results of the RAFI Dynamic Multi-Factor Emerging Markets Index (the “Underlying Index”) by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities (“Component Securities”) of the Underlying Index. The Fund may invest the remainder of its assets in cash, securities and instruments that are not Component Securities, but which the Fund’s sub-adviser, Parametric Portfolio Associates LLC, believes will help the Fund track its Underlying Index. The Underlying Index is designed to provide long-only exposure to multiple equity factors that seek to produce attractive long-term returns, and which may lower risk compared to less diversified strategies. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2018
		6 Months*		1 Year		Fund Inception (08/31/17)
	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Based on Net Asset Value)		(5.17)%		(12.73)%		(6.79)%
	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (At Market Price(1)(2))		(5.25)%		(12.92)%		(6.80)%
	RAFI Dynamic Multi-Factor Emerging Markets Index±		(5.35)%		(12.82)%		(6.55)%
	MSCI Emerging Markets Index±±		(8.49)%		(14.58)%		(6.51)%

All Fund returns are net of fees and expenses.

* Cumulative return.

Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.

⁽¹⁾ The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

⁽²⁾ The Fund was seeded on August 31, 2017, but was not listed for trading until September 6, 2017. Accordingly, there is no Market Price information for August 31, 2017 through September 5, 2017.

^± The RAFI Dynamic Multi-Factor Emerging Market index strategy takes time-varying exposures to four return factors; value, low volatility, quality, and momentum. The index uses recent and historical metrics to tilt toward factor portfolios which are particularly attractive on a forward looking basis.

^±± The MSCI Emerging Market Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end, visit www.pimcoetfs.com or via (888) 400-4ETF.

The Fund’s total annual operating expense ratio in effect as of period end was 0.49%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

6 PIMCO EQUITY SERIES

Ticker symbol - MFEM

Top 10 Holdings as of 12/31/2018^1§

Vale S.A. SP — ADR	3.1%
Taiwan Semiconductor Manufacturing Co. Ltd. SP — ADR	2.8%
Infosys Ltd. SP — ADR	2.1%
Lukoil PJSC SP — ADR	1.9%
Hyundai Motor Co.	1.7%
Gazprom PJSC	1.7%
China Petroleum & Chemical Corp. ‘H’	1.4%
Korea Electric Power Corp.	1.1%
Petroleo Brasileiro S.A. SP — ADR	1.1%
POSCO	1.1%

Geographic Breakdown as of 12/31/2018^1§

South Korea	18.10%
Taiwan	15.20%
Brazil	12.10%
Russia	9.10%
China	8.90%
India	6.10%
South Africa	5.60%
Ireland	4.80%
Thailand	4.40%
Hong Kong	4.00%
Malaysia	2.70%
Mexico	2.40%
Indonesia	2.20%
Chile	1.50%
Poland	1.30%
Other	1.60%

¹ % of Investments, at value.

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

Fund Insights

The following affected performance during the reporting period:

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

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

» Overweight exposure to the energy sector contributed to relative returns compared to the Fund’s secondary benchmark, as the sector outperformed the secondary benchmark index.

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

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

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

SEMIANNUAL REPORT DECEMBER 31, 2018 7

PIMCO RAFI Dynamic Multi-Factor International Equity ETF

Cumulative Returns Through December 31, 2018

$10,000 invested at the end of the month when the Fund commenced operations.

Investment Objective and Strategy Overview

PIMCO RAFI Dynamic Multi-Factor International Equity ETF seeks to track the investment results of the RAFI Dynamic Multi-Factor Developed Ex-U.S. Index (the “Underlying Index”) by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities (“Component Securities”) of the Underlying Index. The Fund may invest the remainder of its assets in cash, securities and instruments that are not Component Securities, but which the Fund’s sub-adviser, Parametric Portfolio Associates LLC, believes will help the Fund track its Underlying Index. The Underlying Index is designed to provide long-only exposure to multiple equity factors that seek to produce attractive long-term returns, and which may lower risk compared to less diversified strategies. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2018
		6 Months*		1 Year		Fund Inception (08/31/2017)
	PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Based on Net Asset Value)		(11.12)%		(13.56)%		(5.58)%
	PIMCO RAFI Dynamic Multi-Factor International Equity ETF (At Market Price(1)(2))		(11.31)%		(13.87)%		(6.08)%
	RAFI Dynamic Multi-Factor Developed Ex-U.S. Index±		(11.35)%		(13.74)%		(5.17)%
	MSCI EAFE Index±±		(11.35)%		(13.79)%		(5.99)%

All Fund returns are net of fees and expenses.

* Cumulative return.

Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.

⁽¹⁾ The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

⁽²⁾ The Fund was seeded on August 31, 2017, but was not listed for trading until September 6, 2017. Accordingly, there is no Market Price information for August 31, 2017 through September 5, 2017.

^± The RAFI Dynamic Multi-Factor Developed ex-US index takes time-varying exposures to five return factors; value, low volatility, quality, momentum and size. The index uses recent and historical metrics to tilt toward factor portfolios which are particularly attractive on a forward looking basis.

^±± MSCI EAFE Index is an unmanaged index designed to represent the performance of large and mid-cap securities across 21 developed markets, including countries in Europe, Australasia and the Far East, excluding the U.S. and Canada.

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end, visit www.pimcoetfs.com or via (888) 400-4ETF.

The Fund’s total annual operating expense ratio in effect as of period end was 0.39%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

8 PIMCO EQUITY SERIES

Ticker symbol - MFDX

Top 10 Holdings as of 12/31/2018^1§

GlaxoSmithKline PLC	1.4%
Nestle S.A.	1.1%
Medtronic PLC	1.1%
Royal Dutch Shell PLC ‘A’	1.1%
Roche Holding AG	1.0%
Zurich Insurance Group AG	0.9%
Telefonaktiebolaget LM Ericsson ‘B’	0.9%
Swiss Re AG	0.9%
SAP SE	0.8%
Koninklijke Ahold Delhaize NV	0.7%

Geographic Breakdown as of 12/31/2018^1§

Japan	26.3%
United Kingdom	15.1%
France	7.5%
Switzerland	7.5%
Canada	6.8%
Germany	6.4%
Australia	5.0%
Netherlands	4.0%
Sweden	3.6%
Spain	3.3%
Hong Kong	2.3%
Italy	1.9%
Ireland	1.6%
Singapore	1.5%
Norway	1.4%
Finland	1.2%
Denmark	1.1%
Other	3.5%

¹ % of Investments, at value.

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

Fund Insights

The following affected performance during the reporting period:

» Underweight exposure to, and security selection in, the financials sector contributed to relative returns compared to the Fund’s secondary benchmark, the MSCI EAFE Index, as the sector underperformed the secondary benchmark index and the Fund’s holdings outperformed the secondary benchmark index.

» Overweight exposure to the utilities sector contributed to relative returns compared to the Fund’s secondary benchmark, as the sector outperformed the secondary benchmark index.

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

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

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

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

SEMIANNUAL REPORT DECEMBER 31, 2018 9

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

Cumulative Returns Through December 31, 2018

$10,000 invested at the end of the month when the Fund commenced operations.

Investment Objective and Strategy Overview

PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF seeks to track the investment results of the RAFI Dynamic Multi-Factor U.S. Index (the “Underlying Index”) by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities (“Component Securities”) of the Underlying Index. The Fund may invest the remainder of its assets in cash, securities and instruments that are not Component Securities, but which the Fund’s sub-adviser, Parametric Portfolio Associates LLC, believes will help the Fund track its Underlying Index. The Underlying Index is designed to provide long-only exposure to multiple equity factors that seek to produce attractive long-term returns, and which may lower risk compared to less diversified strategies. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2018
		6 Months*		1 Year		Fund Inception (08/31/17)
	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Based on Net Asset Value)		(9.30)%		(6.59)%		2.83%
	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (At Market Price(1)(2))		(9.48)%		(6.87)%		2.52%
	RAFI Dynamic Multi-Factor U.S. Index±		(9.15)%		(6.32)%		3.22%
	S&P 500 Index±±		(6.85)%		(4.38)%		3.04%

All Fund returns are net of fees and expenses.

* Cumulative return.

Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.

⁽¹⁾ The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

⁽²⁾ The Fund was seeded on August 31, 2017, but was not listed for trading until September 6, 2017. Accordingly, there is no Market Price information for August 31, 2017 through September 5, 2017.

^± The RAFI Dynamic Multi-Factor U.S. index takes time-varying exposures to five return factors; value, low volatility, quality, momentum and size. The index uses recent and historical metrics to tilt toward factor portfolios which are particularly attractive on a forward looking basis.

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

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end, visit www.pimcoetfs.com or via (888) 400-4ETF.

The Fund’s total annual operating expense ratio in effect as of period end was 0.29%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

10 PIMCO EQUITY SERIES

Ticker symbol - MFUS

Top 10 Holdings as of 12/31/2018^1§

Wal-Mart Stores, Inc.	2.1%
Verizon Communications, Inc.	2.0%
International Business Machines Corp.	2.0%
Apple, Inc.	2.0%
Coca-Cola Co.	1.8%
CVS Health Corp.	1.5%
Johnson & Johnson	1.5%
Amazon.com, Inc.	1.3%
Microsoft Corp.	1.3%
Merck & Co., Inc.	1.2%

Sector Breakdown as of 12/31/2018^1§

Information Technology	15.9%
Consumer Discretionary	14.9%
Health Care	13.0%
Consumer Staples	13.0%
Industrials	10.5%
Financials	7.9%
Energy	6.9%
Communication Services	6.7%
Real Estate	5.4%
Materials	2.8%
Utilities	2.7%

¹ % of Investments, at value.

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

Fund Insights

The following affected performance during the reporting period:

» Underweight exposure to, and security selection in, the communications services sector contributed to relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sector underperformed the secondary benchmark index and the Fund’s holdings outperformed the secondary benchmark index.

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

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

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

» Security selection in the information technology sector detracted from relative returns compared to the Fund’s secondary benchmark, as the Fund’s holdings underperformed the secondary benchmark index.

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

SEMIANNUAL REPORT DECEMBER 31, 2018 11

Expense Examples

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for all Funds and share classes is from July 1, 2018 to December 31, 2018 unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading “Actual” provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate row for your share class, in the column entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

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

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

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (07/01/18)		Ending Account Value (12/31/18)		Expenses Paid During Period*		Beginning Account Value (07/01/18)		Ending Account Value (12/31/18)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	1,000.00	$	948.30	$	2.46	$	1,000.00	$	1,022.68	$	2.55		0.50	%
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		1,000.00		888.80		1.90		1,000.00		1,023.19		2.04		0.40
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		1,000.00		907.00		1.44		1,000.00		1,023.69		1.53		0.30

* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect variable contract fees and expenses.

** Net Annualized Expense Ratio is reflective of any applicable contractual fee waivers and/or expense reimbursements or voluntary fee waivers. Details regarding fee waivers, if any, can be found in Note 8, Fees and Expenses, in the Notes to Financial Statements.

12 PIMCO EQUITY SERIES

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SEMIANNUAL REPORT DECEMBER 31, 2018 13

Financial Highlights

			Investment Operations								Less Distributions(b)
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 Net Investment Income			From Net Realized Capital Gains		Total
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF
07/01/2018 - 12/31/2018+	$	23.94	$	0.39	$	(1.61	)	$	(1.22	)	$	(0.65	)	$	0.00	$	(0.65	)
08/31/2017 - 06/30/2018		25.00		0.42		(1.41	)		(0.99	)		(0.07	)		0.00		(0.07	)
PIMCO RAFI Dynamic Multi-Factor International Equity ETF
07/01/2018 - 12/31/2018+	$	25.87	$	0.22	$	(3.04	)	$	(2.82	)	$	(0.67	)	$	0.00	$	(0.67	)
08/31/2017 - 06/30/2018		25.00		0.62		0.44			1.06			(0.19	)		0.00		(0.19	)
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF
07/01/2018 - 12/31/2018+	$	28.30	$	0.31	$	(2.92	)	$	(2.61	)	$	(0.48	)	$	0.00	$	(0.48	)
08/31/2017 - 06/30/2018		25.00		0.43		3.17			3.60			(0.30	)		0.00		(0.30	)

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

+ Unaudited

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

14 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets
Net Asset Value End of Year or Period		Total Return			Net Assets End of Year or Period (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
$	22.07		(5.17	)%	$	333,752		0.50	%*		0.51	%*		0.50	%*		0.51	%*		3.33	%*		23	%
	23.94		(3.99	)		357,169		0.50	*		0.55	*		0.50	*		0.55	*		1.94	*		52
$	22.38		(11.12	)%	$	25,061		0.40	%*		0.41	%*		0.40	%*		0.41	%*		1.75	%*		12	%
	25.87		4.22			28,976		0.40	*		0.87	*		0.40	*		0.87	*		2.81	*		36
$	25.21		(9.30	)%	$	63,537		0.30	%*		0.31	%*		0.30	%*		0.31	%*		2.13	%*		19	%
	28.30		14.43			65,658		0.29	*		0.60	*		0.29	*		0.60	*		1.89	*		56

SEMIANNUAL REPORT DECEMBER 31, 2018 15

Statements of Assets and Liabilities

(Amounts in thousands†, except per share amounts)	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF			PIMCO RAFI Dynamic Multi-Factor International Equity ETF			PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF
Assets:
Investments, at value
Investments in securities	$	331,641		$	24,852		$	62,080
Cash		5,570			242			1,206
Deposits with Counterparty		0			0			839
Foreign currency, at value		667			156			0
Receivable for investments sold		1,659			0			0
Interest and/or dividends receivable		1,360			64			100
Reimbursement receivable from PIMCO		8			1			2
Total Assets		340,905			25,315			64,227
Liabilities:
Payable for investments purchased	$	967		$	33		$	6
Distributions payable		6,048			213			668
Accrued management fees		137			8			16
Other liabilities		1			0			0
Total Liabilities		7,153			254			690
Net Assets	$	333,752		$	25,061		$	63,537
Net Assets Consist of:
Paid in capital	$	406,000		$	29,694		$	71,173
Distributable earnings (accumulated loss)		(72,248	)		(4,633	)		(7,636	)
Net Assets	$	333,752		$	25,061		$	63,537
Shares Issued and Outstanding		15,120			1,120			2,520
Net Asset Value Per Share Outstanding:	$	22.07		$	22.38		$	25.21
Cost of investments in securities	$	371,048		$	27,988		$	66,329
Cost of foreign currency held	$	668		$	155		$	0

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

16 PIMCO EQUITY SERIES See Accompanying Notes

Statements of Operations

Six Months Ended December 31, 2018 (Unaudited)
(Amounts in thousands†)	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF			PIMCO RAFI Dynamic Multi-Factor International Equity ETF			PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF
Investment Income:
Dividends, net of foreign taxes*	$	6,753		$	301		$	870
Total Income		6,753			301			870
Expenses:
Management fees		867			55			104
Trustee fees		18			1			4
Miscellaneous expense		9			1			2
Total Expenses		894			57			110
Waiver and/or Reimbursement by PIMCO		(18	)		(1	)		(4	)
Net Expenses		876			56			106
Net Investment Income (Loss)		5,877			245			764
Net Realized Gain (Loss):
Investments in securities		(16,656	)		(1,195	)		(2,939	)
In-kind redemptions		0			503			988
Over the counter financial derivative instruments		(122	)		2			0
Foreign currency		18			(9	)		0
Net Realized Gain (Loss)		(16,760	)		(699	)		(1,951	)
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		(7,602	)		(2,768	)		(5,547	)
Over the counter financial derivative instruments		1			0			0
Foreign currency assets and liabilities		26			2			0
Net Change in Unrealized Appreciation (Depreciation)		(7,575	)		(2,766	)		(5,547	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(18,458	)	$	(3,220	)	$	(6,734	)
* Foreign tax withholdings - Dividends	$	1,076		$	32		$	0

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

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 17

Statements of Changes in Net Assets

	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF						PIMCO RAFI Dynamic Multi-Factor International Equity ETF						PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF
(Amounts in thousands†)	Six Months Ended December 31, 2018 (Unaudited)			Inception date through June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Inception date through June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Inception date through June 30, 2018
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	5,877		$	3,726		$	245		$	602		$	764		$	614
Net realized gain (loss)		(16,760	)		(15,530	)		(699	)		624			(1,951	)		1,472
Net change in unrealized appreciation (depreciation)		(7,575	)		(31,826	)		(2,766	)		(369	)		(5,547	)		1,298
Net Increase (Decrease) in Net Assets Resulting from Operations		(18,458	)		(43,630	)		(3,220	)		857			(6,734	)		3,384
Distributions to Shareholders:
From net investment income and/or net realized capital gains*		(9,728	)		(443	)		(745	)		(176	)		(1,185	)		(226	)
Total Distributions(a)		(9,728	)		(443	)		(745	)		(176	)		(1,185	)		(226	)
Fund Share Transactions:
Receipts for shares sold		4,769			401,242			5,241			43,985			14,247			89,841
Cost of shares redeemed		0			0			(5,191	)		(15,690	)		(8,449	)		(27,341	)
Net increase (decrease) resulting from Fund share transactions		4,769			401,242			50			28,295			5,798			62,500
Total Increase (Decrease) in Net Assets		(23,417	)		357,169			(3,915	)		28,976			(2,121	)		65,658
Net Assets:
Beginning of period		357,169			0			28,976			0			65,658			0
End of period	$	333,752		$	357,169		$	25,061		$	28,976		$	63,537		$	65,658
Shares of Beneficial Interest:
Shares sold		200			14,920			200			1,720			500			3,320
Shares redeemed		0			0			(200	)		(600	)		(300	)		(1,000	)
Net increase (decrease) in shares outstanding		200			14,920			0			1,120			200			2,320

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

* See Note 2, New Accounting Pronouncements, in the Notes to Financial Statements for more information.

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

18 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF

December 31, 2018 (Unaudited)

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.4%
COMMON STOCKS 90.4%
BRAZIL 8.8%
CONSUMER DISCRETIONARY 0.4%
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes		24,600	$		98
Grendene S.A.		25,500			54
Kroton Educacional S.A.		29,000			66
Lojas Renner S.A.		62,000			676
Petrobras Distribuidora S.A.		30,000			199
Via Varejo S.A.		87,300			99
					1,192
CONSUMER STAPLES 1.4%
Ambev S.A. ADR		353,164			1,384
Atacadao Distribuicao Comercio e Industria Ltda		6,700			31
BRF S.A. (a)		110,300			623
JBS S.A.		630,200			1,883
M Dias Branco S.A.		7,600			84
Natura Cosmeticos S.A.		37,400			434
Raia Drogasil S.A.		9,100			134
					4,573
ENERGY 1.4%
Cosan S.A. Industria e Comercio		5,800			50
Petroleo Brasileiro S.A. SP - ADR		279,448			3,636
Ultrapar Participacoes S.A.		70,200			962
					4,648
FINANCIALS 1.4%
B3 S.A. - Brasil Bolsa Balcao		105,700			730
Banco Bradesco S.A. ADR		117,516			1,162
Banco BTG Pactual S.A.		38,300			233
Banco do Brasil S.A.		161,300			1,931
Banco Santander Brasil S.A. ADR		15,340			171
BB Seguridade Participacoes S.A.		46,600			332
Porto Seguro S.A.		7,500			101
Sul America S.A.		9,000			66
					4,726
HEALTH CARE 0.1%
Hypermarcas S.A.		21,000			164
INDUSTRIALS 0.3%
CCR S.A.		33,800			98
Embraer S.A. SP - ADR		26,894			595
WEG S.A.		84,030			380
					1,073
INFORMATION TECHNOLOGY 0.0%
Cielo S.A.		13,000			30
MATERIALS 3.4%
Cia Siderurgica Nacional S.A.		174,100			396
Fibria Celulose S.A.		31,500			549
Klabin S.A.		37,000			152
Suzano Papel e Celulose S.A.		12,900			127
Vale S.A. SP - ADR		776,903			10,247
					11,471

	SHARES			MARKET VALUE (000S)
UTILITIES 0.4%
AES Tiete Energia S.A.		69,400	$		179
Cia de Saneamento Basico do Estado de Sao Paulo ADR		11,293			91
Cia de Saneamento de Minas Gerais-COPASA		6,300			100
Energisa S.A.		18,100			173
Engie Brasil Energia S.A.		50,325			428
Light S.A.		31,900			136
Transmissora Alianca de Energia Eletrica S.A.		37,900			230
					1,337
Total Brazil					29,214
CHILE 1.4%
COMMUNICATION SERVICES 0.0%
Empresa Nacional de Telecomunicaciones S.A.		16,984			133
CONSUMER DISCRETIONARY 0.1%
SACI Falabella		56,837			415
CONSUMER STAPLES 0.3%
Cencosud S.A.		213,212			384
Cia Cervecerias Unidas S.A. SP - ADR		23,537			591
					975
ENERGY 0.2%
Empresas COPEC S.A.		39,154			471
FINANCIALS 0.3%
Banco de Chile		3,480,788			497
Banco de Credito e Inversiones		2,975			193
Banco Santander Chile ADR		6,149			184
Itau CorpBanca		18,982,987			178
Sociedad Matriz del Banco de Chile S.A. ‘B’		133,794			61
					1,113
MATERIALS 0.2%
CAP S.A.		11,557			101
Empresas CMPC S.A.		109,179			347
Sociedad Quimica y Minera de Chile S.A. SP - ADR		3,856			148
					596
UTILITIES 0.3%
AES Gener S.A.		448,188			125
Aguas Andinas S.A. ‘A’		412,518			226
Colbun S.A.		844,051			171
Enel Americas S.A.		1,557,401			275
Enel Chile S.A.		2,055,490			198
Engie Energia Chile S.A.		44,183			80
					1,075
Total Chile					4,778
CHINA 8.8%
COMMUNICATION SERVICES 0.5%
China Communications Services Corp. Ltd. ‘H’		550,000			456

	SHARES			MARKET VALUE (000S)
China Telecom Corp. Ltd. ‘H’		2,456,000	$		1,258
					1,714
CONSUMER DISCRETIONARY 0.6%
ANTA Sports Products Ltd.		98,000			469
GOME Retail Holdings Ltd.		1,572,000			130
Great Wall Motor Co. Ltd. ‘H’		296,500			171
Shenzhou International Group Holdings Ltd.		90,000			1,023
Yum China Holdings, Inc.		8,990			301
Zhongsheng Group Holdings Ltd.		24,500			49
					2,143
CONSUMER STAPLES 0.7%
Dali Foods Group Co. Ltd.		251,000			185
Hengan International Group Co. Ltd.		105,000			763
Tingyi Cayman Islands Holding Corp.		266,000			356
Tsingtao Brewery Co. Ltd. ‘H’		30,000			121
Uni-President China Holdings Ltd.		215,000			186
Want Want China Holdings Ltd.		1,102,000			771
					2,382
ENERGY 2.4%
China Oilfield Services Ltd. ‘H’		76,000			65
China Petroleum & Chemical Corp. ‘H’		6,410,000			4,569
CNOOC Ltd.		1,765,000			2,719
PetroChina Co. Ltd. ‘H’		820,000			509
					7,862
FINANCIALS 1.3%
Agricultural Bank of China Ltd. ‘H’		707,000			310
Bank of Communications Co. Ltd. ‘H’		40,000			31
China CITIC Bank Corp. Ltd. ‘H’		157,000			95
China Construction Bank Corp. ‘H’		3,065,000			2,510
China Everbright Bank Co. Ltd. ‘H’		68,000			30
China Galaxy Securities Co. Ltd.		111,500			50
China Huarong Asset Management Co. Ltd. ‘H’		476,000			87
China Merchants Bank Co. Ltd. ‘H’		146,000			533
China Minsheng Banking Corp. Ltd. ‘H’		42,000			29
China Reinsurance Group Corp. ‘H’		743,000			152
CITIC Securities Co. Ltd. ‘H’		31,000			53
GF Securities Co. Ltd.		17,634			24
Guotai Junan Securities Co. Ltd.		18,200			37
Huatai Securities Co. Ltd.		87,263			138
Postal Savings Bank of China Co. Ltd. ‘H’		247,000			130
					4,209
HEALTH CARE 0.3%
China Resources Pharmaceutical Group Ltd.		139,000			181
CSPC Pharmaceutical Group Ltd.		262,000			376
Shandong Weigao Group Medical Polymer Co. Ltd.		80,000			65
Shanghai Pharmaceuticals Holding Co. Ltd.		12,200			25
Sihuan Pharmaceutical Holdings Group Ltd.		248,000			43

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 19

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Sinopharm Group Co. Ltd.		77,600	$		327
					1,017
INDUSTRIALS 0.6%
AviChina Industry & Technology Co. Ltd.		108,000			68
China Communications Construction Co. Ltd. ‘H’		36,000			34
China Railway Construction Corp. Ltd. ‘H’		21,500			30
China Railway Group Ltd. ‘H’		33,000			30
China Southern Airlines Co. Ltd. ‘H’		248,000			152
COSCO SHIPPING Energy Transportation Co. Ltd. ‘H’		132,000			66
Harbin Electric Co. Ltd. ‘H’		128,000			65
Jiangsu Expressway Co. Ltd. ‘H’		198,000			276
Sinopec Engineering Group Co. Ltd. ‘H’		147,000			121
Sinotrans Ltd. ‘H’		278,000			121
Sinotruk Hong Kong Ltd.		75,000			113
Weichai Power Co. Ltd. ‘H’		62,000			71
Yangzijiang Shipbuilding Holdings Ltd.		258,000			237
Zhejiang Expressway Co. Ltd. ‘H’		120,000			104
Zhuzhou CRRC Times Electric Co. Ltd.		15,200			84
ZTO Express Cayman, Inc. ADR		23,525			372
					1,944
INFORMATION TECHNOLOGY 0.4%
AAC Technologies Holdings, Inc.		14,000			81
AVIC International Holdings Ltd.		64,000			34
FIH Mobile Ltd.		677,000			71
Legend Holdings Corp. ‘H’		34,200			89
Lenovo Group Ltd.		1,574,000			1,063
					1,338
MATERIALS 0.6%
Anhui Conch Cement Co. Ltd. ‘H’		65,500			317
China BlueChemical Ltd. ‘H’		350,000			110
China National Building Material Co. Ltd. ‘H’		1,168,000			799
China Oriental Group Co. Ltd.		244,000			145
Jiangxi Copper Co. Ltd. ‘H’		356,000			418
Sinopec Shanghai Petrochemical Co. Ltd. ‘H’		606,000			265
Zijin Mining Group Co. Ltd.		252,000			96
					2,150
REAL ESTATE 0.6%
Agile Group Holdings Ltd.		490,000			578
China Evergrande Group		28,000			84
Greentown China Holdings Ltd.		76,500			58
Guangzhou R&F Properties Co. Ltd. ‘H’		135,600			205
Kaisa Group Holdings Ltd.		599,000			191
KWG Property Holding Ltd.		119,000			105
Logan Property Holdings Co. Ltd.		72,000			90
Longfor Group Holdings Ltd.		64,500			192
Powerlong Real Estate Holdings Ltd.		207,000			82
Red Star Macalline Group Corp. Ltd. ‘H’		32,821			28
Shui On Land Ltd.		797,000			177

	SHARES			MARKET VALUE (000S)
Sino-Ocean Group Holding Ltd.		419,500	$		185
SOHO China Ltd. (a)		425,000			152
					2,127
UTILITIES 0.8%
Beijing Jingneng Clean Energy Co. Ltd. ‘H’		406,000			98
CGN Power Co. Ltd. ‘H’		1,020,000			242
China Longyuan Power Group Corp. Ltd. ‘H’		134,000			92
Datang International Power Generation Co. Ltd. ‘H’		298,000			70
ENN Energy Holdings Ltd.		122,000			1,084
Huadian Fuxin Energy Corp. Ltd. ‘H’		592,000			144
Huadian Power International Corp. Ltd. ‘H’		322,000			145
Huaneng Power International, Inc. ‘H’		852,000			541
Huaneng Renewables Corp. Ltd.		272,000			73
					2,489
Total China					29,375
GREECE 0.4%
COMMUNICATION SERVICES 0.0%
Hellenic Telecommunications Organization S.A.		6,399			70
CONSUMER DISCRETIONARY 0.1%
OPAP S.A.		27,510			239
ENERGY 0.1%
Hellenic Petroleum S.A.		3,045			26
Motor Oil Hellas Corinth Refineries S.A.		13,679			329
					355
FINANCIALS 0.2%
Alpha Bank AE (a)		255,250			321
National Bank of Greece S.A. (a)		168,951			212
Piraeus Bank S.A. (a)		162,147			156
					689
UTILITIES 0.0%
Public Power Corp. S.A. (a)		32,177			48
Total Greece					1,401
HONG KONG 4.0%
COMMUNICATION SERVICES 0.6%
China Mobile Ltd.		168,500			1,630
China Unicom Hong Kong Ltd.		318,000			339
					1,969
CONSUMER DISCRETIONARY 0.0%
Dah Chong Hong Holdings Ltd.		291,000			100
CONSUMER STAPLES 0.7%
China Agri-Industries Holdings Ltd.		499,000			178
China Mengniu Dairy Co. Ltd.		98,000			305

	SHARES			MARKET VALUE (000S)
China Resources Beer Holdings Co. Ltd.		516,000	$		1,804
					2,287
ENERGY 0.2%
Kunlun Energy Co. Ltd.		676,000			718
FINANCIALS 0.1%
China Everbright Ltd.		32,000			57
China Taiping Insurance Holdings Co. Ltd.		73,000			201
Far East Horizon Ltd.		31,000			31
					289
INDUSTRIALS 0.2%
China Merchants Port Holdings Co. Ltd.		14,000			25
China State Construction International Holdings Ltd.		154,000			122
CITIC Ltd.		42,000			66
COSCO SHIPPING Ports Ltd.		210,000			206
Shenzhen International Holdings Ltd.		29,500			57
Tianjin Port Development Holdings Ltd.		666,000			71
					547
MATERIALS 0.1%
China Resources Cement Holdings Ltd.		98,000			88
Shougang Fushan Resources Group Ltd.		550,000			112
Sinofert Holdings Ltd.		682,000			78
					278
REAL ESTATE 1.3%
China Jinmao Holdings Group Ltd.		188,000			85
China Overseas Land & Investment Ltd.		674,000			2,324
China Resources Land Ltd.		414,000			1,593
Poly Property Group Co. Ltd.		442,000			138
Shenzhen Investment Ltd.		74,000			24
Yuexiu Property Co. Ltd.		1,672,000			307
					4,471
UTILITIES 0.8%
Beijing Enterprises Holdings Ltd.		5,500			29
China Power International Development Ltd.		1,246,000			283
China Resources Gas Group Ltd.		104,000			412
China Resources Power Holdings Co. Ltd.		586,000			1,127
Guangdong Investment Ltd.		408,000			789
					2,640
Total Hong Kong					13,299
INDIA 6.1%
CONSUMER DISCRETIONARY 0.6%
Mahindra & Mahindra Ltd. GDR		112,455			1,276
Tata Motors Ltd. ADR (a)		54,825			668
					1,944

20 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

	SHARES			MARKET VALUE (000S)
FINANCIALS 1.8%
Axis Bank Ltd. GDR (a)		29,299	$		1,314
HDFC Bank Ltd. ADR		33,122			3,431
ICICI Bank Ltd. ADR		126,072			1,297
					6,042
HEALTH CARE 0.4%
Dr Reddy’s Laboratories Ltd. ADR		31,927			1,204
INDUSTRIALS 0.6%
Larsen & Toubro Ltd. GDR		96,137			1,966
INFORMATION TECHNOLOGY 2.5%
Infosys Ltd. SP - ADR		740,655			7,051
Wipro Ltd. ADR		250,667			1,286
					8,337
MATERIALS 0.2%
Tata Steel Ltd. GDR		104,047			772
Total India					20,265
INDONESIA 2.2%
COMMUNICATION SERVICES 0.5%
Telekomunikasi Indonesia Persero Tbk PT		6,198,700			1,620
CONSUMER DISCRETIONARY 0.3%
Astra International Tbk PT		2,064,600			1,183
CONSUMER STAPLES 0.4%
Charoen Pokphand Indonesia Tbk PT		556,900			280
Gudang Garam Tbk PT		55,300			322
Hanjaya Mandala Sampoerna Tbk PT		1,062,700			275
Indofood CBP Sukses Makmur Tbk PT		263,500			192
Indofood Sukses Makmur Tbk PT		176,100			91
Unilever Indonesia Tbk PT		57,400			182
					1,342
ENERGY 0.3%
Bukit Asam Tbk PT		1,040,500			312
Indo Tambangraya Megah Tbk PT		152,500			215
United Tractors Tbk PT		193,800			369
					896
FINANCIALS 0.3%
Bank Central Asia Tbk PT		411,700			744
Bank Danamon Indonesia Tbk PT		62,500			33
Bank Rakyat Indonesia Persero Tbk PT		1,325,400			338
					1,115
HEALTH CARE 0.0%
Kalbe Farma Tbk PT		918,400			97
MATERIALS 0.3%
Indah Kiat Pulp & Paper Corp. Tbk PT		574,700			462

	SHARES			MARKET VALUE (000S)
Indocement Tunggal Prakarsa Tbk PT		138,700	$		178
Semen Indonesia Persero Tbk PT		376,800			301
					941
UTILITIES 0.1%
Perusahaan Gas Negara Persero Tbk		1,396,200			206
Total Indonesia					7,400
MALAYSIA 2.7%
COMMUNICATION SERVICES 0.3%
Astro Malaysia Holdings Bhd.		164,100			52
Axiata Group Bhd.		276,500			263
DiGi.Com Bhd.		216,500			235
Maxis Bhd.		179,200			231
Telekom Malaysia Bhd.		169,400			109
					890
CONSUMER DISCRETIONARY 0.2%
Genting Bhd.		268,300			396
Genting Malaysia Bhd.		360,700			263
UMW Holdings Bhd.		73,700			98
					757
CONSUMER STAPLES 0.3%
British American Tobacco Malaysia Bhd.		16,600			145
Felda Global Ventures Holdings Bhd.		413,000			71
IOI Corp. Bhd.		198,500			213
Kuala Lumpur Kepong Bhd.		36,200			217
Nestle Malaysia Bhd.		1,600			57
PPB Group Bhd.		50,780			215
					918
ENERGY 0.1%
Petronas Dagangan Bhd.		56,300			360
FINANCIALS 0.9%
AMMB Holdings Bhd.		142,000			149
CIMB Group Holdings Bhd.		321,200			443
Hong Leong Bank Bhd.		39,800			196
Hong Leong Financial Group Bhd.		6,400			29
Malayan Banking Bhd.		371,900			854
Public Bank Bhd.		238,300			1,427
RHB Bank Bhd.		23,100			30
					3,128
HEALTH CARE 0.0%
IHH Healthcare Bhd.		42,800			56
INDUSTRIALS 0.3%
Berjaya Corp. Bhd. (a)		551,700			38
IJM Corp. Bhd.		305,300			120
MISC Bhd.		98,100			159
Sime Darby Bhd.		879,800			511
					828
MATERIALS 0.2%
Petronas Chemicals Group Bhd.		297,300			668

	SHARES			MARKET VALUE (000S)
REAL ESTATE 0.0%
IOI Properties Group Bhd.		77,300	$		29
Sunway Bhd.		157,000			56
					85
UTILITIES 0.4%
Petronas Gas Bhd.		67,700			315
Tenaga Nasional Bhd.		253,400			835
YTL Corp. Bhd.		327,708			80
YTL Power International Bhd.		211,600			42
					1,272
Total Malaysia					8,962
MEXICO 2.3%
COMMUNICATION SERVICES 0.1%
America Movil S.A.B. de C.V. SP - ADR ‘L’		24,966			356
CONSUMER DISCRETIONARY 0.0%
El Puerto de Liverpool S.A.B. de C.V.		4,100			26
Nemak S.A.B. de C.V.		38,700			29
					55
CONSUMER STAPLES 1.5%
Arca Continental S.A.B. de C.V.		22,900			128
Coca-Cola Femsa S.A.B. de C.V. SP - ADR		3,098			189
Fomento Economico Mexicano S.A.B. de C.V. SP - ADR		11,615			1,000
Gruma S.A.B. de C.V. ‘B’		24,975			282
Grupo Bimbo S.A.B. de C.V. ‘A’		15,500			31
Grupo Lala S.A.B. de C.V.		126,300			136
Industrias Bachoco S.A.B. de C.V.		24,600			81
Kimberly-Clark de Mexico S.A.B. de C.V. ‘A’		222,300			354
Wal-Mart de Mexico S.A.B. de C.V.		1,132,100			2,879
					5,080
FINANCIALS 0.2%
Gentera S.A.B. de C.V.		40,900			30
Grupo Elektra S.A.B. de C.V.		4,175			201
Grupo Financiero Banorte S.A.B. de C.V. ‘O’		93,300			456
					687
INDUSTRIALS 0.1%
Alfa S.A.B. de C.V. ‘A’		116,600			139
Grupo Carso S.A.B. de C.V.		34,900			125
					264
MATERIALS 0.3%
Alpek S.A.B. de C.V. (a)		94,100			115
Grupo Mexico S.A.B. de C.V. ‘B’		463,600			957
Mexichem S.A.B. de C.V.		9,000			23
					1,095
UTILITIES 0.1%
Infraestructura Energetica Nova S.A.B. de C.V.		31,300			116
Total Mexico					7,653

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 21

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
PHILIPPINES 0.6%
COMMUNICATION SERVICES 0.1%
Globe Telecom, Inc.		4,100	$		148
PLDT, Inc.		12,625			271
					419
CONSUMER STAPLES 0.1%
Universal Robina Corp.		52,950			128
FINANCIALS 0.2%
Ayala Corp.		12,010			206
Bank of the Philippine Islands		95,771			171
BDO Unibank, Inc.		67,600			168
Metro Pacific Investments Corp.		317,000			28
Metropolitan Bank & Trust Co.		121,906			188
					761
INDUSTRIALS 0.1%
Alliance Global Group, Inc.		252,500			57
DMCI Holdings, Inc.		438,800			106
International Container Terminal Services, Inc.		33,490			64
San Miguel Corp.		20,960			59
SM Investments Corp.		5,020			87
					373
UTILITIES 0.1%
Aboitiz Power Corp.		176,000			117
Manila Electric Co.		23,340			169
					286
Total Philippines					1,967
POLAND 1.3%
COMMUNICATION SERVICES 0.1%
Cyfrowy Polsat S.A.		18,535			112
Orange Polska S.A.		102,848			132
PLAY Communications S.A.		5,036			28
					272
ENERGY 0.5%
Grupa Lotos S.A.		20,348			482
Polski Koncern Naftowy ORLEN S.A.		35,886			1,039
Polskie Gornictwo Naftowe i Gazownictwo S.A.		109,667			203
					1,724
FINANCIALS 0.2%
Bank Polska Kasa Opieki S.A.		3,110			91
Powszechny Zaklad Ubezpieczen S.A.		48,082			566
					657
INFORMATION TECHNOLOGY 0.0%
Asseco Poland S.A.		7,935			98
MATERIALS 0.2%
Grupa Azoty S.A.		3,041			26
KGHM Polska Miedz S.A. (a)		22,269			528
					554

	SHARES			MARKET VALUE (000S)
UTILITIES 0.3%
Enea S.A.		45,422	$		120
Energa S.A.		48,105			115
PGE Polska Grupa Energetyczna S.A.		171,351			460
Tauron Polska Energia S.A.		306,838			180
					875
Total Poland					4,180
RUSSIA 8.5%
COMMUNICATION SERVICES 0.7%
Mobile TeleSystems PJSC SP - ADR		265,472			1,858
Rostelecom PJSC		247,880			261
Sistema PJSC FC		1,465,200			168
					2,287
CONSUMER STAPLES 0.2%
Magnit PJSC SP - GDR		49,293			627
ENERGY 4.7%
Gazprom Neft PJSC		29,630			147
Gazprom PJSC		2,520,550			5,520
Lukoil PJSC SP - ADR		86,638			6,198
Novatek PJSC GDR		2,914			498
Rosneft Oil, Co. PJSC GDR		198,705			1,228
Tatneft PJSC SP - ADR		31,962			2,015
TMK PJSC		32,420			25
					15,631
FINANCIALS 0.4%
Sberbank of Russia PJSC		235,460			635
VTB Bank PJSC		1,759,480,000			856
					1,491
INDUSTRIALS 0.1%
Aeroflot PJSC		29,400			43
Globaltrans Investment PLC GDR		13,350			121
					164
MATERIALS 2.1%
Alrosa PJSC		753,000			1,061
Evraz PLC		15,073			92
Magnitogorsk Iron & Steel Works PJSC		450,400			278
MMC Norilsk Nickel PJSC ADR		183,735			3,451
Novolipetsk Steel PJSC		219,820			495
PhosAgro PJSC GDR		16,715			214
Polymetal International PLC		19,328			203
Polyus PJSC		4,247			328
Severstal PJSC GDR		63,476			866
					6,988
UTILITIES 0.3%
Federal Grid Co. Unified Energy System PJSC		47,740,000			102
Inter RAO UES PJSC		7,464,000			414
Mosenergo PJSC		2,693,000			79
OGK-2 PJSC		12,274,000			56
Rosseti PJSC		10,968,000			122
RusHydro PJSC		33,504,000			234

	SHARES			MARKET VALUE (000S)
Unipro PJSC		3,214,000	$		120
					1,127
Total Russia					28,315
SINGAPORE 0.0%
INDUSTRIALS 0.0%
BOC Aviation Ltd.		5,900			43
Total Singapore					43
SOUTH AFRICA 5.3%
COMMUNICATION SERVICES 1.3%
MTN Group Ltd.		515,767			3,188
Telkom S.A. SOC Ltd.		59,688			263
Vodacom Group Ltd.		106,684			981
					4,432
CONSUMER DISCRETIONARY 0.4%
Foschini Group Ltd.		25,737			297
Motus Holdings Ltd. (a)		45,576			279
Mr Price Group Ltd.		26,523			453
Truworths International Ltd.		52,319			320
					1,349
CONSUMER STAPLES 0.4%
Massmart Holdings Ltd.		17,788			128
Pick n Pay Stores Ltd.		29,273			138
Shoprite Holdings Ltd.		41,084			543
SPAR Group Ltd.		9,119			131
Tiger Brands Ltd.		15,064			286
					1,226
ENERGY 0.0%
Exxaro Resources Ltd.		11,914			115
FINANCIALS 1.1%
Absa Group Ltd.		48,888			549
Capitec Bank Holdings Ltd.		836			65
FirstRand Ltd.		154,348			703
Investec Ltd.		5,429			29
Liberty Holdings Ltd.		5,864			45
Nedbank Group Ltd.		12,418			237
Sanlam Ltd.		154,928			858
Standard Bank Group Ltd.		91,170			1,133
					3,619
HEALTH CARE 0.2%
Life Healthcare Group Holdings Ltd.		154,577			284
Netcare Ltd.		136,974			251
					535
INDUSTRIALS 0.2%
Barloworld Ltd.		53,760			431
Bidvest Group Ltd.		10,893			156
Imperial Logistics Ltd.		45,576			216
					803
INFORMATION TECHNOLOGY 0.0%
DataTec Ltd.		39,741			76

22 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

	SHARES			MARKET VALUE (000S)
MATERIALS 1.7%
African Rainbow Minerals Ltd.		21,729	$		215
Anglo American Platinum Ltd.		1,881			70
AngloGold Ashanti Ltd. SP - ADR		62,177			780
Gold Fields Ltd. SP - ADR		258,999			912
Harmony Gold Mining Co. Ltd. SP - ADR		134,006			240
Impala Platinum Holdings Ltd. (a)		231,372			590
Kumba Iron Ore Ltd.		18,617			366
Sappi Ltd.		71,015			403
Sasol Ltd.		66,934			1,989
					5,565
Total South Africa					17,720
SOUTH KOREA 18.0%
COMMUNICATION SERVICES 1.3%
KT Corp. SP - ADR		119,665			1,702
LG Uplus Corp.		49,358			780
NAVER Corp.		2,190			240
SK Telecom Co. Ltd.		7,169			1,730
					4,452
CONSUMER DISCRETIONARY 5.0%
Coway Co. Ltd.		6,320			420
Hankook Tire Co. Ltd.		12,102			435
Hanon Systems		24,839			241
Hyundai Department Store Co. Ltd.		2,042			165
Hyundai Mobis Co. Ltd.		17,058			2,910
Hyundai Motor Co.		53,547			5,685
Hyundai Wia Corp.		11,331			368
Kangwon Land, Inc.		17,525			502
Kia Motors Corp.		76,152			2,295
LG Electronics, Inc.		36,288			2,035
LOTTE Himart Co. Ltd.		3,336			140
Lotte Shopping Co. Ltd.		4,932			931
Mando Corp.		4,324			112
Shinsegae, Inc.		1,023			235
					16,474
CONSUMER STAPLES 1.2%
Amorepacific Corp.		1,906			359
AMOREPACIFIC Group		2,490			163
CJ CheilJedang Corp.		833			247
E-MART, Inc.		3,834			626
GS Retail Co. Ltd.		3,650			132
KT&G Corp.		17,629			1,605
LG Household & Health Care Ltd.		905			894
NongShim Co. Ltd.		250			57
					4,083
ENERGY 1.2%
E1 Corp.		602			30
GS Holdings Corp.		13,439			621
S-Oil Corp.		4,964			433
SK Gas Ltd.		1,759			112
SK Innovation Co. Ltd.		17,871			2,868
					4,064
FINANCIALS 2.7%
BNK Financial Group, Inc.		37,099			244
DB Insurance Co. Ltd.		6,216			391

	SHARES			MARKET VALUE (000S)
DGB Financial Group, Inc.		28,358	$		211
Hanwha Life Insurance Co. Ltd.		81,211			307
Hyundai Marine & Fire Insurance Co. Ltd.		8,394			308
Industrial Bank of Korea		47,094			593
KB Financial Group, Inc.		36,456			1,521
Korea Investment Holdings Co. Ltd.		1,602			86
Meritz Fire & Marine Insurance Co. Ltd.		7,970			156
NH Investment & Securities Co. Ltd.		2,400			28
Samsung Card Co. Ltd.		5,327			164
Samsung Fire & Marine Insurance Co. Ltd.		5,326			1,281
Samsung Life Insurance Co. Ltd.		10,248			750
Shinhan Financial Group Co. Ltd.		59,222			2,100
Woori Bank		69,137			967
					9,107
INDUSTRIALS 2.1%
CJ Corp.		3,345			365
CJ Logistics Corp. (a)		694			104
Daelim Industrial Co. Ltd.		3,628			333
Doosan Bobcat, Inc.		1,024			29
Doosan Corp.		554			55
Doosan Heavy Industries & Construction Co. Ltd.		22,294			195
Doosan Infracore Co. Ltd. (a)		10,067			69
GS Engineering & Construction Corp.		4,599			180
Hanwha Aerospace Co. Ltd.		5,224			153
Hanwha Corp.		3,668			103
Hyosung Corp.		1,550			70
Hyundai Engineering & Construction Co. Ltd.		11,501			563
Hyundai Glovis Co. Ltd.		2,918			337
Hyundai Heavy Industries Co. Ltd. (a)		4,317			498
KCC Corp.		908			251
Korea Aerospace Industries Ltd.		2,710			78
Korean Air Lines Co. Ltd.		16,256			482
LG Corp.		10,009			627
LG International Corp.		8,434			116
LS Corp.		5,523			243
Pan Ocean Co. Ltd.		16,117			64
Posco Daewoo Corp.		20,985			343
S-1 Corp.		1,315			118
Samsung Heavy Industries Co. Ltd.		21,398			142
SK Holdings Co. Ltd.		4,059			947
SK Networks Co. Ltd.		76,713			357
					6,822
INFORMATION TECHNOLOGY 1.6%
LG Display Co. Ltd.		125,168			2,031
Samsung Electro-Mechanics Co. Ltd.		9,771			911
Samsung SDI Co. Ltd.		1,019			200
Samsung SDS Co. Ltd.		2,352			431
SK Hynix, Inc.		31,095			1,695
					5,268
MATERIALS 1.6%
Dongkuk Steel Mill Co. Ltd.		23,225			152
Hyundai Steel Co.		19,770			804
Kolon Industries, Inc.		4,164			214
Korea Zinc Co. Ltd.		1,080			418
Kumho Petrochemical Co. Ltd.		822			65

	SHARES			MARKET VALUE (000S)
OCI Co. Ltd.		877	$		84
POSCO		16,254			3,555
Seah Besteel Corp.		1,780			28
Taekwang Industrial Co. Ltd.		89			105
Young Poong Corp.		37			25
					5,450
UTILITIES 1.3%
Korea District Heating Corp.		1,133			58
Korea Electric Power Corp.		126,797			3,756
Korea Gas Corp.		14,628			632
					4,446
Total South Korea					60,166
TAIWAN 15.1%
COMMUNICATION SERVICES 1.2%
Chunghwa Telecom Co. Ltd.		733,000			2,676
Far EasTone Telecommunications Co. Ltd.		230,000			572
Taiwan Mobile Co. Ltd.		266,000			921
					4,169
CONSUMER DISCRETIONARY 0.4%
Cheng Shin Rubber Industry Co. Ltd.		316,000			420
China Motor Corp.		75,000			59
Formosa Taffeta Co. Ltd.		99,000			112
Hotai Motor Co. Ltd.		16,000			133
Pou Chen Corp.		369,000			391
Yulon Motor Co. Ltd.		203,000			120
					1,235
CONSUMER STAPLES 0.7%
President Chain Store Corp.		87,000			876
Uni-President Enterprises Corp.		646,000			1,466
					2,342
ENERGY 0.2%
Formosa Petrochemical Corp.		230,000			816
FINANCIALS 2.3%
Cathay Financial Holding Co. Ltd.		250,000			383
Chang Hwa Commercial Bank Ltd.		492,240			276
China Development Financial Holding Corp.		556,000			176
China Life Insurance Co. Ltd.		91,000			82
CTBC Financial Holding Co. Ltd.		1,981,000			1,303
E.Sun Financial Holding Co. Ltd.		909,070			595
First Financial Holding Co. Ltd.		1,019,100			664
Fubon Financial Holding Co. Ltd.		520,000			798
Hua Nan Financial Holdings Co. Ltd. ‘C’		651,785			371
Mega Financial Holding Co. Ltd.		1,343,000			1,134
Shin Kong Financial Holding Co. Ltd.		1,205,439			352
SinoPac Financial Holdings Co. Ltd.		1,125,528			377
Taishin Financial Holding Co. Ltd.		1,246,481			530
Taiwan Cooperative Financial Holding Co. Ltd.		759,750			436

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 23

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Yuanta Financial Holding Co. Ltd.		303,000	$		152
					7,629
INDUSTRIALS 0.6%
China Airlines Ltd.		498,000			178
Eva Airways Corp.		244,750			126
Evergreen Marine Corp. Taiwan Ltd.		67,200			26
Far Eastern New Century Corp.		929,000			844
Taiwan High Speed Rail Corp.		197,000			195
Walsin Lihwa Corp.		880,000			481
Wan Hai Lines Ltd.		88,000			46
					1,896
INFORMATION TECHNOLOGY 7.3%
Acer, Inc.		877,000			554
Advantech Co. Ltd.		26,000			178
Asustek Computer, Inc.		103,000			675
AU Optronics Corp.		2,592,000			1,030
Catcher Technology Co. Ltd.		53,000			388
Chicony Electronics Co. Ltd.		77,060			157
Compal Electronics, Inc.		698,000			396
Delta Electronics, Inc.		134,000			564
Hon Hai Precision Industry Co. Ltd.		1,121,600			2,581
HTC Corp.		201,000			230
Innolux Corp.		2,997,000			950
Inventec Corp.		751,000			537
Largan Precision Co. Ltd.		2,350			245
Lite-On Technology Corp.		431,000			569
MediaTek, Inc.		110,000			819
Micro-Star International Co. Ltd.		227,000			565
Novatek Microelectronics Corp.		97,000			448
Pegatron Corp.		618,000			1,035
Powertech Technology, Inc.		144,000			309
Quanta Computer, Inc.		466,000			797
Synnex Technology International Corp.		323,000			382
Taiwan Semiconductor Manufacturing Co. Ltd. SP - ADR		253,224			9,346
TPK Holding Co. Ltd.		69,000			109
Unimicron Technology Corp.		337,000			245
United Microelectronics Corp.		519,000			188
Wistron Corp.		827,347			512
WPG Holdings Ltd.		269,560			323
Yageo Corp.		19,547			202
Zhen Ding Technology Holding Ltd.		25,000			65
					24,399
MATERIALS 2.3%
Asia Cement Corp.		538,000			595
China Steel Corp.		1,353,000			1,068
Formosa Chemicals & Fibre Corp.		517,000			1,769
Formosa Plastics Corp.		538,000			1,768
Nan Ya Plastics Corp.		509,000			1,252
Taiwan Cement Corp.		920,000			1,062
					7,514
REAL ESTATE 0.1%
Highwealth Construction Corp.		228,000			334
Total Taiwan					50,334

	SHARES			MARKET VALUE (000S)
THAILAND 4.3%
COMMUNICATION SERVICES 0.6%
Advanced Info Service PCL		231,800	$		1,229
Total Access Communication PCL		393,400			523
True Corp. PCL		1,127,600			181
					1,933
CONSUMER STAPLES 0.5%
Berli Jucker PCL		53,800			84
Charoen Pokphand Foods PCL		409,500			309
CP ALL PCL		507,000			1,071
Thai Union Group PCL ‘F’		727,300			362
					1,826
ENERGY 1.1%
Bangchak Corp. PCL		446,000			435
Banpu PCL		266,800			121
Esso Thailand PCL		130,700			41
IRPC PCL		2,594,100			458
PTT Exploration & Production PCL		61,900			215
PTT PCL		944,300			1,332
Star Petroleum Refining PCL		1,201,500			354
Thai Oil PCL		308,600			627
					3,583
FINANCIALS 0.5%
Bangkok Bank PCL		145,200			906
Kasikornbank PCL		34,000			193
Krung Thai Bank PCL		265,900			157
Siam Commercial Bank PCL		61,100			251
Thanachart Capital PCL		126,500			194
TMB Bank PCL		1,054,600			71
					1,772
HEALTH CARE 0.2%
Bangkok Dusit Medical Services PCL ‘F’		785,100			598
INDUSTRIALS 0.1%
Airports of Thailand PCL		128,700			254
Delta Electronics Thailand PCL		80,600			172
					426
MATERIALS 1.0%
Indorama Ventures PCL		114,400			191
PTT Global Chemical PCL		486,700			1,067
Siam Cement PCL		156,700			2,099
					3,357
REAL ESTATE 0.1%
Central Pattana PCL		80,900			186
Land & Houses PCL NVDR		930,700			283
					469
UTILITIES 0.2%
Electricity Generating PCL		12,200			93
Glow Energy PCL		89,500			245
Ratchaburi Electricity Generating Holding PCL		112,000			174
					512
Total Thailand					14,476

	SHARES			MARKET VALUE (000S)
TURKEY 0.5%
COMMUNICATION SERVICES 0.0%
Turk Telekomunikasyon A/S		130,914	$		96
CONSUMER DISCRETIONARY 0.0%
Ford Otomotiv Sanayi A/S		13,014			123
Tofas Turk Otomobil Fabrikasi A/S		7,893			25
					148
CONSUMER STAPLES 0.1%
BIM Birlesik Magazalar A/S		22,621			372
ENERGY 0.1%
Tupras Turkiye Petrol Rafinerileri A/S		13,658			301
FINANCIALS 0.1%
Turkiye Halk Bankasi A/S		54,028			71
Turkiye Is Bankasi ‘C’		52,517			45
Turkiye Vakiflar Bankasi TAO ‘D’		56,524			42
Yapi ve Kredi Bankasi A/S (a)		113,207			34
					192
INDUSTRIALS 0.2%
Enka Insaat ve Sanayi A/S		35,532			31
Turk Hava Yollari AO (a)		156,644			475
					506
UTILITIES 0.0%
Aygaz A/S		29,665			64
Total Turkey					1,679
UKRAINE 0.0%
CONSUMER STAPLES 0.0%
Kernel Holding S.A.		2,055			27
Total Ukraine					27
UNITED KINGDOM 0.1%
MATERIALS 0.1%
Mondi Ltd.		14,591			314
Total United Kingdom					314
UNITED STATES 0.0%
CONSUMER DISCRETIONARY 0.0%
Nexteer Automotive Group Ltd.		21,000			30
Total United States					30
Total Common Stocks (Cost $341,739)					301,598
	UNITS
EQUITY-LINKED SECURITIES 4.8%
IRELAND 4.8%
COMMUNICATION SERVICES 0.1%
Citigroup Global Markets Holdings, Inc., Bharti Airtel Ltd. - Exp. 02/15/2019		35,412			159

24 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

	UNITS			MARKET VALUE (000S)
Citigroup Global Markets Holdings, Inc., Reliance Communications Ltd. - Exp. 02/15/2019		285,037	$		59
					218
CONSUMER DISCRETIONARY 0.2%
Citigroup Global Markets Holdings, Inc., Hero MotoCorp Ltd. - Exp. 02/15/2019		15,614			697
Citigroup Global Markets Holdings, Inc., InterGlobe Aviation Ltd. - Exp. 02/15/2019		1,559			26
					723
CONSUMER STAPLES 1.2%
Citigroup Global Markets Holdings, Inc., Hindustan Unilever Ltd. - Exp. 02/15/2019		47,131			1,233
Citigroup Global Markets Holdings, Inc., ITC Ltd. - Exp. 02/15/2019		688,739			2,788
					4,021
ENERGY 0.9%
Citigroup Global Markets Holdings, Inc., Bharat Petroleum Corp. Ltd. - Exp. 02/15/2019		87,673			457
Citigroup Global Markets Holdings, Inc., Coal India Ltd. - Exp. 02/15/2019		179,412			621
Citigroup Global Markets Holdings, Inc., Hindustan Petroleum Corp. Ltd. - Exp. 02/15/2019		147,448			537
Citigroup Global Markets Holdings, Inc., Indian Oil Corp. Ltd. - Exp. 02/15/2019		115,444			227
Citigroup Global Markets Holdings, Inc., Jindal Steel & Power Ltd. - Exp. 02/15/2019		9,486			23
Citigroup Global Markets Holdings, Inc., Reliance Industries Ltd. - Exp. 02/15/2019		76,906			1,239
					3,104
FINANCIALS 0.5%
Citigroup Global Markets Holdings, Inc., Housing Development Finance Corp. Ltd. - Exp. 02/15/2019		43,020			1,217
Citigroup Global Markets Holdings, Inc., Kotak Mahindra Bank Ltd. - Exp. 02/15/2019		24,057			435
					1,652
HEALTH CARE 0.2%
Citigroup Global Markets Holdings, Inc., Sun Pharmaceutical Industries Ltd. - Exp. 02/15/2019		83,906			519
INDUSTRIALS 0.0%
Citigroup Global Markets Holdings, Inc., Reliance Infrastructure Ltd. - Exp. 02/15/2019		6,074			28
INFORMATION TECHNOLOGY 1.6%
Citigroup Global Markets Holdings, Inc., HCL Technologies Ltd. - Exp. 02/15/2019		57,537			798

	UNITS			MARKET VALUE (000S)
Citigroup Global Markets Holdings, Inc., Tata Consultancy Services Ltd. - Exp. 02/15/2019		128,362	$		3,493
Citigroup Global Markets Holdings, Inc., Tech Mahindra Ltd. - Exp. 02/15/2019		84,316			876
					5,167
MATERIALS 0.1%
Citigroup Global Markets Holdings, Inc., Asian Paints Ltd. - Exp. 02/15/2019		21,703			428
Citigroup Global Markets Holdings, Inc., NMDC Ltd. - Exp. 02/15/2019		15,947			22
					450
Total Equity-Linked Securities (Cost $15,668)					15,882
	SHARES
PREFERRED STOCKS 3.9%
BRAZIL 3.2%
BANKING & FINANCE 1.2%
Banco do Estado do Rio Grande do Sul S.A.		5,300			30
Itau Unibanco Holding S.A.		311,150			2,848
Itausa - Investimentos Itau S.A.		378,550			1,180
					4,058
CONSUMER DISCRETIONARY 0.0%
Lojas Americanas S.A.		28,400			144
INDUSTRIALS 0.5%
Braskem S.A.		39,500			482
Cia Brasileira de Distribuicao		8,500			177
Metalurgica Gerdau S.A.		478,700			855
					1,514
MATERIALS 0.5%
Gerdau S.A.		427,900			1,631
UTILITIES 1.0%
Centrais Eletricas Brasileiras S.A.		16,600			120
Cia de Gas de Sao Paulo - COMGAS		5,500			83
Cia de Transmissao de Energia Eletrica Paulista		5,300			95
Cia Energetica de Minas Gerais		592,169			2,111
Cia Energetica de Sao Paulo		106,500			598
Cia Paranaense de Energia		54,500			429
					3,436
Total Brazil					10,783
CHILE 0.1%
CONSUMER STAPLES 0.1%
Embotelladora Andina S.A.		51,561			194
Total Chile					194
RUSSIA 0.6%
ENERGY 0.6%
Bashneft PJSC		4,848			124
Surgutneftegas PJSC		2,889,000			1,631

	SHARES			MARKET VALUE (000S)
Transneft PJSC		95	$		233
					1,988
UTILITIES 0.0%
Lenenergo PJSC		22,200			30
Total Russia					2,018
SOUTH KOREA 0.0%
INDUSTRIALS 0.0%
CJ Corp.		501			22
Total South Korea					22
Total Preferred Stocks (Cost $12,206)					13,017
REAL ESTATE INVESTMENT TRUSTS 0.3%
MEXICO 0.1%
REAL ESTATE 0.1%
Fibra Uno Administracion S.A. de C.V.		327,800			364
Total Mexico					364
SOUTH AFRICA 0.2%
REAL ESTATE 0.2%
Growthpoint Properties Ltd.		307,758			500
Redefine Properties Ltd.		351,609			237
					737
Total South Africa					737
Total Real Estate Investment Trusts (Cost $1,394)					1,101
WARRANTS 0.0%
UNITED STATES 0.0%
ENERGY 0.0%
Petronet LNG Ltd. - Exp. 02/15/2019		13,172			43
Total Warrants (Cost $41)					43
Total Investments in Securities (Cost $371,048)					331,641
Total Investments 99.4% (Cost $371,048)			$		331,641
Financial Derivative Instruments (b) (0.0)%
(Cost or Premiums, net $0)					0
Other Assets and Liabilities, net 0.6%					2,111
Net Assets 100.0%			$		333,752

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 25

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

NOTES TO SCHEDULE OF INVESTMENTS:

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

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

(b)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Month		Currency to be Delivered		Currency to be Received		Unrealized Appreciation/ (Depreciation)
							Asset		Liability
SSB		01/2019	HKD	2,271	$	290	$	0	$	0
		01/2019	ZAR	1,308		91		0		0
Total Forward Foreign Currency Contracts							$	0	$	0

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2018:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts			Interest Rate Contracts		Total
Net Realized (Loss) on Financial Derivative Instruments
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	(122	)	$	0	$	(122	)
Net Change in Unrealized Appreciation on Financial Derivative Instruments
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	1		$	0	$	1

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Investments in Securities, at Value
Common Stocks
Brazil
Consumer Discretionary	$	0	$	1,192	$	0	$	1,192
Consumer Staples		1,468		3,105		0		4,573
Energy		3,636		1,012		0		4,648
Financials		1,333		3,393		0		4,726
Health Care		0		164		0		164
Industrials		595		478		0		1,073
Information Technology		0		30		0		30
Materials		10,796		675		0		11,471
Utilities		91		1,246		0		1,337
Chile
Communication Services		0		133		0		133
Consumer Discretionary		0		415		0		415
Consumer Staples		975		0		0		975
Energy		0		471		0		471
Financials		1,113		0		0		1,113
Materials		495		101		0		596
Utilities		629		446		0		1,075
China
Communication Services		0		1,714		0		1,714
Consumer Discretionary		301		1,842		0		2,143
Consumer Staples		0		2,382		0		2,382
Energy		0		7,862		0		7,862
Financials		0		4,209		0		4,209
Health Care		0		1,017		0		1,017
Industrials		372		1,572		0		1,944
Information Technology		0		1,338		0		1,338
Materials		0		2,150		0		2,150
Real Estate		0		2,127		0		2,127
Utilities		0		2,489		0		2,489

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Greece
Communication Services	$	0	$	70	$	0	$	70
Consumer Discretionary		0		239		0		239
Energy		0		355		0		355
Financials		0		689		0		689
Utilities		0		48		0		48
Hong Kong
Communication Services		0		1,969		0		1,969
Consumer Discretionary		0		100		0		100
Consumer Staples		0		2,287		0		2,287
Energy		0		718		0		718
Financials		31		258		0		289
Industrials		0		547		0		547
Materials		0		278		0		278
Real Estate		0		4,471		0		4,471
Utilities		0		2,640		0		2,640
India
Consumer Discretionary		1,933		11		0		1,944
Financials		6,042		0		0		6,042
Health Care		1,204		0		0		1,204
Industrials		1,940		26		0		1,966
Information Technology		8,337		0		0		8,337
Materials		59		713		0		772
Indonesia
Communication Services		0		1,620		0		1,620
Consumer Discretionary		0		1,183		0		1,183
Consumer Staples		0		1,342		0		1,342
Energy		0		896		0		896
Financials		0		1,115		0		1,115
Health Care		0		97		0		97
Materials		0		941		0		941
Utilities		0		206		0		206

26 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Malaysia
Communication Services	$	0	$	890	$	0	$	890
Consumer Discretionary		0		757		0		757
Consumer Staples		217		701		0		918
Energy		0		360		0		360
Financials		0		3,128		0		3,128
Health Care		0		56		0		56
Industrials		0		828		0		828
Materials		0		668		0		668
Real Estate		0		85		0		85
Utilities		0		1,272		0		1,272
Mexico
Communication Services		356		0		0		356
Consumer Discretionary		55		0		0		55
Consumer Staples		5,080		0		0		5,080
Financials		687		0		0		687
Industrials		264		0		0		264
Materials		1,095		0		0		1,095
Utilities		116		0		0		116
Philippines
Communication Services		0		419		0		419
Consumer Staples		0		128		0		128
Financials		0		761		0		761
Industrials		64		309		0		373
Utilities		0		286		0		286
Poland
Communication Services		0		272		0		272
Energy		0		1,724		0		1,724
Financials		0		657		0		657
Information Technology		0		98		0		98
Materials		0		554		0		554
Utilities		0		875		0		875
Russia
Communication Services		1,858		429		0		2,287
Consumer Staples		251		376		0		627
Energy		3,438		12,193		0		15,631
Financials		0		1,491		0		1,491
Industrials		121		43		0		164
Materials		1,635		5,353		0		6,988
Utilities		0		1,127		0		1,127
Singapore
Industrials		0		43		0		43
South Africa
Communication Services		0		4,432		0		4,432
Consumer Discretionary		279		1,070		0		1,349
Consumer Staples		266		960		0		1,226
Energy		0		115		0		115
Financials		45		3,574		0		3,619
Health Care		0		535		0		535
Industrials		0		803		0		803
Information Technology		76		0		0		76
Materials		2,147		3,418		0		5,565
South Korea
Communication Services		1,702		2,750		0		4,452
Consumer Discretionary		420		16,054		0		16,474
Consumer Staples		0		4,083		0		4,083
Energy		0		4,064		0		4,064
Financials		0		9,107		0		9,107
Industrials		0		6,822		0		6,822
Information Technology		0		5,268		0		5,268
Materials		105		5,345		0		5,450
Utilities		0		4,446		0		4,446
Taiwan
Communication Services		0		4,169		0		4,169
Consumer Discretionary		0		1,235		0		1,235
Consumer Staples		0		2,342		0		2,342
Energy		0		816		0		816

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Financials	$	0	$	7,629	$	0	$	7,629
Industrials		0		1,896		0		1,896
Information Technology		9,346		15,053		0		24,399
Materials		0		7,514		0		7,514
Real Estate		0		334		0		334
Thailand
Communication Services		0		1,933		0		1,933
Consumer Staples		0		1,826		0		1,826
Energy		0		3,583		0		3,583
Financials		0		1,772		0		1,772
Health Care		0		598		0		598
Industrials		172		254		0		426
Materials		0		3,357		0		3,357
Real Estate		0		469		0		469
Utilities		0		512		0		512
Turkey
Communication Services		0		96		0		96
Consumer Discretionary		0		148		0		148
Consumer Staples		0		372		0		372
Energy		0		301		0		301
Financials		0		192		0		192
Industrials		0		506		0		506
Utilities		0		64		0		64
Ukraine
Consumer Staples		0		27		0		27
United Kingdom
Materials		0		314		0		314
United States
Consumer Discretionary		0		30		0		30
Equity-Linked Securities
Ireland
Communication Services		0		218		0		218
Consumer Discretionary		0		723		0		723
Consumer Staples		0		4,021		0		4,021
Energy		0		3,104		0		3,104
Financials		0		1,652		0		1,652
Health Care		0		519		0		519
Industrials		0		28		0		28
Information Technology		0		5,167		0		5,167
Materials		0		450		0		450
Preferred Stocks
Brazil
Banking & Finance		0		4,058		0		4,058
Consumer Discretionary		0		144		0		144
Industrials		0		1,514		0		1,514
Materials		0		1,631		0		1,631
Utilities		0		3,436		0		3,436
Chile
Consumer Staples		0		194		0		194
Russia
Energy		0		1,988		0		1,988
Utilities		0		30		0		30
South Korea
Industrials		0		22		0		22
Real Estate Investment Trusts
Mexico
Real Estate		364		0		0		364
South Africa
Real Estate		0		737		0		737
Warrants
United States
Energy		0		43		0		43
Total Investments	$	71,509	$	260,132	$	0	$	331,641

There were no significant transfers into or out of Level 3 during the period ended December 31, 2018.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 27

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.2%
COMMON STOCKS 95.9%
AUSTRALIA 4.8%
COMMUNICATION SERVICES 0.4%
Nine Entertainment Co. Holdings Ltd.		5,374	$		5
Seven West Media Ltd.		11,984			5
Telstra Corp. Ltd.		41,688			84
					94
CONSUMER DISCRETIONARY 0.5%
Aristocrat Leisure Ltd.		1,009			15
JB Hi-Fi Ltd.		487			8
Super Retail Group Ltd.		1,638			8
Tabcorp Holdings Ltd.		2,433			7
Wesfarmers Ltd.		3,694			84
					122
CONSUMER STAPLES 0.7%
Coca-Cola Amatil Ltd.		1,246			7
Coles Group Ltd. (a)		3,545			29
GrainCorp Ltd. ‘A		1,663			11
Inghams Group Ltd.		2,497			7
Metcash Ltd.		4,474			8
Woolworths Ltd.		4,873			101
					163
ENERGY 0.4%
Caltex Australia Ltd.		1,821			33
Oil Search Ltd.		1,565			8
Origin Energy Ltd.		3,999			18
Santos Ltd.		3,347			13
Woodside Petroleum Ltd.		1,421			31
WorleyParsons Ltd.		906			7
					110
FINANCIALS 0.8%
AMP Ltd.		15,406			27
Genworth Mortgage Insurance Australia Ltd.		5,113			8
Insurance Australia Group Ltd.		3,687			18
Macquarie Group Ltd.		467			36
Medibank Pvt Ltd.		10,554			19
National Australia Bank Ltd.		553			9
nib holdings Ltd.		2,429			9
QBE Insurance Group Ltd.		5,466			39
Suncorp Group Ltd.		3,589			32
					197
HEALTH CARE 0.6%
Ansell Ltd.		494			8
Australian Pharmaceutical Industries Ltd.		8,291			8
Cochlear Ltd.		62			7
CSL Ltd.		811			106
Healthscope Ltd.		5,054			8
					137
INDUSTRIALS 0.4%
Brambles Ltd.		4,220			30
CIMIC Group Ltd.		357			11

	SHARES			MARKET VALUE (000S)
Downer EDI Ltd.		2,077	$		10
Monadelphous Group Ltd.		760			7
Qantas Airways Ltd.		2,148			9
SEEK Ltd.		610			7
Sydney Airport		2,832			14
Transurban Group		2,070			17
					105
INFORMATION TECHNOLOGY 0.1%
Atlassian Corp. PLC ‘A’ (a)		144			13
Computershare Ltd.		1,133			14
					27
MATERIALS 0.9%
Alumina Ltd.		4,999			8
Amcor Ltd.		2,119			20
BHP Group Ltd.		4,687			113
CSR Ltd.		3,195			6
DuluxGroup Ltd.		1,769			8
Evolution Mining Ltd.		2,945			8
Fortescue Metals Group Ltd.		2,546			7
Incitec Pivot Ltd.		3,096			7
Newcrest Mining Ltd.		1,369			21
Northern Star Resources Ltd.		1,495			10
Orica Ltd.		1,077			13
Regis Resources Ltd.		2,256			8
South32 Ltd.		3,176			8
					237
UTILITIES 0.0%
AGL Energy Ltd.		720			10
Total Australia					1,202
AUSTRIA 0.3%
ENERGY 0.1%
OMV AG		382			17
FINANCIALS 0.1%
UNIQA Insurance Group AG		842			7
Vienna Insurance Group AG Wiener Versicherung Gruppe		291			7
					14
INDUSTRIALS 0.0%
ANDRITZ AG		147			7
INFORMATION TECHNOLOGY 0.0%
ams AG		105			2
MATERIALS 0.0%
Wienerberger AG		336			7
REAL ESTATE 0.1%
CA Immobilien Anlagen AG		247			8
UTILITIES 0.0%
Verbund AG		169			7
Total Austria					62

	SHARES			MARKET VALUE (000S)
BELGIUM 0.8%
COMMUNICATION SERVICES 0.1%
Proximus S.A.		744	$		20
CONSUMER STAPLES 0.3%
Anheuser-Busch InBev S.A. NV		616			40
Colruyt S.A.		407			29
					69
ENERGY 0.0%
Euronav NV		1,241			9
FINANCIALS 0.2%
Ageas		1,008			45
Gimv NV		166			9
					54
HEALTH CARE 0.1%
UCB S.A.		278			23
MATERIALS 0.1%
Umicore S.A.		573			23
UTILITIES 0.0%
Elia System Operator S.A.		115			8
Total Belgium					206
CAMBODIA 0.0%
CONSUMER DISCRETIONARY 0.0%
NagaCorp Ltd.		8,000			9
Total Cambodia					9
CANADA 6.4%
COMMUNICATION SERVICES 0.5%
BCE, Inc.		751			30
Cineplex, Inc.		477			9
Quebecor, Inc. ‘B’		713			15
Rogers Communications, Inc. ‘B’		899			46
Shaw Communications, Inc. ‘B’		729			13
TELUS Corp.		703			23
					136
CONSUMER DISCRETIONARY 0.8%
Canadian Tire Corp. Ltd. ‘A’		198			21
Dollarama, Inc.		555			13
Gildan Activewear, Inc.		719			22
Great Canadian Gaming Corp. (a)		373			13
Lululemon Athletica, Inc. (a)		169			20
Magna International, Inc.		2,154			98
Martinrea International, Inc. (b)		904			7
Restaurant Brands International, Inc.		171			9
					203
CONSUMER STAPLES 0.7%
Alimentation Couche-Tard, Inc. ‘B’		858			43
Empire Co. Ltd. ‘A’		1,011			21
George Weston Ltd.		227			15
Loblaw Cos. Ltd.		480			22

28 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

	SHARES			MARKET VALUE (000S)
Maple Leaf Foods, Inc.		414	$		8
Metro, Inc.		1,208			42
North West Co., Inc.		495			11
Saputo, Inc.		416			12
					174
ENERGY 0.7%
Baytex Energy Corp. (a)		3,205			6
Cameco Corp.		904			10
Cenovus Energy, Inc.		3,582			25
Crescent Point Energy Corp.		2,913			9
Enerplus Corp.		931			7
Gibson Energy, Inc.		557			8
Husky Energy, Inc.		1,442			15
Imperial Oil Ltd.		604			15
MEG Energy Corp. (a)		1,274			7
Obsidian Energy Ltd. (a)		8,973			3
Pembina Pipeline Corp.		239			7
Precision Drilling Corp. (a)		3,004			5
ShawCor Ltd.		453			6
Suncor Energy, Inc.		1,443			40
Trican Well Service Ltd. (a)		4,312			4
					167
FINANCIALS 1.4%
Bank of Montreal		1,068			70
Brookfield Asset Management, Inc. ‘A’		528			20
Canadian Imperial Bank of Commerce		510			38
CI Financial Corp.		958			12
Fairfax Financial Holdings Ltd.		44			19
Great-West Lifeco, Inc. (b)		839			17
Home Capital Group, Inc.		748			8
IGM Financial, Inc.		345			8
Intact Financial Corp.		143			10
National Bank of Canada		374			15
Onex Corp.		141			8
Power Corp. of Canada		1,772			32
Power Financial Corp.		532			10
Sun Life Financial, Inc.		565			19
Toronto-Dominion Bank		1,136			57
					343
HEALTH CARE 0.0%
Chartwell Retirement Residences		877			9
INDUSTRIALS 1.3%
Aecon Group, Inc.		568			7
Air Canada (a)		405			8
CAE, Inc.		629			12
Canadian National Railway Co.		1,302			96
Canadian Pacific Railway Ltd.		350			62
Finning International, Inc.		431			7
NFI Group, Inc.		199			5
Ritchie Bros Auctioneers, Inc.		327			11
Russel Metals, Inc.		483			8
TFI International, Inc.		605			16
Thomson Reuters Corp.		1,061			51
Toromont Industries Ltd.		248			10
Transcontinental, Inc. ‘A’		612			9
WestJet Airlines Ltd.		859			11
					313

	SHARES			MARKET VALUE (000S)
INFORMATION TECHNOLOGY 0.3%
Celestica, Inc. (a)		1,068	$		9
CGI Group, Inc. ‘A’ (a)		419			26
Constellation Software, Inc. (b)		35			22
Open Text Corp.		228			8
					65
MATERIALS 0.4%
Barrick Gold Corp.		792			11
CCL Industries, Inc. ‘B’		196			7
Kirkland Lake Gold Ltd. (b)		312			8
Labrador Iron Ore Royalty Corp.		395			7
Methanex Corp.		244			12
Nevsun Resources Ltd.		2,637			12
Resolute Forest Products, Inc.		623			5
Teck Resources Ltd. ‘B’		576			12
Western Forest Products, Inc.		6,314			9
Winpak Ltd.		236			8
Yamana Gold, Inc.		3,476			8
					99
REAL ESTATE 0.0%
Colliers International Group, Inc.		135			8
UTILITIES 0.3%
Atco Ltd. ‘I’		348			10
Capital Power Corp.		528			10
Emera, Inc.		431			14
Fortis, Inc.		863			29
Superior Plus Corp.		1,273			9
TransAlta Corp.		1,569			6
					78
Total Canada					1,595
DENMARK 1.1%
CONSUMER STAPLES 0.1%
Carlsberg A/S ‘B’		271			29
Royal Unibrew A/S		117			8
					37
FINANCIALS 0.1%
Topdanmark A/S		188			9
Tryg A/S		358			9
					18
HEALTH CARE 0.4%
Coloplast A/S ‘B’		172			16
GN Store Nord A/S		174			7
H Lundbeck A/S		35			2
Novo Nordisk A/S ‘B’		1,245			57
William Demant Holding A/S (a)		219			6
					88
INDUSTRIALS 0.3%
AP Moller - Maersk A/S ‘B’		45			57
ISS A/S		411			11
Vestas Wind Systems A/S		248			19
					87

	SHARES			MARKET VALUE (000S)
MATERIALS 0.1%
Chr Hansen Holding A/S		124	$		11
Novozymes A/S ‘B’		166			7
					18
UTILITIES 0.1%
Orsted A/S		241			16
Total Denmark					264
FAROE ISLANDS 0.0%
CONSUMER STAPLES 0.0%
Bakkafrost P/F		141			7
Total Faroe Islands					7
FINLAND 1.2%
COMMUNICATION SERVICES 0.1%
Elisa Oyj		329			14
CONSUMER STAPLES 0.1%
Kesko Oyj ‘B’		393			21
ENERGY 0.1%
Neste Oyj		438			34
FINANCIALS 0.1%
Sampo Oyj ‘A’		662			29
HEALTH CARE 0.0%
Orion Oyj ‘B’		231			8
INDUSTRIALS 0.3%
Kone Oyj ‘B’		1,121			53
Wartsila Oyj Abp		768			12
YIT OYJ		1,299			8
					73
INFORMATION TECHNOLOGY 0.1%
Nokia OYJ		4,697			27
Tieto OYJ		310			9
					36
MATERIALS 0.2%
Kemira Oyj		638			7
Stora Enso Oyj ‘R’		1,296			15
UPM-Kymmene Oyj		641			17
					39
UTILITIES 0.2%
Fortum Oyj		2,105			46
Total Finland					300
FRANCE 7.3%
COMMUNICATION SERVICES 1.2%
Eutelsat Communications S.A.		359			7
Iliad S.A.		56			8
Lagardere S.C.A.		679			17
Metropole Television S.A.		409			7

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 29

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Orange S.A.		7,552	$		122
Publicis Groupe S.A.		459			26
Television Francaise		917			7
Vivendi S.A.		4,321			105
					299
CONSUMER DISCRETIONARY 1.0%
Accor S.A.		265			11
Cie Generale des Etablissements Michelin S.C.A.		99			10
Elior Group S.A.		569			8
Hermes International		48			27
Kering S.A.		61			28
LVMH Moet Hennessy Louis Vuitton SE		297			87
Peugeot S.A.		2,014			43
Renault S.A.		123			8
Sodexo S.A.		282			29
					251
CONSUMER STAPLES 1.0%
Carrefour S.A.		2,197			38
Casino Guichard Perrachon S.A.		430			18
Danone S.A.		955			67
L’Oreal S.A.		303			69
Pernod Ricard S.A.		393			65
					257
ENERGY 0.6%
CGG S.A. (a)		3,009			4
Total S.A.		2,911			154
Vallourec S.A. (a)		1,784			3
					161
FINANCIALS 0.2%
Eurazeo S.A.		110			8
Natixis S.A.		1,448			7
SCOR SE		437			19
Societe Generale S.A.		412			13
					47
HEALTH CARE 0.6%
BioMerieux		112			8
EssilorLuxottica S.A.		357			45
Korian S.A.		233			8
Sanofi		966			84
					145
INDUSTRIALS 1.4%
Aeroports de Paris		78			15
Airbus SE		887			84
Alstom S.A.		593			24
Bouygues S.A.		468			17
Bureau Veritas S.A.		325			7
Dassault Aviation S.A.		3			4
Edenred		224			8
Elis S.A.		440			7
Getlink SE		750			10
Legrand S.A.		135			8
Rexel S.A.		1,104			12
Safran S.A.		436			52
Societe BIC S.A.		94			10

	SHARES			MARKET VALUE (000S)
Thales S.A.		206	$		24
Vinci S.A.		789			65
					347
INFORMATION TECHNOLOGY 0.3%
Alten S.A.		99			8
Atos SE		125			10
Capgemini SE		129			13
Dassault Systemes SE		218			26
Neopost S.A.		292			8
Worldline S.A. (a)		131			7
					72
MATERIALS 0.2%
Air Liquide S.A.		332			41
Eramet		75			5
Vicat S.A.		150			7
					53
REAL ESTATE 0.0%
Nexity S.A.		186			8
UTILITIES 0.8%
Electricite de France S.A.		3,966			63
Engie S.A.		6,295			90
Veolia Environnement S.A.		2,027			42
					195
Total France					1,835
GERMANY 5.7%
COMMUNICATION SERVICES 0.3%
Axel Springer SE		162			9
Deutsche Telekom AG		2,503			42
ProSiebenSat.1 Media SE		370			7
Scout24 AG		178			8
Telefonica Deutschland Holding AG		2,790			11
United Internet AG		178			8
					85
CONSUMER DISCRETIONARY 0.8%
adidas AG		356			74
Bayerische Motoren Werke AG		479			39
Continental AG		197			27
Daimler AG		223			12
Fielmann AG		120			8
Hella GmbH & Co. KGaA		170			7
Hugo Boss AG		134			8
Leoni AG		229			8
Puma SE		16			8
TUI AG		626			9
					200
CONSUMER STAPLES 0.1%
Beiersdorf AG		164			17
METRO AG		544			8
Suedzucker AG		607			8
					33
FINANCIALS 1.1%
Commerzbank AG		2,490			16
Deutsche Bank AG		2,149			17

	SHARES			MARKET VALUE (000S)
Deutsche Boerse AG		453	$		54
Deutsche Pfandbriefbank AG		750			7
Hannover Rueck SE		140			19
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		608			133
Talanx AG		291			10
Wuestenrot & Wuerttembergische AG		365			7
					263
HEALTH CARE 0.3%
Carl Zeiss Meditec AG		93			7
Fresenius Medical Care AG & Co. KGaA		530			34
Fresenius SE & Co. KGaA		491			24
Merck KGaA		97			10
Rhoen Klinikum AG		340			9
					84
INDUSTRIALS 0.6%
Bilfinger SE		304			9
Brenntag AG		436			19
Deutsche Lufthansa AG		1,048			24
Deutsche Post AG		1,057			29
Deutz AG		938			5
Fraport AG Frankfurt Airport Services Worldwide		107			8
Hochtief AG		73			10
Kloeckner & Co. SE		748			5
MTU Aero Engines AG		40			7
Rational AG		11			6
Siemens AG		211			24
					146
INFORMATION TECHNOLOGY 0.9%
Infineon Technologies AG		433			9
SAP SE		1,968			195
Software AG		218			8
Wirecard AG		84			13
					225
MATERIALS 0.5%
Aurubis AG		354			17
BASF SE		1,043			73
Evonik Industries AG		405			10
K+S AG		503			9
Salzgitter AG		229			7
					116
REAL ESTATE 0.5%
Deutsche Wohnen SE		736			34
LEG Immobilien AG		110			11
TAG Immobilien AG		563			13
TLG Immobilien AG		331			9
Vonovia SE		1,222			55
					122
UTILITIES 0.6%
E.ON SE		3,968			39
Innogy SE (a)		520			22
RWE AG		2,702			59
Uniper SE		1,604			42
					162
Total Germany					1,436

30 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

	SHARES			MARKET VALUE (000S)
HONG KONG 2.1%
COMMUNICATION SERVICES 0.1%
HKT Trust & HKT Ltd.		15,000	$		21
PCCW Ltd.		19,000			11
					32
CONSUMER DISCRETIONARY 0.2%
Chow Tai Fook Jewellery Group Ltd.		10,000			8
Li & Fung Ltd.		34,000			5
Luk Fook Holdings International Ltd.		2,000			6
Melco Resorts & Entertainment Ltd.		405			7
SJM Holdings Ltd.		18,000			17
Xinyi Glass Holdings Ltd.		8,000			9
Yue Yuen Industrial Holdings Ltd.		3,000			10
					62
CONSUMER STAPLES 0.2%
Dairy Farm International Holdings Ltd.		1,200			11
Sun Art Retail Group Ltd.		7,000			7
Vitasoy International Holdings Ltd.		2,000			8
WH Group Ltd.		16,000			12
					38
FINANCIALS 0.3%
AIA Group Ltd.		7,000			58
Hong Kong Exchanges and Clearing Ltd.		1,000			29
					87
HEALTH CARE 0.1%
Sino Biopharmaceutical Ltd.		11,500			8
SSY Group Ltd.		10,000			7
					15
INDUSTRIALS 0.3%
Cathay Pacific Airways Ltd.		6,000			9
Jardine Matheson Holdings Ltd.		400			28
Jardine Strategic Holdings Ltd.		200			7
MTR Corp. Ltd.		3,500			18
Seaspan Corp.		963			8
					70
INFORMATION TECHNOLOGY 0.1%
Kingboard Chemical Holdings Ltd.		3,000			8
Truly International Holdings Ltd. (a)		10,000			1
VTech Holdings Ltd.		900			8
					17
REAL ESTATE 0.3%
Hongkong Land Holdings Ltd.		2,000			12
Hysan Development Co. Ltd.		1,000			5
Kerry Properties Ltd.		2,000			7
New World Development Co. Ltd.		12,000			16
Shimao Property Holdings Ltd.		4,000			11
Swire Pacific Ltd. ‘A’		2,500			26
Wheelock & Co. Ltd.		1,000			6
					83
UTILITIES 0.5%
China Gas Holdings Ltd.		3,000			10
CLP Holdings Ltd.		4,500			51

	SHARES			MARKET VALUE (000S)
Hong Kong & China Gas Co. Ltd.		23,100	$		48
Power Assets Holdings Ltd.		1,000			7
					116
Total Hong Kong					520
IRELAND 1.6%
CONSUMER STAPLES 0.2%
C&C Group PLC		2,183			7
Glanbia PLC		649			12
Kerry Group PLC ‘A’		368			36
					55
HEALTH CARE 1.2%
ICON PLC (a)		117			15
Jazz Pharmaceuticals PLC (a)		57			7
Medtronic PLC		2,866			261
UDG Healthcare PLC		916			7
					290
INDUSTRIALS 0.1%
Allegion PLC		107			8
DCC PLC		127			10
Grafton Group PLC		871			7
Kingspan Group PLC		180			8
					33
MATERIALS 0.1%
James Hardie Industries PLC ADR		646			7
Smurfit Kappa Group PLC		485			13
					20
Total Ireland					398
ISRAEL 0.8%
COMMUNICATION SERVICES 0.0%
Bezeq The Israeli Telecommunication Corp. Ltd.		11,210			11
ENERGY 0.1%
Delek Group Ltd.		47			7
Oil Refineries Ltd.		15,479			7
Paz Oil Co. Ltd.		51			8
					22
FINANCIALS 0.3%
Bank Hapoalim BM		1,740			11
Bank Leumi Le-Israel BM		3,760			23
Harel Insurance Investments & Financial Services Ltd.		1,089			7
Israel Discount Bank Ltd. ‘A’		5,790			18
Mizrahi Tefahot Bank Ltd.		556			9
Plus500 Ltd.		464			8
					76
HEALTH CARE 0.1%
Teva Pharmaceutical Industries Ltd.		1,828			28
INFORMATION TECHNOLOGY 0.2%
Check Point Software Technologies Ltd. (a)		188			19
Mellanox Technologies Ltd. (a)		83			8

	SHARES			MARKET VALUE (000S)
Nice Ltd. (a)		124	$		13
					40
MATERIALS 0.1%
Israel Chemicals Ltd.		4,264			25
Israel Corp. Ltd.		27			7
					32
Total Israel					209
ITALY 1.8%
COMMUNICATION SERVICES 0.1%
Telecom Italia SpA		46,490			26
CONSUMER DISCRETIONARY 0.1%
De’ Longhi SpA		264			7
Ferrari NV		123			12
Moncler SpA		218			7
PRADA SpA		1,900			6
					32
ENERGY 0.7%
Eni SpA		7,717			122
Saipem SpA (a)		2,340			9
Saras SpA		4,954			10
Snam SpA		6,959			30
					171
FINANCIALS 0.2%
Banca Popolare di Sondrio SCPA		2,057			6
BPER Banca		2,338			9
FinecoBank Banca Fineco SpA		620			6
Societa Cattolica di Assicurazioni S.C.		934			8
Unione di Banche Italiane SpA		2,912			9
Unipol Gruppo Finanziario SpA		1,833			7
					45
HEALTH CARE 0.1%
DiaSorin SpA		79			6
Recordati SpA		258			9
					15
INDUSTRIALS 0.1%
ASTM SpA		440			9
Atlantia SpA		491			10
Societa Iniziative Autostradali e Servizi SpA		563			8
					27
UTILITIES 0.5%
Enel SpA		14,328			83
ERG SpA		412			8
Iren SpA		3,978			10
Terna Rete Elettrica Nazionale SpA		6,403			36
					137
Total Italy					453
JAPAN 25.0%
COMMUNICATION SERVICES 1.8%
Avex, Inc.		600			8
Capcom Co. Ltd.		400			8

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 31

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
CyberAgent, Inc.		300	$		12
Daiichikosho Co. Ltd.		100			5
DeNA Co. Ltd.		500			8
Dentsu, Inc.		500			22
Fuji Media Holdings, Inc.		1,500			21
Gree, Inc.		2,200			9
Kakaku.com, Inc.		400			7
KDDI Corp.		2,400			57
Konami Holdings Corp.		200			9
Nippon Telegraph & Telephone Corp.		2,300			94
NTT DOCOMO, Inc.		3,800			85
SoftBank Group Corp.		1,300			85
Square Enix Holdings Co. Ltd.		100			3
Yahoo Japan Corp.		2,500			6
					439
CONSUMER DISCRETIONARY 5.0%
Adastria Co. Ltd.		400			7
Aisin Seiki Co. Ltd.		200			7
Arata Corp.		100			4
ASKUL Corp.		200			4
Autobacs Seven Co. Ltd.		500			8
Bandai Namco Holdings, Inc.		600			27
Benesse Holdings, Inc.		200			5
Bridgestone Corp.		1,200			46
Canon Marketing Japan, Inc.		400			7
Casio Computer Co. Ltd.		800			10
DCM Holdings Co. Ltd.		1,200			13
Denso Corp.		500			22
Don Quijote Holdings Co. Ltd.		100			6
EDION Corp.		900			9
Fast Retailing Co. Ltd.		100			51
FCC Co. Ltd.		300			7
Foster Electric Co. Ltd.		700			8
Geo Holdings Corp.		600			9
H2O Retailing Corp.		500			7
Heiwa Corp.		400			8
Hikari Tsushin, Inc.		100			16
Honda Motor Co. Ltd.		2,700			71
Iida Group Holdings Co. Ltd.		600			10
Isetan Mitsukoshi Holdings Ltd.		1,900			21
Isuzu Motors Ltd.		1,500			21
J Front Retailing Co. Ltd.		700			8
JVC Kenwood Corp.		3,000			7
K’s Holdings Corp.		1,300			13
Keihin Corp.		500			8
Kohnan Shoji Co. Ltd.		400			10
Koito Manufacturing Co. Ltd.		200			10
Komeri Co. Ltd.		400			9
Kura Corp.		100			5
KYB Corp.		100			2
Mazda Motor Corp.		1,600			16
McDonald’s Holdings Co. Japan Ltd.		100			4
Musashi Seimitsu Industry Co. Ltd.		500			7
NHK Spring Co. Ltd.		1,000			9
Nifco, Inc.		300			7
Nikon Corp.		1,000			15
Nishimatsuya Chain Co. Ltd.		800			7
Nissan Motor Co. Ltd.		10,700			86
Nitori Holdings Co. Ltd.		200			25
NOK Corp.		500			7
Ohsho Food Service Corp.		200			13
Oriental Land Co. Ltd.		300			30
Paltac Corp.		200			9

	SHARES			MARKET VALUE (000S)
Panasonic Corp.		3,200	$		29
Pioneer Corp. (a)		8,600			5
Plenus Co. Ltd.		400			7
Rakuten, Inc.		1,000			7
Royal Holdings Co. Ltd.		400			9
Sankyo Co. Ltd.		200			8
Sanrio Co. Ltd.		400			8
Sekisui Chemical Co. Ltd.		900			13
Shimachu Co. Ltd.		500			14
Shimano, Inc.		100			14
Skylark Co. Ltd.		500			8
Sony Corp.		1,500			72
Stanley Electric Co. Ltd.		200			6
Subaru Corp.		300			6
Sumitomo Electric Industries Ltd.		2,600			34
Sumitomo Forestry Co. Ltd.		900			12
Sumitomo Rubber Industries Ltd.		1,000			12
Suzuki Motor Corp.		500			25
Takashimaya Co. Ltd.		500			6
Tokai Rika Co. Ltd.		400			7
Toyoda Gosei Co. Ltd.		300			6
Toyota Motor Corp.		2,400			139
TS Tech Co. Ltd.		200			6
Unipres Corp.		500			8
United Arrows Ltd.		200			6
USS Co. Ltd.		500			8
Yamada Denki Co. Ltd.		6,500			31
Yamaha Corp.		400			17
Yokohama Rubber Co. Ltd.		400			8
Yondoshi Holdings, Inc.		400			8
Yoshinoya Holdings Co. Ltd.		500			8
Zensho Holdings Co. Ltd.		300			7
					1,265
CONSUMER STAPLES 3.0%
Aeon Co. Ltd.		2,700			53
Ain Holdings, Inc.		100			7
Ajinomoto Co., Inc.		2,000			36
Ariake Japan Co. Ltd.		100			6
Asahi Group Holdings Ltd.		600			23
Ci:z Holdings Co. Ltd.		100			5
Coca-Cola Bottlers Japan, Inc.		200			6
Earth Chemical Co. Ltd.		100			5
FamilyMart UNY Holdings Co. Ltd. ‘L’		100			13
Fancl Corp.		200			5
Heiwado Co. Ltd.		300			7
Ito En Ltd.		200			9
J-Oil Mills, Inc.		200			7
Japan Tobacco, Inc.		2,800			67
Kao Corp.		1,200			89
Kikkoman Corp.		300			16
Kirin Holdings Co. Ltd.		2,100			44
Kobayashi Pharmaceutical Co. Ltd.		100			7
Kyokuyo Co. Ltd.		300			8
Lion Corp.		400			8
Mandom Corp.		300			8
Maruha Nichiro Corp.		500			17
Matsumotokiyoshi Holdings Co. Ltd.		200			6
MEIJI Holdings Co. Ltd.		200			16
Mitsui Sugar Co. Ltd.		200			5
Morinaga & Co. Ltd.		100			4
NH Foods Ltd.		200			7
Nichirei Corp.		300			8
Nisshin Oillio Group Ltd.		300			9

	SHARES			MARKET VALUE (000S)
Nisshin Seifun Group, Inc.		1,000	$		21
Nissin Foods Holdings Co. Ltd.		100			6
Noevir Holdings Co. Ltd.		100			4
Pigeon Corp.		300			13
Pola Orbis Holdings, Inc.		200			5
Prima Meat Packers Ltd.		200			4
S Foods, Inc.		100			4
Sakata Seed Corp.		200			6
Seven & i Holdings Co. Ltd.		1,500			65
Shiseido Co. Ltd.		700			44
Sundrug Co. Ltd.		100			3
Suntory Beverage & Food Ltd.		200			9
Tsuruha Holdings, Inc.		100			9
Unicharm Corp.		800			26
Valor Holdings Co. Ltd.		300			7
Warabeya Nichiyo Holdings Co. Ltd.		400			7
Yakult Honsha Co. Ltd.		100			7
Yamazaki Baking Co. Ltd.		400			8
					749
ENERGY 0.8%
Idemitsu Kosan Co. Ltd.		1,200			39
Inpex Corp.		4,200			37
Japan Petroleum Exploration Co. Ltd.		400			7
JXTG Holdings, Inc.		18,300			95
Showa Shell Sekiyu KK		2,000			28
					206
FINANCIALS 1.2%
Dai-ichi Life Holdings, Inc.		1,400			22
Daiwa Securities Group, Inc.		4,300			22
Ehime Bank Ltd.		900			9
Jafco Co. Ltd.		200			6
Japan Exchange Group, Inc.		400			7
Japan Post Bank Co. Ltd.		700			8
Japan Post Holdings Co. Ltd.		9,300			107
Mizuho Financial Group, Inc.		20,800			32
North Pacific Bank Ltd.		2,900			8
Okasan Securities Group, Inc.		1,000			4
ORIX Corp.		1,000			15
SBI Holdings, Inc.		200			4
Sompo Holdings, Inc.		200			7
Sumitomo Mitsui Trust Holdings, Inc.		200			7
Tokio Marine Holdings, Inc.		700			33
Zenkoku Hosho Co. Ltd.		200			6
					297
HEALTH CARE 2.2%
Alfresa Holdings Corp.		1,000			25
Astellas Pharma, Inc.		6,200			79
Chugai Pharmaceutical Co. Ltd.		200			12
Daiichi Sankyo Co. Ltd.		800			26
Eisai Co. Ltd.		600			46
Hisamitsu Pharmaceutical Co., Inc.		100			5
Hogy Medical Co. Ltd.		200			6
Hoya Corp.		600			36
Kaken Pharmaceutical Co. Ltd.		100			4
Kyowa Hakko Kirin Co. Ltd.		400			8
Medipal Holdings Corp.		1,100			24
Nihon Kohden Corp.		300			10
Olympus Corp.		200			6
Ono Pharmaceutical Co. Ltd.		700			14
Otsuka Holdings Co. Ltd.		1,200			49

32 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

	SHARES			MARKET VALUE (000S)
Paramount Bed Holdings Co. Ltd.		200	$		8
Rohto Pharmaceutical Co. Ltd.		400			11
Santen Pharmaceutical Co. Ltd.		900			13
Sawai Pharmaceutical Co. Ltd.		100			5
Shionogi & Co. Ltd.		500			29
Sumitomo Dainippon Pharma Co. Ltd.		300			10
Suzuken Co. Ltd.		300			15
Taisho Pharmaceutical Holdings Co. Ltd.		100			10
Takeda Pharmaceutical Co. Ltd.		1,100			37
Terumo Corp.		700			39
Toho Holdings Co. Ltd.		600			15
Tsumura & Co.		200			6
					548
INDUSTRIALS 5.5%
ANA Holdings, Inc.		800			29
Asahi Glass Co. Ltd.		600			19
Central Glass Co. Ltd.		300			6
Central Japan Railway Co.		200			42
COMSYS Holdings Corp.		300			7
Dai Nippon Printing Co. Ltd.		1,400			29
Daikin Industries Ltd.		200			21
Daiseki Co. Ltd.		200			4
East Japan Railway Co.		300			27
FANUC Corp.		100			15
Fuji Electric Co. Ltd.		300			9
Fujikura Ltd.		1,900			8
Fujitec Co. Ltd.		600			6
Hankyu Hanshin Holdings, Inc.		200			7
Hanwa Co. Ltd.		200			5
Hazama Ando Corp.		1,200			8
Hino Motors Ltd.		1,400			13
ITOCHU Corp.		1,900			32
Iwatani Corp.		300			10
Japan Airlines Co. Ltd.		1,900			67
JGC Corp.		600			8
JTEKT Corp.		1,000			11
Kajima Corp.		500			7
Kanematsu Corp.		500			6
Kawasaki Heavy Industries Ltd.		300			6
Kawasaki Kisen Kaisha Ltd. (a)		500			6
Keihan Holdings Co. Ltd.		200			8
Keio Corp.		200			12
Kinden Corp.		900			15
Kintetsu Group Holdings Co. Ltd.		400			17
Komatsu Ltd.		1,000			22
Kumagai Gumi Co. Ltd.		300			9
Kurita Water Industries Ltd.		300			7
Kyowa Exeo Corp.		400			9
Kyudenko Corp.		200			8
Makita Corp.		500			18
Marubeni Corp.		9,700			68
Minebea Mitsumi, Inc.		400			6
Mirait Holdings Corp.		500			7
Mitsubishi Corp.		1,700			47
Mitsubishi Heavy Industries Ltd.		1,200			43
Mitsui & Co. Ltd.		7,900			121
Mitsui E&S Holdings Co. Ltd.		700			7
Mitsui OSK Lines Ltd.		600			13
Nagase & Co. Ltd.		600			8
Nagoya Railroad Co. Ltd.		400			11
Nankai Electric Railway Co. Ltd.		300			8
Nippon Express Co. Ltd.		200			11

	SHARES			MARKET VALUE (000S)
Nippon Sheet Glass Co. Ltd.		1,100	$		8
Nippon Yusen KK		1,100			17
Nisshinbo Holdings, Inc.		800			6
NSK Ltd.		1,000			9
NTN Corp.		2,100			6
Obayashi Corp.		1,700			15
Odakyu Electric Railway Co. Ltd.		300			7
OSG Corp.		400			8
Park24 Co. Ltd.		500			11
Recruit Holdings Co. Ltd.		2,300			56
Ryobi Ltd.		200			5
Sakai Moving Service Co. Ltd.		100			5
Sankyu, Inc.		100			5
Sanwa Holdings Corp.		700			8
Sanyo Denki Co. Ltd.		100			3
Secom Co. Ltd.		200			17
Seibu Holdings, Inc.		600			10
Seino Holdings Co. Ltd.		1,000			13
SG Holdings Co. Ltd.		200			5
SHO-BOND Holdings Co. Ltd.		100			7
Sohgo Security Services Co. Ltd.		200			9
Sojitz Corp.		6,800			24
Sumitomo Corp.		1,800			26
Sumitomo Mitsui Construction Co. Ltd.		1,320			8
Taikisha Ltd.		200			5
Taisei Corp.		500			21
Takeuchi Manufacturing Co. Ltd.		300			5
Tobu Railway Co. Ltd.		600			16
TOKAI Holdings Corp.		800			6
Tokyu Construction Co. Ltd.		900			8
Tokyu Corp.		600			10
Toppan Printing Co. Ltd.		1,000			15
Toshiba Corp.		1,000			28
Toshiba Plant Systems & Services Corp.		500			9
Toyota Tsusho Corp.		1,200			35
West Japan Railway Co.		400			28
Yamato Holdings Co. Ltd.		400			11
Yuasa Trading Co. Ltd.		200			6
					1,374
INFORMATION TECHNOLOGY 2.3%
Advantest Corp.		400			8
Amano Corp.		400			8
Anritsu Corp.		500			7
Canon, Inc.		2,400			66
Daiwabo Holdings Co. Ltd.		200			9
FUJIFILM Holdings Corp.		300			12
Fujitsu Ltd.		300			19
Hamamatsu Photonics KK		200			7
Hitachi Ltd.		4,300			114
Ibiden Co. Ltd.		700			10
Kaga Electronics Co. Ltd.		400			7
Konica Minolta, Inc.		2,700			24
Murata Manufacturing Co. Ltd.		400			54
NEC Corp.		1,700			51
NET One Systems Co. Ltd.		600			11
Nihon Unisys Ltd.		400			9
Nippon Electric Glass Co. Ltd.		300			7
Nomura Research Institute Ltd.		200			7
NTT Data Corp.		600			7
Obic Co. Ltd.		100			8
Oki Electric Industry Co. Ltd.		800			9
Omron Corp.		300			11

	SHARES			MARKET VALUE (000S)
Otsuka Corp.		200	$		5
Ricoh Co. Ltd.		4,900			48
Sanken Electric Co. Ltd.		200			4
Seiko Epson Corp.		600			8
Shimadzu Corp.		400			8
TDK Corp.		100			7
TIS, Inc.		200			8
Tokyo Electron Ltd.		100			11
Trend Micro, Inc.		100			5
Yaskawa Electric Corp.		300			7
					576
MATERIALS 1.6%
Daicel Corp.		1,100			11
Daido Steel Co. Ltd.		100			4
FP Corp.		100			6
Hitachi Metals Ltd.		700			7
JFE Holdings, Inc.		2,800			45
Kobe Steel Ltd.		2,200			15
Kuraray Co. Ltd.		600			8
Mitsubishi Chemical Holdings Corp.		1,200			9
Mitsubishi Materials Corp.		500			13
Mitsui Chemicals, Inc.		500			11
Nippon Paint Holdings Co. Ltd.		200			7
Nippon Paper Industries Co. Ltd.		1,100			20
Nippon Steel & Sumitomo Metal Corp.		3,100			53
Nissan Chemical Industries Ltd.		200			10
Nittetsu Mining Co. Ltd.		100			4
Nitto Denko Corp.		100			5
Oji Holdings Corp.		5,000			26
Osaka Soda Co. Ltd.		400			9
Rengo Co. Ltd.		2,100			17
Sanyo Special Steel Co. Ltd.		400			8
Showa Denko KK		200			6
Sumitomo Chemical Co. Ltd.		2,000			10
Tokai Carbon Co. Ltd.		400			5
Tokuyama Corp.		300			7
Tokyo Ohka Kogyo Co. Ltd.		200			5
Tokyo Steel Manufacturing Co. Ltd.		1,100			9
Toray Industries, Inc.		3,200			23
Toyo Seikan Group Holdings Ltd.		1,200			27
Toyobo Co. Ltd.		500			7
Ube Industries Ltd.		400			8
					395
REAL ESTATE 0.2%
Daito Trust Construction Co. Ltd.		100			14
Leopalace21 Corp.		1,600			6
Mitsubishi Estate Co. Ltd.		1,000			16
Mitsui Fudosan Co. Ltd.		800			18
					54
UTILITIES 1.4%
Chubu Electric Power Co., Inc.		2,600			37
Chugoku Electric Power Co., Inc.		2,000			26
Electric Power Development Co. Ltd. ‘C’		800			19
Hokuriku Electric Power Co. (a)		1,400			12
Kansai Electric Power Co., Inc.		1,200			18
Kyushu Electric Power Co., Inc.		700			8
Osaka Gas Co. Ltd.		2,000			37
Shizuoka Gas Co. Ltd.		900			7
Toho Gas Co. Ltd.		500			21
Tohoku Electric Power Co., Inc.		1,600			21

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 33

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Tokyo Electric Power Co. Holdings, Inc. (a)		15,700	$		93
Tokyo Gas Co. Ltd.		2,300			58
					357
Total Japan					6,260
LUXEMBOURG 0.4%
COMMUNICATION SERVICES 0.1%
RTL Group S.A.		281			15
SES S.A.		1,426			27
					42
MATERIALS 0.2%
ArcelorMittal		2,414			50
REAL ESTATE 0.1%
Aroundtown S.A.		961			8
Grand City Properties S.A.		357			8
					16
Total Luxembourg					108
MACAU 0.1%
CONSUMER DISCRETIONARY 0.1%
Sands China Ltd.		3,600			15
Wynn Macau Ltd.		3,600			8
					23
Total Macau					23
NETHERLANDS 4.0%
COMMUNICATION SERVICES 0.2%
Koninklijke KPN NV		12,350			36
VEON Ltd. ADR		3,654			8
					44
CONSUMER STAPLES 1.1%
Heineken Holding NV		405			34
Heineken NV		439			39
Koninklijke Ahold Delhaize NV		7,357			186
Sligro Food Group NV		222			9
					268
ENERGY 1.1%
Fugro NV (a)		808			7
Royal Dutch Shell PLC ‘A’		8,856			261
					268
FINANCIALS 0.5%
Aegon NV		6,442			30
ASR Nederland NV		175			7
Euronext NV		127			7
ING Groep NV		4,404			47
NN Group NV		1,169			47
					138
HEALTH CARE 0.1%
Koninklijke Philips NV		762			27
INDUSTRIALS 0.3%
Arcadis NV		555			7
Boskalis Westminster		353			9

	SHARES			MARKET VALUE (000S)
Cimpress NV (a)		63	$		6
Koninklijke BAM Groep NV		2,394			7
Signify NV		331			8
TKH Group NV		158			7
Wolters Kluwer NV		761			45
					89
INFORMATION TECHNOLOGY 0.3%
ASML Holding NV		481			75
MATERIALS 0.4%
Akzo Nobel NV		609			49
Corbion NV		316			9
Koninklijke DSM NV		483			39
					97
Total Netherlands					1,006
NEW ZEALAND 0.3%
COMMUNICATION SERVICES 0.1%
Chorus Ltd.		2,689			9
Spark New Zealand Ltd.		7,762			21
					30
CONSUMER DISCRETIONARY 0.0%
SKYCITY Entertainment Group Ltd.		3,196			7
HEALTH CARE 0.0%
Fisher & Paykel Healthcare Corp. Ltd.		916			8
INDUSTRIALS 0.0%
Auckland International Airport Ltd.		1,540			8
MATERIALS 0.1%
Fletcher Building Ltd.		3,105			10
UTILITIES 0.1%
Contact Energy Ltd.		2,535			10
Genesis Energy Ltd.		4,268			8
					18
Total New Zealand					81
NORWAY 1.4%
COMMUNICATION SERVICES 0.2%
Telenor ASA		2,905			57
CONSUMER STAPLES 0.3%
Austevoll Seafood ASA		561			7
Marine Harvest ASA		1,469			31
Orkla ASA		1,785			14
Salmar ASA		172			8
					60
ENERGY 0.5%
Aker Solutions ASA (a)		1,436			7
BW Offshore Ltd. (a)		1,084			4
Equinor ASA		4,535			96
Petroleum Geo-Services ASA		3,936			5
Ship Finance International Ltd.		672			7
TGS NOPEC Geophysical Co. ASA		285			7
					126

	SHARES			MARKET VALUE (000S)
FINANCIALS 0.2%
DNB ASA		1,356	$		22
Gjensidige Forsikring ASA		660			10
SpareBank 1 SMN		766			7
SpareBank 1 SR-Bank ASA		731			8
					47
INDUSTRIALS 0.0%
Tomra Systems ASA		356			8
MATERIALS 0.2%
Yara International ASA		1,255			48
Total Norway					346
PORTUGAL 0.3%
CONSUMER STAPLES 0.1%
Jeronimo Martins SGPS S.A.		681			8
Sonae SGPS S.A.		8,140			8
					16
MATERIALS 0.0%
Navigator Co. S.A.		2,084			8
UTILITIES 0.2%
EDP - Energias de Portugal S.A.		11,352			40
REN - Redes Energeticas Nacionais SGPS S.A.		3,045			8
					48
Total Portugal					72
SINGAPORE 1.4%
COMMUNICATION SERVICES 0.3%
Singapore Press Holdings Ltd.		7,400			13
Singapore Telecommunications Ltd.		27,200			58
					71
CONSUMER DISCRETIONARY 0.0%
Jardine Cycle & Carriage Ltd.		200			5
CONSUMER STAPLES 0.1%
Wilmar International Ltd.		9,800			23
FINANCIALS 0.4%
DBS Group Holdings Ltd.		2,100			36
Oversea-Chinese Banking Corp. Ltd.		1,900			16
Singapore Exchange Ltd.		1,900			10
United Overseas Bank Ltd.		2,800			51
					113
INDUSTRIALS 0.5%
ComfortDelGro Corp. Ltd.		12,600			20
Hutchison Port Holdings Trust		28,500			7
Keppel Corp. Ltd.		6,200			27
SATS Ltd.		2,700			9
Sembcorp Industries Ltd.		3,900			7
Singapore Airlines Ltd.		2,900			20
Singapore Post Ltd.		10,500			7
Singapore Technologies Engineering Ltd.		6,100			16
					113

34 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

	SHARES			MARKET VALUE (000S)
INFORMATION TECHNOLOGY 0.0%
Venture Corp. Ltd.		700	$		7
REAL ESTATE 0.1%
CDL Hospitality Trusts		6,800			7
Chip Eng Seng Corp. Ltd.		14,000			7
UOL Group Ltd.		1,800			8
					22
Total Singapore					354
SOUTH AFRICA 0.0%
HEALTH CARE 0.0%
Mediclinic International PLC		1,427			6
Total South Africa					6
SPAIN 3.2%
COMMUNICATION SERVICES 0.2%
Mediaset Espana Comunicacion S.A.		1,281			8
Telefonica S.A.		5,408			46
					54
CONSUMER DISCRETIONARY 0.1%
Industria de Diseno Textil S.A.		1,092			28
CONSUMER STAPLES 0.1%
Distribuidora Internacional de Alimentacion S.A.		3,397			2
Ebro Foods S.A.		389			8
Viscofan S.A.		136			7
					17
ENERGY 0.4%
Enagas S.A.		348			9
Repsol S.A.		5,670			91
					100
FINANCIALS 0.2%
Banco Santander S.A.		8,985			41
Bankia S.A.		2,302			7
Bolsas y Mercados Espanoles SHMSF S.A.		300			8
Mapfre S.A.		3,763			10
					66
HEALTH CARE 0.1%
Grifols S.A.		718			19
INDUSTRIALS 0.4%
ACS Actividades de Construccion y Servicios S.A.		922			36
Aena SME S.A.		179			28
Cia de Distribucion Integral Logista Holdings S.A.		296			7
Ferrovial S.A.		1,384			28
Prosegur Cia de Seguridad S.A.		1,403			7
					106
INFORMATION TECHNOLOGY 0.3%
Amadeus IT Group S.A.		967			67

	SHARES			MARKET VALUE (000S)
UTILITIES 1.4%
Endesa S.A.		3,984	$		92
Iberdrola S.A.		20,941			168
Naturgy Energy Group S.A.		2,311			59
Red Electrica Corp. S.A.		1,485			33
					352
Total Spain					809
SWEDEN 3.6%
COMMUNICATION SERVICES 0.8%
Tele2 AB ‘B’		5,418			69
Telia Co. AB		26,884			128
					197
CONSUMER DISCRETIONARY 0.6%
Autoliv, Inc.		417			29
Electrolux AB ‘B’		1,015			22
Hennes & Mauritz AB ‘B’		5,342			76
Husqvarna AB ‘B’		991			7
JM AB		415			8
					142
CONSUMER STAPLES 0.1%
Axfood AB		732			12
ICA Gruppen AB		215			8
Swedish Match AB		371			15
					35
FINANCIALS 0.4%
Industrivarden AB ‘C’		730			15
Ratos AB ‘B’		2,346			6
Skandinaviska Enskilda Banken AB ‘A’		1,343			13
Svenska Handelsbanken AB ‘A’		1,722			19
Swedbank AB ‘A’		2,091			47
					100
INDUSTRIALS 0.7%
Alfa Laval AB		352			8
Assa Abloy AB ‘B’		1,421			25
Atlas Copco AB ‘A’		1,446			34
NCC AB ‘B’		493			8
S.A.S. AB (a)		3,513			8
Sandvik AB		2,149			31
Securitas AB ‘B’		619			10
SKF AB ‘B’		894			14
Volvo AB ‘B’		2,508			33
					171
INFORMATION TECHNOLOGY 1.0%
Hexagon AB ‘B’		270			12
Telefonaktiebolaget LM Ericsson ‘B’		26,408			234
					246
MATERIALS 0.0%
Hexpol AB		784			6
Total Sweden					897
SWITZERLAND 7.4%
COMMUNICATION SERVICES 0.2%
Sunrise Communications Group AG		94			9

	SHARES			MARKET VALUE (000S)
Swisscom AG		105	$		50
					59
CONSUMER DISCRETIONARY 0.3%
Cie Financiere Richemont S.A.		490			32
Forbo Holding AG		5			7
Garmin Ltd.		529			33
					72
CONSUMER STAPLES 1.2%
Chocoladefabriken Lindt & Spruengli AG		2			12
Coca-Cola HBC AG		253			8
Emmi AG		11			8
Nestle S.A.		3,217			261
					289
ENERGY 0.0%
Weatherford International PLC (a)		3,362			2
FINANCIALS 2.2%
Baloise Holding AG		114			16
Banque Cantonale Vaudoise		10			8
Cembra Money Bank AG		98			8
GAM Holding AG		1,020			4
St Galler Kantonalbank AG		17			8
Swiss Life Holding AG		71			27
Swiss Re AG		2,458			226
Valiant Holding AG		75			8
Zurich Insurance Group AG		786			234
					539
HEALTH CARE 1.6%
Lonza Group AG		90			23
Novartis AG		1,478			127
Roche Holding AG		972			241
Sonova Holding AG		42			7
Vifor Pharma AG		76			8
					406
INDUSTRIALS 0.8%
ABB Ltd.		4,475			85
Adecco Group AG		175			8
Ferguson PLC		126			8
Flughafen Zurich AG		50			8
Geberit AG		22			9
Georg Fischer AG		7			6
Kuehne + Nagel International AG		167			22
Panalpina Welttransport Holding AG		63			8
Schindler Holding AG		89			18
SGS S.A.		11			25
					197
INFORMATION TECHNOLOGY 0.3%
Logitech International S.A.		234			7
TE Connectivity Ltd.		951			72
					79
MATERIALS 0.7%
EMS-Chemie Holding AG		16			7
Ferrexpo PLC		3,250			8

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 35

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Givaudan S.A.		22	$		51
Glencore PLC		23,376			87
Sika AG		202			26
					179
REAL ESTATE 0.1%
Allreal Holding AG		53			8
PSP Swiss Property AG		155			16
					24
UTILITIES 0.0%
BKW AG		132			9
Total Switzerland					1,855
THAILAND 0.1%
CONSUMER STAPLES 0.1%
Thai Beverage PCL		19,600			9
Total Thailand					9
UNITED KINGDOM 14.5%
COMMUNICATION SERVICES 1.3%
BT Group PLC		22,704			69
Cineworld Group PLC		2,439			8
Daily Mail & General Trust PLC ‘A’		1,331			10
Informa PLC		1,209			10
Inmarsat PLC		1,409			7
ITV PLC		4,584			7
Pearson PLC		7,818			94
TalkTalk Telecom Group PLC		5,413			8
Vodafone Group PLC		63,431			123
					336
CONSUMER DISCRETIONARY 1.6%
Bellway PLC		275			9
Berkeley Group Holdings PLC		180			8
Bovis Homes Group PLC		565			6
Burberry Group PLC		518			11
Compass Group PLC		4,160			88
Dixons Carphone PLC		4,786			7
Dunelm Group PLC		1,210			8
Fiat Chrysler Automobiles NV (a)		1,271			18
Greene King PLC		1,306			9
Greggs PLC		703			11
Halfords Group PLC		1,955			6
Inchcape PLC		979			7
InterContinental Hotels Group PLC		166			9
J D Wetherspoon PLC		609			9
JD Sports Fashion PLC		1,754			8
Kingfisher PLC		15,277			40
Marks & Spencer Group PLC		11,924			37
Marston’s PLC		6,595			8
Moneysupermarket.com Group PLC		2,314			8
Next PLC		647			33
Persimmon PLC		277			7
Sports Direct International PLC		1,886			6
SSP Group PLC		933			8
Taylor Wimpey PLC		3,811			7
WH Smith PLC		319			7
Whitbread PLC		335			20
William Hill PLC		2,772			5
					400

	SHARES			MARKET VALUE (000S)
CONSUMER STAPLES 3.0%
Associated British Foods PLC		494	$		13
British American Tobacco PLC		971			31
Britvic PLC		787			8
Diageo PLC		5,189			185
Imperial Brands PLC		2,239			68
J Sainsbury PLC		14,669			50
Reckitt Benckiser Group PLC		1,371			105
Tate & Lyle PLC		2,295			19
Tesco PLC		16,394			40
Unilever NV		1,721			93
Unilever PLC		1,584			83
WM Morrison Supermarkets PLC		20,620			56
					751
ENERGY 0.8%
BP PLC		22,209			140
Hunting PLC		1,265			8
John Wood Group PLC		874			6
Petrofac Ltd.		1,671			10
Premier Oil PLC		10,575			9
Subsea 7 S.A.		771			7
Tullow Oil PLC (a)		3,046			7
					187
FINANCIALS 1.3%
3i Group PLC		768			8
Admiral Group PLC		855			22
Ashmore Group PLC		1,788			8
Barclays PLC		26,905			51
Direct Line Insurance Group PLC		10,256			42
Hargreaves Lansdown PLC		588			14
HSBC Holdings PLC		3,908			32
IG Group Holdings PLC		2,385			17
Jardine Lloyd Thompson Group PLC		346			8
Jupiter Fund Management PLC		1,940			7
Lancashire Holdings Ltd.		1,288			10
London Stock Exchange Group PLC		483			25
Provident Financial PLC		1,265			9
Royal Bank of Scotland Group PLC		4,502			13
RSA Insurance Group PLC		1,394			9
Saga PLC		6,177			8
Schroders PLC		210			7
Standard Chartered PLC		4,475			35
Standard Life Aberdeen PLC		2,015			7
					332
HEALTH CARE 2.2%
AstraZeneca PLC		1,926			144
GlaxoSmithKline PLC		18,509			353
Indivior PLC (a)		2,467			4
Smith & Nephew PLC		2,162			40
					541
INDUSTRIALS 1.5%
Aggreko PLC		1,441			13
Ashtead Group PLC		549			12
Babcock International Group PLC		920			6
BAE Systems PLC		5,760			34
Balfour Beatty PLC		2,583			8
Bunzl PLC		606			18
CNH Industrial NV		1,065			10

	SHARES			MARKET VALUE (000S)
easyJet PLC		1,237	$		17
Experian PLC		1,416			34
Firstgroup PLC (a)		7,067			8
Galliford Try PLC		639			5
Hays PLC		4,184			8
HomeServe PLC		978			11
Howden Joinery Group PLC		1,445			8
IMI PLC		664			8
International Consolidated Airlines Group S.A.		2,413			19
Intertek Group PLC		133			8
Meggitt PLC		1,155			7
Pagegroup PLC		1,371			8
QinetiQ Group PLC		3,314			12
RELX PLC		1,180			24
Rentokil Initial PLC		4,448			19
Royal Mail PLC		9,908			34
Senior PLC		2,113			5
SIG PLC		5,012			7
Spirax-Sarco Engineering PLC		185			15
Stagecoach Group PLC		4,155			7
Travis Perkins PLC		682			9
Vesuvius PLC		1,481			10
					384
INFORMATION TECHNOLOGY 0.1%
Computacenter PLC		596			8
Halma PLC		551			10
Micro Focus International PLC		425			7
Sage Group PLC		1,589			12
					37
MATERIALS 1.5%
Anglo American PLC		2,089			47
BHP Group PLC		4,761			101
Croda International PLC		405			24
Johnson Matthey PLC		858			31
Mondi PLC		336			7
Rio Tinto Ltd.		1,491			82
Rio Tinto PLC		1,215			58
Synthomer PLC		1,441			7
Victrex PLC		325			9
					366
UTILITIES 1.2%
Centrica PLC		26,259			45
Drax Group PLC		3,118			14
National Grid PLC		13,036			127
Pennon Group PLC		1,581			14
Severn Trent PLC		558			13
SSE PLC		4,687			65
United Utilities Group PLC		1,981			19
					297
Total United Kingdom					3,631
UNITED STATES 0.3%
CONSUMER DISCRETIONARY 0.1%
Carnival PLC		169			8
FINANCIALS 0.0%
CME Group, Inc.		35			6

36 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

	SHARES			MARKET VALUE (000S)
HEALTH CARE 0.2%
Shire PLC		853	$		50
MATERIALS 0.0%
Sims Metal Management Ltd.		1,089			8
					8
Total United States					72
Total Common Stocks (Cost $27,108)					24,025
PREFERRED STOCKS 0.6%
GERMANY 0.6%
CONSUMER STAPLES 0.1%
Henkel AG & Co. KGaA		292			32
HEALTH CARE 0.0%
Sartorius AG		52			6
INDUSTRIALS 0.4%
Volkswagen AG		611			97
MATERIALS 0.1%
Fuchs Petrolub SE		205			9
Total Preferred Stocks (Cost $173)					144
REAL ESTATE INVESTMENT TRUSTS 2.7%
AUSTRALIA 0.2%
REAL ESTATE 0.2%
Goodman Group		2,017			15
GPT Group		2,650			10
Scentre Group		4,157			12
Vicinity Centres		3,908			7
					44
Total Australia					44
BELGIUM 0.1%
REAL ESTATE 0.1%
Befimmo S.A.		193			11
Cofinimmo S.A.		82			10
					21
Total Belgium					21
CANADA 0.4%
REAL ESTATE 0.4%
Allied Properties Real Estate Investment Trust		518			17
Canadian Apartment Properties REIT		458			15
Cominar Real Estate Investment Trust		1,154			9
Dream Global Real Estate Investment Trust		935			8
Dream Office Real Estate Investment Trust		677			11
Granite Real Estate Investment Trust		249			10
H&R Real Estate Investment Trust		1,039			16
RioCan Real Estate Investment Trust		924			16
					102
Total Canada					102

	SHARES			MARKET VALUE (000S)
FRANCE 0.2%
REAL ESTATE 0.2%
Covivio		110	$		11
Gecina S.A.		85			11
Klepierre S.A.		365			11
Mercialys S.A.		526			7
					40
Total France					40
GERMANY 0.0%
REAL ESTATE 0.0%
alstria office REIT-AG		666			9
Total Germany					9
HONG KONG 0.2%
REAL ESTATE 0.2%
Link REIT		4,500			46
Total Hong Kong					46
ITALY 0.0%
REAL ESTATE 0.0%
Beni Stabili SpA SIIQ		11,653			9
Total Italy					9
JAPAN 1.1%
REAL ESTATE 1.1%
Activia Properties, Inc.		2			8
Advance Residence Investment Corp.		6			16
AEON REIT Investment Corp.		7			8
Daiwa Office Investment Corp.		2			13
Frontier Real Estate Investment Corp.		2			8
Fukuoka REIT Corp.		5			8
GLP J-Reit		9			9
Heiwa Real Estate REIT, Inc.		8			9
Industrial & Infrastructure Fund Investment Corp.		8			8
Invincible Investment Corp.		21			9
Japan Excellent, Inc.		7			9
Japan Hotel REIT Investment Corp.		12			9
Japan Logistics Fund, Inc.		4			8
Japan Prime Realty Investment Corp.		4			15
Japan Real Estate Investment Corp.		2			11
Japan Retail Fund Investment Corp.		4			8
Kenedix Office Investment Corp.		1			6
MCUBS MidCity Investment Corp.		11			9
Mori Hills REIT Investment Corp.		7			9
Mori Trust Sogo Reit, Inc.		6			9
Nippon Accommodations Fund, Inc.		2			10
Nippon Building Fund, Inc.		2			13
Nippon Prologis REIT, Inc.		6			13
Nomura Real Estate Master Fund, Inc.		6			8
Orix JREIT, Inc.		8			13
Premier Investment Corp.		9			10
Tokyu REIT, Inc.		7			10
					266
Total Japan					266

	SHARES			MARKET VALUE (000S)
SINGAPORE 0.1%
REAL ESTATE 0.1%
Mapletree Commercial Trust		9,200	$		11
Mapletree Logistics Trust		8,900			8
					19
Total Singapore					19
SPAIN 0.0%
REAL ESTATE 0.0%
Inmobiliaria Colonial Socimi S.A.		917			9
Total Spain					9
UNITED KINGDOM 0.4%
REAL ESTATE 0.4%
British Land Co. PLC		2,206			15
Derwent London PLC		388			14
Great Portland Estates PLC		1,085			9
Hansteen Holdings PLC		6,793			8
Land Securities Group PLC		2,133			22
Segro PLC		2,565			19
Shaftesbury PLC		1,078			12
UNITE Group PLC		1,583			16
					115
Total United Kingdom					115
Total Real Estate Investment Trusts (Cost $704)					680
RIGHTS 0.0%
SPAIN 0.0%
ENERGY 0.0%
Repsol S.A.		5,670			3
Total Rights (Cost $3)					3
Total Investments in Securities (Cost $27,988)					24,852
Total Investments 99.2% (Cost $27,988)			$		24,852
Other Assets and Liabilities, net 0.8%					209
Net Assets 100.0%			$		25,061

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 37

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

NOTES TO SCHEDULE OF INVESTMENTS:

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

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

(b)  RESTRICTED SECURITIES:

Issuer Description	Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets
Constellation Software, Inc.		08/31/2017 - 09/26/2018	$	23	$	22		0.09	%
Great-West Lifeco, Inc.		08/31/2017 - 09/26/2018		22		17		0.07
Kirkland Lake Gold Ltd.		06/29/2018 - 09/26/2018		6		8		0.03
Martinrea International, Inc.		08/31/2017 - 09/26/2018		10		7		0.03
			$	61	$	54		0.22	%

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2018:

	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	$	2	$	0	$	2

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Investments in Securities, at Value
Common Stocks
Australia
Communication Services	$	0	$	94	$	0	$	94
Consumer Discretionary		0		122		0		122
Consumer Staples		29		134		0		163
Energy		0		110		0		110
Financials		0		197		0		197
Health Care		8		129		0		137
Industrials		0		105		0		105
Information Technology		13		14		0		27
Materials		0		237		0		237
Utilities		0		10		0		10
Austria
Energy		0		17		0		17
Financials		7		7		0		14
Industrials		0		7		0		7
Information Technology		0		2		0		2
Materials		0		7		0		7
Real Estate		8		0		0		8
Utilities		0		7		0		7
Belgium
Communication Services		0		20		0		20
Consumer Staples		0		69		0		69
Energy		0		9		0		9
Financials		0		54		0		54
Health Care		0		23		0		23
Materials		0		23		0		23
Utilities		8		0		0		8
Cambodia
Consumer Discretionary		0		9		0		9
Canada
Communication Services		136		0		0		136

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Consumer Discretionary	$	203	$	0	$	0	$	203
Consumer Staples		174		0		0		174
Energy		167		0		0		167
Financials		343		0		0		343
Health Care		9		0		0		9
Industrials		313		0		0		313
Information Technology		65		0		0		65
Materials		99		0		0		99
Real Estate		8		0		0		8
Utilities		78		0		0		78
Denmark
Consumer Staples		0		37		0		37
Financials		0		18		0		18
Health Care		0		88		0		88
Industrials		0		87		0		87
Materials		0		18		0		18
Utilities		0		16		0		16
Faroe Islands
Consumer Staples		0		7		0		7
Finland
Communication Services		0		14		0		14
Consumer Staples		0		21		0		21
Energy		0		34		0		34
Financials		0		29		0		29
Health Care		0		8		0		8
Industrials		0		73		0		73
Information Technology		0		36		0		36
Materials		0		39		0		39
Utilities		0		46		0		46
France
Communication Services		0		299		0		299
Consumer Discretionary		0		251		0		251
Consumer Staples		0		257		0		257

38 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Energy	$	0	$	161	$	0	$	161
Financials		0		47		0		47
Health Care		0		145		0		145
Industrials		4		343		0		347
Information Technology		0		72		0		72
Materials		0		53		0		53
Real Estate		0		8		0		8
Utilities		0		195		0		195
Germany
Communication Services		0		85		0		85
Consumer Discretionary		8		192		0		200
Consumer Staples		0		33		0		33
Financials		0		263		0		263
Health Care		9		75		0		84
Industrials		0		146		0		146
Information Technology		0		225		0		225
Materials		0		116		0		116
Real Estate		0		122		0		122
Utilities		22		140		0		162
Hong Kong
Communication Services		0		32		0		32
Consumer Discretionary		7		55		0		62
Consumer Staples		0		38		0		38
Financials		0		87		0		87
Health Care		0		15		0		15
Industrials		8		62		0		70
Information Technology		0		17		0		17
Real Estate		0		83		0		83
Utilities		0		116		0		116
Ireland
Consumer Staples		7		48		0		55
Health Care		283		7		0		290
Industrials		8		25		0		33
Materials		0		20		0		20
Israel
Communication Services		0		11		0		11
Energy		0		22		0		22
Financials		0		76		0		76
Health Care		0		28		0		28
Information Technology		27		13		0		40
Materials		0		32		0		32
Italy
Communication Services		0		26		0		26
Consumer Discretionary		0		32		0		32
Energy		0		171		0		171
Financials		0		45		0		45
Health Care		0		15		0		15
Industrials		0		27		0		27
Utilities		0		137		0		137
Japan
Communication Services		0		439		0		439
Consumer Discretionary		0		1,265		0		1,265
Consumer Staples		0		749		0		749
Energy		0		206		0		206
Financials		0		297		0		297
Health Care		0		548		0		548
Industrials		0		1,374		0		1,374
Information Technology		0		576		0		576
Materials		0		395		0		395
Real Estate		0		54		0		54
Utilities		0		357		0		357
Luxembourg
Communication Services		0		42		0		42
Materials		0		50		0		50
Real Estate		0		16		0		16
Macau
Consumer Discretionary		0		23		0		23
Netherlands
Communication Services		8		36		0		44
Consumer Staples		0		268		0		268
Energy		0		268		0		268

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Financials	$	0	$	138	$	0	$	138
Health Care		0		27		0		27
Industrials		6		83		0		89
Information Technology		0		75		0		75
Materials		0		97		0		97
New Zealand
Communication Services		0		30		0		30
Consumer Discretionary		0		7		0		7
Health Care		0		8		0		8
Industrials		0		8		0		8
Materials		10		0		0		10
Utilities		0		18		0		18
Norway
Communication Services		0		57		0		57
Consumer Staples		0		60		0		60
Energy		7		119		0		126
Financials		0		47		0		47
Industrials		0		8		0		8
Materials		0		48		0		48
Portugal
Consumer Staples		0		16		0		16
Materials		0		8		0		8
Utilities		0		48		0		48
Singapore
Communication Services		0		71		0		71
Consumer Discretionary		0		5		0		5
Consumer Staples		0		23		0		23
Financials		0		113		0		113
Industrials		0		113		0		113
Information Technology		0		7		0		7
Real Estate		0		22		0		22
South Africa
Health Care		0		6		0		6
Spain
Communication Services		0		54		0		54
Consumer Discretionary		0		28		0		28
Consumer Staples		0		17		0		17
Energy		0		100		0		100
Financials		0		66		0		66
Health Care		0		19		0		19
Industrials		0		106		0		106
Information Technology		0		67		0		67
Utilities		0		352		0		352
Sweden
Communication Services		0		197		0		197
Consumer Discretionary		29		113		0		142
Consumer Staples		0		35		0		35
Financials		0		100		0		100
Industrials		0		171		0		171
Information Technology		0		246		0		246
Materials		0		6		0		6
Switzerland
Communication Services		0		59		0		59
Consumer Discretionary		33		39		0		72
Consumer Staples		0		289		0		289
Energy		2		0		0		2
Financials		0		539		0		539
Health Care		0		406		0		406
Industrials		0		197		0		197
Information Technology		72		7		0		79
Materials		0		179		0		179
Real Estate		0		24		0		24
Utilities		0		9		0		9
Thailand
Consumer Staples		0		9		0		9
United Kingdom
Communication Services		10		326		0		336
Consumer Discretionary		8		392		0		400
Consumer Staples		0		751		0		751
Energy		0		187		0		187
Financials		8		324		0		332

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 39

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

December 31, 2018 (Unaudited)

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Health Care	$	0	$	541	$	0	$	541
Industrials		7		377		0		384
Information Technology		0		37		0		37
Materials		0		366		0		366
Utilities		0		297		0		297
United States
Consumer Discretionary		0		8		0		8
Financials		6		0		0		6
Health Care		0		50		0		50
Materials		0		8		0		8
Preferred Stocks
Germany
Consumer Staples		0		32		0		32
Health Care		0		6		0		6
Industrials		0		97		0		97
Materials		0		9		0		9
Real Estate Investment Trusts
Australia
Real Estate		0		44		0		44
Belgium
Real Estate		0		21		0		21
Canada
Real Estate		102		0		0		102

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
France
Real Estate	$	0	$	40	$	0	$	40
Germany
Real Estate		0		9		0		9
Hong Kong
Real Estate		0		46		0		46
Italy
Real Estate		0		9		0		9
Japan
Real Estate		0		266		0		266
Singapore
Real Estate		0		19		0		19
Spain
Real Estate		0		9		0		9
United Kingdom
Real Estate		20		95		0		115
Rights
Spain
Energy		3		0		0		3
Total Investments	$	2,382	$	22,470	$	0	$	24,852

There were no significant transfers into or out of Level 3 during the period ended December 31, 2018.

40 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF

December 31, 2018 (Unaudited)

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.0%
COMMON STOCKS 93.1%
IRELAND 0.4%
INFORMATION TECHNOLOGY 0.4%
Accenture PLC ‘A’		1,921	$		271
Total Ireland					271
SWITZERLAND 0.2%
FINANCIALS 0.2%
Chubb Ltd.		1,034			133
Total Switzerland					133
UNITED STATES 92.5%
COMMUNICATION SERVICES 6.7%
AMC Networks, Inc. ‘A’ (a)		141			8
AT&T, Inc.		17,022			486
Cable One, Inc.		33			27
Cars.com, Inc. (a)		536			12
CBS Corp. NVDR ‘B’		2,278			100
CenturyLink, Inc.		11,414			173
Cinemark Holdings, Inc.		949			34
Discovery, Inc. ‘A’ (a)		1,766			44
Electronic Arts, Inc. (a)		70			6
Gannett Co., Inc.		2,183			19
InterActiveCorp (a)		170			31
Interpublic Group of Cos., Inc.		2,801			58
Liberty Broadband Corp. ‘C’ (a)		112			8
Liberty Media Corp-Liberty SiriusXM ‘C’ (a)		2,776			103
Live Nation Entertainment, Inc. (a)		318			16
Madison Square Garden Co. ‘A’ (a)		103			28
Netflix, Inc. (a)		705			189
New Media Investment Group, Inc.		543			6
New York Times Co. ‘A’		347			8
News Corp. ‘A’		3,006			34
Omnicom Group, Inc.		1,463			107
Scholastic Corp.		261			10
Sinclair Broadcast Group, Inc. ‘A’		293			8
Sirius XM Holdings, Inc.		4,620			26
Sprint Corp. (a)		721			4
T-Mobile US, Inc. (a)		531			34
TEGNA, Inc.		1,412			15
Telephone & Data Systems, Inc.		925			30
Tribune Media Co. ‘A’		1,474			67
TripAdvisor, Inc. (a)		230			12
Twenty-First Century Fox, Inc. ‘A’		10,544			507
Twitter, Inc. (a)		1,514			43
U.S. Cellular Corp. (a)		220			11
Verizon Communications, Inc.		22,632			1,272
Viacom, Inc. ‘B’		7,679			197
Walt Disney Co.		1,510			166
					3,899
CONSUMER DISCRETIONARY 14.6%
Aaron’s, Inc.		485			20
Abercrombie & Fitch Co. ‘A’		2,149			43
Adient PLC		500			8
Adtalem Global Education, Inc. (a)		831			39
Advance Auto Parts, Inc.		186			29
Amazon.com, Inc. (a)		528			793
American Eagle Outfitters, Inc.		5,721			111

	SHARES			MARKET VALUE (000S)
Aramark		519	$		15
Asbury Automotive Group, Inc. (a)		585			39
AutoNation, Inc. (a)		487			17
AutoZone, Inc. (a)		168			141
Bed Bath & Beyond, Inc.		5,633			64
Best Buy Co., Inc.		1,650			87
Big Lots, Inc.		620			18
Bloomin’ Brands, Inc.		666			12
Booking Holdings, Inc. (a)		10			17
Bright Horizons Family Solutions, Inc. (a)		270			30
Brinker International, Inc.		2,534			111
Buckle, Inc.		1,140			22
Caleres, Inc.		589			16
Carter’s, Inc.		600			49
Cheesecake Factory, Inc.		1,312			57
Chico’s FAS, Inc.		4,420			25
Children’s Place, Inc.		98			9
Chipotle Mexican Grill, Inc. (a)		169			73
Choice Hotels International, Inc.		132			9
Churchill Downs, Inc.		68			17
Columbia Sportswear Co.		108			9
Cooper Tire & Rubber Co.		1,576			51
Cooper-Standard Holding, Inc. (a)		155			10
Core-Mark Holding Co., Inc.		639			15
Cracker Barrel Old Country Store, Inc.		333			53
Dana, Inc.		1,439			20
Darden Restaurants, Inc.		735			73
Deckers Outdoor Corp. (a)		394			50
Dick’s Sporting Goods, Inc.		736			23
Dillard’s, Inc. ‘A’		272			16
Dine Brands Global, Inc.		558			38
Dollar General Corp.		2,442			264
Domino’s Pizza, Inc.		356			88
Dorman Products, Inc. (a)		250			23
DSW Inc. ‘A’		2,461			61
Dunkin’ Brands Group, Inc.		575			37
eBay, Inc. (a)		1,396			39
Extended Stay America, Inc.		742			12
Foot Locker, Inc.		1,746			93
Ford Motor Co.		27,007			207
Fossil Group, Inc. (a)		2,154			34
G-III Apparel Group Ltd. (a)		619			17
GameStop Corp. ‘A’		2,470			31
Gap, Inc.		3,912			101
General Motors Co.		9,301			311
Genesco, Inc. (a)		527			23
Gentex Corp.		1,951			39
Genuine Parts Co.		622			60
Goodyear Tire & Rubber Co.		464			9
Graham Holdings Co. ‘B’		39			25
Grand Canyon Education, Inc. (a)		105			10
Group 1 Automotive, Inc.		389			21
Guess?, Inc.		1,297			27
H&R Block, Inc.		2,086			53
Hanesbrands, Inc.		1,601			20
Harley-Davidson, Inc.		630			22
Hasbro, Inc.		221			18
Helen of Troy Ltd. (a)		60			8
Home Depot, Inc.		2,315			398
Houghton Mifflin Harcourt Co. (a)		1,134			10
Jack in the Box, Inc.		359			28
Kohl’s Corp.		3,054			203
L Brands, Inc.		1,288			33

	SHARES			MARKET VALUE (000S)
La-Z-Boy, Inc.		631	$		18
Las Vegas Sands Corp.		962			50
Lear Corp.		191			23
Leggett & Platt, Inc.		846			30
Lowe’s Cos., Inc.		3,880			358
Macy’s, Inc.		6,794			202
Marriott International, Inc. ‘A’		96			10
Marriott Vacations Worldwide Corp.		118			8
Mattel, Inc. (a)		4,423			44
McDonald’s Corp.		3,773			670
MDC Holdings, Inc.		516			15
Meritage Homes Corp. (a)		186			7
Murphy USA, Inc. (a)		691			53
NIKE, Inc. ‘B’		4,938			366
Nordstrom, Inc.		1,934			90
NVR, Inc. (a)		17			41
O’Reilly Automotive, Inc. (a)		597			206
Office Depot, Inc.		8,694			22
Penske Automotive Group, Inc.		226			9
Pool Corp.		255			38
Qurate Retail, Inc. (a)		1,863			36
Ralph Lauren Corp.		587			61
Regis Corp. (a)		446			8
RH (a)		76			9
Ross Stores, Inc.		1,304			109
Sally Beauty Holdings, Inc. (a)		3,728			64
SeaWorld Entertainment, Inc. (a)		1,996			44
Service Corp. International		756			30
ServiceMaster Global Holdings, Inc. (a)		644			24
Signet Jewelers Ltd.		614			20
Six Flags Entertainment Corp.		810			45
Sleep Number Corp. (a)		351			11
Sotheby’s (a)		264			11
Starbucks Corp.		4,351			280
Steven Madden Ltd.		753			23
Sturm Ruger & Co., Inc.		335			18
Target Corp.		9,131			603
Tempur Sealy International, Inc. (a)		163			7
Tenneco, Inc.		522			14
Texas Roadhouse, Inc.		315			19
Thor Industries, Inc.		148			8
TJX Cos., Inc.		7,918			354
Tractor Supply Co.		664			55
Tupperware Brands Corp.		468			15
Ulta Salon Cosmetics & Fragrance, Inc. (a)		201			49
Under Armour, Inc. (a)		833			15
Urban Outfitters, Inc. (a)		964			32
Vail Resorts, Inc.		177			37
VF Corp.		1,443			103
Vista Outdoor, Inc. (a)		809			9
Visteon Corp. (a)		241			15
Weight Watchers International, Inc. (a)		354			14
Wendy’s Co.		4,642			72
Williams-Sonoma, Inc.		1,177			59
Wyndham Destinations, Inc.		559			20
Wynn Resorts Ltd.		84			8
Yum! Brands, Inc.		1,585			146
					9,261
CONSUMER STAPLES 12.9%
Altria Group, Inc.		3,113			154

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 41

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Archer-Daniels-Midland Co.		6,649	$		272
B&G Foods, Inc.		360			10
Boston Beer Co., Inc. ‘A’ (a)		115			28
Brown-Forman Corp. ‘B’		1,259			60
Bunge Ltd.		2,823			151
Cal-Maine Foods, Inc.		604			26
Campbell Soup Co.		839			28
Casey’s General Stores, Inc.		522			67
Church & Dwight Co., Inc.		1,508			99
Clorox Co.		569			88
Coca-Cola Co.		23,346			1,105
Colgate-Palmolive Co.		3,090			184
Conagra Brands, Inc.		1,000			21
Constellation Brands, Inc. ‘A’		145			23
Costco Wholesale Corp.		2,708			552
Coty, Inc. ‘A’		762			5
Darling Ingredients, Inc. (a)		724			14
Edgewell Personal Care Co. (a)		423			16
Estee Lauder Cos., Inc. ‘A’		1,006			131
Flowers Foods, Inc.		2,200			41
Fresh Del Monte Produce, Inc.		335			9
General Mills, Inc.		3,397			132
Herbalife Nutrition Ltd. (a)		840			49
Hershey Co.		502			54
Hormel Foods Corp.		1,304			56
Ingredion, Inc.		191			17
J&J Snack Foods Corp.		71			10
JM Smucker Co.		419			39
Kellogg Co.		1,112			63
Keurig Dr Pepper, Inc.		1,218			31
Kimberly-Clark Corp.		1,176			134
Kroger Co.		15,192			418
Lamb Weston Holdings, Inc.		866			64
Lancaster Colony Corp.		174			31
McCormick & Co., Inc.		602			84
Mondelez International, Inc. ‘A’		2,480			99
Monster Beverage Corp. (a)		323			16
Nu Skin Enterprises, Inc. ‘A’		738			45
PepsiCo, Inc.		6,223			687
Performance Food Group Co. (a)		807			26
Philip Morris International, Inc.		6,932			463
Post Holdings, Inc. (a)		147			13
Procter & Gamble Co.		6,895			634
Sanderson Farms, Inc.		473			47
Sprouts Farmers Market, Inc. (a)		1,267			30
Sysco Corp.		3,756			235
TreeHouse Foods, Inc. (a)		583			30
Tyson Foods, Inc. ‘A’		991			53
U.S. Foods Holding Corp. (a)		1,346			43
United Natural Foods, Inc. (a)		711			7
Universal Corp.		268			14
USANA Health Sciences, Inc. (a)		107			13
Vector Group Ltd.		878			9
Wal-Mart Stores, Inc.		14,491			1,350
Walgreens Boots Alliance, Inc.		1,389			95
Weis Markets, Inc.		191			9
					8,184
ENERGY 6.8%
Anadarko Petroleum Corp.		904			40
Apache Corp.		1,104			29
Archrock, Inc.		1,071			8
Chevron Corp.		5,923			644
CNX Resources Corp. (a)		1,028			12

	SHARES			MARKET VALUE (000S)
ConocoPhillips		11,554	$		720
CVR Energy, Inc.		1			0
Diamond Offshore Drilling, Inc. (a)		815			8
Dril-Quip, Inc. (a)		693			21
Exxon Mobil Corp.		8,870			605
Green Plains, Inc.		931			12
Helix Energy Solutions Group, Inc. (a)		1,698			9
Helmerich & Payne, Inc.		520			25
Hess Corp.		4,227			171
HollyFrontier Corp.		4,200			215
Kinder Morgan, Inc.		2,232			34
Marathon Oil Corp.		10,669			153
Marathon Petroleum Corp.		4,208			248
McDermott International, Inc. (a)		494			3
Murphy Oil Corp.		2,108			49
Nabors Industries Ltd.		2,824			6
National Oilwell Varco, Inc.		4,696			121
Oasis Petroleum, Inc. (a)		1,333			7
Occidental Petroleum Corp.		1,306			80
Oceaneering International, Inc. (a)		1,769			22
Oil States International, Inc. (a)		661			10
ONEOK, Inc.		1,155			62
Patterson-UTI Energy, Inc.		980			10
PBF Energy, Inc. ‘A’		1,195			39
Peabody Energy Corp.		606			19
Phillips 66		4,317			372
QEP Resources, Inc. (a)		4,145			23
Range Resources Corp.		1,184			11
Rowan Cos. PLC ‘A’ (a)		3,024			25
SEACOR Holdings, Inc. (a)		174			7
SM Energy Co.		1,775			28
Superior Energy Services, Inc. (a)		2,317			8
Targa Resources Corp.		399			14
Transocean Ltd.		3,210			22
Unit Corp. (a)		671			10
Valero Energy Corp.		4,920			369
Whiting Petroleum Corp. (a)		1,760			40
World Fuel Services Corp.		933			20
WPX Energy, Inc. (a)		915			10
					4,341
FINANCIALS 7.0%
Affiliated Managers Group, Inc.		134			13
Aflac, Inc.		4,125			188
Alleghany Corp.		74			46
Allstate Corp.		1,701			141
Ally Financial, Inc.		3,537			80
Ambac Financial Group, Inc. (a)		837			14
American Equity Investment Life Holding Co.		394			11
American Express Co.		1,215			116
American Financial Group, Inc.		191			17
American International Group, Inc.		9,869			389
Arthur J Gallagher & Co.		636			47
Assurant, Inc.		438			39
Berkshire Hathaway, Inc. ‘B’ (a)		3,382			691
Brighthouse Financial, Inc. (a)		279			9
Brown & Brown, Inc.		1,537			42
Capital One Financial Corp.		592			45
Capitol Federal Financial, Inc.		720			9
CBOE Holdings, Inc.		387			38
Cincinnati Financial Corp.		676			52
CIT Group, Inc.		485			19
CME Group, Inc.		1,169			220

	SHARES			MARKET VALUE (000S)
CNO Financial Group, Inc.		1,238	$		18
Commerce Bancshares, Inc.		234			13
Credit Acceptance Corp. (a)		29			11
Cullen/Frost Bankers, Inc.		134			12
Discover Financial Services		412			24
E*TRADE Financial Corp.		577			25
Erie Indemnity Co. ‘A’		55			7
FactSet Research Systems, Inc.		172			34
Federated Investors, Inc. ‘B’		675			18
Fidelity National Financial, Inc.		542			17
First American Financial Corp.		735			33
First Republic Bank		374			33
FirstCash, Inc.		259			19
Franklin Resources, Inc.		1,218			36
Genworth Financial, Inc. ‘A’ (a)		8,045			37
Glacier Bancorp, Inc.		193			8
Hanover Insurance Group, Inc.		382			45
Intercontinental Exchange, Inc.		1,581			119
Kemper Corp.		519			34
Legg Mason, Inc.		815			21
Loews Corp.		1,790			81
LPL Financial Holdings, Inc.		1,060			65
Markel Corp. (a)		22			23
Marsh & McLennan Cos., Inc.		2,682			214
MBIA, Inc. (a)		2,003			18
Mercury General Corp.		473			24
Moody’s Corp.		171			24
Morningstar, Inc.		142			16
MSCI, Inc.		445			66
Nasdaq, Inc.		412			34
National General Holdings Corp.		427			10
Navient Corp.		3,533			31
New York Community Bancorp, Inc.		915			9
Northwest Bancshares, Inc.		553			9
Old Republic International Corp.		1,231			25
PRA Group, Inc. (a)		428			10
Primerica, Inc.		95			9
ProAssurance Corp.		461			19
Progressive Corp.		2,404			145
S&P Global, Inc.		695			118
Santander Consumer USA Holdings, Inc.		979			17
SEI Investments Co.		498			23
Selective Insurance Group, Inc.		138			8
SLM Corp. (a)		970			8
Stewart Information Services Corp.		215			9
T Rowe Price Group, Inc.		682			63
TCF Financial Corp.		342			7
TD Ameritrade Holding Corp.		523			26
Travelers Cos., Inc.		3,425			410
United Bankshares, Inc.		232			7
Voya Financial, Inc.		1,461			59
Waddell & Reed Financial, Inc. ‘A’		2,134			39
Webster Financial Corp.		214			11
White Mountains Insurance Group Ltd.		24			21
World Acceptance Corp. (a)		98			10
WR Berkley Corp.		464			34
					4,492
HEALTH CARE 13.5%
Abbott Laboratories		3,024			219
AbbVie, Inc.		2,218			205
Allergan PLC		584			78

42 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

	SHARES			MARKET VALUE (000S)
AmerisourceBergen Corp.		211	$		16
Amgen, Inc.		1,104			215
Anthem, Inc.		1,850			486
Bausch Health Cos., Inc. (a)		2,950			55
Baxter International, Inc.		1,710			113
Becton Dickinson and Co.		774			174
Bio-Rad Laboratories, Inc. ‘A’ (a)		131			30
Bio-Techne Corp.		83			12
Biogen, Inc. (a)		174			52
Boston Scientific Corp. (a)		2,454			87
Brookdale Senior Living, Inc. (a)		2,005			13
Bruker Corp.		283			8
Cardinal Health, Inc.		2,313			103
Catalent, Inc. (a)		259			8
Centene Corp. (a)		353			41
Charles River Laboratories International, Inc. (a)		109			12
Chemed Corp.		186			53
Cigna Corp. (a)		2,128			404
Cooper Cos., Inc.		239			61
CVS Health Corp.		14,749			966
Danaher Corp.		1,892			195
DaVita, Inc. (a)		468			24
Dentsply Sirona, Inc.		120			4
Edwards Lifesciences Corp. (a)		367			56
Eli Lilly & Co.		1,626			188
Encompass Health Corp.		504			31
Gilead Sciences, Inc.		4,121			258
HCA Healthcare, Inc.		1,454			181
Henry Schein, Inc. (a)		708			56
Hill-Rom Holdings, Inc.		154			14
Humana, Inc.		701			201
Illumina, Inc. (a)		367			110
Intuitive Surgical, Inc. (a)		270			129
IQVIA Holdings, Inc. (a)		416			48
Johnson & Johnson		7,327			946
Laboratory Corp. of America Holdings (a)		172			22
Magellan Health, Inc. (a)		391			22
Mallinckrodt PLC (a)		1,685			27
Masimo Corp. (a)		227			24
McKesson Corp.		319			35
MEDNAX, Inc. (a)		763			25
Merck & Co., Inc.		3,217			245
Mettler-Toledo International, Inc. (a)		58			33
Molina Healthcare, Inc. (a)		126			15
Myriad Genetics, Inc. (a)		1,339			39
Owens & Minor, Inc.		1,185			8
Patterson Cos., Inc.		632			12
PerkinElmer, Inc.		253			20
Pfizer, Inc.		10,025			438
Premier, Inc. ‘A’ (a)		339			13
Quest Diagnostics, Inc.		668			56
ResMed, Inc.		1,162			132
Select Medical Holdings Corp. (a)		1,000			15
Stryker Corp.		892			140
Teleflex, Inc.		108			28
Tenet Healthcare Corp. (a)		2,183			37
Thermo Fisher Scientific, Inc.		697			156
United Therapeutics Corp. (a)		296			32
UnitedHealth Group, Inc.		1,658			413
Universal Health Services, Inc. ‘B’		153			18
Varian Medical Systems, Inc. (a)		120			14
Waters Corp. (a)		51			10

	SHARES			MARKET VALUE (000S)
WellCare Health Plans, Inc. (a)		114	$		27
West Pharmaceutical Services, Inc.		168			16
Zoetis, Inc.		1,664			142
					8,066
INDUSTRIALS 10.4%
3M Co.		2,189			417
AAR Corp.		371			14
ABM Industries, Inc.		965			31
Actuant Corp. ‘A’		576			12
AECOM (a)		289			8
AGCO Corp.		480			27
Aircastle Ltd.		709			12
Allegiant Travel Co.		91			9
Allison Transmission Holdings, Inc.		1,056			46
AMERCO		32			11
American Airlines Group, Inc.		2,310			74
AO Smith Corp.		422			18
Applied Industrial Technologies, Inc.		319			17
ArcBest Corp.		543			19
Armstrong World Industries, Inc.		353			21
ASGN, Inc. (a)		110			6
Atlas Air Worldwide Holdings, Inc. (a)		335			14
Avis Budget Group, Inc. (a)		967			22
Boeing Co.		1,870			603
Brady Corp. ‘A’		175			8
Briggs & Stratton Corp.		533			7
BWX Technologies, Inc.		581			22
CH Robinson Worldwide, Inc.		1,206			101
Cintas Corp.		491			82
Clean Harbors, Inc. (a)		117			6
Comfort Systems USA, Inc.		141			6
Copart, Inc. (a)		1,900			91
CoStar Group, Inc. (a)		80			27
Covanta Holding Corp.		1,084			15
Crane Co.		181			13
CSX Corp.		1,383			86
Cummins, Inc.		628			84
Curtiss-Wright Corp.		148			15
Deere & Co.		1,658			247
Delta Air Lines, Inc.		395			20
Deluxe Corp.		300			12
Donaldson Co., Inc.		841			36
Dun & Bradstreet Corp.		130			19
Emerson Electric Co.		2,606			156
EnerSys		95			7
Esterline Technologies Corp. (a)		250			30
Expeditors International of Washington, Inc.		1,425			97
Fastenal Co.		1,073			56
Flowserve Corp.		611			23
Fluor Corp.		1,523			49
Fortive Corp.		859			58
Fortune Brands Home & Security, Inc.		191			7
FTI Consulting, Inc. (a)		477			32
GATX Corp.		441			31
Generac Holdings, Inc. (a)		597			30
General Dynamics Corp.		722			114
General Electric Co.		12,060			91
Genesee & Wyoming, Inc. ‘A’ (a)		137			10
Graco, Inc.		354			15
Greenbrier Cos., Inc.		669			26
H&E Equipment Services, Inc.		575			12
Harris Corp.		340			46

	SHARES			MARKET VALUE (000S)
Hawaiian Holdings, Inc.		315	$		8
HD Supply Holdings, Inc. (a)		1,022			38
Healthcare Services Group, Inc.		502			20
HEICO Corp.		214			17
Herman Miller, Inc.		398			12
Hertz Global Holdings, Inc. (a)		1,721			24
Hexcel Corp.		405			23
Hillenbrand, Inc.		338			13
HNI Corp.		320			11
Hub Group, Inc. ‘A’ (a)		520			19
Hubbell, Inc.		81			8
Huntington Ingalls Industries, Inc.		178			34
IDEX Corp.		195			25
Illinois Tool Works, Inc.		854			108
Ingersoll-Rand PLC		424			39
ITT, Inc.		526			25
Jacobs Engineering Group, Inc.		927			54
JB Hunt Transport Services, Inc.		361			34
Kaman Corp.		196			11
KAR Auction Services, Inc.		897			43
KBR, Inc.		2,615			40
Kirby Corp. (a)		117			8
Knight-Swift Transportation Holdings, Inc.		238			6
Landstar System, Inc.		312			30
Lennox International, Inc.		282			62
Lincoln Electric Holdings, Inc.		417			33
Lockheed Martin Corp.		833			218
Macquarie Infrastructure Corp.		531			19
ManpowerGroup, Inc.		487			32
Masco Corp.		836			24
Masonite International Corp. (a)		172			8
Matson, Inc.		191			6
Moog, Inc. ‘A’		261			20
MRC Global, Inc. (a)		1,455			18
MSA Safety, Inc.		119			11
MSC Industrial Direct Co., Inc. ‘A’		650			50
Mueller Industries, Inc.		475			11
Neilsen Holdings PLC		298			7
Nordson Corp.		183			22
Norfolk Southern Corp.		472			71
Northrop Grumman Corp.		931			228
NOW, Inc. (a)		2,528			29
Old Dominion Freight Line, Inc.		116			14
Parker-Hannifin Corp.		290			43
Pitney Bowes, Inc.		4,518			27
Quad/Graphics, Inc.		542			7
Quanta Services, Inc.		844			25
Raytheon Co.		648			99
Republic Services, Inc.		884			64
Robert Half International, Inc.		685			39
Rockwell Automation, Inc.		235			35
Rollins, Inc.		855			31
Roper Technologies, Inc.		179			48
Rush Enterprises, Inc. ‘A’		379			13
Ryder System, Inc.		585			28
SkyWest, Inc.		500			22
Snap-on, Inc.		75			11
Southwest Airlines Co.		234			11
Spirit AeroSystems Holdings, Inc. ‘A’		563			41
Spirit Airlines, Inc. (a)		156			9
SPX FLOW, Inc. (a)		244			7
Steelcase, Inc. ‘A’		1,461			22
Stericycle, Inc. (a)		350			13

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 43

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Teledyne Technologies, Inc. (a)		179	$		37
Terex Corp.		883			24
Tetra Tech, Inc.		130			7
Timken Co.		790			29
Toro Co.		573			32
TransDigm Group, Inc. (a)		164			56
TransUnion		407			23
Trinity Industries, Inc.		1,095			23
Triumph Group, Inc.		653			8
TrueBlue, Inc. (a)		423			9
Tutor Perini Corp. (a)		673			11
Union Pacific Corp.		1,276			176
United Continental Holdings, Inc. (a)		126			11
United Parcel Service, Inc. ‘B’		1,978			193
United Rentals, Inc. (a)		246			25
Universal Forest Products, Inc.		476			12
USG Corp.		204			9
Verisk Analytics, Inc. (a)		847			92
Wabash National Corp.		861			11
WABCO Holdings, Inc. (a)		220			24
Wabtec Corp.		300			21
Waste Connections, Inc.		599			44
Waste Management, Inc.		1,586			141
Watsco, Inc.		254			35
Werner Enterprises, Inc.		349			10
WESCO International, Inc. (a)		721			35
WW Grainger, Inc.		527			149
Xylem, Inc.		839			56
					6,599
INFORMATION TECHNOLOGY 15.1%
ACI Worldwide, Inc. (a)		260			7
Adobe, Inc. (a)		844			191
Akamai Technologies, Inc. (a)		364			22
Alliance Data Systems Corp.		106			16
Amdocs Ltd.		444			26
Anixter International, Inc. (a)		245			13
ANSYS, Inc. (a)		376			54
Apple, Inc.		7,862			1,240
Applied Materials, Inc.		775			25
ARRIS International PLC (a)		373			11
Arrow Electronics, Inc. (a)		654			45
Autodesk, Inc. (a)		489			63
Automatic Data Processing, Inc.		723			95
Avnet, Inc.		1,573			57
Benchmark Electronics, Inc.		727			15
Booz Allen Hamilton Holding Corp.		2,173			98
Broadridge Financial Solutions, Inc.		647			62
CACI International, Inc. ‘A’ (a)		277			40
Cadence Design Systems, Inc. (a)		552			24
CDK Global, Inc.		314			15
CDW Corp.		816			66
Ciena Corp. (a)		333			11
Cisco Systems, Inc.		7,854			340
Citrix Systems, Inc.		225			23
Conduent, Inc. (a)		2,600			28
Corning, Inc.		8,855			268
Cree, Inc. (a)		1,195			51
Dolby Laboratories, Inc. ‘A’		422			26
EPAM Systems, Inc. (a)		112			13
Euronet Worldwide, Inc. (a)		113			12
F5 Networks, Inc. (a)		413			67
Fair Isaac Corp. (a)		146			27

	SHARES			MARKET VALUE (000S)
Fidelity National Information Services, Inc.		580	$		59
First Data Corp. ‘A’ (a)		989			17
Fiserv, Inc. (a)		1,419			104
FLIR Systems, Inc.		589			26
Gartner, Inc. (a)		354			45
Genpact Ltd.		1,260			34
Global Payments, Inc.		350			36
Hewlett Packard Enterprise Co.		4,744			63
HP, Inc.		9,086			186
Insight Enterprises, Inc. (a)		455			19
Integrated Device Technology, Inc. (a)		629			30
Intel Corp.		7,917			372
International Business Machines Corp.		10,962			1,246
Intuit, Inc.		799			157
Jabil, Inc.		1,144			28
Jack Henry & Associates, Inc.		633			80
Juniper Networks, Inc.		1,853			50
Keysight Technologies, Inc. (a)		413			26
KLA-Tencor Corp.		346			31
Manhattan Associates, Inc. (a)		387			16
ManTech International Corp. ‘A’		313			16
Mastercard, Inc. ‘A’		2,455			463
Microsoft Corp.		7,768			789
Motorola Solutions, Inc.		1,805			208
National Instruments Corp.		285			13
NetApp, Inc.		458			27
NETGEAR, Inc. (a)		201			10
Paychex, Inc.		1,489			97
PayPal Holdings, Inc. (a)		1,941			163
Plantronics, Inc.		362			12
Plexus Corp. (a)		317			16
PTC, Inc. (a)		251			21
Qorvo, Inc. (a)		190			12
QUALCOMM, Inc.		4,303			245
Red Hat, Inc. (a)		395			69
Sabre Corp.		664			14
salesforce.com, Inc. (a)		1,274			175
Sanmina Corp. (a)		816			20
ScanSource, Inc. (a)		215			7
Science Applications International Corp.		268			17
Seagate Technology PLC		5,869			227
Skyworks Solutions, Inc.		174			12
SS&C Technologies Holdings, Inc.		460			21
Sykes Enterprises, Inc. (a)		272			7
Symantec Corp.		1,674			32
Synaptics, Inc. (a)		228			8
SYNNEX Corp.		127			10
Synopsys, Inc. (a)		328			28
Tech Data Corp. (a)		495			41
Teradata Corp. (a)		604			23
Texas Instruments, Inc.		1,831			173
Total System Services, Inc.		640			52
Ubiquiti Networks, Inc.		74			7
VeriSign, Inc. (a)		462			69
Visa, Inc. ‘A’		4,028			531
Vishay Intertechnology, Inc.		1,307			24
VMware, Inc. ‘A’		134			18
Western Union Co.		2,802			48
WEX, Inc. (a)		93			13
Worldpay, Inc. ‘A’ (a)		783			60
Xerox Corp.		2,346			46

	SHARES			MARKET VALUE (000S)
Xilinx, Inc.		910	$		78
Zebra Technologies Corp. ‘A’ (a)		117			19
					9,617
MATERIALS 2.8%
Air Products & Chemicals, Inc.		387			62
Alcoa Corp. (a)		1,709			45
Allegheny Technologies, Inc. (a)		1,291			28
AptarGroup, Inc.		599			56
Ashland Global Holdings, Inc.		137			10
Avery Dennison Corp.		320			29
Axalta Coating Systems Ltd. (a)		463			11
Ball Corp.		1,057			49
Bemis Co., Inc.		1,216			56
Boise Cascade Co.		571			14
Carpenter Technology Corp.		432			15
Celanese Corp. ‘A’		174			16
CF Industries Holdings, Inc.		1,877			82
Cleveland-Cliffs, Inc. (a)		5,077			39
Commercial Metals Co.		1,778			28
Compass Minerals International, Inc.		440			18
Crown Holdings, Inc. (a)		519			22
Domtar Corp.		645			23
Ecolab, Inc.		844			124
Freeport-McMoRan, Inc.		2,512			26
Graphic Packaging Holding Co.		1,707			18
Innophos Holdings, Inc.		275			7
Innospec, Inc.		152			9
International Flavors & Fragrances, Inc.		267			36
Kaiser Aluminum Corp.		230			20
LyondellBasell Industries NV ‘A’		4,344			361
Materion Corp.		216			10
Mosaic Co.		5,085			148
NewMarket Corp.		85			35
Owens-Illinois, Inc. (a)		817			14
Packaging Corp. of America		375			31
PolyOne Corp.		572			16
PPG Industries, Inc.		525			54
Reliance Steel & Aluminum Co.		467			33
RPM International, Inc.		757			44
Schnitzer Steel Industries, Inc. ‘A’		511			11
Schweitzer-Mauduit International, Inc.		304			8
Scotts Miracle-Gro Co.		245			15
Sealed Air Corp.		797			28
Sensient Technologies Corp.		268			15
Silgan Holdings, Inc.		832			20
Sonoco Products Co.		975			52
Trinseo S.A.		189			9
Worthington Industries, Inc.		188			7
WR Grace & Co.		177			11
					1,765
UTILITIES 2.7%
AES Corp.		9,900			143
ALLETE, Inc.		117			9
Alliant Energy Corp.		409			17
Ameren Corp.		421			27
American Electric Power Co., Inc.		856			64
Atmos Energy Corp.		252			23
Black Hills Corp.		137			9
CMS Energy Corp.		488			24
DTE Energy Co.		314			35

44 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2018 (Unaudited)

	SHARES			MARKET VALUE (000S)
Duke Energy Corp.		1,236	$		107
Entergy Corp.		961			83
Eversource Energy		548			36
Exelon Corp.		6,304			284
FirstEnergy Corp.		1,787			67
Hawaiian Electric Industries, Inc.		657			24
IDACORP, Inc.		110			10
MDU Resources Group, Inc.		1,463			35
New Jersey Resources Corp.		200			9
NextEra Energy, Inc.		833			145
NRG Energy, Inc.		641			25
OGE Energy Corp.		458			18
ONE Gas, Inc.		119			9
Pinnacle West Capital Corp.		194			17
PNM Resources, Inc.		181			7
Portland General Electric Co.		204			9
PPL Corp.		2,476			70
Public Service Enterprise Group, Inc.		894			47
SCANA Corp.		448			21
Sempra Energy		452			49
Southern Co.		1,701			75
Southwest Gas Holdings, Inc.		107			8
Spire, Inc.		181			13
UGI Corp.		315			17
Vectren Corp.		191			14
Vistra Energy Corp. (a)		2,741			63
WEC Energy Group, Inc.		546			38
Xcel Energy, Inc.		890			44
					1,695
Total United States					57,919
Total Common Stocks (Cost $62,383)					58,323
REAL ESTATE INVESTMENT TRUSTS 5.9%
UNITED STATES 5.9%
FINANCIALS 0.6%
AGNC Investment Corp.		1,462			26
Annaly Capital Management, Inc.		4,171			41
Apollo Commercial Real Estate Finance, Inc.		840			14
Blackstone Mortgage Trust, Inc. ‘A’		789			25
Capstead Mortgage Corp.		1,298			9
Chimera Investment Corp.		1,930			34
Invesco Mortgage Capital, Inc.		1,596			23
Ladder Capital Corp.		901			14
MFA Financial, Inc.		3,351			22
New Residential Investment Corp.		2,674			38
PennyMac Mortgage Investment Trust		746			14
Redwood Trust, Inc.		1,222			19
Starwood Property Trust, Inc.		2,493			49
Two Harbors Investment Corp.		3,268			42
					370
REAL ESTATE 5.3%
Acadia Realty Trust		625			15
Alexandria Real Estate Equities, Inc.		313			36
American Campus Communities, Inc.		1,038			43
American Homes 4 Rent ‘A’		756			15
American Tower Corp.		1,048			166
Apartment Investment & Management Co. ‘A’		997			44
Apple Hospitality REIT, Inc.		1,861			27

	SHARES			MARKET VALUE (000S)
AvalonBay Communities, Inc.		462	$		80
Boston Properties, Inc.		317			36
Brandywine Realty Trust		1,240			16
Brixmor Property Group, Inc.		2,376			35
Camden Property Trust		424			37
CBL & Associates Properties, Inc.		3,279			6
Columbia Property Trust, Inc.		1,490			29
CoreCivic, Inc.		1,241			22
Corporate Office Properties Trust		590			12
Crown Castle International Corp.		1,136			123
CubeSmart		1,021			29
CyrusOne, Inc.		217			12
Digital Realty Trust, Inc.		244			26
Douglas Emmett, Inc.		549			19
Duke Realty Corp.		2,337			61
EPR Properties		462			30
Equinix, Inc.		42			15
Equity Commonwealth		1,048			31
Equity LifeStyle Properties, Inc.		363			35
Equity Residential		2,259			149
Essex Property Trust, Inc.		208			51
Extra Space Storage, Inc.		601			54
Federal Realty Investment Trust		410			48
First Industrial Realty Trust, Inc.		275			8
Gaming and Leisure Properties, Inc.		725			23
HCP, Inc.		2,268			63
Healthcare Realty Trust, Inc.		538			15
Healthcare Trust of America, Inc. ‘A’		602			15
Highwoods Properties, Inc.		502			19
Hospitality Properties Trust		1,189			28
Host Hotels & Resorts, Inc.		1,319			22
Hudson Pacific Properties, Inc.		503			15
Industrial Logistics Properties Trust		325			6
Iron Mountain, Inc.		832			27
Kilroy Realty Corp.		371			23
Kimco Realty Corp.		1,560			23
Kite Realty Group Trust		965			14
Lamar Advertising Co. ‘A’		832			58
Lexington Realty Trust		1,655			14
Liberty Property Trust		827			35
Life Storage, Inc.		297			28
Macerich Co.		855			37
Mack-Cali Realty Corp.		872			17
Medical Properties Trust, Inc.		2,520			41
Mid-America Apartment Communities, Inc.		516			49
National Health Investors, Inc.		132			10
National Retail Properties, Inc.		977			47
Omega Healthcare Investors, Inc.		1,617			57
Outfront Media, Inc.		1,663			30
Paramount Group, Inc.		1,567			20
Park Hotels & Resorts, Inc.		444			12
Physicians Realty Trust		462			7
Piedmont Office Realty Trust, Inc. ‘A’		1,434			24
Prologis, Inc.		815			48
PS Business Parks, Inc.		133			17
Public Storage		595			120
Rayonier, Inc.		1,181			33
Realty Income Corp.		917			58
Regency Centers Corp.		404			24
Retail Opportunity Investments Corp.		483			8
Retail Properties of America, Inc. ‘A’		2,594			28
Ryman Hospitality Properties, Inc.		319			21
Sabra Health Care REIT, Inc.		918			15

	SHARES			MARKET VALUE (000S)
SBA Communications Corp. (a)		84	$		14
Select Income REIT		646			5
Senior Housing Properties Trust		2,838			33
Simon Property Group, Inc.		1,400			235
SITE Centers Corp.		2,543			28
SL Green Realty Corp.		251			20
Spirit Realty Capital, Inc.		1,041			37
STORE Capital Corp.		991			28
Sun Communities, Inc.		392			40
Tanger Factory Outlet Centers, Inc.		896			18
Taubman Centers, Inc.		339			15
UDR, Inc.		1,630			65
Uniti Group, Inc.		402			6
Ventas, Inc.		1,555			91
VEREIT, Inc.		5,159			37
Vornado Realty Trust		374			23
Washington Prime Group, Inc.		3,698			18
Washington Real Estate Investment Trust		439			10
Weingarten Realty Investors		699			17
Welltower, Inc.		1,681			117
Weyerhaeuser Co.		761			17
WP Carey, Inc.		545			36
Xenia Hotels & Resorts, Inc.		919			16
					3,387
Total Real Estate Investment Trusts (Cost $3,946)					3,757
Total Investments in Securities (Cost $66,329)					62,080
Total Investments 99.0% (Cost $66,329)			$		62,080
Other Assets and Liabilities, net 1.0%					1,457
Net Assets 100.0%			$		63,537

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2018 45

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Cont.)

December 31, 2018 (Unaudited)

NOTES TO SCHEDULE OF INVESTMENTS:

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

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

BORROWINGS AND OTHER FINANCING TRANSACTIONS

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2018 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Investments in Securities, at Value
Common Stocks
Ireland
Information Technology	$	271	$	0	$	0	$	271
Switzerland
Financials		133		0		0		133
United States
Communication Services		3,899		0		0		3,899
Consumer Discretionary		9,261		0		0		9,261
Consumer Staples		8,184		0		0		8,184
Energy		4,341		0		0		4,341
Financials		4,492		0		0		4,492

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2018
Health Care	$	8,066	$	0	$	0	$	8,066
Industrials		6,599		0		0		6,599
Information Technology		9,617		0		0		9,617
Materials		1,765		0		0		1,765
Utilities		1,695		0		0		1,695
Real Estate Investment Trusts
United States
Financials		370		0		0		370
Real Estate		3,387		0		0		3,387
Total Investments	$	62,080	$	0	$	0	$	62,080

There were no significant transfers into or out of Level 3 during the period ended December 31, 2018.

46 PIMCO EQUITY SERIES See Accompanying Notes

Notes to Financial Statements

December 31, 2018 (Unaudited)

1. ORGANIZATION

PIMCO Equity Series (the “Trust”) was established as a Delaware statutory trust on March 30, 2010. The Trust is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Information presented in these financial statements pertains to the funds (each a “Fund” and collectively the “Funds”) indicated on the cover of this report. Pacific Investment Management Company LLC (“PIMCO” or “Manager”) serves as the investment adviser for the Funds. PIMCO has engaged Parametric Portfolio Associates LLC (“Parametric” or “Sub-Adviser”) to serve as the sub-adviser to each Fund.

Each Fund is an exchange-traded fund (“ETF”). ETFs are funds that trade like other publicly-traded securities and may be designed to track an index or to be actively managed. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value (“NAV”), shares of a Fund may be directly purchased from and redeemed by a Fund at NAV solely by certain large institutional investors. Also unlike shares of a mutual fund, shares of each Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day. Each Fund offers and issues shares only in aggregations of a specified number of shares (“Creation Units”).

2. SIGNIFICANT ACCOUNTING POLICIES

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

(a) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date.

Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

(b) Foreign Currency Translation  The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. The Funds may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.

SEMIANNUAL REPORT DECEMBER 31, 2018 47

Notes to Financial Statements (Cont.)

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

	Distribution Frequency
Fund Name	Declared		Distributed
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF		Quarterly		Quarterly
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		Quarterly		Quarterly
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		Quarterly		Quarterly

Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than once each year. The Trust does not provide an automatic dividend and/or distributions reinvestment service.

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

If a Fund estimates that a portion of its distribution may be comprised of amounts from sources other than net investment income in accordance with its policies and good accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund estimates the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is estimated that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund’s daily internal accounting records and practices, a Fund’s financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund’s internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include, among others, the treatment of paydowns on mortgage-backed securities purchased at a discount and periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund’s financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character

of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution’s tax character will be reported on Form 1099 DIV sent to shareholders for the calendar year.

Distributions classified as a tax basis return of capital, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(d) New Accounting Pronouncements  In August 2016, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”), ASU 2016-15, which amends Accounting Standards Codification (“ASC”) 230 to clarify guidance on the classification of certain cash receipts and cash payments in the Statement of Cash Flows. The ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. The Funds have adopted the ASU. The implementation of the ASU did not have an impact on the Funds’ financial statements.

In November 2016, the FASB issued ASU 2016-18 which amends ASC 230 to provide guidance on the classification and presentation of changes in restricted cash and restricted cash equivalents on the Statement of Cash Flows. The ASU is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. The Funds have adopted the ASU. The implementation of the ASU did not have an impact on the Funds’ financial statements.

In March 2017, the FASB issued ASU 2017-08 which provides guidance related to the amortization period for certain purchased callable debt securities held at a premium. The ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. The Funds have adopted the ASU. The implementation of the ASU did not have an impact on the Funds’ financial statements.

In August 2018, the FASB issued ASU 2018-13 which modifies certain disclosure requirements for fair value measurements in ASC 820. The ASU is effective for annual periods beginning after December 15, 2019, and interim periods within those annual periods. At this time, management has elected to early adopt the amendments that allow for removal of certain disclosure requirements. Management plans to adopt the amendments that require additional fair value measurement disclosures for annual periods beginning after December 15, 2019, and

48 PIMCO EQUITY SERIES

December 31, 2018 (Unaudited)

interim periods within those annual periods. Management is currently evaluating the impact of these changes on the financial statements.

In August 2018, the U.S. Securities and Exchange Commission (“SEC”) adopted amendments to certain rules and forms for the purpose of disclosure update and simplification. The compliance date for these amendments is 30 days after date of publication in the Federal Register, which was on October 4, 2018. Management has adopted these amendments and the changes are incorporated throughout all periods presented in the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies  The NAV of the Fund’s shares is determined by dividing the total value of the Fund’s portfolio investments and other assets, less any liabilities attributable to that Fund, by the total number of shares outstanding.

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

For purposes of calculating a NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of official closing prices or the last reported sales prices, or if no sales are reported, based on quotes obtained from established market makers or prices (including evaluated prices) supplied by the Funds’ approved pricing services, quotation reporting systems and other third-party sources (together, “Pricing Services”). The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. If market value pricing is used, a foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by the Manager to be the primary exchange. A foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange. Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Services using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Services may

be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Services. A Fund’s investments in open-end management investment companies, other than exchange-traded funds (“ETFs”), are valued at the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security’s value has materially changed after the close of the security’s primary exchange or principal market but before the NYSE Close, the security may be valued at fair value based on procedures established and approved by the Board of Trustees of the Trust (the “Board”). Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, a Fund may determine the fair value of investments based on information provided by Pricing Services and other third-party vendors, which may recommend fair value or adjustments with reference to other securities, indices or assets. In considering whether fair valuation is required and in determining fair values, a Fund may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, any movement in the applicable reference index or instrument (“zero trigger”) between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in a Fund’s portfolio investments being affected when shareholders are unable to buy or sell shares.

Senior secured floating rate loans for which an active secondary market exists to a reliable degree 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

SEMIANNUAL REPORT DECEMBER 31, 2018 49

Notes to Financial Statements (Cont.)

creditworthiness of the borrower and any intermediate participants, (b) the terms of the loan, (c) recent prices in the market for similar loans, if any, and (d) recent prices in the market for instruments of similar quality, rate, period until next interest rate reset and maturity.

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

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

When a Fund uses fair valuation to determine the value of a portfolio security or other asset for purposes of calculating its NAV, such investments will not be priced on the basis of quotes from the primary

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

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

^∎  Level 1 — Quoted prices in active markets or exchanges for identical assets and liabilities.

^∎  Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

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

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

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

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(loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of a Fund’s assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

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

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

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

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

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options

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

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

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

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

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

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indices, reference rates, and other inputs

SEMIANNUAL REPORT DECEMBER 31, 2018 51

Notes to Financial Statements (Cont.)

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

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

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

4. SECURITIES AND OTHER INVESTMENTS

Investments in Securities

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

Equity-Linked Securities  are privately issued securities that have a return component based on the performance of a single stock, a basket of stocks, or a stock index. Equity-linked securities are often used for many of the same purposes as, and share many of the same risks with, derivative instruments.

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

Restricted Investments  are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to

be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Funds at December 31, 2018 are disclosed in the Notes to Schedules of Investments.

Warrants  are securities that are usually issued together with a debt security or preferred security and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants are freely transferable and are often traded on major exchanges. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of 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 Funds may enter into the financial derivative instruments described below to the extent permitted by each Fund’s respective investment policies.

The following disclosures contain information on how and why the Funds use financial derivative instruments, and how financial derivative instruments affect the Funds’ financial position, results of operations

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

Forward Foreign Currency Contracts  may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Fund’s securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by a Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statements of Assets and Liabilities. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

6. PRINCIPAL RISKS

The principal risks of investing in a Fund, which could adversely affect its net asset value, yield and total return, are listed below.

Risks	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF		PIMCO RAFI Dynamic Multi-Factor International Equity ETF		PIMCO RAFI Dynamic Multi-Factor U.S. Equity  ETF
New/Small Fund				X		X
Market Trading		X		X		X
Equity		X		X		X
Credit		X		X		X
Market		X		X		X
Liquidity		X		X		X
Issuer		X		X		X
Derivatives		X		X		X
Foreign (Non-U.S.) Investment		X		X
Emerging Markets		X

Risks	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF		PIMCO RAFI Dynamic Multi-Factor International Equity ETF		PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF
Currency		X		X
Model		X		X		X
Leveraging		X		X		X
Management and Tracking Error		X		X		X
Indexing		X		X		X

Please see “Description of Principal Risks” in a Fund’s prospectus for a more detailed description of the risks of investing in a Fund.

New/Small Fund Risk  is the risk that a new or smaller Fund’s performance may not represent how a Fund is expected to or may perform in the long term. In addition, new Funds have limited operating histories for investors to evaluate and new and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies.

Market Trading Risk  is the risk that an active secondary trading market for Fund shares does not continue once developed, that a Fund may not continue to meet a listing exchange’s trading or listing requirements, or that Fund shares trade at prices other than a Fund’s net asset value.

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

Credit Risk  is the risk that a Fund could lose money if the counterparty to a derivative contract is unable or unwilling to meet its financial obligations.

Market Risk  is the risk that the value of securities owned by a Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Liquidity Risk  is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector. The liquidity of a Fund’s shares may be constrained by the liquidity of a Fund’s portfolio holdings.

Issuer Risk  is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services.

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Notes to Financial Statements (Cont.)

Derivatives Risk  is the risk of investing in derivative instruments (such as futures, swaps and structured securities), including leverage, liquidity, interest rate, market, credit and management risks, mispricing or valuation complexity. Changes in the value of the derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested. A Fund’s use of derivatives may result in losses to a Fund, a reduction in a Fund’s returns and/or increased volatility. Over-the-counter (“OTC”) derivatives are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives. For derivatives traded on an exchange or through a central counterparty, credit risk resides with a Fund’s clearing broker, or the clearinghouse itself, rather than with a counterparty in an OTC derivative transaction. Changes in regulation relating to a fund’s use of derivatives and related instruments could potentially limit or impact the Fund’s ability to invest in derivatives, limit a Fund’s ability to employ certain strategies that use derivatives and/ or adversely affect the value of derivatives and a Fund’s performance.

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

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

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

Model Risk  is the risk that a Fund’s investment models used in making investment allocation decisions, including the indexation methodologies used in constructing the Underlying Index, may not adequately take into account certain factors and may result in a decline in the value of an investment in a Fund.

Leveraging Risk  is the risk that certain transactions of a Fund, such as reverse repurchase agreements, loans of portfolio securities, and the

use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing a Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

Management and Tracking Error Risk  is the risk that the portfolio manager’s investment decisions may not produce the desired results or that a Fund’s portfolio may not closely track the Underlying Index for a number of reasons. A Fund incurs operating expenses, which are not applicable to the Underlying Index, and the costs of buying and selling securities, especially when rebalancing a Fund’s portfolio to reflect changes in the composition of the Underlying Index. Performance of a Fund and the Underlying Index may vary due to asset valuation differences and differences between a Fund’s portfolio and the Underlying Index due to legal restrictions, cost or liquidity restraints. The risk that performance of a Fund and the Underlying Index may vary may be heightened during periods of increased market volatility or other unusual market conditions. In addition, a Fund’s use of a representative sampling approach may cause a Fund to be less correlated to the return of the Underlying Index than if a Fund held all of the securities in the Underlying Index.

Indexing Risk  is the risk that a Fund is negatively affected by general declines in the asset classes represented by the Underlying Index.

7. MASTER NETTING ARRANGEMENTS

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

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in

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place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

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

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

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant (“FCM”) registered with the Commodity Futures Trading Commission (“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 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) Management Fee  PIMCO, a majority-owned subsidiary of Allianz Asset Management of America L.P. (“Allianz Asset Management”), serves as the Manager to the Trust, pursuant to an investment management agreement. Each Fund pays PIMCO fees in return for providing investment advisory, supervisory and administrative services under an all-in fee structure. Each Fund will pay monthly management fees to PIMCO at an annual rate based on average daily net assets (the “Management Fee”), at an annual rate as noted in the table below.

Fund Name	Management Fee
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF		0.49%
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		0.39%
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		0.29%

(b) Distribution and Servicing Fees  PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor (“Distributor”) of each Fund’s Creation Units. The Distributor does not maintain a secondary market in shares of the Funds. During the period ended December 31, 2018 each Fund was permitted to compensate the Distributor at an annual rate of up to 0.25% of a Fund’s average daily net assets (the “12b-1 Plan Fee”). However, the Board of Trustees has determined not to authorize payment of a 12b-1 Plan Fee at this time. The 12b-1 Plan Fee may only be imposed or increased when the Board

SEMIANNUAL REPORT DECEMBER 31, 2018 55

Notes to Financial Statements (Cont.)

determines that it is in the best interests of shareholders to do so. Because these fees are paid out of a Fund’s assets on an ongoing basis, to the extent that a fee is authorized, over time it will increase the cost of an investment in the Fund. The 12b-1 Plan Fee may cost an investor more than other types of sales charges.

(c) Fund Expenses  PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Funds bear other expenses which are not covered under the Management Fee which may vary and affect the total level of expenses paid by shareholders, such as (i) taxes and governmental fees; (ii) brokerage fees and commissions and other portfolio transaction expenses; (iii) costs of borrowing money, including interest expense; (iv) securities lending fees and expenses; (v) fees and expenses of the Trustees who are not “interested persons” of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expense, including costs of litigation and indemnification expenses; and (vii) organizational expenses. The ratio of expenses to average net assets, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses as disclosed in the Prospectus.

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 each other 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 Manager, all of whom receive remuneration for their services to the Trust from the Manager or its affiliates.

(d) Expense Limitation  Pursuant to the Expense Limitation Agreement, PIMCO has agreed to waive a portion of the Funds’ Management Fee, or reimburse each Fund, to the extent that each Fund’s organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee Fees exceed 0.0049%, the “Expense Limit” (calculated as a percentage of the Fund’s average daily net assets). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

Under certain conditions, PIMCO may be reimbursed for amounts waived pursuant to the Expense Limitation Agreement in future periods, not to exceed thirty-six months after the waiver. The total recoverable amounts to PIMCO at December 31, 2018, were as follows (amounts in thousands^†):

	Expiring within
Fund Name	12 months		13-24 months		25-36 months		Total
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	0	$	0	$	128	$	128
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		0		0		122		122
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		0		0		123		123

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

9. RELATED PARTY TRANSACTIONS

The Manager and Distributor are related parties. Fees paid 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.

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

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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 shareholder’s performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2018, were as follows (amounts in thousands^†):

	U.S. Government/Agency				All Other
Fund Name	Purchases		Sales		Purchases		Sales
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	0	$	0	$	78,049	$	78,464
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		0		0		3,399		5,030
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		0		0		14,109		13,700

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

12. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by a Fund only in Creation Units. Except when aggregated in Creation Units, shares of a Fund are not redeemable. Transactions in capital shares for a Fund are disclosed in detail on the Statements of Changes in Net Assets.

The consideration for the purchase of Creation Units of a Fund generally consists of a basket of cash and/or securities that the Fund specifies each business day. Authorized Participants may be charged transaction fees as set forth below. To offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, Authorized Participants are subject to standard creation and redemption transaction fees payable directly to State Street Bank and Trust Company, the sub-administrator of the Funds. PIMCO may, from time to time, at its own expense, compensate purchasers of Creation Units who have purchased substantial amounts of Creation Units and other financial institutions for administrative or marketing services. Creations and redemptions for cash (when cash creations and redemptions are available or specified) may be subject to an additional variable charge up to the maximum amount shown in the table below.

Fund Name	Standard Creation/ Redemption Transaction Fee*		Maximum Variable Charge for Cash Creations**		Maximum Variable Charge for Cash Redemptions**
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	2,250		3.00%		2.00%
PIMCO RAFI Dynamic Multi-Factor International Equity ETF	$	5,000		3.00%		2.00%
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	$	2,250		3.00%		2.00%

* Applicable to in-kind contributions or redemptions only.

** As a percentage of the net asset value per Creation Unit purchased or redeemed, inclusive of the standard creation transaction fee (if imposed).

13. INVESTMENT TRANSACTIONS

For the period ended December 31, 2018, certain Funds had in-kind contributions and in-kind redemptions as follows (amounts in thousands^†):

Fund Name	Contributions		Redemptions
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	1,794	$	0
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		5,146		3,571
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		14,072		8,360

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

The in-kind contributions and in-kind redemptions in this table may not agree with the Fund Share Transactions on the Statements of Changes in Net Assets. The table represents the accumulation of each Fund’s daily net shareholder transactions while the Statements of Changes in Net Assets reflect gross shareholder transactions including any cash component of the transactions.

14. REGULATORY AND LITIGATION MATTERS

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

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

SEMIANNUAL REPORT DECEMBER 31, 2018 57

Notes to Financial Statements (Cont.)

December 31, 2018 (Unaudited)

15. FEDERAL INCOME TAX MATTERS

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

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

In accordance with U.S. GAAP, the Manager has reviewed the Funds’ tax positions for all open tax years. As of December 31, 2018, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

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

Under the Regulated Investment Company Modernization Act of 2010, 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 their last fiscal year ended June 30, 2018, the Funds had the following post-effective capital losses with no expiration (amounts in thousands^†):

	Short-Term		Long-Term
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	14,197	$	0
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		751		0
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		1,382		0

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

As of December 31, 2018, 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		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)(1)
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	372,231	$	9,994	$	(50,584	)	$	(40,590	)
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		27,988		371		(3,507	)		(3,136	)
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		67,175		1,704		(5,919	)		(4,215	)

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

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

58 PIMCO EQUITY SERIES

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

(Unaudited)

Counterparty Abbreviations:
SSB	State Street Bank and Trust Co.
Currency Abbreviations:
HKD	Hong Kong Dollar	USD (or $)	United States Dollar	ZAR	South African Rand
Exchange Abbreviations:
OTC	Over the Counter
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	TBA	To-Be-Announced
NVDR	Non-Voting Depositary Receipt

SEMIANNUAL REPORT DECEMBER 31, 2018 59

Approval of Investment Advisory Contract and Other Agreements

Approval of Renewal of the Investment Management Agreement and Sub-Advisory Agreement for PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF, PIMCO RAFI Dynamic Multi-Factor International Equity ETF, and PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF

At a meeting held on August 22, 2018, the Board of Trustees (the “Board”) of PIMCO Equity Series (the “Trust”), including the Trustees who are not “interested persons” of the Trust under the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered and unanimously approved renewal of the Investment Management Agreement (the “Investment Management Agreement”) between the Trust, on behalf of PIMCO RAFI Dynamic Multi-Factor International Equity ETF and PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (each a “Fund” and collectively, the “Funds”), and Pacific Investment Management Company LLC (“PIMCO”) for an additional one-year term through August 31, 2019. In addition, the Board considered and unanimously approved the renewal of the Sub-Advisory Agreement (the “Sub-Advisory Agreement”) between PIMCO, on behalf of the Funds, each a series of the Trust, and Parametric Portfolio Associates LLC (“Parametric”) for an additional one-year period through August 31, 2019.

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

1. INFORMATION RECEIVED

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

among other things, memoranda outlining legal duties of the Board in considering the renewal of the Investment Management Agreement and Sub-Advisory Agreement.

(b) Review Process:  In connection with the renewal of the Investment Management Agreement and Sub-Advisory Agreement, the Board reviewed written materials prepared by PIMCO and, where applicable, Parametric in response to requests from counsel to the Trust and the Independent Trustees encompassing a wide variety of topics. The Board also requested and received assistance and advice regarding, among other things, applicable legal standards from counsel to the Trust and the Independent Trustees and reviewed comparative fee and performance data prepared at the Board’s request by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company performance information and fee and expense data. The Board received information on matters related to the Investment Management Agreement and Sub-Advisory Agreement and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 22, 2018 meeting. The Independent Trustees also conducted an in-person meeting with counsel to the Trust and the Independent Trustees on July 18, 2018, to discuss the Lipper Report, as defined below, and certain aspects of the 2018 15(c) materials including, but not limited to, the Funds’ performance, the Funds’ management fees and total expense ratios, the comparative information with respect to fees and performance included in the Lipper Report. In addition, the Independent Trustees requested and received supplemental information.

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

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Parametric, their Personnel and Resources:  The Board considered the depth and quality of PIMCO’s investment management process, including: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Funds’ asset levels. The Board also

60 PIMCO EQUITY SERIES

(Unaudited)

considered the various services in addition to portfolio management that PIMCO provides under the Investment Management Agreement. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO’s commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed to stay at the forefront of the competitive investment management industry and to strengthen its ability to deliver services under the Investment Management Agreement. The Board considered PIMCO’s policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations and its commitment to further developing and strengthening these programs, its oversight of matters that may involve conflicts of interest between the Funds’ investments and those of other accounts managed by PIMCO, and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered PIMCO’s continuous investment in new disciplines and talented personnel, which has enhanced PIMCO’s services to the Funds and has allowed PIMCO to introduce innovative new funds over time.

The Trustees considered that PIMCO and Parametric have continued to strengthen the process they use to actively manage counterparty risk and to assess the financial stability of counterparties with which the Funds do business, to manage collateral and to protect the Funds from an unforeseen deterioration in the creditworthiness of trading counterparties. The Trustees noted that, consistent with their fiduciary duty, PIMCO and Parametric execute transactions through a competitive best execution process and use only those counterparties that meet their stringent and monitored criteria. The Trustees considered that PIMCO and Parametric each use a counterparty risk system to analyze portfolio-level exposure and collateral being exchanged with counterparties.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented since the Board initially approved the Investment Management Agreement and Sub-Advisory Agreement in 2017, including, but not limited to: upgrading the global network and infrastructure to support trading and risk management systems; enhancing and continuing to expand capabilities within the pre-trade compliance platform; enhancing flexible client reporting capabilities to support increased differentiation within local markets; developing new application and database frameworks to support new trading strategies; expanding proprietary applications suites to enrich capabilities across Compliance, Analytics, Risk Management, Client Reporting, Attribution and Customer Relationship Management; continuing investment in its enterprise risk management function, including PIMCO’s cybersecurity program and global business

continuity functions; oversight by the Americas Fund Oversight Committee, which provides senior-level oversight and supervision focused on new and ongoing fund-related business opportunities; engaging a third party service provider to implement the SEC reporting modernization regime; expanding the Fund Treasurer’s Office; enhancing a proprietary application to provide portfolio managers with more timely and high quality income reporting; developing a global tax management application that will enable investment professionals to access foreign market and security tax information on a real-time basis; enhancing reporting of tax reporting for portfolio managers for income products with improved transparency on tax factors impacting income generation and dividend yield; upgrading a proprietary application to allow shareholder subscription and redemption data to pass to portfolio managers more quickly and efficiently; and continuing to expand the pricing portal and the proprietary performance reconciliation tool.

Similarly, the Board considered the sub-advisory services provided by Parametric to the Funds. The Board considered PIMCO’s oversight of Parametric in connection with Parametric providing sub-advisory services to the Funds. The Board further considered the difference between the sub-advisory services that Parametric provides to the Funds and the portfolio implementation services that Parametric performs for certain other series of the Trust. The Board also considered the nature and quality of Parametric’s trading, risk management, and compliance capabilities and resources, including Parametric’s policies and procedures regarding trade aggregation and allocation, which are integral parts of its role as sub-adviser.

Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Investment Management Agreement and provided by Parametric under the Sub-Advisory Agreement are likely to continue to benefit the Funds and their shareholders.

(b) Other Services:  The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Funds under the Investment Management Agreement. The Board considered the terms of the Investment Management Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is an all-in fee structure (the “unified fee”). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Board noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO continue to increase. The Board considered PIMCO’s provision of supervisory and administrative services and its supervision of the Trust’s

SEMIANNUAL REPORT DECEMBER 31, 2018 61

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

third party service providers to assure that these service providers continue to provide a high level of service relative to alternatives available in the market.

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

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Funds’ performance, as available, since inception and through the period-ended March 31, 2018 and other performance data, as available, since inception and through the period-ended June 30, 2018 (the “PIMCO Report”) and from Broadridge concerning the Funds’ performance, as available, since inception and through the period-ended March 31, 2018 (the “Lipper Report”). The Board considered information regarding the investment performance of each Fund relative to its peer group and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Lipper Report, which were provided in advance of the August 22, 2018 meeting.

The Board also noted that, according to Broadridge, two of the Funds outperformed their applicable benchmarks as well as their Lipper and Morningstar peer groups. The Board further noted that one Fund underperformed and the board discussed the reasons for such underperformance. The Board also discussed actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO’s plans to monitor performance going forward.

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

4. MANAGEMENT FEE AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price funds to scale at the outset with reference to the total expense ratios of the respective Lipper median, if available, while providing a fee premium for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Fund, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services, the impact on potential returns from different levels of fees, the competitive marketplace for financial products, and the attractiveness of potential Fund returns to current and potential investors. Fees charged to or proposed for different Funds for advisory services and supervisory and

administrative services may vary in light of these various factors. The Board also considered that PIMCO reviews the Funds’ fee levels and carefully considers changes where appropriate due to competitive positioning considerations, observed long-term notable underperformance and significant misalignments with the level or quality of services being provided or a change in the overall strategic positioning of the Funds.

The Board reviewed the management fee and estimated total expenses of the Fund (each as a percentage of average net assets) and compared such amounts with the average and median fees and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Parametric with respect to the Funds, taking into account that PIMCO compensates Parametric from the management fees paid by such Funds to PIMCO. With respect to the management fees, the Board reviewed data from Broadridge that compared the average and median advisory fees of other funds in a “Peer Group” of comparable funds, as well as the universe of other similar funds. The Board also considered that PIMCO review the Funds’ fee levels and carefully considers changes where appropriate.

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

The Board considered the Trust’s unified fee structure, under which the Trust pays for the advisory supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO provides or procures such services and bears the costs of various third party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency, and printing costs. The Board also considered that the unified fee leads to Fund fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it implicitly reflects economies of scale by fixing the absolute level of Fund fees at competitive levels over the contract period even if the Funds’ operating costs rise when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO’s approach of pricing the Funds to scale at inception and reinvesting in

62 PIMCO EQUITY SERIES

(Unaudited)

other important areas of the business that support the Funds. The Board concluded that the Funds’ fees were reasonable in relation to the value of the services provided, and that the unified fee represents, in effect, a cap on overall Fund fees during the contractual period, which is beneficial to the Funds and their shareholders.

The Board noted that the Funds’ total expenses continued to be generally in line with those of competitor funds. Upon comparing the Funds’ total expenses to other funds in the “Peer Groups” provided by Broadridge, the Board found total expenses of each Fund to be reasonable.

Based on information presented by PIMCO, Parametric and Broadridge, members of the Board determined, in the exercise of their business judgment, that the management fees charged by PIMCO under the Investment Management Agreement, as well as the total expenses of each Fund, are reasonable.

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

The Board reviewed information regarding PIMCO’s costs of providing services to the Funds as a whole, as well as the resulting level of profits to PIMCO under both the adjusted asset profitability method and the profit and loss profitability method, which were each utilized to calculate profitability. The Independent Trustees also noted that the 2017 margins with respect to PIMCO’s relationship with the Funds were within the range of publicly-traded asset manager margins reported by Strategic Insight and Broadridge. The Board also noted that it had received information regarding the structure and manner in which PIMCO’s and Parametric’s investment professionals were compensated and PIMCO’s view of the relationship of such compensation to the attraction and retention of quality personnel. The Board considered PIMCO’s need to invest in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce and offer new services and to accommodate changing regulatory requirements. With respect to potential economies of scale, the Board noted that PIMCO shares the benefits of economies of scale with the Funds and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics, senior management supervision and governance of those services, and through fee reductions or waivers, the pricing of Funds to scale from inception and the enhancement of services and oversight provided to the Funds in return for fees paid. The Board considered that the Funds’ unified fee rates had been set competitively and/or priced to scale from inception and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Fund’s shareholders of the fees associated with the Fund, and that the Fund bears certain expenses that are not covered by the management fee. The Board further considered the challenges that arise when

managing large funds, which can result in certain “diseconomies” of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Funds.

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

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO’s relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO’s institutional investment management business due to the reputation and market penetration of the Trust or third party service providers’ relationship-level fee concessions, which decrease fees paid by PIMCO. The Board reviewed PIMCO’s soft dollar policies and procedures, noting that while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Funds, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Funds by PIMCO and Parametric supported the renewal of the Funds’ Investment Management Agreement and Sub-Advisory Agreement. The Independent Trustees and the Board as a whole concluded that the Funds’ Investment Management Agreement and Sub-Advisory Agreement continue to be fair and reasonable to the Funds and their shareholders, that the Funds’ shareholders receive reasonable value in return for the fees paid to PIMCO by the Funds under the Investment Management Agreement, the fees paid to Parametric by PIMCO under the Sub-Advisory Agreement, and that the renewal of the Investment Management Agreement and the Sub-Advisory Agreement was in the best interest of the Funds and their respective shareholders.

SEMIANNUAL REPORT DECEMBER 31, 2018 63

General Information

Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Investment Sub-Adviser

Parametric Portfolio Associates

1918 Eighth Avenue, Suite 3100

Seattle, WA 98101

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

Transfer Agent

State Street Bank and Trust Company

1 Heritage Drive

Quincy, MA 02171

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Funds listed on the Report cover.

PES4004SAR_123118

Item 2. Code of Ethics.

The information required by this Item 2 is only required in an annual report on this Form N-CSR.

Item 3. Audit Committee Financial Expert.

The information required by this Item 3 is only required in an annual report on this Form N-CSR.

Item 4. Principal Accountant Fees and Services.

The information required by this Item 4 is only required in an annual report on this Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

The information required by this Item 5 is only required in an annual report on this Form N-CSR.

Item 6. Schedule of Investments.

The information required by this Item 6 is included as part of the semiannual reports to shareholders filed under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Trust’s Board of Trustees since the Trust last provided disclosure in response to this item.

Item 11. Controls and Procedures.

(a) The principal executive officer and principal financial & accounting officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) provide reasonable assurances that material information relating to the Registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the last fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a)(1)	Exhibit 99.CODE—Code of Ethics is not applicable for semiannual reports.
(a)(2)	Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
(a)(3)	Not applicable to open-end investment companies.
(a)(4)	There was no change in the registrant’s independent public accountant for the period covered by the report.
(b)	Exhibit 99.906CERT—Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

PIMCO Equity Series
By:	/s/ Peter G. Strelow
	Peter G. Strelow President (Principal Executive Officer)
Date:	February 28, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Peter G. Strelow
	Peter G. Strelow President (Principal Executive Officer)
Date: February 28, 2019
By:	/s/ Trent W. Walker
	Trent W. Walker
	Treasurer (Principal Financial & Accounting Officer)
Date: February 28, 2019