UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-22375

PIMCO Equity Series

(Exact name of registrant as specified in charter)

650 Newport Center Drive, Newport Beach, CA 92660

(Address of principal executive office)

Bijal Parikh

Treasurer (Principal Financial & Accounting Officer)

PIMCO Equity Series

650 Newport Center Drive

Newport Beach, CA 92660

(Name and address of agent for service)

Copies to:

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, 2020

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

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

Item 1. Reports to Shareholders.

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “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 RAFI ESG U.S. ETF

PIMCO EQUITY SERIES^®

Semiannual Report

December 31, 2020

PIMCO Dividend and Income Fund

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 from the Fund or from your financial intermediary, such as a broker-dealer or bank. 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.

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 PIMCO Dividend and Income Fund		5
Portfolio Summary		10
Expense Example		13
Financial Highlights		14
Statement of Assets and Liabilities		16
Statement of Operations		18
Statements of Changes in Net Assets		19
Schedule of Investments		20
Notes to Financial Statements		53
Glossary		85
Approval of Investment Advisory Contract and Other Agreements		86

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

Chairman’s Letter

Dear Shareholder,

We hope that you and your family are remaining safe and healthy during these challenging times. We continue to work tirelessly to navigate markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Equity Series Semiannual Report, which covers the six-month reporting period ended December 31, 2020. On the subsequent pages, you will find specific details regarding investment results and a discussion of the factors that most affected performance during the reporting period.

For the six-month reporting period ended December 31, 2020

The global economy was severely impacted by the repercussions related to the COVID-19 pandemic. Looking back before the reporting period began, second-quarter 2020 U.S. annualized gross domestic product (“GDP”) was -31.4%. This represented the steepest quarterly decline on record. With the economy reopening, third-quarter GDP growth was 33.4%, the largest quarterly increase on record. The Commerce Department’s initial estimate for fourth-quarter annualized GDP growth — released after the reporting period ended — was 4.0%.

The Federal Reserve (the “Fed”) took unprecedented actions to support the economy and keep markets functioning properly. In early March 2020, before the reporting period began, the Fed lowered the federal funds rate to a range between 1.00% and 1.25%. Later in the month, the Fed lowered the rate to a range between 0.00% and 0.25%. On March 23, the Fed announced that it would make unlimited purchases of Treasury and mortgage securities and, for the first time, it would purchase corporate bonds on the open market. In August 2020, Fed Chair Jerome Powell said the central bank had changed how it viewed the trade-off between lower unemployment and higher inflation. Per Powell’s statement, the Fed’s new approach to setting U.S. monetary policy will entail letting inflation run higher, which could mean that interest rates remain low for an extended period. Meanwhile, in March 2020, the U.S. government passed a total of roughly $2.8 trillion in fiscal stimulus measures to aid the economy. A subsequent $900 billion stimulus package was finalized in December 2020.

Economies outside the U.S. were significantly impacted by the pandemic too. In its October 2020 World Economic Outlook Update, the International Monetary Fund (“IMF”) stated that it expects 2020 GDP in the eurozone, U.K. and Japan will be -8.3%, -9.8% and -5.3%, respectively. For comparison purposes, the GDP of these economies expanded 1.3%, 1.5% and 0.7%, respectively, in 2019.

Against this backdrop, central banks and governments around the world took a number of aggressive actions. Looking back, in March 2020, the European Central Bank (the “ECB”) unveiled a new €750 billion bond-buying program, which was subsequently expanded by another €600 billion in June 2020. In July, the European

2 PIMCO EQUITY SERIES

Union agreed on a €1.8 trillion spending package to bolster its economy. In December 2020, the ECB expanded its monetary stimulus program by another €500 billion.

The Bank of England reduced its key lending rate to 0.10% — a record low — in March, added £100 billion to its quantitative easing program in June, and increased its bond-buying program by £150 billion to £895 billion in November. Finally, toward the end of the year, the U.K. and the European Union agreed to a long-awaited Brexit deal. Elsewhere, the Bank of Japan maintained its short-term interest rate at -0.10%, while increasing the target for its holdings of corporate bonds to ¥4.2 trillion from ¥3.2 trillion. In May 2020, the Japanese government doubled its stimulus measures with a ¥117 trillion package. Finally, in December 2020, the Bank of Japan announced a new ¥73.6 trillion stimulus package.

Short-term U.S. Treasury yields edged modestly lower, whereas long-term yields moved higher, albeit from a very low level during the reporting period. The yield on the benchmark 10-year U.S. Treasury note was 0.93% at the end of the reporting period, versus 0.66% on June 30, 2020. The Bloomberg Barclays Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including both developed and emerging markets, returned 0.78%. Meanwhile, the Bloomberg Barclays Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned 4.20%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, also rallied. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned 10.82%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned 7.89%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned 10.29%.

Despite the headwinds from the pandemic, global equities produced strong results. All told, U.S. equities, as represented by the S&P 500 Index, returned 22.16%, partially fueled by a sharp rally in November and December 2020, because, in our view, investor sentiment improved after positive COVID-19 vaccine news. Global equities, as represented by the MSCI World Index, returned 23.00%, whereas emerging market equities, as measured by the MSCI Emerging Markets Index, returned 31.14%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in JPY), returned 24.12% and European equities, as represented by the MSCI Europe Index (in EUR), returned 10.91%.

Commodity prices were volatile and produced mixed results. When the reporting period began, Brent crude oil was approximately $41 a barrel. Brent crude oil ended the reporting period at roughly $52 a barrel. We believe that oil prices rallied because producers reduced their output and investors anticipated stronger demand as global

SEMIANNUAL REPORT DECEMBER 31, 2020 3

Chairman’s Letter (Cont.)

growth improved and several new COVID-19 vaccines were introduced. Elsewhere, copper prices moved higher, while gold declined.

Finally, there were also periods of volatility in the foreign exchange markets, in our view due to fluctuating economic growth, trade conflicts and changing central bank monetary policies, along with the U.S. election and several geopolitical events. The U.S. dollar weakened against a number of other major currencies. For example, the U.S. dollar returned -8.74%, -10.23% and -4.53% versus the euro, the British pound and the Japanese yen, respectively.

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

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

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

4 PIMCO EQUITY SERIES

Important Information About the PIMCO Dividend and Income Fund

PIMCO Equity Series (the “Trust”) is an open-end management investment company that includes PIMCO Dividend and Income Fund (the “Fund”).

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

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

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

The Fund may be subject to various risks as described in its prospectus and in the Principal and Other Risks in the Notes to Financial Statements.

Classifications of the Fund’s portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Allocation Breakdown and Schedule of Investments sections of this report may differ from the classification used for the Fund’s compliance calculations, including those used in the Fund’s prospectus, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. The Fund is separately monitored for compliance with respect to prospectus and regulatory requirements.

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

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Fund’s performance. In addition, COVID-19

SEMIANNUAL REPORT DECEMBER 31, 2020 5

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

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

The United States’ enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from other countries, each with a focus on China, has contributed to international trade tensions and may impact portfolio securities.

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

The Fund may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate (“LIBOR”). LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has announced plans to ultimately phase out the use of LIBOR. There remains uncertainty regarding future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on the Fund or on certain instruments in which the Fund invests can be difficult to ascertain, and they may vary depending on a variety of factors. The transition may also result in a reduction in the value of certain instruments held by the Fund or a reduction in the effectiveness of related Fund transactions such as hedges. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Fund.

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

6 PIMCO EQUITY SERIES

or 2) the Fund’s total return in excess of the Fund’s historical returns between reporting periods. Unusual performance is defined as a significant change in the Fund’s performance as compared to one or more previous reporting periods. Historical performance for the Fund or share class may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

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

Fund Name

Fund Inception

Institutional Class

I-2

I-3

Class A

Class C

Diversification Status

PIMCO Dividend and Income Fund

12/14/11

12/14/11

12/14/11

—

12/14/11

12/14/11

Diversified

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

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

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

SEMIANNUAL REPORT DECEMBER 31, 2020 7

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

The Fund files portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Fund’s complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC’s website at www.sec.gov and on PIMCO’s website at www.pimco.com, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO.

The SEC adopted a rule that allows the Fund to fulfill its obligation to deliver shareholder reports to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Pursuant to the rule, investors may elect to receive all future reports in paper free of charge by contacting their financial intermediary or, if invested directly with the Fund, investors can inform the Fund by calling 888.877.4626. Any election to receive reports in paper will apply to all funds held with the fund complex if invested directly with the Fund or to all funds held in the investor’s account if invested through a financial intermediary.

In August 2020, the SEC proposed changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which, if adopted, will change the disclosures provided to shareholders.

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, and after an eighteen-month transition period, the rule requires funds to trade derivatives and other transactions that create future payment or delivery obligations (except reverse repurchase agreements and similar financing transactions) subject to a value-at-risk leverage limit, certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Fund to use derivatives and reverse repurchase agreements and similar financing transactions as part of its investment strategies and may increase the cost of the Fund’s investments and cost of doing business, which could adversely affect investors.

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Investment Company Act of 1940 (the “Act”) without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also included the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The impact that these changes may have on the Fund is uncertain.

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

8 PIMCO EQUITY SERIES

(THIS PAGE INTENTIONALLY LEFT BLANK)

SEMIANNUAL REPORT DECEMBER 31, 2020 9

PIMCO Dividend and Income Fund

Cumulative Returns Through December 31, 2020

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

Average Annual Total Return for the period ended December 31, 2020
		6 Months*		1 Year		5 Years		Fund Inception (12/14/11)
	PIMCO Dividend and Income Fund Institutional Class		17.62%		(1.35)%		5.86%		6.08%
	PIMCO Dividend and Income Fund I-2		17.52%		(1.52)%		5.78%		5.98%
	PIMCO Dividend and Income Fund Class A		17.45%		(1.71)%		5.47%		5.70%
	PIMCO Dividend and Income Fund Class A (adjusted)		11.04%		(7.14)%		4.28%		5.04%
	PIMCO Dividend and Income Fund Class C		16.99%		(2.51)%		4.68%		4.90%
	PIMCO Dividend and Income Fund Class C (adjusted)		15.99%		(3.46)%		4.68%		4.90%
	MSCI World Index±		23.00%		15.90%		12.19%		12.12%
	75% MSCI World Index/25% Bloomberg Barclays Global Aggregate USD Unhedged±±		18.71%		14.73%		10.52%		9.84%

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

* Cumulative return

^± The 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 funs 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 0.80% for Institutional Class shares, 0.90% for I-2 shares, 1.15% for Class A shares, and 1.90% for Class C shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

10 PIMCO EQUITY SERIES

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

Geographic Breakdown as of December 31, 2020†§
United States	55.7%
Japan	9.1%
Australia	6.5%
United Kingdom	6.4%
France	3.6%
Spain	3.3%
Germany	2.6%
Switzerland	2.0%
Italy	1.3%
Cayman Islands	1.3%
Netherlands	1.3%
Short-Term Instruments‡	0.7%
Other	6.2%

Sector Breakdown as ofDecember 31, 2020†§
Financials	15.3%
Energy	10.8%
U.S. Government Agencies	9.7%
Materials	8.3%
Industrials	8.0%
Consumer Staples	7.1%
Communication Services	6.6%
Health Care	6.5%
Consumer Discretionary	5.0%
Information Technology	4.7%
Asset-Backed Securities	3.5%
Non-Agency Mortgage-Backed Securities	3.4%
Utilities	3.0%
U.S. Treasury Obligations	2.9%
Real Estate	2.0%
Sovereign Issues	1.4%
Short-Term Instruments‡	0.7%
Other	1.1%

^†   % of Investments, at value.

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

^‡  Includes Central Funds Used for Cash Management Purposes.

SEMIANNUAL REPORT DECEMBER 31, 2020 11

PIMCO Dividend and Income Fund (Cont.)

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.

Fund Insights

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

Equity Portfolio:

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

» Underweight exposure to, and security selection in, the real estate 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 materials sector contributed to relative returns, as the sector and the Fund’s holdings outperformed the benchmark index.

» Security selection in the communications services and health care sectors detracted from relative returns, as the Fund’s holdings underperformed 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.

Fixed Income Portfolio:

» Long exposure to investment grade corporate credit contributed to performance, as these securities posted positive returns.

» Long exposure to emerging market external debt in select countries, including Mexico and Brazil, contributed to performance, as prices for these securities increased.

» Long exposure to non-agency mortgage backed securities contributed to performance, as prices for these securities appreciated.

» There were no material detractors to the Fund on an absolute basis.

12 PIMCO EQUITY SERIES

Expense Example

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for all Funds and share classes is from July 1, 2020 to December 31, 2020 unless noted otherwise in the table and footnotes below.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

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

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (07/01/20)		Ending Account Value (12/31/20)		Expenses Paid During Period*		Beginning Account Value (07/01/20)		Ending Account Value (12/31/20)		Expenses Paid During Period*		Net Annualized Expense Ratio**
Institutional Class	$	1,000.00	$	1,176.20	$	4.35	$	1,000.00	$	1,021.62	$	4.04		0.78	%
I-2		1,000.00		1,175.20		4.90		1,000.00		1,021.11		4.56		0.88
Class A		1,000.00		1,174.50		6.29		1,000.00		1,019.83		5.85		1.13
Class C		1,000.00		1,169.90		10.45		1,000.00		1,015.98		9.71		1.88

* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 187/365 (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, 2020 13

Financial Highlights PIMCO Dividend and Income Fund

				Investment Operations											Less Distributions(c)
Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year or Period(a)			Net Investment Income (Loss)(b)			Net Realized/ Unrealized Gain (Loss)				Total				From Net Investment Income				From Net Realized Capital Gains				Total
Institutional Class
07/01/2020 - 12/31/2020+		$	9.71		$	0.19		$	1.51			$	1.70			$	(0.28	)		$	0.00			$	(0.28	)
06/30/2020			11.27			0.33			(1.57	)			(1.24	)			(0.32	)			0.00				(0.32	)
06/30/2019			11.54			0.39			(0.18	)			0.21				(0.48	)			0.00				(0.48	)
06/30/2018			11.09			0.36			0.41				0.77				(0.32	)			0.00				(0.32	)
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	)
I-2
07/01/2020 - 12/31/2020+			9.72			0.18			1.53				1.71				(0.28	)			0.00				(0.28	)
06/30/2020			11.29			0.32			(1.58	)			(1.26	)			(0.31	)			0.00				(0.31	)
06/30/2019			11.56			0.38			(0.19	)			0.19				(0.46	)			0.00				(0.46	)
06/30/2018			11.11			0.34			0.42				0.76				(0.31	)			0.00				(0.31	)
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	)
Class A
07/01/2020 - 12/31/2020+			9.70			0.17			1.52				1.69				(0.27	)			0.00				(0.27	)
06/30/2020			11.27			0.29			(1.57	)			(1.28	)			(0.29	)			0.00				(0.29	)
06/30/2019			11.53			0.35			(0.19	)			0.16				(0.42	)			0.00				(0.42	)
06/30/2018			11.08			0.31			0.42				0.73				(0.28	)			0.00				(0.28	)
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	)
Class C
07/01/2020 - 12/31/2020+			9.70			0.13			1.51				1.64				(0.22	)			0.00				(0.22	)
06/30/2020			11.29			0.21			(1.57	)			(1.36	)			(0.23	)			0.00				(0.23	)
06/30/2019			11.48			0.26			(0.18	)			0.08				(0.27	)			0.00				(0.27	)
06/30/2018			11.06			0.22			0.42				0.64				(0.22	)			0.00				(0.22	)
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	)

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

+ Unaudited

* Annualized

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

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

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

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

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

14 PIMCO EQUITY SERIES See Accompanying Notes

						Ratios/Supplemental Data
									Ratios to Average Net Assets
Net Asset Value End of Year or Period(a)			Total Return(a)			Net Assets End of Year or Period (000s)			Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
	$	11.13		17.62	%		$	18,207		0.78	%(e)*		0.79	%(e)*		0.76	%(e)*		0.77	%(e)*		3.53	%*		107	%
		9.71		(11.38	)			16,438		0.83			0.84			0.80			0.81			3.05			158
		11.27		2.06				20,685		0.95			0.96			0.80			0.81			3.48			108
		11.54		6.89				23,027		0.85			0.86			0.80			0.81			3.04			80
		11.09		14.01				23,087		0.80			0.81			0.79			0.80			2.88			93
		9.94		(9.06	)			31,840		0.83	(d)		1.00	(d)		0.83	(d)		1.00	(d)		4.03			114
		11.15		17.64				18,522		0.88	(e)*		0.89	(e)*		0.86	(e)*		0.87	(e)*		3.43	*		107
		9.72		(11.52	)			19,236		0.93			0.94			0.90			0.91			2.95			158
		11.29		1.91				25,573		1.05			1.06			0.90			0.91			3.40			108
		11.56		6.80				27,286		0.95			0.96			0.90			0.91			2.94			80
		11.11		13.86				24,731		0.90			0.91			0.89			0.90			2.79			93
		9.96		(9.05	)			34,120		0.93	(d)		1.10	(d)		0.93	(d)		1.10	(d)		3.53			114
		11.12		17.45				108,273		1.13	(e)*		1.14	(e)*		1.11	(e)*		1.12	(e)*		3.17	*		107
		9.70		(11.72	)			96,148		1.18			1.19			1.15			1.16			2.70			158
		11.27		1.61				122,533		1.30			1.31			1.15			1.16			3.13			108
		11.53		6.60				138,561		1.20			1.21			1.15			1.16			2.70			80
		11.08		13.54				144,912		1.15			1.16			1.14			1.15			2.53			93
		9.94		(9.38	)			167,857		1.18	(d)		1.35	(d)		1.18	(d)		1.35	(d)		3.67			114
		11.12		16.99				34,076		1.88	(e)*		1.89	(e)*		1.86	(e)*		1.87	(e)*		2.44	*		107
		9.70		(12.36	)			46,644		1.93			1.94			1.90			1.91			1.92			158
		11.29		0.87				83,059		2.05			2.06			1.90			1.91			2.34			108
		11.48		5.72				115,183		1.95			1.96			1.90			1.91			1.91			80
		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	(d)		2.10	(d)		1.93	(d)		2.10	(d)		2.91			114

SEMIANNUAL REPORT DECEMBER 31, 2020 15

Statement of Assets and Liabilities PIMCO Dividend and Income Fund

(Amounts in thousands†, except per share amounts)
Assets:
Investments, at value
Investments in securities*	$	193,288
Investments in Affiliates		741
Financial Derivative Instruments
Exchange-traded or centrally cleared		24
Over the counter		305
Cash		42
Deposits with counterparty		651
Foreign currency, at value		456
Receivable for investments sold		503
Receivable for TBA investments sold		22,794
Receivable for Fund shares sold		89
Interest and/or dividends receivable		1,195
Dividends receivable from Affiliates		1
Reimbursement receivable from PIMCO		1
Other assets		1
Total Assets		220,091
Liabilities:
Borrowings & Other Financing Transactions
Payable for reverse repurchase agreements	$	3,668
Payable for sale-buyback transactions		770
Financial Derivative Instruments
Exchange-traded or centrally cleared		33
Over the counter		191
Payable for investments purchased		145
Payable for investments in Affiliates purchased		1
Payable for TBA investments purchased		35,345
Payable for unfunded loan commitments		6
Payable for Fund shares redeemed		653
Accrued investment advisory fees		76
Accrued supervisory and administrative fees		66
Accrued distribution fees		24
Accrued servicing fees		34
Accrued reimbursement to PIMCO		1
Total Liabilities		41,013
Net Assets	$	179,078
Net Assets Consist of:
Paid in capital	$	276,267
Distributable earnings (accumulated loss)		(97,189	)
Net Assets	$	179,078
Cost of investments in securities	$	172,127
Cost of investments in Affiliates	$	740
Cost of foreign currency held	$	449
Cost or premiums of financial derivative instruments, net	$	(1,905	)
* Includes repurchase agreements of:	$	522

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

16 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (Unaudited)

Net Assets:
Institutional Class	$	18,207
I-2		18,522
Class A		108,273
Class C		34,076
Shares Issued and Outstanding:
Institutional Class		1,636
I-2		1,661
Class A		9,735
Class C		3,064
Net Asset Value Per Share Outstanding(a):
Institutional Class	$	11.13
I-2		11.15
Class A		11.12
Class C		11.12

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

SEMIANNUAL REPORT DECEMBER 31, 2020 17

Statement of Operations PIMCO Dividend and Income Fund

Six Months Ended December 31, 2020 (Unaudited)
(Amounts in thousands†)
Investment Income:
Interest	$	1,094
Dividends, net of foreign taxes*		2,771
Dividends from Investments in Affiliates		2
Total Income		3,867
Expenses:
Investment advisory fees		421
Supervisory and administrative fees		350
Distribution fees - Class C		139
Servicing fees - Class A		133
Servicing fees - Class C		46
Trustee fees		7
Interest expense		21
Miscellaneous expense		5
Total Expenses		1,122
Waiver and/or Reimbursement by PIMCO		(7	)
Net Expenses		1,115
Net Investment Income (Loss)		2,752
Net Realized Gain (Loss):
Investments in securities		(2,057	)
Investments in Affiliates		1
Exchange-traded or centrally cleared financial derivative instruments		(2,153	)
Over the counter financial derivative instruments		(461	)
Foreign currency		23
Net Realized Gain (Loss)		(4,647	)
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		26,887
Exchange-traded or centrally cleared financial derivative instruments		2,736
Over the counter financial derivative instruments		290
Foreign currency assets and liabilities		(50	)
Net Change in Unrealized Appreciation (Depreciation)		29,863
Net Increase (Decrease) in Net Assets Resulting from Operations	$	27,968
* Foreign tax withholdings - Dividends	$	79

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

18 PIMCO EQUITY SERIES See Accompanying Notes

Statements of Changes in Net Assets PIMCO Dividend and Income Fund

(Amounts in thousands†)	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	2,752		$	5,539
Net realized gain (loss)		(4,647	)		(17,040	)
Net change in unrealized appreciation (depreciation)		29,863			(15,771	)
Net Increase (Decrease) in Net Assets Resulting from Operations		27,968			(27,272	)
Distributions to Shareholders:
From net investment income and/or net realized capital gains
Institutional Class		(452	)		(569	)
I-2		(463	)		(701	)
Class A		(2,591	)		(3,061	)
Class C		(693	)		(1,420	)
Total Distributions(a)		(4,199	)		(5,751	)
Fund Share Transactions:
Net increase (decrease) resulting from Fund share transactions*		(23,157	)		(40,361	)
Total Increase (Decrease) in Net Assets		612			(73,384	)
Net Assets:
Beginning of period		178,466			251,850
End of period	$	179,078		$	178,466

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

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

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

SEMIANNUAL REPORT DECEMBER 31, 2020 19

Schedule of Investments PIMCO Dividend and Income Fund

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 107.9%
ASSET-BACKED SECURITIES 3.8%
CAYMAN ISLANDS 0.6%
Evans Grove CLO Ltd.
1.144% due 05/28/2028 •	$		676	$		673
TruPS Financials Note Securitization Ltd.
1.809% due 09/20/2039 •			415			399
Total Cayman Islands						1,072
UNITED STATES 3.2%
Conseco Finance Corp.
6.280% due 09/01/2030			205			216
Credit Suisse First Boston Mortgage Securities Corp.
0.768% due 01/25/2032 •			946			915
EMC Mortgage Loan Trust
1.448% due 02/25/2041 •			28			28
Legacy Mortgage Asset Trust
1.898% due 01/28/2070 •			756			762
LP Credit Card ABS Master Trust
1.740% due 08/20/2024 •			254			263
Morgan Stanley Home Equity Loan Trust
0.248% due 12/25/2036 •			1,638			976
Navient Student Loan Trust
1.198% due 12/27/2066 •			466			472
Residential Asset Securities Corp. Trust
1.033% due 01/25/2034 •			891			888
Structured Asset Investment Loan Trust
0.298% due 09/25/2036 •			1,305			1,275
Total United States						5,795
Total Asset-Backed Securities (Cost $6,557)						6,867
LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5%
BERMUDA 0.0%
Ingersoll Rand Co. Ltd.
1.897% due 03/01/2027			9			9
Total Bermuda						9
CANADA 0.0%
Bausch Health Cos., Inc.
3.148% due 06/02/2025			4			3
Total Canada						3
LUXEMBOURG 0.0%
Intelsat Jackson Holdings S.A.
3.600% - 6.500% due 07/13/2022			13			14

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
8.000% due 11/27/2023	$		14	$		14
8.625% due 01/02/2024			13			13
Total Luxembourg						41
UNITED KINGDOM 0.0%
Froneri International PLC
2.397% due 01/31/2027			10			10
Valaris PLC
TBD% due 08/17/2021 «			2			2
Total United Kingdom						12
UNITED STATES 0.5%
Avolon TLB Borrower (U.S.) LLC
2.250% due 02/12/2027			7			7
Beacon Roofing Supply, Inc.
2.397% due 01/02/2025			10			10
BWAY Holding Co.
3.480% due 04/03/2024			10			9
Caesars Resort Collection LLC
2.897% due 12/23/2024			97			95
Core & Main LP
3.750% due 08/01/2024			10			10
Diamond Resorts Corp.
4.750% due 09/02/2023			96			91
Emerald TopCo, Inc.
3.714% due 07/24/2026			3			3
Envision Healthcare Corp.
3.897% due 10/10/2025			101			85
EyeCare Partners LLC
3.750% - 3.897% due 02/18/2027			5			5
Hilton Worldwide Finance LLC
1.898% due 06/22/2026			230			228
Jefferies Finance LLC
3.188% due 06/03/2026			4			4
Lealand Finance Company B.V. (1.147% Cash and 3.000% PIK)
4.147% due 06/30/2025 (a)			3			2
McDermott Technology Americas, Inc.
3.147% due 01/29/2021 «			1			1
MH Sub LLC
3.647% due 09/13/2024			19			19
Nascar Holdings, Inc.
2.900% due 10/19/2026			3			3
Neiman Marcus Group Ltd. LLC
13.000% due 09/25/2025			89			95
Pacific Drilling Co. LLC
1.000% due 12/31/2025 µ			6			6
PetSmart, Inc.
4.500% due 03/11/2022			13			12

20 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2020

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
PUG LLC
3.647% due 02/12/2027	$		4	$		4
Refinitiv U.S. Holdings, Inc.
3.397% due 10/01/2025			114			113
Syniverse Holdings, Inc.
6.000% due 03/09/2023			13			11
U.S. Renal Care, Inc.
5.147% due 06/26/2026			13			13
Westmoreland Mining Holdings LLC
9.250% due 03/15/2022			1			1
Westmoreland Mining Holdings LLC (15.000% PIK)
15.000% due 03/15/2029 (a)			4			2
Whatabrands LLC
2.970% due 07/31/2026			2			2
Total United States						831
Total Loan Participations and Assignments (Cost $920)						896
		SHARES
COMMON STOCKS 71.7%
AUSTRALIA 7.0%
CONSUMER DISCRETIONARY 0.3%
Harvey Norman Holdings Ltd.			11,857			43
Wesfarmers Ltd.			11,081			430
						473
CONSUMER STAPLES 0.2%
Coles Group Ltd.			3,706			52
Metcash Ltd.			54,990			143
Woolworths Group Ltd.			4,999			152
						347
ENERGY 0.0%
Woodside Petroleum Ltd.			4,570			80
FINANCIALS 1.8%
Australia & New Zealand Banking Group Ltd.			21,197			372
Bank of Queensland Ltd.			8,473			50
Bendigo & Adelaide Bank Ltd.			28,132			203
Commonwealth Bank of Australia			20,479			1,302
National Australia Bank Ltd.			30,291			528
Suncorp Group Ltd.			12,936			97
Westpac Banking Corp.			50,203			747
						3,299

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 0.1%
Aurizon Holdings Ltd.		58,454	$		176
MATERIALS 4.5%
BHP Group Ltd.		135,899			4,440
BHP Group PLC		23,430			619
Boral Ltd.		5,418			21
Fortescue Metals Group Ltd.		50,264			908
Rio Tinto Ltd.		23,980			2,109
					8,097
UTILITIES 0.1%
AGL Energy Ltd.		15,336			142
Total Australia					12,614
AUSTRIA 0.0%
MATERIALS 0.0%
voestalpine AG		2,051			73
Total Austria					73
BELGIUM 0.2%
COMMUNICATION SERVICES 0.1%
Proximus SADP		4,886			96
FINANCIALS 0.1%
Ageas S.A.		2,011			107
KBC Group NV		244			17
					124
MATERIALS 0.0%
Solvay S.A.		653			77
Total Belgium					297
BRAZIL 0.0%
ENERGY 0.0%
Dommo Energia S.A. (c)(i)		1			0
Dommo Energia S.A. «(i)		19,637			5
					5
Total Brazil					5

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2020 21

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

	SHARES			MARKET VALUE (000S)
CANADA 0.5%
CONSUMER DISCRETIONARY 0.0%
Magna International, Inc.		211	$		15
ENERGY 0.3%
ARC Resources Ltd.		24,485			115
Canadian Natural Resources Ltd.		3,439			83
Enbridge, Inc.		8,964			287
Inter Pipeline Ltd.		3,906			36
Suncor Energy, Inc.		3,551			59
Vermilion Energy, Inc.		9,553			43
					623
FINANCIALS 0.2%
Canadian Imperial Bank of Commerce		932			80
Power Corp. of Canada		11,718			269
					349
Total Canada					987
DENMARK 0.2%
FINANCIALS 0.2%
Danske Bank A/S		14,827			245
HEALTH CARE 0.0%
Novo Nordisk A/S ‘B’		448			31
Total Denmark					276
FINLAND 0.8%
FINANCIALS 0.6%
Nordea Bank Abp (c)		105,560			865
Sampo Oyj ‘A’		3,228			138
					1,003
INDUSTRIALS 0.1%
Kone Oyj ‘B’		515			42
Wartsila Oyj Abp		16,181			162
					204
MATERIALS 0.1%
UPM-Kymmene Oyj		5,888			220
Total Finland					1,427

	SHARES			MARKET VALUE (000S)
FRANCE 2.8%
COMMUNICATION SERVICES 0.1%
Orange S.A.		10,413	$		124
CONSUMER DISCRETIONARY 0.7%
Renault S.A.		25,756			1,128
Valeo S.A.		2,719			107
					1,235
ENERGY 1.4%
Total SE		59,326			2,561
FINANCIALS 0.3%
AXA S.A.		4,085			98
BNP Paribas S.A.		1,905			100
Natixis S.A.		40,812			140
Societe Generale S.A. (c)		10,762			224
					562
HEALTH CARE 0.1%
Sanofi		2,220			215
INDUSTRIALS 0.2%
Bouygues S.A.		2,556			105
Cie de Saint-Gobain (c)		2,523			116
Rexel S.A.		2,112			33
					254
Total France					4,951
GERMANY 2.3%
COMMUNICATION SERVICES 0.1%
Deutsche Telekom AG		4,014			73
Telefonica Deutschland Holding AG		55,120			152
					225
CONSUMER DISCRETIONARY 0.6%
Bayerische Motoren Werke AG		2,809			248
Daimler AG		9,708			688
TUI AG		5,173			32
					968

22 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2020

	SHARES			MARKET VALUE (000S)
CONSUMER STAPLES 0.1%
Metro AG		20,974	$		236
FINANCIALS 0.1%
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		670			199
HEALTH CARE 0.0%
Bayer AG		1,204			71
INDUSTRIALS 0.4%
Deutsche Lufthansa AG		5,089			67
Deutsche Post AG		1,607			80
Hochtief AG		1,043			101
Siemens AG		3,102			447
					695
MATERIALS 0.9%
Aurubis AG		1,248			97
BASF SE		17,071			1,349
Covestro AG		2,657			164
Evonik Industries AG		1,497			49
					1,659
UTILITIES 0.1%
E.ON SE		9,892			110
Total Germany					4,163
HONG KONG 0.1%
CONSUMER DISCRETIONARY 0.0%
Yue Yuen Industrial Holdings Ltd.		25,000			52
INDUSTRIALS 0.0%
CK Hutchison Holdings Ltd.		2,500			17
INFORMATION TECHNOLOGY 0.1%
VTech Holdings Ltd.		7,300			57
REAL ESTATE 0.0%
Shimao Property Holdings Ltd.		13,500			43
Total Hong Kong					169

	SHARES			MARKET VALUE (000S)
ITALY 1.2%
ENERGY 0.4%
Eni SpA		70,677	$		738
FINANCIALS 0.6%
Assicurazioni Generali SpA		1,767			31
Intesa Sanpaolo SpA		437,067			1,033
Poste Italiane SpA		3,413			35
UnipolSai Assicurazioni SpA		13,308			35
					1,134
UTILITIES 0.2%
Enel SpA		28,776			293
Total Italy					2,165
JAPAN 9.9%
COMMUNICATION SERVICES 1.0%
KDDI Corp.		6,000			178
Nippon Telegraph & Telephone Corp.		21,000			538
Softbank Corp.		79,500			998
					1,714
CONSUMER DISCRETIONARY 1.0%
Bridgestone Corp.		4,200			138
Honda Motor Co. Ltd.		4,600			130
Isuzu Motors Ltd.		7,800			74
Mazda Motor Corp.		1,900			13
Nissan Motor Co. Ltd.		52,900			287
Panasonic Corp.		31,500			367
Sekisui House Ltd.		12,000			244
Subaru Corp.		16,100			322
Yamaha Motor Co. Ltd.		7,300			149
					1,724
CONSUMER STAPLES 1.0%
Japan Tobacco, Inc.		80,500			1,641
Kirin Holdings Co. Ltd.		8,500			201
					1,842
ENERGY 0.2%
Idemitsu Kosan Co. Ltd.		6,900			152

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2020 23

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

	SHARES			MARKET VALUE (000S)
JXTG Holdings, Inc.		57,000	$		205
					357
FINANCIALS 2.0%
Aozora Bank Ltd.		3,300			61
Japan Post Holdings Co. Ltd.		39,600			308
Mitsubishi UFJ Financial Group, Inc.		169,800			752
Mizuho Financial Group, Inc.		31,330			398
MS&AD Insurance Group Holdings, Inc.		5,900			180
ORIX Corp.		17,100			263
Resona Holdings, Inc.		31,800			111
Sumitomo Mitsui Financial Group, Inc.		48,500			1,503
					3,576
HEALTH CARE 0.2%
Astellas Pharma, Inc.		5,700			88
Takeda Pharmaceutical Co. Ltd.		4,800			174
					262
INDUSTRIALS 2.5%
Amada Co. Ltd.		8,900			98
Asahi Glass Co. Ltd.		2,200			77
ITOCHU Corp.		7,400			213
Kajima Corp.		2,000			27
Komatsu Ltd.		11,400			315
Marubeni Corp.		79,900			532
Mitsubishi Corp.		72,400			1,785
Mitsubishi Electric Corp.		2,700			41
Mitsubishi Heavy Industries Ltd.		8,200			251
Mitsui & Co. Ltd.		7,500			137
NSK Ltd.		23,300			203
Sojitz Corp.		55,300			123
Sumitomo Corp.		53,300			706
Taisei Corp.		400			14
					4,522
INFORMATION TECHNOLOGY 1.5%
Canon, Inc.		99,200			1,922
Hitachi Ltd.		3,900			154
Konica Minolta, Inc.		20,400			78

	SHARES			MARKET VALUE (000S)
Mixi, Inc.		5,900	$		147
Nippon Electric Glass Co. Ltd.		6,500			142
Seiko Epson Corp.		12,000			178
Tokyo Electron Ltd.		200			75
					2,696
MATERIALS 0.3%
JFE Holdings, Inc.		3,000			29
Mitsubishi Chemical Holdings Corp.		20,900			126
Mitsubishi Gas Chemical Co., Inc.		3,600			83
Mitsui Chemicals, Inc.		500			15
Nitto Denko Corp.		1,000			89
Showa Denko KK		600			13
Sumitomo Chemical Co. Ltd.		20,500			83
Ube Industries Ltd.		7,600			138
					576
REAL ESTATE 0.2%
Daito Trust Construction Co. Ltd.		3,400			317
Daiwa House Industry Co. Ltd.		800			24
					341
UTILITIES 0.0%
Tohoku Electric Power Co., Inc.		6,500			54
Total Japan					17,664
LUXEMBOURG 0.0%
MATERIALS 0.0%
Ternium S.A. SP - ADR (c)		1,427			42
Total Luxembourg					42
MEXICO 0.0%
CONSUMER DISCRETIONARY 0.0%
Desarrolladora Homex S.A.B. de C.V. (c)		41,996			0
Total Mexico					0

24 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2020

	SHARES			MARKET VALUE (000S)
NETHERLANDS 1.0%
COMMUNICATION SERVICES 0.1%
Koninklijke KPN NV		18,763	$		57
VEON Ltd. ADR		107,413			162
					219
CONSUMER STAPLES 0.1%
Koninklijke Ahold Delhaize NV		3,570			101
ENERGY 0.3%
Royal Dutch Shell PLC ‘A’		26,210			460
FINANCIALS 0.5%
ABN AMRO Bank NV		17,370			170
Aegon NV		17,593			70
ASR Nederland NV		882			35
ING Groep NV		17,893			167
NN Group NV		12,676			548
					990
INDUSTRIALS 0.0%
Randstad NV		206			13
Signify NV (c)		1,119			47
					60
Total Netherlands					1,830
NEW ZEALAND 0.0%
UTILITIES 0.0%
Contact Energy Ltd.		4,118			27
Total New Zealand					27
NORWAY 0.3%
COMMUNICATION SERVICES 0.1%
Telenor ASA		6,550			111
ENERGY 0.2%
Equinor ASA		20,891			353
MATERIALS 0.0%
Norsk Hydro ASA		7,721			36
Total Norway					500

	SHARES			MARKET VALUE (000S)
PORTUGAL 0.0%
UTILITIES 0.0%
EDP - Energias de Portugal S.A.		10,879	$		68
Total Portugal					68
SPAIN 3.6%
COMMUNICATION SERVICES 0.9%
Telefonica S.A.		388,173			1,544
ENERGY 0.9%
Repsol S.A.		162,550			1,638
FINANCIALS 1.1%
Banco Bilbao Vizcaya Argentaria S.A.		298,166			1,478
Bankia S.A.		164,517			293
Mapfre S.A.		97,677			191
					1,962
INDUSTRIALS 0.2%
ACS Actividades de Construccion Y Servicios S.A.		12,381			411
UTILITIES 0.5%
Endesa S.A.		13,576			372
Naturgy Energy Group S.A.		19,732			459
Red Electrica Corp. S.A.		3,550			73
					904
Total Spain					6,459
SWEDEN 0.5%
COMMUNICATION SERVICES 0.0%
Telia Co. AB		3,314			14
CONSUMER DISCRETIONARY 0.1%
Hennes & Mauritz AB ‘B’ (c)		3,841			81
FINANCIALS 0.4%
Skandinaviska Enskilda Banken AB ‘A’ (c)		4,168			43
Swedbank AB ‘A’ (c)		40,453			709
					752
Total Sweden					847

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2020 25

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

	SHARES			MARKET VALUE (000S)
SWITZERLAND 2.1%
CONSUMER STAPLES 0.1%
Nestle S.A.		1,336	$		158
FINANCIALS 1.0%
Swiss Re AG		9,187			865
Zurich Insurance Group AG		2,308			973
					1,838
HEALTH CARE 0.6%
Novartis AG		3,359			316
Roche Holding AG		1,941			676
					992
INDUSTRIALS 0.4%
ABB Ltd.		12,046			338
Adecco Group AG		4,886			326
Siemens Energy AG (c)		794			29
					693
Total Switzerland					3,681
UNITED KINGDOM 4.2%
COMMUNICATION SERVICES 0.3%
BT Group PLC		167,932			303
Vodafone Group PLC		78,121			128
WPP PLC		7,749			84
					515
CONSUMER DISCRETIONARY 0.2%
Fiat Chrysler Automobiles NV (c)		3,199			58
Kingfisher PLC		3,692			14
Marks & Spencer Group PLC		20,175			37
Persimmon PLC		8,365			316
					425
CONSUMER STAPLES 1.4%
British American Tobacco PLC		24,162			897
Imperial Brands PLC		78,771			1,652
					2,549

	SHARES			MARKET VALUE (000S)
ENERGY 0.1%
BP PLC		55,162	$		190
FINANCIALS 0.3%
HSBC Holdings PLC		17,916			93
Legal & General Group PLC		24,085			88
M&G PLC		32,643			88
Standard Life Aberdeen PLC		66,299			254
					523
INDUSTRIALS 0.2%
Royal Mail PLC		78,043			360
MATERIALS 1.5%
Amcor PLC		8,148			96
Evraz PLC		42,172			269
Rio Tinto PLC		29,798			2,243
					2,608
UTILITIES 0.2%
Centrica PLC		282,966			179
SSE PLC		4,919			101
					280
Total United Kingdom					7,450
UNITED STATES 35.0%
COMMUNICATION SERVICES 4.6%
AT&T, Inc.		125,759			3,617
CenturyLink, Inc.		250,471			2,442
Clear Channel Outdoor Holdings, Inc. (c)		29,821			49
iHeartMedia, Inc. ‘A’ (c)		1,656			21
iHeartMedia, Inc. ‘B’ «(c)		23			0
Omnicom Group, Inc.		763			48
Verizon Communications, Inc.		33,769			1,984
					8,161
CONSUMER DISCRETIONARY 2.7%
Bed Bath & Beyond, Inc.		21,697			385
Foot Locker, Inc.		478			19
Ford Motor Co.		121,188			1,065
Gap, Inc.		6,110			123

26 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2020

	SHARES			MARKET VALUE (000S)
General Motors Co.		2,822	$		118
Home Depot, Inc.		51			14
Kohl’s Corp.		12,812			521
L Brands, Inc.		7,771			289
Las Vegas Sands Corp.		3,205			191
Macy’s, Inc.		130,403			1,467
McDonald’s Corp.		336			72
Newell Brands, Inc.		13,147			279
Nordstrom, Inc.		2,276			71
Tapestry, Inc.		1,151			36
Target Corp.		576			102
					4,752
CONSUMER STAPLES 4.8%
Altria Group, Inc.		100,230			4,109
Archer-Daniels-Midland Co.		3,042			153
Bunge Ltd.		1,160			76
Coca-Cola Co.		3,012			165
General Mills, Inc.		2,033			120
Kraft Heinz Co.		16,550			574
PepsiCo, Inc.		397			59
Philip Morris International, Inc.		37,595			3,112
Procter & Gamble Co.		359			50
Walgreens Boots Alliance, Inc.		4,355			174
					8,592
ENERGY 7.8%
Chevron Corp.		17,714			1,496
ConocoPhillips		1,801			72
Exxon Mobil Corp.		119,982			4,946
Helmerich & Payne, Inc.		9,805			227
HollyFrontier Corp.		1,655			43
Kinder Morgan, Inc.		23,208			317
Marathon Petroleum Corp.		1,862			77
Occidental Petroleum Corp.		159,806			2,766
ONEOK, Inc.		9,922			381
Phillips 66		4,312			302
Schlumberger NV		66,267			1,447
Targa Resources Corp.		16,503			435
Valero Energy Corp.		16,994			961
Williams Cos., Inc.		23,315			467
					13,937

	SHARES			MARKET VALUE (000S)
FINANCIALS 2.0%
American International Group, Inc.		1,169	$		44
Blackstone Group, Inc.		1,247			81
CIT Group, Inc.		735			26
Comerica, Inc.		1,713			96
Fifth Third Bancorp		5,924			163
Franklin Resources, Inc.		8,459			211
Huntington Bancshares, Inc.		2,911			37
Invesco Ltd.		36,838			642
KeyCorp.		5,481			90
MetLife, Inc.		4,350			204
Navient Corp.		12,730			125
PNC Financial Services Group, Inc.		944			141
Principal Financial Group, Inc.		5,872			291
Prudential Financial, Inc.		6,528			510
U.S. Bancorp		367			17
Unum Group		2,454			56
Wells Fargo & Co.		29,803			900
					3,634
HEALTH CARE 6.1%
AbbVie, Inc.		39,152			4,195
Amgen, Inc.		2,541			584
Bristol-Myers Squibb Co.		4,207			261
Cardinal Health, Inc.		4,456			239
Eli Lilly & Co.		322			54
Gilead Sciences, Inc.		23,419			1,365
Johnson & Johnson		6,252			984
Merck & Co., Inc.		7,124			583
Pfizer, Inc.		73,811			2,717
					10,982
INDUSTRIALS 1.2%
3M Co.		5,352			936
Caterpillar, Inc.		651			119
Cummins, Inc.		461			105
Eaton Corp. PLC		1,784			214
Emerson Electric Co.		1,234			99
Illinois Tool Works, Inc.		477			97
Lockheed Martin Corp.		127			45
ManpowerGroup, Inc.		521			47
Neilsen Holdings PLC		3,163			66

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2020 27

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

	SHARES			MARKET VALUE (000S)
Neiman Marcus Group Ltd. LLC «(i)		1,124	$		102
Noble Corp. PLC «(i)		380			3
Union Pacific Corp.		358			75
United Parcel Service, Inc. ‘B’		1,487			250
Westmoreland Mining Holdings LLC «(i)		53			0
					2,158
INFORMATION TECHNOLOGY 3.5%
Broadcom, Inc.		577			253
Cisco Systems, Inc.		12,321			551
Corning, Inc.		3,692			133
Hewlett Packard Enterprise Co.		3,892			46
HP, Inc.		6,238			153
International Business Machines Corp.		29,805			3,752
Juniper Networks, Inc.		3,109			70
NetApp, Inc.		1,807			120
QUALCOMM, Inc.		3,400			518
Seagate Technology PLC		7,324			455
Texas Instruments, Inc.		1,138			187
Western Digital Corp.		1,029			57
Xerox Holdings Corp.		2,444			57
					6,352
MATERIALS 1.5%
Dow, Inc.		8,252			458
Eastman Chemical Co.		737			74
International Paper Co.		12,407			617
LyondellBasell Industries NV ‘A’		15,081			1,382
WestRock Co.		2,896			126
					2,657
UTILITIES 0.8%
Dominion Energy, Inc.		5,171			389
Duke Energy Corp.		2,703			248
Exelon Corp.		3,106			131
PPL Corp.		15,563			439
Southern Co.		4,204			258
					1,465
Total United States					62,690
Total Common Stocks (Cost $110,993)					128,385

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
CONVERTIBLE BONDS & NOTES 0.0%
JERSEY, CHANNEL ISLANDS 0.0%
UTILITIES 0.0%
Ensco Jersey Finance Ltd.
3.000% due 01/31/2024 ^(b)	$		2	$		0
Total Convertible Bonds & Notes (Cost $1)						0
CORPORATE BONDS & NOTES 8.8%
ARGENTINA 0.0%
INDUSTRIALS 0.0%
YPF S.A.
38.259% (BADLARPP + 6.000%) due 03/04/2021 ~	ARS		700			5
Total Argentina						5
BERMUDA 0.0%
INDUSTRIALS 0.0%
NCL Corp. Ltd.
3.625% due 12/15/2024	$		2			2
Total Bermuda						2
BRAZIL 0.3%
INDUSTRIALS 0.0%
Odebrecht Oil & Gas Finance Ltd.
0.000% due 02/01/2021 (d)(g)			46			0
Vale Overseas Ltd.
6.875% due 11/21/2036			10			15
6.250% due 08/10/2026			23			28
						43
UTILITIES 0.3%
Petrobras Global Finance BV
6.250% due 12/14/2026	GBP		100			163
5.093% due 01/15/2030	$		253			283
						446
Total Brazil						489
CANADA 0.1%
BANKING & FINANCE 0.0%
Brookfield Finance, Inc.
4.700% due 09/20/2047			20			25
Fairfax Financial Holdings Ltd.
4.850% due 04/17/2028			6			7
						32

28 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2020

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
INDUSTRIALS 0.1%
B.C. Unlimited Liability Co.
4.250% due 05/15/2024	$		15	$		15
Bombardier, Inc.
7.875% due 04/15/2027			39			36
6.125% due 01/15/2023			2			2
7.500% due 03/15/2025			2			2
						55
Total Canada						87
CAYMAN ISLANDS 0.8%
BANKING & FINANCE 0.8%
Ambac LSNI LLC
6.000% due 02/12/2023 •			72			72
Avolon Holdings Funding Ltd.
5.500% due 01/15/2023			18			19
5.125% due 10/01/2023			16			17
2.875% due 02/15/2025			16			16
3.250% due 02/15/2027			4			4
Park Aerospace Holdings Ltd.
5.250% due 08/15/2022			307			322
5.500% due 02/15/2024			9			10
3.625% due 03/15/2021			13			13
4.500% due 03/15/2023			21			22
U.S. Capital Funding Ltd.
0.504% due 07/10/2043 •			936			815
						1,310
INDUSTRIALS 0.0%
Noble Holding International Ltd.
7.875% due 02/01/2026 ^(b)			26			10
Transocean, Inc.
7.500% due 01/15/2026			10			5
7.250% due 11/01/2025			16			8
8.000% due 02/01/2027			10			5
						28
UTILITIES 0.0%
Odebrecht Drilling Norbe Ltd.
6.350% due 12/01/2021 ^			8			8
Odebrecht Drilling Norbe Ltd. (6.350% Cash and 1.000% PIK)
7.350% due 12/01/2026 ^(a)			94			25
Odebrecht Offshore Drilling Finance Ltd.
6.720% due 12/01/2022 ^			1			1
Transocean Phoenix Ltd.
7.750% due 10/15/2024			3			3
						37
Total Cayman Islands						1,375

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
CURACAO 0.0%
INDUSTRIALS 0.0%
Teva Pharmaceutical Finance BV
3.650% due 11/10/2021	$		2	$		2
Total Curacao						2
FRANCE 0.5%
BANKING & FINANCE 0.1%
Societe Generale S.A.
7.375% due 10/04/2023 •(g)(h)			200			216
INDUSTRIALS 0.4%
Altice France S.A.
7.375% due 05/01/2026			700			738
Total France						954
GERMANY 0.4%
BANKING & FINANCE 0.4%
Deutsche Bank AG
4.250% due 10/14/2021			590			605
3.961% due 11/26/2025 •			150			164
						769
Total Germany						769
IRELAND 0.4%
BANKING & FINANCE 0.1%
AIB Group PLC
4.263% due 04/10/2025 •(k)			200			219
INDUSTRIALS 0.3%
Russian Railways via RZD Capital PLC
7.487% due 03/25/2031	GBP		300			562
Total Ireland						781
ITALY 0.3%
BANKING & FINANCE 0.3%
UniCredit SpA
7.830% due 12/04/2023	$		370			439
Total Italy						439

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2020 29

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
JERSEY, CHANNEL ISLANDS 0.2%
INDUSTRIALS 0.2%
AA Bond Co. Ltd.
2.875% due 07/31/2043	GBP		300	$		411
Total Jersey, Channel Islands						411
LUXEMBOURG 0.9%
BANKING & FINANCE 0.2%
Sberbank of Russia Via SB Capital S.A.
6.125% due 02/07/2022	$		400			422
INDUSTRIALS 0.3%
Altice Financing S.A.
3.000% due 01/15/2028	EUR		200			236
Gazprom OAO Via Gaz Capital S.A.
5.999% due 01/23/2021	$		30			30
Intelsat Connect Finance S.A.
9.500% due 02/15/2023 ^(b)			20			5
Intelsat Jackson Holdings S.A.
9.750% due 07/15/2025 ^(b)			39			28
5.500% due 08/01/2023 ^(b)			28			19
8.000% due 02/15/2024			34			35
8.500% due 10/15/2024 ^(b)			229			164
Intelsat Luxembourg S.A.
7.750% due 06/01/2021 ^(b)			54			3
Pacific Drilling SA
8.375% due 10/01/2023 ^(b)			34			9
						529
UTILITIES 0.4%
Gazprom Neft OAO Via GPN Capital S.A.
4.375% due 09/19/2022			300			315
6.000% due 11/27/2023			300			336
						651
Total Luxembourg						1,602
MEXICO 0.2%
INDUSTRIALS 0.2%
Corp. GEO S.A.B. de C.V.
8.875% due 03/27/2022 ^«(b)			300			0
Petroleos Mexicanos
6.750% due 09/21/2047			10			9
6.500% due 03/13/2027			40			42
6.500% due 01/23/2029			74			77
6.490% due 01/23/2027			30			32
6.840% due 01/23/2030			82			86

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
7.690% due 01/23/2050	$		10	$		10
5.950% due 01/28/2031			67			67
6.950% due 01/28/2060			30			28
						351
Total Mexico						351
MULTINATIONAL 0.0%
INDUSTRIALS 0.0%
Broadcom Corp.
3.875% due 01/15/2027			16			18
Connect Finco SARL
6.750% due 10/01/2026			6			6
						24
Total Multinational						24
NETHERLANDS 0.4%
BANKING & FINANCE 0.3%
Cooperatieve Rabobank UA
6.625% due 06/29/2021 •(g)(h)	EUR		400			503
Stichting AK Rabobank Certificaten
6.500% due 12/29/2049 (g)			26			42
						545
INDUSTRIALS 0.1%
Teva Pharmaceutical Finance Netherlands BV
2.200% due 07/21/2021	$		46			46
UTILITIES 0.0%
Shell International Finance BV
3.250% due 04/06/2050			14			16
Total Netherlands						607
PANAMA 0.0%
INDUSTRIALS 0.0%
Carnival Corp.
11.500% due 04/01/2023			54			63
Total Panama						63
PERU 0.0%
BANKING & FINANCE 0.0%
Banco de Credito del Peru
4.650% due 09/17/2024	PEN		100			30
Total Peru						30

30 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2020

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
SWITZERLAND 0.1%
BANKING & FINANCE 0.1%
UBS AG
5.125% due 05/15/2024 (h)	$		200	$		221
Total Switzerland						221
TURKEY 0.1%
BANKING & FINANCE 0.1%
Hazine Mustesarligi Varlik Kiralama A/S
5.800% due 02/21/2022			200			205
Total Turkey						205
UNITED KINGDOM 1.6%
BANKING & FINANCE 1.4%
Barclays PLC
4.972% due 05/16/2029 •(k)			400			480
FCE Bank PLC
1.875% due 06/24/2021	EUR		100			123
HSBC Holdings PLC
6.000% due 09/29/2023 •(g)(h)			320			430
Lloyds Banking Group PLC
7.875% due 06/27/2029 •(g)(h)	GBP		200			339
7.625% due 06/27/2023 •(g)(h)			200			301
7.500% due 09/27/2025 •(g)(h)	$		200			230
Natwest Group PLC
8.625% due 08/15/2021 •(g)(h)			200			208
Tesco Property Finance PLC
6.052% due 10/13/2039	GBP		217			405
Unique Pub Finance Co. PLC
5.659% due 06/30/2027			33			47
						2,563
INDUSTRIALS 0.2%
Marston’s Issuer PLC
2.596% due 07/16/2035 ~			200			155
Mitchells & Butlers Finance PLC
0.493% (BP0003M + 0.450%) due 12/15/2030 ~			108			134
Valaris PLC
5.750% due 10/01/2044 ^(b)	$		12			1
7.750% due 02/01/2026 ^(b)			2			0
						290
Total United Kingdom						2,853

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
UNITED STATES 2.5%
BANKING & FINANCE 0.3%
BGC Partners, Inc.
5.375% due 07/24/2023	$		4	$		4
3.750% due 10/01/2024			6			6
Brighthouse Financial, Inc.
3.700% due 06/22/2027			5			6
Brixmor Operating Partnership LP
1.264% (US0003M + 1.050%) due 02/01/2022 ~			18			18
Cantor Fitzgerald LP
4.875% due 05/01/2024			2			2
CBL & Associates LP
5.950% due 12/15/2026 ^(b)			17			7
CIT Group, Inc.
4.125% due 03/09/2021			6			6
5.000% due 08/15/2022			30			32
CTR Partnership LP
5.250% due 06/01/2025			12			13
EPR Properties
4.950% due 04/15/2028			2			2
4.750% due 12/15/2026			2			2
Fortress Transportation & Infrastructure Investors LLC
6.750% due 03/15/2022			42			42
6.500% due 10/01/2025			45			47
GLP Capital LP
5.250% due 06/01/2025			3			3
5.300% due 01/15/2029			19			22
Howard Hughes Corp.
5.375% due 03/15/2025			25			26
Hudson Pacific Properties LP
3.950% due 11/01/2027			5			6
Hunt Cos., Inc.
6.250% due 02/15/2026			2			2
Kennedy-Wilson, Inc.
5.875% due 04/01/2024			10			10
Ladder Capital Finance Holdings LLLP
4.250% due 02/01/2027			3			3
Life Storage LP
3.875% due 12/15/2027			2			2
Navient Corp.
6.500% due 06/15/2022			66			70
Newmark Group, Inc.
6.125% due 11/15/2023			10			11
Omega Healthcare Investors, Inc.
3.625% due 10/01/2029			8			9
OneMain Finance Corp.
5.625% due 03/15/2023			196			211
6.125% due 03/15/2024			12			13

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2020 31

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Physicians Realty LP
3.950% due 01/15/2028	$		4	$		4
Sabra Health Care LP
4.800% due 06/01/2024			3			3
Santander Holdings USA, Inc.
4.400% due 07/13/2027			7			8
3.400% due 01/18/2023			8			9
SL Green Operating Partnership LP
3.250% due 10/15/2022			2			2
Starwood Property Trust, Inc.
4.750% due 03/15/2025			8			8
STORE Capital Corp.
4.500% due 03/15/2028			4			5
4.625% due 03/15/2029			2			2
Welltower, Inc.
4.250% due 04/15/2028			2			2
						618
INDUSTRIALS 1.4%
American Airlines Pass-Through Trust
3.350% due 04/15/2031			9			9
Anheuser-Busch InBev Worldwide, Inc.
4.500% due 06/01/2050			25			32
4.600% due 06/01/2060			9			12
Broadcom, Inc.
4.110% due 09/15/2028			8			9
CCO Holdings LLC
4.750% due 03/01/2030			18			19
4.500% due 08/15/2030			14			15
Centene Corp.
4.750% due 01/15/2025			17			18
4.250% due 12/15/2027			6			6
Charter Communications Operating LLC
1.864% (US0003M + 1.650%) due 02/01/2024 ~			74			76
4.800% due 03/01/2050			16			19
Citrix Systems, Inc.
3.300% due 03/01/2030			3			3
Community Health Systems, Inc.
8.625% due 01/15/2024			87			91
8.000% due 03/15/2026			46			50
6.625% due 02/15/2025			60			63
5.625% due 03/15/2027			130			140
6.000% due 01/15/2029			30			33
Corning, Inc.
5.450% due 11/15/2079			6			8
CVS Pass-Through Trust
8.353% due 07/10/2031 (k)			441			583
DAE Funding LLC
4.500% due 08/01/2022			10			10
5.000% due 08/01/2024			16			16

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Diamond Resorts International, Inc.
7.750% due 09/01/2023	$		107	$		110
Energy Transfer Operating LP
3.750% due 05/15/2030			7			8
5.000% due 05/15/2050			6			7
Exela Intermediate LLC
10.000% due 07/15/2023			16			5
General Electric Co.
5.550% due 01/05/2026			41			50
6.150% due 08/07/2037			1			1
6.875% due 01/10/2039			8			12
Hilton Domestic Operating Co., Inc.
3.750% due 05/01/2029			200			209
Kraft Heinz Foods Co.
3.000% due 06/01/2026			20			21
3.750% due 04/01/2030			18			19
Level 3 Financing, Inc.
3.875% due 11/15/2029			10			11
Micron Technology, Inc.
5.327% due 02/06/2029			8			10
4.663% due 02/15/2030			12			15
Netflix, Inc.
5.375% due 11/15/2029			8			9
Noble Corp.
15.000% due 02/16/2028 «			5			5
Occidental Petroleum Corp.
1.671% (US0003M + 1.450%) due 08/15/2022 ~			18			18
Ortho-Clinical Diagnostics, Inc.
7.375% due 06/01/2025			3			3
PetSmart, Inc.
5.875% due 06/01/2025			14			14
Post Holdings, Inc.
4.625% due 04/15/2030			6			6
QVC, Inc.
4.850% due 04/01/2024			8			9
4.450% due 02/15/2025			19			20
Staples, Inc.
7.500% due 04/15/2026			2			2
Tenet Healthcare Corp.
4.625% due 07/15/2024			4			4
Topaz Solar Farms LLC
5.750% due 09/30/2039			75			86
4.875% due 09/30/2039			10			11
TransDigm, Inc.
5.500% due 11/15/2027			4			4
Triumph Group, Inc.
5.250% due 06/01/2022			4			4
U.S. Renal Care, Inc.
10.625% due 07/15/2027			6			7
United Airlines Pass-Through Trust
5.875% due 04/15/2029			415			450

32 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2020

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Univision Communications, Inc.
5.125% due 02/15/2025	$		62	$		63
VMware, Inc.
3.900% due 08/21/2027			10			11
Western Digital Corp.
4.750% due 02/15/2026			20			22
Western Midstream Operating LP
6.250% due 02/01/2050			3			3
2.074% (US0003M + 1.850%) due 01/13/2023 ~			4			4
Windstream Escrow LLC
7.750% due 08/15/2028			2			2
Wyndham Destinations, Inc.
6.000% due 04/01/2027			6			7
5.650% due 04/01/2024			5			5
3.900% due 03/01/2023			2			2
4.625% due 03/01/2030			4			4
Zayo Group Holdings, Inc.
6.125% due 03/01/2028			7			7
						2,472
UTILITIES 0.8%
AT&T, Inc.
3.650% due 06/01/2051			8			8
3.850% due 06/01/2060			8			8
CenturyLink, Inc.
4.000% due 02/15/2027			6			6
Edison International
2.950% due 03/15/2023			1			1
2.400% due 09/15/2022			14			14
5.750% due 06/15/2027			7			8
3.125% due 11/15/2022			6			6
3.550% due 11/15/2024			8			9
Enable Midstream Partners LP
4.950% due 05/15/2028			4			4
FirstEnergy Corp.
2.850% due 07/15/2022 (k)			410			417
Pacific Gas & Electric Co.
3.750% due 08/15/2042			2			2
2.950% due 03/01/2026			53			56
4.500% due 12/15/2041			2			2
3.250% due 06/15/2023			23			24
3.750% due 02/15/2024			41			44
3.400% due 08/15/2024			35			37
3.500% due 06/15/2025			19			21
4.000% due 12/01/2046			2			2
3.300% due 03/15/2027			20			22
4.250% due 03/15/2046			4			4
3.750% due 07/01/2028			110			120
4.550% due 07/01/2030			76			86
4.950% due 07/01/2050			105			125
3.150% due 01/01/2026			131			140
4.500% due 07/01/2040			131			147

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Southern California Edison Co.
6.650% due 04/01/2029	$		2	$		3
5.750% due 04/01/2035			2			3
4.875% due 03/01/2049			1			1
2.850% due 08/01/2029			1			1
3.650% due 02/01/2050			3			4
Sprint Corp.
7.625% due 03/01/2026			7			9
Talen Energy Supply LLC
6.625% due 01/15/2028			4			4
						1,338
Total United States						4,428
VENEZUELA 0.0%
INDUSTRIALS 0.0%
Petroleos de Venezuela S.A.
6.000% due 11/15/2026 ^(b)			300			12
6.000% due 05/16/2024 ^(b)			20			1
9.750% due 05/17/2035 ^(b)			20			1
						14
Total Venezuela						14
Total Corporate Bonds & Notes (Cost $15,076)						15,712
NON-AGENCY MORTGAGE-BACKED SECURITIES 3.7%
UNITED KINGDOM 1.0%
Eurosail PLC
0.741% due 09/13/2045 •	GBP		462			612
0.991% due 06/13/2045 •			682			930
Grifonas Finance PLC
0.000% due 08/28/2039 •	EUR		269			319
Total United Kingdom						1,861
UNITED STATES 2.7%
Banc of America Alternative Loan Trust
6.000% due 04/25/2036 ^	$		27			27
6.000% due 07/25/2046 ^			64			62
Banc of America Funding Trust
3.481% due 05/20/2036 ^~			10			10
Banc of America Mortgage Trust
3.077% due 11/20/2046 ^~			5			5
6.000% due 10/25/2036 ^			15			15
Bear Stearns Mortgage Funding Trust
7.500% due 08/25/2036 þ			61			59
Chase Mortgage Finance Trust
3.338% due 09/25/2036 ^~			30			26

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2020 33

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Countrywide Alternative Loan Trust
6.000% due 06/25/2036 ^	$		105	$		83
6.000% due 02/25/2037 ^			59			35
6.250% due 12/25/2036 ^•			26			17
Countrywide Home Loan Mortgage Pass-Through Trust
0.648% due 07/25/2037 ^•			17			6
Credit Suisse First Boston Mortgage Securities Corp.
6.000% due 01/25/2036 ^			37			31
Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates
6.000% due 11/25/2035 ^			328			141
Credit Suisse Mortgage Capital Certificates
2.458% due 12/29/2037 ~			157			121
First Horizon Alternative Mortgage Securities Trust
2.553% due 06/25/2036 ^~			235			215
HSI Asset Loan Obligation Trust
6.000% due 06/25/2037 ^			6			5
JPMorgan Alternative Loan Trust
5.692% due 05/26/2037 ~			62			54
JPMorgan Mortgage Trust
6.500% due 07/25/2036 ^			88			55
Merrill Lynch Mortgage Investors Trust
3.344% due 03/25/2036 ^~			11			8
OBX Trust
0.998% due 04/25/2048 •			290			292
Residential Accredit Loans, Inc. Trust
0.948% due 10/25/2045 •			63			54
5.500% due 03/25/2037 ^			341			324
6.250% due 03/25/2037 ^			27			25
Structured Adjustable Rate Mortgage Loan Trust
3.134% due 10/25/2036 ^~			1,596			1,201
Wells Fargo Alternative Loan Trust
3.327% due 07/25/2037 ^~			803			743
Wells Fargo Commercial Mortgage Trust
3.412% due 09/15/2058			1,048			1,113
Total United States						4,727
Total Non-Agency Mortgage-Backed Securities (Cost $6,254)						6,588
MUNICIPAL BONDS & NOTES 0.5%
CALIFORNIA 0.1%
California State Public Works Board Revenue Notes, Series 2011
5.786% due 12/01/2021			168			176
Total California						176
ILLINOIS 0.1%
Illinois State General Obligation Bonds, (BABs), Series 2010
6.630% due 02/01/2035			15			17
7.350% due 07/01/2035			5			6

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Illinois State General Obligation Bonds, Series 2003
5.100% due 06/01/2033	$		60	$		65
Total Illinois						88
PUERTO RICO 0.1%
Commonwealth of Puerto Rico General Obligation Bonds, Series 2001
5.125% due 07/01/2031 ^(b)			30			23
Commonwealth of Puerto Rico General Obligation Bonds, Series 2007
5.250% due 07/01/2034 ^(b)			5			4
5.250% due 07/01/2037 ^(b)			5			4
Commonwealth of Puerto Rico General Obligation Bonds, Series 2008
5.500% due 07/01/2032 ^(b)			20			15
5.700% due 07/01/2023 ^(b)			10			8
Commonwealth of Puerto Rico General Obligation Bonds, Series 2009
6.000% due 07/01/2039 ^(b)			5			4
Commonwealth of Puerto Rico General Obligation Bonds, Series 2011
5.375% due 07/01/2030 ^(b)			10			7
Commonwealth of Puerto Rico General Obligation Bonds, Series 2012
5.000% due 07/01/2041 ^(b)			120			84
5.125% due 07/01/2037 ^(b)			10			7
Commonwealth of Puerto Rico General Obligation Notes, Series 2012
5.000% due 07/01/2021 ^(b)			10			7
Puerto Rico Electric Power Authority Revenue Bonds, (BABs), Series 2010
6.125% due 07/01/2040 ^(b)			100			81
Total Puerto Rico						244
VIRGINIA 0.2%
Tobacco Settlement Financing Corp., Virginia Revenue Bonds, Series 2007
6.706% due 06/01/2046			370			387
Total Virginia						387
Total Municipal Bonds & Notes (Cost $624)						895
		SHARES
PREFERRED STOCKS 0.3%
GERMANY 0.1%
INDUSTRIALS 0.1%
Schaeffler AG			17,183			143
Total Germany						143

34 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2020

	SHARES			MARKET VALUE (000S)
UNITED KINGDOM 0.1%
BANKING & FINANCE 0.1%
Nationwide Building Society
10.250% ~		1,130	$		274
Total United Kingdom					274
UNITED STATES 0.1%
INDUSTRIALS 0.1%
General Electric Co.
5.000% due 03/15/2021 •(g)		169,000			157
Total United States					157
Total Preferred Stocks (Cost $554)					574
REAL ESTATE INVESTMENT TRUSTS 2.9%
AUSTRALIA 0.0%
REAL ESTATE 0.0%
Stockland		16,671			54
Total Australia					54
CANADA 0.0%
REAL ESTATE 0.0%
H&R Real Estate Investment Trust		1,230			13
RioCan Real Estate Investment Trust		4,149			55
					68
Total Canada					68
FRANCE 0.6%
REAL ESTATE 0.6%
Klepierre S.A.		7,450			168
Unibail-Rodamco-Westfield		10,496			818
					986
Total France					986
HONG KONG 0.0%
REAL ESTATE 0.0%
Link REIT		4,200			38
Total Hong Kong					38

	SHARES			MARKET VALUE (000S)
JAPAN 0.0%
REAL ESTATE 0.0%
Japan Retail Fund Investment Corp.		15	$		27
Total Japan					27
UNITED STATES 2.3%
FINANCIALS 0.9%
AGNC Investment Corp.		23,409			365
Annaly Capital Management, Inc.		110,690			935
New Residential Investment Corp.		38,374			382
					1,682
REAL ESTATE 1.4%
Host Hotels & Resorts, Inc.		3,330			49
Iron Mountain, Inc.		18,786			554
Park Hotels & Resorts, Inc.		21,354			366
Simon Property Group, Inc.		3,242			277
Uniti Group, Inc.		32			0
Ventas, Inc.		5,997			294
VEREIT, Inc.		2,686			102
VICI Properties, Inc.		26,432			674
Weyerhaeuser Co.		3,084			103
					2,419
Total United States					4,101
Total Real Estate Investment Trusts (Cost $3,962)					5,274
RIGHTS 0.0%
SPAIN 0.0%
ENERGY 0.0%
Repsol S.A.		91,234			31
Total Rights (Cost $32)					31
	PRINCIPAL AMOUNT (000S)
SOVEREIGN ISSUES 1.7%
ARGENTINA 0.4%
Argentina Government International Bond
0.125% due 07/09/2030 þ		133			127
0.125% due 07/09/2035 þ		373			136

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2020 35

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
0.125% due 01/09/2038 þ			269	$		111
0.125% due 07/09/2041 þ			182			69
1.000% due 07/09/2029			31			14
1.000% due 08/05/2021 (f)	ARS		22,610			161
1.500% due 03/25/2024 (f)			137			1
15.500% due 10/17/2026			1,226			3
34.109% (BADLARPP) due 10/04/2022 ~			28			0
36.174% (BADLARPP + 2.000%) due 04/03/2022 ~			2,640			18
Autonomous City of Buenos Aires Argentina
37.424% (BADLARPP + 3.250%) due 03/29/2024 ~			3,875			22
37.981% (BADLARPP + 5.000%) due 01/23/2022 ~			1,140			8
Provincia de Buenos Aires
34.187% due 05/31/2022			532			3
36.050% due 04/12/2025			389			1
Total Argentina						674
CHINA 0.3%
China Development Bank
2.890% due 06/22/2025	CNY		300			45
3.300% due 02/01/2024			100			15
3.430% due 01/14/2027			100			15
3.680% due 02/26/2026			1,200			187
3.740% due 09/10/2025			300			47
4.150% due 10/26/2025			1,100			175
Total China						484
PERU 0.3%
Peru Government International Bond
5.400% due 08/12/2034	PEN		1			0
5.940% due 02/12/2029			378			130
6.150% due 08/12/2032			336			114
6.350% due 08/12/2028			347			122
6.900% due 08/12/2037			7			2
6.950% due 08/12/2031			235			85
8.200% due 08/12/2026			199			75
Total Peru						528
SAUDI ARABIA 0.3%
Saudi Government International Bond
4.500% due 10/26/2046	$		200			243
4.625% due 10/04/2047			200			248
Total Saudi Arabia						491

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
SOUTH AFRICA 0.1%
South Africa Government International Bond
8.750% due 02/28/2048	ZAR		200	$		11
10.500% due 12/21/2026			3,300			267
Total South Africa						278
TURKEY 0.3%
Turkey Government International Bond
4.250% due 03/13/2025	$		200			201
4.625% due 03/31/2025	EUR		100			130
5.250% due 03/13/2030	$		200			201
Total Turkey						532
VENEZUELA 0.0%
Venezuela Government International Bond
7.000% due 03/31/2038 ^(b)			2			0
7.650% due 04/21/2025 ^(b)			3			1
9.250% due 09/15/2027 ^(b)			44			4
Total Venezuela						5
Total Sovereign Issues (Cost $3,043)						2,992
U.S. GOVERNMENT AGENCIES 10.5%
UNITED STATES 10.5%
Uniform Mortgage-Backed Security
3.000% due 11/01/2029 - 03/01/2050			99			105
3.500% due 02/01/2050			75			80
4.000% due 08/01/2048 - 07/01/2050			5,547			5,924
Uniform Mortgage-Backed Security, TBA
2.000% due 03/01/2051			1,000			1,035
2.500% due 03/01/2051			3,500			3,678
3.000% due 01/01/2051 - 02/01/2051			3,700			3,880
3.500% due 02/01/2051			2,600			2,752
4.000% due 01/01/2051 - 02/01/2051			1,200			1,283
Total U.S. Government Agencies (Cost $18,659)						18,737
U.S. TREASURY OBLIGATIONS 3.1%
UNITED STATES 3.1%
U.S. Treasury Bonds
2.875% due 11/15/2046 (k)			600			765
3.000% due 02/15/2049 (k)			1,550			2,041

36 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2020

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
U.S. Treasury Inflation Protected Securities (f)
0.125% due 10/15/2024	$		203	$		218
0.125% due 07/15/2030			305			342
0.250% due 07/15/2029 (m)			731			828
0.375% due 01/15/2027			34			38
0.375% due 07/15/2027			11			12
0.750% due 07/15/2028			519			603
0.875% due 01/15/2029			358			421
1.000% due 02/15/2048			106			147
1.000% due 02/15/2049			103			146
U.S. Treasury Notes
1.500% due 02/15/2030			71			75
Total U.S. Treasury Obligations (Cost $4,675)						5,636
		SHARES
WARRANTS 0.1%
UNITED STATES 0.1%
COMMUNICATION SERVICES 0.1%
iHeartMedia, Inc. - Exp. 05/01/2039 «			10,786			138
INFORMATION TECHNOLOGY 0.0%
Windstream Holdings LLC - Exp. 03/24/2021 «			40			1
Total Warrants (Cost $212)						139
SHORT-TERM INSTRUMENTS 0.3%
REPURCHASE AGREEMENTS (j) 0.3%
						522

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
SHORT-TERM NOTES 0.0%
Argentina Treasury Bond BONCER
1.100% due 04/17/2021 (f)	ARS		1,505	$		10
ARGENTINA TREASURY BILLS 0.0%
(3.480)% due 09/13/2021 (d)(e)			4,147	$		30
Total Argentina Treasury Bills (Cost $30)						30
Total Short-Term Instruments (Cost $565)						562
Total Investments in Securities (Cost $172,127)						193,288
		SHARES
INVESTMENTS IN AFFILIATES 0.4%
SHORT-TERM INSTRUMENTS 0.4%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.4%
PIMCO Short-Term Floating NAV Portfolio III			75,110			741
Total Short-Term Instruments (Cost $740)						741
Total Investments in Affiliates (Cost $740)						741
Total Investments 108.3% (Cost $172,867)				$		194,029
Financial Derivative Instruments (l)(n) 0.1% (Cost or Premiums, net $(1,905))						105
Other Assets and Liabilities, net (8.4)%						(15,056	)
Net Assets 100.0%				$		179,078

NOTES TO SCHEDULE OF INVESTMENTS:

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

^ Security is in default.

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

µ All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 5, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.

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

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2020 37

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

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

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

(a) Payment in-kind security.

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

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

(d) Zero coupon security.

(e) Coupon represents a yield to maturity.

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

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

(h) Contingent convertible security.

(i)  RESTRICTED SECURITIES:

Issuer Description	Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets
Dommo Energia S.A.		12/03/2019	$	4	$	5		0.00	%
Neiman Marcus Group Ltd. LLC		09/25/2020		36		102		0.06
Noble Corp. PLC		12/23/2020		0		3		0.00
Westmoreland Mining Holdings LLC		03/26/2019		0		0		0.00
			$	40	$	110		0.06	%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(j)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received
FICC		0.000	%		12/31/2020		01/04/2021	$	522	U.S. Treasury Bills 0.000% due 12/30/2021	$	(532	)	$	522	$	522
Total Repurchase Agreements											$	(532	)	$	522	$	522

REVERSE REPURCHASE AGREEMENTS:

Counterparty	Borrowing Rate(1)			Settlement Date		Maturity Date			Amount Borrowed(1)			Payable for Reverse Repurchase Agreements
DEU		0.170	%		10/13/2020		01/08/2021		$	(2,069	)	$	(2,070	)
FOB		0.450			10/28/2020		01/26/2021			(201	)		(201	)
TDM		0.300			11/20/2020		TBD	(2)		(1,397	)		(1,397	)
Total Reverse Repurchase Agreements												$	(3,668	)

38 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2020

SALE-BUYBACK TRANSACTIONS:

Counterparty	Borrowing Rate(1)			Borrowing Date		Maturity Date		Amount Borrowed(1)			Payable for Sale-Buyback Transactions
BPG		0.180	%		10/21/2020		01/21/2021	$	(770	)	$	(770	)
Total Sale-Buyback Transactions											$	(770	)

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, 2020:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements			Payable for Sale-Buyback Transactions			Total Borrowings and Other Financing Transactions			Collateral Pledged/ (Received)			Net Exposure(3)
Global/Master Repurchase Agreement
DEU	$	0	$	(2,070	)	$	0		$	(2,070	)	$	2,041		$	(29	)
FICC		522		0			0			522			(532	)		(10	)
FOB		0		(201	)		0			(201	)		219			18
TDM		0		(1,397	)		0			(1,397	)		1,480			83
Master Securities Forward Transaction Agreement
BPG		0		0			(770	)		(770	)		765			(5	)
Total Borrowings and Other Financing Transactions	$	522	$	(3,668	)	$	(770	)

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
Corporate Bonds & Notes	$	0	$	(2,271	)	$	0	$	(1,397	)	$	(3,668	)
Total	$	0	$	(2,271	)	$	0	$	(1,397	)	$	(3,668	)
Sale-Buyback Transactions
U.S. Treasury Obligations		0		(770	)		0		0			(770	)
Total	$	0	$	(770	)	$	0	$	0		$	(770	)
Total Borrowings	$	0	$	(3,041	)	$	0	$	(1,397	)	$	(4,438	)
Payable for reverse repurchase agreements and sale-buyback financing transactions											$	(4,438	)

(k) Securities with an aggregate market value of $4,505 have been pledged as collateral under the terms of the above master agreements as of December 31, 2020.

⁽¹⁾ The average amount of borrowings outstanding during the period ended December 31, 2020 was $(5,549) at a weighted average interest rate of 0.280%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

⁽²⁾ Open maturity reverse repurchase agreement.

⁽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.

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2020 39

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

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

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)			Variation Margin
										Asset		Liability
Euro-BTP Italy Government Bond March Futures		03/2021		7	$	1,300	$	5		$	1	$	0
U.S. Treasury 10-Year Note March Futures		03/2021		129		17,812		(3	)		14		0
							$	2		$	15	$	0

SHORT FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
											Asset		Liability
Australia Government 10-Year Bond March Futures		03/2021		18	$	(2,043	)	$	(11	)	$	2	$	(2	)
Total Futures Contracts								$	(9	)	$	17	$	(2	)

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-35 5-Year Index		(5.000	)%		Quarterly		12/20/2025	$	300	$	(12	)	$	(16	)	$	(28	)	$	0	$	(1	)
CDX.IG-31 5-Year Index		(1.000	)		Quarterly		12/20/2023		100		(1	)		(2	)		(3	)		0		1
CDX.IG-33 5-Year Index		(1.000	)		Quarterly		12/20/2024		900		(14	)		(1	)		(15	)		0		(1	)
										$	(27	)	$	(19	)	$	(46	)	$	0	$	(1	)

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.EM-34 5-Year Index		1.000	%		Quarterly		12/20/2025	$	300	$	(20	)	$	13	$	(7	)	$	1	$	0
iTraxx Europe Main 34 5-Year Index		1.000			Quarterly		12/20/2025	EUR	800		22			4		26			0		0
										$	2		$	17	$	19		$	1	$	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
Receive(5)	1-Day GBP-SONIO Compounded-OIS		0.250	%	Annual		03/17/2031	GBP	900	$	(4	)	$	(7	)	$	(11	)	$	0	$	(3	)
Receive	1-Year BRL-CDI		2.840		Maturity		01/03/2022	BRL	100		0			0			0			0		0
Receive	1-Year BRL-CDI		2.848		Maturity		01/03/2022		100		0			0			0			0		0

40 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2020

Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
																			Asset		Liability
Receive	1-Year BRL-CDI		2.859	%	Maturity		01/03/2022	BRL	400	$	0		$	0		$	0		$	0	$	0
Receive	1-Year BRL-CDI		2.865		Maturity		01/03/2022		200		0			0			0			0		0
Receive	1-Year BRL-CDI		2.870		Maturity		01/03/2022		100		0			0			0			0		0
Receive	1-Year BRL-CDI		2.880		Maturity		01/03/2022		100		0			0			0			0		0
Receive	1-Year BRL-CDI		2.883		Maturity		01/03/2022		300		0			0			0			0		0
Receive	1-Year BRL-CDI		2.884		Maturity		01/03/2022		100		0			0			0			0		0
Receive	1-Year BRL-CDI		2.886		Maturity		01/03/2022		100		0			0			0			0		0
Pay	1-Year BRL-CDI		3.060		Maturity		01/03/2022		3,000		0			1			1			0		0
Pay	1-Year BRL-CDI		5.830		Maturity		01/02/2023		800		8			1			9			0		0
Pay	1-Year BRL-CDI		5.836		Maturity		01/02/2023		600		6			0			6			0		0
Pay	1-Year BRL-CDI		5.855		Maturity		01/02/2023		200		2			0			2			0		0
Receive	3-Month USD-LIBOR		1.500		Semi-Annual		12/18/2021	$	100		(2	)		1			(1	)		0		0
Receive	3-Month USD-LIBOR		1.000		Semi-Annual		06/17/2022		500		(7	)		1			(6	)		0		0
Receive	3-Month USD-LIBOR		2.500		Semi-Annual		12/18/2024		3,100		(293	)		23			(270	)		0		(2	)
Receive	3-Month USD-LIBOR		3.000		Semi-Annual		06/19/2026		2,300		(345	)		28			(317	)		0		(2	)
Receive	3-Month USD-LIBOR		1.740		Semi-Annual		12/16/2026		100		(8	)		1			(7	)		0		0
Receive	3-Month USD-LIBOR		2.250		Semi-Annual		06/20/2028		4,900		(642	)		78			(564	)		0		(7	)
Receive	3-Month USD-LIBOR		2.000		Semi-Annual		12/10/2029		100		(12	)		2			(10	)		0		0
Receive	3-Month USD-LIBOR		1.500		Semi-Annual		12/18/2029		200		(15	)		3			(12	)		0		0
Receive	3-Month USD-LIBOR		1.750		Semi-Annual		01/15/2030		300		(30	)		4			(26	)		0		0
Receive	3-Month USD-LIBOR		2.000		Semi-Annual		02/12/2030		200		(25	)		3			(22	)		0		0
Receive	3-Month USD-LIBOR		2.000		Semi-Annual		03/10/2030		100		(13	)		2			(11	)		0		0
Receive	3-Month USD-LIBOR		1.250		Semi-Annual		06/17/2030		2,400		(130	)		48			(82	)		0		(3	)
Receive	3-Month USD-LIBOR		1.910		Semi-Annual		10/17/2049		100		(23	)		10			(13	)		0		0
Receive	3-Month USD-LIBOR		1.895		Semi-Annual		10/18/2049		100		(23	)		10			(13	)		0		0
Receive	3-Month USD-LIBOR		2.250		Semi-Annual		12/11/2049		900		(292	)		101			(191	)		0		(4	)
Receive	3-Month USD-LIBOR		2.000		Semi-Annual		01/15/2050		100		(26	)		10			(16	)		0		(1	)
Receive	3-Month USD-LIBOR		1.625		Semi-Annual		01/16/2050		100		(16	)		10			(6	)		0		0
Receive	3-Month USD-LIBOR		1.750		Semi-Annual		01/22/2050		500		(97	)		50			(47	)		0		(2	)
Receive	3-Month USD-LIBOR		1.625		Semi-Annual		02/03/2050		300		(48	)		30			(18	)		0		(1	)
Receive	3-Month USD-LIBOR		2.250		Semi-Annual		03/12/2050		600		(196	)		65			(131	)		0		(3	)
Pay	3-Month ZAR-JIBAR		7.250		Quarterly		09/19/2023	ZAR	900		5			0			5			0		0
Receive	3-Month ZAR-JIBAR		8.300		Quarterly		03/15/2027		600		(5	)		(2	)		(7	)		0		0
Pay	6-Month AUD-BBR-BBSW		2.750		Semi-Annual		06/17/2026	AUD	5,080		483			13			496			2		0
Receive	6-Month AUD-BBR-BBSW		3.000		Semi-Annual		03/21/2027		80		(9	)		(1	)		(10	)		0		0
Receive	6-Month EUR-EURIBOR		0.150		Annual		03/18/2030	EUR	800		(2	)		(11	)		(13	)		0		0
Receive(5)	6-Month JPY-LIBOR		0.020		Semi-Annual		09/20/2028	JPY	210,000		4			(1	)		3			1		0
Receive(5)	6-Month JPY-LIBOR		0.000		Semi-Annual		03/15/2029		341,000		4			(2	)		2			1		0
Receive	28-Day MXN-TIIE		6.950		Lunar		06/17/2022	MXN	32,100		(66	)		0			(66	)		0		(1	)
Pay	28-Day MXN-TIIE		7.640		Lunar		01/03/2023		200		1			0			1			0		0
Pay	28-Day MXN-TIIE		7.645		Lunar		01/03/2023		2,000		6			1			7			0		0
Pay	28-Day MXN-TIIE		7.745		Lunar		01/05/2023		1,400		5			0			5			0		0
Pay	28-Day MXN-TIIE		7.610		Lunar		01/23/2023		6,000		19			1			20			0		0
Pay	28-Day MXN-TIIE		7.805		Lunar		02/06/2023		3,400		12			0			12			0		0
Pay	28-Day MXN-TIIE		7.820		Lunar		02/06/2023		3,400		12			1			13			0		0
Pay	28-Day MXN-TIIE		5.950		Lunar		01/30/2026		600		1			1			2			0		0
Pay	28-Day MXN-TIIE		5.990		Lunar		01/30/2026		4,300		9			4			13			0		0
Pay	28-Day MXN-TIIE		6.080		Lunar		03/10/2026		15,500		35			15			50			1		0
Pay	28-Day MXN-TIIE		6.490		Lunar		09/08/2026		30,000		97			34			131			1		0
Pay	28-Day MXN-TIIE		7.380		Lunar		11/04/2026		100		1			0			1			0		0
Pay	28-Day MXN-TIIE		8.090		Lunar		01/15/2027		3,300		24			5			29			0		0
Pay	28-Day MXN-TIIE		8.120		Lunar		01/15/2027		700		5			1			6			0		0
Pay	28-Day MXN-TIIE		7.865		Lunar		02/02/2027		2,400		16			4			20			0		0
Pay	28-Day MXN-TIIE		8.010		Lunar		02/04/2027		1,200		8			2			10			0		0
Pay	28-Day MXN-TIIE		7.818		Lunar		02/17/2027		1,100		7			2			9			0		0
Pay	28-Day MXN-TIIE		7.150		Lunar		06/11/2027		1,200		6			2			8			0		0
Pay	28-Day MXN-TIIE		7.370		Lunar		10/11/2027		2,500		14			4			18			0		0
Receive	28-Day MXN-TIIE		7.984		Lunar		12/10/2027		2,900		(22	)		(4	)		(26	)		0		0
Receive	28-Day MXN-TIIE		8.005		Lunar		12/21/2027		11,400		(86	)		(18	)		(104	)		0		(1	)
Receive	28-Day MXN-TIIE		7.800		Lunar		12/28/2027		1,200		(8	)		(2	)		(10	)		0		0
Receive	28-Day MXN-TIIE		7.910		Lunar		12/30/2027		700		(5	)		(1	)		(6	)		0		0
Receive	28-Day MXN-TIIE		8.030		Lunar		01/31/2028		2,000		(15	)		(4	)		(19	)		0		0
Receive	28-Day MXN-TIIE		8.050		Lunar		01/31/2028		1,900		(15	)		(3	)		(18	)		0		0

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2020 41

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

Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
																			Asset		Liability
Pay	28-Day MXN-TIIE		7.165	%	Lunar		09/06/2032		MXN  400	$	2		$	1		$	3		$	0	$	0
Pay	28-Day MXN-TIIE		7.380		Lunar		08/14/2037		100		1			0			1			0		0
Pay	28-Day MXN-TIIE		7.360		Lunar		08/21/2037		100		1			0			1			0		0
Receive	28-Day MXN-TIIE		8.103		Lunar		01/04/2038		900		(9	)		(2	)		(11	)		0		0
										$	(1,695	)	$	515		$	(1,180	)	$	6	$	(30	)
Total Swap Agreements										$	(1,720	)	$	513		$	(1,207	)	$	7	$	(31	)

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, 2020:

	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset						Market Value		Variation Margin Liability
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures			Swap Agreements			Total
Total Exchange-Traded or Centrally Cleared	$	0	$	17	$	7	$	24	$	0	$	(2	)	$	(31	)	$	(33	)

(m) Securities with an aggregate market value of $694 and cash of $651 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2020. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

⁽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 underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

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

42 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2020

(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		01/2021		BRL	112	$		21	$	0	$	0
		01/2021		JPY	1,563			15		0		0
		01/2021	$		22		BRL	112		0		(1	)
		01/2021			43		ZAR	672		3		0
		02/2021			163		NOK	1,520		14		0
		02/2021			153		SEK	1,325		8		0
		02/2021			8		TRY	61		0		0
		03/2021			381		INR	28,672		9		0
		06/2021			214		MXN	4,621		14		0
BPS		01/2021			304		AUD	413		15		0
		01/2021			49		GBP	36		1		0
		01/2021			9		TRY	73		0		0
BRC		01/2021			24			183		1		0
		01/2021		ZAR	237	$		16		0		0
		02/2021	$		15		TRY	113		0		0
CBK		01/2021			147		PEN	528		0		(1	)
		01/2021			44		RUB	3,386		2		0
		01/2021			99		ZAR	1,540		6		0
		01/2021		ZAR	837	$		56		0		(1	)
		02/2021	$		58		MXN	1,341		9		0
		02/2021			53		RUB	3,933		0		(1	)
		02/2021			157		SEK	1,380		11		0
		02/2021			14		TRY	107		0		0
		06/2021		PEN	528	$		146		1		0
DUB		03/2021			103			29		0		0
FBF		02/2021	$		34		TRY	268		1		0
GLM		01/2021		BRL	112	$		22		0		0
		01/2021	$		21		BRL	112		0		0
		01/2021			80		MXN	1,684		5		0
		01/2021			55		RUB	4,215		2		0
		01/2021		ZAR	766	$		51		0		(1	)
		02/2021		NZD	946			645		0		(36	)
		02/2021	$		22		BRL	112		0		0
		02/2021			109		RUB	8,345		3		0
		02/2021			13		TRY	97		0		0
HUS		01/2021		BRL	1,262	$		249		6		0
		01/2021		GBP	3,245			4,340		0		(98	)
		01/2021		PEN	528			149		3		0
		01/2021	$		244		BRL	1,262		0		(1	)
		01/2021			124		ZAR	1,935		8		0
		02/2021			249		BRL	1,262		0		(6	)
		02/2021			96		CHF	87		3		0
		02/2021			145		NOK	1,320		9		0
		02/2021			163		RUB	12,173		1		0
		02/2021			2		TRY	15		0		0
		03/2021		PEN	41	$		12		0		0
		05/2021	$		383		MXN	7,930		10		0
IND		02/2021			2		TRY	15		0		0
JPM		01/2021			48		CLP	37,608		5		0
		01/2021			10		RUB	734		0		0
		01/2021			42		TRY	330		2		0
		02/2021			38			294		1		0
MYI		01/2021			53		GBP	39		0		0
		01/2021			19		TRY	146		1		0

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2020 43

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

Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
									Asset		Liability
		01/2021	$		41		ZAR	636	$	2	$	0
		02/2021			634		NZD	920		29		0
		02/2021			7		TRY	53		0		0
RYL		02/2021			15			114		0		0
SCX		01/2021		EUR	1,473	$		1,764		0		(35	)
		01/2021	$		14		TRY	106		0		0
		01/2021		ZAR	1,468	$		99		0		0
		02/2021		EUR	1,473			1,803		3		0
		02/2021	$		29		RUB	2,260		1		0
		02/2021			21		TRY	159		0		0
		03/2021			142		IDR	2,037,957		4		0
SSB		01/2021		BRL	947	$		182		0		0
		01/2021	$		178		BRL	947		4		0
		01/2021			11		ZAR	164		0		0
		03/2021			254		MXN	5,510		21		0
UAG		01/2021			46			936		1		0
		01/2021			6		RUB	485		0		0
		01/2021			38		TRY	295		1		0
		01/2021		ZAR	296	$		20		0		0
		02/2021	$		367		RUB	27,708		6		(1	)
		02/2021			3		TRY	23		0		0
Total Forward Foreign Currency Contracts									$	226	$	(182	)

WRITTEN OPTIONS:

FOREIGN CURRENCY OPTIONS

Counterparty	Description	Strike Price			Expiration Date		Notional Amount(1)		Premiums (Received)			Market Value
BOA	Put - OTC USD versus CNH		CNH	6.520		01/14/2021		48	$	0		$	0
	Call - OTC USD versus CNH			6.780		01/14/2021		48		0			0
GLM	Put - OTC USD versus CNH			6.534		01/15/2021		38		0			0
	Call - OTC USD versus CNH			6.792		01/15/2021		38		0			0
HUS	Put - OTC USD versus CNH			6.530		02/05/2021		67		(1	)		(1	)
	Call - OTC USD versus CNH			6.800		02/05/2021		67		(1	)		0
	Put - OTC USD versus CNH			6.510		02/08/2021		51		0			0
	Call - OTC USD versus CNH			6.810		02/08/2021		51		0			0
	Put - OTC USD versus CNH			6.450		02/19/2021		58		0			0
	Call - OTC USD versus CNH			6.700		02/19/2021		58		0			0
SCX	Put - OTC USD versus CNH			6.400		03/09/2021		116		(1	)		(1	)
	Call - OTC USD versus CNH			6.680		03/09/2021		116		(1	)		(1	)
									$	(4	)	$	(3	)

INTEREST RATE SWAPTIONS

Counterparty	Description	Floating Rate Index	Pay/Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount(1)		Premiums (Received)			Market Value
MYC	Call - OTC 30-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		1.131	%		01/19/2021		100	$	(1	)	$	0
	Put - OTC 30-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		1.491			01/19/2021		100		(1	)		(1	)
											$	(2	)	$	(1	)
Total Written Options											$	(6	)	$	(4	)

44 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2020

SWAP AGREEMENTS:

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

Counterparty	Reference Entity	Fixed Receive Rate			Payment Frequency	Maturity Date		Implied Credit Spread at December 31, 2020(3)			Notional Amount(4)		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)		Swap Agreements, at  Value(5)
																		Asset		Liability
BPS	Mexico Government International Bond		1.000	%	Quarterly		06/20/2024		0.485	%	$	100	$	(1	)	$	3	$	2	$	0
CBK	Brazil Government International Bond		1.000		Quarterly		12/20/2022		0.630			245		(8	)		10		2		0
	Brazil Government International Bond		1.000		Quarterly		12/20/2024		1.143			300		(5	)		3		0		(2	)
	Mexico Government International Bond		1.000		Quarterly		06/20/2024		0.485			40		(1	)		2		1		0
GST	Brazil Government International Bond		1.000		Quarterly		12/20/2024		1.143			200		(3	)		2		0		(1	)
	Colombia Government International Bond		1.000		Quarterly		12/20/2023		0.432			50		(1	)		2		1		0
	Mexico Government International Bond		1.000		Quarterly		06/20/2023		0.323			100		(1	)		3		2		0
	Mexico Government International Bond		1.000		Quarterly		12/20/2024		0.566			100		(1	)		3		2		0
	Petrobras Global Finance BV		1.000		Quarterly		12/20/2021		0.272			200		(37	)		38		1		0
HUS	Brazil Government International Bond		1.000		Quarterly		06/20/2024		1.033			400		(12	)		12		0		0
	Mexico Government International Bond		1.000		Quarterly		12/20/2023		0.376			300		(5	)		10		5		0
	Mexico Government International Bond		1.000		Quarterly		06/20/2024		0.485			100		(1	)		3		2		0
JPM	South Africa Government International Bond		1.000		Quarterly		06/20/2023		1.160			100		(5	)		5		0		0
MYC	Mexico Government International Bond		1.000		Quarterly		12/20/2024		0.566			300		(2	)		7		5		0
	Mexico Government International Bond		1.000		Quarterly		12/20/2025		0.812			200		(3	)		5		2		0
	South Africa Government International Bond		1.000		Quarterly		12/20/2022		0.905			400		(8	)		9		1		0
													$	(94	)	$	117	$	26	$	(3	)

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

Counterparty	Index/Tranches	Fixed Receive Rate			Payment Frequency	Maturity Date		Notional Amount(4)		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)		Swap Agreements, at  Value(5)
															Asset		Liability
GST	CMBX.NA.AAA.10 Index		0.500	%	Monthly		11/17/2059	$	4,000	$	(85	)	$	137	$	52	$	0

INTEREST RATE SWAPS

Counterparty	Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
																	Asset		Liability
AZD	Pay	3-Month CNY-CNREPOFIX		2.445	%	Quarterly		06/17/2025		CNY  1,100	$	0		$	(2	)	$	0	$	(2	)
CBK	Pay	3-Month CNY-CNREPOFIX		2.850		Quarterly		01/23/2025		500		0			1			1		0
											$	0		$	(1	)	$	1	$	(2	)
Total Swap Agreements											$	(179	)	$	253		$	79	$	(5	)

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2020 45

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

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2020:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options			Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure(6)
AZD	$	0	$	0	$	0	$	0	$	0		$	0		$	(2	)	$	(2	)	$	(2	)	$	0	$	(2	)
BOA		48		0		0		48		(1	)		0			0			(1	)		47			0		47
BPS		16		0		2		18		0			0			0			0			18			0		18
BRC		1		0		0		1		0			0			0			0			1			0		1
CBK		29		0		4		33		(3	)		0			(2	)		(5	)		28			0		28
FBF		1		0		0		1		0			0			0			0			1			0		1
GLM		10		0		0		10		(37	)		0			0			(37	)		(27	)		0		(27	)
GST		0		0		58		58		0			0			(1	)		(1	)		57			0		57
HUS		40		0		7		47		(105	)		(1	)		0			(106	)		(59	)		0		(59	)
JPM		8		0		0		8		0			0			0			0			8			0		8
MYC		0		0		8		8		0			(1	)		0			(1	)		7			0		7
MYI		32		0		0		32		0			0			0			0			32			0		32
SCX		8		0		0		8		(35	)		(2	)		0			(37	)		(29	)		0		(29	)
SSB		25		0		0		25		0			0			0			0			25			0		25
UAG		8		0		0		8		(1	)		0			0			(1	)		7			0		7
Total Over the Counter	$	226	$	0	$	79	$	305	$	(182	)	$	(4	)	$	(5	)	$	(191	)

⁽¹⁾  Notional Amount represents the number of contracts.

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

⁽³⁾ Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on 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.

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

⁽⁵⁾ The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

⁽⁶⁾ 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.

46 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2020

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2020:

	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	$	17	$	17
Swap Agreements		0		1		0		0		6		7
	$	0	$	1	$	0	$	0	$	23	$	24
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	226	$	0	$	226
Swap Agreements		0		78		0		0		1		79
	$	0	$	78	$	0	$	226	$	1	$	305
	$	0	$	79	$	0	$	226	$	24	$	329
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	2	$	2
Swap Agreements		0		1		0		0		30		31
	$	0	$	1	$	0	$	0	$	32	$	33
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	182	$	0	$	182
Written Options		0		0		0		3		1		4
Swap Agreements		0		3		0		0		2		5
	$	0	$	3	$	0	$	185	$	3	$	191
	$	0	$	4	$	0	$	185	$	35	$	224

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2020:

	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	$	0	$	0		$	(1	)	$	(1	)
Futures		0		0		0		0			23			23
Swap Agreements		0		19		0		0			(2,194	)		(2,175	)
	$	0	$	19	$	0	$	0		$	(2,172	)	$	(2,153	)
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	(493	)	$	0		$	(493	)
Swap Agreements		0		27		0		0			5			32
	$	0	$	27	$	0	$	(493	)	$	5		$	(461	)
	$	0	$	46	$	0	$	(493	)	$	(2,167	)	$	(2,614	)

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2020 47

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

	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		$	0		$	0	$	1		$	1
Futures		0		0			(21	)		0		(9	)		(30	)
Swap Agreements		0		(31	)		0			0		2,796			2,765
	$	0	$	(31	)	$	(21	)	$	0	$	2,788		$	2,736
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0		$	154	$	0		$	154
Written Options		0		0			0			0		2			2
Swap Agreements		0		137			0			0		(3	)		134
	$	0	$	137		$	0		$	154	$	(1	)	$	290
	$	0	$	106		$	(21	)	$	154	$	2,787		$	3,026

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2020 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Investments in Securities, at Value
Asset-Backed Securities
Cayman Islands	$	0	$	1,072	$	0	$	1,072
United States		0		5,795		0		5,795
Loan Participations and Assignments
Bermuda		0		9		0		9
Canada		0		3		0		3
Luxembourg		0		41		0		41
United Kingdom		0		10		2		12
United States		6		824		1		831
Common Stocks
Australia
Consumer Discretionary		0		473		0		473
Consumer Staples		0		347		0		347
Energy		0		80		0		80
Financials		0		3,299		0		3,299
Industrials		0		176		0		176
Materials		0		8,097		0		8,097
Utilities		0		142		0		142
Austria
Materials		0		73		0		73
Belgium
Communication Services		0		96		0		96
Financials		0		124		0		124
Materials		0		77		0		77
Brazil
Energy		0		0		5		5
Canada
Consumer Discretionary		15		0		0		15
Energy		623		0		0		623
Financials		349		0		0		349
Denmark
Financials		0		245		0		245

48 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2020

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Health Care	$	0	$	31	$	0	$	31
Finland
Financials		0		1,003		0		1,003
Industrials		0		204		0		204
Materials		0		220		0		220
France
Communication Services		0		124		0		124
Consumer Discretionary		0		1,235		0		1,235
Energy		0		2,561		0		2,561
Financials		0		562		0		562
Health Care		0		215		0		215
Industrials		0		254		0		254
Germany
Communication Services		0		225		0		225
Consumer Discretionary		0		968		0		968
Consumer Staples		0		236		0		236
Financials		0		199		0		199
Health Care		0		71		0		71
Industrials		0		695		0		695
Materials		0		1,659		0		1,659
Utilities		0		110		0		110
Hong Kong
Consumer Discretionary		0		52		0		52
Industrials		0		17		0		17
Information Technology		0		57		0		57
Real Estate		0		43		0		43
Italy
Energy		0		738		0		738
Financials		0		1,134		0		1,134
Utilities		0		293		0		293
Japan
Communication Services		0		1,714		0		1,714
Consumer Discretionary		0		1,724		0		1,724
Consumer Staples		0		1,842		0		1,842
Energy		0		357		0		357
Financials		0		3,576		0		3,576
Health Care		0		262		0		262
Industrials		0		4,522		0		4,522
Information Technology		0		2,696		0		2,696
Materials		0		576		0		576
Real Estate		0		341		0		341
Utilities		0		54		0		54
Luxembourg
Materials		42		0		0		42
Netherlands
Communication Services		162		57		0		219
Consumer Staples		0		101		0		101
Energy		0		460		0		460
Financials		0		990		0		990
Industrials		0		60		0		60
New Zealand
Utilities		0		27		0		27
Norway
Communication Services		0		111		0		111
Energy		0		353		0		353
Materials		0		36		0		36
Portugal
Utilities		0		68		0		68

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2020 49

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

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Spain
Communication Services	$	0	$	1,544	$	0	$	1,544
Energy		0		1,638		0		1,638
Financials		0		1,962		0		1,962
Industrials		0		411		0		411
Utilities		0		904		0		904
Sweden
Communication Services		0		14		0		14
Consumer Discretionary		0		81		0		81
Financials		0		752		0		752
Switzerland
Consumer Staples		0		158		0		158
Financials		0		1,838		0		1,838
Health Care		0		992		0		992
Industrials		29		664		0		693
United Kingdom
Communication Services		0		515		0		515
Consumer Discretionary		0		425		0		425
Consumer Staples		0		2,549		0		2,549
Energy		0		190		0		190
Financials		0		523		0		523
Industrials		0		360		0		360
Materials		96		2,512		0		2,608
Utilities		0		280		0		280
United States
Communication Services		8,161		0		0		8,161
Consumer Discretionary		4,752		0		0		4,752
Consumer Staples		8,592		0		0		8,592
Energy		13,937		0		0		13,937
Financials		3,634		0		0		3,634
Health Care		10,982		0		0		10,982
Industrials		2,053		0		105		2,158
Information Technology		6,352		0		0		6,352
Materials		2,657		0		0		2,657
Utilities		1,465		0		0		1,465
Corporate Bonds & Notes
Argentina
Industrials		0		5		0		5
Bermuda
Industrials		0		2		0		2
Brazil
Industrials		0		43		0		43
Utilities		0		446		0		446
Canada
Banking & Finance		0		32		0		32
Industrials		0		55		0		55
Cayman Islands
Banking & Finance		0		1,310		0		1,310
Industrials		0		28		0		28
Utilities		0		37		0		37
Curacao
Industrials		0		2		0		2
France
Banking & Finance		0		216		0		216
Industrials		0		738		0		738
Germany
Banking & Finance		0		769		0		769
Ireland
Banking & Finance		0		219		0		219
Industrials		0		562		0		562

50 PIMCO EQUITY SERIES See Accompanying Notes

(Unaudited)

December 31, 2020

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Italy
Banking & Finance	$	0	$	439	$	0	$	439
Jersey, Channel Islands
Industrials		0		411		0		411
Luxembourg
Banking & Finance		0		422		0		422
Industrials		0		529		0		529
Utilities		0		651		0		651
Mexico
Industrials		0		351		0		351
Multinational
Industrials		0		24		0		24
Netherlands
Banking & Finance		0		545		0		545
Industrials		0		46		0		46
Utilities		0		16		0		16
Panama
Industrials		0		63		0		63
Peru
Banking & Finance		0		30		0		30
Switzerland
Banking & Finance		0		221		0		221
Turkey
Banking & Finance		0		205		0		205
United Kingdom
Banking & Finance		0		2,563		0		2,563
Industrials		0		290		0		290
United States
Banking & Finance		0		618		0		618
Industrials		0		2,467		5		2,472
Utilities		0		1,338		0		1,338
Venezuela
Industrials		0		14		0		14
Non-Agency Mortgage-Backed Securities
United Kingdom		0		1,861		0		1,861
United States		0		4,727		0		4,727
Municipal Bonds & Notes
California		0		176		0		176
Illinois		0		88		0		88
Puerto Rico		0		244		0		244
Virginia		0		387		0		387
Preferred Stocks
Germany
Industrials		143		0		0		143
United Kingdom
Banking & Finance		0		274		0		274
United States
Industrials		0		157		0		157
Real Estate Investment Trusts
Australia
Real Estate		0		54		0		54
Canada
Real Estate		68		0		0		68
France
Real Estate		755		231		0		986
Hong Kong
Real Estate		0		38		0		38
Japan
Real Estate		0		27		0		27

See Accompanying Notes SEMIANNUAL REPORT DECEMBER 31, 2020 51

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

(Unaudited)

December 31, 2020

Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 12/31/2020
United States
Financials	$	1,682		$	0		$	0	$	1,682
Real Estate		2,419			0			0		2,419
Rights
Spain
Energy		31			0			0		31
Sovereign Issues
Argentina		0			674			0		674
China		0			484			0		484
Peru		0			528			0		528
Saudi Arabia		0			491			0		491
South Africa		0			278			0		278
Turkey		0			532			0		532
Venezuela		0			5			0		5
U.S. Government Agencies
United States		0			18,737			0		18,737
U.S. Treasury Obligations
United States		0			5,636			0		5,636
Warrants
United States
Communication Services		0			0			138		138
Information Technology		0			0			1		1
Short-Term Instruments
Repurchase Agreements		0			522			0		522
Short-Term Notes		0			10			0		10
Argentina Treasury Bills		0			30			0		30
	$	69,005		$	124,026		$	257	$	193,288
Investments in Affiliates, at Value
Short-Term Instruments
Central Funds Used for Cash Management Purposes	$	741		$	0		$	0	$	741
Total Investments	$	69,746		$	124,026		$	257	$	194,029
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		17			7			0		24
Over the counter		0			305			0		305
	$	17		$	312		$	0	$	329
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(2	)		(31	)		0		(33	)
Over the counter		0			(191	)		0		(191	)
	$	(2	)	$	(222	)	$	0	$	(224	)
Total Financial Derivative Instruments	$	15		$	90		$	0	$	105
Totals	$	69,761		$	124,116		$	257	$	194,134

There were no significant transfers into or out of Level 3 during the period ended December 31, 2020.

52 PIMCO EQUITY SERIES See Accompanying Notes

Notes to Financial Statements

(Unaudited)

December 31, 2020

1. ORGANIZATION

PIMCO Equity Series (the “Trust”) was established as a Delaware statutory trust on March 30, 2010. The Trust is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, I-2, Class A and Class C shares of the PIMCO Dividend and Income Fund (the “Fund”). Pacific Investment Management Company LLC (“PIMCO”) serves as the investment adviser (the “Adviser”) for the Fund. Research Affiliates, LLC (“Research Affiliates”) serves as the sub-adviser for the equity portion of the Fund. PIMCO and Research Affiliates have also engaged Parametric Portfolio Associates, LLC (“Parametric”) to implement the investment strategies of the equity portion of the 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”). The Fund is treated as an investment company under the reporting requirements of U.S. GAAP. The functional and reporting currency for the Fund is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

SEMIANNUAL REPORT DECEMBER 31, 2020 53

Notes to Financial Statements (Cont.)

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

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

(d) Distributions to Shareholders  Distributions from net investment income, if any, are declared and distributed to shareholders quarterly. In addition, the Fund distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. Net short-term capital gains may be paid more frequently.

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

Separately, if the Fund determines that a portion of a distribution may be comprised of amounts from capital gains, paid in capital, or other capital sources in accordance with its policies, accounting records, and accounting practices, the Fund will notify shareholders of the estimated composition of

54 PIMCO EQUITY SERIES

(Unaudited)

December 31, 2020

such distribution through a Section 19 Notice. For these purposes, the Fund determines the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between the Fund’s daily internal accounting records and practices, the Fund’s financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the Fund’s internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include, among others, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that the Fund may not issue a Section 19 Notice in situations where the Fund’s financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution’s tax character will be provided to shareholders when such information is available.

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

(e) New Accounting Pronouncements and Regulatory Updates  In March 2020, the Financial Accounting Standards Board issued an Accounting Standards Update (“ASU”), ASU 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. The ASU is effective immediately upon release of the update on March 12, 2020 through December 31, 2022. At this time, management is evaluating implications of these changes on the financial statements.

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

SEMIANNUAL REPORT DECEMBER 31, 2020 55

Notes to Financial Statements (Cont.)

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Act without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also included the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The effective date for the rule was January 19, 2021. At this time, management is evaluating the implications of these changes on the financial statements.

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

On each day that the New York Stock Exchange (“NYSE”) is open, Fund shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) (“NYSE Close”). Information that becomes known to the Fund or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Fund reserves the right to either (i) calculate its NAV as of the earlier closing time or (ii) calculate its NAV as of the normally scheduled close of regular trading on the NYSE for that day. The Fund generally does not calculate its NAV on days during which the NYSE is closed. However, if the NYSE is closed on a day it would normally be open for business, the Fund reserves the right to calculate its NAV as of the normally scheduled close of regular trading on the NYSE for that day or such other time that the Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of official closing prices or the last reported sales prices, or if no sales are reported, based on quotes obtained from established market makers or prices (including evaluated prices) supplied by the Fund’s approved pricing services, quotation reporting systems and other third-party sources (together, “Pricing Services”). The Fund will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. If market value pricing is used, a foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by 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

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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. The Fund’s investments in open-end management investment companies, other than exchange-traded funds (“ETFs”), are valued at the NAVs of such investments. Open-end management investment companies may include affiliated funds.

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

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

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Services. As a result, the value of such investments and, in

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Notes to Financial Statements (Cont.)

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

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

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

(b) Fair Value Hierarchy  U.S. GAAP describes fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2, or 3). The inputs or

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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 the Fund.

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

(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.

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Notes to Financial Statements (Cont.)

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.

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

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pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, London Interbank Offered Rate forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

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 Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III (“Central Funds”) to the extent permitted by the Act and rules thereunder. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Fund. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC’s website at www.sec.gov. A copy of each affiliate fund’s shareholder report is also available at the SEC’s website at www.sec.gov, on the Fund’s website at www.pimco.com, or upon request, as applicable. The table below shows the Fund’s transactions in and earnings from investments in the affiliated Funds for the period ended December 31, 2020 (amounts in thousands^†):

Investment in PIMCO Short-Term Floating NAV Portfolio III

Market Value 06/30/2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 12/31/2020		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
$	539	$	21,602	$	(21,401)	$	1	$	0	$	741	$	2	$	0

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

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

(b) Investments in Securities

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

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Notes to Financial Statements (Cont.)

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

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

The types of loans and related investments in which the Fund may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Fund may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower’s obligation to the holder of such a loan, including in the event of the borrower’s insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statement of Operations. Unfunded loan commitments are reflected as a liability on the Statement of Assets and Liabilities.

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Mortgage-Related and Other Asset-Backed Securities  directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments, and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable, such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases and syndicated bank loans.

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

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

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Notes to Financial Statements (Cont.)

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

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

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

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

Restricted Investments  are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Fund at December 31, 2020, as applicable, are disclosed in the Notes to Schedule of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises  are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the “U.S. Treasury”); and others, such as those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the U.S. Government to purchase the

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agency’s obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

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

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage Backed Securities in place of their current offerings of TBA-eligible securities (the “Single Security Initiative”). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where the Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statement of Assets and Liabilities as an asset or liability, respectively.

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

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Notes to Financial Statements (Cont.)

additional debt securities at the same coupon rate. A decline in interest rates would permit the Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

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

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

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

(b) Reverse Repurchase Agreements  In a reverse repurchase agreement, the Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. The Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Fund to counterparties are reflected as a liability on the Statement of Assets and Liabilities. Interest payments made by the Fund to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. The Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(c) Sale-Buybacks  A sale-buyback financing transaction consists of a sale of a security by the Fund to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. The Fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by the Fund are

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

(d) Interfund Lending  In accordance with an exemptive order (the “Order”) from the SEC, each Fund of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund’s investment policies and restrictions. Each Fund is currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended December 31, 2020, the Fund did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

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

The following disclosures contain information on how and why the Fund uses financial derivative instruments, and how financial derivative instruments affect the Fund’s financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedule of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial

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Notes to Financial Statements (Cont.)

derivative instruments during the period, as disclosed in the Notes to Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Fund.

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

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

(c) Options Contracts  may be written or purchased to enhance returns or to hedge an existing position or future investment. The Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Fund’s exposure to the underlying instrument. Writing call options tends to decrease the Fund’s exposure to the underlying instrument. When the Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Fund

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as a writer of an option has no control over whether the underlying instrument may be sold (“call”) or purchased (“put”) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.

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

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

Interest Rate Swaptions  may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

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

(d) Swap Agreements  are bilaterally negotiated agreements between the Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market (“OTC swaps”) or may be cleared through a third party, known as a central counterparty or derivatives clearing organization (“Centrally Cleared Swaps”). The Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statement of Operations. Daily changes in valuation of centrally cleared swaps (“Swap Variation Margin”), if any, are disclosed within centrally cleared

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Notes to Financial Statements (Cont.)

financial derivative instruments on the Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statement of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statement of Operations. Net periodic payments received or paid by the Fund are included as part of realized gain (loss) on the Statement of Operations.

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

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

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

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

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Credit Default Swap Agreements  on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where the Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, the Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap.

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

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

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Notes to Financial Statements (Cont.)

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

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

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

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7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are listed below. Please see “Description of Principal Risks” in the Fund’s prospectus for a more detailed description of the risks of investing in the Fund.

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

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

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

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

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

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

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

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Notes to Financial Statements (Cont.)

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

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

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

Credit Risk  is the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

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

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

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

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

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

Management Risk  is the risk that the investment techniques and risk analyses applied by PIMCO and the Sub-Adviser, including the use of quantitative models or methods, will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO, the Sub-Adviser and the individual portfolio manager in connection with managing the Fund and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Fund will be achieved.

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

Derivatives Risk  is the risk of investing in derivative instruments (such as futures, swaps and structured securities), including leverage, liquidity, interest rate, market, credit and management risks and valuation complexity. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Fund could lose more than the initial amount invested. The Fund’s use of derivatives may result in losses to the Fund, a reduction in the Fund’s returns and/or increased volatility. Over-the-counter (“OTC”) derivatives are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives. The primary credit risk on derivatives that are exchange-traded or traded through a central clearing counterparty resides with the Fund’s clearing broker, or the clearinghouse. Changes in regulation relating to a mutual fund’s use of derivatives and related instruments could potentially limit or impact the Fund’s ability to invest in derivatives, limit the Fund’s ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund’s performance.

Model Risk  is the risk that the Fund’s investment models used in making investment allocation decisions may not adequately take into account certain factors or may rely on inaccurate data inputs, may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data, any of which may result in a decline in the value of an investment in the Fund.

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

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

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Notes to Financial Statements (Cont.)

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.

LIBOR Transition Risk  is the risk related to the anticipated discontinuation of the London Interbank Offered Rate (“LIBOR”) by the end of 2021. Certain instruments held by the Fund rely in some fashion upon LIBOR. Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the nature of any replacement rate, and any potential effects of the transition away from LIBOR on the Fund or on certain instruments in which the Fund invests can be difficult to ascertain. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and may result in a reduction in value of certain instruments held by the Fund.

(b) Other Risks

In general, the Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cybersecurity risks. Please see the Fund’s prospectus and Statement of Additional Information for a more detailed description of the risks of investing in the Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments (such as the anticipated discontinuation of the London Interbank Offered Rate) that may impact the Fund’s performance.

Market Disruption Risk  The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets, interest rates, auctions, secondary trading, ratings, credit risk, inflation, deflation and other factors relating to the Fund’s investments or the Investment Manager’s operations and cause the Fund to lose value. These events can also impair the technology and other operational systems upon which the Fund’s service providers, including PIMCO as the Fund’s investment adviser, rely, and could otherwise disrupt the Fund’s service providers’ ability to fulfill their obligations to the Fund. For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Fund holds, and may adversely affect the Fund’s investments and operations. Please see the Important Information section for additional discussion of the COVID-19 pandemic.

Government Intervention in Financial Markets  Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which the Fund itself is regulated. Such legislation or regulation could limit or preclude the Fund’s ability to achieve its investment objective. Furthermore, volatile financial markets can expose the Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value

76 PIMCO EQUITY SERIES

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of the Fund’s holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Fund invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

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

Operational Risk  An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk  As the use of technology has become more prevalent in the course of business, the Fund has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause the Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to the Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Fund’s ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future.

8. MASTER NETTING ARRANGEMENTS

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

SEMIANNUAL REPORT DECEMBER 31, 2020 77

Notes to Financial Statements (Cont.)

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

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

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

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

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

78 PIMCO EQUITY SERIES

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respect of portfolio margining. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end are disclosed in the Notes to Schedule of Investments.

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

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

9. FEES AND EXPENSES

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

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

SEMIANNUAL REPORT DECEMBER 31, 2020 79

Notes to Financial Statements (Cont.)

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

Investment Advisory Fee	Supervisory and Administrative Fee
All Classes	Institutional Class	I-2	I-3	Class A	Class C
0.45%(1)	0.30%	0.40%	0.50%*(2)	0.40%	0.40%

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

⁽¹⁾ Effective October 1, 2020, the Fund’s investment advisory fee was reduced by 0.04%.

⁽²⁾  PIMCO has contractually agreed, through October 31, 2021, 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 servicing fees from the Trust of up to 0.25% for each of Class A and Class C shares (percentages reflect annual rates of the average daily net assets attributable to the applicable class).

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

	Distribution Fee		Servicing Fee
Class A		—		0.25%
Class C		0.75%		0.25%

The Distributor also received the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares and the contingent deferred sales charges paid by the shareholders upon certain redemptions of Class A and Class C shares. For the period ended December 31, 2020, the Distributor retained $3,282 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 Fund, 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 expenses; (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.

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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 Fund’s Supervisory and Administrative Fee, or reimburse the Fund, to the extent that the Fund’s organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee Fees exceed 0.0049%, the “Expense Limit” (calculated as a percentage of the Fund’s average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

In any month in which the investment advisory contract or supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Fund of any portion of the supervisory and administrative fee waived or reimbursed as set forth above (the “Reimbursement Amount”) during the previous thirty-six months from the date of waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. The total recoverable amounts to PIMCO at December 31, 2020, were as follows (amounts in thousands^†):

Expiring within
12 months		13-24 months		25-36 months		Total
$	30	$	19	$	14	$	63

^†   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, 2021, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund. This Fee Waiver Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

The Waiver is reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended December 31, 2020, the amount was $7,426.

10. RELATED PARTY TRANSACTIONS

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

The Fund is permitted to purchase or sell securities from or to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or

SEMIANNUAL REPORT DECEMBER 31, 2020 81

Notes to Financial Statements (Cont.)

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, 2020, were as follows (amounts in thousands^†):

Purchases		Sales
$	0	$	1,322

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

11. GUARANTEES AND INDEMNIFICATIONS

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

12. PURCHASES AND SALES OF SECURITIES

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

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2020, were as follows (amounts in thousands^†):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	155,516	$	150,758	$	49,797	$	78,042

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

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13. SHARES OF BENEFICIAL INTEREST

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

	Six Months Ended 12/31/2020 (Unaudited)						Year Ended 06/30/2020
	Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		309		$	3,229			739		$	7,801
I-2		115			1,180			810			8,649
Class A		1,455			14,618			1,980			20,694
Class C		65			677			344			3,679
Issued as reinvestment of distributions
Institutional Class		41			451			50			567
I-2		34			371			48			543
Class A		190			2,066			236			2,684
Class C		62			678			103			1,195
Cost of shares redeemed
Institutional Class		(408	)		(4,202	)		(931	)		(9,477	)
I-2		(466	)		(4,751	)		(1,145	)		(11,909	)
Class A		(1,822	)		(18,659	)		(3,176	)		(33,056	)
Class C		(1,871	)		(18,815	)		(2,993	)		(31,731	)
Net increase (decrease) resulting from Fund share transactions		(2,296	)	$	(23,157	)		(3,935	)	$	(40,361	)

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

14. REGULATORY AND LITIGATION MATTERS

The Fund is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

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

15. FEDERAL INCOME TAX MATTERS

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

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

In accordance with U.S. GAAP, the Adviser has reviewed the Fund’s tax positions for all open tax years. As of December 31, 2020, the Fund has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

SEMIANNUAL REPORT DECEMBER 31, 2020 83

Notes to Financial Statements (Cont.)

(Unaudited)

December 31, 2020

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

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, 2020, the Fund had the following post-effective capital losses with no expiration (amounts in thousands^†):

Short-Term		Long-Term
$	70,411	$	34,789

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

As of December 31, 2020, 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)
$	177,386	$	19,510	$	(3,969)	$	15,541

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

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

84 PIMCO EQUITY SERIES

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

(Unaudited)

Counterparty Abbreviations:
AZD	Australia and New Zealand Banking Group	GST	Goldman Sachs International
BOA	Bank of America N.A.	HUS	HSBC Bank USA N.A.
BPG	BNP Paribas Securities Corp.	IND	Crédit Agricole Corporate and Investment Bank S.A.
BPS	BNP Paribas S.A.	JPM	JP Morgan Chase Bank N.A.
BRC	Barclays Bank PLC	MYC	Morgan Stanley Capital Services LLC
CBK	Citibank N.A.	MYI	Morgan Stanley & Co. International PLC
DEU	Deutsche Bank Securities, Inc.	RYL	NatWest Markets Plc
DUB	Deutsche Bank AG	SCX	Standard Chartered Bank, London
FBF	Credit Suisse International	SSB	State Street Bank and Trust Co.
FICC	Fixed Income Clearing Corporation	TDM	TD Securities (USA) LLC
FOB	Credit Suisse Securities (USA) LLC	UAG	UBS AG Stamford
GLM	Goldman Sachs Bank USA
Currency Abbreviations:
ARS	Argentine Peso	JPY	Japanese Yen
AUD	Australian Dollar	MXN	Mexican Peso
BRL	Brazilian Real	NOK	Norwegian Krone
CHF	Swiss Franc	NZD	New Zealand Dollar
CLP	Chilean Peso	PEN	Peruvian New Sol
CNH	Chinese Renminbi (Offshore)	RUB	Russian Ruble
CNY	Chinese Renminbi (Mainland)	SEK	Swedish Krona
EUR	Euro	TRY	Turkish New Lira
GBP	British Pound	USD (or $)	United States Dollar
IDR	Indonesian Rupiah	ZAR	South African Rand
INR	Indian Rupee
Exchange Abbreviations:
OTC	Over the Counter
Index/Spread Abbreviations:
BADLARPP	Argentina Badlar Floating Rate Notes	CMBX	Commercial Mortgage-Backed Index
BP0003M	3 Month GBP-LIBOR	CNREPOFIX	China Fixing Repo Rates 7-Day
CDX.EM	Credit Derivatives Index - Emerging Markets	SONIO	Sterling Overnight Interbank Average Rate
CDX.HY	Credit Derivatives Index - High Yield	US0003M	3 Month USD Swap Rate
CDX.IG	Credit Derivatives Index - Investment Grade
Other Abbreviations:
ABS	Asset-Backed Security	LIBOR	London Interbank Offered Rate
ADR	American Depositary Receipt	Lunar	Monthly payment based on 28-day periods. One year consists of 13 periods.
BABs	Build America Bonds	OIS	Overnight Index Swap
BBR	Bank Bill Rate	PIK	Payment-in-Kind
BBSW	Bank Bill Swap Reference Rate	REIT	Real Estate Investment Trust
BTP	Buoni del Tesoro Poliennali “Long-term Treasury Bond”	SP - ADR	Sponsored American Depositary Receipt
CDI	Brazil Interbank Deposit Rate	TBA	To-Be-Announced
CLO	Collateralized Loan Obligation	TBD	To-Be-Determined
EURIBOR	Euro Interbank Offered Rate	TBD%	Interest rate to be determined when loan settles or at the time of funding
JIBAR	Johannesburg Interbank Agreed Rate	TIIE	Tasa de Interés Interbancaria de Equilibrio “Equilibrium Interbank Interest Rate”

SEMIANNUAL REPORT DECEMBER 31, 2020 85

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 18-19, 2020, the Board of Trustees (the “Board”) of PIMCO Equity Series (the “Trust”), including the Trustees who are not “interested persons” of the Trust under the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered and unanimously approved the renewal of the Investment Advisory Contract (the “Investment Advisory Contract”) between the Trust, on behalf of PIMCO Dividend and Income Fund , PIMCO RAE Emerging Markets Fund, PIMCO RAE Global ex-US Fund, PIMCO RAE Global Fund, PIMCO RAE International Fund, PIMCO RAE US Fund, PIMCO RAE US Small Fund, PIMCO REALPATH^® Blend Income Fund, PIMCO REALPATH^® Blend 2025 Fund, PIMCO REALPATH^® Blend 2030 Fund, PIMCO REALPATH^® Blend 2035 Fund, PIMCO REALPATH^® Blend 2040 Fund, PIMCO REALPATH^® Blend 2045 Fund, PIMCO REALPATH^® Blend 2050 Fund, PIMCO REALPATH^® Blend 2055 Fund and PIMCO REALPATH^® Blend 2060 Fund (each, a “Fund,” and collectively, the “Funds”), and Pacific Investment Management Company LLC (“PIMCO”) for an additional one-year term through August 31, 2021.¹ 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, 2021. 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 Emerging Markets Fund, PIMCO RAE Global ex-US Fund, PIMCO RAE Global Fund, PIMCO RAE International Fund, PIMCO RAE US Fund, PIMCO RAE 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, 2021.

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 for the Trust. At each of its quarterly meetings, the Board reviewed the Funds’ investment performance and

¹  The Board, including a majority of the Independent Trustees, determined to rely on the relief granted by a temporary exemptive order issued by the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940 that permits fund boards of trustees to approve advisory contracts at a meeting held by remote communications that allows participating trustees to hear one another simultaneously, rather than in-person, in light of the impact of the novel coronavirus (“COVID-19”) pandemic and restrictions on travel and in-person gatherings. The Board determined that reliance on the exemptive order was necessary and appropriate due to circumstances related to current or potential effects of the COVID-19 pandemic and government-mandated restrictions, and prior to commencing the approval meeting, the Board confirmed that all Board members could hear each other simultaneously during the meeting. The Board noted that it would ratify any actions taken at this meeting pursuant to the SEC relief at its next in-person meeting.

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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, financial information for 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, a memorandum 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 presentations from PIMCO and, where applicable, Research Affiliates and Parametric, 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 18-19, 2020 meeting. The Independent Trustees also met telephonically with counsel to the Trust and the Independent Trustees, including telephonic meetings on July 10, 2020 and July 30, 2020, and conducted a telephonic meeting on July 30, 2020 with management and counsel to the Trust and the Independent Trustees, to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements, the Sub-Advisory Agreement and the Portfolio Implementation Agreement. In connection with its review of the Agreements and the Sub-Advisory Agreement, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes. The Independent Trustees also requested and received supplemental information, including information regarding Fund performance and profitability.

The approval determinations were made on the basis of each Trustee’s business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weight 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 did not identify any

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

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, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Funds’ asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment 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, including new regulations impacting the Funds, and its commitment to further developing and strengthening these programs, its oversight of matters that may involve conflicts of interest between the Funds’ investments and those of other accounts managed by PIMCO, and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered PIMCO’s continuous investment in 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.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including, but not limited to: investing in its cybersecurity program and business continuity functions, including the build-out of a new data center; funding projects and initiatives in support of the Funds; improving PIMCO governance and oversight of key fund administration processes; expanding and engaging a technology consultant to improve certain performance reconciliation processes; enhancing PIMCO’s oversight over certain of the Funds’ service providers; continuing to develop initiatives related to pricing, including, among other items, development of pricing tools and capabilities and continued extensive due diligence regarding pricing vendors; forming a new internal group responsible for the operational aspects of the Liquidity Risk Management Programs; developing compliance and operations processes in connection with regulatory developments; continuing to invest in PIMCO’s technology infrastructure; continuing oversight by the Americas Fund Oversight Committee, which provides senior-level oversight and supervision focused on new and ongoing fund-related business opportunities; expanding engagement with a third party service provider to provide certain additional fund administration services subject to PIMCO’s oversight; investing in the Fund Treasurer’s Office; enhancing a proprietary application to support new trading strategies and increase data precision and administration control; developing a global tax management application that will enable investment

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professionals to access foreign market and security tax information on a real-time basis; utilizing a service provider’s proprietary software and managed service model to timely meet N-PORT and N-CEN regulatory requirements; upgrading a proprietary application to allow shareholder subscription and redemption data to pass to portfolio managers more quickly and efficiently; implementing a contingent NAV process; continuing to advocate in the public policy arena; developing a proprietary tool to monitor and facilitate potential interfund lending; utilizing a third-party software technology to allow portfolio management teams to run pre-trade calculations regarding new exchange-traded and cleared derivatives; and developing technology solutions to leverage artificial intelligence and machine learning.

Similarly, the Board considered the sub-advisory services provided by Research Affiliates to the RAE Funds. The Board further considered PIMCO’s oversight of Research Affiliates in connection with Research Affiliates providing sub-advisory services to the RAE Funds. The Board also reviewed materials regarding 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 Parametric’s personnel responsible for providing services to the RAE Funds under the Portfolio Implementation Agreement. The Board also reviewed materials regarding the nature, extent 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, but not limited to, audit, custodial, portfolio accounting, ordinary 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

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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, 2020 and other performance data, as available, over short- and long-term periods ended June 30, 2020 (the “PIMCO Report”) and from Broadridge concerning the Funds’ performance, as available, over short- and long-term periods ended March 31, 2020 (the “Broadridge 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 Broadridge Report, which were provided in advance of the August 18-19, 2020 meeting.

The Trustees noted the Funds (based on Institutional Class performance) that outperformed their respective benchmark indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2020. The Board noted the amounts of the assets of the Trust and PIMCO Funds (based on Institutional Class performance) that outperformed their relevant benchmark net-of-fees over the one-, three- and five-year periods ended June 30, 2020. The Board discussed these and other performance-related developments.

The Board reviewed materials indicating that, according to the Broadridge Report, certain Funds had underperformed in comparison to their respective peer groups or benchmark indexes, or both, over short- and long-term periods. PIMCO reported to the Board on the reasons for the underperformance of certain Funds and actions that have been taken by PIMCO throughout the year to attempt to address underperformance.

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

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

The Board considered that PIMCO seeks to price new funds to scale at the outset. The Board noted that PIMCO generally seeks to price new funds competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Fund or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services, and the competitive

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marketplace for financial products. Fees charged to or proposed for different Funds for advisory services and supervisory and administrative services may vary in light of these various factors. The Board also considered that PIMCO reviews the Funds’ fee levels and carefully considers changes where appropriate due to competitive positioning considerations, observed long-term notable underperformance and significant misalignments with the level or quality of services being provided or a change in the overall strategic positioning of the Funds.

The Board reviewed the advisory fees, supervisory and administrative fees and total 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 Funds to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a “Peer Group” of comparable funds, 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, and noted in particular, the following: the proposed four basis point reduction in the advisory fee for the PIMCO Dividend and Income Fund; the proposed five basis point reduction in the advisory fee for the PIMCO RAE Global Fund; the proposed 20 basis point reduction in the supervisory and administrative fee for each class of the PIMCO RAE Emerging Markets Fund and PIMCO RAE Global ex-US Fund; the proposed 15 basis point reduction for each class of the PIMCO RAE Global Fund; and the proposed 10 basis point reduction for each class of the PIMCO RAE International Fund, PIMCO RAE US Fund and PIMCO RAE US Small Fund.

The Board also reviewed data comparing certain Funds’ advisory fees to the fee rates PIMCO charges to separate accounts, private funds and sub-advised clients with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Funds, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Funds, differences in the number or extent of the services provided by PIMCO to the Funds, the manner in which similar portfolios may be managed, different requirements with respect to liquidity management and the implementation of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Funds because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less complex regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Funds. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when

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PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund’s investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Funds’ supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that as the Funds’ business has become increasingly complex and the number of Funds has grown over time, PIMCO has provided an increasingly broad array of fund supervisory and administrative functions. In addition, the Board considered the Trust’s unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Funds, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust’s unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Fund fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Fund fees at competitive levels over the contract period even if the Funds’ operating costs rise when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO’s approach of pricing Funds 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 in most cases the Funds’ total expense ratios were lower than the total expense ratios 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 the Broadridge Report, 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 expense limitation agreement in place for all of the Funds and the various fee waiver agreements in place for the Funds of Funds.

Based on the information presented by PIMCO, Research Affiliates and Broadridge, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements, that the fees charged by Research Affiliates under the Sub-Advisory Agreement, and that the total expenses of each Fund and the RAE Funds after the proposals to decrease their fees, as applicable, are reasonable.

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

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

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Funds, PIMCO shares the benefits of economies of scale, if any, with the Funds and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics, senior management supervision, governance and oversight of those services, and through fee reductions or waivers, the pricing of Funds to scale from inception and the enhancement of services provided to the Funds in return for fees paid. In considering the advisory fees paid by the Funds, the Board also reviewed materials indicating that retail investors in the Funds 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 also reviewed materials indicating that, unlike the Funds’ unified fee structure, funds with “pass through” administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also considered that the unified fee protects shareholders from a rise in operating costs that may result from, among other things, PIMCO’s investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO’s investments in these areas are extensive.

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

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO’s relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO’s

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

(Unaudited)

institutional investment management business due to the reputation and market penetration of the Trust or third party service providers’ relationship-level fee concessions, which decrease fees paid by PIMCO. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Funds and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Funds’ Rule 12b-1 plans or otherwise, such as through all or portions of the sales charges on Class A or Class C shares of the Funds, as applicable. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Funds, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

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

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 Fund listed on the Report cover.

PES4001SAR_123120

PIMCO EQUITY SERIES^®

Semiannual Report

December 31, 2020

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

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 from the Fund or from your financial intermediary, such as a broker-dealer or bank. 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.

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		20
Financial Highlights		22
Statements of Assets and Liabilities		28
Statements of Operations		30
Statements of Changes in Net Assets		32
Notes to Financial Statements		66
Glossary		84
Approval of Investment Advisory Contract and Other Agreements		85

Fund	Fund Summary		Schedule of Investments
PIMCO RAE Emerging Markets Fund		8		34
PIMCO RAE Global Fund		10		44
PIMCO RAE Global ex-US Fund		12		45
PIMCO RAE International Fund		14		46
PIMCO RAE US Fund		16		56
PIMCO RAE US Small Fund		18		60

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

Chairman’s Letter

Dear Shareholder,

We hope that you and your family are remaining safe and healthy during these challenging times. We continue to work tirelessly to navigate markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Equity Series Semiannual Report, which covers the six-month reporting period ended December 31, 2020. On the subsequent pages, you will find specific details regarding investment results and a discussion of the factors that most affected performance during the reporting period.

For the six-month reporting period ended December 31, 2020

The global economy was severely impacted by the repercussions related to the COVID-19 pandemic.

Looking back before the reporting period began, second-quarter 2020 U.S. annualized gross domestic product (“GDP”) was -31.4%. This represented the steepest quarterly decline on record. With the economy reopening, third-quarter GDP growth was 33.4%, the largest quarterly increase on record. The Commerce Department’s initial estimate for fourth-quarter annualized GDP growth — released after the reporting period ended — was 4.0%.

The Federal Reserve (the “Fed”) took unprecedented actions to support the economy and keep markets functioning properly. In early March 2020, before the reporting period began, the Fed lowered the federal funds rate to a range between 1.00% and 1.25%. Later in the month, the Fed lowered the rate to a range between 0.00% and 0.25%. On March 23, the Fed announced that it would make unlimited purchases of Treasury and mortgage securities and, for the first time, it would purchase corporate bonds on the open market. In August 2020, Fed Chair Jerome Powell said the central bank had changed how it viewed the trade-off between lower unemployment and higher inflation. Per Powell’s statement, the Fed’s new approach to setting U.S. monetary policy will entail letting inflation run higher, which could mean that interest rates remain low for an extended period. Meanwhile, in March 2020, the U.S. government passed a total of roughly $2.8 trillion in fiscal stimulus measures to aid the economy. A subsequent $900 billion stimulus package was finalized in December 2020.

Economies outside the U.S. were significantly impacted by the pandemic too. In its October 2020 World Economic Outlook Update, the International Monetary Fund (“IMF”) stated that it expects 2020 GDP in the eurozone, U.K. and Japan will be -8.3%, -9.8% and -5.3%, respectively. For comparison purposes, the GDP of these economies expanded 1.3%, 1.5% and 0.7%, respectively, in 2019.

Against this backdrop, central banks and governments around the world took a number of aggressive actions. Looking back, in March 2020, the European Central Bank (the “ECB”) unveiled a new €750 billion bond-buying program, which was subsequently expanded by another €600 billion in June 2020. In July, the European Union agreed on a €1.8 trillion spending package to bolster its economy. In December 2020, the ECB expanded its monetary stimulus program by another €500 billion.

The Bank of England reduced its key lending rate to 0.10% — a record low — in March, added £100 billion to its quantitative easing program in June, and increased its bond-buying program by £150 billion to £895 billion in November. Finally, toward the end of the year, the U.K. and the European Union agreed to a long-awaited Brexit deal. Elsewhere, the Bank of Japan maintained its short-term interest rate at -0.10%, while increasing the target for its holdings of corporate bonds to ¥4.2 trillion from ¥3.2 trillion. In May 2020, the Japanese government doubled its stimulus measures with a ¥117 trillion package. Finally, in December 2020, the Bank of Japan announced a new ¥73.6 trillion stimulus package.

2 PIMCO EQUITY SERIES

Short-term U.S. Treasury yields edged modestly lower, whereas long-term yields moved higher, albeit from a very low level during the reporting period. The yield on the benchmark 10-year U.S. Treasury note was 0.93% at the end of the reporting period, versus 0.66% on June 30, 2020. The Bloomberg Barclays Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including both developed and emerging markets, returned 0.78%. Meanwhile, the Bloomberg Barclays Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned 4.20%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, also rallied. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned 10.82%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned 7.89%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned 10.29%.

Despite the headwinds from the pandemic, global equities produced strong results. All told, U.S. equities, as represented by the S&P 500 Index, returned 22.16%, partially fueled by a sharp rally in November and December 2020, because, in our view, investor sentiment improved after positive COVID-19 vaccine news. Global equities, as represented by the MSCI World Index, returned 23.00%, whereas emerging market equities, as measured by the MSCI Emerging Markets Index, returned 31.14%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in JPY), returned 24.12% and European equities, as represented by the MSCI Europe Index (in EUR), returned 10.91%.

Commodity prices were volatile and produced mixed results. When the reporting period began, Brent crude oil was approximately $41 a barrel. Brent crude oil ended the reporting period at roughly $52 a barrel. We believe that oil prices rallied because producers reduced their output and investors anticipated stronger demand as global growth improved and several new COVID-19 vaccines were introduced. Elsewhere, copper prices moved higher, while gold declined.

Finally, there were also periods of volatility in the foreign exchange markets, in our view due to fluctuating economic growth, trade conflicts and changing central bank monetary policies, along with the U.S. election and several geopolitical events. The U.S. dollar weakened against a number of other major currencies. For example, the U.S. dollar returned -8.74%, -10.23% and -4.53% versus the euro, the British pound and the Japanese yen, respectively.

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

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

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

SEMIANNUAL REPORT | DECEMBER 31, 2020 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 and Other Risks in the Notes to Financial Statements.

Classifications of the Funds’ portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Allocation Breakdown and Schedule of Investments sections of this report may differ from the classification used for the Funds’ compliance calculations, including those used in the Funds’ prospectus, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. Each Fund is separately monitored for compliance with respect to prospectus and regulatory requirements.

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

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Funds’ performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Funds’ service providers and disrupt the Funds’ operations.

The United States’ enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from other countries, each with a focus on China, has contributed to international trade tensions and may impact portfolio securities (and/or portfolio securities of Underlying Funds or Acquired Funds, as applicable).

4 PIMCO EQUITY SERIES

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

A Fund may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate (“LIBOR”). LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has announced plans to ultimately phase out the use of LIBOR. There remains uncertainty regarding future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on a Fund or on certain instruments in which a Fund invests can be difficult to ascertain, and they may vary depending on a variety of factors. The transition may also result in a reduction in the value of certain instruments held by a Fund or a reduction in the effectiveness of related Fund transactions such as hedges. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to a Fund

A Fund may invest in securities and instruments that are economically tied to Russia. Investments in Russia are subject to various risks such as political, economic, legal, market and currency risks. The risks include uncertain political and economic policies, short-term market volatility, poor accounting standards, corruption and crime, an inadequate regulatory system, and unpredictable taxation. Investments in Russia are particularly subject to the risk that economic sanctions may be imposed by the United States and/or other countries. Such sanctions — which may impact companies in many sectors, including energy, financial services and defense, among others — may negatively impact the Portfolios’ performance and/or ability to achieve their investment objectives. The Russian securities market, as compared to U.S. markets, has significant price volatility, less liquidity, a smaller market capitalization and a smaller number of traded securities.

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

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

Fund Name

Fund Inception

Institutional Class

I-2

I-3

Class A

Diversification Status

PIMCO RAE Emerging Markets Fund

06/05/15

06/05/15

06/05/15

—

06/05/15

Diversified

PIMCO RAE Global Fund

06/05/15

06/05/15

06/05/15

—

06/05/15

Diversified

PIMCO RAE Global ex-US Fund

06/05/15

06/05/15

06/05/15

—

06/05/15

Diversified

PIMCO RAE International Fund

06/05/15

06/05/15

06/05/15

—

06/05/15

Diversified

PIMCO RAE US Fund

06/05/15

06/05/15

06/05/15

—

06/05/15

Diversified

PIMCO RAE US Small Fund

06/05/15

06/05/15

06/05/15

—

06/05/15

Diversified

SEMIANNUAL REPORT | DECEMBER 31, 2020 5

Important Information About the Funds (Cont.)

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

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize

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

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

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

Funds’ complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC’s website at www.sec.gov and on PIMCO’s website at www.pimco.com, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO.

The SEC adopted a rule that allows 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 elect to receive all future reports in paper free of charge by contacting their financial intermediary or, if invested directly with the Fund, investors can inform the Fund by calling 888.877.4626. Any election to receive reports in paper will apply to all funds held with the fund complex if invested directly with the Fund or to all funds held in the investor’s account if invested through a financial intermediary.

In August 2020, the SEC proposed changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which, if adopted, will change the disclosures provided to shareholders.

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, and after an eighteen-month transition period, the rule requires funds to trade derivatives and other transactions that create future payment or delivery obligations (except reverse repurchase agreements and similar financing transactions) subject to a value-at-risk leverage limit, certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Funds to use derivatives and reverse repurchase agreements and similar financing transactions as part of their investment strategies and may increase the cost of the Funds’ investments and cost of doing business, which could adversely affect investors.

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Investment Company Act of 1940 (the “Act”) without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also included the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The impact that these changes may have on the Funds is uncertain.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations.

6 PIMCO EQUITY SERIES

The new rule also defines “readily available market quotations” for purposes of the definition of “value” under the Act, and the SEC noted that this definition will apply in all contexts under the Act. The SEC adopted an eighteen-month transition period beginning from the effective date for both the new rule and the associated new recordkeeping requirements. The impact of the new rule on the Funds is uncertain at this time.

SEMIANNUAL REPORT | DECEMBER 31, 2020 7

PIMCO RAE Emerging Markets Fund

Cumulative Returns Through December 31, 2020

$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, 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, 2020*
		6 Months*	1 Year		5 Years		10 Years		Fund Inception (05/31/06)
	PIMCO RAE Emerging Markets Fund Institutional Class	29.73%		0.87%		11.41%		1.80%		5.86%
	PIMCO RAE Emerging Markets Fund I-2	29.59%		0.81%		11.28%		1.73%		5.81%
	PIMCO RAE Emerging Markets Fund Class A	29.44%		0.54%		11.06%		1.62%		5.74%
	PIMCO RAE Emerging Markets Fund Class A (adjusted)	24.62%		(3.23)%		10.22%		1.23%		5.47%
	MSCI Emerging Markets Value Index±	28.70%		5.48%		9.18%		0.90%		4.83%
	MSCI Emerging Markets Index±± ª	31.14%		18.31%		12.81%		3.63%		6.26%

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

* Cumulative return.

^ª Prior to 2/28/2019, the fund’s primary benchmark was the MSCI Emerging Markets Index.

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

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

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

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

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

The Fund’s total annual operating expense ratio in effect as of period end, were 0.77% for Institutional Class shares, 0.87% for I-2 shares and 1.12% for Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

8 PIMCO EQUITY SERIES

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

Geographic Breakdown as of December 31, 2020^†§

South Korea	18.7%
China	14.9%
India	14.7%
Taiwan	14.2%
Brazil	7.1%
Russia	6.5%
Mexico	4.1%
South Africa	3.7%
Thailand	2.9%
Short-Term Instruments	2.9%
Turkey	2.7%
Hong Kong	2.3%
Malaysia	1.2%
Other	4.1%

^†  % of Investments, at value.

^§ Geographic Breakdown and % of Investments exclude securities sold short and financial derivative

instruments, if any.

Fund Insights

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

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

» Underweight exposure to the health care sector contributed to relative returns, as the sector underperformed the benchmark index.

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

SEMIANNUAL REPORT | DECEMBER 31, 2020 9

PIMCO RAE Global Fund

Cumulative Returns Through December 31, 2020

$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, 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, 2020
		6 Months*		1 Year		5 Years		Fund Inception (06/05/15)
	PIMCO RAE Global Fund Institutional Class		25.51%		2.84%		8.76%		5.87%
	PIMCO RAE Global Fund I-2		25.43%		2.80%		8.64%		5.76%
	PIMCO RAE Global Fund Class A		25.30%		2.52%		8.37%		5.51%
	PIMCO RAE Global Fund Class A (adjusted)		20.54%		(1.34)%		7.54%		4.79%
	MSCI All Country World Value Index±		21.25%		(0.33)%		7.38%		5.00%
	MSCI All Country World Index±± ª		24.01%		16.25%		12.26%		9.68%

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

* Cumulative return.

^ª Prior to 2/28/2019, the fund’s primary benchmark was the MSCI All Country World Index.

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

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

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

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

The Fund’s total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses), were 1.02% for Institutional Class shares, 1.12% for I-2 shares and 1.37% for Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

10 PIMCO EQUITY SERIES

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

Top Holdings as of December 31, 2020^†§

PIMCO RAE US Fund	43.5%
PIMCO RAE International Fund	42.4%
PIMCO RAE Emerging Markets Fund	14.1%

^†  % 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 (on a gross basis) during the reporting period:

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

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

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

SEMIANNUAL REPORT | DECEMBER 31, 2020 11

PIMCO RAE Global ex-US Fund

Cumulative Returns Through December 31, 2020

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

Investment Objective and Strategy Overview

PIMCO RAE Global ex-US Fund seeks long-term capital appreciation by investing, under normal circumstances substantially all of its assets in (i) Institutional Class shares of the PIMCO RAE International Fund (“International Fund”) and the PIMCO RAE Emerging Markets Fund (“Emerging Markets Fund”) (together, the International Fund and the Emerging Markets Fund are referred to as the “Underlying Funds”) and (ii) securities that are eligible investments for the Underlying Funds. Under normal circumstances, each of the Underlying Funds obtains exposure to a portfolio of stocks (each, a “RAE Portfolio”) through investment in the securities that comprise the RAE Portfolio. The stocks are selected by the Fund’s sub-adviser, Research Affiliates, 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, 2020
		6 Months*		1 Year		5 Years		Fund Inception (06/05/15)
	PIMCO RAE Global ex-US Fund Institutional Class		26.42%		1.73%		7.39%		3.72%
	PIMCO RAE Global ex-US Fund I-2		26.53%		1.87%		7.32%		3.64%
	PIMCO RAE Global ex-US Fund Class A		26.19%		1.40%		7.02%		3.37%
	PIMCO RAE Global ex-US Fund Class A (adjusted)		21.39%		(2.38)%		6.21%		2.66%
	MSCI All Country World ex US Value Index±		23.16%		(0.77)%		5.70%		2.39%
	MSCI All Country World ex US Index±± ª		24.33%		10.65%		8.93%		5.87%

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

* Cumulative return.

^ª Prior to 2/28/2019, the fund’s primary benchmark was the MSCI All Country World ex US Index.

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

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

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

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

The Fund’s total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses), were 1.15% for Institutional Class shares, 1.25% for I-2 shares and 1.50% for Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

12 PIMCO EQUITY SERIES

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

Top Holdings as of December 31, 2020^†§

PIMCO RAE International Fund	75.0%
PIMCO RAE Emerging Markets Fund	24.8%

^†  % of Investments, at value.

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

Fund Insights

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

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

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

» Underweight exposure to, and security selection in, the energy 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 information technology sector contributed to relative returns, as the sector outperformed the benchmark index.

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

SEMIANNUAL REPORT | DECEMBER 31, 2020 13

PIMCO RAE International Fund

Cumulative Returns Through December 31, 2020

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

Investment Objective and Strategy Overview

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

Average Annual Total Return for the period ended December 31, 2020
		6 Months*		1 Year		5 Years		Fund Inception (06/05/15)
	PIMCO RAE International Fund Institutional Class		25.49%		2.29%		6.37%		3.47%
	PIMCO RAE International Fund I-2		25.30%		2.03%		6.25%		3.37%
	PIMCO RAE International Fund Class A		25.15%		1.77%		5.98%		3.10%
	PIMCO RAE International Fund Class A (adjusted)		20.49%		(2.01)%		5.17%		2.39%
	MSCI EAFE Value Index±		20.62%		(2.63)%		4.20%		1.67%
	MSCI EAFE Index±± ª		21.61%		7.82%		7.45%		5.26%

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

* Cumulative return.

^ª Prior to 2/28/2019, the fund’s primary benchmark was the MSCI EAFE Index.

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

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

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

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

The Fund’s total annual operating expense ratio in effect as of period end, were 0.52% for Institutional Class shares, 0.62% for I-2 shares and 0.87% for Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

14 PIMCO EQUITY SERIES

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

Geographic Breakdown as of December 31, 2020^†§

Japan	26.0%
Germany	11.2%
United Kingdom	10.4%
France	7.7%
Switzerland	6.8%
Australia	6.3%
Canada	4.8%
Short-Term Instruments	4.2%
Netherlands	3.7%
Luxembourg	3.3%
Italy	2.8%
Spain	2.3%
Hong Kong	2.1%
Israel	1.3%
Norway	1.2%
Other	5.9%

^†  % of Investments, at value.

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

Fund Insights

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

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

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

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

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

SEMIANNUAL REPORT | DECEMBER 31, 2020 15

PIMCO RAE US Fund

Cumulative Returns Through December 31, 2020

$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, 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, 2020*
		6 Months*		1 Year		5 Years		10 Years		Fund Inception (12/22/04)
	PIMCO RAE US Fund Institutional Class		23.93%		3.93%		10.17%		11.04%		8.19%
	PIMCO RAE US Fund I-2		23.90%		3.91%		10.08%		10.99%		8.16%
	PIMCO RAE US Fund Class A		23.72%		3.55%		9.72%		10.79%		8.05%
	PIMCO RAE US Fund Class A (adjusted)		19.10%		(0.30)%		8.89%		10.37%		7.79%
	Russell 1000® Value Index±		22.75%		2.80%		9.74%		10.50%		7.31%¨
	S&P 500 Index±±ª		22.16%		18.40%		15.22%		13.88%		9.56% ¨

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

* Cumulative return.

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

^ª Prior to 2/28/2019, the fund’s primary benchmark was the S&P 500 Index.

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

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

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

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

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

The Fund’s total annual operating expense ratio in effect as of period end, were 0.42% for Institutional Class shares, 0.52% for I-2 shares and 0.82% for Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

16 PIMCO EQUITY SERIES

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

Sector Breakdown as of December 31, 2020^1§

Information Technology	23.9%
Health Care	18.8%
Consumer Discretionary	11.7%
Consumer Staples	10.6%
Financials	9.8%
Industrials	8.1%
Communication Services	4.4%
Utilities	4.3%
Energy	3.5%
Short-Term Instrument	2.1%
Materials	2.1%
Real Estate	0.7%

^†  % of Investments, at value.

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

Fund Insights

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

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

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

» Underweight exposure to, and security selection in, the real estate and energy sectors contributed to relative returns, as the sectors underperformed the benchmark index and the Fund’s holdings outperformed the benchmark index.

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

SEMIANNUAL REPORT | DECEMBER 31, 2020 17

PIMCO RAE US Small Fund

Cumulative Returns Through December 31, 2020

$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, 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, 2020*
		6 Months*	1 Year		5 Years		10 Years		Fund Inception (09/29/05)
	PIMCO RAE US Small Fund Institutional Class	37.61%		6.88%		9.54%		9.50%		7.95%
	PIMCO RAE US Small Fund I-2	37.49%		6.77%		9.43%		9.43%		7.91%
	PIMCO RAE US Small Fund Class A	37.35%		6.44%		9.12%		9.25%		7.79%
	PIMCO RAE US Small Fund Class A (adjusted)	32.17%		2.42%		8.27%		8.84%		7.52%
	Russell 2000® Value Index±	36.77%		4.64%		9.65%		8.66%		6.86%
	Russell 2000® Index±± ª	37.85%		19.96%		13.26%		11.20%		8.83% ¨

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

* Cumulative return.

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

^ª Prior to 2/28/2019, the fund’s primary benchmark was the Russell 2000^® Index.

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

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

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

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

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

The Fund’s total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses), were 0.54% for Institutional Class shares, 0.64% for I-2 shares and 0.94% for Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

18 PIMCO EQUITY SERIES

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

Sector Breakdown as of December 31, 2020^1§

Consumer Discretionary	17.1%
Industrials	15.9%
Financials	11.6%
Energy	9.4%
Real Estate	9.2%
Consumer Staples	8.6%
Health Care	8.4%
Information Technology	6.3%
Materials	6.1%
Short-Term Instruments	3.1%
Utilities	2.4%
Communication Services	1.9%

^†  % of Investments, at value.

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

Fund Insights

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

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

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

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

SEMIANNUAL REPORT | DECEMBER 31, 2020 19

Expense Examples

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for all Funds and share classes is from July 1, 2020 to December 31, 2020 unless noted otherwise in the table and footnotes below.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

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

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (07/01/20)		Ending Account Value (12/31/20)		Expenses Paid During Period*		Beginning Account Value (07/01/20)		Ending Account Value (12/31/20)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO RAE Emerging Markets Fund
Institutional Class	$	1,000.00	$	1,297.30	$	4.59	$	1,000.00	$	1,021.62	$	4.04		0.78	%
I-2		1,000.00		1,295.90		5.18		1,000.00		1,021.11		4.56		0.88
Class A		1,000.00		1,294.40		6.64		1,000.00		1,019.83		5.85		1.13
PIMCO RAE Global Fund
Institutional Class	$	1,000.00	$	1,255.10	$	0.12	$	1,000.00	$	1,025.51	$	0.10		0.02	%
I-2		1,000.00		1,254.30		0.69		1,000.00		1,025.00		0.62		0.12
Class A		1,000.00		1,253.00		2.14		1,000.00		1,023.72		1.92		0.37
PIMCO RAE Global ex-US Fund
Institutional Class	$	1,000.00	$	1,264.20	$	0.06	$	1,000.00	$	1,025.57	$	0.05		0.01	%
I-2		1,000.00		1,265.30		0.64		1,000.00		1,025.05		0.57		0.11
Class A		1,000.00		1,261.90		2.09		1,000.00		1,023.77		1.87		0.36
PIMCO RAE International Fund
Institutional Class	$	1,000.00	$	1,254.90	$	3.00	$	1,000.00	$	1,022.95	$	2.69		0.52	%
I-2		1,000.00		1,253.00		3.58		1,000.00		1,022.44		3.21		0.62
Class A		1,000.00		1,251.50		5.02		1,000.00		1,021.16		4.50		0.87

20 PIMCO EQUITY SERIES

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (07/01/20)		Ending Account Value (12/31/20)		Expenses Paid During Period*		Beginning Account Value (07/01/20)		Ending Account Value (12/31/20)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO RAE US Fund
Institutional Class	$	1,000.00	$	1,239.30	$	2.35	$	1,000.00	$	1,023.52	$	2.13		0.41	%
I-2		1,000.00		1,239.00		2.93		1,000.00		1,023.00		2.64		0.51
Class A		1,000.00		1,237.20		4.64		1,000.00		1,021.47		4.19		0.81
PIMCO RAE US Small Fund
Institutional Class	$	1,000.00	$	1,376.10	$	3.23	$	1,000.00	$	1,022.90	$	2.75		0.53	%
I-2		1,000.00		1,374.90		3.83		1,000.00		1,022.39		3.26		0.63
Class A		1,000.00		1,373.50		5.65		1,000.00		1,020.85		4.81		0.93

* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 187/365 (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, 2020 21

Financial Highlights

			Investment Operations								Less Distributions(c)
Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year  or Period(a)		Net Investment Income (Loss)(b)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Net Realized Capital Gains			Tax Basis Return of Capital			Total
PIMCO RAE Emerging Markets Fund
Institutional Class
07/01/2020 - 12/31/2020+	$	7.83	$	0.14	$	2.19		$	2.33		$	(0.17	)	$	0.00		$	0.00		$	(0.17	)
06/30/2020		9.92		0.24		(2.06	)		(1.82	)		(0.24	)		(0.03	)		0.00			(0.27	)
06/30/2019		10.74		0.29		(0.11	)		0.18			(0.26	)		(0.74	)		0.00			(1.00	)
06/30/2018		10.83		0.25		0.59			0.84			(0.19	)		(0.74	)		0.00			(0.93	)
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	)
I-2
07/01/2020 - 12/31/2020+		7.80		0.15		2.17			2.32			(0.16	)		0.00			0.00			(0.16	)
06/30/2020		9.86		0.32		(2.16	)		(1.84	)		(0.19	)		(0.03	)		0.00			(0.22	)
06/30/2019		10.68		0.29		(0.11	)		0.18			(0.26	)		(0.74	)		0.00			(1.00	)
06/30/2018		10.79		0.24		0.57			0.81			(0.18	)		(0.74	)		0.00			(0.92	)
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	)
Class A
07/01/2020 - 12/31/2020+		7.75		0.12		2.17			2.29			(0.15	)		0.00			0.00			(0.15	)
06/30/2020		9.84		0.23		(2.07	)		(1.84	)		(0.22	)		(0.03	)		0.00			(0.25	)
06/30/2019		10.68		0.25		(0.09	)		0.16			(0.26	)		(0.74	)		0.00			(1.00	)
06/30/2018		10.81		0.21		0.59			0.80			(0.19	)		(0.74	)		0.00			(0.93	)
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	)
PIMCO RAE Global Fund
Institutional Class
07/01/2020 - 12/31/2020+	$	8.48	$	0.21	$	1.95		$	2.16		$	(0.23	)	$	(0.03	)	$	0.00		$	(0.26	)
06/30/2020		10.30		0.35		(1.45	)		(1.10	)		(0.34	)		(0.38	)		0.00			(0.72	)
06/30/2019		11.04		0.31		(0.26	)		0.05			(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	)
I-2
07/01/2020 - 12/31/2020+		8.45		0.20		1.95			2.15			(0.23	)		(0.03	)		0.00			(0.26	)
06/30/2020		10.27		0.35		(1.45	)		(1.10	)		(0.34	)		(0.38	)		0.00			(0.72	)
06/30/2019		11.01		0.32		(0.28	)		0.04			(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	)
Class A
07/01/2020 - 12/31/2020+		8.37		0.19		1.93			2.12			(0.22	)		(0.03	)		0.00			(0.25	)
06/30/2020		10.20		0.34		(1.46	)		(1.12	)		(0.33	)		(0.38	)		0.00			(0.71	)
06/30/2019		10.95		0.27		(0.25	)		0.02			(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	)
PIMCO RAE Global ex-US Fund
Institutional Class
07/01/2020 - 12/31/2020+	$	8.20	$	0.22	$	1.95		$	2.17		$	(0.21	)	$	0.00		$	0.00		$	(0.21	)
06/30/2020		10.23		0.38		(1.76	)		(1.38	)		(0.37	)		(0.28	)		0.00			(0.65	)
06/30/2019		10.68		0.32		(0.51	)		(0.19	)		(0.26	)		0.00			0.00			(0.26	)
06/30/2018		10.49		0.38		0.28			0.66			(0.42	)		0.00			(0.05	)		(0.47	)
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	)
I-2
07/01/2020 - 12/31/2020+		8.18		0.05		2.12			2.17			(0.16	)		0.00			0.00			(0.16	)
06/30/2020		10.20		0.30		(1.68	)		(1.38	)		(0.36	)		(0.28	)		0.00			(0.64	)
06/30/2019		10.65		0.26		(0.46	)		(0.20	)		(0.25	)		0.00			0.00			(0.25	)
06/30/2018		10.47		0.29		0.35			0.64			(0.41	)		0.00			(0.05	)		(0.46	)
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	)

22 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(d)
Net Asset Value End of Year or Period(a)		Total  Return(a)			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
$	9.99		29.73	%	$	1,667,053		0.78	%(e)*		0.91	%(e)*		0.77	%(e)*		0.90	%(e)*		3.09	%*		45	%
	7.83		(18.91	)		1,184,716		0.76			0.97			0.75			0.96			2.70			56
	9.92		2.40			2,632,982		0.75			0.96			0.75			0.96			2.94			25
	10.74		7.50			1,848,953		0.76			0.97			0.76			0.97			2.13			28
	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
	9.96		29.76			2,787		0.88	(f)*		1.01	(f)*		0.87	(f)*		1.00	(f)*		3.40	*		45
	7.80		(19.13	)		3,070		0.86			1.07			0.85			1.06			3.58			56
	9.86		2.42			16,263		0.85			1.06			0.85			1.06			2.93			25
	10.68		7.26			17,486		0.86			1.07			0.86			1.07			2.07			28
	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
	9.89		29.60			10,919		1.13	(f)*		1.26	(f)*		1.12	(f)*		1.25	(f)*		2.78	*		45
	7.75		(19.27	)		7,628		1.11			1.32			1.10			1.31			2.61			56
	9.84		2.21			16,198		1.10			1.31			1.10			1.31			2.52			25
	10.68		7.08			7,350		1.11			1.32			1.11			1.32			1.76			28
	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
$	10.38		25.51	%	$	301,821		0.02	%(g)(h)*		0.64	%(g)(h)*		0.02	%(g)(h)*		0.64	%(g)(h)*		4.47	%*		6	%
	8.48		(11.89	)		276,005		0.02			0.72			0.02			0.72			3.67			29
	10.30		1.07			292,168		0.02			0.71			0.02			0.71			2.97			38
	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
	10.34		25.43			123		0.12	(g)(i)*		0.74	(g)(i)*		0.12	(g)(i)*		0.74	(g)(i)*		4.32	*		6
	8.45		(11.96	)		137		0.12			0.82			0.12			0.82			3.68			29
	10.27		1.00			218		0.12			0.81			0.12			0.81			3.01			38
	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
	10.24		25.30			1,058		0.37	(g)(i)*		0.99	(g)(i)*		0.37	(g)(i)*		0.99	(g)(i)*		4.09	*		6
	8.37		(12.26	)		1,115		0.37			1.07			0.37			1.07			3.54			29
	10.20		0.82			1,901		0.37			1.06			0.37			1.06			2.58			38
	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
$	10.16		26.42	%	$	67,549		0.01	%(j)*		0.69	%(j)*		0.01	%(j)*		0.69	%(j)*		4.70	%*		5	%
	8.20		(14.73	)		53,191		0.02			0.78			0.01			0.77			4.03			34
	10.23		(1.50	)		75,630		0.00			0.76			0.00			0.76			3.13			17
	10.68		6.01			75,994		0.00			0.77			0.00			0.77			3.36			9
	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
	10.19		26.53			5		0.11	(k)*		0.79	(k)*		0.11	(k)*		0.79	(k)*		1.17	*		5
	8.18		(14.74	)		67		0.12			0.88			0.11			0.87			3.14			34
	10.20		(1.60	)		428		0.10			0.86			0.10			0.86			2.50			17
	10.65		5.88			900		0.10			0.87			0.10			0.87			2.58			9
	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

SEMIANNUAL REPORT | DECEMBER 31, 2020 23

Financial Highlights (Cont.)

			Investment Operations								Less Distributions(c)
Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year  or Period(a)		Net Investment Income (Loss)(b)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From  Net Realized Capital Gains			Tax Basis Return of Capital			Total
PIMCO RAE Global ex-US Fund (Cont.)
Class A
07/01/2020 - 12/31/2020+	$	8.10	$	0.18	$	1.94		$	2.12		$	(0.19	)	$	0.00		$	0.00		$	(0.19	)
06/30/2020		10.14		0.41		(1.81	)		(1.40	)		(0.36	)		(0.28	)		0.00			(0.64	)
06/30/2019		10.61		0.23		(0.46	)		(0.23	)		(0.24	)		0.00			0.00			(0.24	)
06/30/2018		10.44		0.24		0.38			0.62			(0.40	)		0.00			(0.05	)		(0.45	)
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	)
PIMCO RAE International Fund
Institutional Class
07/01/2020 - 12/31/2020+	$	8.11	$	0.09	$	1.98		$	2.07		$	(0.23	)	$	0.00		$	0.00		$	(0.23	)
06/30/2020		9.74		0.23		(1.45	)		(1.22	)		(0.41	)		0.00			0.00			(0.41	)
06/30/2019		10.60		0.34		(0.68	)		(0.34	)		(0.25	)		(0.27	)		0.00			(0.52	)
06/30/2018		10.27		0.33		0.29			0.62			(0.28	)		(0.01	)		0.00			(0.29	)
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	)
I-2
07/01/2020 - 12/31/2020+		8.07		0.09		1.95			2.04			(0.22	)		0.00			0.00			(0.22	)
06/30/2020		9.71		0.21		(1.43	)		(1.22	)		(0.42	)		0.00			0.00			(0.42	)
06/30/2019		10.57		0.30		(0.64	)		(0.34	)		(0.25	)		(0.27	)		0.00			(0.52	)
06/30/2018		10.24		0.26		0.35			0.61			(0.27	)		(0.01	)		0.00			(0.28	)
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	)
Class A
07/01/2020 - 12/31/2020+		8.01		0.08		1.94			2.02			(0.21	)		0.00			0.00			(0.21	)
06/30/2020		9.64		0.18		(1.41	)		(1.23	)		(0.40	)		0.00			0.00			(0.40	)
06/30/2019		10.53		0.30		(0.67	)		(0.37	)		(0.25	)		(0.27	)		0.00			(0.52	)
06/30/2018		10.24		0.37		0.21			0.58			(0.28	)		(0.01	)		0.00			(0.29	)
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	)
PIMCO RAE US Fund
Institutional Class
07/01/2020 - 12/31/2020+	$	9.72	$	0.13	$	2.20		$	2.33		$	(0.28	)	$	(0.10	)	$	0.00		$	(0.38	)
06/30/2020		11.09		0.28		(1.08	)		(0.80	)		(0.32	)		(0.25	)		0.00			(0.57	)
06/30/2019		11.30		0.26		0.20			0.46			(0.21	)		(0.46	)		0.00			(0.67	)
06/30/2018		10.57		0.23		1.16			1.39			(0.22	)		(0.44	)		0.00			(0.66	)
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	)
I-2
07/01/2020 - 12/31/2020+		9.67		0.12		2.19			2.31			(0.27	)		(0.10	)		0.00			(0.37	)
06/30/2020		11.04		0.27		(1.08	)		(0.81	)		(0.31	)		(0.25	)		0.00			(0.56	)
06/30/2019		11.26		0.25		0.20			0.45			(0.21	)		(0.46	)		0.00			(0.67	)
06/30/2018		10.54		0.22		1.15			1.37			(0.21	)		(0.44	)		0.00			(0.65	)
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	)
Class A
07/01/2020 - 12/31/2020+		9.55		0.11		2.16			2.27			(0.26	)		(0.10	)		0.00			(0.36	)
06/30/2020		10.93		0.23		(1.07	)		(0.84	)		(0.29	)		(0.25	)		0.00			(0.54	)
06/30/2019		11.19		0.22		0.19			0.41			(0.21	)		(0.46	)		0.00			(0.67	)
06/30/2018		10.50		0.18		1.15			1.33			(0.20	)		(0.44	)		0.00			(0.64	)
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	)
PIMCO RAE US Small Fund
Institutional Class
07/01/2020 - 12/31/2020+	$	8.80	$	0.07	$	3.24		$	3.31		$	(0.17	)	$	(0.87	)	$	0.00		$	(1.04	)
06/30/2020		10.72		0.14		(1.88	)		(1.74	)		(0.18	)		0.00			0.00			(0.18	)
06/30/2019		12.33		0.17		(1.05	)		(0.88	)		(0.09	)		(0.64	)		0.00			(0.73	)
06/30/2018		11.10		0.15		1.63			1.78			(0.17	)		(0.38	)		0.00			(0.55	)
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	)

24 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(d)
Net Asset Value End of Year or Period(a)		Total  Return(a)			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
$	10.03		26.19	%	$	13,263		0.36	%(k)*		1.04	%(k)*		0.36	%(k)*		1.04	%(k)*		3.90	%*		5	%
	8.10		(15.01	)		11,252		0.37			1.13			0.36			1.12			4.66			34
	10.14		(1.90	)		2,035		0.35			1.11			0.35			1.11			2.32			17
	10.61		5.69			1,531		0.35			1.12			0.35			1.12			2.14			9
	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
$	9.95		25.49	%	$	1,088,281		0.52	%(l)*		0.59	%(l)*		0.52	%(l)*		0.59	%(l)*		2.05	%*		51	%
	8.11		(13.27	)		756,178		0.51			0.62			0.50			0.61			2.65			93
	9.74		(2.72	)		547,007		0.50			0.61			0.50			0.61			3.41			41
	10.60		5.88			543,875		0.51			0.62			0.51			0.62			3.04			47
	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
	9.89		25.30			885		0.62	(m)*		0.69	(m)*		0.62	(m)*		0.69	(m)*		2.03	*		51
	8.07		(13.40	)		841		0.61			0.72			0.60			0.71			2.39			93
	9.71		(2.73	)		832		0.60			0.71			0.60			0.71			3.02			41
	10.57		5.84			1,994		0.61			0.72			0.61			0.72			2.33			47
	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
	9.82		25.28			4,089		0.87	(m)*		0.94	(m)*		0.87	(m)*		0.94	(m)*		1.72	*		51
	8.01		(13.57	)		3,258		0.86			0.97			0.85			0.96			2.05			93
	9.64		(3.03	)		5,072		0.85			0.96			0.85			0.96			3.06			41
	10.53		5.53			5,007		0.86			0.97			0.86			0.97			3.34			47
	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
$	11.67		23.93	%	$	767,306		0.41	%(n)*		0.48	%(n)*		0.41	%(n)*		0.48	%(n)*		2.37	%*		28	%
	9.72		(8.03	)		578,588		0.41			0.52			0.40			0.51			2.60			34
	11.09		4.66			745,741		0.40			0.51			0.40			0.51			2.39			32
	11.30		13.22			771,581		0.41			0.52			0.41			0.52			2.06			44
	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
	11.61		23.90			20,382		0.51	(o)*		0.58	(o)*		0.51	(o)*		0.58	(o)*		2.26	*		28
	9.67		(8.08	)		16,970		0.51			0.62			0.50			0.61			2.51			34
	11.04		4.58			14,257		0.50			0.61			0.50			0.61			2.25			32
	11.26		13.10			7,265		0.51			0.62			0.51			0.62			1.96			44
	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
	11.46		23.72			8,341		0.81	(p)*		0.88	(p)*		0.81	(p)*		0.88	(p)*		1.96	*		28
	9.55		(8.41	)		7,432		0.81			0.92			0.80			0.91			2.21			34
	10.93		4.24			8,197		0.80			0.91			0.80			0.91			2.03			32
	11.19		12.73			6,973		0.81			0.92			0.81			0.92			1.65			44
	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
$	11.07		37.61	%	$	545,662		0.53	%(n)*		0.60	%(n)*		0.51	%(n)*		0.58	%(n)*		1.33	%*		57	%
	8.80		(16.64	)		288,592		0.53			0.63			0.52			0.62			1.50			202
	10.72		(6.74	)		119,223		0.51			0.62			0.51			0.62			1.52			64
	12.33		16.37			128,985		0.50			0.62			0.50			0.62			1.30			30
	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

SEMIANNUAL REPORT | DECEMBER 31, 2020 25

Financial Highlights (Cont.)

			Investment Operations								Less Distributions(c)
Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year  or Period(a)		Net Investment Income (Loss)(b)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From  Net Realized Capital Gains			Tax Basis Return of Capital		Total
PIMCO RAE US Small Fund (Cont.)
I-2
07/01/2020 - 12/31/2020+	$	8.76	$	0.06	$	3.23		$	3.29		$	(0.17	)	$	(0.87	)	$	0.00	$	(1.04	)
06/30/2020		10.67		0.16		(1.90	)		(1.74	)		(0.17	)		0.00			0.00		(0.17	)
06/30/2019		12.29		0.15		(1.04	)		(0.89	)		(0.09	)		(0.64	)		0.00		(0.73	)
06/30/2018		11.07		0.14		1.62			1.76			(0.16	)		(0.38	)		0.00		(0.54	)
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	)
Class A
07/01/2020 - 12/31/2020+		8.68		0.05		3.20			3.25			(0.16	)		(0.87	)		0.00		(1.03	)
06/30/2020		10.60		0.12		(1.89	)		(1.77	)		(0.15	)		0.00			0.00		(0.15	)
06/30/2019		12.24		0.12		(1.03	)		(0.91	)		(0.09	)		(0.64	)		0.00		(0.73	)
06/30/2018		11.05		0.09		1.62			1.71			(0.14	)		(0.38	)		0.00		(0.52	)
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	)

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

+ Unaudited

* Annualized

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

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

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

^(d)  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.

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

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

^(g)  Effective November 1, 2020, the Fund’s Investment advisory fee was decreased by 0.05% to an annual rate of 0.35%.

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

⁽ⁱ⁾  Effective November 1, 2020, the Class’s Supervisory and Administrative fee was decreased by 0.15% to an annual rate of 0.25%.

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

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

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

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

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

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

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

26 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(d)
Net Asset Value End of Year or Period(a)		Total  Return(a)			Net Assets End of Year or Period (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
$	11.01		37.49	%	$	1,016		0.63	%(o)*		0.70	%(o)*		0.61	%(o)*		0.68	%(o)*		1.20	%*		57	%
	8.76		(16.67	)		883		0.63			0.73			0.62			0.72			1.53			202
	10.67		(6.85	)		2,565		0.61			0.72			0.61			0.72			1.34			64
	12.29		16.27			4,366		0.60			0.72			0.60			0.72			1.19			30
	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
	10.90		37.35			5,532		0.93	(p)*		1.00	(p)*		0.91	(p)*		0.98	(p)*		0.91	*		57
	8.68		(16.99	)		3,900		0.93			1.03			0.92			1.02			1.22			202
	10.60		(7.05	)		4,023		0.91			1.02			0.91			1.02			1.07			64
	12.24		15.83			4,875		0.90			1.02			0.90			1.02			0.82			30
	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

SEMIANNUAL REPORT | DECEMBER 31, 2020 27

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*^	$	1,676,127		$	0	$	136	$	1,092,835	$	796,266	$	551,872
Investments in Affiliates		46,417			303,280		80,694		45,927		14,270		15,455
Cash		0			0		0		1		1		1
Foreign currency, at value		5,725			0		0		1,594		0		0
Receivable for investments sold		0			0		0		218		1,812		1
Receivable for investments in Affiliates Sold		0			5,992		0		0		0		0
Receivable for Fund shares sold		143			0		3		46		158		1
Interest and/or dividends receivable		6,407			0		0		3,296		881		586
Reimbursement receivable from PIMCO		0			147		40		0		0		0
Other assets		1,136			0		0		161		0		0
Total Assets		1,735,955			309,419		80,873		1,144,078		813,388		567,916
Liabilities:
Payable for investments purchased	$	0		$	0	$	0	$	1	$	0	$	7
Payable upon return of securities loaned		47,553			0		0		46,075		14,270		15,455
Payable for Fund shares redeemed		2,507			729		11		4,231		2,781		1
Overdraft due to custodian		0			5,537		0		0		0		0
Accrued investment advisory fees		758			106		30		306		187		167
Accrued supervisory and administrative fees		380			45		12		204		115		73
Accrued servicing fees		2			0		3		1		2		1
Accrued taxes payable		3,983			0		0		0		0		0
Accrued reimbursement to PIMCO		7			0		0		5		4		2
Other liabilities		6			0		0		0		0		0
Total Liabilities		55,196			6,417		56		50,823		17,359		15,706
Net Assets	$	1,680,759		$	303,002	$	80,817	$	1,093,255	$	796,029	$	552,210
Net Assets Consist of:
Paid in capital	$	1,872,807		$	256,811	$	79,646	$	892,546	$	580,779	$	431,825
Distributable earnings (accumulated loss)		(192,048	)		46,191		1,171		200,709		215,250		120,385
Net Assets	$	1,680,759		$	303,002	$	80,817	$	1,093,255	$	796,029	$	552,210
Cost of investments in securities	$	1,266,214		$	0	$	136	$	779,077	$	565,686	$	384,805
Cost of investments in Affiliates	$	46,417		$	250,166	$	75,564	$	45,927	$	14,270	$	15,455
Cost of foreign currency held	$	5,725		$	0	$	0	$	1,585	$	0	$	0
* Includes repurchase agreements of:	$	3,506		$	0	$	136	$	1,829	$	2,951	$	2,376
^ Includes securities on loan of:	$	43,399		$	0	$	0	$	41,532	$	13,982	$	15,136

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

28 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (Unaudited)

	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	$	1,667,053	$	301,821	$	67,549	$	1,088,281	$	767,306	$	545,662
I-2		2,787		123		5		885		20,382		1,016
Class A		10,919		1,058		13,263		4,089		8,341		5,532
Shares Issued and Outstanding:
Institutional Class		166,792		29,086		6,646		109,420		65,722		49,271
I-2		280		12		1		89		1,755		92
Class A		1,104		103		1,322		417		728		508
Net Asset Value Per Share Outstanding(a):
Institutional Class	$	9.99	$	10.38	$	10.16	$	9.95	$	11.67	$	11.07
I-2		9.96		10.34		10.19		9.89		11.61		11.01
Class A		9.89		10.24		10.03		9.82		11.46		10.90

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

SEMIANNUAL REPORT | DECEMBER 31, 2020 29

Statements of Operations

Six Months Ended December 31, 2020 (Unaudited)
(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:
Dividends, net of foreign taxes*	$	24,716		$	0		$	0		$	12,364		$	10,058		$	3,623
Dividends from Investments in Affiliates		0			6,779			1,679			0			0			0
Securities lending income		855			0			0			788			205			215
Total Income		25,571			6,779			1,679			13,152			10,263			3,838
Expenses:
Investment advisory fees		3,316			578			145			1,539			925			724
Supervisory and administrative fees		2,445			372			107			1,345			803			440
Servicing fees - Class A		11			1			16			4			10			6
Trustee fees		59			12			3			35			27			15
Interest expense		51			1			1			10			9			51
Miscellaneous expense		49			8			2			26			18			10
Total Expenses		5,931			972			274			2,959			1,792			1,246
Waiver and/or Reimbursement by PIMCO		(833	)		(942	)		(249	)		(349	)		(258	)		(140	)
Net Expenses		5,098			30			25			2,610			1,534			1,106
Net Investment Income (Loss)		20,473			6,749			1,654			10,542			8,729			2,732
Net Realized Gain (Loss):
Investments in securities		(3,634	)		0			0			30,810			17,261			28,145
Investments in Affiliates		0			2,948			(320	)		0			0			0
Net capital gain distributions received from Affiliate investments		0			1,144			0			0			0			0
Over the counter financial derivative instruments		(8	)		0			0			13			0			0
Foreign currency		(2,388	)		0			0			269			0			0
Net Realized Gain (Loss)		(6,030	)		4,092			(320	)		31,092			17,261			28,145
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		359,405			0			0			197,340			130,221			93,780
Investments in Affiliates		0			57,099			15,740			0			0			0
Foreign currency assets and liabilities		252			0			0			130			0			0
Net Change in Unrealized Appreciation (Depreciation)		359,657			57,099			15,740			197,470			130,221			93,780
Net Increase (Decrease) in Net Assets Resulting from Operations	$	374,100		$	67,940		$	17,074		$	239,104		$	156,211		$	124,657
* Foreign tax withholdings - Dividends	$	4,237		$	0		$	0		$	1,022		$	0		$	2

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

30 PIMCO EQUITY SERIES See Accompanying Notes

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SEMIANNUAL REPORT | DECEMBER 31, 2020 31

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, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	20,473		$	69,889		$	6,749		$	10,707		$	1,654		$	3,082
Net realized gain (loss)		(6,030	)		(540,887	)		4,092			(6,820	)		(320	)		(3,004	)
Net change in unrealized appreciation (depreciation)		359,657			(216,265	)		57,099			(37,695	)		15,740			(11,704	)
Net Increase (Decrease) in Net Assets Resulting from Operations		374,100			(687,263	)		67,940			(33,808	)		17,074			(11,626	)
Distributions to Shareholders:
From net investment income and/or net realized capital gains
Institutional Class		(27,290	)		(84,783	)		(7,722	)		(21,865	)		(1,351	)		(4,610	)
I-2		(44	)		(93	)		(3	)		(15	)		(0	)		(10	)
Class A		(166	)		(327	)		(25	)		(120	)		(249	)		(680	)
Total Distributions(a)		(27,500	)		(85,203	)		(7,750	)		(22,000	)		(1,600	)		(5,300	)
Fund Share Transactions:
Net increase (decrease) resulting from Fund share transactions*		138,745			(697,563	)		(34,445	)		38,778			833			3,343
Total Increase (Decrease) in Net Assets		485,345			(1,470,029	)		25,745			(17,030	)		16,307			(13,583	)
Net Assets:
Beginning of period		1,195,414			2,665,443			277,257			294,287			64,510			78,093
End of period	$	1,680,759		$	1,195,414		$	303,002		$	277,257		$	80,817		$	64,510

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

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

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

32 PIMCO EQUITY SERIES See Accompanying Notes

PIMCO RAE International Fund						PIMCO RAE US Fund						PIMCO RAE US Small Fund
Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
$	10,542		$	15,651		$	8,729		$	18,762		$	2,732		$	3,123
	31,092			(115,431	)		17,261			(923	)		28,145			(22,416	)
	197,470			83,132			130,221			(74,120	)		93,780			56,991
	239,104			(16,648	)		156,211			(56,281	)		124,657			37,698
	(24,393	)		(21,270	)		(24,300	)		(37,126	)		(47,735	)		(2,600	)
	(20	)		(46	)		(633	)		(1,094	)		(91	)		(39	)
	(87	)		(183	)		(247	)		(381	)		(476	)		(61	)
	(24,500	)		(21,499	)		(25,180	)		(38,601	)		(48,302	)		(2,700	)
	118,374			245,513			62,008			(70,323	)		182,480			132,566
	332,978			207,366			193,039			(165,205	)		258,835			167,564
	760,277			552,911			602,990			768,195			293,375			125,811
$	1,093,255		$	760,277		$	796,029		$	602,990		$	552,210		$	293,375

SEMIANNUAL REPORT | DECEMBER 31, 2020 33

Schedule of Investments PIMCO RAE Emerging Markets Fund

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.7%
COMMON STOCKS 95.3%
AUSTRALIA 0.0%
MATERIALS 0.0%
MMG Ltd. (a)		1,564,000	$		681
Total Australia					681
BRAZIL 3.9%
COMMUNICATION SERVICES 0.6%
Telefonica Brasil S.A.		804,900			7,237
TIM S.A.		683,000			1,935
					9,172
CONSUMER DISCRETIONARY 0.1%
Cogna Educacao (a)		215,600			193
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes		58,800			335
Guararapes Confeccoes S.A.		59,200			170
MRV Engenharia e Participacoes S.A.		81,200			298
Via Varejo S.A. (a)		238,900			744
					1,740
CONSUMER STAPLES 0.3%
Ambev S.A.		411,500			1,244
BRF S.A. (a)		302,100			1,286
JBS S.A.		389,100			1,773
Marfrig Global Foods S.A. (a)		234,200			654
					4,957
ENERGY 0.4%
Cosan Ltd. ‘A’		51,107			942
Cosan S.A.		28,700			419
Ultrapar Participacoes S.A.		1,338,300			6,126
					7,487
FINANCIALS 0.9%
Banco BTG Pactual S.A.		13,800			249
Banco do Brasil S.A.		1,784,200			13,413
Banco Santander Brasil S.A.		58,900			512
Porto Seguro S.A.		98,300			929
					15,103
HEALTH CARE 0.1%
Hypera S.A.		187,300			1,239
INDUSTRIALS 0.0%
CCR S.A.		135,600			353
Embraer S.A. (a)		159,200			271
					624
INFORMATION TECHNOLOGY 0.3%
Cielo S.A.		6,023,100			4,655
MATERIALS 1.0%
Cia Siderurgica Nacional S.A.		293,049			1,805
Nexa Resources S.A. (c)		69,840			673
Vale S.A.		845,039			14,223
					16,701

	SHARES			MARKET VALUE (000S)
UTILITIES 0.2%
AES Tiete Energia S.A.		135,589	$		431
Centrais Eletricas Brasileiras S.A.		42,200			300
Cia de Saneamento Basico do Estado de Sao Paulo		138,100			1,191
Cia de Saneamento de Minas Gerais-COPASA		66,300			210
Cia de Saneamento do Parana		101,900			512
EDP - Energias do Brasil S.A.		95,200			362
Light S.A.		61,800			293
					3,299
Total Brazil					64,977
CHILE 0.6%
CONSUMER DISCRETIONARY 0.0%
Falabella S.A.		148,608			550
CONSUMER STAPLES 0.2%
Cencosud S.A.		1,330,867			2,372
Cia Cervecerias Unidas S.A.		28,720			212
					2,584
FINANCIALS 0.1%
Banco de Chile		6,949,349			709
Banco de Credito e Inversiones		8,909			350
Banco Santander Chile		9,424,420			452
Itau CorpBanca Chile S.A.		58,294,543			196
					1,707
MATERIALS 0.1%
CAP S.A.		149,338			2,006
UTILITIES 0.2%
AES Gener S.A.		5,106,744			847
Aguas Andinas S.A. ‘A’		714,688			230
Colbun S.A.		2,450,434			433
Enel Americas S.A.		9,144,920			1,491
Engie Energia Chile S.A.		384,234			471
Inversiones Aguas Metropolitanas S.A.		339,607			282
					3,754
Total Chile					10,601
CHINA 15.2%
COMMUNICATION SERVICES 0.3%
China Telecom Corp. Ltd. ‘H’		18,318,000			5,053
Sohu.com Ltd. ADR (a)		55,093			878
					5,931
CONSUMER DISCRETIONARY 1.0%
BAIC Motor Corp. Ltd. ‘H’		4,363,500			1,619
China Yongda Automobiles Services Holdings Ltd.		1,441,000			2,390
China ZhengTong Auto Services Holdings Ltd.		919,500			102
Dongfeng Motor Group Co. Ltd. ‘H’		1,434,000			1,676
GOME Retail Holdings Ltd. (a)(c)		19,977,000			2,399
Great Wall Motor Co. Ltd. ‘H’		1,208,000			4,156
Shanghai Jin Jiang Capital Co. Ltd.		2,584,000			397
Vipshop Holdings Ltd. ADR (a)		128,300			3,606
					16,345

	SHARES			MARKET VALUE (000S)
CONSUMER STAPLES 0.1%
Hengan International Group Co. Ltd.		143,000	$		1,013
Tingyi Cayman Islands Holding Corp.		802,000			1,372
Want Want China Holdings Ltd.		201,000			145
					2,530
ENERGY 1.7%
China Petroleum & Chemical Corp. ‘H’		50,604,400			22,536
China Shenhua Energy Co. Ltd. ‘H’		2,622,500			4,944
CNOOC Ltd.		464,000			426
PetroChina Co. Ltd. ‘H’		4,684,000			1,450
					29,356
FINANCIALS 7.6%
Agricultural Bank of China Ltd. ‘H’		12,010,000			4,398
Bank of China Ltd. ‘H’		68,160,000			23,069
Bank of Communications Co. Ltd. ‘H’		10,341,000			5,470
China Cinda Asset Management Co. Ltd. ‘H’		17,101,000			3,245
China CITIC Bank Corp. Ltd. ‘H’		3,090,000			1,313
China Construction Bank Corp. ‘H’		67,158,000			50,656
China Everbright Bank Co. Ltd. ‘H’		2,543,000			970
China Huarong Asset Management Co. Ltd. ‘H’		18,765,000			2,083
China Life Insurance Co. Ltd. ‘H’		116,000			255
China Merchants Bank Co. Ltd. ‘H’		160,500			1,015
China Minsheng Banking Corp. Ltd. ‘H’		9,342,920			5,326
Chongqing Rural Commercial Bank Co. Ltd. ‘H’		3,574,000			1,458
Industrial & Commercial Bank of China Ltd. ‘H’		38,798,000			24,927
PICC Property & Casualty Co. Ltd. ‘H’		1,866,000			1,412
Ping An Insurance Group Co. of China Ltd. ‘H’		104,500			1,272
Postal Savings Bank of China Co. Ltd. ‘H’		1,551,000			876
					127,745
HEALTH CARE 0.2%
China Resources Pharmaceutical Group Ltd.		3,403,000			1,750
Sihuan Pharmaceutical Holdings Group Ltd.		3,024,000			319
Sinopharm Group Co. Ltd. ‘H’		377,200			915
					2,984
INDUSTRIALS 1.0%
Air China Ltd. ‘H’		1,008,000			795
Beijing Capital International Airport Co. Ltd. ‘H’		292,000			244
China Communications Services Corp. Ltd. ‘H’		2,970,000			1,312
China Eastern Airlines Corp. Ltd. ‘H’		686,000			297
China International Marine Containers Group Co. Ltd. ‘H’		416,700			607

34 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (Unaudited)

	SHARES			MARKET VALUE (000S)
China Lesso Group Holdings Ltd. ‘L’		1,061,000	$		1,662
China Machinery Engineering Corp. ‘H’		349,000			92
China Railway Group Ltd. ‘H’		644,000			284
China Southern Airlines Co. Ltd. ‘H’		582,000			348
CITIC Ltd.		6,731,000			4,766
Fosun International Ltd.		504,500			792
Guangshen Railway Co. Ltd. ‘H’		1,442,000			261
Metallurgical Corp. of China Ltd.		1,293,000			229
Shenzhen Expressway Co. Ltd. ‘H’		148,000			139
Sinopec Engineering Group Co. Ltd. ‘H’		1,920,000			829
Sinotruk Hong Kong Ltd.		482,500			1,236
Weichai Power Co. Ltd. ‘H’		523,000			1,052
Yangzijiang Shipbuilding Holdings Ltd.		315,600			228
Zall Smart Commerce Group Ltd. (a)(c)		3,141,000			288
Zhejiang Expressway Co. Ltd. ‘H’		962,000			813
					16,274
INFORMATION TECHNOLOGY 1.4%
AAC Technologies Holdings, Inc.		504,000			2,794
BYD Electronic International Co. Ltd. (c)		786,000			4,123
FIH Mobile Ltd. (a)(c)		8,118,000			996
Lenovo Group Ltd.		16,188,000			15,304
					23,217
MATERIALS 0.7%
Angang Steel Co. Ltd. ‘H’ (c)		5,008,000			2,044
China BlueChemical Ltd. ‘H’		818,000			130
China Hongqiao Group Ltd.		1,058,500			970
China National Building Material Co. Ltd. ‘H’		6,659,400			8,016
China Oriental Group Co. Ltd.		402,000			107
China Zhongwang Holdings Ltd.		485,600			92
					11,359
REAL ESTATE 1.1%
Agile Group Holdings Ltd.		684,000			910
Beijing Capital Land Ltd. ‘H’		2,270,000			384
Beijing North Star Co. Ltd. ‘H’		570,000			107
China Evergrande Group (c)		1,956,000			3,760
China SCE Group Holdings Ltd.		805,000			332
China Vanke Co. Ltd. ‘H’		137,500			475
Country Garden Holdings Co. Ltd.		259,000			357
Fantasia Holdings Group Co. Ltd.		790,500			138
Greentown China Holdings Ltd.		1,080,500			1,578
Guangzhou R&F Properties Co. Ltd. ‘H’		2,042,600			2,631
Kaisa Group Holdings Ltd.		2,578,000			1,275
KWG Living Group Holdings Ltd. (a)		663,250			539
KWG Property Holding Ltd.		1,326,500			1,812
Longfor Group Holdings Ltd.		66,500			389
Powerlong Real Estate Holdings Ltd.		1,700,000			1,175
Shui On Land Ltd.		7,272,500			1,013
Sino-Ocean Group Holding Ltd.		3,019,000			603

	SHARES			MARKET VALUE (000S)
SOHO China Ltd. (c)		2,832,000	$		842
Times China Holdings Ltd.		105,000			146
Yuzhou Properties Co. Ltd.		717,000			259
					18,725
UTILITIES 0.1%
China Longyuan Power Group Corp. Ltd. ‘H’		871,000			876
Datang International Power Generation Co. Ltd. ‘H’ (c)		1,450,000			187
Huadian Power International Corp. Ltd. ‘H’		938,000			236
Huaneng Power International, Inc. ‘H’		1,090,000			398
					1,697
Total China					256,163
GREECE 1.0%
COMMUNICATION SERVICES 0.1%
Hellenic Telecommunications Organization S.A.		104,564			1,681
CONSUMER DISCRETIONARY 0.1%
OPAP S.A.		74,277			993
ENERGY 0.0%
Motor Oil Hellas Corinth Refineries S.A.		28,306			407
FINANCIALS 0.5%
Alpha Bank AE (a)		2,922,334			3,385
Eurobank Ergasias S.A. (a)		1,079,280			758
National Bank of Greece S.A. (a)		885,528			2,424
Piraeus Bank S.A. (a)(c)		1,177,767			1,847
					8,414
UTILITIES 0.3%
Public Power Corp. S.A. (a)(c)		546,203			4,960
Total Greece					16,455
HONG KONG 2.3%
COMMUNICATION SERVICES 0.9%
China Mobile Ltd.		2,066,500			11,780
China Unicom Hong Kong Ltd.		6,178,000			3,524
					15,304
CONSUMER DISCRETIONARY 0.0%
China Travel International Investment Hong Kong Ltd.		1,274,000			174
FINANCIALS 0.4%
BOC Hong Kong Holdings Ltd.		375,500			1,138
China Everbright Ltd.		1,556,000			2,084
China Taiping Insurance Holdings Co. Ltd.		1,484,200			2,678
					5,900
INDUSTRIALS 0.1%
China Merchants Port Holdings Co. Ltd.		348,000			426
COSCO SHIPPING Ports Ltd.		980,000			682

	SHARES			MARKET VALUE (000S)
Shanghai Industrial Holdings Ltd.		668,000	$		913
					2,021
MATERIALS 0.1%
China Resources Cement Holdings Ltd.		834,000			932
REAL ESTATE 0.5%
China Jinmao Holdings Group Ltd.		500,000			230
China Overseas Grand Oceans Group Ltd.		588,000			315
China Overseas Land & Investment Ltd.		1,180,000			2,563
China Resources Land Ltd.		602,000			2,481
Poly Property Group Co. Ltd.		2,297,000			672
Shenzhen Investment Ltd.		3,208,000			1,101
Yuexiu Property Co. Ltd.		8,552,000			1,721
					9,083
UTILITIES 0.3%
Beijing Enterprises Holdings Ltd.		112,000			366
China Power International Development Ltd.		2,909,000			623
China Resources Power Holdings Co. Ltd.		4,260,000			4,586
Kunlun Energy Co. Ltd.		126,000			109
					5,684
Total Hong Kong					39,098
INDIA 15.1%
COMMUNICATION SERVICES 0.2%
Bharti Airtel Ltd.		105,673			738
Indus Towers Ltd.		139,330			440
Vodafone Idea Ltd. (a)		14,327,154			2,094
					3,272
CONSUMER DISCRETIONARY 4.0%
Apollo Tyres Ltd.		132,570			324
Bosch Ltd.		6,270			1,099
Hero MotoCorp Ltd.		183,571			7,823
Mahindra & Mahindra Ltd.		127,050			1,256
Motherson Sumi Systems Ltd.		913,264			2,072
Tata Motors Ltd. (a)		21,627,831			54,567
					67,141
CONSUMER STAPLES 0.0%
Tata Consumer Products Ltd.		38,164			309
ENERGY 2.7%
Bharat Petroleum Corp. Ltd.		2,250,417			11,753
Coal India Ltd.		2,907,076			5,404
Hindustan Petroleum Corp. Ltd.		885,296			2,642
Indian Oil Corp. Ltd.		8,114,516			10,112
Mangalore Refinery & Petrochemicals Ltd. (a)		227,950			111
Oil & Natural Gas Corp. Ltd.		9,869,945			12,592
Oil India Ltd.		1,161,466			1,711
Petronet LNG Ltd.		502,598			1,704
					46,029

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 35

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

	SHARES			MARKET VALUE (000S)
FINANCIALS 2.2%
Axis Bank Ltd.		35,720	$		304
Bank of Baroda (a)		1,217,279			1,025
Bank of India (a)		503,099			336
Canara Bank (a)		893,411			1,580
General Insurance Corp. of India (a)		39,714			76
ICICI Bank Ltd.		428,880			3,154
IDFC Ltd. (a)		3,545,688			1,798
Indiabulls Housing Finance Ltd. ‘L’		3,627,569			10,947
Indian Bank (a)		227,640			267
LIC Housing Finance Ltd.		47,000			233
Power Finance Corp. Ltd.		2,526,530			3,955
Punjab National Bank (a)		1,434,096			650
REC Ltd.		2,164,381			3,971
Shriram Transport Finance Co. Ltd.		135,274			1,939
State Bank of India (a)		1,258,864			4,747
Union Bank of India		1,972,622			853
Yes Bank Ltd. «(a)		3,406,176			666
					36,501
HEALTH CARE 0.5%
Dr Reddy’s Laboratories Ltd.		68,801			4,898
Sun Pharmaceutical Industries Ltd.		371,097			3,013
					7,911
INDUSTRIALS 0.3%
Adani Enterprises Ltd.		120,780			795
Bharat Electronics Ltd.		398,628			656
Bharat Heavy Electricals Ltd.		6,065,166			2,986
Larsen & Toubro Ltd.		23,740			419
					4,856
INFORMATION TECHNOLOGY 0.3%
HCL Technologies Ltd.		24,972			324
Infosys Ltd.		117,130			2,008
Oracle Financial Services Software Ltd.		9,560			421
Redington India Ltd.		236,450			429
Wipro Ltd.		211,227			1,119
					4,301
MATERIALS 4.6%
Grasim Industries Ltd.		26,723			340
Hindalco Industries Ltd.		2,352,173			7,771
Hindustan Zinc Ltd.		131,584			431
Jindal Steel & Power Ltd. (a)		2,806,628			10,276
JSW Steel Ltd.		1,080,788			5,744
National Aluminium Co. Ltd.		7,368,300			4,354
NMDC Ltd.		2,104,451			3,305
Steel Authority of India Ltd. (a)		4,916,447			5,003
Tata Chemicals Ltd.		154,765			1,013
Tata Steel Ltd.		2,056,286			18,167
Vedanta Ltd.		9,644,202			21,365
					77,769
UTILITIES 0.3%
Adani Power Ltd. (a)		528,500			360
GAIL India Ltd.		170,431			288
NHPC Ltd.		784,142			243

	SHARES			MARKET VALUE (000S)
NTPC Ltd.		538,112	$		733
Power Grid Corp. of India Ltd.		157,368			409
Reliance Infrastructure Ltd. (a)		883,498			324
Tata Power Co. Ltd.		2,544,345			2,637
					4,994
Total India					253,083
INDONESIA 0.9%
COMMUNICATION SERVICES 0.2%
Telkom Indonesia Persero Tbk PT		11,615,400			2,739
XL Axiata Tbk PT		1,357,900			264
					3,003
CONSUMER DISCRETIONARY 0.0%
Astra International Tbk PT		1,299,600			558
CONSUMER STAPLES 0.1%
Hanjaya Mandala Sampoerna Tbk PT		2,757,600			296
Indofood Sukses Makmur Tbk PT		918,700			448
					744
ENERGY 0.2%
Adaro Energy Tbk PT		17,783,100			1,812
Indo Tambangraya Megah Tbk PT		1,297,400			1,281
					3,093
FINANCIALS 0.2%
Bank Mandiri Persero Tbk PT		2,975,900			1,343
Bank Negara Indonesia Persero Tbk PT		2,116,500			932
Bank Rakyat Indonesia Persero Tbk PT		3,742,300			1,113
Bank Tabungan Negara Persero Tbk PT		1,712,500			210
					3,598
HEALTH CARE 0.0%
Kalbe Farma Tbk PT		4,037,900			425
MATERIALS 0.1%
Indocement Tunggal Prakarsa Tbk PT		627,300			647
Semen Indonesia Persero Tbk PT		602,600			533
					1,180
UTILITIES 0.1%
Perusahaan Gas Negara Tbk PT		16,049,000			1,893
Total Indonesia					14,494
MALAYSIA 1.2%
COMMUNICATION SERVICES 0.2%
Axiata Group Bhd.		447,300			416
Telekom Malaysia Bhd.		2,059,300			2,773
					3,189

	SHARES			MARKET VALUE (000S)
CONSUMER DISCRETIONARY 0.1%
DRB-Hicom Bhd.		528,700	$		274
Genting Bhd.		1,826,500			2,029
					2,303
CONSUMER STAPLES 0.0%
British American Tobacco Malaysia Bhd.		74,500			261
Felda Global Ventures Holdings Bhd.		1,435,600			458
					719
ENERGY 0.0%
Sapura Energy Bhd. (a)		6,034,400			188
FINANCIALS 0.5%
Alliance Bank Malaysia Bhd.		509,500			369
AMMB Holdings Bhd.		371,100			337
CIMB Group Holdings Bhd.		1,143,300			1,224
Hong Leong Financial Group Bhd.		143,500			646
Malayan Banking Bhd.		1,218,600			2,565
Public Bank Bhd.		177,000			908
RHB Bank Bhd.		1,044,700			1,418
					7,467
INDUSTRIALS 0.3%
AirAsia Group Bhd. (a)		15,555,800			3,442
IJM Corp. Bhd.		548,000			236
MISC Bhd.		208,200			356
Sime Darby Bhd.		440,300			254
					4,288
REAL ESTATE 0.0%
Sunway Bhd.		648,414			260
UTILITIES 0.1%
Tenaga Nasional Bhd.		626,000			1,624
YTL Corp. Bhd.		695,433			132
YTL Power International Bhd.		3,047,796			565
					2,321
Total Malaysia					20,735
MEXICO 4.2%
COMMUNICATION SERVICES 1.8%
America Movil S.A.B. de C.V.		35,372,580			25,757
Grupo Televisa S.A.B.		2,257,010			3,713
					29,470
CONSUMER DISCRETIONARY 0.0%
Alsea S.A.B. de C.V. (a)		201,600			262
Controladora Nemak S.A.B. de C.V. (a)		3,778,100			498
					760
CONSUMER STAPLES 0.5%
Coca-Cola Femsa S.A.B. de C.V. SP - ADR		19,643			906
Fomento Economico Mexicano, S.A.B. de C.V.		11,660			883
Gruma S.A.B. de C.V. ‘B’		164,295			1,956

36 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (Unaudited)

	SHARES			MARKET VALUE (000S)
Grupo Bimbo S.A.B. de C.V. ‘A’		1,008,100	$		2,190
Grupo Lala S.A.B. de C.V.		337,400			264
Industrias Bachoco S.A.B. de C.V.		74,100			279
Kimberly-Clark de Mexico S.A.B. de C.V. ‘A’		421,100			719
Wal-Mart de Mexico S.A.B. de C.V.		532,800			1,499
					8,696
FINANCIALS 0.1%
Gentera S.A.B. de C.V.		416,100			203
Grupo Financiero Banorte S.A.B. de C.V. ‘O’ (a)		177,400			980
Grupo Financiero Inbursa S.A.B. de C.V. ‘O’ (a)		1,018,500			1,027
					2,210
INDUSTRIALS 0.2%
Alfa S.A.B. de C.V. ‘A’		3,778,100			2,730
MATERIALS 1.6%
Cemex S.A.B. de C.V.		21,129,830			10,905
Cemex S.A.B. de C.V. SP - ADR		1,531,427			7,918
Grupo Mexico S.A.B. de C.V. ‘B’		1,127,700			4,767
Industrias Penoles S.A.B. de C.V. (a)		93,260			1,578
Orbia Advance Corp. S.A.B. de C.V.		432,900			1,017
					26,185
Total Mexico					70,051
PHILIPPINES 0.5%
COMMUNICATION SERVICES 0.3%
Globe Telecom, Inc.		17,740			751
PLDT, Inc.		164,535			4,594
					5,345
FINANCIALS 0.0%
Metropolitan Bank & Trust Co.		250,434			256
INDUSTRIALS 0.1%
Alliance Global Group, Inc.		4,620,200			1,020
DMCI Holdings, Inc.		2,658,300			313
International Container Terminal Services, Inc.		87,650			225
					1,558
UTILITIES 0.1%
Aboitiz Power Corp.		432,000			239
First Gen Corp.		583,200			342
Manila Electric Co.		18,450			112
					693
Total Philippines					7,852
POLAND 1.0%
COMMUNICATION SERVICES 0.1%
Orange Polska S.A. (a)		501,589			889
ENERGY 0.1%
Polski Koncern Naftowy ORLEN S.A.		49,159			761

	SHARES			MARKET VALUE (000S)
Polskie Gornictwo Naftowe i Gazownictwo S.A.		854,128	$		1,276
					2,037
FINANCIALS 0.4%
Alior Bank S.A. (a)		83,337			379
Bank Handlowy w Warszawie S.A. (a)		21,749			205
Bank Polska Kasa Opieki S.A.		244,727			4,020
Powszechna Kasa Oszczednosci Bank Polski S.A. (a)		111,534			861
Powszechny Zaklad Ubezpieczen S.A.		68,324			593
					6,058
INFORMATION TECHNOLOGY 0.0%
Asseco Poland S.A.		28,770			525
MATERIALS 0.2%
Jastrzebska Spolka Weglowa S.A. (a)(c)		294,162			2,055
KGHM Polska Miedz S.A. (a)		38,354			1,889
					3,944
UTILITIES 0.2%
Enea S.A.		130,882			230
PGE Polska Grupa Energetyczna S.A. (a)		900,249			1,573
Tauron Polska Energia S.A.		2,489,274			1,820
					3,623
Total Poland					17,076
RUSSIA 6.5%
COMMUNICATION SERVICES 0.9%
Mobile TeleSystems PJSC (c)		1,832,840			8,224
Rostelecom PJSC (c)		1,123,970			1,474
Sistema PJSC FC (c)		15,925,860			6,193
					15,891
CONSUMER STAPLES 0.6%
Magnit PJSC		120,472			9,249
X5 Retail Group NV GDR		29,505			1,066
					10,315
ENERGY 1.7%
Gazprom Neft PJSC		91,610			395
Gazprom Neft PJSC SP - ADR (c)		460			10
Gazprom PJSC		2,974,302			8,541
Gazprom PJSC SP - ADR		527,007			2,942
LUKOIL PJSC		76,730			5,342
Lukoil PJSC SP - ADR		94,457			6,424
Rosneft Oil Co. PJSC		158,581			935
Surgutneftegas OJSC SP - ADR (c)		280,873			1,298
Surgutneftegas PJSC		6,548,100			3,217
					29,104
FINANCIALS 0.2%
Sberbank of Russia PJSC		903,800			3,315
VTB Bank PJSC		1,502,550,000			772
					4,087

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 0.1%
Aeroflot PJSC (c)		617,760	$		597
Globaltrans Investment PLC GDR		54,260			324
					921
MATERIALS 2.2%
Alrosa PJSC		4,555,700			6,087
Magnitogorsk Iron & Steel Works PJSC		6,758,700			5,113
Mechel PJSC (a)		546,820			587
MMC Norilsk Nickel PJSC		18,560			5,948
MMC Norilsk Nickel PJSC ADR		100,570			3,135
Novolipetskiy Metallurgicheskiy Kombinat PAO		2,594,450			7,342
PhosAgro PJSC		5,385			229
PhosAgro PJSC GDR		45,620			622
Severstal PAO (c)		72,174			1,268
Severstal PAO		400,090			7,144
					37,475
REAL ESTATE 0.1%
LSR Group PJSC		83,729			984
UTILITIES 0.7%
Federal Grid Co. Unified Energy System PJSC (c)		667,130,000			2,010
Inter RAO UES PJSC		12,392,000			894
OGK-2 PJSC		101,941,000			1,008
Rosseti PJSC		108,627,012			2,587
RusHydro PJSC		354,721,000			3,771
Unipro PJSC (c)		21,463,000			811
					11,081
Total Russia					109,858
SOUTH AFRICA 3.8%
COMMUNICATION SERVICES 0.7%
MTN Group Ltd.		1,983,066			8,185
Telkom S.A. SOC Ltd.		1,224,593			2,559
Vodacom Group Ltd.		105,068			889
					11,633
CONSUMER DISCRETIONARY 0.3%
Motus Holdings Ltd.		308,309			1,175
Pepkor Holdings Ltd.		372,516			346
Truworths International Ltd.		650,603			1,631
Woolworths Holdings Ltd.		673,781			1,814
					4,966
CONSUMER STAPLES 0.3%
Massmart Holdings Ltd. (a)		98,846			283
Shoprite Holdings Ltd.		274,634			2,616
Tiger Brands Ltd.		144,653			2,049
					4,948
ENERGY 0.0%
Exxaro Resources Ltd.		37,414			354
FINANCIALS 1.1%
Absa Group Ltd.		397,100			3,246
African Phoenix Investments Ltd.		90,857			2

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 37

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

	SHARES			MARKET VALUE (000S)
FirstRand Ltd.		682,100	$		2,377
Investec Ltd.		165,754			413
Liberty Holdings Ltd.		243,724			1,038
Momentum Metropolitan Holdings		1,643,479			1,763
Nedbank Group Ltd.		359,538			3,175
Ninety One Ltd.		92,622			278
Sanlam Ltd.		114,168			456
Standard Bank Group Ltd.		683,266			5,918
					18,666
HEALTH CARE 0.3%
Aspen Pharmacare Holdings Ltd.		142,450			1,218
Life Healthcare Group Holdings Ltd.		410,630			469
Netcare Ltd.		3,526,248			2,999
					4,686
INDUSTRIALS 0.1%
Barloworld Ltd.		367,557			2,279
MATERIALS 1.0%
AngloGold Ashanti Ltd.		36,690			846
Gold Fields Ltd.		328,990			3,054
Gold Fields Ltd. SP - ADR		542,816			5,032
Kumba Iron Ore Ltd.		60,271			2,554
Sappi Ltd.		516,793			1,154
Sasol Ltd. (a)		292,091			2,657
Sibanye Stillwater Ltd.		197,634			797
					16,094
Total South Africa					63,626
SOUTH KOREA 19.1%
COMMUNICATION SERVICES 1.0%
KT Corp.		174,388			3,855
KT Corp. SP - ADR		581,544			6,403
LG Uplus Corp.		484,190			5,243
SK Telecom Co. Ltd.		4,025			884
SK Telecom Co. Ltd. SP - ADR		29,445			721
					17,106
CONSUMER DISCRETIONARY 5.2%
Hankook Tire & Technology Co. Ltd.		70,724			2,569
Hyundai Department Store Co. Ltd.		30,201			1,990
Hyundai Mobis Co. Ltd.		17,901			4,213
Hyundai Motor Co.		157,967			28,000
Hyundai Wia Corp.		14,132			698
Kia Motors Corp.		459,674			26,485
Kumho Tire Co., Inc. (a)		45,350			158
LG Electronics, Inc.		126,210			15,716
LOTTE Himart Co. Ltd.		68,289			1,962
Lotte Shopping Co. Ltd.		40,387			3,820
Mando Corp.		24,239			1,315
Shinsegae, Inc.		1,549			342
					87,268
CONSUMER STAPLES 0.5%
Amorepacific Corp.		19,568			990
CJ CheilJedang Corp.		2,317			814
E-MART, Inc.		32,904			4,595

	SHARES			MARKET VALUE (000S)
Hite Jinro Co. Ltd.		14,790	$		434
KT&G Corp.		22,970			1,759
					8,592
ENERGY 0.2%
GS Holdings Corp.		76,104			2,633
SK Gas Ltd.		2,968			286
SK Innovation Co. Ltd.		3,405			597
					3,516
FINANCIALS 2.2%
BNK Financial Group, Inc.		424,880			2,226
DB Insurance Co. Ltd.		54,193			2,184
DGB Financial Group, Inc.		91,433			573
Hana Financial Group, Inc.		73,107			2,328
Hanwha Life Insurance Co. Ltd.		1,555,258			3,502
Hyundai Marine & Fire Insurance Co. Ltd.		106,466			2,232
Industrial Bank of Korea		146,793			1,197
JB Financial Group Co. Ltd.		42,680			222
KB Financial Group, Inc.		130,854			5,197
Meritz Financial Group, Inc.		19,200			174
Meritz Fire & Marine Insurance Co. Ltd.		22,650			305
Samsung Card Co. Ltd.		42,511			1,272
Samsung Fire & Marine Insurance Co. Ltd.		13,594			2,348
Samsung Life Insurance Co. Ltd.		105,433			7,694
Shinhan Financial Group Co. Ltd.		187,339			5,559
					37,013
INDUSTRIALS 2.7%
Asiana Airlines, Inc. (a)		146,720			569
CJ Corp.		34,585			2,936
Daelim Industrial Co. Ltd.		13,928			1,064
Doosan Bobcat, Inc.		6,225			170
Doosan Co. Ltd.		33,090			1,599
Doosan Heavy Industries & Construction Co. Ltd. (a)		857,500			10,704
Doosan Infracore Co. Ltd. (a)(c)		462,491			3,379
Hanwha Corp.		241,115			6,297
Hyundai Engineering & Construction Co. Ltd.		154,215			5,325
Hyundai Glovis Co. Ltd.		984			167
KCC Corp.		3,300			601
Korean Air Lines Co. Ltd.		41,203			1,034
LG International Corp.		145,984			3,326
LS Corp.		39,925			2,631
Samsung C&T Corp.		20,324			2,587
SK Networks Co. Ltd.		493,014			2,206
					44,595
INFORMATION TECHNOLOGY 4.4%
LG Display Co. Ltd.		756,411			12,930
Samsung Electronics Co. Ltd.		770,093			57,507
SK Hynix, Inc.		38,875			4,246
					74,683
MATERIALS 1.9%
Dongkuk Steel Mill Co. Ltd.		123,026			921
Hanwha Chemical Corp.		30,670			1,356
Hyundai Steel Co.		151,793			5,548
Kolon Industries, Inc.		37,777			1,430

	SHARES			MARKET VALUE (000S)
Korea Petrochemical Ind Co. Ltd.		23,670	$		5,022
Lotte Chemical Corp.		9,579			2,439
OCI Co. Ltd.		4,380			376
POSCO		59,723			14,923
Taekwang Industrial Co. Ltd.		240			177
					32,192
UTILITIES 1.0%
Korea Electric Power Corp.		643,240			16,236
Korea Gas Corp.		9,728			277
					16,513
Total South Korea					321,478
TAIWAN 14.6%
COMMUNICATION SERVICES 0.2%
Chunghwa Telecom Co. Ltd.		452,000			1,754
Far EasTone Telecommunications Co. Ltd.		334,000			728
					2,482
CONSUMER DISCRETIONARY 0.4%
Cheng Shin Rubber Industry Co. Ltd.		813,000			1,277
Far Eastern Department Stores Ltd.		299,000			256
Formosa Taffeta Co. Ltd.		368,000			407
Pou Chen Corp.		2,755,000			3,082
Ruentex Industries Ltd.		247,000			613
Yulon Motor Co. Ltd.		193,516			324
					5,959
CONSUMER STAPLES 0.1%
Uni-President Enterprises Corp.		794,640			1,911
FINANCIALS 1.4%
Cathay Financial Holding Co. Ltd.		3,060,581			4,609
Chang Hwa Commercial Bank Ltd.		302,357			193
China Development Financial Holding Corp.		1,717,000			569
China Life Insurance Co. Ltd.		942,441			746
CTBC Financial Holding Co. Ltd.		3,007,000			2,111
E.Sun Financial Holding Co. Ltd.		385,208			351
First Financial Holding Co. Ltd.		633,800			482
Fubon Financial Holding Co. Ltd.		2,621,000			4,365
Hua Nan Financial Holdings Co. Ltd. ‘C’		603,542			392
Mega Financial Holding Co. Ltd.		1,671,658			1,774
Mercuries Life Insurance Co. Ltd. (a)		306,170			94
Shanghai Commercial & Savings Bank Ltd.		256,511			376
Shin Kong Financial Holding Co. Ltd.		7,982,764			2,511
SinoPac Financial Holdings Co. Ltd.		4,489,494			1,831
Taishin Financial Holding Co. Ltd.		608,474			287
Taiwan Business Bank		581,000			202
Taiwan Cooperative Financial Holding Co. Ltd.		549,465			398

38 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (Unaudited)

	SHARES			MARKET VALUE (000S)
Yuanta Financial Holding Co. Ltd.		3,463,360	$		2,537
					23,828
INDUSTRIALS 0.4%
China Airlines Ltd.		4,265,000			1,834
Eva Airways Corp.		2,453,686			1,152
Far Eastern New Century Corp.		749,520			773
Teco Electric and Machinery Co. Ltd.		553,000			545
Walsin Lihwa Corp.		2,778,000			1,913
					6,217
INFORMATION TECHNOLOGY 11.9%
Acer, Inc.		5,183,000			4,373
Asustek Computer, Inc.		1,523,000			13,601
AU Optronics Corp.		49,487,000			24,761
Catcher Technology Co. Ltd.		71,000			522
Chicony Electronics Co. Ltd.		175,225			538
Compal Electronics, Inc.		7,336,000			5,414
Delta Electronics, Inc.		316,000			2,963
Foxconn Technology Co. Ltd.		760,000			1,448
Hon Hai Precision Industry Co. Ltd.		5,606,316			18,383
Innolux Corp.		35,052,000			17,641
Inventec Corp.		6,793,000			5,811
Lite-On Technology Corp.		1,805,035			3,203
MediaTek, Inc.		262,000			6,987
Nanya Technology Corp.		94,000			291
Novatek Microelectronics Corp.		170,000			2,237
Pegatron Corp.		3,718,000			8,926
Powertech Technology, Inc.		674,000			2,283
Quanta Computer, Inc.		1,673,000			4,827
Synnex Technology International Corp.		648,650			1,087
Taiwan Semiconductor Manufacturing Co. Ltd.		1,714,195			32,428
United Microelectronics Corp.		20,769,000			34,929
Winbond Electronics Corp.		246,000			255
Wistron Corp.		3,888,515			4,302
WPG Holdings Ltd.		1,497,320			2,289
Zhen Ding Technology Holding Ltd.		257,000			1,046
					200,545
MATERIALS 0.2%
Asia Cement Corp.		150,000			231
China Steel Corp.		2,274,000			2,005
Formosa Chemicals & Fibre Corp.		149,000			450
Nan Ya Plastics Corp.		227,000			581
Taiwan Cement Corp.		327,051			503
					3,770
REAL ESTATE 0.0%
Farglory Land Development Co. Ltd.		129,000			259
Highwealth Construction Corp.		88,000			143
					402
Total Taiwan					245,114

	SHARES			MARKET VALUE (000S)
THAILAND 3.0%
COMMUNICATION SERVICES 0.0%
Advanced Info Service PCL		80,400	$		472
Total Access Communication PCL		224,500			249
					721
CONSUMER STAPLES 0.1%
Charoen Pokphand Foods PCL		1,535,800			1,371
Thai Union Group PCL ‘F’		1,357,300			617
					1,988
ENERGY 0.7%
Bangchak Corp. PCL		720,400			496
Banpu PCL (c)		2,973,100			1,092
Esso Thailand PCL (a)		1,600,300			395
IRPC PCL		2,351,500			292
PTT Exploration & Production PCL		295,600			970
PTT PCL		2,238,400			3,178
Star Petroleum Refining PCL		17,532,900			4,711
Thai Oil PCL		121,000			210
					11,344
FINANCIALS 1.1%
Bangkok Bank PCL		697,700			2,759
Kasikornbank PCL		894,400			3,372
Kiatnakin Bank PCL		207,100			358
Krung Thai Bank PCL		10,009,175			3,705
Siam Commercial Bank PCL		1,601,100			4,672
Thanachart Capital PCL		2,580,404			2,977
Tisco Financial Group PCL		160,900			475
TMB Bank PCL (c)		22,020,600			794
					19,112
INDUSTRIALS 0.8%
Delta Electronics Thailand PCL (c)		779,397			12,643
MATERIALS 0.3%
PTT Global Chemical PCL		1,051,200			2,053
Siam Cement PCL		176,500			2,227
					4,280
REAL ESTATE 0.0%
Pruksa Holding PCL		704,300			294
Total Thailand					50,382
TURKEY 2.3%
COMMUNICATION SERVICES 0.2%
Turk Telekomunikasyon A/S (c)		1,201,810			1,381
Turkcell Iletisim Hizmetleri A/S		646,892			1,397
					2,778
CONSUMER DISCRETIONARY 0.2%
Arcelik A/S (a)(c)		257,400			1,055
Tofas Turk Otomobil Fabrikasi A/S		487,891			2,227
Vestel Elektronik Sanayi ve Ticaret A/S (a)		114,316			324
					3,606

	SHARES			MARKET VALUE (000S)
CONSUMER STAPLES 0.1%
Anadolu Efes Biracilik Ve Malt Sanayii A/S		119,807	$		373
Migros Ticaret A/S (c)		94,079			542
					915
ENERGY 0.1%
Turkiye Petrol Rafinerileri A/S		75,390			1,094
FINANCIALS 1.5%
Akbank T.A.S.		4,707,435			4,366
Haci Omer Sabanci Holding A/S		5,123,770			7,892
Turkiye Garanti Bankasi A/S		3,893,520			5,430
Turkiye Halk Bankasi A/S (c)		3,592,560			2,688
Turkiye Is Bankasi ‘C’		3,240,990			3,049
Turkiye Vakiflar Bankasi TAO ‘D’ (c)		671,420			425
Yapi ve Kredi Bankasi A/S (a)(c)		4,097,852			1,698
					25,548
INDUSTRIALS 0.1%
AG Anadolu Grubu Holding A.S. (a)		125,033			444
Enka Insaat ve Sanayi A/S		422,390			419
KOC Holding A/S		174,700			496
TAV Havalimanlari Holding A/S (c)		92,881			266
Turk Hava Yollari AO (a)		470,050			817
Turkiye Sise ve Cam Fabrikalari A/S		222,303			219
					2,661
MATERIALS 0.1%
Eregli Demir ve Celik Fabrikalari TAS		1,142,577			2,293
UTILITIES 0.0%
Enerjisa Enerji A/S		240,593			405
Total Turkey					39,300
UNITED STATES 0.1%
CONSUMER DISCRETIONARY 0.1%
Nexteer Automotive Group Ltd.		810,000			872
Total United States					872
Total Common Stocks (Cost $1,209,249)					1,601,896
PREFERRED STOCKS 3.6%
BRAZIL 3.4%
BANKING & FINANCE 1.8%
Banco Bradesco S.A.		4,609,701			24,245
Banco do Estado do Rio Grande do Sul S.A.		678,100			1,913
Itau Unibanco Holding S.A.		799,689			4,894
					31,052
INDUSTRIALS 0.8%
Braskem S.A.		663,800			3,025
Gerdau S.A.		960,338			4,532
Metalurgica Gerdau S.A.		2,597,600			5,616
					13,173

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 39

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

	SHARES			MARKET VALUE (000S)
UTILITIES 0.8%
Cia de Transmissao de Energia Eletrica Paulista		49,900	$		268
Cia Energetica de Minas Gerais		1,745,186			4,921
Cia Energetica de Sao Paulo		370,300			2,073
Cia Paranaense de Energia		314,900			4,577
Petroleo Brasileiro S.A.		191,200			1,038
					12,877
Total Brazil					57,102
CHILE 0.1%
INDUSTRIALS 0.1%
Embotelladora Andina S.A.		253,006			651
Sociedad Quimica y Minera de Chile S.A.		27,750			1,352
					2,003
Total Chile					2,003
RUSSIA 0.1%
UTILITIES 0.1%
Bashneft PJSC		21,929			346
Transneft PJSC		817			1,557
					1,903
Total Russia					1,903
Total Preferred Stocks (Cost $45,519)					61,008
REAL ESTATE INVESTMENT TRUSTS 0.5%
MEXICO 0.1%
REAL ESTATE 0.1%
Fibra Uno Administracion S.A. de C.V.		652,300			738
Total Mexico					738

	SHARES			MARKET VALUE (000S)
SOUTH AFRICA 0.0%
REAL ESTATE 0.0%
Growthpoint Properties Ltd.		351,025	$		301
Resilient REIT Ltd.		2,546			7
					308
Total South Africa					308
TURKEY 0.4%
REAL ESTATE 0.4%
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S (c)		25,639,043			7,369
Total Turkey					7,369
Total Real Estate Investment Trusts (Cost $6,647)					8,415
RIGHTS 0.0%
CHILE 0.0%
UTILITIES 0.0%
AES Gener S.A.		1,207,256			13
Total Rights (Cost $0)					13
WARRANTS 0.1%
UNITED KINGDOM 0.1%
FINANCIALS 0.1%
HSBC Bank PLC - Exp. 10/04/2021		21,740			193
HSBC Bank PLC - Exp. 11/09/2021		87,800			670
HSBC Bank PLC - Exp. 12/06/2021		58,310			426
					1,289
Total Warrants (Cost $1,293)					1,289

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 0.2%
MUTUAL FUNDS 0.0%
REPURCHASE AGREEMENTS (e) 0.2%
			$		3,506
Total Short-Term Instruments (Cost $3,506)					3,506
Total Investments in Securities (Cost $1,266,214)					1,676,127
INVESTMENTS IN AFFILIATES 2.8%
SHORT-TERM INSTRUMENTS 2.8%
MUTUAL FUNDS 2.8%
PIMCO Government Money Market Fund
0.150% (b)(c)(d)		46,417,194			46,417
Total Short-Term Instruments (Cost $46,417)					46,417
Total Investments in Affiliates (Cost $46,417)					46,417
Total Investments 102.5% (Cost $1,312,631)			$		1,722,544
Other Assets and Liabilities, net (2.5)%					(41,785	)
Net Assets 100.0%			$		1,680,759

NOTES TO SCHEDULE OF INVESTMENTS:

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

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

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

(b) Institutional Class Shares of each Fund.

(c) Securities with an aggregate market value of $43,399 were out on loan in exchange for $47,553 of cash collateral as of December 31, 2020. The collateral was invested in a cash collateral reinvestment vehicle as described in Note 5 in the Notes to Financial Statements.

(d) Coupon represents a 7-Day Yield.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(e)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received
FICC		0.000	%		12/31/2020		01/04/2021	$	3,506	U.S. Treasury Bills 0.000% due 12/30/2021	$	(3,576	)	$	3,506	$	3,506
Total Repurchase Agreements											$	(3,576	)	$	3,506	$	3,506

40 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (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, 2020:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Securities Out on Loan		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(1)
Global/Master Repurchase Agreement
FICC	$	3,506	$	0	$	0	$	0	$	3,506	$	(3,576	)	$	(70	)
Master Securities Lending Agreement
BMO		0		0		0		3,470		3,470		(3,633	)		(163	)
BOS		0		0		0		187		187		(217	)		(30	)
FOB		0		0		0		1,888		1,888		(2,163	)		(275	)
GSC		0		0		0		23,965		23,965		(26,267	)		(2,302	)
MBC		0		0		0		1,552		1,552		(1,637	)		(85	)
MSC		0		0		0		1,742		1,742		(1,903	)		(161	)
SAL		0		0		0		7,767		7,767		(8,747	)		(980	)
UBS		0		0		0		2,828		2,828		(2,986	)		(158	)
Total Borrowings and Other Financing Transactions	$	3,506	$	0	$	0	$	43,399

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements

	Overnight and Continuous		Up to 30 days		31-90 days		Greater Than 90 days		Total
Securities Lending Transactions(2)
Common Stocks	$	41,949	$	0	$	0	$	0	$	41,949
Real Estate Investment Trusts		5,604		0		0		0		5,604
Total Borrowings	$	47,553	$	0	$	0	$	0	$	47,553
Payable for securities on loan - cash collateral									$	47,553

⁽¹⁾  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.

⁽²⁾ Includes cash collateral as described in Note 5 in the Notes to Financial Statements.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2020:

	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	$	(8	)	$	0	$	(8	)

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 41

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

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2020 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Investments in Securities, at Value
Common Stocks
Australia
Materials	$	0	$	681	$	0	$	681
Brazil
Communication Services		0		9,172		0		9,172
Consumer Discretionary		0		1,740		0		1,740
Consumer Staples		0		4,957		0		4,957
Energy		942		6,545		0		7,487
Financials		0		15,103		0		15,103
Health Care		0		1,239		0		1,239
Industrials		0		624		0		624
Information Technology		0		4,655		0		4,655
Materials		673		16,028		0		16,701
Utilities		0		3,299		0		3,299
Chile
Consumer Discretionary		0		550		0		550
Consumer Staples		212		2,372		0		2,584
Financials		546		1,161		0		1,707
Materials		2,006		0		0		2,006
Utilities		1,510		2,244		0		3,754
China
Communication Services		878		5,053		0		5,931
Consumer Discretionary		3,606		12,739		0		16,345
Consumer Staples		0		2,530		0		2,530
Energy		0		29,356		0		29,356
Financials		0		127,745		0		127,745
Health Care		0		2,984		0		2,984
Industrials		0		16,274		0		16,274
Information Technology		0		23,217		0		23,217
Materials		0		11,359		0		11,359
Real Estate		539		18,186		0		18,725
Utilities		0		1,697		0		1,697
Greece
Communication Services		0		1,681		0		1,681
Consumer Discretionary		0		993		0		993
Energy		0		407		0		407
Financials		758		7,656		0		8,414
Utilities		0		4,960		0		4,960
Hong Kong
Communication Services		0		15,304		0		15,304
Consumer Discretionary		0		174		0		174
Financials		0		5,900		0		5,900
Industrials		0		2,021		0		2,021
Materials		0		932		0		932
Real Estate		0		9,083		0		9,083
Utilities		0		5,684		0		5,684
India
Communication Services		0		3,272		0		3,272
Consumer Discretionary		0		67,141		0		67,141
Consumer Staples		0		309		0		309
Energy		0		46,029		0		46,029
Financials		0		35,835		666		36,501
Health Care		0		7,911		0		7,911
Industrials		0		4,856		0		4,856
Information Technology		0		4,301		0		4,301
Materials		0		77,769		0		77,769
Utilities		0		4,994		0		4,994
Indonesia
Communication Services		0		3,003		0		3,003
Consumer Discretionary		0		558		0		558
Consumer Staples		0		744		0		744
Energy		0		3,093		0		3,093
Financials		0		3,598		0		3,598
Health Care		0		425		0		425
Materials		0		1,180		0		1,180
Utilities		0		1,893		0		1,893

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Malaysia
Communication Services	$	0	$	3,189	$	0	$	3,189
Consumer Discretionary		0		2,303		0		2,303
Consumer Staples		0		719		0		719
Energy		0		188		0		188
Financials		0		7,467		0		7,467
Industrials		0		4,288		0		4,288
Real Estate		0		260		0		260
Utilities		0		2,321		0		2,321
Mexico
Communication Services		29,470		0		0		29,470
Consumer Discretionary		760		0		0		760
Consumer Staples		8,696		0		0		8,696
Financials		2,210		0		0		2,210
Industrials		2,730		0		0		2,730
Materials		26,185		0		0		26,185
Philippines
Communication Services		0		5,345		0		5,345
Financials		0		256		0		256
Industrials		0		1,558		0		1,558
Utilities		0		693		0		693
Poland
Communication Services		0		889		0		889
Energy		0		2,037		0		2,037
Financials		0		6,058		0		6,058
Information Technology		0		525		0		525
Materials		0		3,944		0		3,944
Utilities		0		3,623		0		3,623
Russia
Communication Services		0		15,891		0		15,891
Consumer Staples		0		10,315		0		10,315
Energy		28		29,076		0		29,104
Financials		0		4,087		0		4,087
Industrials		324		597		0		921
Materials		622		36,853		0		37,475
Real Estate		0		984		0		984
Utilities		0		11,081		0		11,081
South Africa
Communication Services		3,448		8,185		0		11,633
Consumer Discretionary		3,152		1,814		0		4,966
Consumer Staples		4,948		0		0		4,948
Energy		354		0		0		354
Financials		1,763		16,903		0		18,666
Health Care		2,999		1,687		0		4,686
Industrials		2,279		0		0		2,279
Materials		8,740		7,354		0		16,094
South Korea
Communication Services		7,124		9,982		0		17,106
Consumer Discretionary		0		87,268		0		87,268
Consumer Staples		0		8,592		0		8,592
Energy		0		3,516		0		3,516
Financials		0		37,013		0		37,013
Industrials		0		44,595		0		44,595
Information Technology		0		74,683		0		74,683
Materials		0		32,192		0		32,192
Utilities		0		16,513		0		16,513
Taiwan
Communication Services		0		2,482		0		2,482
Consumer Discretionary		0		5,959		0		5,959
Consumer Staples		0		1,911		0		1,911
Financials		0		23,828		0		23,828
Industrials		0		6,217		0		6,217
Information Technology		0		200,545		0		200,545
Materials		0		3,770		0		3,770
Real Estate		0		402		0		402

42 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (Unaudited)

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Thailand
Communication Services	$	0	$	721	$	0	$	721
Consumer Staples		0		1,988		0		1,988
Energy		0		11,344		0		11,344
Financials		0		19,112		0		19,112
Industrials		12,643		0		0		12,643
Materials		0		4,280		0		4,280
Real Estate		0		294		0		294
Turkey
Communication Services		1,381		1,397		0		2,778
Consumer Discretionary		324		3,282		0		3,606
Consumer Staples		542		373		0		915
Energy		0		1,094		0		1,094
Financials		1,698		23,850		0		25,548
Industrials		0		2,661		0		2,661
Materials		0		2,293		0		2,293
Utilities		405		0		0		405
United States
Consumer Discretionary		0		872		0		872
Preferred Stocks
Brazil
Banking & Finance		0		31,052		0		31,052
Industrials		0		13,173		0		13,173
Utilities		0		12,877		0		12,877
Chile
Industrials		651		1,352		0		2,003

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Russia
Utilities	$	0	$	1,903	$	0	$	1,903
Real Estate Investment Trusts
Mexico
Real Estate		738		0		0		738
South Africa
Real Estate		7		301		0		308
Turkey
Real Estate		0		7,369		0		7,369
Rights
Chile
Utilities		13		0		0		13
Warrants
United Kingdom
Financials		0		1,289		0		1,289
Short-Term Instruments
Repurchase Agreements		0		3,506		0		3,506
	$	135,904	$	1,539,557	$	666	$	1,676,127
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		46,417		0		0		46,417
Total Investments	$	182,321	$	1,539,557	$	666	$	1,722,544

There were no significant transfers into or out of Level 3 during the period ended December 31, 2020.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 43

Schedule of Investments PIMCO RAE Global Fund December 31, 2020 (Unaudited)

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 100.1%
MUTUAL FUNDS (a) 100.1%
UNITED STATES 100.1%
PIMCO RAE Emerging Markets Fund		4,273,938	$		42,697
PIMCO RAE International Fund		12,940,293			128,756
PIMCO RAE US Fund		11,296,269			131,827
Total Mutual Funds (Cost $250,166)					303,280
Total Investments in Affiliates (Cost $250,166)					303,280
Total Investments 100.1% (Cost $250,166)			$		303,280
Other Assets and Liabilities, net (0.1)%					(278	)
Net Assets 100.0%			$		303,002

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.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2020 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Mutual Funds
United States	$	303,280	$	0	$	0	$	303,280
Total Investments	$	303,280	$	0	$	0	$	303,280

There were no significant transfers into or out of Level 3 during the period ended December 31, 2020.

44 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAE Global ex-US Fund December 31, 2020 (Unaudited)

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

		MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 0.2%
SHORT-TERM INSTRUMENTS 0.2%
REPURCHASE AGREEMENTS (b) 0.2%
	$		136
Total Short-Term Instruments (Cost $136)			136
Total Investments in Securities (Cost $136)			136

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 99.8%
MUTUAL FUNDS (a) 99.8%
UNITED STATES 99.8%
PIMCO RAE Emerging Markets Fund		2,011,921	$		20,099
PIMCO RAE International Fund		6,089,906			60,595
Total Mutual Funds (Cost $75,564)					80,694
Total Investments in Affiliates (Cost $75,564)					80,694
Total Investments 100.0% (Cost $75,700)			$		80,830
Other Assets and Liabilities, net 0.0%					(13	)
Net Assets 100.0%			$		80,817

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
FICC		0.000	%		12/31/2020		01/04/2021	$	136	U.S. Treasury Bills 0.000% due 12/30/2021	$	(139	)	$	136	$	136
Total Repurchase Agreements											$	(139	)	$	136	$	136

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, 2020:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net  Exposure(1)
Global/Master Repurchase Agreement
FICC	$	136	$	0	$	0	$	136	$	(139	)	$	(3	)
Total Borrowings and Other Financing Transactions	$	136	$	0	$	0

⁽¹⁾   Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2020 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Investments in Securities, at Value
Short-Term Instruments
Repurchase Agreements	$	0	$	136	$	0	$	136
	$	0	$	136	$	0	$	136

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Investments in Affiliates, at Value
Mutual Funds
United States	$	80,694	$	0	$	0	$	80,694
Total Investments	$	80,694	$	136	$	0	$	80,830

There were no significant transfers into or out of Level 3 during the period ended December 31, 2020.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 45

Schedule of Investments PIMCO RAE International Fund

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 100.0%
COMMON STOCKS 99.1%
AUSTRALIA 6.5%
COMMUNICATION SERVICES 0.4%
Telstra Corp. Ltd.		1,986,539	$		4,562
CONSUMER DISCRETIONARY 0.4%
Crown Resorts Ltd.		147,917			1,101
Star Entertainment Grp Ltd.		74,555			212
Wesfarmers Ltd.		69,659			2,707
					4,020
CONSUMER STAPLES 0.7%
Coca-Cola Amatil Ltd.		78,658			784
Coles Group Ltd.		124,137			1,734
Metcash Ltd.		863,207			2,252
Woolworths Group Ltd.		109,588			3,322
					8,092
ENERGY 0.1%
Woodside Petroleum Ltd.		38,853			682
FINANCIALS 2.6%
AMP Ltd.		1,706,769			2,051
Australia & New Zealand Banking Group Ltd.		364,849			6,402
Bank of Queensland Ltd. (c)		68,090			407
Bendigo & Adelaide Bank Ltd.		90,082			649
Commonwealth Bank of Australia		113,352			7,205
Insurance Australia Group Ltd.		64,694			235
Macquarie Group Ltd.		13,215			1,410
National Australia Bank Ltd.		99,797			1,740
QBE Insurance Group Ltd.		65,210			425
Suncorp Group Ltd.		290,762			2,188
Westpac Banking Corp.		374,023			5,566
					28,278
HEALTH CARE 0.0%
Healius Ltd.		79,808			229
INDUSTRIALS 0.3%
Aurizon Holdings Ltd.		380,443			1,143
Brambles Ltd.		52,153			428
CIMIC Group Ltd.		14,716			277
Downer EDI Ltd.		156,438			643
Qantas Airways Ltd.		230,822			865
					3,356
MATERIALS 1.9%
BHP Group Ltd.		135,703			4,434
BHP Group PLC		65,209			1,722
Fortescue Metals Group Ltd.		280,771			5,071
Incitec Pivot Ltd.		331,346			583
Orica Ltd.		44,184			517
Rio Tinto Ltd.		89,963			7,911
					20,238
REAL ESTATE 0.0%
Lendlease Corp. Ltd.		31,185			315

	SHARES			MARKET VALUE (000S)
UTILITIES 0.1%
AGL Energy Ltd.		97,310	$		898
Total Australia					70,670
AUSTRIA 0.3%
FINANCIALS 0.0%
Erste Group Bank AG (a)		8,323			253
INDUSTRIALS 0.0%
Andritz AG		7,308			335
MATERIALS 0.3%
voestalpine AG		73,629			2,628
Total Austria					3,216
BELGIUM 0.9%
COMMUNICATION SERVICES 0.1%
Proximus SADP		33,849			669
CONSUMER STAPLES 0.3%
Anheuser-Busch InBev S.A. NV		27,770			1,937
Etablissements Franz Colruyt NV		16,864			999
					2,936
FINANCIALS 0.3%
Ageas S.A.		23,677			1,257
KBC Group NV		30,079			2,105
					3,362
HEALTH CARE 0.1%
UCB S.A.		16,450			1,699
INDUSTRIALS 0.0%
bpost S.A.		21,916			227
MATERIALS 0.1%
Solvay S.A.		9,589			1,131
Total Belgium					10,024
CANADA 4.8%
COMMUNICATION SERVICES 0.2%
BCE, Inc.		21,898			936
Corus Entertainment, Inc. ‘B’		65,570			221
TELUS Corp.		42,867			849
					2,006
CONSUMER DISCRETIONARY 1.6%
Canadian Tire Corp. Ltd. ‘A’		12,475			1,640
Magna International, Inc.		224,146			15,867
					17,507
CONSUMER STAPLES 0.2%
Empire Co. Ltd. ‘A’		18,450			504
George Weston Ltd.		18,643			1,393
Loblaw Cos. Ltd.		10,639			525
					2,422

	SHARES			MARKET VALUE (000S)
ENERGY 0.4%
ARC Resources Ltd.		223,404	$		1,053
Crescent Point Energy Corp.		595,799			1,390
MEG Energy Corp. (a)		70,541			247
Peyto Exploration & Development Corp.		91,972			211
Suncor Energy, Inc.		100,410			1,684
TC Energy Corp.		8,668			352
					4,937
FINANCIALS 1.1%
Bank of Montreal		11,753			894
Bank of Nova Scotia (c)		26,727			1,445
Brookfield Asset Management, Inc. ‘A’		10,978			454
Canadian Imperial Bank of Commerce (c)		7,403			632
CI Financial Corp. (c)		39,185			486
Great-West Lifeco, Inc. (e)		12,839			306
Manulife Financial Corp.		29,801			530
National Bank of Canada		12,809			721
Onex Corp.		7,301			419
Power Corp. of Canada (c)		100,554			2,309
Royal Bank of Canada		20,026			1,645
Sun Life Financial, Inc.		17,556			781
Toronto-Dominion Bank		30,799			1,740
					12,362
INDUSTRIALS 0.5%
Air Canada (a)		87,332			1,562
Canadian National Railway Co.		2,576			283
Canadian Pacific Railway Ltd.		1,625			564
Thomson Reuters Corp.		31,208			2,554
					4,963
MATERIALS 0.5%
Canfor Corp. (a)		43,564			786
Kinross Gold Corp.		64,124			471
Lundin Mining Corp.		31,507			280
Norbord, Inc.		20,618			890
Teck Resources Ltd. ‘B’		97,100			1,762
Turquoise Hill Resources Ltd. (a)		43,729			544
Yamana Gold, Inc.		86,122			492
					5,225
UTILITIES 0.3%
Atco Ltd. ‘I’		25,336			726
Canadian Utilities Ltd. ‘A’		21,834			533
Fortis, Inc.		5,262			215
Hydro One Ltd.		29,062			654
TransAlta Corp.		172,513			1,311
					3,439
Total Canada					52,861
DENMARK 0.8%
CONSUMER DISCRETIONARY 0.0%
Pandora A/S		4,119			461
CONSUMER STAPLES 0.1%
Carlsberg A/S ‘B’		4,725			757

46 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (Unaudited)

	SHARES			MARKET VALUE (000S)
FINANCIALS 0.2%
Danske Bank A/S		100,799	$		1,666
HEALTH CARE 0.0%
Novo Nordisk A/S ‘B’		4,982			348
INDUSTRIALS 0.5%
AP Moller - Maersk A/S ‘B’		993			2,210
ISS A/S (a)		133,156			2,290
Vestas Wind Systems A/S		2,504			592
					5,092
Total Denmark					8,324
FINLAND 0.7%
FINANCIALS 0.5%
Nordea Bank Abp (a)		722,682			5,923
INDUSTRIALS 0.0%
Kone Oyj ‘B’		6,278			512
INFORMATION TECHNOLOGY 0.1%
Nokia Oyj		153,665			593
MATERIALS 0.1%
Stora Enso Oyj ‘R’		12,839			246
UPM-Kymmene Oyj		24,595			917
					1,163
Total Finland					8,191
FRANCE 8.0%
COMMUNICATION SERVICES 0.6%
Bollore S.A.		64,632			268
Eutelsat Communications S.A.		22,746			257
Lagardere S.C.A. (c)		17,957			449
Orange S.A.		329,465			3,922
Publicis Groupe S.A.		7,614			379
Vivendi S.A.		35,310			1,139
					6,414
CONSUMER DISCRETIONARY 1.8%
Cie Generale des Etablissements Michelin S.C.A.		12,046			1,551
LVMH Moet Hennessy Louis Vuitton SE		1,761			1,102
Peugeot S.A. (a)		46,639			1,277
Renault S.A.		65,443			2,865
Sodexo S.A.		2,782			235
Valeo S.A.		318,985			12,582
					19,612
CONSUMER STAPLES 0.6%
Carrefour S.A.		217,661			3,727
Casino Guichard Perrachon S.A. (c)		63,327			1,947
Danone S.A.		8,628			568
					6,242
ENERGY 0.3%
Total SE		72,348			3,123

	SHARES			MARKET VALUE (000S)
FINANCIALS 0.7%
AXA S.A.		71,300	$		1,710
BNP Paribas S.A.		57,306			3,025
Credit Agricole S.A.		47,860			605
Natixis S.A.		269,206			922
SCOR SE		9,208			299
Societe Generale S.A. (a)		71,749			1,492
					8,053
HEALTH CARE 0.5%
Sanofi		52,550			5,093
INDUSTRIALS 1.9%
Air France-KLM (a)(c)		961,462			5,996
Alstom S.A.		13,731			782
Bouygues S.A.		17,622			725
Bureau Veritas S.A. (a)		8,312			222
Cie de Saint-Gobain (a)		80,687			3,711
Eiffage S.A. (a)		8,064			779
Rexel S.A.		283,111			4,468
Schneider Electric SE		25,821			3,732
Vinci S.A.		7,727			770
					21,185
INFORMATION TECHNOLOGY 0.1%
Atos SE (a)		4,516			412
Capgemini SE		2,632			410
					822
MATERIALS 0.0%
Air Liquide S.A.		1,271			208
Arkema S.A.		2,129			244
					452
UTILITIES 1.5%
Electricite de France S.A.		357,759			5,661
Engie S.A.		471,463			7,228
Suez S.A.		99,676			1,976
Veolia Environnement S.A.		65,353			1,611
					16,476
Total France					87,472
GERMANY 11.4%
COMMUNICATION SERVICES 0.5%
Deutsche Telekom AG		245,384			4,479
ProSiebenSat.1 Media SE (a)		22,306			375
Telefonica Deutschland Holding AG		130,983			361
					5,215
CONSUMER DISCRETIONARY 1.9%
adidas AG (a)		1,973			718
Bayerische Motoren Werke AG		66,514			5,870
Ceconomy AG		43,438			301
Continental AG		14,583			2,170
Daimler AG		151,794			10,759
Hella GmbH & Co. KGaA		7,240			468
Hugo Boss AG		10,340			343
TUI AG (c)		31,332			197
					20,826

	SHARES			MARKET VALUE (000S)
CONSUMER STAPLES 0.3%
Metro AG		248,058	$		2,786
Suedzucker AG		17,622			252
					3,038
FINANCIALS 1.9%
Commerzbank AG (a)		175,607			1,135
Deutsche Bank AG		1,153,251			12,685
Deutsche Pfandbriefbank AG		21,668			236
Hannover Rueck SE		3,780			602
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		17,021			5,057
Talanx AG		17,739			690
					20,405
HEALTH CARE 0.4%
Bayer AG		34,652			2,041
Fresenius Medical Care AG & Co. KGaA		11,748			980
Fresenius SE & Co. KGaA		26,929			1,245
					4,266
INDUSTRIALS 3.1%
Brenntag AG		10,327			803
Deutsche Lufthansa AG (c)		1,606,574			21,258
Deutsche Post AG		47,430			2,349
GEA Group AG		53,117			1,900
Hochtief AG		4,767			464
OSRAM Licht AG		23,297			1,481
Siemens AG		42,502			6,122
					34,377
INFORMATION TECHNOLOGY 0.1%
SAP SE		7,455			966
MATERIALS 2.6%
Aurubis AG		51,498			4,019
BASF SE		62,562			4,945
Covestro AG		224,569			13,836
Evonik Industries AG		74,126			2,423
HeidelbergCement AG		6,781			505
K+S AG		75,629			725
Lanxess AG		6,625			504
Salzgitter AG (a)		56,453			1,497
thyssenkrupp AG		55,708			552
					29,006
UTILITIES 0.6%
E.ON SE		294,890			3,266
RWE AG		68,148			2,883
					6,149
Total Germany					124,248
HONG KONG 2.1%
COMMUNICATION SERVICES 0.0%
PCCW Ltd.		767,306			462
CONSUMER DISCRETIONARY 0.2%
SJM Holdings Ltd.		609,000			683
Skyworth Group Ltd.		988,215			275

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 47

Schedule of Investments PIMCO RAE International Fund (Cont.)

	SHARES			MARKET VALUE (000S)
Yue Yuen Industrial Holdings Ltd.		611,000	$		1,273
					2,231
FINANCIALS 0.1%
Hang Seng Bank Ltd.		17,300			299
Hopson Development Holdings Ltd.		198,000			504
					803
INDUSTRIALS 0.2%
CK Hutchison Holdings Ltd.		154,000			1,075
Jardine Matheson Holdings Ltd.		5,800			324
MTR Corp. Ltd.		48,000			269
					1,668
INFORMATION TECHNOLOGY 0.8%
GCL-Poly Energy Holdings Ltd. (a)(c)		41,682,000			6,626
Kingboard Holdings Ltd.		294,000			1,240
Kingboard Laminates Holdings Ltd.		349,500			571
VTech Holdings Ltd.		56,000			435
					8,872
MATERIALS 0.0%
Lee & Man Paper Manufacturing Ltd.		282,000			231
REAL ESTATE 0.8%
CK Asset Holdings Ltd.		70,500			361
Hang Lung Group Ltd.		178,000			443
Hang Lung Properties Ltd.		317,000			835
Henderson Land Development Co. Ltd.		59,000			229
Hongkong Land Holdings Ltd.		185,500			766
Hysan Development Co. Ltd.		77,000			282
Kerry Properties Ltd.		228,000			577
New World Development Co. Ltd.		85,000			395
Shimao Property Holdings Ltd.		176,500			562
Sino Land Co. Ltd.		156,000			203
Sun Hung Kai Properties Ltd.		71,000			908
Swire Pacific Ltd. ‘A’		346,500			1,909
Wharf Holdings Ltd.		469,000			1,260
Wharf Real Estate Investment Co. Ltd.		42,000			218
					8,948
Total Hong Kong					23,215
IRELAND 0.9%
FINANCIALS 0.1%
Bank of Ireland Group PLC (a)		235,465			951
HEALTH CARE 0.5%
Medtronic PLC		44,955			5,266
INDUSTRIALS 0.1%
AerCap Holdings NV (a)		21,378			974
Experian PLC		12,738			484
					1,458

	SHARES			MARKET VALUE (000S)
MATERIALS 0.2%
CRH PLC		17,883	$		761
Smurfit Kappa Group PLC		19,850			922
					1,683
Total Ireland					9,358
ISRAEL 1.3%
COMMUNICATION SERVICES 0.1%
Bezeq The Israeli Telecommunication Corp. Ltd. (a)		1,663,715			1,654
ENERGY 0.0%
Oil Refineries Ltd. (a)		1,254,446			284
					284
FINANCIALS 0.2%
Bank Hapoalim BM		155,787			1,070
Bank Leumi Le-Israel BM		92,384			546
Israel Discount Bank Ltd. ‘A’		95,393			368
					1,984
HEALTH CARE 0.9%
Teva Pharmaceutical Industries Ltd. SP - ADR (a)		995,586			9,607
MATERIALS 0.1%
ICL Group Ltd.		139,850			714
Total Israel					14,243
ITALY 2.9%
COMMUNICATION SERVICES 0.2%
Telecom Italia SpA		6,225,770			2,890
ENERGY 0.2%
Eni SpA		200,995			2,098
FINANCIALS 1.3%
Assicurazioni Generali SpA		206,195			3,610
Banca Monte dei Paschi di Siena SpA (a)(c)		348,198			450
Banco BPM SpA (a)		342,590			760
Intesa Sanpaolo SpA		2,859,979			6,760
Poste Italiane SpA		87,604			896
UniCredit SpA		67,369			632
Unipol Gruppo Finanziario SpA (a)		194,567			935
UnipolSai Assicurazioni SpA		194,253			515
					14,558
INDUSTRIALS 0.1%
Atlantia SpA		11,595			209
Leonardo SpA		61,832			447
					656
UTILITIES 1.1%
Enel SpA		1,172,883			11,934
Total Italy					32,136

	SHARES			MARKET VALUE (000S)
JAPAN 27.1%
COMMUNICATION SERVICES 1.6%
Dentsu, Inc.		24,600	$		732
GungHo Online Entertainment, Inc.		43,730			979
KDDI Corp.		58,900			1,747
Nippon Telegraph & Telephone Corp.		285,600			7,328
Nippon Television Holdings, Inc.		15,700			171
SoftBank Group Corp.		76,800			5,962
Yahoo Japan Corp.		173,100			1,048
					17,967
CONSUMER DISCRETIONARY 6.0%
Aisin Seiki Co. Ltd.		21,700			651
Asics Corp.		15,800			304
Bandai Namco Holdings, Inc.		3,400			294
Bridgestone Corp. (c)		94,500			3,099
Casio Computer Co. Ltd.		36,700			672
DCM Holdings Co. Ltd.		45,300			518
Denso Corp.		9,500			565
EDION Corp.		55,100			560
Haseko Corp.		20,000			230
Honda Motor Co. Ltd.		80,800			2,280
Isetan Mitsukoshi Holdings Ltd.		132,600			786
Isuzu Motors Ltd.		279,100			2,657
J Front Retailing Co. Ltd.		24,900			197
K’s Holdings Corp.		41,500			578
KYB Corp.		11,300			259
Mazda Motor Corp.		202,200			1,354
Nikon Corp.		31,400			198
Nissan Motor Co. Ltd.		799,500			4,334
NOK Corp.		43,900			472
Panasonic Corp.		2,013,200			23,468
Sega Sammy Holdings, Inc.		18,700			295
Sekisui Chemical Co. Ltd.		36,200			686
Sekisui House Ltd.		133,500			2,720
Shimamura Co. Ltd.		9,200			967
Skylark Co. Ltd. (c)		13,700			212
Sony Corp.		11,300			1,139
Subaru Corp.		80,900			1,619
Sumitomo Electric Industries Ltd.		154,700			2,050
Sumitomo Forestry Co. Ltd.		23,700			496
Sumitomo Rubber Industries Ltd.		53,500			460
Suzuki Motor Corp.		100,200			4,645
Takashimaya Co. Ltd.		42,400			365
Toyota Motor Corp.		40,900			3,156
TS Tech Co. Ltd.		17,400			537
Yamada Denki Co. Ltd.		187,300			995
Yamaha Motor Co. Ltd.		40,600			829
Yokohama Rubber Co. Ltd.		31,400			468
					65,115
CONSUMER STAPLES 1.5%
Aeon Co. Ltd.		145,747			4,781
Ajinomoto Co., Inc.		65,700			1,489
Japan Tobacco, Inc.		111,856			2,280
Kewpie Corp.		15,600			344
Kirin Holdings Co. Ltd.		82,100			1,939
Matsumotokiyoshi Holdings Co. Ltd.		16,100			687
Megmilk Snow Brand Co. Ltd.		20,500			439
MEIJI Holdings Co. Ltd.		3,400			239
Morinaga Milk Industry Co. Ltd.		10,400			512
NH Foods Ltd.		16,400			722

48 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (Unaudited)

	SHARES			MARKET VALUE (000S)
Pola Orbis Holdings, Inc.		25,000	$		508
Sapporo Holdings Ltd. (c)		20,800			402
Seven & i Holdings Co. Ltd.		18,500			655
United Super Markets Holdings, Inc.		51,300			561
Yamazaki Baking Co. Ltd.		31,000			518
					16,076
ENERGY 0.2%
Cosmo Energy Holdings Co. Ltd.		22,300			397
Inpex Corp.		36,800			199
Iwatani Corp.		22,600			1,392
Japan Petroleum Exploration Co. Ltd.		12,000			219
JXTG Holdings, Inc.		59,000			212
					2,419
FINANCIALS 3.5%
AEON Financial Service Co. Ltd.		22,500			270
Chiba Bank Ltd.		97,800			540
Concordia Financial Group Ltd.		185,400			654
Credit Saison Co. Ltd.		31,100			358
Dai-ichi Life Holdings, Inc.		219,400			3,305
Daiwa Securities Group, Inc.		117,500			535
Gunma Bank Ltd.		155,800			481
Hachijuni Bank Ltd.		70,100			234
Hokuhoku Financial Group, Inc.		20,600			196
Japan Post Bank Co. Ltd.		109,000			896
Japan Post Holdings Co. Ltd.		297,400			2,317
Japan Post Insurance Co. Ltd.		33,000			677
Mitsubishi UFJ Financial Group, Inc.		1,706,400			7,555
Mizuho Financial Group, Inc.		339,500			4,309
MS&AD Insurance Group Holdings, Inc.		59,200			1,801
Nomura Holdings, Inc.		211,300			1,117
ORIX Corp.		98,700			1,518
Resona Holdings, Inc.		150,700			528
Shinsei Bank Ltd.		16,700			206
Shizuoka Bank Ltd.		28,200			207
Sompo Holdings, Inc.		34,400			1,395
Sumitomo Mitsui Financial Group, Inc.		162,300			5,031
Sumitomo Mitsui Trust Holdings, Inc.		19,800			611
Suruga Bank Ltd.		62,800			206
T&D Holdings, Inc.		51,800			613
Tokio Marine Holdings, Inc.		49,400			2,545
Yamaguchi Financial Group, Inc.		44,700			252
					38,357
HEALTH CARE 1.0%
Astellas Pharma, Inc.		413,200			6,398
Daiichi Sankyo Co. Ltd.		13,248			454
Eisai Co. Ltd.		13,900			994
H.U. Group Holdings, Inc.		7,900			213
Hoya Corp.		2,900			402
Nipro Corp.		19,800			233
Olympus Corp.		16,600			363
Otsuka Holdings Co. Ltd.		20,828			892
Suzuken Co. Ltd.		6,300			228
Takeda Pharmaceutical Co. Ltd.		14,300			518
Toho Holdings Co. Ltd.		23,800			418
					11,113

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 4.1%
Amada Co. Ltd.		59,600	$		656
ANA Holdings, Inc.		55,300			1,222
Asahi Glass Co. Ltd. (c)		34,600			1,210
Central Japan Railway Co.		2,300			325
Dai Nippon Printing Co. Ltd.		27,800			500
Daikin Industries Ltd.		3,200			712
East Japan Railway Co.		12,000			801
Ebara Corp.		9,600			314
FANUC Corp.		2,600			642
Fuji Electric Co. Ltd.		20,200			729
Fujikura Ltd.		243,600			1,124
Furukawa Electric Co. Ltd.		63,700			1,720
Glory Ltd.		11,700			236
GS Yuasa Corp.		48,900			1,407
Hankyu Hanshin Holdings, Inc.		5,900			196
Hino Motors Ltd.		66,500			568
IHI Corp.		30,900			615
ITOCHU Corp.		29,600			851
Japan Airlines Co. Ltd.		55,200			1,064
JTEKT Corp.		52,600			408
Kajima Corp.		42,200			566
Kawasaki Heavy Industries Ltd.		40,600			917
Kawasaki Kisen Kaisha Ltd. (a)		13,800			283
Kubota Corp.		73,100			1,597
LIXIL Group Corp.		80,500			1,746
Marubeni Corp.		61,400			409
Mitsubishi Corp.		49,500			1,220
Mitsubishi Electric Corp.		246,200			3,721
Mitsubishi Heavy Industries Ltd.		79,600			2,438
Mitsui & Co. Ltd.		54,300			996
Mitsui OSK Lines Ltd.		8,000			245
Nippon Express Co. Ltd.		33,400			2,247
Nippon Sheet Glass Co. Ltd.		51,000			236
Nippon Yusen KK		71,900			1,677
Nisshinbo Holdings, Inc.		72,600			531
NSK Ltd.		129,800			1,130
NTN Corp.		343,500			885
Obayashi Corp.		57,200			494
Shimizu Corp.		24,700			180
Sojitz Corp.		207,100			462
Sumitomo Corp.		106,100			1,406
Sumitomo Heavy Industries Ltd.		23,700			586
Taisei Corp.		9,100			314
Toppan Printing Co. Ltd.		46,300			654
Toshiba Corp.		42,800			1,199
Toyota Tsusho Corp.		31,100			1,258
West Japan Railway Co.		20,500			1,073
Yamato Holdings Co. Ltd.		47,500			1,213
					44,983
INFORMATION TECHNOLOGY 5.6%
Alps Electric Co. Ltd.		17,100			226
Brother Industries Ltd.		57,100			1,179
Canon Marketing Japan, Inc.		14,200			325
Canon, Inc. (c)		150,350			2,913
FUJIFILM Holdings Corp.		44,000			2,321
Fujitsu Ltd.		75,000			10,840
Hitachi Ltd.		519,000			20,485
Ibiden Co. Ltd.		31,000			1,449
Japan Display, Inc. (a)		547,000			239
Konica Minolta, Inc.		249,800			957
Kyocera Corp.		15,200			933
Mixi, Inc.		64,500			1,601

	SHARES			MARKET VALUE (000S)
Murata Manufacturing Co. Ltd.		2,700	$		244
NEC Corp.		15,100			811
Nippon Electric Glass Co. Ltd.		38,600			846
NTT Data Corp.		67,900			929
Omron Corp.		55,400			4,946
Renesas Electronics Corp. (a)		160,900			1,684
Ricoh Co. Ltd.		56,700			373
Rohm Co. Ltd.		9,000			872
SCREEN Holdings Co. Ltd.		6,700			494
Seiko Epson Corp.		93,500			1,389
TDK Corp.		5,000			754
Tokyo Electron Ltd.		9,800			3,661
Toshiba TEC Corp.		5,100			184
					60,655
MATERIALS 2.6%
Asahi Kasei Corp.		96,800			992
Daicel Corp.		74,900			548
DIC Corp. (c)		22,800			577
JFE Holdings, Inc.		104,900			1,007
JSR Corp.		27,500			767
Kaneka Corp.		18,300			641
Kobe Steel Ltd. (a)		292,100			1,564
Kuraray Co. Ltd.		35,500			378
Mitsubishi Chemical Holdings Corp.		308,900			1,871
Mitsubishi Gas Chemical Co., Inc.		11,500			264
Mitsubishi Materials Corp.		41,600			876
Mitsui Chemicals, Inc.		32,200			946
Mitsui Mining & Smelting Co. Ltd.		16,300			599
Nippon Light Metal Holdings Co. Ltd.		29,430			546
Nippon Steel Corp.		116,300			1,500
Nitto Denko Corp.		82,600			7,399
Oji Holdings Corp.		62,800			358
Shin-Etsu Chemical Co. Ltd.		8,800			1,545
Sumitomo Chemical Co. Ltd.		519,800			2,095
Taiheiyo Cement Corp.		24,800			621
Teijin Ltd.		29,500			555
Toray Industries, Inc.		98,600			585
Tosoh Corp.		53,700			839
Toyobo Co. Ltd.		36,000			482
UACJ Corp.		11,200			206
Ube Industries Ltd.		30,000			545
Zeon Corp.		25,900			372
					28,678
REAL ESTATE 0.2%
Daito Trust Construction Co. Ltd.		5,900			551
Daiwa House Industry Co. Ltd.		29,200			868
Nomura Real Estate Holdings, Inc.		24,000			532
Tokyo Tatemono Co. Ltd.		16,100			221
Tokyu Fudosan Holdings Corp.		48,200			258
					2,430
UTILITIES 0.8%
Chubu Electric Power Co., Inc.		145,800			1,759
Chugoku Electric Power Co., Inc.		65,100			764
Hokkaido Electric Power Co., Inc.		132,000			481
Hokuriku Electric Power Co.		84,688			552
Kansai Electric Power Co., Inc.		43,200			409
Kyushu Electric Power Co., Inc.		204,600			1,765
Tohoku Electric Power Co., Inc.		111,300			919

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 49

Schedule of Investments PIMCO RAE International Fund (Cont.)

	SHARES			MARKET VALUE (000S)
Tokyo Electric Power Co. Holdings, Inc. (a)		791,900	$		2,092
					8,741
Total Japan					296,534
LUXEMBOURG 3.5%
COMMUNICATION SERVICES 0.2%
Millicom International Cellular S.A.		24,029			945
RTL Group S.A. (a)		17,882			870
SES S.A.		22,096			207
					2,022
ENERGY 0.1%
Tenaris S.A.		126,926			1,029
MATERIALS 3.2%
ArcelorMittal S.A. (a)		1,534,167			35,086
Total Luxembourg					38,137
MACAU 0.1%
CONSUMER DISCRETIONARY 0.1%
Sands China Ltd.		142,800			623
Wynn Macau Ltd.		150,800			254
					877
Total Macau					877
NETHERLANDS 3.9%
COMMUNICATION SERVICES 0.2%
Koninklijke KPN NV		330,722			1,005
VEON Ltd. ADR		594,139			897
					1,902
CONSUMER STAPLES 0.4%
Heineken Holding NV		5,687			536
Koninklijke Ahold Delhaize NV		120,276			3,393
					3,929
ENERGY 1.4%
Royal Dutch Shell PLC ‘A’		882,347			15,532
FINANCIALS 0.3%
Aegon NV		311,890			1,244
ASR Nederland NV		16,823			673
ING Groep NV		131,673			1,224
NN Group NV		10,579			458
					3,599
HEALTH CARE 0.2%
Koninklijke Philips NV		37,512			2,021
INDUSTRIALS 0.9%
Randstad NV		15,190			983
Signify NV (a)		207,446			8,710
					9,693
INFORMATION TECHNOLOGY 0.4%
NXP Semiconductors NV		27,400			4,357

	SHARES			MARKET VALUE (000S)
MATERIALS 0.1%
Akzo Nobel NV		5,669	$		608
Koninklijke DSM NV		3,378			581
					1,189
Total Netherlands					42,222
NEW ZEALAND 0.4%
COMMUNICATION SERVICES 0.1%
Spark New Zealand Ltd.		192,666			653
INDUSTRIALS 0.1%
Air New Zealand Ltd.		607,457			790
MATERIALS 0.1%
Fletcher Building Ltd.		284,232			1,209
UTILITIES 0.1%
Contact Energy Ltd.		136,836			881
Meridian Energy Ltd.		117,547			629
					1,510
Total New Zealand					4,162
NORWAY 1.3%
COMMUNICATION SERVICES 0.2%
Telenor ASA		155,184			2,634
CONSUMER STAPLES 0.1%
Mowi ASA		9,028			201
Orkla ASA		53,110			539
					740
ENERGY 0.3%
Equinor ASA		168,540			2,845
FINANCIALS 0.0%
DNB ASA (a)		26,450			518
MATERIALS 0.7%
Norsk Hydro ASA		1,451,910			6,758
Yara International ASA		7,887			327
					7,085
Total Norway					13,822
PORTUGAL 0.4%
UTILITIES 0.4%
EDP - Energias de Portugal S.A.		681,055			4,275
Total Portugal					4,275
SINGAPORE 0.5%
COMMUNICATION SERVICES 0.1%
Singapore Telecommunications Ltd.		334,900			585
CONSUMER STAPLES 0.0%
Golden Agri-Resources Ltd.		2,530,300			304
FINANCIALS 0.2%
DBS Group Holdings Ltd.		33,810			640

	SHARES			MARKET VALUE (000S)
Oversea-Chinese Banking Corp. Ltd.		48,000	$		366
United Overseas Bank Ltd.		42,700			728
					1,734
INDUSTRIALS 0.2%
ComfortDelGro Corp. Ltd.		325,200			412
Keppel Corp. Ltd.		210,300			857
Sembcorp Industries Ltd.		287,100			371
Singapore Airlines Ltd.		226,700			736
					2,376
Total Singapore					4,999
SOUTH AFRICA 0.0%
FINANCIALS 0.0%
Investec PLC		81,385			209
Total South Africa					209
SPAIN 2.3%
COMMUNICATION SERVICES 0.4%
Telefonica S.A. (c)		1,107,937			4,407
CONSUMER DISCRETIONARY 0.0%
Gestamp Automocion S.A.		78,151			378
ENERGY 0.1%
Repsol S.A.		115,858			1,167
FINANCIALS 1.1%
Banco Bilbao Vizcaya Argentaria S.A.		872,952			4,327
Banco de Sabadell S.A.		1,281,341			554
Banco Santander S.A.		1,807,040			5,635
Bankia S.A.		592,218			1,054
Mapfre S.A.		273,643			535
					12,105
INDUSTRIALS 0.1%
ACS Actividades de Construccion Y Servicios S.A.		27,154			902
Ferrovial S.A.		12,920			358
					1,260
UTILITIES 0.6%
Acciona S.A. (c)		7,584			1,085
Endesa S.A. (c)		86,960			2,386
Iberdrola S.A.		83,938			1,206
Naturgy Energy Group S.A.		62,014			1,442
Red Electrica Corp. S.A.		10,575			217
					6,336
Total Spain					25,653
SWEDEN 1.0%
COMMUNICATION SERVICES 0.1%
Telia Co. AB		131,542			543
CONSUMER DISCRETIONARY 0.2%
Autoliv, Inc.		4,951			456
Electrolux AB ‘B’		24,639			574

50 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (Unaudited)

	SHARES			MARKET VALUE (000S)
Hennes & Mauritz AB ‘B’ (a)		66,080	$		1,387
					2,417
FINANCIALS 0.2%
Skandinaviska Enskilda Banken AB ‘A’ (a)		46,322			477
Svenska Handelsbanken AB ‘A’ (a)		31,193			315
Swedbank AB ‘A’ (a)		93,520			1,640
					2,432
INDUSTRIALS 0.5%
Atlas Copco AB ‘A’		34,464			1,771
Electrolux Professional AB (a)		10,540			60
Sandvik AB (a)		21,062			520
Skanska AB ‘B’		37,923			967
SKF AB ‘B’		59,548			1,549
Volvo AB ‘B’ (a)		18,731			443
					5,310
Total Sweden					10,702
SWITZERLAND 7.0%
COMMUNICATION SERVICES 0.1%
Swisscom AG		2,165			1,166
CONSUMER DISCRETIONARY 0.8%
Dufry AG (a)		4,186			264
Garmin Ltd.		6,172			738
Swatch Group AG		27,417			7,453
					8,455
CONSUMER STAPLES 1.1%
Nestle S.A.		102,350			12,099
FINANCIALS 1.8%
Baloise Holding AG		2,882			512
Credit Suisse Group AG		102,777			1,327
Helvetia Holding AG		3,983			421
Swiss Life Holding AG		5,669			2,644
Swiss Re AG		37,714			3,553
UBS Group AG		272,908			3,843
Zurich Insurance Group AG		16,871			7,110
					19,410
HEALTH CARE 1.5%
Novartis AG		76,811			7,232
Roche Holding AG		27,629			9,623
					16,855
INDUSTRIALS 0.9%
ABB Ltd.		151,359			4,245
Adecco Group AG		65,348			4,352
Kuehne + Nagel International AG		4,309			978
Siemens Energy AG (a)		26,977			989
					10,564
INFORMATION TECHNOLOGY 0.4%
STMicroelectronics NV		91,822			3,426
TE Connectivity Ltd.		7,678			929
					4,355

	SHARES			MARKET VALUE (000S)
MATERIALS 0.4%
Glencore PLC (a)		919,725	$		2,921
LafargeHolcim Ltd.		21,656			1,189
					4,110
Total Switzerland					77,014
UNITED KINGDOM 10.7%
COMMUNICATION SERVICES 0.8%
BT Group PLC		882,594			1,591
ITV PLC		365,886			533
Pearson PLC		93,701			860
Vodafone Group PLC		2,180,915			3,582
WPP PLC		249,070			2,699
					9,265
CONSUMER DISCRETIONARY 1.8%
Barratt Developments PLC		106,331			972
Berkeley Group Holdings PLC		10,472			677
Burberry Group PLC		29,806			728
Compass Group PLC		92,211			1,720
Dixons Carphone PLC		1,045,639			1,658
Fiat Chrysler Automobiles NV (a)		286,051			5,175
Inchcape PLC		123,148			1,084
Kingfisher PLC		711,856			2,630
Marks & Spencer Group PLC		2,133,072			3,957
Next PLC		2,445			236
Persimmon PLC		14,261			538
Taylor Wimpey PLC		224,838			509
William Hill PLC (a)		83,197			306
					20,190
CONSUMER STAPLES 1.0%
British American Tobacco PLC		91,849			3,411
Diageo PLC		28,011			1,108
Imperial Brands PLC		126,512			2,653
J Sainsbury PLC		166,926			513
Reckitt Benckiser Group PLC		4,950			442
Tate & Lyle PLC		23,212			214
Unilever PLC		42,474			2,559
					10,900
ENERGY 0.2%
BP PLC		247,125			853
Subsea 7 S.A.		110,462			1,135
					1,988
FINANCIALS 1.7%
Aviva PLC		739,231			3,288
Barclays PLC		814,384			1,634
Direct Line Insurance Group PLC		190,726			834
HSBC Holdings PLC		1,552,245			8,018
Legal & General Group PLC		109,565			399
Lloyds Banking Group PLC		1,754,041			874
Standard Chartered PLC		387,522			2,461
Standard Life Aberdeen PLC		226,411			868
Virgin Money UK PLC		143,985			265
					18,641
HEALTH CARE 0.5%
AstraZeneca PLC		35,532			3,543
GlaxoSmithKline PLC		102,810			1,881

	SHARES			MARKET VALUE (000S)
Smith & Nephew PLC		24,637	$		512
					5,936
INDUSTRIALS 1.3%
Aggreko PLC		27,288			234
Ashtead Group PLC		4,943			233
BAE Systems PLC		135,678			905
CNH Industrial NV (a)		94,871			1,193
easyJet PLC		52,993			601
Ferguson PLC		15,949			1,938
Firstgroup PLC (a)		179,915			183
G4S PLC		157,110			546
International Consolidated Airlines Group S.A.		63,225			138
Meggitt PLC		38,908			247
RELX PLC		14,851			363
Royal Mail PLC		1,472,383			6,786
Travis Perkins PLC		32,008			589
					13,956
INFORMATION TECHNOLOGY 0.0%
Capita PLC (a)		345,694			185
Sage Group PLC		23,204			184
					369
MATERIALS 2.1%
Anglo American PLC		32,022			1,058
DS Smith PLC (a)		48,960			250
Evraz PLC		95,470			610
Mondi PLC		43,368			1,016
Rio Tinto PLC		259,116			19,505
					22,439
UTILITIES 1.3%
Centrica PLC		12,444,820			7,897
National Grid PLC		268,443			3,172
SSE PLC		136,520			2,796
					13,865
Total United Kingdom					117,549
UNITED STATES 0.3%
CONSUMER DISCRETIONARY 0.1%
Carnival PLC		11,949			227
Samsonite International S.A.		201,000			357
					584
HEALTH CARE 0.2%
Bausch Health Cos., Inc. (a)		114,790			2,388
Total United States					2,972
Total Common Stocks (Cost $771,511)					1,083,085
PREFERRED STOCKS 0.3%
GERMANY 0.3%
INDUSTRIALS 0.3%
Henkel AG & Co. KGaA		6,017			679
Schaeffler AG (c)		164,879			1,377
Volkswagen AG		8,071			1,508
					3,564
Total Preferred Stocks (Cost $2,438)					3,564

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 51

Schedule of Investments PIMCO RAE International Fund (Cont.)

	SHARES			MARKET VALUE (000S)
REAL ESTATE INVESTMENT TRUSTS 0.4%
AUSTRALIA 0.1%
REAL ESTATE 0.1%
Mirvac Group		138,171	$		281
Scentre Group		99,436			213
Stockland		279,329			902
					1,396
Total Australia					1,396
CANADA 0.2%
REAL ESTATE 0.2%
Artis Real Estate Investment Trust		25,660			215
Cominar Real Estate Investment Trust (c)		74,496			475
H&R Real Estate Investment Trust		51,265			535
RioCan Real Estate Investment Trust		23,259			306
					1,531
Total Canada					1,531
FRANCE 0.1%
REAL ESTATE 0.1%
Unibail-Rodamco-Westfield		8,884			701
Total France					701

	SHARES			MARKET VALUE (000S)
HONG KONG 0.0%
REAL ESTATE 0.0%
Link REIT		30,800	$		280
Total Hong Kong					280
UNITED KINGDOM 0.0%
REAL ESTATE 0.0%
British Land Co. PLC		61,128			409
Total United Kingdom					409
Total Real Estate Investment Trusts (Cost $3,258)					4,317
RIGHTS 0.0%
SPAIN 0.0%
ENERGY 0.0%
Repsol S.A.		117,656			40
Total Rights (Cost $41)					40
WARRANTS 0.0%
SPAIN 0.0%
INDUSTRIALS 0.0%
Abengoa S.A. ‘B’ - Exp. 03/31/2025 «		226,011			0
Total Warrants (Cost $0)					0

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 0.2%
REPURCHASE AGREEMENTS (f) 0.2%
			$		1,829
Total Short-Term Instruments (Cost $1,829)					1,829
Total Investments in Securities (Cost $779,077)					1,092,835
INVESTMENTS IN AFFILIATES 4.2%
SHORT-TERM INSTRUMENTS 4.2%
MUTUAL FUNDS 4.2%
PIMCO Government Money Market Fund
0.150% (b)(c)(d)		45,927,071			45,927
Total Short-Term Instruments (Cost $45,927)					45,927
Total Investments in Affiliates (Cost $45,927)					45,927
Total Investments 104.2% (Cost $825,004)			$		1,138,762
Other Assets and Liabilities, net (4.2)%					(45,507	)
Net Assets 100.0%			$		1,093,255

NOTES TO SCHEDULE OF INVESTMENTS:

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

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

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

(b) Institutional Class Shares of each Fund.

(c) Securities with an aggregate market value of $41,532 were out on loan in exchange for $46,075 of cash collateral as of December 31, 2020. The collateral was invested in a cash collateral reinvestment vehicle as described in Note 5 in the Notes to Financial Statements.

(d) Coupon represents a 7-Day Yield.

(e)  RESTRICTED SECURITIES:

Issuer Description	Acquisition Date	Cost		Market Value		Market Value as Percentage of Net Assets
Great-West Lifeco, Inc.	03/12/2020 - 09/01/2020	$	215	$	306		0.03%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(f)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received
FICC		0.000	%		12/31/2020		01/04/2021	$	1,829	U.S. Treasury Bills 0.000% due 12/30/2021	$	(1,866	)	$	1,829	$	1,829
Total Repurchase Agreements											$	(1,866	)	$	1,829	$	1,829

52 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (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, 2020:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Securities Out on Loan		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net  Exposure(1)
Global/Master Repurchase Agreement
FICC	$	1,829	$	0	$	0	$	0	$	1,829	$	(1,866	)	$	(37	)
Master Securities Lending Agreement
BCY		0		0		0		1,873		1,873		(1,994	)		(121	)
BMO		0		0		0		1,737		1,737		(1,825	)		(88	)
BOS		0		0		0		1,237		1,237		(1,328	)		(91	)
BSN		0		0		0		2,543		2,543		(2,778	)		(235	)
FOB		0		0		0		2,825		2,825		(2,971	)		(146	)
GSC		0		0		0		7,948		7,948		(9,928	)		(1,980	)
MBC		0		0		0		842		842		(884	)		(42	)
MSC		0		0		0		4,873		4,873		(5,460	)		(587	)
SAL		0		0		0		15,593		15,593		(16,732	)		(1,139	)
UBS		0		0		0		2,061		2,061		(2,175	)		(114	)
Total Borrowings and Other Financing Transactions	$	1,829	$	0	$	0	$	41,532

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements

	Overnight and Continuous		Up to 30 days		31-90 days		Greater Than 90 days		Total
Securities Lending Transactions(2)
Preferred Securities	$	1,210	$	0	$	0	$	0	$	1,210
Common Stocks		44,717		0		0		0		44,717
Real Estate Investment Trusts		104		0		0		0		104
Rights		44		0		0		0		44
Total Borrowings	$	46,075	$	0	$	0	$	0	$	46,075
Payable for securities on loan - cash collateral									$	46,075

⁽¹⁾  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.

⁽²⁾ Includes cash collateral as described in Note 5 in the Notes to Financial Statements.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2020:

	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	$	13	$	0	$	13

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 53

Schedule of Investments PIMCO RAE International Fund (Cont.)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2020 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Investments in Securities, at Value
Common Stocks
Australia
Communication Services	$	0	$	4,562	$	0	$	4,562
Consumer Discretionary		0		4,020		0		4,020
Consumer Staples		0		8,092		0		8,092
Energy		0		682		0		682
Financials		0		28,278		0		28,278
Health Care		0		229		0		229
Industrials		0		3,356		0		3,356
Materials		0		20,238		0		20,238
Real Estate		0		315		0		315
Utilities		0		898		0		898
Austria
Financials		0		253		0		253
Industrials		0		335		0		335
Materials		0		2,628		0		2,628
Belgium
Communication Services		0		669		0		669
Consumer Staples		999		1,937		0		2,936
Financials		0		3,362		0		3,362
Health Care		0		1,699		0		1,699
Industrials		0		227		0		227
Materials		0		1,131		0		1,131
Canada
Communication Services		2,006		0		0		2,006
Consumer Discretionary		17,507		0		0		17,507
Consumer Staples		2,422		0		0		2,422
Energy		4,937		0		0		4,937
Financials		12,362		0		0		12,362
Industrials		4,963		0		0		4,963
Materials		5,225		0		0		5,225
Utilities		3,439		0		0		3,439
Denmark
Consumer Discretionary		0		461		0		461
Consumer Staples		0		757		0		757
Financials		0		1,666		0		1,666
Health Care		0		348		0		348
Industrials		0		5,092		0		5,092
Finland
Financials		0		5,923		0		5,923
Industrials		0		512		0		512
Information Technology		0		593		0		593
Materials		0		1,163		0		1,163
France
Communication Services		0		6,414		0		6,414
Consumer Discretionary		0		19,612		0		19,612
Consumer Staples		0		6,242		0		6,242
Energy		0		3,123		0		3,123
Financials		0		8,053		0		8,053
Health Care		0		5,093		0		5,093
Industrials		0		21,185		0		21,185
Information Technology		0		822		0		822
Materials		0		452		0		452
Utilities		0		16,476		0		16,476
Germany
Communication Services		0		5,215		0		5,215
Consumer Discretionary		769		20,057		0		20,826
Consumer Staples		0		3,038		0		3,038
Financials		0		20,405		0		20,405
Health Care		0		4,266		0		4,266
Industrials		1,481		32,896		0		34,377
Information Technology		0		966		0		966
Materials		1,497		27,509		0		29,006
Utilities		0		6,149		0		6,149
Hong Kong
Communication Services		0		462		0		462

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Consumer Discretionary	$	0	$	2,231	$	0	$	2,231
Financials		0		803		0		803
Industrials		0		1,668		0		1,668
Information Technology		0		8,872		0		8,872
Materials		0		231		0		231
Real Estate		0		8,948		0		8,948
Ireland
Financials		0		951		0		951
Health Care		5,266		0		0		5,266
Industrials		974		484		0		1,458
Materials		922		761		0		1,683
Israel
Communication Services		0		1,654		0		1,654
Energy		0		284		0		284
Financials		0		1,984		0		1,984
Health Care		9,607		0		0		9,607
Materials		0		714		0		714
Italy
Communication Services		0		2,890		0		2,890
Energy		0		2,098		0		2,098
Financials		0		14,558		0		14,558
Industrials		0		656		0		656
Utilities		0		11,934		0		11,934
Japan
Communication Services		0		17,967		0		17,967
Consumer Discretionary		0		65,115		0		65,115
Consumer Staples		0		16,076		0		16,076
Energy		0		2,419		0		2,419
Financials		0		38,357		0		38,357
Health Care		0		11,113		0		11,113
Industrials		0		44,983		0		44,983
Information Technology		0		60,655		0		60,655
Materials		0		28,678		0		28,678
Real Estate		0		2,430		0		2,430
Utilities		0		8,741		0		8,741
Luxembourg
Communication Services		0		2,022		0		2,022
Energy		0		1,029		0		1,029
Materials		0		35,086		0		35,086
Macau
Consumer Discretionary		0		877		0		877
Netherlands
Communication Services		897		1,005		0		1,902
Consumer Staples		536		3,393		0		3,929
Energy		0		15,532		0		15,532
Financials		0		3,599		0		3,599
Health Care		0		2,021		0		2,021
Industrials		0		9,693		0		9,693
Information Technology		4,357		0		0		4,357
Materials		0		1,189		0		1,189
New Zealand
Communication Services		0		653		0		653
Industrials		0		790		0		790
Materials		0		1,209		0		1,209
Utilities		0		1,510		0		1,510
Norway
Communication Services		0		2,634		0		2,634
Consumer Staples		201		539		0		740
Energy		0		2,845		0		2,845
Financials		0		518		0		518
Materials		0		7,085		0		7,085
Portugal
Utilities		0		4,275		0		4,275
Singapore
Communication Services		0		585		0		585
Consumer Staples		0		304		0		304
Financials		0		1,734		0		1,734

54 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (Unaudited)

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Industrials	$	0	$	2,376	$	0	$	2,376
South Africa
Financials		0		209		0		209
Spain
Communication Services		0		4,407		0		4,407
Consumer Discretionary		0		378		0		378
Energy		0		1,167		0		1,167
Financials		0		12,105		0		12,105
Industrials		0		1,260		0		1,260
Utilities		0		6,336		0		6,336
Sweden
Communication Services		0		543		0		543
Consumer Discretionary		456		1,961		0		2,417
Financials		0		2,432		0		2,432
Industrials		0		5,310		0		5,310
Switzerland
Communication Services		0		1,166		0		1,166
Consumer Discretionary		738		7,717		0		8,455
Consumer Staples		0		12,099		0		12,099
Financials		0		19,410		0		19,410
Health Care		0		16,855		0		16,855
Industrials		989		9,575		0		10,564
Information Technology		929		3,426		0		4,355
Materials		0		4,110		0		4,110
United Kingdom
Communication Services		0		9,265		0		9,265
Consumer Discretionary		5,175		15,015		0		20,190
Consumer Staples		1,195		9,705		0		10,900
Energy		0		1,988		0		1,988
Financials		0		18,641		0		18,641
Health Care		0		5,936		0		5,936
Industrials		0		13,956		0		13,956
Information Technology		0		369		0		369

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Materials	$	0	$	22,439	$	0	$	22,439
Utilities		0		13,865		0		13,865
United States
Consumer Discretionary		0		584		0		584
Health Care		2,388		0		0		2,388
Preferred Stocks
Germany
Industrials		1,377		2,187		0		3,564
Real Estate Investment Trusts
Australia
Real Estate		0		1,396		0		1,396
Canada
Real Estate		1,531		0		0		1,531
France
Real Estate		0		701		0		701
Hong Kong
Real Estate		0		280		0		280
United Kingdom
Real Estate		0		409		0		409
Rights
Spain
Energy		40		0		0		40
Short-Term Instruments
Repurchase Agreements		0		1,829		0		1,829
	$	95,185	$	997,650	$	0	$	1,092,835
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		45,927		0		0		45,927
Total Investments	$	141,112	$	997,650	$	0	$	1,138,762

There were no significant transfers into or out of Level 3 during the period ended December 31, 2020.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 55

Schedule of Investments PIMCO RAE US Fund

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 100.0%
COMMON STOCKS 98.9%
LUXEMBOURG 0.0%
MATERIALS 0.0%
Ternium S.A. SP - ADR (a)		7,834	$		228
Total Luxembourg					228
SWITZERLAND 0.0%
FINANCIALS 0.0%
Chubb Ltd.		902			139
Total Switzerland					139
UNITED KINGDOM 0.4%
COMMUNICATION SERVICES 0.3%
Liberty Global PLC (a)		89,916			2,127
CONSUMER DISCRETIONARY 0.0%
Capri Holdings Ltd. (a)		4,222			177
CONSUMER STAPLES 0.0%
Coca-Cola European Partners PLC		3,802			189
INDUSTRIALS 0.0%
Pentair PLC		3,438			183
MATERIALS 0.1%
Linde PLC		1,861			490
Total United Kingdom					3,166
UNITED STATES 98.5%
COMMUNICATION SERVICES 4.3%
Alphabet, Inc. ‘C’ (a)		536			939
Altice USA, Inc. ‘A’ (a)		36,177			1,370
AT&T, Inc.		77,243			2,222
CenturyLink, Inc.		198,461			1,935
Charter Communications, Inc. ‘A’ (a)		520			344
Comcast Corp. ‘A’		35,533			1,862
Facebook, Inc. ‘A’ (a)		398			109
Interpublic Group of Cos., Inc.		6,708			158
Liberty Latin America Ltd. ‘C’ (a)		10,591			117
Liberty Media Corp-Liberty SiriusXM ‘C’ (a)		41,716			1,815
News Corp. ‘A’		6,937			125
Omnicom Group, Inc.		19,694			1,228
T-Mobile US, Inc.		20,328			2,741
Telephone & Data Systems, Inc.		8,075			150
Verizon Communications, Inc.		179,868			10,567
ViacomCBS, Inc. ‘B’		111,911			4,170
Walt Disney Co.		22,796			4,130
					33,982
CONSUMER DISCRETIONARY 11.9%
Adient PLC (a)		40,490			1,408
Aramark		2,407			93
AutoNation, Inc. (a)		6,537			456
Bed Bath & Beyond, Inc. (c)		420,642			7,471
Best Buy Co., Inc.		46,364			4,627
Booking Holdings, Inc. (a)		67			149

	SHARES			MARKET VALUE (000S)
CarMax, Inc. (a)		1,796	$		170
Carnival Corp.		13,700			297
Carter’s, Inc.		967			91
Dick’s Sporting Goods, Inc.		14,135			794
Dillard’s, Inc. ‘A’ (c)		20,399			1,286
Dollar General Corp.		5,076			1,067
eBay, Inc.		143,316			7,202
Expedia Group, Inc.		9,566			1,266
Foot Locker, Inc.		24,797			1,003
Ford Motor Co.		374,482			3,292
GameStop Corp. ‘A’ (a)(c)		50,413			950
Gap, Inc.		65,458			1,322
General Motors Co.		55,707			2,320
Goodyear Tire & Rubber Co.		113,979			1,243
H&R Block, Inc.		6,149			97
Harley-Davidson, Inc.		3,484			128
Hasbro, Inc.		1,156			108
Home Depot, Inc.		8,654			2,299
International Game Technology PLC		10,989			186
Kohl’s Corp.		231,940			9,438
L Brands, Inc.		54,857			2,040
Las Vegas Sands Corp.		16,859			1,005
Lear Corp.		9,040			1,438
LKQ Corp. (a)		4,892			172
Lowe’s Cos., Inc.		37,541			6,026
Macy’s, Inc. (c)		304,996			3,431
Mattel, Inc. (a)		19,027			332
McDonald’s Corp.		8,037			1,725
MGM Resorts International		3,494			110
Mohawk Industries, Inc. (a)		726			102
Newell Brands, Inc.		17,926			380
NIKE, Inc. ‘B’		5,822			824
Nordstrom, Inc. (c)		83,454			2,605
NVR, Inc. (a)		19			77
O’Reilly Automotive, Inc. (a)		176			80
ODP Corp.		10,415			305
Penske Automotive Group, Inc.		1,292			77
Polaris, Inc.		1,118			106
PulteGroup, Inc.		18,662			805
PVH Corp.		1,809			170
Qurate Retail, Inc.		351,789			3,859
Ralph Lauren Corp.		1,157			120
Royal Caribbean Cruises Ltd.		2,536			189
Sally Beauty Holdings, Inc. (a)		16,750			218
Signet Jewelers Ltd.		19,635			535
Six Flags Entertainment Corp.		3,477			118
Starbucks Corp.		3,144			336
Tapestry, Inc.		6,476			201
Target Corp.		60,499			10,680
TJX Cos., Inc.		12,826			876
Urban Outfitters, Inc. (a)		3,791			97
Visteon Corp. (a)		26,758			3,359
Wendy’s Co.		5,796			127
Whirlpool Corp.		8,381			1,513
Williams-Sonoma, Inc.		913			93
Wyndham Destinations, Inc.		3,721			167
Yum! Brands, Inc.		14,148			1,536
					94,597
CONSUMER STAPLES 10.7%
Altria Group, Inc.		59,220			2,428
Archer-Daniels-Midland Co.		55,288			2,787
Bunge Ltd.		36,899			2,420

	SHARES			MARKET VALUE (000S)
Campbell Soup Co.		2,405	$		116
Coca-Cola Co.		93,590			5,132
Colgate-Palmolive Co.		27,666			2,366
Conagra Brands, Inc.		6,503			236
Costco Wholesale Corp.		3,473			1,308
General Mills, Inc.		22,334			1,313
Herbalife Nutrition Ltd. (a)		5,766			277
Hershey Co.		787			120
Ingredion, Inc.		8,740			688
JM Smucker Co.		2,618			303
Kellogg Co.		3,482			217
Kimberly-Clark Corp.		11,928			1,608
Kraft Heinz Co.		59,644			2,067
Kroger Co.		417,227			13,251
Molson Coors Brewing Co. ‘B’		16,260			735
Mondelez International, Inc. ‘A’		53,038			3,101
PepsiCo, Inc.		58,168			8,626
Philip Morris International, Inc.		63,304			5,241
Procter & Gamble Co.		104,828			14,586
Rite Aid Corp. (a)(c)		38,468			609
Spectrum Brands Holdings, Inc.		3,090			244
Sysco Corp.		12,009			892
Tyson Foods, Inc. ‘A’		2,732			176
U.S. Foods Holding Corp. (a)		23,594			786
Walgreens Boots Alliance, Inc.		43,407			1,731
Walmart, Inc.		84,711			12,211
					85,575
ENERGY 3.5%
Antero Resources Corp. (a)		132,585			723
Apache Corp.		84,553			1,200
Baker Hughes Co.		25,214			526
Chevron Corp.		19,796			1,672
ConocoPhillips		179,729			7,187
Exxon Mobil Corp.		145,538			5,999
Hess Corp.		2,018			106
HollyFrontier Corp.		87,549			2,263
Kinder Morgan, Inc.		19,842			271
Marathon Oil Corp.		295,008			1,968
Marathon Petroleum Corp.		6,183			256
Murphy Oil Corp.		34,516			418
Nabors Industries Ltd.		2,073			121
NOV, Inc.		19,796			272
Occidental Petroleum Corp.		36,280			628
PBF Energy, Inc. ‘A’		6,979			50
Phillips 66		19,794			1,384
Range Resources Corp.		81,191			544
Schlumberger NV		4,564			100
Transocean Ltd. (a)(c)		85,387			197
Valero Energy Corp.		31,366			1,774
Williams Cos., Inc.		7,801			156
World Fuel Services Corp.		10,732			334
					28,149
FINANCIALS 9.9%
Affiliated Managers Group, Inc.		1,326			135
Aflac, Inc.		32,729			1,455
Allstate Corp.		25,157			2,766
Ally Financial, Inc.		39,773			1,418
American Express Co.		6,101			738
American International Group, Inc.		182,764			6,919
Ameriprise Financial, Inc.		12,085			2,349
Aon PLC		568			120

56 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (Unaudited)

	SHARES			MARKET VALUE (000S)
Assurant, Inc.		823	$		112
Bank of America Corp.		59,962			1,817
Bank of New York Mellon Corp.		30,470			1,293
Berkshire Hathaway, Inc. ‘B’ (a)		6,384			1,480
BlackRock, Inc.		2,257			1,629
Brighthouse Financial, Inc. (a)		4,447			161
Capital One Financial Corp.		35,850			3,544
CIT Group, Inc.		33,470			1,202
Citigroup, Inc.		113,678			7,009
Citizens Financial Group, Inc.		12,056			431
CNO Financial Group, Inc.		12,106			269
Comerica, Inc.		2,582			144
Discover Financial Services		19,574			1,772
Equitable Holdings, Inc.		6,903			177
Fifth Third Bancorp		29,648			817
Franklin Resources, Inc.		220,261			5,504
Genworth Financial, Inc. ‘A’ (a)		188,480			712
Goldman Sachs Group, Inc.		5,594			1,475
Hartford Financial Services Group, Inc.		1,613			79
Invesco Ltd.		39,145			682
Jefferies Financial Group, Inc.		35,210			866
JPMorgan Chase & Co.		38,134			4,846
Lincoln National Corp.		10,785			543
Loews Corp.		19,303			869
MetLife, Inc.		62,628			2,940
Morgan Stanley		4,508			309
Navient Corp.		103,533			1,017
New York Community Bancorp, Inc.		15,879			168
Old Republic International Corp.		6,645			131
OneMain Holdings, Inc.		2,793			135
PNC Financial Services Group, Inc.		8,952			1,334
Principal Financial Group, Inc.		4,438			220
Prudential Financial, Inc.		6,608			516
Regions Financial Corp.		13,158			212
Santander Consumer USA Holdings, Inc.		6,832			150
State Street Corp.		8,895			647
Synchrony Financial		15,838			550
T Rowe Price Group, Inc.		1,090			165
Travelers Cos., Inc.		31,125			4,369
U.S. Bancorp		20,467			954
Unum Group		11,965			274
Voya Financial, Inc.		44,263			2,603
Wells Fargo & Co.		301,145			9,089
					79,116
HEALTH CARE 19.2%
AbbVie, Inc.		181,880			19,488
AmerisourceBergen Corp.		936			92
Amgen, Inc.		92,551			21,279
Anthem, Inc.		16,768			5,384
Biogen, Inc. (a)		12,448			3,048
Bristol-Myers Squibb Co.		42,299			2,624
Brookdale Senior Living, Inc. (a)		18,307			81
Cardinal Health, Inc.		24,984			1,338
Cigna Corp.		5,986			1,246
CVS Health Corp.		33,163			2,265
DaVita, Inc. (a)		29,445			3,457
Dentsply Sirona, Inc.		2,246			118
Eli Lilly & Co.		1,552			262
Gilead Sciences, Inc.		398,318			23,206
HCA Healthcare, Inc.		29,820			4,904
Henry Schein, Inc. (a)		1,747			117

	SHARES			MARKET VALUE (000S)
Humana, Inc.		10,935	$		4,486
Johnson & Johnson		61,664			9,705
McKesson Corp.		53,311			9,272
MEDNAX, Inc. (a)		8,342			205
Merck & Co., Inc.		97,397			7,967
Pfizer, Inc.		710,906			26,168
Quest Diagnostics, Inc.		4,589			547
Tenet Healthcare Corp. (a)		11,904			475
United Therapeutics Corp. (a)		801			122
UnitedHealth Group, Inc.		5,836			2,047
Universal Health Services, Inc. ‘B’		3,995			549
Viatris, Inc. (a)		109,393			2,050
					152,502
INDUSTRIALS 8.3%
3M Co.		14,628			2,557
AGCO Corp.		9,760			1,006
Alaska Air Group, Inc.		7,830			407
Allison Transmission Holdings, Inc.		2,579			111
American Airlines Group, Inc. (c)		61,627			972
Avis Budget Group, Inc. (a)		10,743			401
Boeing Co.		3,536			757
Carrier Global Corp.		7,765			293
Caterpillar, Inc.		9,065			1,650
CH Robinson Worldwide, Inc.		8,851			831
Colfax Corp. (a)		2,166			83
CSX Corp.		1,691			153
Cummins, Inc.		6,214			1,411
Deere & Co.		803			216
Delta Air Lines, Inc.		6,076			244
Dover Corp.		833			105
Eaton Corp. PLC		25,120			3,018
Emerson Electric Co.		27,004			2,170
Expeditors International of Washington, Inc.		7,049			670
FedEx Corp.		34,211			8,882
Fluor Corp.		209,235			3,341
Fortune Brands Home & Security, Inc.		2,375			204
General Dynamics Corp.		3,731			555
General Electric Co.		1,290,530			13,938
Honeywell International, Inc.		7,041			1,498
Howmet Aerospace, Inc.		4,000			114
Illinois Tool Works, Inc.		12,086			2,464
JetBlue Airways Corp. (a)		22,685			330
Johnson Controls International PLC		3,280			153
Lockheed Martin Corp.		792			281
Macquarie Infrastructure Corp.		3,169			119
ManpowerGroup, Inc.		37,836			3,412
Masco Corp.		1,741			96
Neilsen Holdings PLC		54,011			1,127
Norfolk Southern Corp.		1,742			414
Northrop Grumman Corp.		1,083			330
Otis Worldwide Corp.		3,882			262
Owens Corning		2,625			199
Pitney Bowes, Inc.		31,056			191
Quanta Services, Inc.		5,319			383
Raytheon Technologies Corp.		11,420			817
Robert Half International, Inc.		4,261			266
Ryder System, Inc.		6,560			405
Southwest Airlines Co.		20,375			950

	SHARES			MARKET VALUE (000S)
Spirit AeroSystems Holdings, Inc. ‘A’		79,420	$		3,105
Textron, Inc.		1,416			68
Union Pacific Corp.		16,174			3,368
United Airlines Holdings, Inc. (a)		2,768			120
United Rentals, Inc. (a)		1,149			266
Waste Management, Inc.		872			103
WW Grainger, Inc.		1,819			743
XPO Logistics, Inc. (a)		1,927			230
					65,789
INFORMATION TECHNOLOGY 24.4%
Activision Blizzard, Inc.		46,001			4,271
Alliance Data Systems Corp.		19,530			1,447
Amdocs Ltd.		8,978			637
Apple, Inc.		277,498			36,821
Applied Materials, Inc.		66,228			5,715
Arrow Electronics, Inc. (a)		14,773			1,437
Avnet, Inc.		33,054			1,161
Booz Allen Hamilton Holding Corp.		1,117			97
Cisco Systems, Inc.		443,076			19,828
Citrix Systems, Inc.		10,919			1,421
Cognizant Technology Solutions Corp. ‘A’		2,748			225
Corning, Inc.		108,618			3,910
Dell Technologies, Inc. ‘C’ (a)		8,300			608
DXC Technology Co.		89,861			2,314
Electronic Arts, Inc.		16,077			2,309
F5 Networks, Inc. (a)		4,000			704
Flex Ltd. (a)		75,308			1,354
Hewlett Packard Enterprise Co.		241,526			2,862
HP, Inc.		83,795			2,061
Intel Corp.		210,974			10,511
International Business Machines Corp.		112,712			14,188
Jabil, Inc.		33,111			1,408
Juniper Networks, Inc.		88,480			1,992
KLA Corp.		5,181			1,341
Lam Research Corp.		776			367
Leidos Holdings, Inc.		2,282			240
Micron Technology, Inc. (a)		52,956			3,981
Microsoft Corp.		75,195			16,725
Motorola Solutions, Inc.		1,454			247
NCR Corp. (a)		5,731			215
NetApp, Inc.		103,968			6,887
NortonLifeLock, Inc.		191,986			3,989
Oracle Corp.		131,027			8,476
Qorvo, Inc. (a)		5,387			896
QUALCOMM, Inc.		125,830			19,169
Seagate Technology PLC		61,700			3,835
Skyworks Solutions, Inc.		2,638			403
Teradata Corp. (a)		8,526			192
Texas Instruments, Inc.		22,495			3,692
Western Digital Corp.		99,125			5,491
Western Union Co.		20,097			441
					193,868
MATERIALS 2.0%
Alcoa Corp. (a)		90,764			2,092
DuPont de Nemours, Inc.		4,717			335
Eastman Chemical Co.		8,457			848
Huntsman Corp.		18,004			453
International Paper Co.		41,783			2,078

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 57

Schedule of Investments PIMCO RAE US Fund (Cont.)

	SHARES			MARKET VALUE (000S)
LyondellBasell Industries NV ‘A’		60,794	$		5,572
Mosaic Co.		53,885			1,240
Packaging Corp. of America		600			83
PPG Industries, Inc.		12,990			1,873
Reliance Steel & Aluminum Co.		7,356			881
Sealed Air Corp.		9,674			443
WestRock Co.		4,494			196
					16,094
REAL ESTATE 0.0%
Jones Lang LaSalle, Inc.		741			110
UTILITIES 4.3%
AES Corp.		133,663			3,141
Ameren Corp.		17,543			1,369
American Electric Power Co., Inc.		36,259			3,019
CenterPoint Energy, Inc.		13,808			299
CMS Energy Corp.		2,393			146
Consolidated Edison, Inc.		9,293			672
Dominion Energy, Inc.		3,453			260
DTE Energy Co.		1,562			190
Duke Energy Corp.		52,770			4,832
Edison International		8,388			527
Entergy Corp.		5,411			540
Eversource Energy		16,670			1,442
Exelon Corp.		136,559			5,765
FirstEnergy Corp.		17,966			550
NextEra Energy, Inc.		1,818			140
Pinnacle West Capital Corp.		10,562			844
PPL Corp.		75,162			2,120
Public Service Enterprise Group, Inc.		31,438			1,833

	SHARES			MARKET VALUE (000S)
Sempra Energy		950	$		121
Southern Co.		63,429			3,896
UGI Corp.		7,039			246
Vistra Corp.		10,208			201
WEC Energy Group, Inc.		3,618			333
Xcel Energy, Inc.		30,668			2,045
					34,531
Total United States					784,313
Total Common Stocks (Cost $557,269)					787,846
REAL ESTATE INVESTMENT TRUSTS 0.7%
UNITED STATES 0.7%
FINANCIALS 0.0%
Annaly Capital Management, Inc.		21,727			184
Starwood Property Trust, Inc.		4,419			85
					269
REAL ESTATE 0.7%
Brixmor Property Group, Inc.		5,578			92
Colony Capital, Inc.		28,639			138
CoreCivic, Inc.		11,615			76
Diversified Healthcare Trust		20,826			86
Host Hotels & Resorts, Inc.		31,239			457
Iron Mountain, Inc.		16,391			483
Macerich Co. (c)		6,345			68
Park Hotels & Resorts, Inc.		83,893			1,439
Service Properties Trust		9,865			113
SL Green Realty Corp.		1,874			112
Ventas, Inc.		28,514			1,398
VEREIT, Inc.		2,690			102

	SHARES			MARKET VALUE (000S)
Welltower, Inc.		1,868	$		121
Weyerhaeuser Co.		15,364			515
					5,200
Total Real Estate Investment Trusts (Cost $5,466)					5,469
SHORT-TERM INSTRUMENTS 0.4%
REPURCHASE AGREEMENTS (e) 0.4%
					2,951
Total Short-Term Instruments (Cost $2,951)					2,951
Total Investments in Securities (Cost $565,686)					796,266
INVESTMENTS IN AFFILIATES 1.8%
SHORT-TERM INSTRUMENTS 1.8%
MUTUAL FUNDS 1.8%
PIMCO Government Money Market Fund
0.150% (b)(c)(d)		14,270,242			14,270
Total Short-Term Instruments (Cost $14,270)					14,270
Total Investments in Affiliates (Cost $14,270)					14,270
Total Investments 101.8% (Cost $579,956)			$		810,536
Other Assets and Liabilities, net (1.8)%					(14,507	)
Net Assets 100.0%			$		796,029

NOTES TO SCHEDULE OF INVESTMENTS:

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

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

(b) Institutional Class Shares of each Fund.

(c) Securities with an aggregate market value of $13,982 were out on loan in exchange for $14,270 of cash collateral as of December 31, 2020. The collateral was invested in a cash collateral reinvestment vehicle as described in Note 5 in the Notes to Financial Statements.

(d) Coupon represents a 7-Day Yield.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(e)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received
FICC		0.000	%		12/31/2020		01/04/2021	$	2,951	U.S. Treasury Bills 0.000% due 12/30/2021	$	(3,010	)	$	2,951	$	2,951
Total Repurchase Agreements											$	(3,010	)	$	2,951	$	2,951

58 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (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, 2020:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Securities Out on Loan		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(1)
Global/Master Repurchase Agreement
FICC	$	2,951	$	0	$	0	$	0	$	2,951	$	(3,010	)	$	(59	)
Master Securities Lending Agreement
GSC		0		0		0		10,340		10,340		(10,552	)		(212	)
MSC		0		0		0		3,642		3,642		(3,718	)		(76	)
Total Borrowings and Other Financing Transactions	$	2,951	$	0	$	0	$	13,982

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements

	Overnight and Continuous		Up to 30 days		31-90 days		Greater Than 90 days		Total
Securities Lending Transactions(2)
Common Stocks	$	14,202	$	0	$	0	$	0	$	14,202
Real Estate Investment Trusts		68		0		0		0		68
Total Borrowings	$	14,270	$	0	$	0	$	0	$	14,270
Payable for securities on loan - cash collateral									$	14,270

⁽¹⁾  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.

⁽²⁾ Includes cash collateral as described in Note 5 in the Notes to Financial Statements.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2020 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Investments in Securities, at Value
Common Stocks
Luxembourg
Materials	$	228	$	0	$	0	$	228
Switzerland
Financials		139		0		0		139
United Kingdom
Communication Services		2,127		0		0		2,127
Consumer Discretionary		177		0		0		177
Consumer Staples		189		0		0		189
Industrials		183		0		0		183
Materials		490		0		0		490
United States
Communication Services		33,982		0		0		33,982
Consumer Discretionary		94,597		0		0		94,597
Consumer Staples		85,575		0		0		85,575
Energy		28,149		0		0		28,149
Financials		79,116		0		0		79,116
Health Care		152,502		0		0		152,502
Industrials		65,789		0		0		65,789

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Information Technology	$	193,868	$	0	$	0	$	193,868
Materials		16,094		0		0		16,094
Real Estate		110		0		0		110
Utilities		34,531		0		0		34,531
Real Estate Investment Trusts
United States
Financials		269		0		0		269
Real Estate		5,200		0		0		5,200
Short-Term Instruments
Repurchase Agreements		0		2,951		0		2,951
	$	793,315	$	2,951	$	0	$	796,266
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		14,270		0		0		14,270
Total Investments	$	807,585	$	2,951	$	0	$	810,536

There were no significant transfers into or out of Level 3 during the period ended December 31, 2020.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 59

Schedule of Investments PIMCO RAE US Small Fund

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.9%
COMMON STOCKS 92.1%
LUXEMBOURG 0.0%
MATERIALS 0.0%
Orion Engineered Carbons S.A.		7,593	$		130
Total Luxembourg					130
UNITED KINGDOM 0.3%
CONSUMER STAPLES 0.1%
Nomad Foods Ltd. (a)		8,868			226
FINANCIALS 0.2%
Janus Henderson Group PLC		39,399			1,281
INFORMATION TECHNOLOGY 0.0%
Cardtronics PLC ‘A’ (a)		2,107			74
MATERIALS 0.0%
Venator Materials PLC (a)		23,968			79
Total United Kingdom					1,660
UNITED STATES 91.8%
COMMUNICATION SERVICES 2.0%
AMC Entertainment Holdings, Inc. ‘A’ (c)		142,204			301
AMC Networks, Inc. ‘A’ (a)(c)		16,179			579
ATN International, Inc.		1,438			60
Cars.com, Inc. (a)		27,269			308
Cinemark Holdings, Inc. (c)		57,776			1,006
Clear Channel Outdoor Holdings, Inc. (a)		300,000			495
Cogent Communications Holdings, Inc.		2,139			128
Comscore, Inc. (a)		24,406			61
Consolidated Communications Holdings, Inc. (a)		38,181			187
Entercom Communications Corp. ‘A’		16,804			42
Gannett Co., Inc. (a)		25,291			85
Gray Television, Inc. (a)		5,565			100
iHeartMedia, Inc. ‘A’ (a)		63,092			819
Iridium Communications, Inc. (a)		5,572			219
John Wiley & Sons, Inc. ‘A’		24,495			1,118
Lions Gate Entertainment Corp. ‘A’ (a)		60,489			688
Marcus Corp.		4,083			55
Meredith Corp.		7,251			139
MSG Networks, Inc. ‘A’ (a)		4,103			60
NII Holdings, Inc.		22,836			47
Scholastic Corp.		15,130			378
Shenandoah Telecommunications Co.		1,835			79
Sinclair Broadcast Group, Inc. ‘A’		41,258			1,314
TEGNA, Inc.		120,266			1,678
TripAdvisor, Inc. (a)		24,998			719
TrueCar, Inc. (a)		11,065			46
Vonage Holdings Corp. (a)		14,029			181
Yelp, Inc. (a)		4,372			143
					11,035
CONSUMER DISCRETIONARY 17.6%
Aaron’s Co., Inc. (a)		12,213			232

	SHARES			MARKET VALUE (000S)
Abercrombie & Fitch Co. ‘A’		468,593	$		9,541
Acushnet Holdings Corp.		9,861			400
Adtalem Global Education, Inc. (a)		16,714			567
American Axle & Manufacturing Holdings, Inc. (a)		58,074			484
American Eagle Outfitters, Inc.		75,584			1,517
American Outdoor Brands, Inc. (a)		9,254			158
Asbury Automotive Group, Inc. (a)		19,601			2,857
At Home Group, Inc. (a)		8,256			128
Big Lots, Inc.		24,548			1,054
BJ’s Restaurants, Inc.		2,565			99
Bloomin’ Brands, Inc.		67,654			1,314
Boyd Gaming Corp.		7,235			311
Brinker International, Inc.		59,770			3,381
Buckle, Inc. (c)		42,728			1,248
Caesars Entertainment, Inc. (a)		1,391			103
Caleres, Inc.		9,592			150
Callaway Golf Co.		3,234			78
Camping World Holdings, Inc. ‘A’		3,868			101
Cavco Industries, Inc. (a)		266			47
Century Communities, Inc. (a)		1,766			77
Cheesecake Factory, Inc.		96,953			3,593
Chico’s FAS, Inc.		108,200			172
Children’s Place, Inc.		4,417			221
Churchill Downs, Inc.		5,903			1,150
Conn’s, Inc. (a)		8,303			97
Cooper Tire & Rubber Co.		47,300			1,916
Cooper-Standard Holding, Inc. (a)		10,940			379
Core-Mark Holding Co., Inc.		116,961			3,435
Cracker Barrel Old Country Store, Inc.		5,563			734
Crocs, Inc. (a)		2,384			149
Dana, Inc.		69,597			1,359
Dave & Buster’s Entertainment, Inc.		3,147			94
Deckers Outdoor Corp. (a)		7,278			2,087
Denny’s Corp. (a)		5,132			75
Designer Brands, Inc.		55,054			421
Dine Brands Global, Inc.		950			55
Dorman Products, Inc. (a)		2,222			193
Extended Stay America, Inc.		83,927			1,243
Floor & Decor Holdings, Inc. (a)		1,552			144
Fossil Group, Inc. (a)		51,053			443
frontdoor, Inc. (a)		4,367			219
G-III Apparel Group Ltd. (a)		19,946			474
Genesco, Inc. (a)		8,674			261
Gentherm, Inc. (a)		2,594			169
GoPro, Inc. ‘A’ (a)		15,066			125
Graham Holdings Co. ‘B’		2,272			1,212
Group 1 Automotive, Inc.		19,173			2,514
Groupon, Inc. (a)		24,164			918
Guess?, Inc.		29,813			674
Helen of Troy Ltd. (a)		8,351			1,855
Hilton Grand Vacations, Inc. (a)		35,494			1,113
Houghton Mifflin Harcourt Co. (a)		220,713			735
Installed Building Products, Inc. (a)		972			99
iRobot Corp. (a)		836			67
Jack in the Box, Inc.		62,146			5,767
KB Home		29,391			985
La-Z-Boy, Inc.		21,892			872
Laureate Education, Inc. ‘A’ (a)		8,903			130
LCI Industries		1,289			167
LGI Homes, Inc. (a)		974			103
Lithia Motors, Inc. ‘A’		4,853			1,420
M/I Homes, Inc. (a)		8,592			381
MDC Holdings, Inc.		18,897			918

	SHARES			MARKET VALUE (000S)
Meritage Homes Corp. (a)		16,774	$		1,389
Michaels Cos., Inc. (a)		47,324			616
Modine Manufacturing Co. (a)		8,280			104
Monro, Inc.		1,633			87
Movado Group, Inc.		3,517			58
Murphy USA, Inc.		17,631			2,307
National Vision Holdings, Inc. (a)		3,100			140
ODP Corp.		32,306			947
Oxford Industries, Inc.		1,837			120
Papa John’s International, Inc.		6,976			592
Party City Holdco, Inc. (a)		80,632			496
Penn National Gaming, Inc. (a)		17,518			1,513
Perdoceo Education Corp. (a)		4,355			55
Red Rock Resorts, Inc. ‘A’		9,629			241
Regis Corp. (a)		9,373			86
Rent-A-Center, Inc.		16,167			619
RH - Restoration Hardware Holdings, Inc. (a)		1,234			552
Scientific Games Corp. ‘A’ (a)		5,060			210
SeaWorld Entertainment, Inc. (a)		23,374			738
Signet Jewelers Ltd.		392,497			10,703
Sleep Number Corp. (a)		4,108			336
Smith & Wesson Brands, Inc.		11,992			213
Sonic Automotive, Inc. ‘A’		32,430			1,251
Stamps.com, Inc. (a)		949			186
Standard Motor Products, Inc.		1,177			48
Steven Madden Ltd.		19,400			685
Strategic Education, Inc.		417			40
Stride, Inc. (a)		4,079			87
Sturm Ruger & Co., Inc.		1,828			119
Taylor Morrison Home Corp. ‘A’ (a)		17,025			437
Tempur Sealy International, Inc. (a)		71,043			1,918
Tenneco, Inc. ‘A’ (a)		140,567			1,490
Thor Industries, Inc.		15,220			1,415
TopBuild Corp. (a)		1,759			324
TRI Pointe Group, Inc. (a)		50,122			865
Tupperware Brands Corp. (a)		66,159			2,143
Winnebago Industries, Inc.		1,145			69
Wolverine World Wide, Inc.		23,998			750
WW International, Inc. (a)		4,151			101
Zumiez, Inc. (a)		1,946			72
					97,107
CONSUMER STAPLES 8.8%
Andersons, Inc.		3,420			84
B&G Foods, Inc. (c)		104,605			2,901
BJ’s Wholesale Club Holdings, Inc. (a)		7,435			277
Boston Beer Co., Inc. ‘A’ (a)		1,272			1,265
Central Garden & Pet Co. ‘A’ (a)		6,072			221
Chefs’ Warehouse, Inc. (a)		1,649			42
Coca-Cola Consolidated, Inc.		313			83
Darling Ingredients, Inc. (a)		55,894			3,224
Edgewell Personal Care Co.		34,899			1,207
Energizer Holdings, Inc.		2,919			123
Flowers Foods, Inc.		85,670			1,939
Fresh Del Monte Produce, Inc.		28,268			680
Hain Celestial Group, Inc. (a)		29,648			1,190
Hostess Brands, Inc. (a)		8,725			128
Ingles Markets, Inc. ‘A’		13,702			584
Inter Parfums, Inc.		1,080			65
J&J Snack Foods Corp.		2,341			364
John B Sanfilippo & Son, Inc.		722			57
Lancaster Colony Corp.		3,013			554
National Beverage Corp. (c)		2,779			236

60 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (Unaudited)

	SHARES			MARKET VALUE (000S)
Nu Skin Enterprises, Inc. ‘A’		51,330	$		2,804
Performance Food Group Co. (a)		35,269			1,679
PriceSmart, Inc.		5,623			512
Rite Aid Corp. (a)(c)		1,247,906			19,754
Sanderson Farms, Inc.		7,645			1,011
SpartanNash Co.		13,383			233
Sprouts Farmers Market, Inc. (a)		29,794			599
TreeHouse Foods, Inc. (a)		20,347			864
United Natural Foods, Inc. (a)		55,138			881
Universal Corp.		31,875			1,549
USANA Health Sciences, Inc. (a)		5,321			410
Vector Group Ltd.		101,260			1,180
WD-40 Co.		391			104
Weis Markets, Inc.		39,628			1,895
					48,699
ENERGY 9.7%
Arch Resources, Inc.		56,237			2,462
Archrock, Inc.		37,549			325
Callon Petroleum Co. (a)(c)		3,672			48
Centennial Resource Development, Inc. (a)(c)		1,772,574			2,659
ChampionX Corp. (a)		4,613			71
CNX Resources Corp. (a)		70,180			758
CONSOL Energy, Inc. (a)		21,387			154
Delek U.S. Holdings, Inc.		18,680			300
Dril-Quip, Inc. (a)		12,001			356
Forum Energy Technologies, Inc. (a)		401			5
Green Plains, Inc. (a)		8,741			115
Helix Energy Solutions Group, Inc. (a)		28,817			121
Kosmos Energy Ltd.		25,107			59
Nabors Industries Ltd. (c)		213,125			12,410
Oceaneering International, Inc. (a)		751,828			5,977
Oil States International, Inc. (a)		12,626			63
Par Pacific Holdings, Inc. (a)		4,655			65
Patterson-UTI Energy, Inc.		986,926			5,191
PDC Energy, Inc. (a)		17,626			362
Peabody Energy Corp. (a)		36,877			89
QEP Resources, Inc.		46,433			111
Range Resources Corp.		615,621			4,125
Renewable Energy Group, Inc. (a)		41,982			2,973
SM Energy Co.		1,734,286			10,614
Southwestern Energy Co. (a)		1,221,017			3,639
Tidewater, Inc. (a)		5,696			49
U.S. Silica Holdings, Inc.		16,988			119
World Fuel Services Corp.		7,966			248
					53,468
FINANCIALS 10.9%
Affiliated Managers Group, Inc.		17,413			1,771
Ambac Financial Group, Inc. (a)		10,944			168
Amerant Bancorp, Inc. (a)		2,268			34
American Equity Investment Life Holding Co.		35,952			994
American National Group, Inc.		2,273			218
Ameris Bancorp		1,792			68
Amerisafe, Inc.		1,405			81
Artisan Partners Asset Management, Inc. ‘A’		22,004			1,108
Associated Banc-Corp.		41,539			708
Atlantic Union Bankshares Corp.		2,119			70
Axos Financial, Inc. (a)		2,643			99

	SHARES			MARKET VALUE (000S)
Banc of California, Inc.		2,962	$		44
BancFirst Corp.		1,051			62
BancorpSouth Bank		15,847			435
Bank of Hawaii Corp.		12,092			926
Bank OZK		21,485			672
BankUnited, Inc.		36,225			1,260
Banner Corp.		1,782			83
Berkshire Hills Bancorp, Inc.		3,419			59
BGC Partners, Inc. ‘A’		98,694			395
Blucora, Inc. (a)		3,404			54
Boston Private Financial Holdings, Inc.		6,792			57
Brookline Bancorp, Inc.		6,725			81
Bryn Mawr Bank Corp.		1,565			48
Cadence BanCorp		5,928			97
Camden National Corp.		1,278			46
Cannae Holdings, Inc. (a)		30,473			1,349
Capitol Federal Financial, Inc.		58,231			728
Cathay General Bancorp		18,206			586
Central Pacific Financial Corp.		4,788			91
City Holding Co.		911			63
Cohen & Steers, Inc.		6,144			457
Columbia Banking System, Inc.		13,441			483
Community Bank System, Inc.		8,489			529
Community Trust Bancorp, Inc.		2,033			75
Customers Bancorp, Inc. (a)		3,783			69
CVB Financial Corp.		4,746			93
Dime Community Bancshares, Inc.		2,591			41
Eagle Bancorp, Inc.		1,847			76
Employers Holdings, Inc.		1,755			56
Encore Capital Group, Inc. (a)		1,967			77
Enova International, Inc. (a)		3,473			86
Essent Group Ltd.		1,651			71
Evercore, Inc. ‘A’		16,401			1,798
FBL Financial Group, Inc. ‘A’		4,340			228
Federal Agricultural Mortgage Corp. ‘C’		587			44
Federated Investors, Inc. ‘B’		36,250			1,047
First Bancorp		1,449			49
First Busey Corp.		2,859			62
First Commonwealth Financial Corp.		5,644			62
First Financial Bancorp		2,408			42
First Financial Bankshares, Inc.		2,945			107
First Hawaiian, Inc.		41,456			978
First Interstate BancSystem, Inc. ‘A’		4,337			177
First Merchants Corp.		1,745			65
First Midwest Bancorp, Inc.		12,534			200
FirstCash, Inc.		6,411			449
Flagstar Bancorp, Inc.		10,054			410
Flushing Financial Corp.		3,277			55
FNB Corp.		96,125			913
Fulton Financial Corp.		81,223			1,033
Glacier Bancorp, Inc.		5,827			268
Great Southern Bancorp, Inc.		1,564			76
Great Western Bancorp, Inc.		20,345			425
Green Dot Corp. ‘A’ (a)		2,001			112
Hancock Holding Co.		21,278			724
Hanmi Financial Corp.		3,954			45
Heartland Financial USA, Inc.		1,693			68
Hercules Capital, Inc.		6,289			91
Heritage Financial Corp.		2,148			50
Hilltop Holdings, Inc.		44,462			1,223
Home BancShares, Inc.		15,472			301
HomeStreet, Inc.		2,826			95
Hope Bancorp, Inc.		37,806			412

	SHARES			MARKET VALUE (000S)
Horace Mann Educators Corp.		2,842	$		119
Houlihan Lokey, Inc.		5,351			360
Independent Bank Corp.		1,010			74
International Bancshares Corp.		16,671			624
Investors Bancorp, Inc.		89,969			950
Lakeland Bancorp, Inc.		4,771			61
Lakeland Financial Corp.		786			42
MBIA, Inc. (a)		35,107			231
Mercury General Corp.		7,607			397
Meridian Bancorp, Inc.		2,911			43
Meta Financial Group, Inc.		1,178			43
Moelis & Co. ‘A’		6,364			298
National Bank Holdings Corp. ‘A’		1,774			58
National General Holdings Corp.		6,263			214
National Western Life Group, Inc. ‘A’		212			44
NBT Bancorp, Inc.		3,290			106
Nelnet, Inc. ‘A’		9,251			659
Northfield Bancorp, Inc.		4,817			59
Northwest Bancshares, Inc.		41,059			523
Old National Bancorp		18,739			310
Pacific Premier Bancorp, Inc.		2,340			73
Park National Corp.		1,225			129
PennyMac Financial Services, Inc.		6,125			402
Peoples Bancorp, Inc.		1,861			50
Piper Jaffray Cos.		1,470			148
PRA Group, Inc. (a)		19,745			783
ProAssurance Corp.		46,741			832
PROG Holdings, Inc.		27,404			1,476
Provident Financial Services, Inc.		5,340			96
Radian Group, Inc.		37,372			757
Renasant Corp.		3,055			103
RLI Corp.		7,628			794
S&T Bancorp, Inc.		1,709			42
Safety Insurance Group, Inc.		897			70
Sandy Spring Bancorp, Inc.		2,619			84
Seacoast Banking Corp. of Florida (a)		2,266			67
Selective Insurance Group, Inc.		7,917			530
Simmons First National Corp. ‘A’		3,094			67
South State Corp.		6,495			470
Southside Bancshares, Inc.		1,989			62
Sterling Bancorp		7,441			134
Stewart Information Services Corp.		34,075			1,648
Stock Yards Bancorp, Inc.		972			39
TCF Financial Corp.		7,551			280
Texas Capital Bancshares, Inc. (a)		2,147			128
Tompkins Financial Corp.		1,185			84
Towne Bank		4,357			102
TrustCo Bank Corp.		6,974			47
Trustmark Corp.		24,336			665
UMB Financial Corp.		9,642			665
Umpqua Holdings Corp.		103,181			1,562
United Bankshares, Inc.		23,838			772
United Community Banks, Inc.		3,739			106
United Fire Group, Inc.		3,503			88
Universal Insurance Holdings, Inc.		3,281			50
Univest Financial Corp.		2,052			42
Valley National Bancorp		21,890			213
Virtus Investment Partners, Inc.		320			69
Waddell & Reed Financial, Inc. ‘A’		417,531			10,635
Walker & Dunlop, Inc.		1,779			164
Washington Federal, Inc.		44,684			1,150
Washington Trust Bancorp, Inc.		989			44
WesBanco, Inc.		2,931			88

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 61

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

	SHARES			MARKET VALUE (000S)
Westamerica Bancorporation		1,335	$		74
White Mountains Insurance Group Ltd.		1,979			1,980
Wintrust Financial Corp.		10,731			656
World Acceptance Corp. (a)		1,645			168
WSFS Financial Corp.		1,978			89
					60,169
HEALTH CARE 8.6%
Acadia Healthcare Co., Inc. (a)		56,509			2,840
Acorda Therapeutics, Inc. (a)(c)		30,919			21
Allscripts Healthcare Solutions, Inc. (a)		93,925			1,356
Amedisys, Inc. (a)		4,126			1,210
AMN Healthcare Services, Inc. (a)		3,206			219
Amneal Pharmaceuticals, Inc. (a)		10,285			47
AngioDynamics, Inc. (a)		5,145			79
Avanos Medical, Inc. (a)		5,076			233
Cantel Medical Corp.		1,020			80
CONMED Corp.		1,423			159
Covetrus, Inc. (a)		145,533			4,183
Emergent BioSolutions, Inc. (a)		1,828			164
Ensign Group, Inc.		1,410			103
Haemonetics Corp. (a)		2,423			288
Hanger, Inc. (a)		6,970			153
HMS Holdings Corp. (a)		1,268			47
Inovalon Holdings, Inc. ‘A’ (a)		3,644			66
Integer Holdings Corp. (a)		1,045			85
LHC Group, Inc. (a)		519			111
Luminex Corp.		2,739			63
Magellan Health, Inc. (a)		25,761			2,134
MEDNAX, Inc. (a)		156,002			3,828
Medpace Holdings, Inc. (a)		1,030			143
Meridian Bioscience, Inc. (a)		5,857			110
Merit Medical Systems, Inc. (a)		2,195			122
Myriad Genetics, Inc. (a)		185,146			3,661
National HealthCare Corp.		6,440			428
Natus Medical, Inc. (a)		2,406			48
Neogen Corp. (a)		946			75
NextGen Healthcare, Inc. (a)		4,762			87
NuVasive, Inc. (a)		3,127			176
Omnicell, Inc. (a)		689			83
OPKO Health, Inc. (a)(c)		137,126			542
Orthofix Medical, Inc. (a)		1,133			49
Patterson Cos., Inc.		402,634			11,930
Prestige Consumer Healthcare, Inc. (a)		7,039			245
RadNet, Inc. (a)		3,231			63
Repligen Corp. (a)		384			74
Select Medical Holdings Corp. (a)		40,345			1,116
Syneos Health, Inc. (a)		11,088			755
Tivity Health, Inc. (a)		3,454			68
U.S. Physical Therapy, Inc.		616			74
United Therapeutics Corp. (a)		67,423			10,234
Varex Imaging Corp. (a)		2,860			48
					47,600
INDUSTRIALS 16.3%
AAON, Inc.		996			66
AAR Corp.		35,431			1,283
ABM Industries, Inc.		12,559			475
ACCO Brands Corp.		64,622			546
Advanced Drainage Systems, Inc.		1,915			160
Aerojet Rocketdyne Holdings, Inc. (a)		1,538			81

	SHARES			MARKET VALUE (000S)
Air Lease Corp.		13,892	$		617
Air Transport Services Group, Inc. (a)		3,645			114
Alamo Group, Inc.		299			41
Albany International Corp. ‘A’		1,126			83
Allegiant Travel Co.		7,204			1,363
Altra Industrial Motion Corp.		2,655			147
Apogee Enterprises, Inc.		9,043			286
Applied Industrial Technologies, Inc.		8,688			678
ArcBest Corp.		6,064			259
Arcosa, Inc.		29,798			1,637
Argan, Inc.		873			39
Armstrong World Industries, Inc.		9,317			693
ASGN, Inc. (a)		2,198			184
Astec Industries, Inc.		2,094			121
Atkore International Group, Inc. (a)		4,154			171
Atlas Air Worldwide Holdings, Inc. (a)		30,417			1,659
AZZ, Inc.		1,223			58
Barnes Group, Inc.		12,506			634
Beacon Roofing Supply, Inc. (a)		6,898			277
BMC Stock Holdings, Inc. (a)		22,268			1,195
Brady Corp. ‘A’		13,347			705
BrightView Holdings, Inc. (a)		4,942			75
Brink’s Co.		1,768			127
Builders FirstSource, Inc. (a)		49,332			2,013
Casella Waste Systems, Inc. ‘A’ (a)		710			44
CBIZ, Inc. (a)		1,639			44
CIRCOR International, Inc. (a)		1,440			55
Clean Harbors, Inc. (a)		15,031			1,144
Columbus McKinnon Corp.		1,070			41
Comfort Systems USA, Inc.		5,057			266
CoreLogic, Inc.		36,041			2,787
Covanta Holding Corp.		70,007			919
Cubic Corp.		1,319			82
Deluxe Corp.		37,492			1,095
Douglas Dynamics, Inc.		1,021			44
Dycom Industries, Inc. (a)		15,973			1,206
Echo Global Logistics, Inc. (a)		2,628			70
EMCOR Group, Inc.		14,535			1,329
Encore Wire Corp.		2,762			167
Enerpac Tool Group Corp.		28,684			649
EnerSys		9,768			811
EnPro Industries, Inc.		5,001			378
ESCO Technologies, Inc.		891			92
Evoqua Water Technologies Corp. (a)		3,235			87
Exponent, Inc.		1,118			101
Federal Signal Corp.		2,144			71
Forward Air Corp.		3,619			278
Franklin Electric Co., Inc.		6,323			438
FTI Consulting, Inc. (a)		10,161			1,135
GATX Corp.		25,504			2,121
Generac Holdings, Inc. (a)		7,348			1,671
Gibraltar Industries, Inc. (a)		1,464			105
GMS, Inc. (a)		6,240			190
Granite Construction, Inc.		6,248			167
Greenbrier Cos., Inc.		28,374			1,032
Griffon Corp.		9,833			200
H&E Equipment Services, Inc.		3,220			96
Harsco Corp. (a)		4,692			84
Hawaiian Holdings, Inc.		39,807			705
Healthcare Services Group, Inc.		7,838			220
Heidrick & Struggles International, Inc.		2,252			66
Herc Holdings, Inc. (a)		14,981			995
Herman Miller, Inc.		20,027			677

	SHARES			MARKET VALUE (000S)
Hillenbrand, Inc.		22,152	$		882
HNI Corp.		19,203			662
Hub Group, Inc. ‘A’ (a)		5,240			299
Huron Consulting Group, Inc. (a)		1,522			90
Hyster-Yale Materials Handling, Inc.		3,125			186
ICF International, Inc.		1,464			109
Interface, Inc.		7,695			81
JELD-WEN Holding, Inc. (a)		4,930			125
John Bean Technologies Corp.		664			76
Kaman Corp.		7,765			444
KBR, Inc.		24,974			772
Kelly Services, Inc. ‘A’		46,610			959
Kennametal, Inc.		13,622			494
Kforce, Inc.		2,353			99
Knoll, Inc.		4,642			68
Korn Ferry		10,017			436
Kratos Defense & Security Solutions, Inc. (a)		1,898			52
Landstar System, Inc.		7,082			954
Lindsay Corp.		943			121
Masonite International Corp. (a)		8,165			803
MasTec, Inc. (a)		15,281			1,042
Matson, Inc.		13,369			762
Matthews International Corp. ‘A’		9,117			268
McGrath RentCorp		1,038			70
Mercury Systems, Inc. (a)		816			72
Meritor, Inc. (a)		19,600			547
Moog, Inc. ‘A’		15,729			1,247
MRC Global, Inc. (a)		38,652			256
MSA Safety, Inc.		3,988			596
Mueller Industries, Inc.		27,972			982
Mueller Water Products, Inc. ‘A’		9,334			116
National Presto Industries, Inc.		509			45
Navistar International Corp. (a)		2,146			94
NOW, Inc. (a)		27,476			197
Primoris Services Corp.		12,539			346
Quad/Graphics, Inc.		22,916			88
RBC Bearings, Inc. (a)		421			75
Regal Beloit Corp.		16,440			2,019
Resideo Technologies, Inc. (a)		207,094			4,403
Rexnord Corp.		35,615			1,406
Rush Enterprises, Inc. ‘A’		16,999			704
Saia, Inc. (a)		4,112			743
Schneider National, Inc. ‘B’		25,239			522
SEACOR Holdings, Inc. (a)		1,292			54
Simpson Manufacturing Co., Inc.		8,314			777
SiteOne Landscape Supply, Inc. (a)		1,416			225
SkyWest, Inc.		17,286			697
SP Plus Corp. (a)		1,363			39
Spirit Airlines, Inc. (a)		21,009			514
SPX Corp. (a)		1,225			67
SPX FLOW, Inc. (a)		18,519			1,073
Standex International Corp.		942			73
Steelcase, Inc. ‘A’		54,912			744
Stericycle, Inc. (a)		14,563			1,010
Tennant Co.		965			68
Terex Corp.		88,940			3,103
Tetra Tech, Inc.		10,357			1,199
Timken Co.		28,357			2,194
Trex Co., Inc. (a)		1,230			103
TriMas Corp. (a)		2,242			71
TriNet Group, Inc. (a)		833			67
Trinity Industries, Inc.		64,575			1,704
Triumph Group, Inc.		3,814			48
TrueBlue, Inc. (a)		4,481			84

62 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (Unaudited)

	SHARES			MARKET VALUE (000S)
Tutor Perini Corp. (a)		43,575	$		564
UFP Industries, Inc.		4,750			264
UniFirst Corp.		2,795			592
Univar Solutions, Inc. (a)		69,011			1,312
Valmont Industries, Inc.		9,579			1,676
Viad Corp.		1,799			65
Wabash National Corp.		4,942			85
Watts Water Technologies, Inc. ‘A’		6,954			846
Welbilt, Inc. (a)		11,062			146
Werner Enterprises, Inc.		13,892			545
WESCO International, Inc. (a)		95,278			7,479
WillScot Mobile Mini Holdings Corp. (a)		31,225			724
					89,973
INFORMATION TECHNOLOGY 6.5%
Acacia Communications, Inc. (a)		871			64
ACI Worldwide, Inc. (a)		6,877			264
ADTRAN, Inc.		13,297			196
Advanced Energy Industries, Inc. (a)		1,733			168
Ambarella, Inc. (a)		1,067			98
Amkor Technology, Inc.		75,610			1,140
Avaya Holdings Corp. (a)		50,356			964
Badger Meter, Inc.		926			87
Belden, Inc.		15,584			653
Benchmark Electronics, Inc.		49,192			1,329
Blackbaud, Inc.		1,129			65
BM Technologies, Inc.		582			8
Bottomline Technologies de, Inc. (a)		972			51
Brooks Automation, Inc.		1,941			132
Cirrus Logic, Inc. (a)		26,979			2,218
CMC Materials, Inc.		658			100
Coherent, Inc. (a)		3,194			479
CommVault Systems, Inc. (a)		3,071			170
Comtech Telecommunications Corp.		3,680			76
Conduent, Inc. (a)		247,956			1,190
CSG Systems International, Inc.		2,970			134
CTS Corp.		1,973			68
Diebold Nixdorf, Inc. (a)		21,892			233
Diodes, Inc. (a)		9,123			643
Ebix, Inc.		1,888			72
Endurance International Group Holdings, Inc. (a)		13,414			127
Envestnet, Inc. (a)		751			62
ePlus, Inc. (a)		1,227			108
ExlService Holdings, Inc. (a)		892			76
FARO Technologies, Inc. (a)		1,121			79
FireEye, Inc. (a)		5,385			124
Fitbit, Inc. ‘A’ (a)		21,107			143
FormFactor, Inc. (a)		3,011			130
II-VI, Inc. (a)		7,849			596
Infinera Corp. (a)		12,218			128
Inphi Corp. (a)		865			139
Insight Enterprises, Inc. (a)		26,161			1,991
InterDigital, Inc.		15,479			939
Itron, Inc. (a)		2,020			194
J2 Global, Inc. (a)		12,616			1,232
Knowles Corp. (a)		39,610			730
LiveRamp Holdings, Inc. (a)		8,998			659
Lumentum Holdings, Inc. (a)		1,289			122
MACOM Technology Solutions Holdings, Inc. (a)		2,930			161
Manhattan Associates, Inc. (a)		14,705			1,547

	SHARES			MARKET VALUE (000S)
ManTech International Corp. ‘A’		5,877	$		523
Methode Electronics, Inc.		2,373			91
MicroStrategy, Inc. ‘A’ (a)		741			288
MTS Systems Corp.		1,447			84
NETGEAR, Inc. (a)		3,424			139
NetScout Systems, Inc. (a)		67,843			1,860
NIC, Inc.		3,683			95
OSI Systems, Inc. (a)		1,110			103
PC Connection, Inc.		5,182			245
Perficient, Inc. (a)		1,261			60
Perspecta, Inc.		62,910			1,515
Photronics, Inc. (a)		7,331			82
Plantronics, Inc.		8,117			219
Plexus Corp. (a)		8,160			638
Power Integrations, Inc.		2,102			172
Progress Software Corp.		4,590			207
Qualys, Inc. (a)		616			75
Rambus, Inc. (a)		9,972			174
Rogers Corp. (a)		779			121
Sanmina Corp. (a)		41,683			1,329
ScanSource, Inc. (a)		13,373			353
Science Applications International Corp.		2,946			279
Semtech Corp. (a)		2,165			156
Silicon Laboratories, Inc. (a)		2,212			282
Stratasys Ltd. (a)		3,598			75
Sykes Enterprises, Inc. (a)		18,176			685
Synaptics, Inc. (a)		22,450			2,164
TTM Technologies, Inc. (a)		60,083			829
Unisys Corp. (a)		15,444			304
Verint Systems, Inc. (a)		8,331			560
Viavi Solutions, Inc. (a)		9,613			144
Virtusa Corp. (a)		1,152			59
Vishay Intertechnology, Inc.		56,651			1,173
Xperi Holding Corp.		43,308			905
					35,877
MATERIALS 6.2%
AdvanSix, Inc. (a)		4,077			81
Allegheny Technologies, Inc. (a)		3,990			67
Avient Corp.		40,428			1,628
Balchem Corp.		656			76
Boise Cascade Co.		8,136			389
Cabot Corp.		19,995			897
Carpenter Technology Corp.		13,578			395
Chemours Co.		140,876			3,492
Cleveland-Cliffs, Inc.		51,142			745
Coeur Mining, Inc. (a)		7,528			78
Commercial Metals Co.		38,603			793
Compass Minerals International, Inc.		13,280			820
Domtar Corp.		195,034			6,173
Eagle Materials, Inc.		8,513			863
Element Solutions, Inc.		144,883			2,569
Ferro Corp. (a)		4,287			63
GCP Applied Technologies, Inc. (a)		4,350			103
Graphic Packaging Holding Co.		65,996			1,118
Greif, Inc. ‘A’		20,850			977
HB Fuller Co.		5,731			297
Hecla Mining Co.		79,949			518
Innospec, Inc.		4,414			400
Kaiser Aluminum Corp.		6,124			606
Kraton Corp. (a)		6,802			189
Louisiana-Pacific Corp.		32,143			1,195

	SHARES			MARKET VALUE (000S)
Materion Corp.		1,288	$		82
Minerals Technologies, Inc.		7,530			468
Myers Industries, Inc.		3,395			71
Neenah Paper, Inc.		1,323			73
O-I Glass, Inc.		36,101			430
Olin Corp.		46,233			1,135
PQ Group Holdings, Inc.		9,099			130
Quaker Chemical Corp.		350			89
Rayonier Advanced Materials, Inc. (a)		26,109			170
Schnitzer Steel Industries, Inc. ‘A’		2,975			95
Schweitzer-Mauduit International, Inc.		13,365			537
Sensient Technologies Corp.		14,854			1,096
Silgan Holdings, Inc.		33,548			1,244
Stepan Co.		4,763			568
Summit Materials, Inc. ‘A’ (a)		8,714			175
SunCoke Energy, Inc.		13,339			58
Trinseo S.A.		19,720			1,010
United States Steel Corp.		25,349			425
Valvoline, Inc.		7,573			175
Verso Corp.		3,640			44
Warrior Met Coal, Inc.		35,900			765
Worthington Industries, Inc.		17,330			890
					34,262
REAL ESTATE 2.8%
Kennedy-Wilson Holdings, Inc.		28,429			509
New York REIT, Inc. «		4,082			75
Newmark Group, Inc.		14,224			104
Realogy Holdings Corp. (a)		1,079,862			14,168
St. Joe Co.		4,120			175
					15,031
UTILITIES 2.4%
ALLETE, Inc.		16,752			1,038
American States Water Co.		1,787			142
Avista Corp.		40,336			1,619
Black Hills Corp.		20,690			1,271
California Water Service Group		1,733			94
Clearway Energy, Inc. ‘C’		32,751			1,046
Hawaiian Electric Industries, Inc.		62,338			2,206
MGE Energy, Inc.		1,941			136
New Jersey Resources Corp.		14,187			504
Northwest Natural Holding Co.		3,357			154
NorthWestern Corp.		22,901			1,335
Ormat Technologies, Inc.		1,096			99
Otter Tail Corp.		13,202			563
PNM Resources, Inc.		39,540			1,919
SJW Group		770			53
South Jersey Industries, Inc.		4,280			92
Spire, Inc.		15,405			987
Unitil Corp.		1,663			74
					13,332
Total United States					506,553
Total Common Stocks (Cost $350,766)					508,343
REAL ESTATE INVESTMENT TRUSTS 7.4%
UNITED STATES 7.4%
FINANCIALS 0.7%
Apollo Commercial Real Estate Finance, Inc.		6,687			75

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 63

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

	SHARES			MARKET VALUE (000S)
Arbor Realty Trust, Inc.		4,781	$		68
Blackstone Mortgage Trust, Inc. ‘A’		4,404			121
Capstead Mortgage Corp.		23,355			136
Chimera Investment Corp.		118,047			1,210
Colony Credit Real Estate, Inc.		11,045			83
Granite Point Mortgage Trust, Inc.		4,629			46
Invesco Mortgage Capital, Inc. (c)		66,721			225
Ladder Capital Corp.		26,599			260
MFA Financial, Inc.		147,709			575
New York Mortgage Trust, Inc.		18,434			68
PennyMac Mortgage Investment Trust		46,002			809
Redwood Trust, Inc.		18,753			165
TPG RE Finance Trust, Inc.		5,657			60
Two Harbors Investment Corp.		53,294			339
					4,240
REAL ESTATE 6.7%
Acadia Realty Trust		12,409			176
Agree Realty Corp.		723			48
Alexander & Baldwin, Inc.		38,427			660
American Assets Trust, Inc.		2,019			58
American Finance Trust, Inc.		15,223			113
Americold Realty Trust		1,793			67
Apple Hospitality REIT, Inc.		124,595			1,609
Armada Hoffler Properties, Inc.		4,888			55
Brandywine Realty Trust		68,979			822
CareTrust REIT, Inc.		2,046			45
Centerspace		998			70
Chatham Lodging Trust		4,372			47
Columbia Property Trust, Inc.		58,203			835
CorePoint Lodging, Inc.		16,254			112
Corporate Office Properties Trust		30,819			804
Cousins Properties, Inc.		31,997			1,072
DiamondRock Hospitality Co.		95,893			791
Diversified Healthcare Trust		225,286			928
Easterly Government Properties, Inc.		2,338			53
EastGroup Properties, Inc.		1,079			149
Empire State Realty Trust, Inc. ‘A’		37,254			347
Equity Commonwealth		25,556			697
First Industrial Realty Trust, Inc.		3,622			153

	SHARES			MARKET VALUE (000S)
Franklin Street Properties Corp.		19,604	$		86
GEO Group, Inc.		77,032			682
Global Net Lease, Inc.		5,021			86
Healthcare Realty Trust, Inc.		29,369			869
Hersha Hospitality Trust		11,395			90
Independence Realty Trust, Inc.		3,574			48
Industrial Logistics Properties Trust		5,573			130
Kite Realty Group Trust		57,613			862
Lexington Realty Trust		100,613			1,068
LTC Properties, Inc.		1,604			62
Mack-Cali Realty Corp.		34,612			431
Monmouth Real Estate Investment Corp.		3,160			55
National Health Investors, Inc.		1,909			132
National Storage Affiliates Trust		2,324			84
Office Properties Income Trust		3,605			82
Outfront Media, Inc.		76,008			1,487
Paramount Group, Inc.		102,950			931
Pebblebrook Hotel Trust		8,629			162
Physicians Realty Trust		34,488			614
Piedmont Office Realty Trust, Inc. ‘A’		85,151			1,382
PotlatchDeltic Corp.		1,946			97
Preferred Apartment Communities, Inc. ‘A’		10,268			76
PS Business Parks, Inc.		3,192			424
QTS Realty Trust, Inc. ‘A’		1,862			115
Rayonier, Inc.		41,273			1,213
Retail Opportunity Investments Corp.		26,145			350
Retail Properties of America, Inc. ‘A’		145,304			1,244
Rexford Industrial Realty, Inc.		1,408			69
RLJ Lodging Trust		66,737			944
RPT Realty		10,995			95
Ryman Hospitality Properties, Inc.		6,003			407
Sabra Health Care REIT, Inc.		20,679			359
Seritage Growth Properties ‘A’ (a)		2,247			33
SITE Centers Corp.		111,905			1,132
Spirit Realty Capital, Inc.		44,233			1,777
STAG Industrial, Inc.		2,030			64
Summit Hotel Properties, Inc.		9,718			88
Sunstone Hotel Investors, Inc.		96,567			1,094

	SHARES			MARKET VALUE (000S)
Tanger Factory Outlet Centers, Inc. (c)		57,820	$		576
Terreno Realty Corp.		1,113			65
Uniti Group, Inc.		405,411			4,755
Urban Edge Properties		17,736			229
Urstadt Biddle Properties, Inc. ‘A’		2,941			42
Washington Prime Group, Inc. (c)		17,449			114
Washington Real Estate Investment Trust		20,070			434
Weingarten Realty Investors		48,592			1,053
Xenia Hotels & Resorts, Inc.		66,418			1,010
					36,913
Total Real Estate Investment Trusts (Cost $31,663)					41,153
SHORT-TERM INSTRUMENTS 0.4%
REPURCHASE AGREEMENTS (e) 0.4%
					2,376
Total Short-Term Instruments (Cost $2,376)					2,376
Total Investments in Securities (Cost $384,805)					551,872
INVESTMENTS IN AFFILIATES 2.8%
SHORT-TERM INSTRUMENTS 2.8%
MUTUAL FUNDS 2.8%
PIMCO Government Money Market Fund
0.150% (b)(c)(d)		15,454,749			15,455
Total Short-Term Instruments (Cost $15,455)					15,455
Total Investments in Affiliates (Cost $15,455)					15,455
Total Investments 102.7% (Cost $400,260)			$		567,327
Other Assets and Liabilities, net (2.7)%					(15,117	)
Net Assets 100.0%			$		552,210

NOTES TO SCHEDULE OF INVESTMENTS:

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

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

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

(b) Institutional Class Shares of each Fund.

(c) Securities with an aggregate market value of $15,136 were out on loan in exchange for $15,455 of cash collateral as of December 31, 2020. The collateral was invested in a cash collateral reinvestment vehicle as described in Note 5 in the Notes to Financial Statements.

(d) Coupon represents a 7-Day Yield.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(e)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received
FICC		0.000	%		12/31/2020		01/04/2021	$	2,376	U.S. Treasury Bills 0.000% due 12/30/2021	$	(2,424	)	$	2,376	$	2,376
Total Repurchase Agreements											$	(2,424	)	$	2,376	$	2,376

64 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (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, 2020:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Securities Out on Loan		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net  Exposure(1)
Global/Master Repurchase Agreement
FICC	$	2,376	$	0	$	0	$	0	$	2,376	$	(2,424	)	$	(48	)
Master Securities Lending Agreement
BPG		0		0		0		9		9		(10	)		(1	)
BSN		0		0		0		1,162		1,162		(1,188	)		(26	)
GSC		0		0		0		10,505		10,505		(10,721	)		(216	)
MSC		0		0		0		2,635		2,635		(2,693	)		(58	)
SAL		0		0		0		825		825		(843	)		(18	)
Total Borrowings and Other Financing Transactions	$	2,376	$	0	$	0	$	15,136

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements

	Overnight and Continuous		Up to 30 days		31-90 days		Greater Than 90 days		Total
Securities Lending Transactions(2)
Common Stocks	$	14,549	$	0	$	0	$	0	$	14,549
Real Estate Investment Trusts		906		0		0		0		906
Total Borrowings	$	15,455	$	0	$	0	$	0	$	15,455
Payable for securities on loan - cash collateral									$	15,455

⁽¹⁾  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.

⁽²⁾ Includes cash collateral as described in Note 5 in the Notes to Financial Statements.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2020 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Investments in Securities, at Value
Common Stocks
Luxembourg
Materials	$	130	$	0	$	0	$	130
United Kingdom
Consumer Staples		226		0		0		226
Financials		1,281		0		0		1,281
Information Technology		74		0		0		74
Materials		79		0		0		79
United States
Communication Services		10,988		47		0		11,035
Consumer Discretionary		97,107		0		0		97,107
Consumer Staples		48,699		0		0		48,699
Energy		53,468		0		0		53,468
Financials		60,169		0		0		60,169
Health Care		47,600		0		0		47,600
Industrials		89,973		0		0		89,973
Information Technology		35,877		0		0		35,877

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Materials	$	34,262	$	0	$	0	$	34,262
Real Estate		14,956		0		75		15,031
Utilities		13,332		0		0		13,332
Real Estate Investment Trusts
United States
Financials		4,240		0		0		4,240
Real Estate		36,913		0		0		36,913
Short-Term Instruments
Repurchase Agreements		0		2,376		0		2,376
	$	549,374	$	2,423	$	75	$	551,872
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		15,455		0		0		15,455
Total Investments	$	564,829	$	2,423	$	75	$	567,327

There were no significant transfers into or out of Level 3 during the period ended December 31, 2020.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 65

Notes to Financial Statements

1. ORGANIZATION

PIMCO Equity Series (the “Trust”) was established as a Delaware statutory trust on March 30, 2010. The Trust is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, I-2 and Class A shares of the funds (each a “Fund” and collectively, the “Funds”) indicated on the cover of this report. Pacific Investment Management Company LLC (“PIMCO”) serves as the investment adviser (the “Adviser”) for the Funds. Research Affiliates, LLC (“Research Affiliates”) serves as the sub-adviser for the Funds. 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 Act (together with the Underlying Funds, “Acquired Funds”).

2. SIGNIFICANT ACCOUNTING POLICIES

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

(a) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for

the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

(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

66 PIMCO EQUITY SERIES

December 31, 2020 (Unaudited)

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

In addition, each Fund distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. Net short-term capital gains may be paid more frequently.

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

Separately, if a Fund determines that a portion of a distribution may be comprised of amounts from capital gains, paid in capital, or other capital sources in accordance with its policies, accounting records, and

accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund determines the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined 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 periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund’s financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution’s tax character will be provided to shareholders when such information is available.

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

(e) New Accounting Pronouncements and Regulatory Updates  In March 2020, the Financial Accounting Standards Board issued an Accounting Standards Update (“ASU”), ASU 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. The ASU is effective immediately upon release of the update on March 12, 2020 through December 31, 2022. At this time, management is evaluating implications of these changes on the financial statements.

In October 2020, the U.S. Securities and Exchange Commission (“SEC”) adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the

SEMIANNUAL REPORT | DECEMBER 31, 2020 67

Notes to Financial Statements (Cont.)

guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds to trade derivatives and other transactions that create future payment or delivery obligations (except reverse repurchase agreements and similar financing transactions) subject to a value-at-risk leverage limit, certain derivatives risk management program and reporting requirements. The rule went into effect on February 19, 2021 and funds will have an eighteen-month transition period to comply with the rule and related reporting requirements. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Act without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also included the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The effective date for the rule was January 19, 2021. At this time, management is evaluating the implications of these changes on the financial statements.

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

On each day that the New York Stock Exchange (“NYSE”) is open, Fund shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) (“NYSE Close”). Information that becomes known to the Funds or their agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined

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

For purposes of calculating NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of official closing prices or the last reported sales prices, or if no sales are reported, based on quotes obtained from established market makers or prices (including evaluated prices) supplied by the Funds’ approved pricing services, quotation reporting systems and other third-party sources (together, “Pricing Services”). The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. If market value pricing is used, a foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by 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

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

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

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

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

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Notes to Financial Statements (Cont.)

(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 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.

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4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

Each Fund eligible to participate in securities lending may invest the cash collateral received for securities out on loan in the PIMCO Government Money Market Fund under the Securities Lending Agreement. All or a portion of Dividend Income as shown in the table below represents the income earned on the cash collateral invested in PIMCO Government Money Market Fund and is included on the Statements of Operations as a component of Securities Lending Income. PIMCO Government Money Market Fund is considered to be affiliated with the Funds. The table below shows the Funds’ transactions in and earnings from investments in the affiliated Fund for the period ended December 31, 2020 (amounts in thousands^†):

Investments in PIMCO Government Money Market Fund
Fund Name	Market Value 06/30/2020		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 12/31/2020		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO RAE Emerging Markets Fund	$	41,651	$	100,686	$	(95,920	)	$	0	$	0	$	46,417	$	2	$	0
PIMCO RAE International Fund		43,067		176,604		(173,744	)		0		0		45,927		1		0
PIMCO RAE US Fund		10,843		42,684		(39,257	)		0		0		14,270		0		0
PIMCO RAE US Small Fund		9,805		62,455		(56,805	)		0		0		15,455		0		0

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

⁽¹⁾  The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund, unless otherwise advise on IRS Form 1099-DIV. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

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. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC’s website at www.sec.gov. A copy of each Acquired Fund’s shareholder report is also available at the SEC’s website at www.sec.gov, and a copy of each affiliate fund’s shareholder report is available on the Funds’ website at www.pimco.com, or upon request, as applicable. The tables below show the Funds’ transactions in and earnings from investments in the affiliated Funds for the period ended December 31, 2020 (amounts in thousands^†):

PIMCO RAE Global Fund
Underlying PIMCO Funds	Market Value 06/30/2020		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 12/31/2020		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO RAE Emerging Markets Fund	$	36,058	$	3,262	$	(6,335	)	$	101	$	9,611	$	42,697	$	710	$	0
PIMCO RAE International Fund		116,809		6,856		(20,978	)		621		25,448		128,756		2,929		0
PIMCO RAE US Fund		124,075		6,587		(23,101	)		2,226		22,040		131,827		3,140		1,144
Totals	$	276,942	$	16,705	$	(50,414	)	$	2,948	$	57,099	$	303,280	$	6,779	$	1,144

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Notes to Financial Statements (Cont.)

PIMCO RAE Global ex-US Fund
Underlying PIMCO Funds	Market Value 06/30/2020		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Market Value 12/31/2020		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO RAE Emerging Markets Fund	$	15,231	$	1,322	$	(670	)	$	(104	)	$	4,320	$	20,099	$	329	$	0
PIMCO RAE International Fund		49,234		2,651		(2,494	)		(216	)		11,420		60,595		1,350		0
Totals	$	64,465	$	3,973	$	(3,164	)	$	(320	)	$	15,740	$	80,694	$	1,679	$	0

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

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

(b) Investments in Securities

The 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.

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, 2020, as applicable, are disclosed in the Notes to Schedules of Investments.

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

Warrants  are securities that are usually issued together with a debt security or preferred security and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants 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.

(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

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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) Securities Lending  The Funds listed below may seek to earn additional income by lending their securities to certain qualified broker-dealers and institutions on a short-term or long-term basis via a lending agent.

Fund Name

PIMCO RAE Emerging Markets Fund

PIMCO RAE Global ex-US Fund

PIMCO RAE International Fund

PIMCO RAE US Fund

PIMCO RAE US Small Fund

Securities on loan are required to be secured by cash collateral at least equal to 102% of the domestic, or 105% of the foreign security’s market value. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. The Funds will then invest the cash collateral received in the PIMCO Government Money Market Fund and record a liability for the return of the collateral during the period the securities are on loan. Each Fund is subject to a lending limit of 33.33% of total assets (including the value of collateral).

The loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the lender securities identical to the loaned securities. Should the borrower of the securities fail to return loaned securities, the Fund has the right to repurchase the securities using the collateral in the open market.

The borrower pays fees at the Funds’ direction to the lending agent. The lending agent may retain a portion of the fees and interest earned on the cash collateral invested as compensation for its services.

Investments made with the cash collateral are disclosed on the Schedules of Investments, if applicable. The lending fees and the Funds’ portion of the interest income earned on cash collateral are included on the Statements of Operations as securities lending income, if applicable.

(c) Interfund Lending  In accordance with an exemptive order (the “Order”) from the SEC, the Funds of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Funds’ investment policies and restrictions. The Funds are currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the funds’ investment restrictions). If a borrowing funds’ total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended December 31, 2020, the Funds did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

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

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

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Notes to Financial Statements (Cont.)

the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.

Forward Foreign Currency Contracts  may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Fund’s securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the

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

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

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

Risks	PIMCO RAE Emerging Markets Fund	PIMCO RAE Global Fund	PIMCO RAE Global ex-US Fund	PIMCO RAE International Fund	PIMCO RAE US Fund	PIMCO RAE US Small Fund
Small Fund	—	—	X	—	—	—
Allocation	—	X	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	—	—
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.

Small Fund Risk  is the risk that a smaller Fund may not achieve investment or trading efficiencies. Additionally, a smaller Fund may be more adversely affected by large purchases or redemptions of Fund shares.

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

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

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

Equity Risk  is the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular

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company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities.

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

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

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

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

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

Credit Risk  is the risk that a Fund could lose money if the counterparty to a derivative contract is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

Distressed Company Risk  is the risk that securities of distressed companies may be subject to greater levels of market, issuer and liquidity risks. Distressed companies may be engaged in restructurings or bankruptcy proceedings, which may cause the value of their securities to fluctuate rapidly or unpredictably.

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

Real Estate Risk  is the risk that a Fund’s investments in Real Estate Investment Trusts (“REITs”) or real estate-linked derivative instruments

will subject a Fund to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. A Fund’s investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, privately traded REITs subject a Fund to liquidity and valuation risk.

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

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

Management Risk  is the risk that the investment techniques and risk analyses applied by the Sub-Adviser, including the use of quantitative models or methods, will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to the Sub-Adviser and the individual portfolio manager in connection with managing a Fund and may cause the Sub-Adviser to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of a Fund will be achieved.

Small Company Risk  is the risk that the value of equity securities issued by small companies, ranked by fundamental size as determined by the Sub-Adviser, may go up or down, sometimes rapidly and unpredictably, due to narrow markets and limited managerial and financial resources.

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

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Notes to Financial Statements (Cont.)

obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives. The primary credit risk on derivatives that are exchange-traded or traded through a central clearing counterparty resides with a Fund’s clearing broker, or the clearinghouse. Changes in regulation relating to a mutual fund’s use of derivatives and related instruments could potentially limit or impact a Fund’s ability to invest in derivatives, limit a Fund’s ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and a Fund’s performance.

Model Risk  is the risk that a Fund’s investment models used in making investment allocation decisions may not adequately take into account certain factors or may rely on inaccurate data inputs, may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data, any of which may result in a decline in the value of an investment in a Fund.

(b) Other Risks

In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cybersecurity risks. Please see a Fund’s prospectus and Statement of Additional Information for a more detailed description of the risks of investing in a Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments (such as the anticipated discontinuation of the London Interbank Offered Rate) that may impact a Fund’s performance.

Market Disruption Risk  A Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets, interest rates, auctions, secondary trading, ratings, credit risk, inflation, deflation and other factors relating to the Fund’s investments or the Investment Manager’s operations and cause a Fund to lose value. These events can also impair the technology and other operational systems upon which a Fund’s service providers, including PIMCO as a Fund’s investment adviser, rely, and could otherwise disrupt a Fund’s service providers’ ability to fulfill their obligations to a Fund. For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities a Fund

holds, and may adversely affect a Fund’s investments and operations. Please see the Important Information section for additional discussion of the COVID-19 pandemic.

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

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

Operational Risk  An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk  As the use of technology has become more prevalent in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other

76 PIMCO EQUITY SERIES

December 31, 2020 (Unaudited)

things, cause a Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Fund’s ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future.

8. MASTER NETTING ARRANGEMENTS

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

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with

counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Fund’s overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

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

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

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

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain

SEMIANNUAL REPORT | DECEMBER 31, 2020 77

Notes to Financial Statements (Cont.)

provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Funds may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extend the Funds are required by regulation to post additional collateral beyond coverage of daily exposure, they could potentially incur costs, including procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

9. FEES AND EXPENSES

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

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

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

	Investment Advisory Fee		Supervisory and Administrative Fee
Fund Name	All Classes		Institutional Class		I-2		I-3			Class A
PIMCO RAE Emerging Markets Fund(1)(4)		0.50%		0.25%		0.35%		N/A			0.35%
PIMCO RAE Global Fund(3)(4)		0.35%		0.15%		0.25%		N/A			0.25%
PIMCO RAE Global ex-US Fund(1)(4)		0.40%		0.15%		0.25%		N/A			0.25%
PIMCO RAE International Fund(2)(5)		0.30%		0.20%		0.30%		N/A			0.30%
PIMCO RAE US Fund(2)(5)		0.25%		0.15%		0.25%		0.35%	*(6)		0.30%
PIMCO RAE US Small Fund(2)(5)		0.35%		0.15%		0.25%		N/A			0.30%

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

⁽¹⁾  Effective November 1, 2020, the Fund’s supervisory and administrative fee was reduced by 0.20% for each class.

⁽²⁾  Effective November 1, 2020, the Fund’s supervisory and administrative fee was reduced by 0.10% for each class.

⁽³⁾  Effective November 1, 2020, the Fund’s investment advisory fee and supervisory and administrative fee were reduced by 0.05% and 0.15% respectively for each class.

⁽⁴⁾  Prior to October 31, 2020, PIMCO contractually agreed, to reduce its Investment Advisory Fee by 0.20% of the average daily net assets of the Fund.

⁽⁵⁾  Prior to October 31, 2020, PIMCO contractually agreed, to reduce its Investment Advisory Fee by 0.10% of the average daily net assets of the Fund.

⁽⁶⁾  PIMCO has contractually agreed, through October 31, 2021, 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

78 PIMCO EQUITY SERIES

December 31, 2020 (Unaudited)

certain redemptions of Class A shares. For the period ended December 31, 2020, the Distributor retained $3,282 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 expenses; (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.

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. The waiver is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

Prior to October 31, 2020, PIMCO had contractually agreed, to waive a portion of the Investment Advisory Fee as set forth in the following table (calculated as a percentage of each Fund’s average daily net assets).

Fund Name	Fee Waiver		Expiration Date
PIMCO RAE Emerging Markets Fund		0.20%		10/31/2020
PIMCO RAE Global Fund		0.20%		10/31/2020
PIMCO RAE Global ex-US Fund		0.20%		10/31/2020
PIMCO RAE International Fund		0.10%		10/31/2020
PIMCO RAE US Fund		0.10%		10/31/2020
PIMCO RAE US Small Fund		0.10%		10/31/2020

In any month in which the investment advisory contract or supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the supervisory and administrative fee waived or reimbursed as set forth above (the “Reimbursement Amount”) during the previous thirty-six months from the date of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. In addition, in any month in which the investment advisory contract is in effect, PIMCO is entitled to reimbursement by a Fund of any portion of the advisory fee waived as set forth above (the “RAE Reimbursement Amount”) during the previous thirty-six months from the time of waiver, provided that such amount paid to PIMCO will not: i) together with any recoupment of organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees or supervisory and administrative fees pursuant to the Expense Limitation Agreement,

SEMIANNUAL REPORT | DECEMBER 31, 2020 79

Notes to Financial Statements (Cont.)

exceed, for such month, the Expense Limit; ii) exceed the total RAE Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. The total recoverable amounts to PIMCO (from the Fee Waiver Agreement and Expense Limitation Agreement combined) at December 31, 2020, were as follows (amounts in thousands^†):

	Expiring within
Fund Name	12 months		13-24 months		25-36 months		Total
PIMCO RAE Emerging Markets Fund	$	4,161	$	5,299	$	3,164	$	12,624
PIMCO RAE Global Fund		816		642		494		1,952
PIMCO RAE Global ex-US Fund		174		159		122		455
PIMCO RAE International Fund		617		573		699		1,889
PIMCO RAE US Fund		831		839		613		2,283
PIMCO RAE US Small Fund		153		158		415		726

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

Pursuant to a Fee Waiver, PIMCO has contractually agreed, through October 31, 2021, 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.

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, 2020, the amounts were (in thousands^†):

Fund Name	Waived Fees
PIMCO RAE Emerging Markets Fund	$	59
PIMCO RAE Global Fund		12
PIMCO RAE Global ex-US Fund		3
PIMCO RAE International Fund		35
PIMCO RAE US Fund		27
PIMCO RAE US Small Fund		15

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

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

The expenses associated with investing in a fund of funds are generally higher than those for mutual funds that do not invest in other mutual funds. The cost of investing in a fund of funds will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. By investing in a fund of funds, an investor will indirectly bear fees and expenses charged by Acquired Funds in addition to each Fund’s direct fees and expenses. In addition, the use of a fund of funds structure could affect the timing, amount and character of distributions to the shareholders and may therefore increase the amount of taxes payable by shareholders.

PIMCO has contractually agreed, through October 31, 2021, 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, 2021, 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, 2020, the amounts were (in thousands^†):

Fund Name	Waived Fees
PIMCO RAE Emerging Markets Fund	$	775
PIMCO RAE Global Fund		930
PIMCO RAE Global ex-US Fund		246
PIMCO RAE International Fund		314
PIMCO RAE US Fund		231
PIMCO RAE US Small Fund		125

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

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December 31, 2020 (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, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Fund. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates when distributed to shareholders). The transaction costs associated with portfolio turnover may adversely affect a Fund’s performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2020, 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	$	704,005	$	571,211
PIMCO RAE Global Fund		0		0		16,705		44,422
PIMCO RAE Global ex-US Fund		0		0		3,974		3,164
PIMCO RAE International Fund		0		0		598,742		492,051
PIMCO RAE US Fund		0		0		245,011		199,806
PIMCO RAE US Small Fund		0		0		362,302		225,969

^†   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 12/31/2020 (Unaudited)						Year Ended 06/30/2020						Six Months Ended 12/31/2020 (Unaudited)						Year Ended 06/30/2020						Six Months Ended 12/31/2020 (Unaudited)						Year Ended 06/30/2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		77,217		$	644,250			106,725		$	971,435			692		$	6,266			9,288		$	80,341			129		$	1,126			676		$	5,338
I-2		61			529			542			4,758			0			0			5			43			0			0			3			34
Class A		225			1,948			3,035			29,025			2			22			24			201			219			1,854			1,860			18,577
Issued as reinvestment of distributions
Institutional Class		2,728			27,030			8,443			84,424			744			7,721			2,098			21,861			133			1,351			449			4,610
I-2		2			22			8			77			0			3			1			15			0			0			1			10
Class A		17			163			33			324			2			25			12			120			25			249			67			680
Cost of shares redeemed
Institutional Class		(64,509	)		(532,680	)		(229,152	)		(1,735,767	)		(4,886	)		(48,133	)		(7,205	)		(62,887	)		(102	)		(886	)		(2,030	)		(18,776	)
I-2		(177	)		(1,479	)		(1,806	)		(16,841	)		(4	)		(42	)		(11	)		(90	)		(7	)		(65	)		(38	)		(377	)
Class A		(122	)		(1,038	)		(3,730	)		(34,998	)		(34	)		(307	)		(89	)		(826	)		(311	)		(2,796	)		(739	)		(6,753	)
Net increase (decrease) resulting from Fund share transactions		15,442		$	138,745			(115,902	)	$	(697,563	)		(3,484	)	$	(34,445	)		4,123		$	38,778			86		$	833			249		$	3,343

SEMIANNUAL REPORT | DECEMBER 31, 2020 81

Notes to Financial Statements (Cont.)

	PIMCO RAE International Fund												PIMCO RAE US Fund												PIMCO RAE US Small Fund
	Six Months Ended 12/31/2020 (Unaudited)						Year Ended 06/30/2020						Six Months Ended 12/31/2020 (Unaudited)						Year Ended 06/30/2020						Six Months Ended 12/31/2020 (Unaudited)						Year Ended 06/30/2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		53,313		$	460,552			99,138		$	731,893			14,771		$	154,478			15,595		$	157,838			27,426		$	286,900			64,231		$	474,380
I-2		22			183			166			1,451			111			1,180			1,715			17,369			3			25			86			777
Class A		25			227			98			884			107			1,141			336			3,362			138			1,375			301			2,794
Issued as reinvestment of distributions
Institutional Class		2,431			24,117			2,050			20,419			2,030			23,702			2,956			34,450			4,184			47,265			198			2,246
I-2		2			17			4			41			55			633			94			1,094			8			91			3			39
Class A		9			86			18			181			22			247			33			381			43			476			5			61
Cost of shares redeemed
Institutional Class		(39,573	)		(366,269	)		(64,099	)		(506,205	)		(10,599	)		(115,741	)		(26,279	)		(267,969	)		(15,118	)		(152,223	)		(42,767	)		(343,280	)
I-2		(39	)		(336	)		(152	)		(1,128	)		(166	)		(1,761	)		(1,345	)		(13,429	)		(20	)		(184	)		(228	)		(2,236	)
Class A		(24	)		(203	)		(235	)		(2,023	)		(179	)		(1,871	)		(341	)		(3,419	)		(122	)		(1,245	)		(237	)		(2,215	)
Net increase (decrease) resulting from Fund share transactions		16,166		$	118,374			36,988		$	245,513			6,152		$	62,008			(7,236	)	$	(70,323	)		16,542		$	182,480			21,592		$	132,566

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

The following table discloses the number of shareholders that own 10% or more of the outstanding shares of a Fund along with their respective percent ownership, if any, as of December 31, 2020. 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%		67%
PIMCO RAE Global ex-US Fund		3		0		90%		0%
PIMCO RAE International Fund		0		3		0%		61%
PIMCO RAE US Fund		1		1		10%		17%
PIMCO RAE US Small Fund		0		2		0%		93%

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, 2020, 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.

82 PIMCO EQUITY SERIES

December 31, 2020 (Unaudited)

As of their last fiscal year ended June 30, 2020, the Funds had the following post-effective capital losses with no expiration (amounts in thousands^†):

	Short-Term		Long-Term
PIMCO RAE Emerging Markets Fund*	$	232,414	$	279,686
PIMCO RAE Global Fund		0		0
PIMCO RAE Global ex-US Fund		157		1,471
PIMCO RAE International Fund*		18,248		18,682
PIMCO RAE US Fund		0		0
PIMCO RAE US Small Fund*		19,982		8,623

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

* 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, 2020, 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	$	1,405,601	$	352,508	$	(35,565	)	$	316,943
PIMCO RAE Global Fund		261,168		42,112		0			42,112
PIMCO RAE Global ex-US Fund		78,295		2,535		0			2,535
PIMCO RAE International Fund		913,389		226,951		(1,578	)		225,373
PIMCO RAE US Fund		606,206		221,787		(17,457	)		204,330
PIMCO RAE US Small Fund		435,201		134,386		(2,260	)		132,126

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

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

SEMIANNUAL REPORT | DECEMBER 31, 2020 83

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

Counterparty Abbreviations:
BCY	Barclays Capital, Inc.	BSN	The Bank of Nova Scotia - Toronto	MBC	HSBC Bank Plc
BMO	BMO Capital Markets Corp.	FICC	Fixed Income Clearing Corporation	MSC	Morgan Stanley & Co. LLC.
BOS	BofA Securities, Inc.	FOB	Credit Suisse Securities (USA) LLC	SAL	Citigroup Global Markets, Inc.
BPG	BNP Paribas Securities Corp.	GSC	Goldman Sachs & Co. LLC	UBS	UBS Securities LLC
Currency Abbreviations:
USD (or $)	United States Dollar
Exchange Abbreviations:
OTC	Over the Counter
Other Abbreviations:
ADR	American Depositary Receipt	REIT	Real Estate Investment Trust	TBA	To-Be-Announced
GDR	Global Depositary Receipt	SP - ADR	Sponsored American Depositary Receipt

84 PIMCO EQUITY SERIES

Approval of Investment Advisory Contract and Other Agreements (Unaudited)

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 18-19, 2020, the Board of Trustees (the “Board”) of PIMCO Equity Series (the “Trust”), including the Trustees who are not “interested persons” of the Trust under the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered and unanimously approved the renewal of the Investment Advisory Contract (the “Investment Advisory Contract”) between the Trust, on behalf of PIMCO Dividend and Income Fund , PIMCO RAE Emerging Markets Fund, PIMCO RAE Global ex-US Fund, PIMCO RAE Global Fund, PIMCO RAE International Fund, PIMCO RAE US Fund, PIMCO RAE US Small Fund, PIMCO REALPATH^® Blend Income Fund, PIMCO REALPATH^® Blend 2025 Fund, PIMCO REALPATH^® Blend 2030 Fund, PIMCO REALPATH^® Blend 2035 Fund, PIMCO REALPATH^® Blend 2040 Fund, PIMCO REALPATH^® Blend 2045 Fund, PIMCO REALPATH^® Blend 2050 Fund, PIMCO REALPATH^® Blend 2055 Fund and PIMCO REALPATH^® Blend 2060 Fund (each, a “Fund,” and collectively, the “Funds”), and Pacific Investment Management Company LLC (“PIMCO”) for an additional one-year term through August 31, 2021.¹ 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, 2021. 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 Emerging Markets Fund, PIMCO RAE Global ex-US Fund, PIMCO RAE Global Fund, PIMCO RAE International Fund, PIMCO RAE US Fund, PIMCO RAE 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, 2021.

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 for 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, financial information for 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, a memorandum 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

¹  The Board, including a majority of the Independent Trustees, determined to rely on the relief granted by a temporary exemptive order issued by the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940 that permits fund boards of trustees to approve advisory contracts at a meeting held by remote communications that allows participating trustees to hear one another simultaneously, rather than in-person, in light of the impact of the novel coronavirus (“COVID-19”) pandemic and restrictions on travel and in-person gatherings. The Board determined that reliance on the exemptive order was necessary and appropriate due to circumstances related to current or potential effects of the COVID-19 pandemic and government-mandated restrictions, and prior to commencing the approval meeting, the Board confirmed that all Board members could hear each other simultaneously during the meeting. The Board noted that it would ratify any actions taken at this meeting pursuant to the SEC relief at its next in-person meeting.

SEMIANNUAL REPORT | DECEMBER 31, 2020 85

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

performance information and fee and expense data. The Board received presentations from PIMCO and, where applicable, Research Affiliates and Parametric, 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 18-19, 2020 meeting. The Independent Trustees also met telephonically with counsel to the Trust and the Independent Trustees, including telephonic meetings on July 10, 2020 and July 30, 2020, and conducted a telephonic meeting on July 30, 2020 with management and counsel to the Trust and the Independent Trustees, to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements, the Sub-Advisory Agreement and the Portfolio Implementation Agreement. In connection with its review of the Agreements and the Sub-Advisory Agreement, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes. The Independent Trustees also requested and received supplemental information, including information regarding Fund performance and profitability.

The approval determinations were made on the basis of each Trustee’s business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weight 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 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, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Funds’ asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment 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, including new regulations impacting the Funds, and its commitment to further developing and strengthening these programs, its oversight of matters that may involve conflicts of interest between the Funds’ investments and those of other accounts managed by PIMCO, and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered PIMCO’s continuous investment in 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.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including, but not limited to: investing in its cybersecurity program and business continuity functions, including the build-out of a new data center; funding projects and initiatives in support of the Funds; improving PIMCO governance and oversight of key fund administration processes; expanding and engaging a technology consultant to improve certain performance reconciliation processes; enhancing PIMCO’s oversight over certain of the Funds’ service providers; continuing to develop initiatives related to pricing, including, among other items, development of pricing tools and capabilities and continued extensive due diligence regarding pricing vendors; forming a new internal group responsible for the operational aspects of the Liquidity Risk Management Programs; developing compliance and operations processes in connection with regulatory developments; continuing to invest in PIMCO’s technology infrastructure; continuing oversight by the Americas Fund Oversight Committee, which provides senior-level oversight and supervision focused on new and ongoing fund-related business opportunities; expanding engagement with a third party service provider to provide certain additional fund administration services subject to PIMCO’s oversight; investing in the Fund Treasurer’s Office; enhancing a proprietary application to support new trading strategies and increase data precision and administration control; developing a global tax management application that will enable investment professionals to access foreign market and security tax information on a real-time basis; utilizing a service provider’s proprietary software and managed service model to timely meet N-PORT and N-CEN regulatory requirements; upgrading a proprietary application to allow shareholder subscription and redemption data to pass to portfolio managers more quickly and efficiently; implementing a contingent NAV process; continuing to advocate in the public policy

86 PIMCO EQUITY SERIES

(Unaudited)

arena; developing a proprietary tool to monitor and facilitate potential interfund lending; utilizing a third-party software technology to allow portfolio management teams to run pre-trade calculations regarding new exchange-traded and cleared derivatives; and developing technology solutions to leverage artificial intelligence and machine learning.

Similarly, the Board considered the sub-advisory services provided by Research Affiliates to the RAE Funds. The Board further considered PIMCO’s oversight of Research Affiliates in connection with Research Affiliates providing sub-advisory services to the RAE Funds. The Board also reviewed materials regarding 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 Parametric’s personnel responsible for providing services to the RAE Funds under the Portfolio Implementation Agreement. The Board also reviewed materials regarding the nature, extent 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, but not limited to, audit, custodial, portfolio accounting,

ordinary 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, 2020 and other performance data, as available, over short- and long-term periods ended June 30, 2020 (the “PIMCO Report”) and from Broadridge concerning the Funds’ performance, as available, over short- and long-term periods ended March 31, 2020 (the “Broadridge 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 Broadridge Report, which were provided in advance of the August 18-19, 2020 meeting.

The Trustees noted the Funds (based on Institutional Class performance) that outperformed their respective benchmark indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2020. The Board noted the amounts of the assets of the Trust and PIMCO Funds (based on Institutional Class performance) that outperformed their relevant benchmark net-of-fees over the one-, three- and five-year periods ended June 30, 2020. The Board discussed these and other performance-related developments.

The Board reviewed materials indicating that, according to the Broadridge Report, certain Funds had underperformed in comparison to their respective peer groups or benchmark indexes, or both, over short- and long-term periods. PIMCO reported to the Board on the reasons for the underperformance of certain Funds and actions that have been taken by PIMCO throughout the year to attempt to address underperformance.

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.

SEMIANNUAL REPORT | DECEMBER 31, 2020 87

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

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

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

The Board reviewed the advisory fees, supervisory and administrative fees and total 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 Funds to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a “Peer Group” of comparable funds, 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, and noted in particular, the following: the proposed four basis point reduction in the advisory fee for the PIMCO Dividend and Income Fund; the proposed five basis point reduction in the advisory fee for the PIMCO RAE Global Fund; the proposed 20 basis point reduction in the supervisory and administrative fee for each class of the PIMCO RAE Emerging Markets Fund and PIMCO RAE Global ex-US Fund; the proposed 15 basis point reduction for each class of the PIMCO RAE Global Fund; and the proposed 10 basis point reduction for each class of the PIMCO RAE International Fund, PIMCO RAE US Fund and PIMCO RAE US Small Fund.

The Board also reviewed data comparing certain Funds’ advisory fees to the fee rates PIMCO charges to separate accounts, private funds and sub-advised clients with similar investment strategies. In cases where

the fees for other clients were lower than those charged to the Funds, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Funds, differences in the number or extent of the services provided by PIMCO to the Funds, the manner in which similar portfolios may be managed, different requirements with respect to liquidity management and the implementation of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Funds because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less complex regulatory regime.

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

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

88 PIMCO EQUITY SERIES

(Unaudited)

Board also considered that the unified supervisory and administrative fee leads to Fund fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Fund fees at competitive levels over the contract period even if the Funds’ operating costs rise when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO’s approach of pricing Funds 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 in most cases the Funds’ total expense ratios were lower than the total expense ratios 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 the Broadridge Report, 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 expense limitation agreement in place for all of the Funds and the various fee waiver agreements in place for the Funds of Funds.

Based on the information presented by PIMCO, Research Affiliates and Broadridge, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements, that the fees charged by Research Affiliates under the Sub-Advisory Agreement, and that the total expenses of each Fund and the RAE Funds after the proposals to decrease their fees, as applicable, are reasonable.

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

The Board reviewed information regarding PIMCO’s costs of providing services to the Funds as a whole, as well as the resulting level of profits attributable to the Funds. The Board also noted that it had received

information regarding the structure and manner in which PIMCO’s investment professionals were compensated and PIMCO’s view of the relationship of such compensation to the attraction and retention of quality personnel. The Board considered PIMCO’s investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce and offer new services and to accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Funds, PIMCO shares the benefits of economies of scale, if any, with the Funds and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics, senior management supervision, governance and oversight of those services, and through fee reductions or waivers, the pricing of Funds to scale from inception and the enhancement of services provided to the Funds in return for fees paid. In considering the advisory fees paid by the Funds, the Board also reviewed materials indicating that retail investors in the Funds 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 also reviewed materials indicating that, unlike the Funds’ unified fee structure, funds with “pass through” administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also considered that the unified fee protects shareholders from a rise in operating costs that may result from, among other things, PIMCO’s investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO’s investments in these areas are extensive.

The Board concluded that the Funds’ cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any,

SEMIANNUAL REPORT | DECEMBER 31, 2020 89

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

through the Funds’ unified fee structure, generally pricing Funds to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Funds and their shareholders.

6. ANCILLARY BENEFITS

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

7. CONCLUSIONS

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

90 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_123120

PIMCO EQUITY SERIES^®

Semiannual Report

December 31, 2020

PIMCO REALPATH^® Blend 2025 Fund

PIMCO REALPATH^® Blend 2030 Fund

PIMCO REALPATH^® Blend 2035 Fund

PIMCO REALPATH^® Blend 2040 Fund

PIMCO REALPATH^® Blend 2045 Fund

PIMCO REALPATH^® Blend 2050 Fund

PIMCO REALPATH^® Blend 2055 Fund

PIMCO REALPATH^® Blend 2060 Fund

PIMCO REALPATH^® Blend Income Fund

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 from the Fund or from your financial intermediary, such as a broker-dealer or bank. 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.

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				36
Statements of Operations				40
Statements of Changes in Net Assets				42
Notes to Financial Statements				73
Glossary				95
Approval of Investment Advisory Contract and Other Agreements				96
Fund	Fund Summary		Schedule of Investments
PIMCO REALPATH® Blend 2025 Fund		8		44
PIMCO REALPATH® Blend 2030 Fund		10		48
PIMCO REALPATH® Blend 2035 Fund		12		52
PIMCO REALPATH® Blend 2040 Fund		14		55
PIMCO REALPATH® Blend 2045 Fund		16		58
PIMCO REALPATH® Blend 2050 Fund		18		61
PIMCO REALPATH® Blend 2055 Fund		20		64
PIMCO REALPATH® Blend 2060 Fund		22		67
PIMCO REALPATH® Blend Income Fund		24		69

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

Chairman’s Letter

Dear Shareholder,

We hope that you and your family are remaining safe and healthy during these challenging times. We continue to work tirelessly to navigate markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Equity Series Semiannual Report, which covers the six-month reporting period ended December 31, 2020. On the subsequent pages, you will find specific details regarding investment results and a discussion of the factors that most affected performance during the reporting period.

For the six-month reporting period ended December 31, 2020

The global economy was severely impacted by the repercussions related to the COVID-19 pandemic. Looking back before the reporting period began, second-quarter 2020 U.S. annualized gross domestic product (“GDP”) was -31.4%. This represented the steepest quarterly decline on record. With the economy reopening, third-quarter GDP growth was 33.4%, the largest quarterly increase on record. The Commerce Department’s initial estimate for fourth-quarter annualized GDP growth — released after the reporting period ended — was 4.0%.

The Federal Reserve (the “Fed”) took unprecedented actions to support the economy and keep markets functioning properly. In early March 2020, before the reporting period began, the Fed lowered the federal funds rate to a range between 1.00% and 1.25%. Later in the month, the Fed lowered the rate to a range between 0.00% and 0.25%. On March 23, the Fed announced that it would make unlimited purchases of Treasury and mortgage securities and, for the first time, it would purchase corporate bonds on the open market. In August 2020, Fed Chair Jerome Powell said the central bank had changed how it viewed the trade-off between lower unemployment and higher inflation. Per Powell’s statement, the Fed’s new approach to setting U.S. monetary policy will entail letting inflation run higher, which could mean that interest rates remain low for an extended period. Meanwhile, in March 2020, the U.S. government passed a total of roughly $2.8 trillion in fiscal stimulus measures to aid the economy. A subsequent $900 billion stimulus package was finalized in December 2020.

Economies outside the U.S. were significantly impacted by the pandemic too. In its October 2020 World Economic Outlook Update, the International Monetary Fund (“IMF”) stated that it expects 2020 GDP in the eurozone, U.K. and Japan will be -8.3%, -9.8% and -5.3%, respectively. For comparison purposes, the GDP of these economies expanded 1.3%, 1.5% and 0.7%, respectively, in 2019.

Against this backdrop, central banks and governments around the world took a number of aggressive actions. Looking back, in March 2020, the European Central Bank (the “ECB”) unveiled a new €750 billion bond-buying program, which was subsequently expanded by another €600 billion in June 2020. In July, the European Union agreed on a €1.8 trillion spending package to bolster its economy. In December 2020, the ECB expanded its monetary stimulus program by another €500 billion.

The Bank of England reduced its key lending rate to 0.10% — a record low — in March, added £100 billion to its quantitative easing program in June, and increased its bond-buying program by £150 billion to £895 billion in November. Finally, toward the end of the year, the U.K. and the European Union agreed to a long-awaited Brexit deal. Elsewhere, the Bank of Japan maintained its short-term interest rate at -0.10%, while increasing the target for its holdings of corporate bonds to ¥4.2 trillion from ¥3.2 trillion. In May 2020, the Japanese government doubled its stimulus measures with a ¥117 trillion package. Finally, in December 2020, the Bank of Japan announced a new ¥73.6 trillion stimulus package. Short-term U.S. Treasury yields edged modestly lower, whereas long-term yields moved higher, albeit from a very low level during the reporting period. The yield on the benchmark 10-year U.S. Treasury note was 0.93% at the end of the reporting period, versus 0.66% on June 30, 2020. The Bloomberg Barclays Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including both developed and emerging markets, returned 0.78%. Meanwhile, the Bloomberg Barclays Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned 4.20%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, also

2 PIMCO EQUITY SERIES

rallied. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned 10.82%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned 7.89%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned 10.29%.

Despite the headwinds from the pandemic, global equities produced strong results. All told, U.S. equities, as represented by the S&P 500 Index, returned 22.16%, partially fueled by a sharp rally in November and December 2020, because, in our view, investor sentiment improved after positive COVID-19 vaccine news. Global equities, as represented by the MSCI World Index, returned 23.00%, whereas emerging market equities, as measured by the MSCI Emerging Markets Index, returned 31.14%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in JPY), returned 24.12% and European equities, as represented by the MSCI Europe Index (in EUR), returned 10.91%.

Commodity prices were volatile and produced mixed results. When the reporting period began, Brent crude oil was approximately $41 a barrel. Brent crude oil ended the reporting period at roughly $52 a barrel. We believe that oil prices rallied because producers reduced their output and investors anticipated stronger demand as global growth improved and several new COVID-19 vaccines were introduced. Elsewhere, copper prices moved higher, while gold declined.

Finally, there were also periods of volatility in the foreign exchange markets, in our view due to fluctuating economic growth, trade conflicts and changing central bank monetary policies, along with the U.S. election and several geopolitical events. The U.S. dollar weakened against a number of other major currencies. For example, the U.S. dollar returned -8.74%, -10.23% and -4.53% versus the euro, the British pound and the Japanese yen, respectively.

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

Sincerely,   Peter G. Strelow Chairman of the Board
PIMCO Variable Insurance Trust

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, 2020 3

Important Information About the Funds

PIMCO Equity Series (the “Trust”) is an open-end management investment company that includes PIMCO REALPATH^® Blend 2025 Fund, PIMCO REALPATH^® Blend 2030 Fund, PIMCO REALPATH^® Blend 2035 Fund, PIMCO REALPATH^® Blend 2040 Fund, PIMCO REALPATH^® Blend 2045 Fund, PIMCO REALPATH^® Blend 2050 Fund, PIMCO REALPATH^® Blend 2055 Fund, PIMCO REALPATH^® Blend 2060 Fund and PIMCO REALPATH^® Blend Income Fund (each, a “Fund” and collectively, the “Funds”).

The Funds are each “fund of funds,” which is a term used to describe mutual funds that pursue their investment objective by investing in other mutual funds instead of investing directly in stocks or bonds of other issuers. Under normal circumstances, the Funds invest in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended, equity securities, fixed income instruments of varying maturities, or related derivatives on any of the preceding securities mentioned. The Funds may invest in Institutional Class or Class M shares of any funds of the Trust and PIMCO Funds, and in other affiliated funds, including funds of PIMCO ETF Trust, except funds of funds and funds sub-advised by Gurtin Municipal Bond Management (collectively, “Underlying PIMCO Funds”), and unaffiliated funds that are registered under the Investment Company Act of 1940 (collectively, “Acquired Funds”). The risks and strategies associated with an investment in the Fund may result from direct investments and/or indirect exposure through investment in Acquired Funds.

We believe that equity funds and bond funds have an important role to play in a well-diversified portfolio. It is important to note, however, that equity funds and bond funds are subject to notable risks.

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

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

Bond funds and fixed income securities are subject to a variety of risks, including interest rate risk, liquidity risk and market risk. In an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by a Fund (and/or Underlying PIMCO Funds or Acquired Funds, as applicable) are likely to decrease in value. A wide variety of factors can cause interest rates to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that management will anticipate such movement accurately. A Fund may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States are at or near historically low levels. Thus, the Funds currently face a heightened level of risk associated with rising interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for low yielding investments. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to “make markets.”

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security’s price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets or negatively impact a Fund’s performance or cause the Fund to incur losses. As a result, a Fund may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of the Fund.

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

Classifications of the Funds’ portfolio holdings in this report are made according to financial reporting standards. The classification of a

4 PIMCO EQUITY SERIES

particular portfolio holding as shown in the Allocation Breakdown and Schedule of Investments sections of this report may differ from the classification used for the Funds’ compliance calculations, including those used in the Funds’ prospectus, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. Each Fund is separately monitored for compliance with respect to prospectus and regulatory requirements.

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

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Funds’ performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Funds’ service providers and disrupt the Funds’ operations.

The United States’ enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from other countries, each with a focus on China, has contributed to international trade tensions and may impact portfolio securities held by the Underlying PIMCO Funds or Acquired Funds.

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

A Fund may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate (“LIBOR”). LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has announced plans to ultimately phase out the use of LIBOR. There remains uncertainty regarding future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement

transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on a Fund or on certain instruments in which a Fund invests can be difficult to ascertain, and they may vary depending on a variety of factors. The transition may also result in a reduction in the value of certain instruments held by a Fund or a reduction in the effectiveness of related Fund transactions such as hedges. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to a Fund.

The PIMCO REALPATH^® Blend Funds are intended for investors who prefer to have their asset allocation decisions made by professional

money managers and are designed to offer individual investors comprehensive asset allocation strategies tailored to the time when they expect to retire or to begin withdrawing assets. Each PIMCO REALPATH^® Blend Fund is designed for investors expecting to retire or to begin withdrawing portions of their investments around the year indicated in the Fund’s name. The retirement year included in the REALPATH^® Blend Fund’s name does not necessarily represent the specific year you expect to begin withdrawing your assets. It is intended only as a general guide.

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

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

SEMIANNUAL REPORT | DECEMBER 31, 2020 5

Important Information About the Funds (Cont.)

minimum initial investment amount for Class A shares is $1,000. Each Fund measures its performance against at least one broad-based securities market index (“benchmark index”). The benchmark index does not take into account fees, expenses, or taxes. A Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. There is no assurance that any Fund, including any Fund that has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) a Fund’s total return in excess of that of the Fund’s benchmark between reporting periods or 2) a Fund’s total return in excess of the Fund’s historical returns between reporting periods. Unusual performance is defined as a significant change in a Fund’s performance as compared to one or more previous reporting periods. Historical performance for a Fund or share class may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

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

Fund Name

Fund Inception

Institutional Class

Administrative Class

Class A

Class R

Diversification Status

PIMCO REALPATH® Blend 2025 Fund

12/31/14

12/31/14

12/31/14

12/31/14

—

Diversified

PIMCO REALPATH® Blend 2030 Fund

12/31/14

12/31/14

12/31/14

12/31/14

—

Diversified

PIMCO REALPATH® Blend 2035 Fund

12/31/14

12/31/14

12/31/14

12/31/14

—

Diversified

PIMCO REALPATH® Blend 2040 Fund

12/31/14

12/31/14

12/31/14

12/31/14

—

Diversified

PIMCO REALPATH® Blend 2045 Fund

12/31/14

12/31/14

12/31/14

12/31/14

—

Diversified

PIMCO REALPATH® Blend 2050 Fund

12/31/14

12/31/14

12/31/14

12/31/14

—

Diversified

PIMCO REALPATH® Blend 2055 Fund

12/31/14

12/31/14

12/31/14

12/31/14

—

Diversified

PIMCO REALPATH® Blend 2060 Fund

12/31/19

12/31/19

12/31/19

12/31/19

—

Diversified

PIMCO REALPATH® Blend Income Fund

12/31/14

12/31/14

12/31/14

12/31/14

—

Diversified

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

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund’s prospectus nor a Fund’s summary prospectus, the Trust’s Statement of Additional Information (“SAI”), any contracts filed as exhibits to the Trust’s registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or a Fund creates a contract between or among any shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to a Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Fund is a

party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust’s then-current prospectus or SAI.

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

The Funds file portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Funds’ complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC’s website

6 PIMCO EQUITY SERIES

at www.sec.gov and on PIMCO’s website at www.pimco.com, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO.

The SEC adopted a rule that allows 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 elect to receive all future reports in paper free of charge by contacting their financial intermediary or, if invested directly with a Fund, investors can inform the Fund by calling 888.877.4626. Any election to receive reports in paper will apply to all funds held with the fund complex if invested directly with a Fund or to all funds held in the investor’s account if invested through a financial intermediary.

In August 2020, the SEC proposed changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which, if adopted, will change the disclosures provided to shareholders.

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, and after an eighteen-month transition period, the rule requires funds to trade derivatives and other transactions that create future payment or delivery obligations (except reverse repurchase agreements and similar financing transactions) subject to a value-at-risk leverage limit, certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Funds to use derivatives and reverse repurchase agreements and similar financing transactions as part of their investment strategies and may increase the cost of the Funds’ investments and cost of doing business, which could adversely affect investors.

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Investment Company Act of 1940 (the “Act”) without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also included the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The impact that these changes may have on the Funds is uncertain.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations.

The new rule also defines “readily available market quotations” for purposes of the definition of “value” under the Act, and the SEC noted that this definition will apply in all contexts under the Act. The SEC adopted an eighteen-month transition period beginning from the effective date for both the new rule and the associated new recordkeeping requirements. The impact of the new rule on the Funds is uncertain at this time.

SEMIANNUAL REPORT | DECEMBER 31, 2020 7

PIMCO REALPATH^® Blend 2025 Fund

Cumulative Returns Through December 31, 2020

$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 “Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any of the preceding securities mentioned. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 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, 2020
		6 Months*		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2025 Fund Institutional Class		14.99%		15.13%		10.32%		7.88%
	PIMCO REALPATH® Blend 2025 Fund Administrative Class		14.80%		14.81%		10.03%		7.60%
	PIMCO REALPATH® Blend 2025 Fund Class A		14.68%		14.51%		9.76%		7.34%
	PIMCO REALPATH® Blend 2025 Fund Class A (adjusted)		8.37%		8.22%		8.53%		6.34%
	S&P Target Date 2025 Index±		13.80%		11.22%		9.08%		7.46%

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

* Cumulative return.

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

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

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

The Fund’s total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses), were 0.56% for the Institutional Class shares, 0.81% for the Administrative Class shares, and 1.06% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

8 PIMCO EQUITY SERIES

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

Top 10 Holdings as of December 31, 2020^†§

Vanguard Institutional Index Fund ‘Institutional’	23.6%
PIMCO Income Fund	14.0%
Vanguard Developed Markets Index Fund ‘Institutional’	12.0%
PIMCO Total Return Fund	11.7%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	8.0%
PIMCO Long-Term Real Return Fund	5.6%
PIMCO Real Return Fund	4.9%
PIMCO Emerging Markets Local Currency and Bond Fund	3.9%
PIMCO Long-Term U.S. Government Fund	2.4%
PIMCO High Yield Fund	2.3%

^†  % of Investments, at value.

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

Fund Insights

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

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

» Exposure to developed market ex-U.S. equities contributed to absolute performance, as developed market ex-U.S. equities posted positive returns.

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

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

» No notable detractors from absolute performance over the period.

SEMIANNUAL REPORT | DECEMBER 31, 2020 9

PIMCO REALPATH^® Blend 2030 Fund

Cumulative Returns Through December 31, 2020

$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 “Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any of the preceding securities mentioned. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 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, 2020
		6 Months*		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2030 Fund Institutional Class		16.48%		14.28%		11.00%		8.31%
	PIMCO REALPATH® Blend 2030 Fund Administrative Class		16.38%		14.05%		10.74%		8.05%
	PIMCO REALPATH® Blend 2030 Fund Class A		16.31%		13.71%		10.48%		7.79%
	PIMCO REALPATH® Blend 2030 Fund Class A (adjusted)		9.93%		7.43%		9.24%		6.78%
	S&P Target Date 2030 Index±		16.07%		11.91%		9.78%		8.02%

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

* Cumulative return.

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

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

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

The Fund’s total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses), were 0.47% for the Institutional Class shares, 0.72% for the Administrative Class shares, and 0.97% 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.

10 PIMCO EQUITY SERIES

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

Top 10 Holdings as of December 31, 2020^†§

Vanguard Institutional Index Fund ‘Institutional’	30.5%
Vanguard Developed Markets Index Fund ‘Institutional’	14.5%
PIMCO Income Fund	12.6%
PIMCO Total Return Fund	10.2%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	9.2%
PIMCO Real Return Fund	4.2%
PIMCO Long-Term Real Return Fund	3.7%
PIMCO Emerging Markets Local Currency and Bond Fund	3.6%
Vanguard Small-Cap Index Fund ‘Admiral’	2.6%
PIMCO High Yield Fund	2.4%

^†  % of Investments, at value.

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

Fund Insights

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

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

» Exposure to developed market ex-U.S. equities contributed to absolute performance, as developed market ex-U.S. equities posted positive returns.

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

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

» No notable detractors from absolute performance over the period.

SEMIANNUAL REPORT | DECEMBER 31, 2020 11

PIMCO REALPATH^® Blend 2035 Fund

Cumulative Returns Through December 31, 2020

$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 “Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any of the preceding securities mentioned. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 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, 2020
		6 Months*		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2035 Fund Institutional Class		18.24%		13.73%		11.28%		8.48%
	PIMCO REALPATH® Blend 2035 Fund Administrative Class		18.05%		13.41%		10.99%		8.19%
	PIMCO REALPATH® Blend 2035 Fund Class A		17.86%		13.15%		10.71%		7.94%
	PIMCO REALPATH® Blend 2035 Fund Class A (adjusted)		11.37%		6.91%		9.48%		6.93%
	S&P Target Date 2035 Index±		18.60%		12.79%		10.47%		8.58%

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

* 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 0.39% for the Institutional Class shares, 0.64% for the Administrative Class shares, and 0.89% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

12 PIMCO EQUITY SERIES

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

Top 10 Holdings as of December 31, 2020^†§

Vanguard Institutional Index Fund ‘Institutional’	33.6%
Vanguard Developed Markets Index Fund ‘Institutional’	16.6%
PIMCO Income Fund	10.4%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	9.3%
PIMCO Total Return Fund	8.0%
PIMCO Real Return Fund	3.3%
PIMCO Emerging Markets Local Currency and Bond Fund	3.0%
Vanguard Small-Cap Index Fund ‘Admiral’	3.0%
PIMCO High Yield Fund	2.3%
PIMCO Long-Term Real Return Fund	1.3%

^†  % of Investments, at value.

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

Fund Insights

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

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

» Exposure to developed market ex-U.S. equities contributed to absolute performance, as developed market ex-U.S. equities posted positive returns.

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

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

» No notable detractors from absolute performance over the period.

SEMIANNUAL REPORT | DECEMBER 31, 2020 13

PIMCO REALPATH^® Blend 2040 Fund

Cumulative Returns Through December 31, 2020

$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 “Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any of the preceding securities mentioned. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 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, 2020
		6 Months*		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2040 Fund Institutional Class		19.55%		13.80%		11.46%		8.71%
	PIMCO REALPATH® Blend 2040 Fund Administrative Class		19.47%		13.49%		11.17%		8.44%
	PIMCO REALPATH® Blend 2040 Fund Class A		19.38%		13.21%		10.90%		8.18%
	PIMCO REALPATH® Blend 2040 Fund Class A (adjusted)		12.78%		7.02%		9.64%		7.16%
	S&P Target Date 2040 Index±		20.32%		13.37%		10.95%		8.96%

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

* Cumulative return.

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

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

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

The Fund’s total annual operating expense ratio 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 Class 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 - PVPNX Administrative Class - PVPRX Class A -  PVPAX

Top 10 Holdings as of December 31, 2020^†§

Vanguard Institutional Index Fund ‘Institutional’	38.6%
Vanguard Developed Markets Index Fund ‘Institutional’	19.5%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	9.9%
PIMCO Income Fund	8.6%
PIMCO Total Return Fund	6.2%
Vanguard Small-Cap Index Fund ‘Admiral’	3.6%
PIMCO Emerging Markets Local Currency and Bond Fund	2.6%
PIMCO Real Return Fund	2.6%
PIMCO High Yield Fund	2.4%
PIMCO International Bond Fund (U.S. Dollar-Hedged)	0.7%

^† % of Investments, at value.

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

Fund Insights

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

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

» Exposure to developed market ex-U.S. equities contributed to absolute performance, as developed market ex-U.S. equities posted positive returns.

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

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

» No notable detractors from absolute performance over the period.

SEMIANNUAL REPORT | DECEMBER 31, 2020 15

PIMCO REALPATH^® Blend 2045 Fund

Cumulative Returns Through December 31, 2020

$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 “Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any of the preceding securities mentioned. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 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, 2020
		6 Months*		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2045 Fund Institutional Class		20.71%		13.94%		11.62%		8.79%
	PIMCO REALPATH® Blend 2045 Fund Administrative Class		20.47%		13.56%		11.31%		8.50%
	PIMCO REALPATH® Blend 2045 Fund Class A		20.35%		13.34%		11.04%		8.24%
	PIMCO REALPATH® Blend 2045 Fund Class A (adjusted)		13.75%		7.14%		9.78%		7.23%
	S&P Target Date 2045 Index±		21.36%		13.66%		11.24%		9.19%

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

* Cumulative return.

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

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

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

The Fund’s total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses), were 0.27% for the Institutional Class shares, 0.52% for the Administrative Class shares, and 0.77% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

16 PIMCO EQUITY SERIES

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

Top 10 Holdings as of December 31, 2020^†§

Vanguard Institutional Index Fund ‘Institutional’	41.5%
Vanguard Developed Markets Index Fund ‘Institutional’	21.1%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	10.2%
PIMCO Income Fund	6.4%
PIMCO Total Return Fund	4.1%
Vanguard Small-Cap Index Fund ‘Institutional’	4.0%
PIMCO High Yield Fund	2.4%
PIMCO Emerging Markets Local Currency and Bond Fund	2.1%
PIMCO Real Return Fund	1.7%
PIMCO International Bond Fund (U.S. Dollar-Hedged)	0.5%

^†  % of Investments, at value.

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

Fund Insights

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

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

» Exposure to developed market ex-U.S. equities contributed to absolute performance, as developed market ex-U.S. equities posted positive returns.

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

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

» No notable detractors from absolute performance over the period.

SEMIANNUAL REPORT | DECEMBER 31, 2020 17

PIMCO REALPATH^® Blend 2050 Fund

Cumulative Returns Through December 31, 2020

$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 “Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any of the preceding securities mentioned. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 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, 2020
		6 Months*		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2050 Fund Institutional Class		21.15%		13.72%		11.65%		8.88%
	PIMCO REALPATH® Blend 2050 Fund Administrative Class		20.98%		13.41%		11.36%		8.59%
	PIMCO REALPATH® Blend 2050 Fund Class A		20.84%		13.08%		11.10%		8.33%
	PIMCO REALPATH® Blend 2050 Fund Class A (adjusted)		14.19%		6.83%		9.84%		7.31%
	S&P Target Date 2050 Index±		21.88%		13.87%		11.44%		9.36%

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

* Cumulative return.

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

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

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

The Fund’s total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses), were 0.24% for the Institutional Class shares, 0.49% for the Administrative Class shares, and 0.74% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

18 PIMCO EQUITY SERIES

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

Top 10 Holdings as of December 31, 2020^†§

Vanguard Institutional Index Fund ‘Institutional’	43.5%
Vanguard Developed Markets Index Fund ‘Institutional’	23.0%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	10.6%
PIMCO Income Fund	5.1%
Vanguard Small-Cap Index Fund ‘Institutional’	4.3%
PIMCO Total Return Fund	2.7%
PIMCO High Yield Fund	2.4%
PIMCO Emerging Markets Local Currency and Bond Fund	1.8%
PIMCO Real Return Fund	1.1%
PIMCO International Bond Fund (U.S. Dollar-Hedged)	0.3%

^†  % of Investments, at value.

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

Fund Insights

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

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

» Exposure to developed market ex-U.S. equities contributed to absolute performance, as developed market ex-U.S. equities posted positive returns.

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

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

» No notable detractors from absolute performance over the period.

SEMIANNUAL REPORT | DECEMBER 31, 2020 19

PIMCO REALPATH^® Blend 2055 Fund

Cumulative Returns Through December 31, 2020

$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 “Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any of the preceding securities mentioned. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 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, 2020
		6 Months*		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2055 Fund Institutional Class		21.21%		13.30%		11.52%		8.76%
	PIMCO REALPATH® Blend 2055 Fund Administrative Class		21.10%		13.07%		11.27%		8.51%
	PIMCO REALPATH® Blend 2055 Fund Class A		20.94%		12.82%		10.98%		8.21%
	PIMCO REALPATH® Blend 2055 Fund Class A (adjusted)		14.30%		6.61%		9.72%		7.19%
	S&P Target Date 2055 Index±		22.14%		13.86%		11.55%		9.43%

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

* Cumulative return.

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

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

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

The Fund’s total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses), were 0.24% for the Institutional Class shares, 0.49% for the Administrative Class shares, and 0.74% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

20 PIMCO EQUITY SERIES

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

Top 10 Holdings as of December 31, 2020^†§

Vanguard Institutional Index Fund ‘Institutional’	43.3%
Vanguard Developed Markets Index Fund ‘Institutional’	23.6%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	10.5%
PIMCO Income Fund	4.4%
Vanguard Small-Cap Index Fund ‘Admiral’	4.3%
PIMCO High Yield Fund	2.4%
PIMCO Total Return Fund	2.1%
PIMCO Emerging Markets Local Currency and Bond Fund	1.7%
PIMCO Real Return Fund	0.9%
PIMCO International Bond Fund (U.S. Dollar-Hedged)	0.2%

^†  % of Investments, at value.

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

Fund Insights

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

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

» Exposure to developed market ex-U.S. equities contributed to absolute performance, as developed market ex-U.S. equities posted positive returns.

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

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

» No notable detractors from absolute performance over the period.

SEMIANNUAL REPORT | DECEMBER 31, 2020 21

PIMCO REALPATH^® Blend 2060 Fund

Cumulative Returns Through December 31, 2020

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

Investment Objective and Strategy Overview

PIMCO REALPATH^® Blend 2060 Fund seeks to maximize total return, consistent with prudent investment management, by investing under normal circumstances in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any of the preceding securities mentioned. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 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, 2020
		6 Months*		1 Year		Fund Inception (12/31/19)
	PIMCO REALPATH® Blend 2060 Fund Institutional Class		21.30%		13.42%		13.42%
	PIMCO REALPATH® Blend 2060 Fund Administrative Class		21.19%		13.19%		13.19%
	PIMCO REALPATH® Blend 2060 Fund Class A		21.18%		12.94%		12.94%
	PIMCO REALPATH® Blend 2060 Fund Class A (adjusted)		14.54%		6.75%		6.75%
	S&P Target Date 2060+ Index±		22.13%		13.99%		13.95%

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

* Cumulative return.

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

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

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

The Fund’s total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses), were 0.22% for the Institutional Class shares, 0.47% for the Administrative Class shares, and 0.72% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

22 PIMCO EQUITY SERIES

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

Top 10 Holdings as of December 31, 2020^†§

Vanguard 500 Index Fund ‘Admiral’	44.6%
Vanguard Developed Markets Index Fund ‘Admiral’	24.5%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	10.9%
PIMCO Income Fund	4.4%
Vanguard Small-Cap Index Fund ‘Admiral’	4.3%
PIMCO High Yield Fund	2.4%
PIMCO Total Return Fund	2.0%
PIMCO Emerging Markets Local Currency and Bond Fund	1.7%
PIMCO Real Return Fund	0.8%
PIMCO International Bond Fund (U.S. Dollar-Hedged)	0.2%

^†  % of Investments, at value.

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

Fund Insights

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

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

» Exposure to developed market ex-U.S. equities contributed to absolute performance, as developed market ex-U.S. equities posted positive returns.

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

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

» No notable detractors from absolute performance over the period.

SEMIANNUAL REPORT | DECEMBER 31, 2020 23

PIMCO REALPATH^® Blend Income Fund

Cumulative Returns Through December 31, 2020

$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 “Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any of the preceding securities mentioned. The Fund may invest in Institutional Class or Class M shares of any funds of the PIMCO Equity Series (the “Trust”) and PIMCO Funds, and in other affiliated funds, including funds of PIMCO ETF Trust, except funds of funds and series of PIMCO Funds sub-advised by Gurtin Municipal Bond Management (“Underlying PIMCO Funds”), and unaffiliated funds that are registered under the Act (collectively, “Acquired Funds”). Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 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, 2020
		6 Months*		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend Income Fund Institutional Class		13.11%		13.96%		9.33%		7.23%
	PIMCO REALPATH® Blend Income Fund Administrative Class		12.97%		13.70%		9.09%		6.98%
	PIMCO REALPATH® Blend Income Fund Class A		12.77%		13.36%		8.79%		6.71%
	PIMCO REALPATH® Blend Income Fund Class A (adjusted)		6.58%		7.11%		7.58%		5.71%
	S&P Target Date Retirement Income Index±		7.79%		8.81%		6.50%		5.35%

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

* Cumulative return.

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

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

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

The Fund’s total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses), were 0.65% for the Institutional Class shares, 0.90% for the Administrative Class shares, and 1.15% 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 December 31, 2020^†§

Vanguard Institutional Index Fund ‘Institutional’	19.4%
PIMCO Income Fund	17.3%
PIMCO Total Return Fund	14.8%
Vanguard Developed Markets Index Fund ‘Institutional’	10.3%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	7.4%
PIMCO Real Return Fund	6.1%
PIMCO Long-Term Real Return Fund	5.7%
PIMCO Emerging Markets Local Currency and Bond Fund	4.7%
PIMCO High Yield Fund	2.4%
PIMCO Long-Term U.S. Government Fund	2.4%

^†  % of Investments, at value.

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

Fund Insights

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

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

» Exposure to developed market ex-U.S. equities contributed to absolute performance, as developed market ex-U.S. equities posted positive returns.

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

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

» No notable detractors from absolute performance over the period.

SEMIANNUAL REPORT | DECEMBER 31, 2020 25

Expense Examples

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for all Funds and share classes is from July 1, 2020 to December 31, 2020 unless noted otherwise in the table and footnotes below.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

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

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (07/01/20)		Ending Account Value (12/31/20)		Expenses Paid During Period*		Beginning Account Value (07/01/20)		Ending Account Value (12/31/20)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO REALPATH® Blend 2025 Fund
Institutional Class	$	1,000.00	$	1,149.90	$	0.17	$	1,000.00	$	1,025.46	$	0.16		0.03	%
Administrative Class		1,000.00		1,148.00		1.54		1,000.00		1,024.18		1.45		0.28
Class A		1,000.00		1,146.80		2.91		1,000.00		1,022.90		2.75		0.53
PIMCO REALPATH® Blend 2030 Fund
Institutional Class	$	1,000.00	$	1,164.80	$	0.22	$	1,000.00	$	1,025.41	$	0.21		0.04	%
Administrative Class		1,000.00		1,163.80		1.61		1,000.00		1,024.13		1.50		0.29
Class A		1,000.00		1,163.10		2.99		1,000.00		1,022.85		2.80		0.54
PIMCO REALPATH® Blend 2035 Fund
Institutional Class	$	1,000.00	$	1,182.40	$	0.22	$	1,000.00	$	1,025.41	$	0.21		0.04	%
Administrative Class		1,000.00		1,180.50		1.62		1,000.00		1,024.13		1.50		0.29
Class A		1,000.00		1,178.60		3.01		1,000.00		1,022.85		2.80		0.54
PIMCO REALPATH® Blend 2040 Fund
Institutional Class	$	1,000.00	$	1,195.50	$	0.28	$	1,000.00	$	1,025.36	$	0.26		0.05	%
Administrative Class		1,000.00		1,194.70		1.69		1,000.00		1,024.08		1.56		0.30
Class A		1,000.00		1,193.80		3.09		1,000.00		1,022.80		2.85		0.55

26 PIMCO EQUITY SERIES

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (07/01/20)		Ending Account Value (12/31/20)		Expenses Paid During Period*		Beginning Account Value (07/01/20)		Ending Account Value (12/31/20)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO REALPATH® Blend 2045 Fund
Institutional Class	$	1,000.00	$	1,207.10	$	0.28	$	1,000.00	$	1,025.36	$	0.26		0.05	%
Administrative Class		1,000.00		1,204.70		1.69		1,000.00		1,024.08		1.56		0.30
Class A		1,000.00		1,203.50		3.10		1,000.00		1,022.80		2.85		0.55
PIMCO REALPATH® Blend 2050 Fund
Institutional Class	$	1,000.00	$	1,211.50	$	0.28	$	1,000.00	$	1,025.36	$	0.26		0.05	%
Administrative Class		1,000.00		1,209.80		1.70		1,000.00		1,024.08		1.56		0.30
Class A		1,000.00		1,208.40		3.11		1,000.00		1,022.80		2.85		0.55
PIMCO REALPATH® Blend 2055 Fund
Institutional Class	$	1,000.00	$	1,212.10	$	0.34	$	1,000.00	$	1,025.31	$	0.31		0.06	%
Administrative Class		1,000.00		1,211.00		1.76		1,000.00		1,024.03		1.61		0.31
Class A		1,000.00		1,209.40		3.17		1,000.00		1,022.75		2.90		0.56
PIMCO REALPATH® Blend 2060 Fund
Institutional Class	$	1,000.00	$	1,213.00	$	0.34	$	1,000.00	$	1,025.31	$	0.31		0.06	%
Administrative Class		1,000.00		1,211.90		1.76		1,000.00		1,024.03		1.61		0.31
Class A		1,000.00		1,211.80		3.17		1,000.00		1,022.75		2.90		0.56
PIMCO REALPATH® Blend Income Fund
Institutional Class	$	1,000.00	$	1,131.10	$	0.16	$	1,000.00	$	1,025.46	$	0.16		0.03	%
Administrative Class		1,000.00		1,129.70		1.53		1,000.00		1,024.18		1.45		0.28
Class A		1,000.00		1,127.70		2.89		1,000.00		1,022.90		2.75		0.53

* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 187/365 (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, 2020 27

Financial Highlights

			Investment Operations							Less Distributions(c)
Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year or Period(a)		Net Investment Income (Loss)(b)		Net Realized/ Unrealized Gain (Loss)			Total		From Net Investment Income			From Net Realized Capital Gains			Tax Basis Return of Capital		Total
PIMCO REALPATH® Blend 2025 Fund
Institutional Class
07/01/2020 - 12/31/2020+	$	11.71	$	0.26	$	1.49		$	1.75	$	(0.34	)	$	(0.17	)	$	0.00	$	(0.51	)
06/30/2020		11.33		0.36		0.36			0.72		(0.34	)		0.00			0.00		(0.34	)
06/30/2019		11.15		0.36		0.32			0.68		(0.32	)		(0.18	)		0.00		(0.50	)
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	)
Administrative Class
07/01/2020 - 12/31/2020+		11.69		0.22		1.51			1.73		(0.33	)		(0.17	)		0.00		(0.50	)
06/30/2020		11.31		0.34		0.36			0.70		(0.32	)		0.00			0.00		(0.32	)
06/30/2019		11.13		0.32		0.34			0.66		(0.30	)		(0.18	)		0.00		(0.48	)
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	)
Class A
07/01/2020 - 12/31/2020+		11.68		0.21		1.50			1.71		(0.31	)		(0.17	)		0.00		(0.48	)
06/30/2020		11.31		0.31		0.35			0.66		(0.29	)		0.00			0.00		(0.29	)
06/30/2019		11.13		0.29		0.34			0.63		(0.27	)		(0.18	)		0.00		(0.45	)
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	)
PIMCO REALPATH® Blend 2030 Fund
Institutional Class
07/01/2020 - 12/31/2020+	$	11.76	$	0.24	$	1.71		$	1.95	$	(0.26	)	$	(0.15	)	$	0.00	$	(0.41	)
06/30/2020		11.54		0.35		0.22			0.57		(0.33	)		(0.02	)		0.00		(0.35	)
06/30/2019		11.39		0.34		0.39			0.73		(0.32	)		(0.26	)		0.00		(0.58	)
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	)
Administrative Class
07/01/2020 - 12/31/2020+		11.75		0.20		1.72			1.92		(0.24	)		(0.15	)		0.00		(0.39	)
06/30/2020		11.52		0.33		0.22			0.55		(0.30	)		(0.02	)		0.00		(0.32	)
06/30/2019		11.38		0.30		0.39			0.69		(0.29	)		(0.26	)		0.00		(0.55	)
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	)
Class A
07/01/2020 - 12/31/2020+		11.71		0.19		1.72			1.91		(0.23	)		(0.15	)		0.00		(0.38	)
06/30/2020		11.50		0.29		0.22			0.51		(0.28	)		(0.02	)		0.00		(0.30	)
06/30/2019		11.36		0.28		0.39			0.67		(0.27	)		(0.26	)		0.00		(0.53	)
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	)
PIMCO REALPATH® Blend 2035 Fund
Institutional Class
07/01/2020 - 12/31/2020+	$	11.65	$	0.21	$	1.90		$	2.11	$	(0.17	)	$	(0.09	)	$	0.00	$	(0.26	)
06/30/2020		11.58		0.33		0.08			0.41		(0.32	)		(0.02	)		0.00		(0.34	)
06/30/2019		11.58		0.33		0.38			0.71		(0.32	)		(0.39	)		0.00		(0.71	)
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	)
Administrative Class
07/01/2020 - 12/31/2020+		11.63		0.17		1.92			2.09		(0.15	)		(0.09	)		0.00		(0.24	)
06/30/2020		11.57		0.31		0.06			0.37		(0.29	)		(0.02	)		0.00		(0.31	)
06/30/2019		11.57		0.29		0.39			0.68		(0.29	)		(0.39	)		0.00		(0.68	)
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	)
Class A
07/01/2020 - 12/31/2020+		11.67		0.16		1.92			2.08		(0.14	)		(0.09	)		0.00		(0.23	)
06/30/2020		11.61		0.27		0.08			0.35		(0.27	)		(0.02	)		0.00		(0.29	)
06/30/2019		11.61		0.26		0.39			0.65		(0.26	)		(0.39	)		0.00		(0.65	)
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	)

28 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(d)
Net Asset Value End of Year or Period(a)		Total Return(a)			Net Assets End of Year or Period (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
$	12.95		14.99	%	$	172,379		0.03	%*		0.04	%*		0.03	%*		0.04	%*		4.08	%*		2	%
	11.71		6.41			80,067		0.04			0.05			0.04			0.05			3.18			39
	11.33		6.53			31,946		0.04			0.05			0.04			0.05			3.26			47
	11.15		6.92			6,824		0.04			0.04			0.04			0.04			2.75			75
	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
	12.92		14.80			28,862		0.28	*		0.29	*		0.28	*		0.29	*		3.41	*		2
	11.69		6.19			28,587		0.29			0.30			0.29			0.30			2.99			39
	11.31		6.29			21,086		0.29			0.30			0.29			0.30			2.88			47
	11.13		6.65			19,661		0.29			0.29			0.29			0.29			2.90			75
	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
	12.91		14.68			7,708		0.53	*		0.54	*		0.53	*		0.54	*		3.23	*		2
	11.68		5.88			6,420		0.54			0.55			0.54			0.55			2.68			39
	11.31		6.03			5,462		0.54			0.55			0.54			0.55			2.63			47
	11.13		6.36			5,078		0.54			0.54			0.54			0.54			2.30			75
	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
$	13.30		16.58	%	$	193,750		0.04	%*		0.04	%*		0.04	%*		0.04	%*		3.61	%*		8	%
	11.76		4.89			105,414		0.05			0.06			0.05			0.06			3.00			28
	11.54		6.84			52,133		0.05			0.06			0.05			0.06			3.08			40
	11.39		7.81			13,974		0.05			0.05			0.05			0.05			2.63			98
	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
	13.28		16.38			32,007		0.29	*		0.29	*		0.29	*		0.29	*		3.07	*		8
	11.75		4.76			27,583		0.30			0.31			0.30			0.31			2.81			28
	11.52		6.50			21,469		0.30			0.31			0.30			0.31			2.71			40
	11.38		7.64			20,114		0.30			0.30			0.30			0.30			2.77			98
	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
	13.24		16.31			7,733		0.54	*		0.54	*		0.54	*		0.54	*		2.87	*		8
	11.71		4.41			6,494		0.55			0.56			0.55			0.56			2.50			28
	11.50		6.28			5,774		0.55			0.56			0.55			0.56			2.52			40
	11.36		7.36			4,169		0.55			0.55			0.55			0.55			2.20			98
	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
$	13.50		18.15	%	$	156,279		0.04	%*		0.05	%*		0.04	%*		0.05	%*		3.21	%*		0	%
	11.65		3.47			76,525		0.06			0.07			0.06			0.07			2.85			34
	11.58		6.67			42,033		0.06			0.07			0.06			0.07			2.94			24
	11.58		8.56			16,958		0.06			0.07			0.06			0.07			2.52			101
	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
	13.48		18.05			25,795		0.29	*		0.30	*		0.29	*		0.30	*		2.69	*		0
	11.63		3.15			22,984		0.31			0.32			0.31			0.32			2.66			34
	11.57		6.43			18,672		0.31			0.32			0.31			0.32			2.58			24
	11.57		8.29			17,270		0.31			0.32			0.31			0.32			2.69			101
	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
	13.52		17.86			7,184		0.54	*		0.55	*		0.54	*		0.55	*		2.45	*		0
	11.67		2.95			6,109		0.56			0.57			0.56			0.57			2.36			34
	11.61		6.15			5,062		0.56			0.57			0.56			0.57			2.33			24
	11.61		8.06			4,330		0.56			0.57			0.56			0.57			2.10			101
	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

SEMIANNUAL REPORT | DECEMBER 31, 2020 29

Financial Highlights (Cont.)

			Investment Operations								Less Distributions(c)
Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year or Period(a)		Net Investment Income (Loss)(b)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Net Realized Capital Gains			Tax Basis Return of Capital		Total
PIMCO REALPATH® Blend 2040 Fund
Institutional Class
07/01/2020 - 12/31/2020+	$	11.68	$	0.19	$	2.09		$	2.28		$	(0.15	)	$	(0.07	)	$	0.00	$	(0.22	)
06/30/2020		11.71		0.31		0.02			0.33			(0.34	)		(0.02	)		0.00		(0.36	)
06/30/2019		11.71		0.32		0.38			0.70			(0.31	)		(0.39	)		0.00		(0.70	)
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	)
Administrative Class
07/01/2020 - 12/31/2020+		11.65		0.16		2.10			2.26			(0.13	)		(0.07	)		0.00		(0.20	)
06/30/2020		11.69		0.29		0.01			0.30			(0.32	)		(0.02	)		0.00		(0.34	)
06/30/2019		11.69		0.28		0.39			0.67			(0.28	)		(0.39	)		0.00		(0.67	)
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	)
Class A
07/01/2020 - 12/31/2020+		11.62		0.14		2.10			2.24			(0.12	)		(0.07	)		0.00		(0.19	)
06/30/2020		11.67		0.26		0.00			0.26			(0.29	)		(0.02	)		0.00		(0.31	)
06/30/2019		11.67		0.26		0.38			0.64			(0.25	)		(0.39	)		0.00		(0.64	)
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	)
PIMCO REALPATH® Blend 2045 Fund
Institutional Class
07/01/2020 - 12/31/2020+	$	11.58	$	0.18	$	2.21		$	2.39		$	(0.10	)	$	(0.07	)	$	0.00	$	(0.17	)
06/30/2020		11.67		0.30		(0.04	)		0.26			(0.33	)		(0.02	)		0.00		(0.35	)
06/30/2019		11.79		0.31		0.37			0.68			(0.32	)		(0.48	)		0.00		(0.80	)
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	)
Administrative Class
07/01/2020 - 12/31/2020+		11.55		0.15		2.21			2.36			(0.08	)		(0.07	)		0.00		(0.15	)
06/30/2020		11.65		0.28		(0.06	)		0.22			(0.30	)		(0.02	)		0.00		(0.32	)
06/30/2019		11.77		0.27		0.39			0.66			(0.30	)		(0.48	)		0.00		(0.78	)
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	)
Class A
07/01/2020 - 12/31/2020+		11.54		0.13		2.22			2.35			(0.07	)		(0.07	)		0.00		(0.14	)
06/30/2020		11.64		0.24		(0.04	)		0.20			(0.28	)		(0.02	)		0.00		(0.30	)
06/30/2019		11.77		0.25		0.37			0.62			(0.27	)		(0.48	)		0.00		(0.75	)
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	)

30 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(d)
Net Asset Value End of Year or Period(a)		Total Return(a)			Net Assets End of Year or Period (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
$	13.74		19.55	%	$	171,219		0.05	%*		0.06	%*		0.05	%*		0.06	%*		2.91	%*		6	%
	11.68		2.76			92,728		0.06			0.07			0.06			0.07			2.70			21
	11.71		6.44			64,541		0.06			0.07			0.06			0.07			2.81			29
	11.71		9.17			26,413		0.06			0.07			0.06			0.07			2.50			95
	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
	13.71		19.47			19,910		0.30	*		0.31	*		0.30	*		0.31	*		2.40	*		6
	11.65		2.45			16,746		0.31			0.32			0.31			0.32			2.52			21
	11.69		6.21			12,386		0.31			0.32			0.31			0.32			2.48			29
	11.69		8.90			11,003		0.31			0.32			0.31			0.32			2.66			95
	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
	13.67		19.29			8,637		0.55	*		0.56	*		0.55	*		0.56	*		2.13	*		6
	11.62		2.17			7,914		0.56			0.57			0.56			0.57			2.22			21
	11.67		5.99			7,869		0.56			0.57			0.56			0.57			2.28			29
	11.67		8.52			5,484		0.56			0.57			0.56			0.57			2.03			95
	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
$	13.80		20.63	%	$	157,082		0.05	%*		0.06	%*		0.05	%*		0.06	%*		2.68	%*		4	%
	11.58		2.16			91,173		0.06			0.07			0.06			0.07			2.59			16
	11.67		6.45			69,426		0.06			0.07			0.06			0.07			2.70			16
	11.79		9.57			41,708		0.06			0.07			0.06			0.07			2.43			105
	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
	13.76		20.47			17,993		0.30	*		0.31	*		0.30	*		0.31	*		2.28	*		4
	11.55		1.85			14,426		0.31			0.32			0.31			0.32			2.41			16
	11.65		6.21			10,935		0.31			0.32			0.31			0.32			2.38			16
	11.77		9.31			10,287		0.31			0.32			0.31			0.32			2.58			105
	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
	13.75		20.35			4,031		0.55	*		0.56	*		0.55	*		0.56	*		1.96	*		4
	11.54		1.64			3,658		0.56			0.57			0.56			0.57			2.08			16
	11.64		5.88			4,280		0.56			0.57			0.56			0.57			2.15			16
	11.77		9.01			3,569		0.56			0.57			0.56			0.57			1.93			105
	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

SEMIANNUAL REPORT | DECEMBER 31, 2020 31

Financial Highlights (Cont.)

			Investment Operations								Less Distributions(c)
Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year or Period(a)		Net Investment Income (Loss)(b)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Net Realized Capital Gains			Tax Basis Return of Capital		Total
PIMCO REALPATH® Blend 2050 Fund
Institutional Class
07/01/2020 - 12/31/2020+	$	11.59	$	0.17	$	2.27		$	2.44		$	(0.08	)	$	(0.07	)	$	0.00	$	(0.15	)
06/30/2020		11.74		0.29		(0.08	)		0.21			(0.34	)		(0.02	)		0.00		(0.36	)
06/30/2019		11.86		0.30		0.39			0.69			(0.31	)		(0.50	)		0.00		(0.81	)
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	)
Administrative Class
07/01/2020 - 12/31/2020+		11.56		0.14		2.28			2.42			(0.06	)		(0.07	)		0.00		(0.13	)
06/30/2020		11.71		0.27		(0.09	)		0.18			(0.31	)		(0.02	)		0.00		(0.33	)
06/30/2019		11.84		0.27		0.39			0.66			(0.29	)		(0.50	)		0.00		(0.79	)
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	)
Class A
07/01/2020 - 12/31/2020+		11.51		0.12		2.28			2.40			(0.05	)		(0.07	)		0.00		(0.12	)
06/30/2020		11.67		0.23		(0.08	)		0.15			(0.29	)		(0.02	)		0.00		(0.31	)
06/30/2019		11.80		0.24		0.39			0.63			(0.26	)		(0.50	)		0.00		(0.76	)
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	)
PIMCO REALPATH® Blend 2055 Fund
Institutional Class
07/01/2020 - 12/31/2020+	$	11.59	$	0.17	$	2.28		$	2.45		$	(0.07	)	$	(0.04	)	$	0.00	$	(0.11	)
06/30/2020		11.79		0.29		(0.12	)		0.17			(0.36	)		(0.01	)		0.00		(0.37	)
06/30/2019		11.74		0.31		0.37			0.68			(0.21	)		(0.42	)		0.00		(0.63	)
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	)
Administrative Class
07/01/2020 - 12/31/2020+		11.58		0.14		2.29			2.43			(0.06	)		(0.04	)		0.00		(0.10	)
06/30/2020		11.78		0.28		(0.13	)		0.15			(0.34	)		(0.01	)		0.00		(0.35	)
06/30/2019		11.75		0.29		0.35			0.64			(0.19	)		(0.42	)		0.00		(0.61	)
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	)
Class A
07/01/2020 - 12/31/2020+		11.53		0.11		2.29			2.40			(0.04	)		(0.04	)		0.00		(0.08	)
06/30/2020		11.73		0.23		(0.12	)		0.11			(0.30	)		(0.01	)		0.00		(0.31	)
06/30/2019		11.69		0.24		0.38			0.62			(0.16	)		(0.42	)		0.00		(0.58	)
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	)

32 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(d)
Net Asset Value End of Year or Period(a)		Total Return(a)			Net Assets End of Year or Period (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
$	13.88		21.06	%	$	163,475		0.05	%*		0.06	%*		0.05	%*		0.06	%*		2.54	%*		2	%
	11.59		1.66			103,972		0.06			0.07			0.06			0.07			2.53			20
	11.74		6.54			84,302		0.06			0.07			0.06			0.07			2.64			16
	11.86		9.69			50,057		0.06			0.07			0.06			0.07			2.39			108
	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
	13.85		20.98			20,167		0.30	*		0.31	*		0.30	*		0.31	*		2.11	*		2
	11.56		1.43			17,960		0.31			0.32			0.31			0.32			2.32			20
	11.71		6.22			17,027		0.31			0.32			0.31			0.32			2.34			16
	11.84		9.44			14,382		0.31			0.32			0.31			0.32			2.58			108
	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
	13.79		20.84			4,092		0.55	*		0.56	*		0.55	*		0.56	*		1.82	*		2
	11.51		1.16			4,101		0.56			0.57			0.56			0.57			2.03			20
	11.67		5.99			4,520		0.56			0.57			0.56			0.57			2.09			16
	11.80		9.20			3,782		0.56			0.57			0.56			0.57			1.90			108
	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
$	13.93		21.21	%	$	91,705		0.06	%*		0.06	%*		0.06	%*		0.06	%*		2.56	%*		4	%
	11.59		1.33			51,061		0.07			0.07			0.06			0.06			2.49			28
	11.79		6.41			32,098		0.06			0.07			0.06			0.07			2.76			51
	11.74		9.56			10,558		0.06			0.07			0.06			0.07			2.43			67
	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
	13.91		21.01			6,296		0.31	*		0.31	*		0.31	*		0.31	*		2.14	*		4
	11.58		1.15			4,828		0.32			0.32			0.31			0.31			2.46			28
	11.78		6.02			605		0.31			0.32			0.31			0.32			2.58			51
	11.75		9.37			152		0.31			0.32			0.31			0.32			2.54			67
	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
	13.85		20.86			2,647		0.56	*		0.56	*		0.56	*		0.56	*		1.76	*		4
	11.53		0.85			2,684		0.57			0.57			0.56			0.56			1.98			28
	11.73		5.86			2,758		0.56			0.57			0.56			0.57			2.11			51
	11.69		9.04			2,038		0.56			0.57			0.56			0.57			1.85			67
	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

SEMIANNUAL REPORT | DECEMBER 31, 2020 33

Financial Highlights (Cont.)

			Investment Operations								Less Distributions(c)
Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year or Period(a)		Net Investment Income (Loss)(b)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Net Realized Capital Gains			Tax Basis Return of Capital			Total
PIMCO REALPATH® Blend 2060 Fund
Institutional Class
07/01/2020 - 12/31/2020+	$	9.35	$	0.13	$	1.86		$	1.99		$	(0.10	)	$	0.00		$	0.00		$	(0.10	)
12/31/2019 - 06/30/2020		10.00		0.09		(0.74	)		(0.65	)		0.00			0.00			0.00			0.00
Administrative Class
07/01/2020 - 12/31/2020+		9.33		0.11		1.88			1.99			(0.09	)		0.00			0.00			(0.09	)
12/31/2019 - 06/30/2020		10.00		0.08		(0.75	)		(0.67	)		0.00			0.00			0.00			0.00
Class A
07/01/2020 - 12/31/2020+		9.32		0.15		1.82			1.97			(0.08	)		0.00			0.00			(0.08	)
12/31/2019 - 06/30/2020		10.00		0.08		(0.76	)		(0.68	)		0.00			0.00			0.00			0.00
PIMCO REALPATH® Blend Income Fund
Institutional Class
07/01/2020 - 12/31/2020+	$	11.58	$	0.27	$	1.25		$	1.52		$	(0.36	)	$	(0.18	)	$	0.00		$	(0.54	)
06/30/2020		11.28		0.35		0.34			0.69			(0.39	)		0.00			0.00			(0.39	)
06/30/2019		10.92		0.37		0.34			0.71			(0.35	)		0.00			0.00			(0.35	)
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	)
Administrative Class
07/01/2020 - 12/31/2020+		11.59		0.24		1.25			1.49			(0.34	)		(0.18	)		0.00			(0.52	)
06/30/2020		11.28		0.33		0.34			0.67			(0.36	)		0.00			0.00			(0.36	)
06/30/2019		10.92		0.33		0.35			0.68			(0.32	)		0.00			0.00			(0.32	)
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	)
Class A
07/01/2020 - 12/31/2020+		11.53		0.25		1.21			1.46			(0.33	)		(0.18	)		0.00			(0.51	)
06/30/2020		11.24		0.32		0.32			0.64			(0.35	)		0.00			0.00			(0.35	)
06/30/2019		10.88		0.32		0.34			0.66			(0.30	)		0.00			0.00			(0.30	)
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	)

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

+ Unaudited

* Annualized

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

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

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

^(d)  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.

34 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(d)
Net Asset Value End of Year or Period(a)		Total Return(a)			Net Assets End of Year or Period (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
$	11.24		21.30	%	$	6,661		0.06	%*		0.07	%*		0.06	%*		0.07	%*		2.52	%*		7	%
	9.35		(6.50	)		2,817		0.05	*		2.52	*		0.05	*		2.52	*		1.95	*		12
	11.23		21.32			14		0.31	*		0.32	*		0.31	*		0.32	*		2.10	*		7
	9.33		(6.70	)		9		0.30	*		2.77	*		0.30	*		2.77	*		1.69	*		12
	11.21		21.18			556		0.56	*		0.57	*		0.56	*		0.57	*		2.72	*		7
	9.32		(6.80	)		29		0.55	*		3.02	*		0.55	*		3.02	*		1.70	*		12
$	12.56		13.11	%	$	162,707		0.03	%*		0.04	%*		0.03	%*		0.04	%*		4.26	%*		1	%
	11.58		6.16			106,005		0.04			0.05			0.04			0.05			3.08			52
	11.28		6.70			21,432		0.04			0.05			0.04			0.05			3.41			64
	10.92		5.52			7,556		0.04			0.04			0.04			0.04			2.91			34
	10.54		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
	12.56		12.88			30,932		0.28	*		0.29	*		0.28	*		0.29	*		3.75	*		1
	11.59		6.02			29,547		0.29			0.30			0.29			0.30			2.93			52
	11.28		6.44			11,586		0.29			0.30			0.29			0.30			3.08			64
	10.92		5.17			13,340		0.29			0.29			0.29			0.29			2.98			34
	10.55		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
	12.48		12.68			25,183		0.53	*		0.54	*		0.53	*		0.54	*		3.94	*		1
	11.53		5.71			16,501		0.54			0.55			0.54			0.55			2.82			52
	11.24		6.25			7,204		0.54			0.55			0.54			0.55			2.92			64
	10.88		4.91			3,535		0.54			0.54			0.54			0.54			2.51			34
	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

SEMIANNUAL REPORT | DECEMBER 31, 2020 35

Statements of Assets and Liabilities

(Amounts in thousands†, except per share amounts)	PIMCO REALPATH® Blend 2025 Fund		PIMCO REALPATH® Blend 2030 Fund		PIMCO REALPATH® Blend 2035 Fund		PIMCO REALPATH® Blend 2040 Fund
Assets:
Investments, at value
Investments in securities*	$	100,452	$	132,644	$	123,033	$	145,002
Investments in Affiliates		118,109		98,356		72,649		56,178
Financial Derivative Instruments
Exchange-traded or centrally cleared		420		485		0		0
Over the counter		4		7		5		9
Cash		1		1		1		1
Receivable for investments sold		933		6,651		1,057		3,083
Receivable for Fund shares sold		564		981		313		205
Interest and/or dividends receivable		0		0		0		0
Dividends receivable from Affiliates		191		188		123		105
Total Assets		220,674		239,313		197,181		204,583
Liabilities:
Financial Derivative Instruments
Exchange-traded or centrally cleared	$	83	$	96	$	0	$	0
Over the counter		2		2		2		2
Payable for investments purchased		0		0		1,209		0
Payable for investments in Affiliates purchased		11,266		5,599		6,629		4,482
Deposits from counterparty		50		50		50		50
Payable for Fund shares redeemed		307		58		16		265
Accrued investment advisory fees		2		2		3		5
Accrued supervisory and administrative fees		5		6		5		5
Accrued distribution fees		7		7		6		5
Accrued servicing fees		2		2		2		2
Accrued reimbursement to PIMCO		1		1		1		1
Total Liabilities		11,725		5,823		7,923		4,817
Net Assets	$	208,949	$	233,490	$	189,258	$	199,766
Net Assets Consist of:
Paid in capital	$	189,351	$	206,767	$	165,943	$	172,022
Distributable earnings (accumulated loss)		19,598		26,723		23,315		27,744
Net Assets	$	208,949	$	233,490	$	189,258	$	199,766
Cost of investments in securities	$	82,994	$	109,271	$	102,144	$	119,596
Cost of investments in Affiliates	$	118,448	$	97,735	$	71,733	$	55,115
Cost or premiums of financial derivative instruments, net	$	754	$	885	$	0	$	0
* Includes repurchase agreements of:	$	603	$	760	$	789	$	834

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

36 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (Unaudited)

PIMCO REALPATH® Blend 2045 Fund		PIMCO REALPATH® Blend 2050 Fund		PIMCO REALPATH® Blend 2055 Fund		PIMCO REALPATH® Blend 2060 Fund		PIMCO REALPATH® Blend Income Fund
$	140,847	$	154,857	$	85,332	$	6,013	$	87,827
	41,022		33,725		16,983		1,118		136,604
	0		0		0		0		457
	5		7		3		0		3
	1		0		0		105		1
	1,298		2,074		267		43		368
	224		187		170		35		201
	0		0		0		0		1
	73		65		31		2		251
	183,470		190,915		102,786		7,316		225,713
$	0	$	0	$	0	$	0	$	90
	2		2		1		0		2
	716		619		1,243		52		888
	3,362		2,425		819		32		5,772
	50		50		30		0		60
	219		69		37		0		54
	5		5		3		0		2
	4		4		2		1		9
	4		5		2		0		7
	1		1		1		0		6
	1		1		0		0		1
	4,364		3,181		2,138		85		6,891
$	179,106	$	187,734	$	100,648	$	7,231	$	218,822
$	151,959	$	155,985	$	85,479	$	6,516	$	198,779
	27,147		31,749		15,169		715		20,043
$	179,106	$	187,734	$	100,648	$	7,231	$	218,822
$	115,616	$	125,496	$	71,240	$	5,327	$	70,894
$	40,312	$	33,064	$	16,653	$	1,104	$	135,623
$	0	$	0	$	0	$	0	$	887
$	1,052	$	1,427	$	1,668	$	0	$	485

SEMIANNUAL REPORT | DECEMBER 31, 2020 37

Statements of Assets and Liabilities (Cont.)

	PIMCO REALPATH® Blend 2025 Fund		PIMCO REALPATH® Blend 2030 Fund		PIMCO REALPATH® Blend 2035 Fund		PIMCO REALPATH® Blend 2040 Fund
Net Assets:
Institutional Class	$	172,379	$	193,750	$	156,279	$	171,219
Administrative Class		28,862		32,007		25,795		19,910
Class A		7,708		7,733		7,184		8,637
Shares Issued and Outstanding:
Institutional Class		13,314		14,566		11,574		12,460
Administrative Class		2,235		2,411		1,913		1,452
Class A		597		584		531		632
Net Asset Value Per Share Outstanding(a):
Institutional Class	$	12.95	$	13.30	$	13.50	$	13.74
Administrative Class		12.92		13.28		13.48		13.71
Class A		12.91		13.24		13.52		13.67

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

38 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (Unaudited)

PIMCO REALPATH® Blend 2045 Fund		PIMCO REALPATH® Blend 2050 Fund		PIMCO REALPATH® Blend 2055 Fund		PIMCO REALPATH® Blend 2060 Fund		PIMCO REALPATH® Blend Income Fund
$	157,082	$	163,475	$	91,705	$	6,661	$	162,707
	17,993		20,167		6,296		14		30,932
	4,031		4,092		2,647		556		25,183
	11,380		11,773		6,582		592		12,958
	1,307		1,457		452		1		2,462
	293		297		191		50		2,017
$	13.80	$	13.88	$	13.93	$	11.24	$	12.56
	13.76		13.85		13.91		11.23		12.56
	13.75		13.79		13.85		11.21		12.48

SEMIANNUAL REPORT | DECEMBER 31, 2020 39

Statements of Operations

Six Months Ended December 31, 2020 (Unaudited)
(Amounts in thousands†)	PIMCO REALPATH® Blend 2025 Fund			PIMCO REALPATH® Blend 2030 Fund			PIMCO REALPATH® Blend 2035 Fund			PIMCO REALPATH® Blend 2040 Fund
Investment Income:
Dividends	$	1,015		$	1,332		$	1,176		$	1,392
Dividends from Investments in Affiliates		2,415			2,127			1,200			918
Total Income		3,430			3,459			2,376			2,310
Expenses:
Investment advisory fees		9			10			15			24
Supervisory and administrative fees		26			28			23			26
Distribution and/or servicing fees - Administrative Class		37			38			31			24
Servicing fees - Class A		9			9			8			10
Trustee fees		5			6			5			5
Miscellaneous expense		4			0			4			4
Total Expenses		90			91			86			93
Waiver and/or Reimbursement by PIMCO		(5	)		(1	)		(5	)		(5	)
Net Expenses		85			90			81			88
Net Investment Income (Loss)		3,345			3,369			2,295			2,222
Net Realized Gain (Loss):
Investments in securities		412			1,008			284			294
Investments in Affiliates		(28	)		(11	)		(6	)		(3	)
Net capital gain distributions received from investments		523			742			655			792
Net capital gain distributions received from Affiliate investments		3,624			2,272			564			94
Exchange-traded or centrally cleared financial derivative instruments		(242	)		(160	)		0			0
Over the counter financial derivative instruments		862			1,021			799			840
Net Realized Gain (Loss)		5,151			4,872			2,296			2,017
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		16,043			20,951			18,915			22,454
Investments in Affiliates		(1,661	)		(224	)		832			1,164
Exchange-traded or centrally cleared financial derivative instruments		(89	)		(222	)		0			0
Over the counter financial derivative instruments		84			117			78			84
Net Change in Unrealized Appreciation (Depreciation)		14,377			20,622			19,825			23,702
Net Increase (Decrease) in Net Assets Resulting from Operations	$	22,873		$	28,863		$	24,416		$	27,941

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

^(a)  Inception date of the Fund was December 31, 2019.

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

40 PIMCO EQUITY SERIES See Accompanying Notes

PIMCO REALPATH® Blend 2045 Fund			PIMCO REALPATH®  Blend 2050 Fund			PIMCO REALPATH®  Blend 2055 Fund			PIMCO REALPATH®  Blend 2060 Fund(a)			PIMCO REALPATH®  Blend Income Fund
$	1,351		$	1527		$	798		$	51		$	894
	603			508			228			14			3,157
	1,954			2,035			1,026			65			4,051
	22			24			12			1			10
	19			21			11			1			44
	21			25			7			0			39
	5			5			3			0			25
	5			5			3			0			6
	3			4			0			0			5
	75			84			36			2			129
	(5	)		(5	)		(1	)		(0	)		(6	)
	70			79			35			2			123
	1,884			1,956			991			63			3,928
	312			542			28			2			308
	(1	)		8			1			(1	)		(14	)
	757			825			436			0			432
	55			39			16			1			3,916
	0			0			0			0			(318	)
	782			852			484			35			878
	1,905			2,266			965			37			5,202
	21,849			24,624			12,572			845			14,544
	875			839			395			26			(1,057	)
	0			0			0			0			(80	)
	74			105			22			0			51
	22,798			25,568			12,989			871			13,458
$	26,587		$	29,790		$	14,945		$	971		$	22,588

SEMIANNUAL REPORT | DECEMBER 31, 2020 41

Statements of Changes in Net Assets

	PIMCO REALPATH® Blend 2025 Fund						PIMCO REALPATH® Blend 2030 Fund						PIMCO REALPATH® Blend 2035 Fund						PIMCO REALPATH® Blend 2040 Fund
(Amounts in thousands†)	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	3,345		$	2,731		$	3,369		$	3,359		$	2,295		$	2,366		$	2,222		$	2,649
Net realized gain (loss)		5,151			1,650			4,872			1,243			2,296			(66	)		2,017			(281	)
Net change in unrealized appreciation (depreciation)		14,377			604			20,622			(38	)		19,825			(706	)		23,702			(523	)
Net Increase (Decrease) in Net Assets Resulting from Operations		22,873			4,985			28,863			4,564			24,416			1,594			27,941			1,845
Distributions to Shareholders:
From net investment income and/or net realized capital gains
Institutional Class		(6,390	)		(1,586	)		(5,617	)		(2,365	)		(2,815	)		(1,594	)		(2,569	)		(2,279	)
Administrative Class		(1,084	)		(764	)		(918	)		(774	)		(464	)		(630	)		(294	)		(473	)
Class A		(277	)		(150	)		(215	)		(177	)		(121	)		(143	)		(118	)		(238	)
Total Distributions(b)		(7,751	)		(2,500	)		(6,750	)		(3,316	)		(3,400	)		(2,367	)		(2,981	)		(2,990	)
Fund Share Transactions:
Net increase (decrease) resulting from Fund share transactions*		78,753			54,095			71,886			58,867			62,624			40,624			57,418			33,737
Total Increase (Decrease) in Net Assets		93,875			56,580			93,999			60,115			83,640			39,851			82,378			32,592
Net Assets:
Beginning of period		115,074			58,494			139,491			79,376			105,618			65,767			117,388			84,796
End of period	$	208,949		$	115,074		$	233,490		$	139,491		$	189,258		$	105,618		$	199,766		$	117,388

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

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

^(a)  Inception date of the Fund was December 31, 2019.

^(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.

42 PIMCO EQUITY SERIES See Accompanying Notes

PIMCO REALPATH® Blend 2045 Fund						PIMCO REALPATH® Blend 2050 Fund						PIMCO REALPATH® Blend 2055 Fund						PIMCO REALPATH® Blend 2060 Fund						PIMCO REALPATH® Blend Income Fund
Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Inception date through June 30, 2020(a)			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
$	1,884		$	2,490		$	1,956		$	2,907		$	991		$	1,158		$	63		$	26		$	3,928		$	2,549
	1,905			(757	)		2,266			(863	)		965			(430	)		37			(51	)		5,202			1,620
	22,798			(346	)		25,568			(104	)		12,989			(24	)		871			(171	)		13,458			(1,683	)
	26,587			1,387			29,790			1,940			14,945			704			971			(196	)		22,588			2,486
	(1,837	)		(2,361	)		(1,700	)		(2,820	)		(738	)		(1,244	)		(56	)		0			(6,533	)		(930	)
	(198	)		(400	)		(195	)		(539	)		(46	)		(110	)		0			0			(1,241	)		(412	)
	(40	)		(124	)		(35	)		(130	)		(16	)		(81	)		(4	)		0			(976	)		(303	)
	(2,075	)		(2,885	)		(1,930	)		(3,489	)		(800	)		(1,435	)		(60	)		0			(8,750	)		(1,645	)
	45,337			26,114			33,841			21,733			27,930			23,843			3,465			3,051			52,931			110,990
	69,849			24,616			61,701			20,184			42,075			23,112			4,376			2,855			66,769			111,831
	109,257			84,641			126,033			105,849			58,573			35,461			2,855			0			152,053			40,222
$	179,106		$	109,257		$	187,734		$	126,033		$	100,648		$	58,573		$	7,231		$	2,855		$	218,822		$	152,053

SEMIANNUAL REPORT | DECEMBER 31, 2020 43

Schedule of Investments PIMCO REALPATH^® Blend  2025 Fund

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

		SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 48.0%
MUTUAL FUNDS 47.6%
Vanguard Developed Markets Index Fund ‘Institutional’			1,715,015	$		26,154
Vanguard Emerging Markets Stock Index Fund ‘Institutional’			549,349			17,409
Vanguard Institutional Index Fund ‘Institutional’			155,908			51,679
Vanguard Small-Cap Index Fund ‘Admiral’			46,410			4,326
Total Mutual Funds (Cost $82,110)						99,568
SHORT-TERM INSTRUMENTS 0.4%
REPURCHASE AGREEMENTS (d) 0.3%
						603
		PRINCIPAL AMOUNT (000S)
U.S. TREASURY BILLS 0.1%
0.092% due 01/07/2021 (a)(b)	$		281			281
Total Short-Term Instruments (Cost $884)						884
Total Investments in Securities (Cost $82,994)						100,452

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 56.6%
MUTUAL FUNDS (c) 48.4%
PIMCO Emerging Markets Local Currency and Bond Fund		1,224,273	$		8,558
PIMCO High Yield Fund		556,278			5,051
PIMCO Income Fund		2,532,574			30,669
PIMCO International Bond Fund (U.S. Dollar-Hedged)		271,132			3,007
PIMCO Long-Term Real Return Fund		1,527,867			12,223
PIMCO Long-Term U.S. Government Fund		865,755			5,220
PIMCO Real Return Fund		863,623			10,597
PIMCO Total Return Fund		2,412,219			25,570
Total Mutual Funds (Cost $101,243)					100,895

	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		1,745,660	$		17,214
Total Short-Term Instruments (Cost $17,205)					17,214
Total Investments in Affiliates (Cost $118,448)					118,109
Total Investments 104.6% (Cost $201,442)			$		218,561
Financial Derivative Instruments (e)(f) 0.2% (Cost or Premiums, net $754)					339
Other Assets and Liabilities, net (4.8)%					(9,951	)
Net Assets 100.0%			$		208,949

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
FICC		0.000	%		12/31/2020		01/04/2021	$	603	U.S. Treasury Bills 0.000% due 12/30/2021	$	(615	)	$	603	$	603
Total Repurchase Agreements											$	(615	)	$	603	$	603

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, 2020:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net  Exposure(1)
Global/Master Repurchase Agreement
FICC	$	603	$	0	$	0	$	603	$	(615	)	$	(12	)
Total Borrowings and Other Financing Transactions	$	603	$	0	$	0

⁽¹⁾   Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

44 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (Unaudited)

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

PURCHASED OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Cost		Market Value
Put - CBOE S&P 500		1,400.000		03/19/2021		7	$	1	$	53	$	1
Put - CBOE S&P 500		1,650.000		03/19/2021		8		1		110		1
Put - CBOE S&P 500		2,050.000		06/18/2021		11		1		77		10
Put - CBOE S&P 500		2,325.000		06/18/2021		10		1		108		16
Put - CBOE S&P 500		2,275.000		09/17/2021		15		2		107		38
Put - CBOE S&P 500		2,525.000		09/17/2021		15		2		163		60
Put - CBOE S&P 500		2,575.000		12/17/2021		19		2		136		118
Put - CBOE S&P 500		2,825.000		12/17/2021		19		2		196		176
Total Purchased Options									$	950	$	420

WRITTEN OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Put - CBOE S&P 500		1,200.000		03/19/2021		8	$	1	$	(44	)	$	0
Put - CBOE S&P 500		1,700.000		06/18/2021		10		1		(35	)		(5	)
Put - CBOE S&P 500		1,900.000		09/17/2021		15		2		(53	)		(20	)
Put - CBOE S&P 500		2,150.000		12/17/2021		19		2		(64	)		(58	)
Total Written Options									$	(196	)	$	(83	)

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, 2020:

	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	$	420	$	0	$	0	$	420	$	(83)	$	0	$	0	$	(83)

(f)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
															Asset		Liability
CBK	Receive	DWRTFT Index		13	0.384% (1-Month USD-LIBOR plus a specified spread)	Monthly	05/12/2021	$	133	$	0	$	0		$	0	$	0
JPM	Receive	DWRTFT Index		231	0.443%(1-Month USD-LIBOR plus a specified spread)	Monthly	10/13/2021		2,353		0		4			4		0
UAG	Receive	DWRTFT Index		431	0.314%(1-Month USD-LIBOR plus a specified spread)	Monthly	08/25/2021		4,397		0		(1	)		0		(1	)
	Receive	DWRTFT Index		146	0.394%(1-Month USD-LIBOR plus a specified spread)	Monthly	08/25/2021		1,489		0		(1	)		0		(1	)
Total Swap Agreements										$	0	$	2		$	4	$	(2	)

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 45

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

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2020:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)			Net Exposure(2)
JPM	$	0	$	0	$	4	$	4	$	0	$	0	$	0		$	0		$	4		$	0		$	4
UAG		0		0		0		0		0		0		(2	)		(2	)		(2	)		(50	)		(52	)
Total Over the Counter	$	0	$	0	$	4	$	4	$	0	$	0	$	(2	)	$	(2	)

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

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

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2020:

	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	$	420	$	0	$	0	$	420
Over the counter
Swap Agreements	$	0	$	0	$	4	$	0	$	0	$	4
	$	0	$	0	$	424	$	0	$	0	$	424
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	83	$	0	$	0	$	83
Over the counter
Swap Agreements	$	0	$	0	$	2	$	0	$	0	$	2
	$	0	$	0	$	85	$	0	$	0	$	85

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2020:

	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	$	(312	)	$	0	$	0	$	(312	)
Written Options		0		0		70			0		0		70
	$	0	$	0	$	(242	)	$	0	$	0	$	(242	)
Over the counter
Swap Agreements	$	0	$	0	$	862		$	0	$	0	$	862
	$	0	$	0	$	620		$	0	$	0	$	620
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	(97	)	$	0	$	0	$	(97	)
Written Options		0		0		8			0		0		8
	$	0	$	0	$	(89	)	$	0	$	0	$	(89	)
Over the counter
Swap Agreements	$	0	$	0	$	84		$	0	$	0	$	84
	$	0	$	0	$	(5	)	$	0	$	0	$	(5	)

46 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2020 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Investments in Securities, at Value
Mutual Funds	$	99,568	$	0	$	0	$	99,568
Short-Term Instruments
Repurchase Agreements		0		603		0		603
U.S. Treasury Bills		0		281		0		281
	$	99,568	$	884	$	0	$	100,452
Investments in Affiliates, at Value
Mutual Funds		100,895		0		0		100,895
Short-Term Instruments
Central Funds Used for Cash Management Purposes		17,214		0		0		17,214
	$	118,109	$	0	$	0	$	118,109
Total Investments	$	217,677	$	884	$	0	$	218,561

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2020
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	420		$	0	$	420
Over the counter		0		4			0		4
	$	0	$	424		$	0	$	424
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(83	)		0		(83	)
Over the counter		0		(2	)		0		(2	)
	$	0	$	(85	)	$	0	$	(85	)
Total Financial Derivative Instruments	$	0	$	339		$	0	$	339
Totals	$	217,677	$	1,223		$	0	$	218,900

There were no significant transfers into or out of Level 3 during the period ended December 31, 2020.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 47

Schedule of Investments PIMCO Realpath^® Blend  2030 Fund

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

		SHARES		MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 56.7%
MUTUAL FUNDS 56.2%
Vanguard Developed Markets Index Fund ‘Institutional’		2,204,982	$		33,626
Vanguard Emerging Markets Stock Index Fund ‘Institutional’		670,640			21,253
Vanguard Institutional Index Fund ‘Institutional’		212,460			70,424
Vanguard Small-Cap Index Fund ‘Admiral’		64,668			6,028
Total Mutual Funds (Cost $107,958)					131,331
SHORT-TERM INSTRUMENTS 0.5%
REPURCHASE AGREEMENTS (d) 0.3%
					760
		PRINCIPAL AMOUNT (000S)
U.S. TREASURY BILLS 0.2%
0.091% due 01/07/2021(a)(b)	$	553			553
Total Short-Term Instruments (Cost $1,313)					1,313
Total Investments in Securities (Cost $109,271)					132,644

	SHARES		MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 42.2%
MUTUAL FUNDS (c) 39.1%
PIMCO Emerging Markets Local Currency and Bond Fund	1,175,527	$		8,217
PIMCO High Yield Fund	605,679			5,500
PIMCO Income Fund	2,404,755			29,122
PIMCO International Bond Fund (U.S. Dollar-Hedged)	249,197			2,764
PIMCO Long-Term Real Return Fund	1,069,282			8,554
PIMCO Long-Term U.S. Government Fund	606,043			3,654
PIMCO Real Return Fund	796,035			9,767
PIMCO Total Return Fund	2,217,186			23,502
Total Mutual Funds (Cost $90,464)				91,080

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 3.1%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.1%
PIMCO Short-Term Floating NAV Portfolio III	737,869		$		7,276
Total Short-Term Instruments (Cost $7,271)					7,276
Total Investments in Affiliates (Cost $97,735)					98,356
Total Investments 98.9% (Cost $207,006)		$			231,000
Financial Derivative Instruments (e)(f) 0.2% (Cost or Premiums, net $885)					394
Other Assets and Liabilities, net 0.9%					2,096
Net Assets 100.0%		$			233,490

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
FICC		0.000	%		12/31/2020		01/04/2021	$	760	U.S. Treasury Bills 0.000% due 12/30/2021	$	(775	)	$	760	$	760
Total Repurchase Agreements											$	(775	)	$	760	$	760

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, 2020:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(1)
Global/Master Repurchase Agreement
FICC	$	760	$	0	$	0	$	760	$	(775	)	$	(15	)
Total Borrowings and Other Financing Transactions	$	760	$	0	$	0

⁽¹⁾   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.

48 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (Unaudited)

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

PURCHASED OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Cost		Market Value
Put - CBOE S&P 500		1,400.000		03/19/2021		9	$	1	$	68	$	1
Put - CBOE S&P 500		1,650.000		03/19/2021		10		1		137		1
Put - CBOE S&P 500		2,050.000		06/18/2021		13		1		91		12
Put - CBOE S&P 500		2,325.000		06/18/2021		12		1		130		19
Put - CBOE S&P 500		2,275.000		09/17/2021		17		2		122		43
Put - CBOE S&P 500		2,525.000		09/17/2021		17		2		185		68
Put - CBOE S&P 500		2,575.000		12/17/2021		22		2		157		137
Put - CBOE S&P 500		2,825.000		12/17/2021		22		2		227		204
Total Purchased Options									$	1,117	$	485

WRITTEN OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Put - CBOE S&P 500		1,200.000		03/19/2021		10	$	1	$	(55	)	$	(1	)
Put - CBOE S&P 500		1,700.000		06/18/2021		12		1		(42	)		(6	)
Put - CBOE S&P 500		1,900.000		09/17/2021		17		2		(61	)		(23	)
Put - CBOE S&P 500		2,150.000		12/17/2021		22		2		(74	)		(66	)
Total Written Options									$	(232	)	$	(96	)

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, 2020:

	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	$	485	$	0	$	0	$	485	$	(96)	$	0	$	0	$	(96	)

(f)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON EQUITY INDICES

	Pay/Receive(1)	Underlying Reference				Payment Frequency		Maturity Date		Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
Counterparty			# of Units		Financing Rate												Asset		Liability
CBK	Receive	DWRTFT Index		39	0.384% (1-Month USD-LIBOR plus a specified spread)		Monthly		05/12/2021	$	398	$	0	$	0		$	0	$	0
JPM	Receive	DWRTFT Index		346	0.443% (1-Month USD-LIBOR plus a specified spread)		Monthly		10/13/2021		3,522		0		7			7		0
UAG	Receive	DWRTFT Index		474	0.314% (1-Month USD-LIBOR plus a specified spread)		Monthly		08/25/2021		4,836		0		(1	)		0		(1	)
	Receive	DWRTFT Index		132	0.394% (1-Month USD-LIBOR plus a specified spread)		Monthly		08/25/2021		1,346		0		(1	)		0		(1	)
Total Swap Agreements												$	0	$	5		$	7	$	(2	)

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 49

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

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2020:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)			Net Exposure(2)
JPM	$	0	$	0	$	7	$	7	$	0	$	0	$	0		$	0		$	7		$	0		$	7
UAG		0		0		0		0		0		0		(2	)		(2	)		(2	)		(50	)		(52	)
Total Over the Counter	$	0	$	0	$	7	$	7	$	0	$	0	$	(2	)	$	(2	)

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

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

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2020:

	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	$	485	$	0	$	0	$	485
Over the counter
Swap Agreements	$	0	$	0	$	7	$	0	$	0	$	7
	$	0	$	0	$	492	$	0	$	0	$	492
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	96	$	0	$	0	$	96
Over the counter
Swap Agreements	$	0	$	0	$	2	$	0	$	0	$	2
	$	0	$	0	$	98	$	0	$	0	$	98

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2020:

	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	$	(200	)	$	0	$	0	$	(200	)
Written Options		0		0		40			0		0		40
	$	0	$	0	$	(160	)	$	0	$	0	$	(160	)
Over the counter
Swap Agreements	$	0	$	0	$	1,021		$	0	$	0	$	1,021
	$	0	$	0	$	861		$	0	$	0	$	861
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	(273	)	$	0	$	0	$	(273	)
Written Options		0		0		51			0		0		51
	$	0	$	0	$	(222	)	$	0	$	0	$	(222	)
Over the counter
Swap Agreements	$	0	$	0	$	117		$	0	$	0	$	117
	$	0	$	0	$	(105	)	$	0	$	0	$	(105	)

50 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2020 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Investments in Securities, at Value
Mutual Funds	$	131,331	$	0	$	0	$	131,331
Short-Term Instruments
Repurchase Agreements		0		760		0		760
U.S. Treasury Bills		0		553		0		553
	$	131,331	$	1,313	$	0	$	132,644
Investments in Affiliates, at Value
Mutual Funds		91,080		0		0		91,080
Short-Term Instruments
Central Funds Used for Cash Management Purposes		7,276		0		0		7,276
	$	98,356	$	0	$	0	$	98,356
Total Investments	$	229,687	$	1,313	$	0	$	231,000

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2020
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	485		$	0	$	485
Over the counter		0		7			0		7
	$	0	$	492		$	0	$	492
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(96	)		0		(96	)
Over the counter		0		(2	)		0		(2	)
	$	0	$	(98	)	$	0	$	(98	)
Total Financial Derivative Instruments	$	0	$	394		$	0	$	394
Totals	$	229,687	$	1,707		$	0	$	231,394

There were no significant transfers into or out of Level 3 during the period ended December 31, 2020.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 51

Schedule of Investments PIMCO REALPATH^® Blend  2035 Fund

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 65.0%
MUTUAL FUNDS 64.6%
Vanguard Developed Markets Index Fund ‘Institutional’		2,124,838	$		32,404
Vanguard Emerging Markets Stock Index Fund ‘Institutional’		573,874			18,186
Vanguard Institutional Index Fund ‘Institutional’		198,473			65,788
Vanguard Small-Cap Index Fund ‘Admiral’		62,926			5,866
Total Mutual Funds (Cost $101,355)					122,244
SHORT-TERM INSTRUMENTS 0.4%
REPURCHASE AGREEMENTS (b) 0.4%
					789
Total Short-Term Instruments (Cost $789)					789
Total Investments in Securities (Cost $102,144)					123,033

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 38.4%
MUTUAL FUNDS (a) 30.9%
PIMCO Emerging Markets Local Currency and Bond Fund		854,236	$		5,971
PIMCO High Yield Fund		498,508			4,526
PIMCO Income Fund		1,673,902			20,271
PIMCO International Bond Fund (U.S. Dollar-Hedged)		166,620			1,848
PIMCO Long-Term Real Return Fund		308,849			2,471
PIMCO Long-Term U.S. Government Fund		175,183			1,056
PIMCO Real Return Fund		532,179			6,530
PIMCO Total Return Fund		1,482,424			15,714
Total Mutual Funds (Cost $57,472)					58,387

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 7.5%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.5%
PIMCO Short-Term Floating NAV Portfolio III		1,446,302	$		14,262
Total Short-Term Instruments (Cost $14,261)					14,262
Total Investments in Affiliates (Cost $71,733)					72,649
Total Investments 103.4% (Cost $173,877)			$		195,682
Financial Derivative Instruments (c) 0.0% (Cost or Premiums, net $0)					3
Other Assets and Liabilities, net (3.4)%					(6,427	)
Net Assets 100.0%			$		189,258

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
FICC		0.000	%		12/31/2020		01/04/2021	$	789	U.S. Treasury Bills 0.000% due 12/30/2021	$	(805	)	$	789	$	789
Total Repurchase Agreements											$	(805	)	$	789	$	789

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, 2020:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(1)
Global/Master Repurchase Agreement
FICC	$	789	$	0	$	0	$	789	$	(805	)	$	(16	)
Total Borrowings and Other Financing Transactions	$	789	$	0	$	0

⁽¹⁾  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.

52 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (Unaudited)

(c)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency		Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
																Asset		Liability
CBK	Receive	DWRTFT Index		34	0.384% (1-Month USD-LIBOR plus a specified spread)		Monthly	05/12/2021	$	347	$	0	$	0		$	0	$	0
JPM	Receive	DWRTFT Index		233	0.443% (1-Month USD-LIBOR plus a specified spread)		Monthly	10/13/2021		2,372		0		5			5		0
UAG	Receive	DWRTFT Index		408	0.314% (1-Month USD-LIBOR plus a specified spread)		Monthly	08/25/2021		4,162		0		(1	)		0		(1	)
	Receive	DWRTFT Index		144	0.394% (1-Month USD-LIBOR plus a specified spread)		Monthly	08/25/2021		1,469		0		(1	)		0		(1	)
Total Swap Agreements											$	0	$	3		$	5	$	(2	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2020:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)			Net Exposure(2)
JPM	$	0	$	0	$	5	$	5	$	0	$	0	$	0		$	0		$	5		$	0		$	5
UAG		0		0		0		0		0		0		(2	)		(2	)		(2	)		(50	)		(52	)
Total Over the Counter	$	0	$	0	$	5	$	5	$	0	$	0	$	(2	)	$	(2	)

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

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

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2020:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Over the counter
Swap Agreements	$	0	$	0	$	5	$	0	$	0	$	5
Financial Derivative Instruments - Liabilities
Over the counter
Swap Agreements	$	0	$	0	$	2	$	0	$	0	$	2

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 53

Schedule of Investments PIMCO REALPATH^® Blend  2035 Fund (Cont.) December 31, 2020 (Unaudited)

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2020:

	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
Swap Agreements	$	0	$	0	$	799	$	0	$	0	$	799
Net Change in Unrealized Appreciation on Financial Derivative Instruments
Over the counter
Swap Agreements	$	0	$	0	$	78	$	0	$	0	$	78

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2020 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Investments in Securities, at Value
Mutual Funds	$	122,244	$	0	$	0	$	122,244
Short-Term Instruments
Repurchase Agreements		0		789		0		789
	$	122,244	$	789	$	0	$	123,033
Investments in Affiliates, at Value
Mutual Funds		58,387		0		0		58,387
Short-Term Instruments
Central Funds Used for Cash Management Purposes		14,262		0		0		14,262
	$	72,649	$	0	$	0	$	72,649
Total Investments	$	194,893	$	789	$	0	$	195,682

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2020
Financial Derivative Instruments - Assets
Over the counter	$	0	$	5		$	0	$	5
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(2	)	$	0	$	(2	)
Total Financial Derivative Instruments	$	0	$	3		$	0	$	3
Totals	$	194,893	$	792		$	0	$	195,685

There were no significant transfers into or out of Level 3 during the period ended December 31, 2020

54 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO REALPATH^® Blend  2040 Fund December 31, 2020 (Unaudited)

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 72.6%
MUTUAL FUNDS 72.2%
Vanguard Developed Markets Index Fund ‘Institutional’		2,576,910	$		39,298
Vanguard Emerging Markets Stock Index Fund ‘Institutional’		628,376			19,913
Vanguard Institutional Index Fund ‘Institutional’		234,358			77,683
Vanguard Small-Cap Index Fund ‘Admiral’		78,038			7,274
Total Mutual Funds (Cost $118,762)					144,168
SHORT-TERM INSTRUMENTS 0.4%
REPURCHASE AGREEMENTS (b) 0.4%
					834
Total Short-Term Instruments (Cost $834)					834
Total Investments in Securities (Cost $119,596)					145,002

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 28.1%
MUTUAL FUNDS (a) 23.4%
PIMCO Emerging Markets Local Currency and Bond Fund		760,681	$		5,317
PIMCO High Yield Fund		527,193			4,787
PIMCO Income Fund		1,420,347			17,200
PIMCO International Bond Fund (U.S. Dollar-Hedged)		131,371			1,457
PIMCO Long-Term Real Return Fund		42,430			340
PIMCO Long-Term U.S. Government Fund		24,116			146
PIMCO Real Return Fund		419,556			5,148
PIMCO Total Return Fund		1,168,800			12,389
Total Mutual Funds (Cost $45,721)					46,784

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 4.7%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.7%
PIMCO Short-Term Floating NAV Portfolio III		952,673	$		9,394
Total Short-Term Instruments (Cost $9,394)					9,394
Total Investments in Affiliates (Cost $55,115)					56,178
Total Investments 100.7% (Cost $174,711)			$		201,180
Financial Derivative Instruments (c) 0.0% (Cost or Premiums, net $0)					7
Other Assets and Liabilities, net (0.7)%					(1,421	)
Net Assets 100.0%			$		199,766

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
FICC		0.000	%		12/31/2020		01/04/2021	$	834	U.S. Treasury Bills 0.000% due 12/30/2021	$	(851	)	$	834	$	834
Total Repurchase Agreements											$	(851	)	$	834	$	834

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, 2020:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Pledged/ (Received) Collateral			Net  Exposure(1)
Global/Master Repurchase Agreement
FICC	$	834	$	0	$	0	$	834	$	(851	)	$	(17	)
Total Borrowings and Other Financing Transactions	$	834	$	0	$	0

⁽¹⁾   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 Arrangem ents, in the Notes to Financial Statements for more information.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 55

Schedule of Investments PIMCO REALPATH^® Blend  2040 Fund (Cont.)

(c)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON EQUITY INDICES

Counterparty	Pay/ Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
															Asset		Liability
CBK	Receive	DWRTFT Index		52	0.384% (1-Month USD-LIBOR plus a specified spread)	Monthly	05/12/2021	$	531	$	0	$	0		$	0	$	0
JPM	Receive	DWRTFT Index		299	0.443% (1-Month USD-LIBOR plus a specified spread)	Monthly	10/13/2021		3,041		0		9			9		0
UAG	Receive	DWRTFT Index		426	0.314% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/25/2021		4,346		0		(1	)		0		(1	)
	Receive	DWRTFT Index		96	0.394% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/25/2021		979		0		(1	)		0		(1	)
Total Swap Agreements										$	0	$	7		$	9	$	(2	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral (received) as of December 31, 2020:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral (Received)			Net Exposure(2)
JPM	$	0	$	0	$	9	$	9	$	0	$	0	$	0		$	0		$	9		$	0		$	9
UAG		0		0		0		0		0		0		(2	)		(2	)		(2	)		(50	)		(52	)
Total Over the Counter	$	0	$	0	$	9	$	9	$	0	$	0	$	(2	)	$	(2	)

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

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

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2020:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Over the counter
Swap Agreements	$	0	$	0	$	9	$	0	$	0	$	9
Financial Derivative Instruments - Liabilities
Over the counter
Swap Agreements	$	0	$	0	$	2	$	0	$	0	$	2

56 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (Unaudited)

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2020:

	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
Swap Agreements	$	0	$	0	$	840	$	0	$	0	$	840
Net Change in Unrealized Appreciation on Financial Derivative Instruments
Over the counter
Swap Agreements	$	0	$	0	$	84	$	0	$	0	$	84

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2020 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Investments in Securities, at Value
Mutual Funds	$	144,168	$	0	$	0	$	144,168
Short-Term Instruments
Repurchase Agreements		0		834		0		834
	$	144,168	$	834	$	0	$	145,002
Investments in Affiliates, at Value
Mutual Funds		46,784		0		0		46,784
Short-Term Instruments
Central Funds Used for Cash Management Purposes		9,394		0		0		9,394
	$	56,178	$	0	$	0	$	56,178
Total Investments	$	200,346	$	834	$	0	$	201,180

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2020
Financial Derivative Instruments - Assets
Over the counter	$	0	$	9		$	0	$	9
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(2	)	$	0	$	(2	)
Total Financial Derivative Instruments	$	0	$	7		$	0	$	7
Totals	$	200,346	$	841		$	0	$	201,187

There were no significant transfers into or out of Level 3 during the period ended December 31, 2020.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 57

Schedule of Investments PIMCO REALPATH^® Blend  2045 Fund

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 78.6%
MUTUAL FUNDS 78.0%
Vanguard Developed Markets Index Fund ‘Institutional’		2,519,115	$		38,416
Vanguard Emerging Markets Stock Index Fund ‘Institutional’		584,029			18,508
Vanguard Institutional Index Fund ‘Institutional’		227,947			75,558
Vanguard Small-Cap Index Fund ‘Institutional’		78,448			7,313
Total Mutual Funds (Cost $114,564)					139,795
SHORT-TERM INSTRUMENTS 0.6%
REPURCHASE AGREEMENTS (b) 0.6%
					1,052
Total Short-Term Instruments (Cost $1,052)					1,052
Total Investments in Securities (Cost $115,616)					140,847

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 22.9%
MUTUAL FUNDS (a) 17.4%
PIMCO Emerging Markets Local Currency and Bond Fund		556,239	$		3,888
PIMCO High Yield Fund		472,498			4,290
PIMCO Income Fund		965,259			11,689
PIMCO International Bond Fund (U.S. Dollar-Hedged)		78,305			869
PIMCO Real Return Fund		250,057			3,068
PIMCO Total Return Fund		696,674			7,385
Total Mutual Funds (Cost $30,480)					31,189

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 5.5%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.5%
PIMCO Short-Term Floating NAV Portfolio III		997,132	$		9,833
Total Short-Term Instruments (Cost $9,832)					9,833
Total Investments in Affiliates (Cost $40,312)					41,022
Total Investments 101.5% (Cost $155,928)			$		181,869
Financial Derivative Instruments (c) 0.0% (Cost or Premiums, net $0)					3
Other Assets and Liabilities, net (1.5)%					(2,766	)
Net Assets 100.0%			$		179,106

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
FICC		0.000	%		12/31/2020		01/04/2021	$	1,052	U.S. Treasury Bills 0.000% due 12/30/2021	$	(1,073	)	$	1,052	$	1,052
Total Repurchase Agreements											$	(1,073	)	$	1,052	$	1,052

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, 2020:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(1)
Global/Master Repurchase Agreement
FICC	$	1,052	$	0	$	0	$	1,052	$	(1,073	)	$	(21	)
Total Borrowings and Other Financing Transactions	$	1,052	$	0	$	0

⁽¹⁾   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.

58 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (Unaudited)

(c)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
															Asset		Liability
CBK	Receive	DWRTFT Index		32	0.384% (1-Month USD-LIBOR plus a specified spread)	Monthly	05/12/2021	$	327	$	0	$	0		$	0	$	0
JPM	Receive	DWRTFT Index		238	0.443% (1-Month USD-LIBOR plus a specified spread)	Monthly	10/13/2021		2,422		0		5			5		0
UAG	Receive	DWRTFT Index		409	0.314% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/25/2021		4,173		0		(1	)		0		(1	)
	Receive	DWRTFT Index		119	0.394% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/25/2021		1,214		0		(1	)		0		(1	)
Total Swap Agreements										$	0	$	3		$	5	$	(2	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2020:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)			Net Exposure(2)
JPM	$	0	$	0	$	5	$	5	$	0	$	0	$	0		$	0		$	5		$	0		$	5
UAG		0		0		0		0		0		0		(2	)		(2	)		(2	)		(50	)		(52	)
Total Over the Counter	$	0	$	0	$	5	$	5	$	0	$	0	$	(2	)	$	(2	)

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

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

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2020:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Over the counter
Swap Agreements	$	0	$	0	$	5	$	0	$	0	$	5
Financial Derivative Instruments - Liabilities
Over the counter
Swap Agreements	$	0	$	0	$	2	$	0	$	0	$	2

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 59

Schedule of Investments PIMCO REALPATH^® Blend  2045 Fund (Cont.) December 31, 2020 (Unaudited)

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2020:

	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
Swap Agreements	$	0	$	0	$	782	$	0	$	0	$	782
Net Change in Unrealized Appreciation on Financial Derivative Instruments
Over the counter
Swap Agreements	$	0	$	0	$	74	$	0	$	0	$	74

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2020 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Investments in Securities, at Value
Mutual Funds	$	139,795	$	0	$	0	$	139,795
Short-Term Instruments
Repurchase Agreements		0		1,052		0		1,052
	$	139,795	$	1,052	$	0	$	140,847
Investments in Affiliates, at Value
Mutual Funds		31,189		0		0		31,189
Short-Term Instruments
Central Funds Used for Cash Management Purposes		9,833		0		0		9,833
	$	41,022	$	0	$	0	$	41,022
Total Investments	$	180,817	$	1,052	$	0	$	181,869

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2020
Financial Derivative Instruments - Assets
Over the counter	$	0	$	5		$	0	$	5
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(2	)	$	0	$	(2	)
Total Financial Derivative Instruments	$	0	$	3		$	0	$	3
Totals	$	180,817	$	1,055		$	0	$	181,872

There were no significant transfers into or out of Level 3 during the period ended December 31, 2020.

60 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO REALPATH^® Blend  2050 Fund December 31, 2020 (Unaudited)

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 82.6%
MUTUAL FUNDS 81.8%
Vanguard Developed Markets Index Fund ‘Institutional’		2,837,910	$		43,278
Vanguard Emerging Markets Stock Index Fund ‘Institutional’		628,015			19,902
Vanguard Institutional Index Fund ‘Institutional’		247,746			82,120
Vanguard Small-Cap Index Fund ‘Institutional’		87,210			8,130
Total Mutual Funds (Cost $124,069)					153,430
SHORT-TERM INSTRUMENTS 0.8%
REPURCHASE AGREEMENTS (b) 0.8%
					1,427
Total Short-Term Instruments (Cost $1,427)					1,427
Total Investments in Securities (Cost $125,496)					154,857

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 17.9%
MUTUAL FUNDS (a) 13.4%
PIMCO Emerging Markets Local Currency and Bond Fund		493,281	$		3,448
PIMCO High Yield Fund		495,001			4,494
PIMCO Income Fund		791,879			9,590
PIMCO International Bond Fund (U.S. Dollar-Hedged)		53,910			598
PIMCO Real Return Fund		172,189			2,113
PIMCO Total Return Fund		479,691			5,085
Total Mutual Funds (Cost $24,667)					25,328

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 4.5%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.5%
PIMCO Short-Term Floating NAV Portfolio III		851,609	$		8,397
Total Short-Term Instruments (Cost $8,397)					8,397
Total Investments in Affiliates (Cost $33,064)					33,725
Total Investments 100.5% (Cost $158,560)			$		188,582
Financial Derivative Instruments (c) 0.0% (Cost or Premiums, net $0)					5
Other Assets and Liabilities, net (0.5)%					(853	)
Net Assets 100.0%			$		187,734

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
FICC		0.000	%		12/31/2020		01/04/2021	$	1,427	U.S. Treasury Bills 0.000% due 12/30/2021	$	(1,456	)	$	1,427	$	1,427
Total Repurchase Agreements											$	(1,456	)	$	1,427	$	1,427

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, 2020:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net  Exposure(1)
Global/Master Repurchase Agreement
FICC	$	1,427	$	0	$	0	$	1,427	$	(1,456	)	$	(29	)
Total Borrowings and Other Financing Transactions	$	1,427	$	0	$	0

⁽¹⁾   Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 61

Schedule of Investments PIMCO REALPATH^® Blend  2050 Fund (Cont.)

(c)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency		Maturity Date		Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
																	Asset		Liability
CBK	Receive	DWRTFT Index		66	0.384% (1-Month USD-LIBOR plus a specified spread)		Monthly		05/12/2021	$	673	$	0	$	0		$	0	$	0
JPM	Receive	DWRTFT Index		319	0.443% (1-Month USD-LIBOR plus a specified spread)		Monthly		10/13/2021		3,246		0		7			7		0
UAG	Receive	DWRTFT Index		439	0.314% (1-Month USD-LIBOR plus a specified spread)		Monthly		08/25/2021		4,479		0		(2	)		0		(2	)
	Receive	DWRTFT Index		47	0.394% (1-Month USD-LIBOR plus a specified spread)		Monthly		08/25/2021		480		0		0			0		0
Total Swap Agreements												$	0	$	5		$	7	$	(2	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2020:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)			Net Exposure(2)
JPM	$	0	$	0	$	7	$	7	$	0	$	0	$	0		$	0		$	7		$	0		$	7
UAG		0		0		0		0		0		0		(2	)		(2	)		(2	)		(50	)		(52	)
Total Over the Counter	$	0	$	0	$	7	$	7	$	0	$	0	$	(2	)	$	(2	)

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

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

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2020:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Over the counter
Swap Agreements	$	0	$	0	$	7	$	0	$	0	$	7
Financial Derivative Instruments - Liabilities
Over the counter
Swap Agreements	$	0	$	0	$	2	$	0	$	0	$	2

62 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (Unaudited)

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2020:

	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
Swap Agreements	$	0	$	0	$	852	$	0	$	0	$	852
Net Change in Unrealized Appreciation on Financial Derivative Instruments
Over the counter
Swap Agreements	$	0	$	0	$	105	$	0	$	0	$	105

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2020 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Investments in Securities, at Value
Mutual Funds	$	153,430	$	0	$	0	$	153,430
Short-Term Instruments
Repurchase Agreements		0		1,427		0		1,427
	$	153,430	$	1,427	$	0	$	154,857
Investments in Affiliates, at Value
Mutual Funds		25,328		0		0		25,328
Short-Term Instruments
Central Funds Used for Cash Management Purposes		8,397		0		0		8,397
	$	33,725	$	0	$	0	$	33,725
Total Investments	$	187,155	$	1,427	$	0	$	188,582

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2020
Financial Derivative Instruments - Assets
Over the counter	$	0	$	7		$	0	$	7
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(2	)	$	0	$	(2	)
Total Financial Derivative Instruments	$	0	$	5		$	0	$	5
Totals	$	187,155	$	1,432		$	0	$	188,587

There were no significant transfers into or out of Level 3 during the period ended December 31, 2020.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 63

Schedule of Investments PIMCO REALPATH^® Blend  2055 Fund

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 84.8%
MUTUAL FUNDS 83.1%
Vanguard Developed Markets Index Fund ‘Institutional’		1,583,939	$		24,155
Vanguard Emerging Markets Stock Index Fund ‘Institutional’		339,939			10,773
Vanguard Institutional Index Fund ‘Institutional’		133,703			44,318
Vanguard Small-Cap Index Fund ‘Admiral’		47,394			4,418
Total Mutual Funds (Cost $69,572)					83,664
SHORT-TERM INSTRUMENTS 1.7%
REPURCHASE AGREEMENTS (b) 1.7%
					1,668
Total Short-Term Instruments (Cost $1,668)					1,668
Total Investments in Securities (Cost $71,240)					85,332

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 16.9%
MUTUAL FUNDS (a) 11.8%
PIMCO Emerging Markets Local Currency and Bond Fund		244,244	$		1,707
PIMCO High Yield Fund		265,200			2,408
PIMCO Income Fund		375,150			4,543
PIMCO International Bond Fund (U.S. Dollar-Hedged)		19,967			222
PIMCO Real Return Fund		72,158			885
PIMCO Total Return Fund		200,995			2,131
Total Mutual Funds (Cost $11,566)					11,896

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 5.1%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.1%
PIMCO Short-Term Floating NAV Portfolio III		515,893	$		5,087
Total Short-Term Instruments (Cost $5,087)					5,087
Total Investments in Affiliates (Cost $16,653)					16,983
Total Investments 101.7% (Cost $87,893)			$		102,315
Financial Derivative Instruments (c) 0.0% (Cost or Premiums, net $0)					2
Other Assets and Liabilities, net (1.7)%					(1,669	)
Net Assets 100.0%			$		100,648

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
FICC		0.000	%		12/31/2020		01/04/2021	$	1,668	U.S. Treasury Bills 0.000% due 12/30/2021	$	(1,701	)	$	1,668	$	1,668
Total Repurchase Agreements											$	(1,701	)	$	1,668	$	1,668

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, 2020:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net  Exposure(1)
Global/Master Repurchase Agreement
FICC	$	1,668	$	0	$	0	$	1,668	$	(1,701	)	$	(33	)
Total Borrowings and Other Financing Transactions	$	1,668	$	0	$	0

⁽¹⁾   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.

64 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (Unaudited)

(c)   FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
															Asset		Liability
CBK	Receive	DWRTFT Index		26	0.384% (1-Month USD-LIBOR plus a specified spread)	Monthly	05/12/2021	$	265	$	0	$	0		$	0	$	0
JPM	Receive	DWRTFT Index		89	0.443% (1-Month USD-LIBOR plus a specified spread)	Monthly	10/13/2021		905		0		3			3		0
UAG	Receive	DWRTFT Index		297	0.314% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/25/2021		3,030		0		(1	)		0		(1	)
	Receive	DWRTFT Index		73	0.394% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/25/2021		745		0		0			0		0
Total Swap Agreements										$	0	$	2		$	3	$	(1	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2020:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)			Net Exposure(2)
JPM	$	0	$	0	$	3	$	3	$	0	$	0	$	0		$	0		$	3		$	0		$	3
UAG		0		0		0		0		0		0		(1	)		(1	)		(1	)		(30	)		(31	)
Total Over the Counter	$	0	$	0	$	3	$	3	$	0	$	0	$	(1	)	$	(1	)

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

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

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2020:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Assets
Over the counter
Swap Agreements	$	0	$	0	$	3	$	0	$	0	$	3
Financial Derivative Instruments - Liabilities
Over the counter
Swap Agreements	$	0	$	0	$	1	$	0	$	0	$	1

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 65

Schedule of Investments PIMCO REALPATH^® Blend  2055 Fund (Cont.) December 31, 2020 (Unaudited)

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2020:

	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
Swap Agreements	$	0	$	0	$	484	$	0	$	0	$	484
Net Change in Unrealized Appreciation on Financial Derivative Instruments
Over the counter
Swap Agreements	$	0	$	0	$	22	$	0	$	0	$	22

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2020 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Investments in Securities, at Value
Mutual Funds	$	83,664	$	0	$	0	$	83,664
Short-Term Instruments
Repurchase Agreements		0		1,668		0		1,668
	$	83,664	$	1,668	$	0	$	85,332
Investments in Affiliates, at Value
Mutual Funds		11,896		0		0		11,896
Short-Term Instruments
Central Funds Used for Cash Management Purposes		5,087		0		0		5,087
	$	16,983	$	0	$	0	$	16,983
Total Investments	$	100,647	$	1,668	$	0	$	102,315

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2020
Financial Derivative Instruments - Assets
Over the counter	$	0	$	3		$	0	$	3
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(1	)	$	0	$	(1	)
Total Financial Derivative Instruments	$	0	$	2		$	0	$	2
Totals	$	100,647	$	1,670		$	0	$	102,317

There were no significant transfers into or out of Level 3 during the period ended December 31, 2020.

66 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO REALPATH^® Blend  2060 Fund December 31, 2020 (Unaudited)

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 83.2%
MUTUAL FUNDS 83.2%
Vanguard 500 Index Fund ‘Admiral’		9,176	$		3,180
Vanguard Developed Markets Index Fund ‘Admiral’		114,709			1,747
Vanguard Emerging Markets Stock Index Fund ‘Admiral’		18,680			778
Vanguard Small-Cap Index Fund ‘Admiral’		3,304			308
Total Mutual Funds (Cost $5,327)					6,013
Total Investments in Securities (Cost $5,327)					6,013

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 15.4%
MUTUAL FUNDS (a) 11.3%
PIMCO Emerging Markets Local Currency and Bond Fund		16,634	$		116
PIMCO High Yield Fund		18,986			173
PIMCO Income Fund		26,009			315
PIMCO International Bond Fund (U.S. Dollar-Hedged)		1,428			16
PIMCO Real Return Fund		4,535			56
PIMCO Total Return Fund		13,421			142
Total Mutual Funds (Cost $804)					818

	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		30,442	$		300
Total Short-Term Instruments (Cost $300)					300
Total Investments in Affiliates (Cost $1,104)					1,118
Total Investments 98.6% (Cost $6,431)			$		7,131
Financial Derivative Instruments (b) (0.0)% (Cost or Premiums, net $0)					0
Other Assets and Liabilities, net 1.4%					100
Net Assets 100.0%			$		7,231

NOTES TO SCHEDULE OF INVESTMENTS:

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

(a) Institutional Class Shares of each Fund.

(b)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Amount Notional		Premiums Paid /(Received)		Unrealized Appreciation/ (Depreciation)		Swap Agreements, at Value
														Asset		Liability
UAG	Receive	DWRTFT Index		21	0.314% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/25/2021	$	214	$	0	$	0	$	0	$	0
	Receive	DWRTFT Index		14	0.394% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/25/2021		143		0		0		0		0
Total Swap Agreements										$	0	$	0	$	0	$	0

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2020:

	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)
UAG	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0

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

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

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 67

Schedule of Investments PIMCO REALPATH^® Blend  2060 Fund (Cont.) December 31, 2020 (Unaudited)

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2020:

	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
Swap Agreements	$	0	$	0	$	35	$	0	$	0	$	35

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2020 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Investments in Securities, at Value
Mutual Funds	$	6,013	$	0	$	0	$	6,013
	$	6,013	$	0	$	0	$	6,013
Investments in Affiliates, at Value
Mutual Funds		818		0		0		818
Short-Term Instruments
Central Funds Used for Cash Management Purposes		300		0		0		300
	$	1,118	$	0	$	0	$	1,118
Total Investments	$	7,131	$	0	$	0	$	7,131

There were no significant transfers into or out of Level 3 during the period ended December 31, 2020.

68 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO REALPATH^®Blend Income Fund December 31, 2020 (Unaudited)

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

		SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 40.1%
MUTUAL FUNDS 39.7%
Vanguard Developed Markets Index Fund ‘Institutional’			1,510,401	$		23,034
Vanguard Emerging Markets Stock Index Fund ‘Institutional’			524,784			16,630
Vanguard Institutional Index Fund ‘Institutional’			131,423			43,563
Vanguard Small-Cap Index Fund ‘Admiral’			40,706			3,794
Total Mutual Funds (Cost $70,088)						87,021
SHORT-TERM INSTRUMENTS 0.4%
REPURCHASE AGREEMENTS (d) 0.2%
						485
		PRINCIPAL AMOUNT (000S)
U.S. TREASURY BILLS 0.2%
0.092% due 01/07/2021 (a)(b)	$		321			321
Total Short-Term Instruments (Cost $806)						806
Total Investments in Securities (Cost $70,894)						87,827

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 62.5%
MUTUAL FUNDS (c) 56.6%
PIMCO Emerging Markets Local Currency and Bond Fund		1,513,847	$		10,582
PIMCO High Yield Fund		606,922			5,511
PIMCO Income Fund		3,199,628			38,748
PIMCO International Bond Fund (U.S. Dollar-Hedged)		351,689			3,900
PIMCO Long-Term Real Return Fund		1,593,791			12,750
PIMCO Long-Term U.S. Government Fund		903,018			5,445
PIMCO Real Return Fund		1,111,021			13,632
PIMCO Total Return Fund		3,129,037			33,168
Total Mutual Funds (Cost $122,763)					123,736

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 5.9%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.9%
PIMCO Short-Term Floating NAV Portfolio III		1,304,923	$		12,868
Total Short-Term Instruments (Cost $12,860)					12,868
Total Investments in Affiliates (Cost $135,623)					136,604
Total Investments 102.6% (Cost $206,517)			$		224,431
Financial Derivative Instruments (e)(f) 0.2% (Cost or Premiums, net $887)					368
Other Assets and Liabilities, net (2.8)%					(5,977	)
Net Assets 100.0%			$		218,822

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		Proceeds to be Received Repurchase Agreement
FICC		0.000	%		12/31/2020		01/04/2021	$	485	U.S. Treasury Bills 0.000% due 12/30/2021	$	(495	)	$	485	$	485
Total Repurchase Agreements											$	(495	)	$	485	$	485

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, 2020:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Pledged/ (Received)			Collateral Net  Exposure(1)
Global/Master Repurchase Agreement
FICC	$	485	$	0	$	0	$	485	$	(495	)	$	(10	)
Total Borrowings and Other Financing Transactions	$	485	$	0	$	0

⁽¹⁾   Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 69

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

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

PURCHASED OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Cost		Market Value
Put - CBOE S&P 500		1,400.000		03/19/2021		10	$	1	$	75	$	1
Put - CBOE S&P 500		1,650.000		03/19/2021		11		1		151		2
Put - CBOE S&P 500		2,050.000		06/18/2021		14		1		98		13
Put - CBOE S&P 500		2,325.000		06/18/2021		13		1		141		20
Put - CBOE S&P 500		2,275.000		09/17/2021		17		2		122		43
Put - CBOE S&P 500		2,525.000		09/17/2021		17		2		185		68
Put - CBOE S&P 500		2,575.000		12/17/2021		20		2		143		125
Put - CBOE S&P 500		2,825.000		12/17/2021		20		2		206		185
Total Purchased Options									$	1,121	$	457

WRITTEN OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Put - CBOE S&P 500		1,200.000		03/19/2021		11	$	1	$	(60	)	$	(1	)
Put - CBOE S&P 500		1,700.000		06/18/2021		13		1		(45	)		(7	)
Put - CBOE S&P 500		1,900.000		09/17/2021		17		2		(61	)		(22	)
Put - CBOE S&P 500		2,150.000		12/17/2021		20		2		(68	)		(60	)
Total Written Options									$	(234	)	$	(90	)

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, 2020:

	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	$	457	$	0	$	0		457	$	(90)	$	0	$	0	$	(90)

(f)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
															Asset		Liability
JPM	Receive	DWRTFT Index		176	0.443% (1-Month USD-LIBOR plus a specified spread)	Monthly	10/13/2021	$	1,792	$	0	$	3		$	3	$	0
UAG	Receive	DWRTFT Index		537	0.314% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/25/2021		5,479		0		(2	)		0		(2	)
	Receive	DWRTFT Index		81	0.394% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/25/2021		826		0		0			0		0
Total Swap Agreements										$	0	$	1		$	3	$	(2	)

70 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (Unaudited)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2020:

	Financial Derivative Assets								Financial Derivative Liabilities
Counterparty	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts		Written Options		Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)			Net Exposure(2)
JPM	$	0	$	0	$	3	$	3	$	0	$	0	$	0		$	0		$	3		$	0		$	3
UAG		0		0		0		0		0		0		(2	)		(2	)		(2	)		(60	)		(62	)
Total Over the Counter	$	0	$	0	$	3	$	3	$	0	$	0	$	(2	)	$	(2	)

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

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

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2020:

	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	$	457	$	0	$	0	$	457
Over the counter
Swap Agreements	$	0	$	0	$	3	$	0	$	0	$	3
	$	0	$	0	$	460	$	0	$	0	$	460
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	90	$	0	$	0	$	90
Over the counter
Swap Agreements	$	0	$	0	$	2	$	0	$	0	$	2
	$	0	$	0	$	92	$	0	$	0	$	92

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2020:

	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	$	(410	)	$	0	$	0	$	(410	)
Written Options		0		0		92			0		0		92
	$	0	$	0	$	(318	)	$	0	$	0	$	(318	)
Over the counter
Swap Agreements	$	0	$	0	$	878		$	0	$	0	$	878
	$	0	$	0	$	560		$	0	$	0	$	560
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	(83	)	$	0	$	0	$	(83	)
Written Options		0		0		3			0		0		3
	$	0	$	0	$	(80	)	$	0	$	0	$	(80	)
Over the counter
Swap Agreements	$	0	$	0	$	51		$	0	$	0	$	51
	$	0	$	0	$	(29	)	$	0	$	0	$	(29	)

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 71

Schedule of Investments PIMCO REALPATH^®Blend Income Fund (Cont.) December 31, 2020 (Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2020 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Investments in Securities, at Value
Mutual Funds	$	87,021	$	0	$	0	$	87,021
Short-Term Instruments
Repurchase Agreements		0		485		0		485
U.S. Treasury Bills		0		321		0		321
	$	87,021	$	806	$	0	$	87,827
Investments in Affiliates, at Value
Mutual Funds		123,736		0		0		123,736
Short-Term Instruments
Central Funds Used for Cash Management Purposes		12,868		0		0		12,868
	$	136,604	$	0	$	0	$	136,604
Total Investments	$	223,625	$	806	$	0	$	224,431

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 12/31/2020
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	457		$	0	$	457
Over the counter		0		3			0		3
	$	0	$	460		$	0	$	460
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(90	)		0		(90	)
Over the counter		0		(2	)		0		(2	)
	$	0	$	(92	)	$	0	$	(92	)
Total Financial Derivative Instruments	$	0	$	368		$	0	$	368
Totals	$	223,625	$	1,174		$	0	$	224,799

There were no significant transfers into or out of Level 3 during the period ended December 31, 2020.

72 PIMCO EQUITY SERIES See Accompanying Notes

Notes to Financial Statements December 31, 2020 (Unaudited)

1. ORGANIZATION

PIMCO Equity Series (the “Trust”) was established as a Delaware statutory trust on March 30, 2010. The Trust is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, Administrative Class, and Class A shares of the funds (each a “Fund” and collectively the “Funds”) indicated on the cover of this report. Pacific Investment Management Company LLC (“PIMCO”) serves as the investment adviser (the “Adviser”) for the Funds. Each Fund may invest substantially all of its assets in Institutional Class or Class M shares of any funds of the Trust and PIMCO Funds, and in other affiliated funds, including funds of PIMCO ETF Trust, except funds of funds and series of PIMCO Funds sub-advised by Gurtin Municipal Bond Management (“Underlying PIMCO Funds”), and unaffiliated funds that are registered under the Act (collectively, “Acquired Funds”).

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

	Distribution Frequency
Fund Name	Declared		Distributed
PIMCO REALPATH® Blend 2025 Fund		Quarterly		Quarterly
PIMCO REALPATH® Blend 2030 Fund		Quarterly		Quarterly
PIMCO REALPATH® Blend 2035 Fund		Quarterly		Quarterly
PIMCO REALPATH® Blend 2040 Fund		Quarterly		Quarterly
PIMCO REALPATH® Blend 2045 Fund		Quarterly		Quarterly
PIMCO REALPATH® Blend 2050 Fund		Quarterly		Quarterly
PIMCO REALPATH® Blend 2055 Fund		Quarterly		Quarterly
PIMCO REALPATH® Blend 2060 Fund		Quarterly		Quarterly
PIMCO REALPATH® Blend Income Fund		Quarterly		Quarterly

In addition, each Fund distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. Net short-term capital gains may be paid more frequently.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be

SEMIANNUAL REPORT | DECEMBER 31, 2020 73

Notes to Financial Statements (Cont.)

different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund’s annual financial statements presented under U.S. GAAP.

Separately, if a Fund determines that a portion of a distribution may be comprised of amounts from capital gains, paid in capital, or other capital sources in accordance with its policies, accounting records, and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund determines the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined 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 periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund’s financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution’s tax character will be provided to shareholders when such information is available.

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

(d) New Accounting Pronouncements and Regulatory Updates  In March 2020, the Financial Accounting Standards Board issued an Accounting Standards Update (“ASU”), ASU 2020-04, which provides optional guidance to ease the potential accounting burden associated

with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. The ASU is effective immediately upon release of the update on March 12, 2020 through December 31, 2022. At this time, management is evaluating implications of these changes on the financial statements.

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

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Act without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also included the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The effective date for the rule was January 19, 2021. At this time, management is evaluating the implications of these changes on the financial statements.

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies  The price of a Fund’s shares is based on the Fund’s NAV. The NAV of a Fund, or each of its share classes, as applicable, is determined by dividing the total value of

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portfolio investments and other assets, less any liabilities attributable to that Fund or class, by the total number of shares outstanding of that Fund or class.

On each day that the New York Stock Exchange (“NYSE”) is open, Fund shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) (“NYSE Close”). Information that becomes known to the Funds or their agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, each Fund reserves the right to either (i) calculate its NAV as of the earlier closing time or (ii) calculate its NAV as of the normally scheduled close of regular trading on the NYSE for that day. Each Fund generally does not calculate its NAV on days during which the NYSE is closed. However, if the NYSE is closed on a day it would normally be open for business, each Fund reserves the right to calculate its NAV as of the normally scheduled close of regular trading on the NYSE for that day or such other time that the Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of official closing prices or the last reported sales prices, or if no sales are reported, based on quotes obtained from established market makers or prices (including evaluated prices) supplied by the Funds’ approved pricing services, quotation reporting systems and other third-party sources (together, “Pricing Services”). The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. If market value pricing is used, a foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by 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 based on procedures established and approved by the Board of Trustees of the Trust (the “Board”). Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, a Fund may determine the fair value of investments based on information provided by Pricing Services and other third-party vendors, which may recommend fair value or adjustments with reference to other securities, indices or assets. In considering whether fair valuation is required and in determining fair values, a Fund may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, any movement in the applicable reference index or instrument (“zero trigger”) between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in a Fund’s portfolio investments being affected when shareholders are unable to buy or sell shares.

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

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Services. As a result, the value of such investments and, in turn, the

SEMIANNUAL REPORT | DECEMBER 31, 2020 75

Notes to Financial Statements (Cont.)

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

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

When a Fund (or, in each instance in this paragraph, as applicable, an Underlying PIMCO Fund or Acquired Fund) uses fair valuation to determine the value of a portfolio security or other asset for purposes of calculating its NAV, such investments will not be priced on the basis of quotes from the primary market in which they are traded, but rather may be priced by another method that the Board or persons acting at their direction believe reflects fair value. Fair valuation may require subjective determinations about the value of a security. While the Trust’s policy is intended to result in a calculation of a Fund’s NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined by the Board or persons acting at their direction would accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time

of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold. The Funds’ use of fair valuation may also help to deter “stale price arbitrage” as discussed under the “Abusive Trading Practices” section in each Fund’s prospectus.

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

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

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

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

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

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

76 PIMCO EQUITY SERIES

December 31, 2020 (Unaudited)

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, London Interbank Offered Rate forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

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. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC’s website at www.sec.gov. A copy of each Acquired Fund’s shareholder report is also available at the SEC’s website at www.sec.gov, and a copy of each affiliate

SEMIANNUAL REPORT | DECEMBER 31, 2020 77

Notes to Financial Statements (Cont.)

fund’s shareholder report is available on the Funds’ website at www.pimco.com, or upon request, as applicable. The tables below show the Funds’ transactions in and earnings from investments in the affiliated Funds for the period ended December 31, 2020 (amounts in thousands^†):

PIMCO REALPATH® Blend 2025 Fund
Underlying PIMCO Funds	Market Value 06/30/2020		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2020		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	4,471	$	3,451	$	0		$	0		$	636		$	8,558	$	161	$	0
PIMCO High Yield Fund		2,745		2,049		0			0			257			5,051		87		0
PIMCO Income Fund		15,972		13,978		(473	)		(17	)		1,209			30,669		483		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		1,501		1,451		0			0			55			3,007		36		0
PIMCO Long-Term Real Return Fund		6,633		8,238		(271	)		(2	)		(2,375	)		12,223		464		2,648
PIMCO Long-Term U.S. Government Fund		2,852		3,658		(144	)		(6	)		(1,140	)		5,220		222		777
PIMCO Real Return Fund		5,457		5,074		(167	)		(1	)		234			10,597		168		0
PIMCO Short-Term Floating NAV Portfolio III		6,003		34,110		(22,900	)		0			1			17,214		10		0
PIMCO Total Return Fund		13,168		13,403		(461	)		(2	)		(538	)		25,570		784		199
Totals	$	58,802	$	85,412	$	(24,416	)	$	(28	)	$	(1,661	)	$	118,109	$	2,415	$	3,624

PIMCO REALPATH® Blend 2030 Fund
Underlying PIMCO Funds	Market Value 06/30/2020		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2020		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	4,828	$	2,733	$	0		$	0		$	656		$	8,217	$	162	$	0
PIMCO High Yield Fund		3,319		1,885		0			0			296			5,500		98		0
PIMCO Income Fund		16,847		11,475		(384	)		(13	)		1,197			29,122		475		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		1,544		1,168		0			0			52			2,764		35		0
PIMCO Long-Term Real Return Fund		4,246		5,886		(141	)		0			(1,437	)		8,554		286		1,608
PIMCO Long-Term U.S. Government Fund		1,843		2,504		0			0			(693	)		3,654		136		472
PIMCO Real Return Fund		5,582		4,092		(131	)		(1	)		225			9,767		166		0
PIMCO Short-Term Floating NAV Portfolio III		7,163		31,612		(31,500	)		5			(4	)		7,276		12		0
PIMCO Total Return Fund		13,469		10,923		(372	)		(2	)		(516	)		23,502		757		192
Totals	$	58,841	$	72,278	$	(32,528	)	$	(11	)	$	(224	)	$	98,356	$	2,127	$	2,272
PIMCO REALPATH® Blend 2035 Fund
Underlying PIMCO Funds	Market Value 06/30/2020		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2020		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	3,195	$	2,337	$	0		$	0		$	439		$	5,971	$	110	$	0
PIMCO High Yield Fund		2,498		1,799		0			0			229			4,526		76		0
PIMCO Income Fund		10,809		9,041		(353	)		(12	)		786			20,271		311		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		973		843		0			0			32			1,848		22		0
PIMCO Long-Term Real Return Fund		853		1,927		0			0			(309	)		2,471		59		342
PIMCO Long-Term U.S. Government Fund		378		827		0			0			(149	)		1,056		28		100
PIMCO Real Return Fund		3,429		3,075		(115	)		0			141			6,530		105		0
PIMCO Short-Term Floating NAV Portfolio III		5,251		25,010		(16,000	)		7			(6	)		14,262		10		0
PIMCO Total Return Fund		8,275		8,083		(312	)		(1	)		(331	)		15,714		479		122
Totals	$	35,661	$	52,942	$	(16,780	)	$	(6	)	$	832		$	72,649	$	1,200	$	564

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December 31, 2020 (Unaudited)

PIMCO REALPATH® Blend 2040 Fund
Underlying PIMCO Funds	Market Value 06/30/2020		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2020		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	2,959	$	1,966	$	0		$	0		$	392		$	5,317	$	97	$	0
PIMCO High Yield Fund		2,782		1,761		0			0			244			4,787		81		0
PIMCO Income Fund		9,483		7,441		(372	)		(11	)		659			17,200		262		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		743		690		0			0			24			1,457		17		0
PIMCO Long-Term Real Return Fund		0		340		0			0			0			340		0		0
PIMCO Long-Term U.S. Government Fund		0		146		0			0			0			146		0		0
PIMCO Real Return Fund		2,764		2,388		(111	)		(1	)		108			5,148		82		0
PIMCO Short-Term Floating NAV Portfolio III		4,583		24,510		(19,700	)		10			(9	)		9,394		10		0
PIMCO Total Return Fund		6,672		6,267		(295	)		(1	)		(254	)		12,389		369		94
Totals	$	29,986	$	45,509	$	(20,478	)	$	(3	)	$	1,164		$	56,178	$	918	$	94
PIMCO REALPATH® Blend 2045 Fund
Underlying PIMCO Funds	Market Value 06/30/2020		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2020		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	2,195	$	1,410	$	0		$	0		$	283		$	3,888	$	71	$	0
PIMCO High Yield Fund		2,595		1,475		0			0			220			4,290		73		0
PIMCO Income Fund		6,585		4,893		(230	)		(7	)		448			11,689		178		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		459		396		0			0			14			869		10		0
PIMCO Real Return Fund		1,616		1,390		0			0			62			3,068		47		0
PIMCO Short-Term Floating NAV Portfolio III		4,822		22,109		(17,100	)		7			(5	)		9,833		9		0
PIMCO Total Return Fund		4,012		3,680		(159	)		(1	)		(147	)		7,385		215		55
Totals	$	22,284	$	35,353	$	(17,489	)	$	(1	)	$	875		$	41,022	$	603	$	55
PIMCO REALPATH® Blend 2050 Fund
Underlying PIMCO Funds	Market Value 06/30/2020		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2020		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	2,196	$	984	$	0		$	0		$	268		$	3,448	$	67	$	0
PIMCO High Yield Fund		2,977		1,273		0			0			244			4,494		81		0
PIMCO Income Fund		6,046		3,350		(187	)		(5	)		386			9,590		156		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		353		235		0			0			10			598		7		0
PIMCO Real Return Fund		1,236		831		0			0			46			2,113		33		0
PIMCO Short-Term Floating NAV Portfolio III		4,685		21,710		(18,000	)		13			(11	)		8,397		11		0
PIMCO Total Return Fund		3,055		2,242		(108	)		0			(104	)		5,085		153		39
Totals	$	20,548	$	30,625	$	(18,295	)	$	8		$	839		$	33,725	$	508	$	39

SEMIANNUAL REPORT | DECEMBER 31, 2020 79

Notes to Financial Statements (Cont.)

PIMCO REALPATH® Blend 2055 Fund
Underlying PIMCO Funds	Market Value 06/30/2020		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2020		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	963	$	618	$	0		$	0		$	126		$	1,707	$	32	$	0
PIMCO High Yield Fund		1,395		893		0			0			120			2,408		40		0
PIMCO Income Fund		2,580		1,893		(102	)		(3	)		175			4,543		70		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		123		95		0			0			4			222		3		0
PIMCO Real Return Fund		490		377		0			0			18			885		14		0
PIMCO Short-Term Floating NAV Portfolio III		3,081		11,105		(9,100	)		4			(3	)		5,087		5		0
PIMCO Total Return Fund		1,181		995		0			0			(45	)		2,131		64		16
Totals	$	9,813	$	15,976	$	(9,202	)	$	1		$	395		$	16,983	$	228	$	16
PIMCO REALPATH® Blend 2060 Fund
Underlying PIMCO Funds	Market Value 06/30/2020		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2020		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	46	$	63	$	(2	)	$	0		$	9		$	116	$	2	$	0
PIMCO High Yield Fund		68		101		(4	)		0			8			173		3		0
PIMCO Income Fund		124		193		(12	)		(1	)		11			315		4		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		6		10		0			0			0			16		0		0
PIMCO Real Return Fund		22		33		0			0			1			56		1		0
PIMCO Short-Term Floating NAV Portfolio III		0		600		(300	)		0			0			300		0		0
PIMCO Total Return Fund		56		95		(6	)		0			(3	)		142		4		1
Totals	$	322	$	1,095	$	(324	)	$	(1	)	$	26		$	1,118	$	14	$	1
PIMCO REALPATH® Blend Income Fund
Underlying PIMCO Funds	Market Value 06/30/2020		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 12/31/2020		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	7,330	$	2,372	$	0		$	0		$	880		$	10,582	$	222	$	0
PIMCO High Yield Fund		3,832		1,368		0			0			311			5,511		103		0
PIMCO Income Fund		26,930		10,513		(382	)		(13	)		1,700			38,748		688		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		2,706		1,111		0			0			83			3,900		53		0
PIMCO Long-Term Real Return Fund		8,752		6,745		(287	)		2			(2,462	)		12,750		497		2,814
PIMCO Long-Term U.S. Government Fund		3,763		2,894		0			0			(1,212	)		5,445		238		826
PIMCO Real Return Fund		9,426		3,990		(139	)		(1	)		356			13,632		239		0
PIMCO Short-Term Floating NAV Portfolio III		10,456		26,511		(24,100	)		0			1			12,868		10		0
PIMCO Total Return Fund		22,998		11,310		(424	)		(2	)		(714	)		33,168		1,107		276
Totals	$	96,193	$	66,814	$	(25,332	)	$	(14	)	$	(1,057	)	$	136,604	$	3,157	$	3,916

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

⁽¹⁾ The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund, unless otherwise advised on IRS Form 1099-DIV. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

(b) Investments in Securities

The Funds (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may utilize the investments and strategies described below to the extent permitted by each Fund’s respective investment policies.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises  are obligations of and, in certain cases,

guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the “U.S. Treasury”); and others, such as

80 PIMCO EQUITY SERIES

December 31, 2020 (Unaudited)

those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

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

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

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

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

(a) Repurchase Agreements  Under the terms of a typical repurchase agreement, a Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by a Fund’s custodian or designated subcustodians under tri-party repurchase agreements and in certain instances will remain in custody with the counterparty. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including

interest. Repurchase agreements, if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for the receipt of collateral, which may result in interest expense to the Fund.

(b) Interfund Lending  In accordance with an exemptive order (the “Order”) from the SEC, the Funds of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Funds’ investment policies and restrictions. The Funds are currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the funds’ investment restrictions). If a borrowing funds’ total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended December 31, 2020, the Funds did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

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

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

SEMIANNUAL REPORT | DECEMBER 31, 2020 81

Notes to Financial Statements (Cont.)

financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.

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

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

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

(b) Swap Agreements  are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market (“OTC swaps”) or may be cleared through a third party, known as a central counterparty or derivatives clearing organization (“Centrally Cleared Swaps”). A Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

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

82 PIMCO EQUITY SERIES

December 31, 2020 (Unaudited)

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

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

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

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

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

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

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

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

Risks

PIMCO REALPATH® Blend 2025 Fund

PIMCO REALPATH® Blend 2030 Fund

PIMCO REALPATH® Blend 2035 Fund

PIMCO REALPATH® Blend 2040 Fund

PIMCO REALPATH® Blend 2045 Fund

PIMCO REALPATH® Blend 2050 Fund

PIMCO REALPATH® Blend 2055 Fund

PIMCO REALPATH® Blend 2060 Fund

PIMCO REALPATH® Blend Income Fund

New Fund

—

—

—

—

—

—

—

X

—

Small Fund

—

—

—

—

—

—

X

X

—

Allocation

X

X

X

X

X

X

X

X

—

Acquired Fund

X

X

X

X

X

X

X

X

X

Investment in Acquired Fund Risks

New Fund

X

X

X

X

X

X

X

X

X

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

SEMIANNUAL REPORT | DECEMBER 31, 2020 83

Notes to Financial Statements (Cont.)

Risks

PIMCO REALPATH® Blend 2025 Fund

PIMCO REALPATH® Blend 2030 Fund

PIMCO REALPATH® Blend 2035 Fund

PIMCO REALPATH® Blend 2040 Fund

PIMCO REALPATH® Blend 2045 Fund

PIMCO REALPATH® Blend 2050 Fund

PIMCO REALPATH® Blend 2055 Fund

PIMCO REALPATH® Blend 2060 Fund

PIMCO REALPATH® Blend Income Fund

Mortgage-Related and Other Asset-Backed Securities

X

X

X

X

X

X

X

X

X

Foreign (Non-U.S.) Investment

X

X

X

X

X

X

X

X

X

Real Estate

X

X

X

X

X

X

X

X

X

Emerging Markets

X

X

X

X

X

X

X

X

X

Sovereign Debt

X

X

X

X

X

X

X

X

X

Currency

X

X

X

X

X

X

X

X

X

Leveraging

X

X

X

X

X

X

X

X

X

Small-Cap and Mid-Cap Company

X

X

X

X

X

X

X

X

X

Management

X

X

X

X

X

X

X

X

X

Short Exposure

X

X

X

X

X

X

X

X

X

Tax

X

X

X

X

X

X

X

X

X

Subsidiary

X

X

X

X

X

X

X

X

X

Convertible Securities

X

X

X

X

X

X

X

X

X

Exchange-Traded Fund

X

X

X

X

X

X

X

X

X

LIBOR Transition

X

X

X

X

X

X

X

X

X

A Fund is generally subject to a different level and amount of risk relative to its target date and time horizon. The principal risks of investing in a Fund include risks from direct investments and/or for certain Funds that invest in Acquired Funds or Underlying PIMCO Funds, indirect exposure through investment in such Acquired Funds or Underlying PIMCO Funds. Please see “Description of Principal Risks” in a Fund’s prospectus for a more detailed description of the risks of investing in a Fund.

The following risks are principal risks of investing in a Fund.

Small Fund Risk  is the risk that a smaller Fund may not achieve investment or trading efficiencies. Additionally, a smaller Fund may be more adversely affected by large purchases or redemptions on Fund shares.

Allocation Risk  is the risk that a Fund could lose money as a result of less than optimal or poor asset allocation decisions. A Fund could miss attractive investment opportunities by underweighting markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience significant declines.

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 Fund Risk  is the risk that a new 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 Funds may not attract sufficient assets to achieve investment and trading efficiencies.

Small Fund Risk  is the risk that a smaller Fund may not achieve investment or trading efficiencies. Additionally, a smaller Fund may be more adversely affected by large purchases or redemptions of Fund shares

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

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

Interest Rate Risk  is the risk that fixed income securities will 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

84 PIMCO EQUITY SERIES

December 31, 2020 (Unaudited)

its initial investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk  is the risk that a Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

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

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

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

Liquidity Risk  is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity.

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

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

Commodity Risk  is the risk that investing in commodity-linked derivative instruments may subject a Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, public health emergencies, embargoes, tariffs and international economic, political and regulatory developments.

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

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

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

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

SEMIANNUAL REPORT | DECEMBER 31, 2020 85

Notes to Financial Statements (Cont.)

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

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

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

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

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

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

Tax Risk  is the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect whether income from such investments is “qualifying income” under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of a Fund’s taxable income or gains and distributions.

Subsidiary Risk  is the risk that, by investing in certain Underlying PIMCO Funds that invest in a subsidiary (each a “Subsidiary”), a Fund is indirectly exposed to the risks associated with a Subsidiary’s investments. The Subsidiaries are not registered under the Act and may not be subject to all the investor protections of the Act. There is no guarantee that the investment objective of a Subsidiary will be achieved.

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

Exchange-Traded Fund Risk  is the risk that an exchange-traded fund may not track the performance of the index it is designed to track, among other reasons, because of exchange rules, market prices of shares of an exchange-traded fund may fluctuate rapidly and materially, or shares of an exchange-traded fund may trade significantly above or below net asset value, any of which may cause losses to a Fund invested in the exchange-traded fund.

LIBOR Transition Risk  is the risk related to the anticipated discontinuation of the London Interbank Offered Rate (“LIBOR”) by the end of 2021. Certain instruments held by a Fund rely in some fashion upon LIBOR. Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the nature of any replacement rate, and any potential effects of the transition away from LIBOR on a Fund or on certain instruments in which the Fund invests can be difficult to ascertain. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and may result in a reduction in value of certain instruments held by a Fund.

(b) Other Risks

In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cybersecurity risks. Please see a Fund’s prospectus and Statement of Additional Information for a more detailed description of the risks of investing in a Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments (such as the anticipated discontinuation of the London Interbank Offered Rate) that may impact a Fund’s performance.

Market Disruption Risk  A Fund is subject to investment and operational risks associated with financial, economic and other global

86 PIMCO EQUITY SERIES

December 31, 2020 (Unaudited)

market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets, interest rates, auctions, secondary trading, ratings, credit risk, inflation, deflation and other factors relating to the Fund’s investments or the Investment Manager’s operations and cause a Fund to lose value. These events can also impair the technology and other operational systems upon which a Fund’s service providers, including PIMCO as a Fund’s investment adviser, rely, and could otherwise disrupt a Fund’s service providers’ ability to fulfill their obligations to a Fund. For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities a Fund holds, and may adversely affect a Fund’s investments and operations. Please see the Important Information section for additional discussion of the COVID-19 pandemic.

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

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

Operational Risk  An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk  As the use of technology has become more prevalent in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Fund’s ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future.

8. MASTER NETTING ARRANGEMENTS

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

SEMIANNUAL REPORT | DECEMBER 31, 2020 87

Notes to Financial Statements (Cont.)

and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

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

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

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

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an

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

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

9. FEES AND EXPENSES

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

(b) Supervisory and Administrative Fee  PIMCO serves as administrator (the “Administrator”) and provides supervisory and

88 PIMCO EQUITY SERIES

December 31, 2020 (Unaudited)

administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class’s average daily net assets (the “Supervisory and Administrative Fee”). As the

Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

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

	Investment Advisory Fee				Supervisory and Administrative Fee
Fund Name	All Classes		Institutional Class		Administrative Class		Class A		Class R
PIMCO REALPATH® Blend 2025 Fund		0.01%		0.02%		0.02%		0.27%		0.27%	*
PIMCO REALPATH® Blend 2030 Fund		0.01%		0.02%		0.02%		0.27%		0.27%	*
PIMCO REALPATH® Blend 2035 Fund		0.02%		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 2060 Fund		0.03%		0.02%		0.02%		0.27%		N/A
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, 2020, the Distributor retained $3,282 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 expenses; (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

SEMIANNUAL REPORT | DECEMBER 31, 2020 89

Notes to Financial Statements (Cont.)

review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

(e) Expense Limitation  Pursuant to the Expense Limitation Agreement, PIMCO has agreed to waive a portion of the Funds’ Supervisory and

Administrative Fee, or reimburse each Fund, to the extent that each Fund’s organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee Fees exceed 0.0049%, the “Expense Limit” (calculated as a percentage of each Fund’s average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

In any month in which the investment advisory contract or supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the supervisory and administrative fee waived or reimbursed as set forth above (the “Reimbursement Amount”) during the previous thirty-six months from the date of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. The total recoverable amounts to PIMCO at December 31, 2020, were as follows (amounts in thousands^†):

	Expiring within
Fund Name	12 months		13-24 months		25-36 months		Total
PIMCO RealPath® Blend 2025 Fund	$	0	$	0	$	5	$	5
PIMCO RealPath® Blend 2030 Fund		0		0		7		7
PIMCO RealPath® Blend 2035 Fund		0		0		7		7
PIMCO RealPath® Blend 2040 Fund		0		0		8		8
PIMCO RealPath® Blend 2045 Fund		0		1		8		9
PIMCO RealPath® Blend 2050 Fund		0		2		9		11
PIMCO RealPath® Blend 2055 Fund		0		0		3		3
PIMCO RealPath® Blend 2060 Fund		0		0		68		68
PIMCO RealPath® Blend Income Fund		0		0		5		5

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

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

The expenses associated with investing in a fund of funds are generally higher than those for mutual funds that do not invest in other mutual funds. The cost of investing in a fund of funds will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. By investing in a fund of funds, an investor will indirectly bear fees and expenses charged by Acquired Funds in addition to each Fund’s direct fees and expenses. In addition, the use of a fund of funds structure could affect the timing, amount and character of distributions to the shareholders and may therefore increase the amount of taxes payable by shareholders.

10. RELATED PARTY TRANSACTIONS

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

11. GUARANTEES AND INDEMNIFICATIONS

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

90 PIMCO EQUITY SERIES

December 31, 2020 (Unaudited)

12. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as “portfolio turnover.” Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective, particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer

mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Fund. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates when distributed to shareholders). The transaction costs associated with portfolio turnover may adversely affect a Fund’s performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2020, were as follows (amounts in thousands^†):

	U.S. Government/Agency				All Other
Fund Name	Purchases		Sales		Purchases		Sales
PIMCO REALPATH® Blend 2025 Fund	$	0	$	0	$	78,834	$	3,072
PIMCO REALPATH® Blend 2030 Fund		0		0		82,723		14,627
PIMCO REALPATH® Blend 2035 Fund		0		0		61,152		449
PIMCO REALPATH® Blend 2040 Fund		0		0		64,251		8,507
PIMCO REALPATH® Blend 2045 Fund		0		0		49,846		5,561
PIMCO REALPATH® Blend 2050 Fund		0		0		35,492		2,369
PIMCO REALPATH® Blend 2055 Fund		0		0		24,248		2,782
PIMCO REALPATH® Blend 2060 Fund		0		0		3,551		303
PIMCO REALPATH® Blend Income Fund		0		0		52,308		1,757

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

13. SHARES OF BENEFICIAL INTEREST

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

	PIMCO REALPATH® Blend 2025 Fund												PIMCO REALPATH® Blend 2030 Fund
	Six Months Ended 12/31/2020 (Unaudited)						Year Ended 06/30/2020						Six Months Ended 12/31/2020 (Unaudited)						Year Ended 06/30/2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		7,281		$	90,650			5,446		$	62,831			6,586		$	83,054			5,976		$	69,709
Administrative Class		66			819			856			9,802			133			1,653			839			9,655
Class A		172			2,145			95			1,096			41			513			164			1,925
Issued as reinvestment of distributions
Institutional Class		478			6,190			136			1,586			408			5,399			199			2,365
Administrative Class		84			1,084			66			764			70			918			65			774
Class A		21			273			13			150			16			214			15			177
Cost of shares redeemed
Institutional Class		(1,282	)		(16,038	)		(1,566	)		(17,815	)		(1,389	)		(17,744	)		(1,732	)		(19,492	)
Administrative Class		(361	)		(4,513	)		(341	)		(3,845	)		(140	)		(1,787	)		(419	)		(4,783	)
Class A		(145	)		(1,857	)		(42	)		(474	)		(27	)		(334	)		(127	)		(1,463	)
Net increase (decrease) resulting from Fund share transactions		6,314		$	78,753			4,663		$	54,095			5,698		$	71,886			4,980		$	58,867

SEMIANNUAL REPORT | DECEMBER 31, 2020 91

Notes to Financial Statements (Cont.)

	PIMCO REALPATH® Blend 2035 Fund												PIMCO REALPATH® Blend 2040 Fund
	Six Months Ended 12/31/2020 (Unaudited)						Year Ended 06/30/2020						Six Months Ended 12/31/2020 (Unaudited)						Year Ended 06/30/2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		5,825		$	73,477			4,095		$	48,247			5,480		$	69,959			3,630		$	42,768
Administrative Class		63			802			609			7,020			90			1,127			544			6,307
Class A		46			588			170			1,954			44			551			160			1,862
Issued as reinvestment of distributions
Institutional Class		198			2,652			134			1,594			179			2,425			189			2,279
Administrative Class		35			464			53			630			22			294			39			473
Class A		9			121			12			143			9			118			20			237
Cost of shares redeemed
Institutional Class		(1,017	)		(12,850	)		(1,290	)		(14,620	)		(1,140	)		(14,564	)		(1,389	)		(16,002	)
Administrative Class		(161	)		(2,024	)		(300	)		(3,272	)		(97	)		(1,229	)		(206	)		(2,242	)
Class A		(48	)		(606	)		(94	)		(1,072	)		(102	)		(1,263	)		(173	)		(1,945	)
Net increase (decrease) resulting from Fund share transactions		4,950		$	62,624			3,389		$	40,624			4,485		$	57,418			2,814		$	33,737
	PIMCO REALPATH® Blend 2045 Fund												PIMCO REALPATH® Blend 2050 Fund
	Six Months Ended 12/31/2020 (Unaudited)						Year Ended 06/30/2020						Six Months Ended 12/31/2020 (Unaudited)						Year Ended 06/30/2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		4,256		$	54,309			3,055		$	35,705			3,653		$	46,603			2,725		$	31,580
Administrative Class		110			1,414			463			5,341			38			485			358			4,118
Class A		23			286			74			863			34			425			89			1,004
Issued as reinvestment of distributions
Institutional Class		127			1,736			196			2,361			120			1,644			233			2,820
Administrative Class		15			198			33			400			14			195			44			539
Class A		3			40			10			124			3			35			11			130
Cost of shares redeemed
Institutional Class		(875	)		(11,175	)		(1,326	)		(15,077	)		(971	)		(12,423	)		(1,171	)		(13,499	)
Administrative Class		(67	)		(856	)		(186	)		(2,085	)		(149	)		(1,935	)		(302	)		(3,464	)
Class A		(50	)		(615	)		(135	)		(1,518	)		(96	)		(1,188	)		(131	)		(1,495	)
Net increase (decrease) resulting from Fund share transactions		3,542		$	45,337			2,184		$	26,114			2,646		$	33,841			1,856		$	21,733
	PIMCO REALPATH® Blend 2055 Fund												PIMCO REALPATH® Blend 2060 Fund
	Six Months Ended 12/31/2020 (Unaudited)						Year Ended 06/30/2020						Six Months Ended 12/31/2020 (Unaudited)						Inception date through 06/30/2020(a)
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		2,829		$	36,275			2,686		$	31,279			319		$	3,262			301		$	3,011
Administrative Class		92			1,169			405			4,695			0			2			1			10
Class A		33			412			73			840			47			474			3			33
Issued as reinvestment of distributions
Institutional Class		52			719			103			1,244			4			49			0			0
Administrative Class		3			46			9			110			0			0			0			0
Class A		1			16			7			81			0			4			0			0
Cost of shares redeemed
Institutional Class		(704	)		(8,989	)		(1,107	)		(12,926	)		(32	)		(324	)		0			0
Administrative Class		(60	)		(761	)		(48	)		(540	)		0			0			0			0
Class A		(76	)		(957	)		(82	)		(940	)		0			(2	)		0			(3	)
Net increase (decrease) resulting from Fund share transactions		2,170		$	27,930			2,046		$	23,843			338		$	3,465			305		$	3,051

92 PIMCO EQUITY SERIES

December 31, 2020 (Unaudited)

	PIMCO REALPATH® Blend Income Fund
	Six Months Ended 12/31/2020 (Unaudited)						Year Ended 06/30/2020
	Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		4,857		$	59,542			6,527		$	74,835
Administrative Class		94			1,162			322			3,680
Class A		599			7,439			575			6,449
Issued as reinvestment of distributions
Institutional Class		505			6,341			81			930
Administrative Class		99			1,241			36			412
Class A		77			966			26			303
Issued in reorganization^
Institutional Class		0			0			3,894			45,204
Administrative Class		0			0			1,507			17,511
Class A		0			0			429			4,958
Cost of shares redeemed
Institutional Class		(1,555	)		(19,215	)		(3,251	)		(36,815	)
Administrative Class		(280	)		(3,453	)		(343	)		(3,806	)
Class A		(91	)		(1,092	)		(239	)		(2,671	)
Net increase (decrease) resulting from Fund share transactions		4,305		$	52,931			9,564		$	110,990

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

^{^}  See Note 15 in the Notes to Financial Statements.

^(a)  Inception date of the Fund was December 31, 2019.

The following table discloses the number of shareholders that own 10% or more of the outstanding shares of a Fund along with their respective percent ownership, if any, as of December 31, 2020. Some of these shareholders may be considered related parties, which may include, but are not limited to, the investment adviser and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.

	Shareholders that own 10% or more of outstanding shares				Total percentage of portfolio held by shareholders that own 10% or more of outstanding shares
	Non-Related Parties		Related Parties		Non-Related Parties		Related Parties
PIMCO REALPATH® Blend 2025 Fund		1		0		15%		0%
PIMCO REALPATH® Blend 2030 Fund		1		0		11%		0%
PIMCO REALPATH® Blend 2035 Fund		1		0		12%		0%
PIMCO REALPATH® Blend 2055 Fund		1		0		12%		0%
PIMCO REALPATH® Blend 2060 Fund		1		1		13%		47%

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, 2020, 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.

SEMIANNUAL REPORT | DECEMBER 31, 2020 93

Notes to Financial Statements (Cont.) December 31, 2020 (Unaudited)

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, 2020, the Funds had the following post-effective capital losses with no expiration (amounts in thousands^†):

	Short-Term		Long-Term
PIMCO REALPATH® Blend 2025 Fund	$	0	$	0
PIMCO REALPATH® Blend 2030 Fund		0		0
PIMCO REALPATH® Blend 2035 Fund		0		0
PIMCO REALPATH® Blend 2040 Fund		0		0
PIMCO REALPATH® Blend 2045 Fund		0		0
PIMCO REALPATH® Blend 2050 Fund		0		0
PIMCO REALPATH® Blend 2055 Fund		0		0
PIMCO REALPATH® Blend 2060 Fund		13		0
PIMCO REALPATH® Blend Income Fund		0		0

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

As of December 31, 2020, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands^†):

	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)(1)
PIMCO REALPATH® Blend 2025 Fund	$	202,860	$	18,731	$	(2,691.00	)	$	16,040
PIMCO REALPATH® Blend 2030 Fund		208,851		24,420		(1,877	)		22,543
PIMCO REALPATH® Blend 2035 Fund		174,663		21,347		(325	)		21,022
PIMCO REALPATH® Blend 2040 Fund		175,604		25,640		(57	)		25,583
PIMCO REALPATH® Blend 2045 Fund		156,735		25,181		(44	)		25,137
PIMCO REALPATH® Blend 2050 Fund		159,236		29,390		(39	)		29,351
PIMCO REALPATH® Blend 2055 Fund		88,213		14,127		(23	)		14,104
PIMCO REALPATH® Blend 2060 Fund		6,442		691		(2	)		689
PIMCO REALPATH® Blend Income Fund		208,621		18,472		(2,294	)		16,178

^†  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.

94 PIMCO EQUITY SERIES

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

Counterparty Abbreviations:
CBK	Citibank N.A.	JPM	JP Morgan Chase Bank N.A.	UAG	UBS AG Stamford
FICC	Fixed Income Clearing Corporation
Currency Abbreviations:
USD (or $)	United States Dollar
Exchange Abbreviations:
CBOE	Chicago Board Options Exchange	OTC	Over the Counter
Index/Spread Abbreviations:
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, 2020 95

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 18-19, 2020, the Board of Trustees (the “Board”) of PIMCO Equity Series (the “Trust”), including the Trustees who are not “interested persons” of the Trust under the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered and unanimously approved the renewal of the Investment Advisory Contract (the “Investment Advisory Contract”) between the Trust, on behalf of PIMCO Dividend and Income Fund , PIMCO RAE Emerging Markets Fund, PIMCO RAE Global ex-US Fund, PIMCO RAE Global Fund, PIMCO RAE International Fund, PIMCO RAE US Fund, PIMCO RAE US Small Fund, PIMCO REALPATH^® Blend Income Fund, PIMCO REALPATH^® Blend 2025 Fund, PIMCO REALPATH^® Blend 2030 Fund, PIMCO REALPATH^® Blend 2035 Fund, PIMCO REALPATH^® Blend 2040 Fund, PIMCO REALPATH^® Blend 2045 Fund, PIMCO REALPATH^® Blend 2050 Fund, PIMCO REALPATH^® Blend 2055 Fund and PIMCO REALPATH^® Blend 2060 Fund (each, a “Fund,” and collectively, the “Funds”), and Pacific Investment Management Company LLC (“PIMCO”) for an additional one-year term through August 31, 2021.¹ 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, 2021. 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 Emerging Markets Fund, PIMCO RAE Global ex-US Fund, PIMCO RAE Global Fund, PIMCO RAE International Fund, PIMCO RAE US Fund, PIMCO RAE 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, 2021.

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 for 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, financial information for 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, a memorandum 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

¹  The Board, including a majority of the Independent Trustees, determined to rely on the relief granted by a temporary exemptive order issued by the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940 that permits fund boards of trustees to approve advisory contracts at a meeting held by remote communications that allows participating trustees to hear one another simultaneously, rather than in-person, in light of the impact of the novel coronavirus (“COVID-19”) pandemic and restrictions on travel and in-person gatherings. The Board determined that reliance on the exemptive order was necessary and appropriate due to circumstances related to current or potential effects of the COVID-19 pandemic and government-mandated restrictions, and prior to commencing the approval meeting, the Board confirmed that all Board members could hear each other simultaneously during the meeting. The Board noted that it would ratify any actions taken at this meeting pursuant to the SEC relief at its next in-person meeting.

96 PIMCO EQUITY SERIES

(Unaudited)

performance information and fee and expense data. The Board received presentations from PIMCO and, where applicable, Research Affiliates and Parametric, 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 18-19, 2020 meeting. The Independent Trustees also met telephonically with counsel to the Trust and the Independent Trustees, including telephonic meetings on July 10, 2020 and July 30, 2020, and conducted a telephonic meeting on July 30, 2020 with management and counsel to the Trust and the Independent Trustees, to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements, the Sub-Advisory Agreement and the Portfolio Implementation Agreement. In connection with its review of the Agreements and the Sub-Advisory Agreement, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes. The Independent Trustees also requested and received supplemental information, including information regarding Fund performance and profitability.

The approval determinations were made on the basis of each Trustee’s business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weight 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 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, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Funds’ asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment 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, including new regulations impacting the Funds, and its commitment to further developing and strengthening these programs, its oversight of matters that may involve conflicts of interest between the Funds’ investments and those of other accounts managed by PIMCO, and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered PIMCO’s continuous investment in 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.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including, but not limited to: investing in its cybersecurity program and business continuity functions, including the build-out of a new data center; funding projects and initiatives in support of the Funds; improving PIMCO governance and oversight of key fund administration processes; expanding and engaging a technology consultant to improve certain performance reconciliation processes; enhancing PIMCO’s oversight over certain of the Funds’ service providers; continuing to develop initiatives related to pricing, including, among other items, development of pricing tools and capabilities and continued extensive due diligence regarding pricing vendors; forming a new internal group responsible for the operational aspects of the Liquidity Risk Management Programs; developing compliance and operations processes in connection with regulatory developments; continuing to invest in PIMCO’s technology infrastructure; continuing oversight by the Americas Fund Oversight Committee, which provides senior-level oversight and supervision focused on new and ongoing fund-related business opportunities; expanding engagement with a third party service provider to provide certain additional fund administration services subject to PIMCO’s oversight; investing in the Fund Treasurer’s Office; enhancing a proprietary application to support new trading strategies and increase data precision and administration control; developing a global tax management application that will enable investment professionals to access foreign market and security tax information on a real-time basis; utilizing a service provider’s proprietary software and managed service model to timely meet N-PORT and N-CEN regulatory requirements; upgrading a proprietary application to allow shareholder subscription and redemption data to pass to portfolio managers more quickly and efficiently; implementing a contingent NAV process; continuing to advocate in the public policy

SEMIANNUAL REPORT | December 31, 2020 97

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

arena; developing a proprietary tool to monitor and facilitate potential interfund lending; utilizing a third-party software technology to allow portfolio management teams to run pre-trade calculations regarding new exchange-traded and cleared derivatives; and developing technology solutions to leverage artificial intelligence and machine learning.

Similarly, the Board considered the sub-advisory services provided by Research Affiliates to the RAE Funds. The Board further considered PIMCO’s oversight of Research Affiliates in connection with Research Affiliates providing sub-advisory services to the RAE Funds. The Board also reviewed materials regarding 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 Parametric’s personnel responsible for providing services to the RAE Funds under the Portfolio Implementation Agreement. The Board also reviewed materials regarding the nature, extent 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, but not limited to, audit, custodial, portfolio accounting,

ordinary 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, 2020 and other performance data, as available, over short- and long-term periods ended June 30, 2020 (the “PIMCO Report”) and from Broadridge concerning the Funds’ performance, as available, over short- and long-term periods ended March 31, 2020 (the “Broadridge 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 Broadridge Report, which were provided in advance of the August 18-19, 2020 meeting.

The Trustees noted the Funds (based on Institutional Class performance) that outperformed their respective benchmark indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2020. The Board noted the amounts of the assets of the Trust and PIMCO Funds (based on Institutional Class performance) that outperformed their relevant benchmark net-of-fees over the one-, three- and five-year periods ended June 30, 2020. The Board discussed these and other performance-related developments.

The Board reviewed materials indicating that, according to the Broadridge Report, certain Funds had underperformed in comparison to their respective peer groups or benchmark indexes, or both, over short- and long-term periods. PIMCO reported to the Board on the reasons for the underperformance of certain Funds and actions that have been taken by PIMCO throughout the year to attempt to address underperformance.

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.

98 PIMCO EQUITY SERIES

(Unaudited)

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

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

The Board reviewed the advisory fees, supervisory and administrative fees and total 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 Funds to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a “Peer Group” of comparable funds, 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, and noted in particular, the following: the proposed four basis point reduction in the advisory fee for the PIMCO Dividend and Income Fund; the proposed five basis point reduction in the advisory fee for the PIMCO RAE Global Fund; the proposed 20 basis point reduction in the supervisory and administrative fee for each class of the PIMCO RAE Emerging Markets Fund and PIMCO RAE Global ex-US Fund; the proposed 15 basis point reduction for each class of the PIMCO RAE Global Fund; and the proposed 10 basis point reduction for each class of the PIMCO RAE International Fund, PIMCO RAE US Fund and PIMCO RAE US Small Fund.

The Board also reviewed data comparing certain Funds’ advisory fees to the fee rates PIMCO charges to separate accounts, private funds and sub-advised clients with similar investment strategies. In cases where

the fees for other clients were lower than those charged to the Funds, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Funds, differences in the number or extent of the services provided by PIMCO to the Funds, the manner in which similar portfolios may be managed, different requirements with respect to liquidity management and the implementation of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Funds because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less complex regulatory regime.

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

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

SEMIANNUAL REPORT | December 31, 2020 99

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

Board also considered that the unified supervisory and administrative fee leads to Fund fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Fund fees at competitive levels over the contract period even if the Funds’ operating costs rise when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO’s approach of pricing Funds 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 in most cases the Funds’ total expense ratios were lower than the total expense ratios 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 the Broadridge Report, 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 expense limitation agreement in place for all of the Funds and the various fee waiver agreements in place for the Funds of Funds.

Based on the information presented by PIMCO, Research Affiliates and Broadridge, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements, that the fees charged by Research Affiliates under the Sub-Advisory Agreement, and that the total expenses of each Fund and the RAE Funds after the proposals to decrease their fees, as applicable, are reasonable.

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

The Board reviewed information regarding PIMCO’s costs of providing services to the Funds as a whole, as well as the resulting level of profits attributable to the Funds. The Board also noted that it had received

information regarding the structure and manner in which PIMCO’s investment professionals were compensated and PIMCO’s view of the relationship of such compensation to the attraction and retention of quality personnel. The Board considered PIMCO’s investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce and offer new services and to accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Funds, PIMCO shares the benefits of economies of scale, if any, with the Funds and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics, senior management supervision, governance and oversight of those services, and through fee reductions or waivers, the pricing of Funds to scale from inception and the enhancement of services provided to the Funds in return for fees paid. In considering the advisory fees paid by the Funds, the Board also reviewed materials indicating that retail investors in the Funds 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 also reviewed materials indicating that, unlike the Funds’ unified fee structure, funds with “pass through” administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also considered that the unified fee protects shareholders from a rise in operating costs that may result from, among other things, PIMCO’s investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO’s investments in these areas are extensive.

The Board concluded that the Funds’ cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any,

100 PIMCO EQUITY SERIES

(Unaudited)

through the Funds’ unified fee structure, generally pricing Funds to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Funds and their shareholders.

6. ANCILLARY BENEFITS

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

7. CONCLUSIONS

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

SEMIANNUAL REPORT | December 31, 2020 101

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_123120

PIMCO EQUITY SERIES^®

Semiannual Report

December 31, 2020

PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF | MFEM | NYSE Arca

PIMCO RAFI Dynamic Multi-Factor International Equity ETF | MFDX | NYSE Arca

PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF | MFUS | NYSE Arca

PIMCO RAFI ESG U.S. ETF | RAFE | NYSE Arca

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 from the financial intermediary, such as a broker-dealer or bank, which offers the Fund unless you specifically request paper copies of the reports 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				16
Financial Highlights				18
Statements of Assets and Liabilities				20
Statements of Operations				21
Statements of Changes in Net Assets				22
Notes to Financial Statements				55
Glossary				70
Approval of Investment Advisory Contract and Other Agreements				71
Fund	Fund Summary		Schedule of Investments
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF		8		23
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		10		33
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		12		47
PIMCO RAFI ESG U.S. ETF		14		53

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

Chairman’s Letter

Dear Shareholder,

We hope that you and your family are remaining safe and healthy during these challenging times. We continue to work tirelessly to navigate markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Equity Series Semiannual Report, which covers the six-month reporting period ended December 31, 2020. On the subsequent pages, you will find specific details regarding investment results and a discussion of the factors that most affected performance during the reporting period.

For the six-month reporting period ended December 31, 2020

The global economy was severely impacted by the repercussions related to the COVID-19 pandemic. Looking back before the reporting period began, second-quarter 2020 U.S. annualized gross domestic product (“GDP”) was -31.4%. This represented the steepest quarterly decline on record. With the economy reopening, third-quarter GDP growth was 33.4%, the largest quarterly increase on record. The Commerce Department’s initial estimate for fourth-quarter annualized GDP growth — released after the reporting period ended — was 4.0%.

The Federal Reserve (the “Fed”) took unprecedented actions to support the economy and keep markets functioning properly. In early March 2020, before the reporting period began, the Fed lowered the federal funds rate to a range between 1.00% and 1.25%. Later in the month, the Fed lowered the rate to a range between 0.00% and 0.25%. On March 23, the Fed announced that it would make unlimited purchases of Treasury and mortgage securities and, for the first time, it would purchase corporate bonds on the open market. In August 2020, Fed Chair Jerome Powell said the central bank had changed how it viewed the trade-off between lower unemployment and higher inflation. Per Powell’s statement, the Fed’s new approach to setting U.S. monetary policy will entail letting inflation run higher, which could mean that interest rates remain low for an extended period. Meanwhile, in March 2020, the U.S. government passed a total of roughly $2.8 trillion in fiscal stimulus measures to aid the economy. A subsequent $900 billion stimulus package was finalized in December 2020.

Economies outside the U.S. were significantly impacted by the pandemic too. In its October 2020 World Economic Outlook Update, the International Monetary Fund (“IMF”) stated that it expects 2020 GDP in the eurozone, U.K. and Japan will be -8.3%, -9.8% and -5.3%, respectively. For comparison purposes, the GDP of these economies expanded 1.3%, 1.5% and 0.7%, respectively, in 2019.

Against this backdrop, central banks and governments around the world took a number of aggressive actions. Looking back, in March 2020, the European Central Bank (the “ECB”) unveiled a new €750 billion bond-buying program, which was subsequently expanded by another €600 billion in June 2020. In July, the European Union agreed on a €1.8 trillion spending package to bolster its economy. In December 2020, the ECB expanded its monetary stimulus program by another €500 billion.

The Bank of England reduced its key lending rate to 0.10% — a record low — in March, added £100 billion to its quantitative easing program in June, and increased its bond-buying program by £150 billion to £895 billion in November. Finally, toward the end of the year, the U.K. and the European Union agreed to a long-awaited Brexit deal. Elsewhere, the Bank of Japan maintained its short-term interest rate at -0.10%, while increasing the target for its holdings of corporate bonds to ¥4.2 trillion from ¥3.2 trillion. In May 2020, the Japanese government doubled its stimulus measures with a ¥117 trillion package. Finally, in December 2020, the Bank of Japan announced a new ¥73.6 trillion stimulus package.

Short-term U.S. Treasury yields edged modestly lower, whereas long-term yields moved higher, albeit from a very low level during the reporting period. The yield on the benchmark 10-year U.S. Treasury note was 0.93% at the end of the reporting period, versus 0.66% on June 30, 2020. The Bloomberg Barclays Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including both developed and emerging markets, returned 0.78%. Meanwhile, the Bloomberg Barclays Global Aggregate Credit Index (USD Hedged), a widely

2 PIMCO EQUITY SERIES

used index of global investment grade credit bonds, returned 4.20%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, also rallied. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned 10.82%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned 7.89%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned 10.29%.

Despite the headwinds from the pandemic, global equities produced strong results. All told, U.S. equities, as represented by the S&P 500 Index, returned 22.16%, partially fueled by a sharp rally in November and December 2020, because, in our view, investor sentiment improved after positive COVID-19 vaccine news. Global equities, as represented by the MSCI World Index, returned 23.00%, whereas emerging market equities, as measured by the MSCI Emerging Markets Index, returned 31.14%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in JPY), returned 24.12% and European equities, as represented by the MSCI Europe Index (in EUR), returned 10.91%.

Commodity prices were volatile and produced mixed results. When the reporting period began, Brent crude oil was approximately $41 a barrel. Brent crude oil ended the reporting period at roughly $52 a barrel. We believe that oil prices rallied because producers reduced their output and investors anticipated stronger demand as global growth improved and several new COVID-19 vaccines were introduced. Elsewhere, copper prices moved higher, while gold declined.

Finally, there were also periods of volatility in the foreign exchange markets, in our view due to fluctuating economic growth, trade conflicts and changing central bank monetary policies, along with the U.S. election and several geopolitical events. The U.S. dollar weakened against a number of other major currencies. For example, the U.S. dollar returned -8.74%, -10.23% and -4.53% versus the euro, the British pound and the Japanese yen, respectively.

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

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

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

SEMIANNUAL REPORT | DECEMBER 31, 2020 3

Important Information About the Funds

PIMCO Equity Series (the “Trust”) is an open-end management investment company that includes PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF, PIMCO RAFI Dynamic Multi-Factor International Equity ETF, PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF and PIMCO RAFI ESG U.S. ETF, which are exchange-traded funds (“ETFs”) that seek to provide total return that closely corresponds, before fees and expenses, to the total return of a specified index (each, a “Fund” and collectively, the “Funds”). Each Fund employs a representative sampling strategy in seeking to achieve its investment objective. In using this strategy, PIMCO seeks to invest in a combination of instruments such that the portfolio effectively provides exposure to the underlying index. A Fund may not track its underlying index with the same degree of accuracy as a fund that replicates the composition and weighting of the underlying index. Shares of the Funds will be listed and traded at market prices on NYSE Arca, Inc. (“NYSE Arca”) and other secondary markets. The market price for each Fund’s shares may be different from the Fund’s net asset value (“NAV”). Each Fund issues and redeems shares at its NAV only in blocks of a specified number of shares (“Creation Units”). Only certain large institutional investors may purchase or redeem Creation Units directly with the Funds at NAV (“Authorized Participants”). These transactions are in exchange for certain securities similar to a Fund’s portfolio and/or cash. Except when aggregated in Creation Units, shares of a Fund are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares from the Funds at NAV.

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

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

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

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

Classifications of the Funds’ portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Allocation Breakdown and Schedule of Investments sections of this report may differ from the classification used for the Funds’ compliance calculations, including those used in the Funds’ prospectus, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. Each Fund is separately monitored for compliance with respect to prospectus and regulatory requirements.

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

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Funds’ performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Funds’ service providers and disrupt the Funds’ operations.

The United States’ enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from other countries, each with a focus on China, has contributed to international trade tensions and may impact portfolio securities.

A Fund may have significant exposure to issuers in the United Kingdom. The United Kingdom’s withdrawal from the European Union may impact Fund returns. The withdrawal may cause substantial volatility in foreign exchange markets, lead to weakness in the exchange rate of the British pound, result in a sustained period of

4 PIMCO EQUITY SERIES

market uncertainty, and destabilize some or all of the other European Union member countries and/or the Eurozone.

A Fund may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate (“LIBOR”). LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has announced plans to ultimately phase out the use of LIBOR. There remains uncertainty regarding future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on a Fund or on certain instruments in which a Fund invests can be difficult to ascertain, and they may vary depending on a variety of factors. The transition may also result in a reduction in the value of certain instruments held by a Fund or a reduction in the effectiveness of related Fund transactions such as hedges. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to a Fund.

A Fund may invest in securities and instruments that are economically tied to Russia. Investments in Russia are subject to various risks such as political, economic, legal, market and currency risks. The risks include uncertain political and economic policies, short-term market volatility, poor accounting standards, corruption and crime, an inadequate regulatory system, and unpredictable taxation. Investments in Russia are particularly subject to the risk that economic sanctions may be imposed by the United States and/or other countries. Such sanctions — which may impact companies in many sectors, including energy, financial services and defense, among others — may negatively impact the Portfolios’ performance and/or ability to achieve their investment objectives. The Russian securities market is characterized by limited volume of trading, resulting in difficulty in obtaining accurate prices. The Russian securities market, as compared to U.S. markets, has significant price volatility, less liquidity, a smaller market capitalization and a smaller number of traded securities. There may be little publicly available information about issuers. Settlement, clearing and registration of securities transactions are subject to risks because of registration systems that may not be subject to effective government supervision. This may result in significant delays or problems in registering the transfer of securities. Russian securities laws may not recognize foreign nominee accounts held with a custodian bank, and therefore the custodian may be considered the ultimate owner of securities they hold for their clients. Ownership of securities issued by Russian companies is recorded by companies themselves and by registrars instead of through a central registration system. It is possible

that the ownership rights of a Fund could be lost through fraud or negligence. While applicable Russian regulations impose liability on registrars for losses resulting from their errors, it may be difficult for a Fund to enforce any rights it may have against the registrar or issuer of the securities in the event of loss of share registration. Adverse currency exchange rates are a risk and there may be a lack of available currency hedging instruments. Investments in Russia may be subject to the risk of nationalization or expropriation of assets. Oil, natural gas, metals, and timber account for a significant portion of Russia’s exports, leaving the country vulnerable to swings in world prices.

Engaging in a responsible investment strategy, which may select or exclude securities of certain issuers for reasons other than performance, carries the risk that a Fund may underperform funds that do not utilize a responsible investment strategy. The application of this strategy may affect a Fund’s exposure to certain sectors or types of investments, which could negatively impact the Fund’s performance. Responsible investing is qualitative and subjective by nature, and there is no guarantee that the criteria utilized or any judgment exercised in pursuing a responsible investment strategy will reflect the beliefs or values of any particular investor. In evaluating a company, the information and data obtained through voluntary or third-party reporting may be incomplete, inaccurate or unavailable, which could cause an incorrect assessment of a company’s business practices with respect to the environment, social responsibility and corporate governance (“ESG practices”). Socially responsible norms differ by region, and a company’s ESG practices or the assessment of a company’s ESG practices may change over time.

On each individual Fund Summary page in this Shareholder Report, the Average Annual Total Return table and the Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay on: (i) Fund distributions; or (ii) the sale of Fund shares. Each Fund’s performance is measured against the performance of at least one broad-based securities market index (“benchmark index”). A Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. There is no assurance that any Fund, including any Fund that has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) a Fund’s total return in excess of that of the Fund’s benchmark between reporting periods or 2) a Fund’s total return in excess of the Fund’s historical returns between reporting periods. Unusual performance is defined as a significant change in a Fund’s performance as compared to one or more previous reporting periods. Historical performance for a Fund may have been positively impacted by fee waivers or expense

SEMIANNUAL REPORT | DECEMBER 31, 2020 5

Important Information About the Funds (Cont.)

limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

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

Fund Name	Fund Inception		Diversification Status
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF		08/31/17		Diversified
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		08/31/17		Diversified
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		08/31/17		Diversified
PIMCO RAFI ESG U.S. ETF		12/18/19		Diversified

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

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service

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

On each business day, before commencement of trading on NYSE Arca, each Fund will disclose on www.pimcoetfs.com the identities and quantities of the Fund’s portfolio holdings. The frequency at which the daily market prices were at a discount or premium to each Fund’s NAV is disclosed on www.pimcoetfs.com. Please see “Disclosure of Portfolio Holdings” in the SAI for information about the availability of the complete schedule of each Fund’s holdings. Fund fact sheets provide additional information regarding a Fund and may be requested by calling (888) 400-4ETF and are available on the Fund’s website at www.pimcoetfs.com.

PIMCO has adopted written proxy voting policies and procedures (“Proxy Policy”) as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of a Fund. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of a Fund, and information about how the Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30th, are available without charge, upon request, by calling the Trust at (888) 400-4ETF, on the Fund’s website at www.pimcoetfs.com, and on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov.

The Funds file portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Funds’ complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC’s website at www.sec.gov and on PIMCO’s website at www.pimcoetfs.com, and will be made available, upon request, by calling PIMCO at (888) 400-4ETF.

The SEC adopted a rule that, allows 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 elect to receive all future reports in paper free of charge by contacting their financial intermediary. Any election to receive reports in paper will apply to all funds held in the investor’s account at the financial intermediary.

In August 2020, the SEC proposed changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which, if adopted, will change the disclosures provided to shareholders.

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset

6 PIMCO EQUITY SERIES

segregation and cover transactions. Subject to certain exceptions, and after an eighteen-month transition period, the rule requires funds to trade derivatives and other transactions that create future payment or delivery obligations (except reverse repurchase agreements and similar financing transactions) subject to a value-at-risk leverage limit, certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Funds to use derivatives and reverse repurchase agreements and similar financing transactions as part of their investment strategies and may increase the cost of the Funds’ investments and cost of doing business, which could adversely affect investors.

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Investment Company Act of 1940 (the “Act”) without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also included the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The impact that these changes may have on the Funds is uncertain.

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

SEMIANNUAL REPORT | DECEMBER 31, 2020 7

PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF

Cumulative Returns Through December 31, 2020

$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, 2020
		6 Months*		1 Year		Fund Inception (08/31/17)
	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Based on Net Asset Value)		32.53%		12.02%		4.90%
	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (At Market Price)(1)(2)		33.53%		11.55%		4.81%
	RAFI Dynamic Multi-Factor Emerging Markets Index±		33.64%		12.98%		5.36%
	MSCI Emerging Markets Index±±		31.14%		18.31%		7.70%

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

* 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 Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or (888) 400-4ETF.

The Fund’s total annual operating expense ratio in effect as of period end was 0.50%. 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 -  MFEM

Top 10 Holdings as of December 31, 2020^†§

Taiwan Semiconductor Manufacturing Co. Ltd.	3.5%
Infosys Ltd. SP — ADR	3.0%
Hyundai Motor Co.	3.0%
Vale S.A.	2.7%
Kia Motors Corp.	1.8%
JD.com, Inc. ADR	1.7%
Tencent Holdings Ltd.	1.7%
Meituan	1.4%
Naspers Ltd. ‘N’	1.4%
MMC Norilsk Nickel PJSC	1.3%

Geographic Breakdown as of December 31, 2020^†**

South Korea	19.5%
China	16.5%
Taiwan	14.3%
India	7.5%
Russia	7.0%
Brazil	6.7%
South Africa	4.5%
Ireland	4.2%
Thailand	3.8%
Hong Kong	2.8%
United Kingdom	2.3%
Mexico	2.2%
Short-Term Instruments	2.2%
Malaysia	1.4%
Turkey	1.2%
Chile	1.1%
Indonesia	1.0%
Other	1.8%

^†  % of Investments, at value.

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

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

Fund Insights

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

» Security selection in the consumer discretionary sector contributed to relative returns compared to the Fund’s secondary benchmark, the MSCI Emerging Markets Index, as the Fund’s holdings outperformed the secondary benchmark index.

» Underweight exposure to the financials 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.

» Overweight exposure to the materials sector contributed to relative returns compared to the Fund’s secondary benchmark, the MSCI Emerging Markets Index, as the sector outperformed the secondary benchmark index.

» Overweight exposure to, and security selection in, the consumer staples and energy sectors detracted from relative returns compared to the Fund’s secondary benchmark, the MSCI Emerging Markets Index, as the sectors and the Fund’s holdings underperformed the secondary benchmark index.

SEMIANNUAL REPORT | DECEMBER 31, 2020 9

PIMCO RAFI Dynamic Multi-Factor International Equity ETF

Cumulative Returns Through December 31, 2020

$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, 2020
		6 Months*		1 Year		Fund Inception (08/31/17)
	PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Based on Net Asset Value)		21.21%		7.24%		5.33%
	PIMCO RAFI Dynamic Multi-Factor International Equity ETF (At Market Price)(1)(2)		21.72%		7.14%		5.08%
	RAFI Dynamic Multi-Factor Developed Ex-U.S. Index±		22.26%		7.64%		5.84%
	MSCI EAFE Index±±		21.61%		7.82%		5.92%

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

* Cumulative return.

Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.

⁽¹⁾ The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

⁽²⁾ The Fund was seeded on August 31, 2017, but was not listed for trading until September 6, 2017. Accordingly, there is no Market Price information for August 31, 2017 through September 5, 2017.

^± The RAFI Dynamic Multi-Factor Developed ex-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 the index.

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or (888) 400-4ETF.

The Fund’s total annual operating expense ratio in effect as of period end was 0.41%. 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 -  MFDX

Top 10 Holdings as of December 31, 2020^†§

Unilever PLC	1.2%
Roche Holding AG	1.0%
ASML Holding NV	0.9%
Nestle S.A.	0.8%
GlaxoSmithKline PLC	0.7%
AstraZeneca PLC	0.7%
Diageo PLC	0.7%
Novo Nordisk A/S ‘B’	0.6%
Iberdrola S.A.	0.6%
Zurich Insurance Group AG	0.6%

Geographic Breakdown as of December 31, 2020^†**

Japan	26.8%
United Kingdom	14.3%
Canada	7.5%
Switzerland	7.2%
Germany	6.1%
Australia	5.9%
France	5.8%
Netherlands	3.7%
Sweden	3.3%
Spain	2.7%
Denmark	2.3%
Hong Kong	2.3%
Italy	2.0%
Ireland	1.9%
Finland	1.5%
Short-Term Instruments	1.4%
Singapore	1.2%
Other	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.

** Geographic Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

Fund Insights

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

» Underweight exposure to the health care sector contributed to relative returns compared to the Fund’s secondary benchmark, the MSCI EAFE Index, as the sector underperformed the secondary benchmark index.

» Overweight exposure to, and security selection in, the materials sector contributed to relative returns compared to the Fund’s secondary benchmark, the MSCI EAFE Index, as the sector and the Fund’s holdings outperformed the secondary benchmark index.

» Security selection in the consumer staples and energy sectors contributed to relative returns compared to the Fund’s secondary benchmark, the MSCI EAFE Index, as the Fund’s holdings outperformed the secondary benchmark index.

» Security selection in the communication services sector detracted from relative returns compared to the Fund’s secondary benchmark, the MSCI EAFE Index, as the Fund’s holdings underperformed the secondary benchmark index.

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

SEMIANNUAL REPORT | DECEMBER 31, 2020 11

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

Cumulative Returns Through December 31, 2020

$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, 2020
		6 Months*		1 Year		Fund Inception (08/31/17)
	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Based on Net Asset Value)		23.39%		10.55%		11.75%
	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (At Market Price)(1)(2)		23.61%		10.58%		11.74%
	RAFI Dynamic Multi-Factor U.S. Index±		23.79%		10.96%		12.17%
	S&P 500 Index±±		22.16%		18.40%		15.56%

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

* Cumulative return.

Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.

⁽¹⁾ The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

⁽²⁾ The Fund was seeded on August 31, 2017, but was not listed for trading until September 6, 2017. Accordingly, there is no Market Price information for August 31, 2017 through September 5, 2017.

^± The RAFI Dynamic Multi-Factor U.S. index takes time-varying exposures to five return factors; value, low volatility, quality, momentum and size. The index uses recent and historical metrics to tilt toward factor portfolios which are particularly attractive on a forward looking basis.

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

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or (888) 400-4ETF.

The Fund’s total annual operating expense ratio in effect as of period end was 0.31%. 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

Ticker symbol -  MFUS

Top 10 Holdings as of December 31, 2020^†§

Apple, Inc.	2.6%
Walmart, Inc.	1.7%
Home Depot, Inc.	1.4%
Walt Disney Co.	1.2%
International Business Machines Corp.	1.2%
Johnson & Johnson	1.2%
Microsoft Corp.	1.1%
Amazon.com, Inc.	1.1%
Procter & Gamble Co.	1.1%
Facebook, Inc. ‘A’	1.1%

Sector Breakdown as of December 31, 2020^†**

Information Technology	19.3%
Consumer Discretionary	16.9%
Health Care	13.6%
Consumer Staples	11.8%
Industrials	11.4%
Communication Services	8.3%
Financials	6.7%
Real Estate	3.8%
Materials	3.2%
Energy	2.8%
Short-Term Instruments	1.2%
Utilities	1.0%

^†  % of Investments, at value.

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

** Sector Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

Fund Insights

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

» Overweight exposure to, and security selection in, the consumer discretionary sector contributed to relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sector and the Fund’s holdings outperformed the secondary benchmark index.

» Underweight exposure to, and security selection in, the utilities 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.

» Security selection in the materials sector contributed to relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the Fund’s holdings outperformed the secondary benchmark index.

» Security selection in the health care sector detracted from relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the Fund’s holdings underperformed the secondary benchmark index.

» Underweight exposure to, and security selection in, the financials sector detracted from relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sector outperformed the secondary benchmark and the Fund’s holdings underperformed the secondary benchmark index.

SEMIANNUAL REPORT | DECEMBER 31, 2020 13

PIMCO RAFI ESG U.S. ETF

Cumulative Returns Through December 31, 2020

$10,000 invested at the end of the month when the Fund commenced operations.

Investment Objective and Strategy Overview

PIMCO RAFI ESG U.S. ETF seeks to provide total return that closely corresponds, before fees and expenses, to the total return of the RAFI ESG US Index (the “Underlying Index”) by investing under normal circumstances, at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities (“Component Securities”) of the Underlying Index. The Fund may invest the remainder of its assets in cash, securities and instruments that are not Component Securities, but which the Fund’s sub-adviser, Parametric Portfolio Associates LLC (“Sub-Adviser”), believes will help the Fund track its Underlying Index. The Underlying Index is a long-only, smart beta index that seeks to achieve the dual objectives of social responsibility and long-horizon outperformance of the broad market. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended December 31, 2020
		6 Months*		1 Year		Fund Inception (12/18/19)
	PIMCO RAFI ESG U.S. ETF (Based on Net Asset Value)		22.96%		5.41%		6.24%
	PIMCO RAFI ESG U.S. ETF (At Market Price)(1)(2)		22.99%		5.25%		5.73%
	RAFI ESG US Index±		23.28%		5.78%		6.57%
	S&P 500 Index±±		22.16%		18.40%		19.19%

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

* Cumulative return.

Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.

⁽¹⁾ The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated.

⁽²⁾ The Fund was seeded on December 18, 2019, but was not listed for trading until December 19, 2019. Accordingly, there is no Market Price information for December 18, 2019.

^± The RAFI ESG US Index is a long-only, smart beta index that seeks to achieve the dual objectives of social responsibility and long-horizon outperformance of the broad market. The Index is constructed by RAFI Indices, LLC (the “Index Provider”) using a rules-based approach within publicly traded U.S. equities to create an integrated ESG strategy which overweights companies that rate well across various ESG (Environmental, Social, and Governance) themes and excludes companies with a major involvement in industries such as tobacco, gaming, weapons and fossil fuels. The strategy supplements traditional ESG metrics with metrics linked to long-term value creation, specifically financial discipline and diversity, for improved return potential.

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

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or (888) 400-4ETF.

The Fund’s total annual operating expense ratio in effect as of period end was 0.30%. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

14 PIMCO EQUITY SERIES

Ticker symbol -  RAFE

Top 10 Holdings as of December 31, 2020^†§

Microsoft Corp.	4.4%
Wells Fargo & Co.	3.5%
Johnson & Johnson	3.0%
Walt Disney Co.	2.9%
Bank of America Corp.	2.6%
Citigroup, Inc.	2.5%
Intel Corp.	2.4%
Procter & Gamble Co.	2.3%
Verizon Communications, Inc.	2.2%
Cisco Systems, Inc.	2.2%

Sector Breakdown as of December 31, 2020^†**

Financials	23.4%
Information Technology	19.1%
Health Care	16.1%
Consumer Discretionary	12.9%
Consumer Staples	9.4%
Communication Services	6.0%
Industrials	5.4%
Materials	4.7%
Utilities	1.5%
Real Estate	1.5%

^†  % of Investments, at value.

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

** Sector Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

Fund Insights

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

» Overweight exposure to, and security selection in, the financials, consumer discretionary and materials sectors contributed to relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sectors and the Fund’s holdings outperformed the secondary benchmark index.

» Underweight exposure to, and security selection in, the real estate 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 information technology sector detracted from relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sector outperformed the secondary benchmark index and the Fund’s holdings underperformed the secondary benchmark index.

» Security selection in the communication services sector detracted from relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the Fund’s holdings underperformed the secondary benchmark index.

» Overweight exposure to, and security selection in, the health care sector detracted from relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sector and the Fund’s holdings underperformed the secondary benchmark index.

SEMIANNUAL REPORT | DECEMBER 31, 2020 15

Expense Examples

Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and exchange fees and (2) ongoing costs, including management fees and other Fund expenses. 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, 2020 to December 31, 2020 unless noted otherwise in the table and footnotes below.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

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

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (07/01/20)		Ending Account Value (12/31/20)		Expenses Paid During Period*		Beginning Account Value (07/01/20)		Ending Account Value (12/31/20)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	1,000.00	$	1,325.30	$	2.92	$	1,000.00	$	1,023.11	$	2.54		0.49	%
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		1,000.00		1,212.10		2.27		1,000.00		1,023.57		2.07		0.40
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		1,000.00		1,233.90		1.66		1,000.00		1,024.13		1.50		0.29
PIMCO RAFI ESG U.S. ETF		1,000.00		1,229.60		1.71		1,000.00		1,024.08		1.56		0.30

* Expenses Paid During Period are equal to the net annualized expense ratio for the Fund, multiplied by the average account value over the period, multiplied by 187/365 (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 9, Fees and Expenses, in the Notes to Financial Statements.

16 PIMCO EQUITY SERIES

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SEMIANNUAL REPORT | DECEMBER 31, 2020 17

Financial Highlights

			Investment Operations								Less Distributions(c)
Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year or  Period(a)		Net Investment Income (Loss)(b)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Net Realized Capital Gains		Total
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF
07/01/2020 - 12/31/2020+	$	20.84	$	0.25	$	6.49		$	6.74		$	(0.39	)	$	0.00	$	(0.39	)
06/30/2020		24.24		0.59		(3.41	)		(2.82	)		(0.58	)		0.00		(0.58	)
06/30/2019		23.94		0.64		0.39			1.03			(0.73	)		0.00		(0.73	)
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
07/01/2020 - 12/31/2020+	$	22.86	$	0.21	$	4.62		$	4.83		$	(0.32	)	$	0.00	$	(0.32	)
06/30/2020		24.94		0.53		(1.84	)		(1.31	)		(0.77	)		0.00		(0.77	)
06/30/2019		25.87		0.72		(0.89	)		(0.17	)		(0.76	)		0.00		(0.76	)
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
07/01/2020 - 12/31/2020+	$	27.74	$	0.31	$	6.14		$	6.45		$	(0.41	)	$	0.00	$	(0.41	)
06/30/2020		29.21		0.62		(1.44	)		(0.82	)		(0.65	)		0.00		(0.65	)
06/30/2019		28.30		0.59		0.91			1.50			(0.59	)		0.00		(0.59	)
08/31/2017 - 06/30/2018		25.00		0.43		3.17			3.60			(0.30	)		0.00		(0.30	)
PIMCO RAFI ESG U.S. ETF
07/01/2020 - 12/31/2020+	$	21.40	$	0.26	$	4.60		$	4.86		$	(0.42	)	$	0.00	$	(0.42	)
12/18/2019 - 06/30/2020		25.00		0.33		(3.72	)		(3.39	)		(0.21	)		0.00		(0.21	)

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

+ Unaudited

* Annualized

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

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

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

18 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets
Net Asset Value End of Year or Period(a)		Total  Return(a)			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
$	27.19		32.59	%	$	791,797		0.49	%*		0.50	%*		0.49	%*		0.50	%*		2.09	%*		25	%
	20.84		(11.86	)		619,324		0.49			0.50			0.49			0.50			2.66			59
	24.24		4.53			477,943		0.49			0.50			0.49			0.50			2.75			43
	23.94		(3.99	)		357,169		0.50	*		0.55	*		0.50	*		0.55	*		1.94	*		52
$	27.37		21.27	%	$	72,802		0.40	%*		0.40	%*		0.40	%*		0.40	%*		1.60	%*		19	%
	22.86		(5.37	)		24,231		0.40			0.41			0.40			0.41			2.21			35
	24.94		(0.59	)		42,888		0.39			0.40			0.39			0.40			2.96			24
	25.87		4.22			28,976		0.40	*		0.87	*		0.40	*		0.87	*		2.81	*		36
$	33.78		23.44	%	$	68,243		0.29	%*		0.30	%*		0.29	%*		0.30	%*		1.93	%*		31	%
	27.74		(2.80	)		25,525		0.30			0.31			0.30			0.31			2.12			36
	29.21		5.50			96,980		0.29			0.30			0.29			0.30			2.08			40
	28.30		14.43			65,658		0.29	*		0.60	*		0.29	*		0.60	*		1.89	*		56
$	25.84		22.96	%	$	12,143		0.30	%*		0.31	%*		0.30	%*		0.31	%*		2.14	%*		16	%
	21.40		(13.42	)		8,988		0.30	*		0.86	*		0.30	*		0.86	*		2.75	*		12

SEMIANNUAL REPORT | DECEMBER 31, 2020 19

Statements of Assets and Liabilities December 31, 2020 (Unaudited)

(Amounts in thousands†, except per share amounts)	PIMCO RAFI Dynamic Multi-Factor Emerging  Markets Equity ETF		PIMCO RAFI  Dynamic Multi-Factor International Equity ETF		PIMCO RAFI Dynamic Multi-Factor U.S. Equity  ETF			PIMCO RAFI ESG U.S. ETF
Assets:
Investments, at value
Investments in securities*^	$	794,238	$	73,004	$	68,562		$	12,093
Investments in Affiliates		10,083		349		73			0
Cash		0		0		0			113
Foreign currency, at value		1,291		29		0			0
Receivable for investments sold		9,151		69		0			0
Interest and/or dividends receivable		2,468		152		67			11
Other assets		1		8		0			0
Total Assets		817,232		73,611		68,702			12,217
Liabilities:
Payable for investments purchased	$	9,163	$	0	$	3		$	0
Payable upon return of securities loaned		10,084		357		73			0
Distributions payable		5,824		425		364			71
Accrued management fees		349		26		18			3
Accrued reimbursement to PIMCO		11		1		1			0
Other liabilities		4		0		0			0
Total Liabilities		25,435		809		459			74
Net Assets	$	791,797	$	72,802	$	68,243		$	12,143
Net Assets Consist of:
Paid in capital	$	731,471	$	70,974	$	72,246		$	12,332
Distributable earnings (accumulated loss)		60,326		1,828		(4,003	)		(189	)
Net Assets	$	791,797	$	72,802	$	68,243		$	12,143
Shares Issued and Outstanding		29,120		2,660		2,020			470
Net Asset Value Per Share Outstanding(a):	$	27.19	$	27.37	$	33.78		$	25.84
Cost of investments in securities	$	623,987	$	63,038	$	60,641		$	11,708
Cost of investments in Affiliates	$	10,083	$	349	$	73		$	0
Cost of foreign currency held	$	1,285	$	29	$	0		$	0
* Includes repurchase agreements of:	$	7,336	$	695	$	735		$	0
^ Includes securities on loan of:		9,311		337		72			0

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

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

20 PIMCO EQUITY SERIES See Accompanying Notes

Statements of Operations

Six Months Ended December 31, 2020 (Unaudited)
(Amounts in thousands†)	PIMCO RAFI Dynamic Multi-Factor Emerging  Markets Equity ETF			PIMCO RAFI  Dynamic Multi-Factor International Equity ETF			PIMCO RAFI Dynamic Multi-Factor U.S. Equity  ETF			PIMCO RAFI ESG U.S. ETF
Investment Income:
Dividends, net of foreign taxes*	$	8,934		$	520		$	547		$	123
Securities lending income		130			2			1			0
Total Income		9,064			522			548			123
Expenses:
Management fees		1,717			102			71			15
Trustee fees		22			1			2			0
Interest expense		11			0			0			0
Miscellaneous expense		17			1			1			0
Total Expenses		1,767			104			74			15
Waiver and/or Reimbursement by PIMCO		(22	)		(1	)		(1	)		(0	)
Net Expenses		1,745			103			73			15
Net Investment Income (Loss)		7,319			419			475			108
Net Realized Gain (Loss):
Investments in securities		11,617			(1,700	)		(1,633	)		(143	)
In-kind redemptions		1,731			0			2,258			0
Over the counter financial derivative instruments		(30	)		0			0			0
Foreign currency		41			22			0			0
Net Realized Gain (Loss)		13,359			(1,678	)		625			(143	)
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		175,696			11,528			9,586			2,095
Foreign currency assets and liabilities		22			2			0			0
Net Change in Unrealized Appreciation (Depreciation)		175,718			11,530			9,586			2,095
Net Increase (Decrease) in Net Assets Resulting from Operations	$	196,396		$	10,271		$	10,686		$	2,060
* Foreign tax withholdings - Dividends	$	1,579		$	50		$	0		$	0

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

SEMIANNUAL REPORT | DECEMBER 31, 2020 21

Statements of Changes in Net Assets

	PIMCO RAFI Dynamic Multi-Factor Emerging  Markets Equity ETF						PIMCO RAFI  Dynamic Multi-Factor International Equity ETF						PIMCO RAFI Dynamic Multi-Factor U.S. Equity  ETF						PIMCO RAFI ESG U.S. ETF
(Amounts in thousands†)	Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020			Six Months Ended December 31, 2020 (Unaudited)			Inception date through June 30,  2020(a)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	7,319		$	14,272		$	419		$	829		$	475		$	2,131		$	108		$	204
Net realized gain (loss)		13,359			(73,933	)		(1,678	)		(1,355	)		625			(3,061	)		(143	)		(5,807	)
Net change in unrealized appreciation (depreciation)		175,718			(10,187	)		11,530			(1,547	)		9,586			(6,894	)		2,095			(1,710	)
Net Increase (Decrease) in Net Assets Resulting from Operations		196,396			(69,848	)		10,271			(2,073	)		10,686			(7,824	)		2,060			(7,313	)
Distributions to Shareholders:
From net investment income and/or net realized capital gains		(11,407	)		(13,291	)		(643	)		(1,302	)		(605	)		(2,511	)		(184	)		(138	)
Total Distributions(b)		(11,407	)		(13,291	)		(643	)		(1,302	)		(605	)		(2,511	)		(184	)		(138	)
Fund Share Transactions:
Receipts for shares sold		5,453			305,403			38,943			14,949			42,237			56,341			1,279			28,240
Cost of shares redeemed		(17,969	)		(80,883	)		0			(30,231	)		(9,600	)		(117,461	)		0			(11,801	)
Net increase (decrease) resulting from Fund share transactions		(12,516	)		224,520			38,943			(15,282	)		32,637			(61,120	)		1,279			16,439
Total Increase (Decrease) in Net Assets		172,473			141,381			48,571			(18,657	)		42,718			(71,455	)		3,155			8,988
Net Assets:
Beginning of period		619,324			477,943			24,231			42,888			25,525			96,980			8,988			0
End of period	$	791,797		$	619,324		$	72,802		$	24,231		$	68,243		$	25,525		$	12,143		$	8,988
Shares of Beneficial Interest:
Shares sold		200			14,000			1,600			600			1,400			1,900			50			1,120
Shares redeemed		(800	)		(4,000	)		0			(1,260	)		(300	)		(4,300	)		0			(700	)
Net increase (decrease) in shares outstanding		(600	)		10,000			1,600			(660	)		1,100			(2,400	)		50			420

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

^(a)  Inception date of the Fund was December 18, 2019.

^(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.

22 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF December 31, 2020 (Unaudited)

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 100.3%
COMMON STOCKS 91.4%
AUSTRALIA 0.0%
MATERIALS 0.0%
MMG Ltd. (a)		196,000	$		85
Total Australia					85
BRAZIL 5.9%
COMMUNICATION SERVICES 0.1%
Telefonica Brasil S.A.		92,500			832
CONSUMER DISCRETIONARY 0.2%
Lojas Renner S.A.		54,180			456
Petrobras Distribuidora S.A.		189,000			806
					1,262
CONSUMER STAPLES 0.7%
Ambev S.A.		698,900			2,113
BRF S.A. (a)		33,700			143
JBS S.A.		455,400			2,076
Raia Drogasil S.A.		278,500			1,339
					5,671
ENERGY 0.3%
Cosan Ltd. ‘A’		3,048			56
Cosan S.A.		20,800			304
Ultrapar Participacoes S.A.		316,400			1,448
					1,808
FINANCIALS 0.7%
B3 S.A. - Brasil Bolsa Balcao		311,200			3,726
Banco BTG Pactual S.A.		35,300			638
Banco do Brasil S.A.		115,300			867
BB Seguridade Participacoes S.A.		41,200			236
IRB Brasil Resseguros S/A		33,305			52
Porto Seguro S.A.		16,600			157
					5,676
HEALTH CARE 0.0%
Hypera S.A.		20,800			137
INDUSTRIALS 0.5%
CCR S.A.		60,200			157
Embraer S.A. (a)		28,400			48
WEG S.A.		258,830			3,780
					3,985
MATERIALS 3.3%
Cia Siderurgica Nacional S.A.		174,000			1,072
Klabin S.A.		286,700			1,457
Suzano S.A.		150,100			1,686
Vale S.A.		1,310,200			22,052
					26,267
UTILITIES 0.1%
Cia de Saneamento Basico do Estado de Sao Paulo		23,700			204
Energisa S.A.		15,900			161

	SHARES			MARKET VALUE (000S)
Engie Brasil Energia S.A.		44,825	$		381
					746
Total Brazil					46,384
CHILE 1.0%
COMMUNICATION SERVICES 0.0%
Empresa Nacional de Telecomunicaciones S.A.		7,748			48
CONSUMER DISCRETIONARY 0.2%
Falabella S.A.		276,706			1,024
CONSUMER STAPLES 0.2%
Cencosud S.A.		685,299			1,221
Cia Cervecerias Unidas S.A.		49,575			366
					1,587
ENERGY 0.1%
Empresas COPEC S.A.		71,748			727
FINANCIALS 0.1%
Banco de Chile		6,678,952			682
Banco de Credito e Inversiones		3,461			136
Banco Santander Chile		1,428,580			68
Itau CorpBanca Chile S.A.		21,199,622			71
					957
MATERIALS 0.1%
CAP S.A.		19,647			264
Empresas CMPC S.A.		216,256			569
					833
UTILITIES 0.3%
AES Gener S.A.		1,443,549			239
Aguas Andinas S.A. ‘A’		837,349			270
Colbun S.A.		1,899,028			335
Enel Americas S.A.		6,143,860			1,002
Enel Chile S.A.		5,016,592			391
Engie Energia Chile S.A.		113,088			139
					2,376
Total Chile					7,552
CHINA 16.7%
COMMUNICATION SERVICES 3.6%
China Telecom Corp. Ltd. ‘H’		3,952,000			1,090
JOYY, Inc. ADR		11,177			894
NetEase, Inc. ADR		95,114			9,109
Tencent Holdings Ltd.		185,000			13,312
Tencent Music Entertainment Group ADR (a)		223,236			4,295
					28,700
CONSUMER DISCRETIONARY 6.6%
ANTA Sports Products Ltd.		200,000			3,173
BAIC Motor Corp. Ltd. ‘H’		158,500			59
BYD Co. Ltd. ‘H’		82,000			2,159
China Yongda Automobiles Services Holdings Ltd.		114,000			189
Dongfeng Motor Group Co. Ltd. ‘H’		392,000			458
GOME Retail Holdings Ltd. (a)(c)		4,129,000			496

	SHARES			MARKET VALUE (000S)
Great Wall Motor Co. Ltd. ‘H’		1,187,500	$		4,086
JD.com, Inc. ADR (a)		159,231			13,996
Meituan (a)		308,700			11,620
Minth Group Ltd.		72,000			381
New Oriental Education & Technology Group, Inc. SP - ADR (a)		24,370			4,528
Shenzhou International Group Holdings Ltd.		154,700			3,032
Vipshop Holdings Ltd. ADR (a)		97,285			2,735
Yum China Holdings, Inc.		75,616			4,317
Zhongsheng Group Holdings Ltd.		100,500			718
					51,947
CONSUMER STAPLES 0.6%
Dali Foods Group Co. Ltd.		557,000			319
Hengan International Group Co. Ltd.		219,500			1,554
Tingyi Cayman Islands Holding Corp.		480,000			821
Tsingtao Brewery Co. Ltd. ‘H’		100,000			1,048
Uni-President China Holdings Ltd.		238,000			242
Want Want China Holdings Ltd.		1,353,000			978
					4,962
ENERGY 0.6%
China Petroleum & Chemical Corp. ‘H’		5,798,000			2,582
China Shenhua Energy Co. Ltd. ‘H’		800,500			1,509
CNOOC Ltd.		923,000			847
Yanzhou Coal Mining Co. Ltd. ‘H’		66,000			53
					4,991
FINANCIALS 0.7%
China Galaxy Securities Co. Ltd. ‘H’		475,500			298
China International Capital Corp. Ltd. ‘H’		530,000			1,437
China Merchants Bank Co. Ltd. ‘H’		519,000			3,283
China Reinsurance Group Corp. ‘H’		1,389,000			143
GF Securities Co. Ltd. ‘H’		215,434			305
Postal Savings Bank of China Co. Ltd. ‘H’		534,000			302
					5,768
HEALTH CARE 0.2%
China Resources Pharmaceutical Group Ltd.		317,500			163
CSPC Pharmaceutical Group Ltd.		107,680			110
Shandong Weigao Group Medical Polymer Co. Ltd. ‘H’		312,000			706
Shanghai Fosun Pharmaceutical Group Co. Ltd.		92,500			442
Sinopharm Group Co. Ltd. ‘H’		65,200			158
					1,579
INDUSTRIALS 1.0%
AviChina Industry & Technology Co. Ltd. ‘H’		255,000			178
Beijing Capital International Airport Co. Ltd. ‘H’		60,000			50

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 23

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
China Communications Services Corp. Ltd. ‘H’		368,000	$		163
China Lesso Group Holdings Ltd. ‘L’		165,000			259
COSCO SHIPPING Holdings Co. Ltd. ‘H’ (a)		379,500			455
Haitian International Holdings Ltd.		27,000			93
Jiangsu Expressway Co. Ltd. ‘H’		358,000			400
Sinopec Engineering Group Co. Ltd. ‘H’		117,500			51
Sinotrans Ltd. ‘H’		594,000			216
Sinotruk Hong Kong Ltd.		68,500			176
Weichai Power Co. Ltd. ‘H’		321,000			645
Yangzijiang Shipbuilding Holdings Ltd.		918,900			664
Zhejiang Expressway Co. Ltd. ‘H’		304,000			257
Zhuzhou CRRC Times Electric Co. Ltd. ‘H’		131,500			575
ZTO Express Cayman, Inc. ADR		111,809			3,260
					7,442
INFORMATION TECHNOLOGY 1.7%
AAC Technologies Holdings, Inc.		73,500			408
Baidu, Inc. SP - ADR (a)		36,497			7,892
BYD Electronic International Co. Ltd. (c)		84,500			443
FIH Mobile Ltd. (a)		1,117,000			137
Lenovo Group Ltd.		886,000			838
Xiaomi Corp. (a)		863,800			3,671
					13,389
MATERIALS 0.7%
Anhui Conch Cement Co. Ltd. ‘H’		164,000			1,028
China BlueChemical Ltd. ‘H’		848,000			135
China Hongqiao Group Ltd.		134,000			123
China Molybdenum Co. Ltd. ‘H’		141,000			92
China National Building Material Co. Ltd. ‘H’		1,426,000			1,716
China Oriental Group Co. Ltd.		570,000			152
Jiangxi Copper Co. Ltd. ‘H’		435,000			685
Sinopec Shanghai Petrochemical Co. Ltd. ‘H’		1,400,000			298
Zijin Mining Group Co. Ltd. ‘H’		820,000			929
					5,158
REAL ESTATE 0.5%
Agile Group Holdings Ltd.		196,000			261
China Evergrande Group (c)		233,000			448
Greentown China Holdings Ltd.		272,500			398
Guangzhou R&F Properties Co. Ltd. ‘H’		182,400			235
Kaisa Group Holdings Ltd.		568,000			281
KWG Property Holding Ltd.		193,500			264
Logan Group Co. Ltd.		177,000			290
Longfor Group Holdings Ltd.		227,000			1,328
Powerlong Real Estate Holdings Ltd.		81,000			56
Shui On Land Ltd.		1,861,000			259
Sino-Ocean Group Holding Ltd.		691,000			138
SOHO China Ltd.		730,000			217
					4,175

	SHARES			MARKET VALUE (000S)
UTILITIES 0.5%
Beijing Jingneng Clean Energy Co. Ltd. ‘H’		154,000	$		50
CGN Power Co. Ltd. ‘H’		1,712,000			369
China Longyuan Power Group Corp. Ltd. ‘H’		269,000			270
Datang International Power Generation Co. Ltd. ‘H’		874,000			113
ENN Energy Holdings Ltd.		177,300			2,603
Huadian Power International Corp. Ltd. ‘H’		752,000			189
Huaneng Power International, Inc. ‘H’		1,596,000			583
					4,177
Total China					132,288
GREECE 0.5%
COMMUNICATION SERVICES 0.1%
Hellenic Telecommunications Organization S.A.		38,172			614
CONSUMER DISCRETIONARY 0.1%
OPAP S.A.		32,392			433
ENERGY 0.0%
Motor Oil Hellas Corinth Refineries S.A.		17,692			254
FINANCIALS 0.2%
Alpha Bank AE (a)		333,621			386
Eurobank Ergasias S.A. (a)		635,534			447
National Bank of Greece S.A. (a)		252,042			690
Piraeus Bank S.A. (a)		122,173			192
					1,715
UTILITIES 0.1%
Public Power Corp. S.A. (a)(c)		53,851			489
Total Greece					3,505
HONG KONG 2.8%
COMMUNICATION SERVICES 0.5%
China Mobile Ltd.		698,500			3,982
China Unicom Hong Kong Ltd.		208,000			119
					4,101
CONSUMER DISCRETIONARY 0.3%
Geely Automobile Holdings Ltd.		712,000			2,438
CONSUMER STAPLES 1.1%
China Mengniu Dairy Co. Ltd.		329,000			1,984
China Resources Beer Holdings Co. Ltd.		726,000			6,676
					8,660
FINANCIALS 0.1%
China Everbright Ltd.		242,000			324
Far East Horizon Ltd.		519,000			535
					859

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 0.1%
COSCO SHIPPING Ports Ltd.		364,000	$		253
Shanghai Industrial Holdings Ltd.		68,000			93
Shenzhen International Holdings Ltd.		70,500			114
					460
REAL ESTATE 0.3%
China Overseas Land & Investment Ltd.		894,000			1,942
Poly Property Group Co. Ltd.		705,000			206
Yuexiu Property Co. Ltd.		2,052,000			413
					2,561
UTILITIES 0.4%
China Power International Development Ltd.		1,876,000			402
China Resources Gas Group Ltd.		146,000			776
China Resources Power Holdings Co. Ltd.		586,000			631
Guangdong Investment Ltd.		478,000			862
Kunlun Energy Co. Ltd.		858,000			743
					3,414
Total Hong Kong					22,493
INDIA 7.6%
CONSUMER DISCRETIONARY 0.3%
Tata Motors Ltd. ADR (a)		199,387			2,512
ENERGY 1.7%
Reliance Industries Ltd.		190,161			10,367
Reliance Industries Ltd. GDR		50,800			2,779
					13,146
FINANCIALS 1.0%
HDFC Bank Ltd. ADR (a)		111,525			8,059
HEALTH CARE 0.7%
Dr Reddy’s Laboratories Ltd. ADR		78,128			5,570
INFORMATION TECHNOLOGY 3.6%
Infosys Ltd. SP - ADR		1,425,500			24,162
Wipro Ltd. ADR		848,013			4,792
					28,954
MATERIALS 0.3%
Vedanta Ltd. ADR		244,998			2,151
Total India					60,392
INDONESIA 1.0%
COMMUNICATION SERVICES 0.2%
Telkom Indonesia Persero Tbk PT		6,902,800			1,628
CONSUMER DISCRETIONARY 0.2%
Astra International Tbk PT		3,089,500			1,328
CONSUMER STAPLES 0.3%
Charoen Pokphand Indonesia Tbk PT		796,700			370
Gudang Garam Tbk PT (a)		117,800			344

24 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (Unaudited)

	SHARES			MARKET VALUE (000S)
Hanjaya Mandala Sampoerna Tbk PT		1,760,300	$		189
Indofood CBP Sukses Makmur Tbk PT		387,200			264
Indofood Sukses Makmur Tbk PT		784,900			383
Unilever Indonesia Tbk PT		835,200			437
					1,987
ENERGY 0.1%
Adaro Energy Tbk PT		2,997,900			305
Bukit Asam Tbk PT		818,100			164
Indo Tambangraya Megah Tbk PT		183,300			181
					650
FINANCIALS 0.1%
Bank Central Asia Tbk PT		462,200			1,114
HEALTH CARE 0.0%
Kalbe Farma Tbk PT		692,800			73
INDUSTRIALS 0.0%
United Tractors Tbk PT		206,700			392
MATERIALS 0.1%
Indah Kiat Pulp & Paper Corp. Tbk PT		390,500			290
Indocement Tunggal Prakarsa Tbk PT		291,500			300
Semen Indonesia Persero Tbk PT		424,300			376
					966
UTILITIES 0.0%
Perusahaan Gas Negara Tbk PT		805,200			95
Total Indonesia					8,233
MALAYSIA 1.4%
COMMUNICATION SERVICES 0.2%
Axiata Group Bhd.		328,800			306
DiGi.Com Bhd.		394,900			406
Maxis Bhd.		248,300			312
Telekom Malaysia Bhd.		308,800			416
					1,440
CONSUMER DISCRETIONARY 0.2%
Genting Bhd.		774,400			860
Genting Malaysia Bhd.		940,700			631
					1,491
CONSUMER STAPLES 0.1%
IOI Corp. Bhd.		313,900			341
Kuala Lumpur Kepong Bhd.		63,700			375
PPB Group Bhd.		89,280			411
Sime Darby Plantation Bhd.		166,000			207
					1,334
ENERGY 0.0%
Petronas Dagangan Bhd.		31,000			165
FINANCIALS 0.5%
AMMB Holdings Bhd.		291,500			265

	SHARES			MARKET VALUE (000S)
CIMB Group Holdings Bhd.		682,900	$		731
Hong Leong Bank Bhd.		27,300			124
Hong Leong Financial Group Bhd.		15,300			69
Malayan Banking Bhd.		464,200			977
Public Bank Bhd.		296,300			1,519
RHB Bank Bhd.		52,600			71
					3,756
HEALTH CARE 0.0%
IHH Healthcare Bhd.		98,500			135
INDUSTRIALS 0.1%
IJM Corp. Bhd.		549,500			237
MISC Bhd.		256,400			439
Sime Darby Bhd.		735,400			423
					1,099
MATERIALS 0.1%
Petronas Chemicals Group Bhd.		319,600			592
UTILITIES 0.2%
Petronas Gas Bhd.		73,300			314
Tenaga Nasional Bhd.		384,400			997
YTL Corp. Bhd.		252,451			48
YTL Power International Bhd.		227,906			42
					1,401
Total Malaysia					11,413
MEXICO 2.2%
COMMUNICATION SERVICES 0.6%
America Movil S.A.B. de C.V.		5,495,800			4,002
Grupo Televisa S.A.B.		162,100			266
					4,268
CONSUMER STAPLES 0.9%
Arca Continental S.A.B. de C.V.		65,500			315
Becle S.A.B. de C.V.		46,300			116
Coca-Cola Femsa S.A.B. de C.V.		43,655			201
Gruma S.A.B. de C.V. ‘B’		69,550			828
Grupo Bimbo S.A.B. de C.V. ‘A’		141,800			308
Grupo Lala S.A.B. de C.V.		108,900			85
Industrias Bachoco S.A.B. de C.V.		41,700			157
Kimberly-Clark de Mexico S.A.B. de C.V. ‘A’		624,700			1,067
Wal-Mart de Mexico S.A.B. de C.V.		1,425,000			4,009
					7,086
FINANCIALS 0.0%
Grupo Elektra S.A.B. de C.V.		4,435			294
INDUSTRIALS 0.1%
Alfa S.A.B. de C.V. ‘A’		513,000			371
Grupo Aeroportuario del Pacifico S.A.B. de C.V.		14,700			164
					535
MATERIALS 0.6%
Alpek S.A.B. de C.V.		156,000			137

	SHARES			MARKET VALUE (000S)
Cemex S.A.B. de C.V.		1,827,600	$		943
Grupo Mexico S.A.B. de C.V. ‘B’		721,400			3,049
Industrias Penoles S.A.B. de C.V. (a)		21,510			364
Orbia Advance Corp. S.A.B. de C.V.		216,500			509
					5,002
UTILITIES 0.0%
Infraestructura Energetica Nova S.A.B. de C.V.		58,900			230
Total Mexico					17,415
PHILIPPINES 0.6%
COMMUNICATION SERVICES 0.1%
Globe Telecom, Inc.		7,905			335
PLDT, Inc.		26,245			733
					1,068
CONSUMER STAPLES 0.1%
Universal Robina Corp.		112,490			357
FINANCIALS 0.1%
Bank of the Philippine Islands		198,521			336
BDO Unibank, Inc.		100,330			223
Metro Pacific Investments Corp.		2,809,000			251
Metropolitan Bank & Trust Co.		214,542			219
					1,029
INDUSTRIALS 0.2%
Alliance Global Group, Inc.		983,700			217
Ayala Corp.		32,460			559
DMCI Holdings, Inc.		1,123,100			132
GT Capital Holdings, Inc.		6,230			76
International Container Terminal Services, Inc.		131,500			338
SM Investments Corp.		23,930			523
					1,845
UTILITIES 0.1%
Aboitiz Power Corp.		157,600			87
First Gen Corp.		154,800			91
Manila Electric Co.		50,660			308
					486
Total Philippines					4,785
POLAND 0.7%
COMMUNICATION SERVICES 0.1%
Cyfrowy Polsat S.A.		44,341			362
Orange Polska S.A. (a)		159,834			283
					645
ENERGY 0.2%
Grupa Lotos S.A.		35,294			392
Polski Koncern Naftowy ORLEN S.A.		51,598			799
Polskie Gornictwo Naftowe i Gazownictwo S.A.		78,390			117
					1,308

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 25

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
FINANCIALS 0.1%
Bank Polska Kasa Opieki S.A.		3,701	$		60
Powszechny Zaklad Ubezpieczen S.A.		72,838			633
					693
INFORMATION TECHNOLOGY 0.0%
Asseco Poland S.A.		7,535			137
MATERIALS 0.2%
Grupa Azoty S.A. (a)		6,795			50
KGHM Polska Miedz S.A. (a)		32,357			1,594
					1,644
UTILITIES 0.1%
Enea S.A.		45,926			81
PGE Polska Grupa Energetyczna S.A. (a)		254,983			446
Tauron Polska Energia S.A.		446,371			326
					853
Total Poland					5,280
ROMANIA 0.0%
REAL ESTATE 0.0%
NEPI Rockcastle PLC		17,146			109
Total Romania					109
RUSSIA 7.0%
COMMUNICATION SERVICES 1.2%
Mobile TeleSystems PJSC (c)		922,370			4,139
Rostelecom PJSC		315,670			414
Sistema PJSC FC		4,274,400			1,662
Yandex NV (a)		41,670			2,899
					9,114
CONSUMER STAPLES 0.4%
Magnit PJSC		23,739			1,823
X5 Retail Group NV GDR		32,317			1,167
					2,990
ENERGY 1.6%
Gazprom Neft PJSC		109,450			472
Gazprom PJSC		1,382,570			3,970
LUKOIL PJSC		48,525			3,379
Novatek PJSC		40,025			687
Rosneft Oil Co. PJSC		102,030			601
Surgutneftegas PJSC		6,010,700			2,953
Tatneft PJSC		86,831			605
					12,667
FINANCIALS 0.6%
Credit Bank of Moscow PJSC (a)		751,800			63
Moscow Exchange MICEX-RTS PJSC		370,540			801
Sberbank of Russia PJSC		510,990			1,874
VTB Bank PJSC		3,711,730,000			1,905
					4,643

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 0.0%
Aeroflot PJSC (c)		186,940	$		181
Globaltrans Investment PLC GDR		27,334			163
					344
MATERIALS 2.7%
Alrosa PJSC		1,769,070			2,363
Magnitogorsk Iron & Steel Works PJSC		1,261,350			954
MMC Norilsk Nickel PJSC		32,443			10,398
Novolipetskiy Metallurgicheskiy Kombinat PAO		654,700			1,853
PhosAgro PJSC		19,549			831
Polyus PJSC		13,542			2,779
Severstal PAO		137,318			2,452
					21,630
REAL ESTATE 0.0%
LSR Group PJSC		7,197			84
UTILITIES 0.5%
Federal Grid Co. Unified Energy System PJSC		96,430,000			291
Inter RAO UES PJSC		21,766,000			1,570
Mosenergo PJSC (c)		4,103,000			115
OGK-2 PJSC		7,101,000			70
Rosseti PJSC		20,141,000			480
RusHydro PJSC		72,857,000			774
Unipro PJSC (c)		9,114,000			344
					3,644
Total Russia					55,116
SINGAPORE 0.0%
INDUSTRIALS 0.0%
BOC Aviation Ltd.		36,200			313
Total Singapore					313
SOUTH AFRICA 4.6%
COMMUNICATION SERVICES 0.4%
MTN Group Ltd.		624,764			2,579
Telkom S.A. SOC Ltd.		96,798			202
Vodacom Group Ltd.		65,387			553
					3,334
CONSUMER DISCRETIONARY 1.6%
Foschini Group Ltd.		46,162			323
Motus Holdings Ltd.		25,218			96
Mr Price Group Ltd.		35,399			411
Naspers Ltd. ‘N’		55,205			11,304
Truworths International Ltd.		88,144			221
Woolworths Holdings Ltd.		71,744			193
					12,548
CONSUMER STAPLES 0.4%
Bid Corp. Ltd.		46,255			831
Shoprite Holdings Ltd.		131,248			1,251
SPAR Group Ltd.		31,977			412
Tiger Brands Ltd.		33,247			471
					2,965

	SHARES			MARKET VALUE (000S)
ENERGY 0.1%
Exxaro Resources Ltd.		55,562	$		525
FINANCIALS 0.2%
Absa Group Ltd.		33,301			272
Discovery Ltd.		39,860			417
FirstRand Ltd.		102,763			358
Liberty Holdings Ltd.		11,252			48
Standard Bank Group Ltd.		113,808			986
					2,081
HEALTH CARE 0.1%
Aspen Pharmacare Holdings Ltd.		45,138			386
Netcare Ltd.		268,448			228
					614
INDUSTRIALS 0.1%
Barloworld Ltd.		73,421			455
MATERIALS 1.7%
AngloGold Ashanti Ltd.		149,262			3,440
Gold Fields Ltd.		541,029			5,023
Impala Platinum Holdings Ltd.		266,942			3,674
Kumba Iron Ore Ltd.		28,478			1,207
Sappi Ltd.		138,818			310
Sasol Ltd. (a)		22,264			203
					13,857
Total South Africa					36,379
SOUTH KOREA 19.8%
COMMUNICATION SERVICES 2.3%
Kakao Corp.		6,047			2,170
KT Corp. SP - ADR		204,461			2,251
LG Uplus Corp.		88,498			958
NAVER Corp.		23,888			6,440
NCSoft Corp.		3,447			2,959
Netmarble Corp. (a)		3,567			432
SK Telecom Co. Ltd.		13,512			2,970
					18,180
CONSUMER DISCRETIONARY 7.2%
Coway Co. Ltd.		14,295			958
Hankook Tire & Technology Co. Ltd.		36,699			1,333
Hanon Systems		53,319			798
Hyundai Department Store Co. Ltd.		4,878			322
Hyundai Mobis Co. Ltd.		34,942			8,224
Hyundai Motor Co.		134,278			23,801
Hyundai Wia Corp.		8,388			414
Kangwon Land, Inc.		39,609			858
Kia Motors Corp.		247,270			14,247
LG Electronics, Inc.		33,693			4,196
LOTTE Himart Co. Ltd.		4,406			127
Lotte Shopping Co. Ltd.		9,824			929
Mando Corp.		8,203			445
Shinsegae, Inc.		960			212
					56,864
CONSUMER STAPLES 1.4%
Amorepacific Corp.		10,378			1,096

26 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (Unaudited)

	SHARES			MARKET VALUE (000S)
BGF retail Co. Ltd.		441	$		55
CJ CheilJedang Corp.		3,061			1,075
E-MART, Inc.		14,758			2,061
GS Retail Co. Ltd.		7,393			235
KT&G Corp. (c)		35,756			2,738
LG Household & Health Care Ltd.		2,478			3,698
NongShim Co. Ltd.		1,079			298
					11,256
ENERGY 0.8%
GS Holdings Corp.		24,243			839
SK Gas Ltd.		3,148			303
SK Innovation Co. Ltd.		29,491			5,173
					6,315
FINANCIALS 1.6%
BNK Financial Group, Inc.		71,700			376
DB Insurance Co. Ltd.		15,905			641
DGB Financial Group, Inc.		46,301			290
Hanwha Life Insurance Co. Ltd.		143,903			324
Hyundai Marine & Fire Insurance Co. Ltd.		25,921			543
Industrial Bank of Korea		79,486			648
KB Financial Group, Inc.		28,332			1,125
Meritz Financial Group, Inc.		4,890			44
Meritz Fire & Marine Insurance Co. Ltd.		22,128			298
Mirae Asset Daewoo Co. Ltd.		22,697			198
Samsung Card Co. Ltd.		12,469			373
Samsung Fire & Marine Insurance Co. Ltd.		13,236			2,287
Samsung Life Insurance Co. Ltd.		26,270			1,917
Shinhan Financial Group Co. Ltd.		134,502			3,991
					13,055
INDUSTRIALS 2.0%
CJ Corp.		7,518			638
CJ Logistics Corp. (a)		2,914			445
Daelim Industrial Co. Ltd.		5,431			415
Daewoo Shipbuilding & Marine Engineering Co. Ltd. (a)		8,633			218
Doosan Bobcat, Inc.		11,057			303
Doosan Co. Ltd.		1,270			61
Doosan Heavy Industries & Construction Co. Ltd. (a)		64,383			804
Doosan Infracore Co. Ltd. (a)		32,902			240
GS Engineering & Construction Corp.		5,966			208
Hanwha Corp.		32,216			841
Hyundai Engineering & Construction Co. Ltd.		14,990			518
Hyundai Glovis Co. Ltd.		8,301			1,409
Hyundai Heavy Industries Holdings Co. Ltd.		851			223
Korea Shipbuilding & Offshore Engineering Co. Ltd. (a)		2,070			207
Korean Air Lines Co. Ltd.		20,156			506
LG Corp.		22,085			1,782
LG International Corp.		15,448			352
LS Corp.		5,787			381
Posco International Corp.		27,679			371
S-1 Corp.		2,763			216
Samsung C&T Corp.		21,864			2,783
Samsung Heavy Industries Co. Ltd. (a)		27,991			182
SK Holdings Co. Ltd.		8,707			1,932

	SHARES			MARKET VALUE (000S)
SK Networks Co. Ltd.		92,036	$		412
					15,447
INFORMATION TECHNOLOGY 1.8%
LG Display Co. Ltd.		88,682			1,516
Samsung Electro-Mechanics Co. Ltd.		13,860			2,276
Samsung SDI Co. Ltd.		6,226			3,608
SK Hynix, Inc.		63,375			6,923
					14,323
MATERIALS 1.7%
Dongkuk Steel Mill Co. Ltd.		42,970			322
Hanwha Chemical Corp.		14,068			622
Hyundai Steel Co.		28,224			1,031
Kolon Industries, Inc.		6,108			231
Korea Petrochemical Ind Co. Ltd.		1,359			288
Korea Zinc Co. Ltd.		1,903			705
Kumho Petrochemical Co. Ltd.		2,898			388
LG Chem Ltd.		5,986			4,552
Lotte Chemical Corp.		1,759			448
OCI Co. Ltd.		957			82
POSCO		19,990			4,995
Seah Besteel Corp.		4,330			42
Taekwang Industrial Co. Ltd.		123			91
Young Poong Corp.		101			50
					13,847
UTILITIES 1.0%
Korea Electric Power Corp.		269,362			6,799
Korea Gas Corp.		32,241			918
					7,717
Total South Korea					157,004
TAIWAN 14.5%
COMMUNICATION SERVICES 0.6%
Chunghwa Telecom Co. Ltd.		713,000			2,766
Far EasTone Telecommunications Co. Ltd.		354,000			772
Taiwan Mobile Co. Ltd.		330,000			1,161
					4,699
CONSUMER DISCRETIONARY 0.4%
Cheng Shin Rubber Industry Co. Ltd.		514,000			807
Formosa Taffeta Co. Ltd.		254,000			281
Hotai Motor Co. Ltd.		36,000			826
Pou Chen Corp.		604,000			676
Yulon Motor Co. Ltd.		328,509			550
					3,140
CONSUMER STAPLES 0.4%
President Chain Store Corp.		105,000			997
Uni-President Enterprises Corp.		783,000			1,883
					2,880
ENERGY 0.1%
Formosa Petrochemical Corp.		244,000			868
FINANCIALS 2.0%
Cathay Financial Holding Co. Ltd.		444,000			669

	SHARES			MARKET VALUE (000S)
Chailease Holding Co. Ltd.		108,000	$		646
Chang Hwa Commercial Bank Ltd.		987,732			631
China Development Financial Holding Corp.		327,000			108
CTBC Financial Holding Co. Ltd.		2,907,000			2,040
E.Sun Financial Holding Co. Ltd.		2,101,244			1,913
First Financial Holding Co. Ltd.		1,628,010			1,239
Fubon Financial Holding Co. Ltd.		931,000			1,550
Hua Nan Financial Holdings Co. Ltd. ‘C’		1,429,407			929
Mega Financial Holding Co. Ltd.		2,236,000			2,373
Shanghai Commercial & Savings Bank Ltd.		333,605			489
Shin Kong Financial Holding Co. Ltd.		1,143,965			360
SinoPac Financial Holdings Co. Ltd.		2,292,528			935
Taishin Financial Holding Co. Ltd.		1,491,542			705
Taiwan Cooperative Financial Holding Co. Ltd.		1,424,510			1,033
					15,620
INDUSTRIALS 0.3%
China Airlines Ltd.		603,000			259
Eva Airways Corp.		664,400			312
Evergreen Marine Corp. Taiwan Ltd. (a)		328,000			476
Far Eastern New Century Corp.		759,000			784
Taiwan High Speed Rail Corp.		239,000			270
Walsin Lihwa Corp.		834,000			574
					2,675
INFORMATION TECHNOLOGY 9.5%
Acer, Inc.		1,006,000			849
Advantech Co. Ltd.		69,291			865
Asustek Computer, Inc.		246,000			2,197
AU Optronics Corp.		3,503,000			1,753
Catcher Technology Co. Ltd.		101,000			743
Compal Electronics, Inc.		1,413,000			1,043
Delta Electronics, Inc.		390,000			3,657
Foxconn Technology Co. Ltd.		31,000			59
Hon Hai Precision Industry Co. Ltd.		490,600			1,609
Innolux Corp.		6,354,000			3,198
Inventec Corp.		899,000			769
Largan Precision Co. Ltd.		5,950			678
Lite-On Technology Corp.		640,000			1,135
MediaTek, Inc.		377,000			10,054
Micro-Star International Co. Ltd.		344,000			1,626
Novatek Microelectronics Corp.		173,000			2,276
Pegatron Corp.		824,000			1,978
Powertech Technology, Inc.		339,000			1,148
Quanta Computer, Inc.		1,004,000			2,897
Synnex Technology International Corp.		499,000			836
Taiwan Semiconductor Manufacturing Co. Ltd.		1,484,000			28,073
TPK Holding Co. Ltd.		59,000			98
United Microelectronics Corp.		3,344,000			5,624
Wistron Corp.		1,187,347			1,314
WPG Holdings Ltd.		436,560			667
Zhen Ding Technology Holding Ltd.		69,000			281
					75,427

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 27

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
MATERIALS 1.2%
Asia Cement Corp.		801,000	$		1,234
China Steel Corp.		1,467,000			1,293
Formosa Chemicals & Fibre Corp.		564,000			1,702
Formosa Plastics Corp.		527,000			1,810
Nan Ya Plastics Corp.		488,000			1,250
Taiwan Cement Corp.		1,518,422			2,338
					9,627
Total Taiwan					114,936
THAILAND 3.9%
COMMUNICATION SERVICES 0.3%
Advanced Info Service PCL		253,200			1,488
Digital Telecommunications Infrastructure Fund		706,100			304
Total Access Communication PCL		282,500			314
					2,106
CONSUMER STAPLES 0.6%
Berli Jucker PCL (c)		117,700			136
Charoen Pokphand Foods PCL		1,885,600			1,684
CP ALL PCL		753,000			1,463
Thai Beverage PCL		1,134,900			632
Thai Union Group PCL ‘F’		1,841,600			837
					4,752
ENERGY 0.8%
Bangchak Corp. PCL		442,600			305
Esso Thailand PCL (a)(c)		231,900			57
IRPC PCL (c)		3,721,500			462
PTT PCL		3,362,500			4,774
Star Petroleum Refining PCL		1,835,500			493
					6,091
FINANCIALS 0.3%
Bangkok Bank PCL		217,000			858
Kasikornbank PCL		145,200			547
Krung Thai Bank PCL		1,035,100			383
Thanachart Capital PCL		575,600			664
TMB Bank PCL		2,016,100			73
					2,525
HEALTH CARE 0.1%
Bangkok Dusit Medical Services PCL ‘F’		863,500			598
INDUSTRIALS 0.8%
Airports of Thailand PCL		286,300			594
Delta Electronics Thailand PCL		348,100			5,647
					6,241
MATERIALS 0.8%
PTT Global Chemical PCL		878,500			1,716
Siam Cement PCL		398,300			5,025
					6,741
REAL ESTATE 0.1%
Central Pattana PCL		68,500			109
Land & Houses PCL NVDR		2,543,000			675
					784

	SHARES			MARKET VALUE (000S)
UTILITIES 0.1%
Electricity Generating PCL		34,800	$		223
Ratch Group PCL		218,600			386
					609
Total Thailand					30,447
TURKEY 1.2%
COMMUNICATION SERVICES 0.2%
Turk Telekomunikasyon A/S		371,903			427
Turkcell Iletisim Hizmetleri A/S		593,258			1,282
					1,709
CONSUMER DISCRETIONARY 0.2%
Arcelik A/S (a)		105,554			432
Ford Otomotiv Sanayi A/S		43,842			744
Tofas Turk Otomobil Fabrikasi A/S		62,692			286
					1,462
CONSUMER STAPLES 0.3%
Anadolu Efes Biracilik Ve Malt Sanayii A/S		50,160			156
BIM Birlesik Magazalar A/S		212,304			2,147
					2,303
ENERGY 0.1%
Turkiye Petrol Rafinerileri A/S (c)		49,718			722
FINANCIALS 0.2%
Haci Omer Sabanci Holding A/S		388,556			599
Turkiye Halk Bankasi A/S (c)		120,619			90
Turkiye Is Bankasi ‘C’		479,333			451
Turkiye Vakiflar Bankasi TAO ‘D’ (c)		208,901			132
Yapi ve Kredi Bankasi A/S (a)		113,207			47
					1,319
INDUSTRIALS 0.1%
Enka Insaat ve Sanayi A/S		513,275			510
KOC Holding A/S		83,832			238
TAV Havalimanlari Holding A/S		17,953			51
Turk Hava Yollari AO (a)(c)		223,995			389
Turkiye Sise ve Cam Fabrikalari A/S		113,120			111
					1,299
MATERIALS 0.1%
Eregli Demir ve Celik Fabrikalari TAS		352,192			707
Total Turkey					9,521
UNITED STATES 0.0%
CONSUMER DISCRETIONARY 0.0%
Nexteer Automotive Group Ltd.		94,000			101
Total United States					101
Total Common Stocks (Cost $561,643)					723,751

	UNITS			MARKET VALUE (000S)
EQUITY-LINKED SECURITIES 4.3%
IRELAND 4.3%
COMMUNICATION SERVICES 0.5%
Citigroup Global Markets Holdings, Inc., Bharti Airtel Ltd. - Exp. 02/19/2021		534,085	$		3,726
Citigroup Global Markets Holdings, Inc., Idea Cellular Ltd. - Exp. 02/19/2021		3,303,536			482
					4,208
CONSUMER STAPLES 0.6%
Citigroup Global Markets Holdings, Inc., Hindustan Unilever Ltd. - Exp. 02/19/2021		51,727			1,696
Citigroup Global Markets Holdings, Inc., ITC Ltd. - Exp. 02/19/2021		1,063,336			3,042
					4,738
ENERGY 0.7%
Citigroup Global Markets Holdings, Inc., Bharat Petroleum Corp. Ltd. - Exp. 02/19/2021		257,780			1,345
Citigroup Global Markets Holdings, Inc., Coal India Ltd. - Exp. 02/19/2021		452,055			838
Citigroup Global Markets Holdings, Inc., Hindustan Petroleum Corp. Ltd. - Exp. 02/19/2021		339,160			1,012
Citigroup Global Markets Holdings, Inc., Indian Oil Corp. Ltd. - Exp. 02/19/2021		533,805			665
Citigroup Global Markets Holdings, Inc., Jindal Steel & Power Ltd. - Exp. 02/19/2021		239,955			875
Citigroup Global Markets Holdings, Inc., Petronet LNG Ltd. - Exp. 02/19/2021		258,915			877
					5,612
FINANCIALS 0.0%
Citigroup Global Markets Holdings, Inc., Oracle Finance Ltd. - Exp. 02/19/2021		1,218			54
HEALTH CARE 0.5%
Citigroup Global Markets Holdings, Inc., Lupin Ltd. - Exp. 02/19/2021		75,832			1,014
Citigroup Global Markets Holdings, Inc., Sun Pharmaceutical Industries Ltd. - Exp. 02/19/2021		312,033			2,530
					3,544
INDUSTRIALS 0.2%
Citigroup Global Markets Holdings, Inc., Hero MotoCorp Ltd. - Exp. 02/19/2021		25,392			1,081
INFORMATION TECHNOLOGY 1.5%
Citigroup Global Markets Holdings, Inc., HCL Technologies Ltd. - Exp. 02/19/2021		424,215			5,494

28 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (Unaudited)

	UNITS			MARKET VALUE (000S)
Citigroup Global Markets Holdings, Inc., Tata Consultancy Services Ltd. - Exp. 02/19/2021		124,607	$		4,883
Citigroup Global Markets Holdings, Inc., Tech Mahindra Ltd. - Exp. 02/19/2021		124,854			1,663
					12,040
MATERIALS 0.2%
Citigroup Global Markets Holdings, Inc., Asian Paints Ltd. - Exp. 02/19/2021		36,821			1,393
Citigroup Global Markets Holdings, Inc., NMDC Ltd. - Exp. 02/19/2021		231,950			364
					1,757
UTILITIES 0.1%
Citigroup Global Markets Holdings, Inc., NTPC Ltd. - Exp. 02/19/2021		790,833			1,075
Total Equity-Linked Securities (Cost $27,692)					34,109
	SHARES
PREFERRED STOCKS 1.3%
BRAZIL 1.0%
BANKING & FINANCE 0.1%
Banco do Estado do Rio Grande do Sul S.A.		15,100			43
Itau Unibanco Holding S.A.		179,950			1,101
					1,144
INDUSTRIALS 0.5%
Braskem S.A.		59,300			270
Gerdau S.A.		341,200			1,610
Metalurgica Gerdau S.A.		670,000			1,448
Usinas Siderurgicas de Minas Gerais S.A.		76,900			217
					3,545
UTILITIES 0.4%
Cia de Transmissao de Energia Eletrica Paulista		101,200			543
Cia Energetica de Minas Gerais		234,796			662
Cia Energetica de Sao Paulo		151,900			850
Cia Paranaense de Energia		68,700			999
					3,054
Total Brazil					7,743

	SHARES			MARKET VALUE (000S)
CHILE 0.2%
INDUSTRIALS 0.2%
Embotelladora Andina S.A.		126,320	$		325
Sociedad Quimica y Minera de Chile S.A.		24,155			1,177
					1,502
Total Chile					1,502
RUSSIA 0.1%
UTILITIES 0.1%
Bashneft PJSC (c)		9,601			152
Transneft PJSC		355			676
					828
Total Russia					828
Total Preferred Stocks (Cost $8,363)					10,073
REAL ESTATE INVESTMENT TRUSTS 0.1%
MEXICO 0.1%
REAL ESTATE 0.1%
Fibra Uno Administracion S.A. de C.V.		311,400			352
Total Mexico					352
SOUTH AFRICA 0.0%
REAL ESTATE 0.0%
Growthpoint Properties Ltd.		203,738			175
Total South Africa					175
TURKEY 0.0%
REAL ESTATE 0.0%
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S (c)		285,710			82
Total Turkey					82
Total Real Estate Investment Trusts (Cost $701)					609
RIGHTS 0.0%
CHILE 0.0%
UTILITIES 0.0%
AES Gener S.A.		341,261			4
Total Rights (Cost $0)					4

	SHARES			MARKET VALUE (000S)
WARRANTS 2.3%
UNITED KINGDOM 2.3%
FINANCIALS 2.3%
HSBC Bank PLC - Exp. 01/19/2022		443,424	$		9,106
HSBC Bank PLC - Exp. 01/28/2021		30,352			344
HSBC Bank PLC - Exp. 03/24/2021		11,460			75
HSBC Bank PLC - Exp. 04/05/2021		91,397			2,126
HSBC Bank PLC - Exp. 07/20/2021		148,306			2,537
HSBC Bank PLC - Exp. 10/04/2021		11,800			105
HSBC Bank PLC - Exp. 11/09/2021		11,330			86
HSBC Bank PLC - Exp. 12/06/2021		439,127			3,977
					18,356
Total Warrants (Cost $18,252)					18,356
SHORT-TERM INSTRUMENTS 0.9%
REPURCHASE AGREEMENTS (e) 0.9%
					7,336
Total Short-Term Instruments (Cost $7,336)					7,336
Total Investments in Securities (Cost $623,987)					794,238
INVESTMENTS IN AFFILIATES 1.3%
SHORT-TERM INSTRUMENTS 1.3%
MUTUAL FUNDS 1.3%
PIMCO Government Money Market Fund
0.150% (b)(c)(d)		10,082,772			10,083
Total Short-Term Instruments (Cost $10,083)					10,083
Total Investments in Affiliates (Cost $10,083)					10,083
Total Investments 101.6% (Cost $634,070)			$		804,321
Other Assets and Liabilities, net (1.6)%					(12,524	)
Net Assets 100.0%			$		791,797

NOTES TO SCHEDULE OF INVESTMENTS:

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

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

(b) Institutional Class Shares of each Fund.

(c) Securities with an aggregate market value of $9,311 were out on loan in exchange for $10,084 of cash collateral as of December 31, 2020. The collateral was invested in a cash collateral reinvestment vehicle as described in Note 5 in the Notes to Financial Statements.

(d) Coupon represents a 7-Day Yield.

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 29

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(e)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received
FICC		0.000	%		12/31/2020		01/04/2021	$	7,336	U.S. Treasury Bills 0.000% due 12/30/2021	$	(7,483	)	$	7,336	$	7,336
Total Repurchase Agreements											$	(7,483	)	$	7,336	$	7,336

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, 2020:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Securities Out on Loan		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net  Exposure(1)
Global/Master Repurchase Agreement
FICC	$	7,336	$	0	$	0	$	0	$	7,336	$	(7,483	)	$	(147	)
Master Securities Lending Agreement
BMO		0		0		0		281		281		(311	)		(30	)
FOB		0		0		0		411		411		(491	)		(80	)
GSC		0		0		0		4,926		4,926		(5,183	)		(257	)
MSC		0		0		0		74		74		(82	)		(8	)
SAL		0		0		0		3,298		3,298		(3,677	)		(379	)
UBS		0		0		0		321		321		(340	)		(19	)
Total Borrowings and Other Financing Transactions	$	7,336	$	0	$	0	$	9,311

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements

	Overnight and Continuous		Up to 30 days		31-90 days		Greater Than 90 days		Total
Securities Lending Transactions(2)
Preferred Securities	$	34	$	0	$	0	$	0	$	34
Common Stocks		9,970		0		0		0		9,970
Real Estate Investment Trusts		80		0		0		0		80
Total Borrowings	$	10,084	$	0	$	0	$	0	$	10,084
Payable for securities on loan - cash collateral									$	10,084

⁽¹⁾  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.

⁽²⁾ Includes cash collateral as described in Note 5 in the Notes to Financial Statements.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2020:

	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	)

30 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (Unaudited)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2020 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Investments in Securities, at Value
Common Stocks
Australia
Materials	$	0	$	85	$	0	$	85
Brazil
Communication Services		0		832		0		832
Consumer Discretionary		0		1,262		0		1,262
Consumer Staples		0		5,671		0		5,671
Energy		56		1,752		0		1,808
Financials		0		5,676		0		5,676
Health Care		0		137		0		137
Industrials		0		3,985		0		3,985
Materials		0		26,267		0		26,267
Utilities		0		746		0		746
Chile
Communication Services		48		0		0		48
Consumer Discretionary		0		1,024		0		1,024
Consumer Staples		366		1,221		0		1,587
Energy		0		727		0		727
Financials		207		750		0		957
Materials		833		0		0		833
Utilities		844		1,532		0		2,376
China
Communication Services		14,298		14,402		0		28,700
Consumer Discretionary		25,576		26,371		0		51,947
Consumer Staples		0		4,962		0		4,962
Energy		0		4,991		0		4,991
Financials		0		5,768		0		5,768
Health Care		0		1,579		0		1,579
Industrials		3,260		4,182		0		7,442
Information Technology		7,892		5,497		0		13,389
Materials		0		5,158		0		5,158
Real Estate		0		4,175		0		4,175
Utilities		0		4,177		0		4,177
Greece
Communication Services		0		614		0		614
Consumer Discretionary		0		433		0		433
Energy		0		254		0		254
Financials		447		1,268		0		1,715
Utilities		0		489		0		489
Hong Kong
Communication Services		0		4,101		0		4,101
Consumer Discretionary		0		2,438		0		2,438
Consumer Staples		0		8,660		0		8,660
Financials		0		859		0		859
Industrials		0		460		0		460
Real Estate		0		2,561		0		2,561
Utilities		0		3,414		0		3,414
India
Consumer Discretionary		2,512		0		0		2,512
Energy		2,779		10,367		0		13,146
Financials		8,059		0		0		8,059
Health Care		5,570		0		0		5,570
Information Technology		28,954		0		0		28,954
Materials		2,151		0		0		2,151
Indonesia
Communication Services		0		1,628		0		1,628
Consumer Discretionary		0		1,328		0		1,328
Consumer Staples		0		1,987		0		1,987
Energy		0		650		0		650
Financials		0		1,114		0		1,114
Health Care		0		73		0		73
Industrials		0		392		0		392
Materials		0		966		0		966
Utilities		0		95		0		95

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Malaysia
Communication Services	$	0	$	1,440	$	0	$	1,440
Consumer Discretionary		0		1,491		0		1,491
Consumer Staples		0		1,334		0		1,334
Energy		0		165		0		165
Financials		0		3,756		0		3,756
Health Care		0		135		0		135
Industrials		0		1,099		0		1,099
Materials		0		592		0		592
Utilities		0		1,401		0		1,401
Mexico
Communication Services		4,268		0		0		4,268
Consumer Staples		7,086		0		0		7,086
Financials		294		0		0		294
Industrials		535		0		0		535
Materials		5,002		0		0		5,002
Utilities		230		0		0		230
Philippines
Communication Services		0		1,068		0		1,068
Consumer Staples		0		357		0		357
Financials		0		1,029		0		1,029
Industrials		0		1,845		0		1,845
Utilities		0		486		0		486
Poland
Communication Services		0		645		0		645
Energy		0		1,308		0		1,308
Financials		0		693		0		693
Information Technology		0		137		0		137
Materials		0		1,644		0		1,644
Utilities		0		853		0		853
Romania
Real Estate		109		0		0		109
Russia
Communication Services		2,899		6,215		0		9,114
Consumer Staples		0		2,990		0		2,990
Energy		0		12,667		0		12,667
Financials		0		4,643		0		4,643
Industrials		0		344		0		344
Materials		0		21,630		0		21,630
Real Estate		0		84		0		84
Utilities		0		3,644		0		3,644
Singapore
Industrials		0		313		0		313
South Africa
Communication Services		755		2,579		0		3,334
Consumer Discretionary		317		12,231		0		12,548
Consumer Staples		1,722		1,243		0		2,965
Energy		525		0		0		525
Financials		0		2,081		0		2,081
Health Care		228		386		0		614
Industrials		455		0		0		455
Materials		1,517		12,340		0		13,857
South Korea
Communication Services		2,251		15,929		0		18,180
Consumer Discretionary		0		56,864		0		56,864
Consumer Staples		0		11,256		0		11,256
Energy		0		6,315		0		6,315
Financials		0		13,055		0		13,055
Industrials		0		15,447		0		15,447
Information Technology		0		14,323		0		14,323
Materials		0		13,847		0		13,847
Utilities		0		7,717		0		7,717
Taiwan
Communication Services		0		4,699		0		4,699
Consumer Discretionary		0		3,140		0		3,140
Consumer Staples		0		2,880		0		2,880

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 31

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.) December 31, 2020 (Unaudited)

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Energy	$	0	$	868	$	0	$	868
Financials		0		15,620		0		15,620
Industrials		0		2,675		0		2,675
Information Technology		0		75,427		0		75,427
Materials		0		9,627		0		9,627
Thailand
Communication Services		0		2,106		0		2,106
Consumer Staples		0		4,752		0		4,752
Energy		0		6,091		0		6,091
Financials		0		2,525		0		2,525
Health Care		0		598		0		598
Industrials		5,647		594		0		6,241
Materials		0		6,741		0		6,741
Real Estate		0		784		0		784
Utilities		0		609		0		609
Turkey
Communication Services		427		1,282		0		1,709
Consumer Discretionary		0		1,462		0		1,462
Consumer Staples		0		2,303		0		2,303
Energy		0		722		0		722
Financials		47		1,272		0		1,319
Industrials		0		1,299		0		1,299
Materials		0		707		0		707
United States
Consumer Discretionary		0		101		0		101
Equity-Linked Securities
Ireland
Communication Services		0		4,208		0		4,208
Consumer Staples		0		4,738		0		4,738
Energy		0		5,612		0		5,612
Financials		0		54		0		54
Health Care		0		3,544		0		3,544
Industrials		0		1,081		0		1,081
Information Technology		0		12,040		0		12,040

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Materials	$	0	$	1,757	$	0	$	1,757
Utilities		0		1,075		0		1,075
Preferred Stocks
Brazil
Banking & Finance		0		1,144		0		1,144
Industrials		0		3,545		0		3,545
Utilities		0		3,054		0		3,054
Chile
Industrials		325		1,177		0		1,502
Russia
Utilities		0		828		0		828
Real Estate Investment Trusts
Mexico
Real Estate		352		0		0		352
South Africa
Real Estate		0		175		0		175
Turkey
Real Estate		0		82		0		82
Rights
Chile
Utilities		4		0		0		4
Warrants
United Kingdom
Financials		0		18,356		0		18,356
Short-Term Instruments
Repurchase Agreements		0		7,336		0		7,336
	$	138,847	$	655,391	$	0	$	794,238
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		10,083		0		0		10,083
Total Investments	$	148,930	$	655,391	$	0	$	804,321

There were no significant transfers into or out of Level 3 during the period ended December 31, 2020.

32 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF December 31, 2020 (Unaudited)

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 100.3%
COMMON STOCKS 96.6%
AUSTRALIA 5.7%
COMMUNICATION SERVICES 0.4%
carsales.com Ltd.		1,785	$		28
Nine Entertainment Co. Holdings Ltd.		5,374			10
REA Group Ltd.		358			41
Southern Cross Media Group Ltd. (a)		8,871			15
Telstra Corp. Ltd.		94,145			216
					310
CONSUMER DISCRETIONARY 0.7%
Breville Group Ltd.		1,094			22
Crown Resorts Ltd.		2,891			22
Domino’s Pizza Enterprises Ltd.		613			41
Harvey Norman Holdings Ltd.w		7,285			26
JB Hi-Fi Ltd.		1,290			49
Super Retail Group Ltd.		3,975			32
Tabcorp Holdings Ltd.		8,064			24
Wesfarmers Ltd.		7,548			293
					509
CONSUMER STAPLES 0.6%
Coca-Cola Amatil Ltd.		4,365			43
Coles Group Ltd.		2,009			28
GrainCorp Ltd. ‘A’		5,592			18
Metcash Ltd.		20,894			54
Woolworths Group Ltd.		9,850			299
					442
ENERGY 0.3%
Ampol Ltd.		3,870			85
Origin Energy Ltd.		9,426			35
Santos Ltd.		4,623			22
Viva Energy Group Ltd.		12,876			19
Woodside Petroleum Ltd.		1,168			20
					181
FINANCIALS 0.6%
AMP Ltd.		18,390			22
ASX Ltd.		358			20
Bank of Queensland Ltd.		4,117			25
Insurance Australia Group Ltd.		3,702			13
Macquarie Group Ltd.		800			85
Magellan Financial Group Ltd.		714			30
Medibank Pvt Ltd.		23,829			55
National Australia Bank Ltd.		3,035			53
NIB Holdings Ltd.		6,032			28
Perpetual Ltd.		848			23
QBE Insurance Group Ltd.		5,733			37
Suncorp Group Ltd.		4,247			32
					423
HEALTH CARE 0.5%
Ansell Ltd.		1,139			30
Cochlear Ltd.		169			25
CSL Ltd.		1,245			272
Ramsay Health Care Ltd.		517			25
					352

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 0.3%
Aurizon Holdings Ltd.		13,462	$		40
Brambles Ltd.		6,954			57
Downer EDI Ltd.		4,269			18
Monadelphous Group Ltd.		2,096			22
Qantas Airways Ltd.		5,426			20
Sydney Airport		4,255			21
Transurban Group		3,852			41
					219
INFORMATION TECHNOLOGY 0.2%
Atlassian Corp. PLC ‘A’ (a)		335			78
Computershare Ltd.		2,086			24
SEEK Ltd.		1,879			41
					143
MATERIALS 2.1%
BHP Group Ltd.		7,925			259
BHP Group PLC		6,494			171
BlueScope Steel Ltd.		2,821			38
Boral Ltd.		6,978			27
CSR Ltd.		9,058			37
Evolution Mining Ltd.		19,331			74
Fortescue Metals Group Ltd.		21,307			385
IGO Ltd.		4,881			24
Iluka Resources Ltd.		2,922			15
Incitec Pivot Ltd.		14,027			25
Mineral Resources Ltd.		1,100			32
Newcrest Mining Ltd.		2,012			40
Northern Star Resources Ltd.		8,473			83
Orica Ltd.		3,010			35
OZ Minerals Ltd.		1,915			28
Rio Tinto Ltd.		2,572			226
Sandfire Resources Ltd.		5,119			21
					1,520
REAL ESTATE 0.0%
Lendlease Corp. Ltd.		1,411			14
UTILITIES 0.0%
AGL Energy Ltd.		1,936			18
APA Group		2,297			17
					35
Total Australia					4,148
AUSTRIA 0.2%
ENERGY 0.0%
OMV AG		625			25
INDUSTRIALS 0.1%
Andritz AG		704			32
Oesterreichische Post AG		464			16
					48
MATERIALS 0.1%
voestalpine AG		856			31
Wienerberger AG		763			24
					55

	SHARES			MARKET VALUE (000S)
REAL ESTATE 0.0%
CA Immobilien Anlagen AG		492	$		19
Total Austria					147
BELGIUM 0.5%
COMMUNICATION SERVICES 0.0%
Proximus SADP		918			18
CONSUMER DISCRETIONARY 0.1%
D’ieteren S.A.		300			25
Telenet Group Holding NV		425			18
					43
CONSUMER STAPLES 0.1%
Etablissements Franz Colruyt NV		584			35
ENERGY 0.0%
Euronav NV		2,601			21
FINANCIALS 0.1%
Ageas S.A.		1,015			54
Gimv NV		305			19
					73
HEALTH CARE 0.1%
UCB S.A.		391			40
INDUSTRIALS 0.0%
bpost S.A.		2,131			22
INFORMATION TECHNOLOGY 0.0%
Barco NV		650			14
MATERIALS 0.1%
Bekaert S.A.		842			28
Solvay S.A.		225			26
					54
UTILITIES 0.0%
Elia System Operator S.A.		278			33
Total Belgium					353
CANADA 7.4%
COMMUNICATION SERVICES 0.5%
BCE, Inc.		2,879			123
Cineplex, Inc.		2,373			17
Cogeco Communications, Inc.		308			24
Quebecor, Inc. ‘B’		1,033			27
Rogers Communications, Inc. ‘B’		1,385			64
Shaw Communications, Inc. ‘B’		1,545			27
TELUS Corp.		3,433			68
					350
CONSUMER DISCRETIONARY 1.1%
BRP, Inc.		594			39
Canadian Tire Corp. Ltd. ‘A’		785			103
Cogeco, Inc. (e)		279			18
Dollarama, Inc.		1,513			62
Gildan Activewear, Inc.		1,267			36

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 33

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Lululemon Athletica, Inc. (a)		389	$		135
Magna International, Inc.		5,254			372
Martinrea International, Inc. (e)		2,801			33
					798
CONSUMER STAPLES 0.7%
Alimentation Couche-Tard, Inc. ‘B’		4,615			157
Empire Co. Ltd. ‘A’		2,458			67
George Weston Ltd.		997			75
Loblaw Cos. Ltd.		1,015			50
Maple Leaf Foods, Inc.		912			20
Metro, Inc.		2,226			99
North West Co., Inc.		693			18
Premium Brands Holdings Corp.		321			26
Saputo, Inc.		943			26
					538
ENERGY 0.4%
ARC Resources Ltd.		5,976			28
Cameco Corp.		2,144			29
Cenovus Energy, Inc.		5,958			36
Crescent Point Energy Corp.		15,280			36
Gibson Energy, Inc.		1,163			19
Husky Energy, Inc.		5,946			29
Imperial Oil Ltd.		747			14
MEG Energy Corp. (a)		12,050			42
Whitecap Resources, Inc. (c)(e)		10,172			39
					272
FINANCIALS 1.0%
Bank of Montreal		794			61
Brookfield Asset Management, Inc. ‘A’		2,548			105
Canadian Imperial Bank of Commerce (c)		1,256			107
CI Financial Corp.		2,324			29
Fairfax Financial Holdings Ltd.		42			14
Great-West Lifeco, Inc. (e)		1,175			28
Home Capital Group, Inc.		1,257			29
IGM Financial, Inc.		911			25
Intact Financial Corp. (e)		584			69
National Bank of Canada		385			22
Onex Corp.		407			23
Power Corp. of Canada		2,713			62
Royal Bank of Canada		1,159			95
Toronto-Dominion Bank		397			23
					692
HEALTH CARE 0.0%
Chartwell Retirement Residences		1,534			14
INDUSTRIALS 1.3%
Aecon Group, Inc.		2,023			26
Canadian National Railway Co.		2,408			265
Canadian Pacific Railway Ltd.		588			204
Finning International, Inc.		1,279			27
Ritchie Bros Auctioneers, Inc.		1,204			84
Russel Metals, Inc.		1,296			23
TFI International, Inc.		1,140			59
Thomson Reuters Corp.		2,412			197
Toromont Industries Ltd.		465			32
Transcontinental, Inc. ‘A’		1,545			25

	SHARES			MARKET VALUE (000S)
Westshore Terminals Investment Corp.		1,477	$		18
					960
INFORMATION TECHNOLOGY 0.5%
Canadian Solar, Inc. (a)		985			51
Celestica, Inc. (a)		2,388			19
CGI, Inc. (a)		1,252			99
Constellation Software, Inc. (e)		61			79
Open Text Corp.		809			37
Shopify, Inc. ‘A’ (a)		71			80
Topicus.com, Inc. (a)		113			1
					366
MATERIALS 1.3%
Agnico Eagle Mines Ltd. (e)		732			52
Alamos Gold, Inc.		3,768			33
B2Gold Corp.		5,363			30
Barrick Gold Corp.		1,469			33
Centerra Gold, Inc.		1,614			19
Eldorado Gold Corp. (a)		7,248			96
First Quantum Minerals Ltd.		2,506			45
Franco-Nevada Corp.		618			78
Hudbay Minerals, Inc.		4,667			33
Interfor Corp. (a)		1,700			32
Intertape Polymer Group, Inc.		1,737			33
Kinross Gold Corp.		1,963			14
Kirkland Lake Gold Ltd. (e)		341			14
Lundin Mining Corp.		3,643			32
Methanex Corp.		1,002			46
New Gold, Inc. (a)		18,956			42
Norbord, Inc.		653			28
Nutrien Ltd.		861			41
Pan American Silver Corp.		1,830			63
Stella-Jones, Inc.		729			27
Teck Resources Ltd. ‘B’		3,649			66
West Fraser Timber Co. Ltd.		409			26
Wheaton Precious Metals Corp.		342			14
Winpak Ltd.		593			20
Yamana Gold, Inc.		10,549			60
					977
REAL ESTATE 0.1%
Colliers International Group, Inc.		304			27
FirstService Corp.		332			46
					73
UTILITIES 0.5%
Algonquin Power & Utilities Corp.		1,293			21
Atco Ltd. ‘I’		1,223			35
Boralex, Inc. (e)		899			33
Emera, Inc.		586			25
Fortis, Inc.		1,748			72
Hydro One Ltd.		1,892			43
Northland Power, Inc.		1,717			62
Superior Plus Corp.		2,128			20
TransAlta Corp.		3,471			26
TransAlta Renewables, Inc.		1,647			28
					365
Total Canada					5,405

	SHARES			MARKET VALUE (000S)
CHILE 0.0%
MATERIALS 0.0%
Antofagasta PLC		1,430	$		28
Total Chile					28
DENMARK 2.4%
CONSUMER DISCRETIONARY 0.2%
Pandora A/S		985			110
CONSUMER STAPLES 0.2%
Carlsberg A/S ‘B’		431			69
Royal Unibrew A/S		396			46
Scandinavian Tobacco Group A/S		1,264			21
					136
FINANCIALS 0.1%
Topdanmark A/S		500			21
Tryg A/S		881			28
					49
HEALTH CARE 0.9%
Coloplast A/S ‘B’		307			47
Demant A/S (a)		776			31
GN Store Nord A/S		679			54
H Lundbeck A/S		415			14
Novo Nordisk A/S ‘B’		6,832			477
					623
INDUSTRIALS 0.7%
AP Moller - Maersk A/S ‘B’		54			120
D/S Norden A/S		1,325			24
Dfds A/S (a)		631			28
DSV Panalpina A/S		634			107
ISS A/S (a)		794			14
Vestas Wind Systems A/S		1,074			254
					547
MATERIALS 0.1%
CHR Hansen Holding A/S		525			54
Novozymes A/S ‘B’		821			47
					101
UTILITIES 0.2%
Orsted A/S		733			150
Total Denmark					1,716
FINLAND 1.5%
COMMUNICATION SERVICES 0.1%
Elisa Oyj		1,199			66
CONSUMER STAPLES 0.2%
Kesko Oyj ‘B’		4,513			116
ENERGY 0.3%
Neste Oyj		3,040			221
FINANCIALS 0.1%
Sampo Oyj ‘A’		1,356			58

34 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (Unaudited)

	SHARES			MARKET VALUE (000S)
HEALTH CARE 0.1%
Orion Oyj ‘B’		1,137	$		52
INDUSTRIALS 0.3%
Finnair Oyj		32,943			30
Kone Oyj ‘B’		2,349			192
YIT OYJ		3,355			20
					242
INFORMATION TECHNOLOGY 0.1%
Nokia Oyj		10,037			39
TietoEVRY Oyj		705			23
					62
MATERIALS 0.3%
Kemira Oyj		1,555			25
Outokumpu OYJ		8,923			35
Stora Enso Oyj ‘R’		3,465			66
UPM-Kymmene Oyj		2,033			76
					202
UTILITIES 0.0%
Fortum Oyj		1,464			35
Total Finland					1,054
FRANCE 5.8%
COMMUNICATION SERVICES 0.6%
Eutelsat Communications S.A.		2,678			30
Iliad S.A.		101			21
IPSOS		729			24
Lagardere S.C.A.		1,377			34
Orange S.A.		9,294			111
Publicis Groupe S.A.		862			43
Television Francaise (a)		1,849			15
Ubisoft Entertainment SA (a)		225			22
Vivendi S.A.		3,946			127
					427
CONSUMER DISCRETIONARY 1.3%
Cie Generale des Etablissements Michelin S.C.A.		375			48
Elior Group S.A.		4,039			27
Hermes International		109			117
Kering S.A.		207			150
LVMH Moet Hennessy Louis Vuitton SE		666			417
Peugeot S.A. (a)		3,775			104
Renault S.A.		834			37
Sodexo S.A.		474			40
					940
CONSUMER STAPLES 0.7%
Carrefour S.A.		6,614			113
Casino Guichard Perrachon S.A.		737			23
Danone S.A.		1,649			109
L’Oreal S.A.		584			223
Pernod Ricard S.A.		340			65
					533

	SHARES			MARKET VALUE (000S)
ENERGY 0.2%
Total SE		2,428	$		105
Vallourec S.A. (a)		577			19
					124
FINANCIALS 0.2%
Coface S.A. (a)		2,697			27
Eurazeo S.A.		349			24
Natixis S.A.		4,425			15
SCOR SE		782			25
Societe Generale S.A. (a)		3,686			77
					168
HEALTH CARE 0.4%
BioMerieux		221			31
Korian S.A. (a)		495			19
Sanofi		1,690			164
Sartorius Stedim Biotech		116			41
					255
INDUSTRIALS 1.3%
Air France-KLM (a)(c)		4,441			28
Airbus SE (a)		540			59
Alstom S.A.		1,080			61
Bouygues S.A.		1,210			50
Bureau Veritas S.A. (a)		1,216			32
Cie de Saint-Gobain (a)		1,054			48
Eiffage S.A. (a)		229			22
Elis S.A. (a)		1,322			22
Legrand S.A.		636			57
Nexans S.A. (a)		591			43
Rexel S.A.		3,825			60
Schneider Electric SE		1,194			173
Societe BIC S.A.		245			14
Teleperformance		156			52
Thales S.A.		242			22
Vinci S.A.		1,936			193
					936
INFORMATION TECHNOLOGY 0.3%
Alten S.A.		209			24
Atos SE (a)		170			15
Capgemini SE		213			33
Dassault Systemes SE		290			59
Quadient S.A.		1,301			25
Worldline S.A. (a)		737			72
					228
MATERIALS 0.3%
Air Liquide S.A.		966			158
Arkema S.A.		187			22
Vicat S.A.		629			26
					206
REAL ESTATE 0.0%
Nexity S.A.		344			15
UTILITIES 0.5%
Electricite de France S.A.		6,753			107
Engie S.A.		7,657			117
Suez S.A.		1,457			29

	SHARES			MARKET VALUE (000S)
Veolia Environnement S.A.		4,293	$		106
					359
Total France					4,191
GERMANY 5.5%
COMMUNICATION SERVICES 0.4%
CTS Eventim AG & Co. KGaA (a)		341			23
Deutsche Telekom AG		7,308			133
Freenet AG		1,650			35
ProSiebenSat.1 Media SE (a)		1,477			25
Scout24 AG		597			49
Telefonica Deutschland Holding AG		5,193			14
					279
CONSUMER DISCRETIONARY 1.2%
adidas AG (a)		511			186
Bayerische Motoren Werke AG		1,898			168
Continental AG		694			103
Daimler AG		3,769			267
ElringKlinger AG		2,498			48
Fielmann AG (a)		305			25
Hella GmbH & Co. KGaA		476			31
TUI AG		4,269			27
Zalando SE (a)		425			47
					902
CONSUMER STAPLES 0.1%
Beiersdorf AG		390			45
Metro AG		1,625			18
					63
FINANCIALS 0.8%
Aareal Bank AG (a)		1,100			26
Commerzbank AG (a)		6,095			39
Deutsche Bank AG		9,787			108
Deutsche Boerse AG		792			135
Deutsche Pfandbriefbank AG		3,385			37
Hannover Rueck SE		241			39
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		532			158
Talanx AG		572			22
					564
HEALTH CARE 0.4%
Carl Zeiss Meditec AG		264			35
Fresenius Medical Care AG & Co. KGaA		1,272			106
Fresenius SE & Co. KGaA		516			24
Merck KGaA		412			71
Siemens Healthineers AG		371			19
					255
INDUSTRIALS 0.8%
Brenntag AG		453			35
Deutsche Lufthansa AG		3,513			46
Deutsche Post AG		1,345			67
Deutz AG (a)		2,515			16
Duerr AG		608			25
Hapag-Lloyd AG		209			23
Hochtief AG		152			15
KION Group AG		294			26
Kloeckner & Co. SE		3,268			32

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 35

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Knorr-Bremse AG		162	$		22
Nordex SE (a)		1,529			42
OSRAM Licht AG		519			33
Rational AG		36			33
Siemens AG		1,395			201
					616
INFORMATION TECHNOLOGY 0.2%
Infineon Technologies AG		3,285			126
SAP SE		427			55
					181
MATERIALS 0.5%
Aurubis AG		503			39
BASF SE		2,748			217
Covestro AG		777			48
Symrise AG		317			42
					346
REAL ESTATE 0.4%
Deutsche Wohnen SE		996			53
LEG Immobilien AG		305			47
TAG Immobilien AG		979			31
Vonovia SE		2,157			158
					289
UTILITIES 0.7%
E.ON SE		17,798			197
RWE AG		5,431			230
Uniper SE		2,676			92
					519
Total Germany					4,014
HONG KONG 2.2%
COMMUNICATION SERVICES 0.2%
HKBN Ltd.		10,500			16
HKT Trust & HKT Ltd.		39,000			51
PCCW Ltd.		73,295			44
					111
CONSUMER DISCRETIONARY 0.5%
Bosideng International Holdings Ltd.		78,000			40
Cafe de Coral Holdings Ltd.		4,000			9
Chow Tai Fook Jewellery Group Ltd.		22,400			28
Galaxy Entertainment Group Ltd.		8,000			62
Man Wah Holdings Ltd.		27,200			59
Melco Resorts & Entertainment Ltd. ADR		2,185			40
SJM Holdings Ltd.		14,000			16
Skyworth Group Ltd.		53,527			15
Xinyi Glass Holdings Ltd.		10,000			28
Yue Yuen Industrial Holdings Ltd.		14,500			30
					327
CONSUMER STAPLES 0.1%
Vitasoy International Holdings Ltd.		8,000			31
WH Group Ltd.		88,500			74
					105

	SHARES			MARKET VALUE (000S)
FINANCIALS 0.4%
AIA Group Ltd.		11,400	$		139
Hong Kong Exchanges and Clearing Ltd.		3,000			165
Hopson Development Holdings Ltd.		8,000			20
					324
INDUSTRIALS 0.4%
Cathay Pacific Airways Ltd.		17,000			16
CK Hutchison Holdings Ltd.		9,000			63
Hutchison Port Holdings Trust		141,400			28
Jardine Matheson Holdings Ltd.		1,300			73
Jardine Strategic Holdings Ltd.		600			15
MTR Corp. Ltd.		8,500			47
SITC International Holdings Co. Ltd.		7,000			15
Techtronic Industries Co. Ltd.		2,500			36
					293
INFORMATION TECHNOLOGY 0.1%
GCL-Poly Energy Holdings Ltd. (a)		202,000			32
Kingboard Holdings Ltd.		6,200			26
Kingboard Laminates Holdings Ltd.		17,500			29
VTech Holdings Ltd.		2,500			19
					106
REAL ESTATE 0.2%
Gemdale Properties & Investment Corp. Ltd.		96,000			14
Hongkong Land Holdings Ltd.		4,700			19
Kerry Properties Ltd.		5,500			14
New World Development Co. Ltd.		7,500			35
Shimao Property Holdings Ltd.		4,400			14
Swire Pacific Ltd. ‘A’		4,000			22
Wharf Holdings Ltd.		13,000			35
					153
UTILITIES 0.3%
China Gas Holdings Ltd.		4,600			18
CLP Holdings Ltd.		10,100			93
HK Electric Investments & HK Electric Investments Ltd.		35,000			34
Hong Kong & China Gas Co. Ltd.		30,450			46
Power Assets Holdings Ltd.		4,000			22
					213
Total Hong Kong					1,632
IRELAND 1.9%
CONSUMER DISCRETIONARY 0.4%
Aptiv PLC		1,335			174
Flutter Entertainment PLC		756			156
					330
CONSUMER STAPLES 0.2%
Glanbia PLC		1,187			15
Kerry Group PLC ‘A’		744			108
					123
HEALTH CARE 0.5%
ICON PLC (a)		382			74
Jazz Pharmaceuticals PLC (a)		173			29
Medtronic PLC		2,262			265

	SHARES			MARKET VALUE (000S)
UDG Healthcare PLC		2,126	$		23
					391
INDUSTRIALS 0.5%
Allegion PLC		295			34
DCC PLC		431			30
Experian PLC		3,808			145
Grafton Group PLC		2,415			31
Kingspan Group PLC		503			35
Trane Technologies PLC		488			71
					346
MATERIALS 0.3%
James Hardie Industries PLC ADR		4,302			127
Smurfit Kappa Group PLC		2,014			94
					221
Total Ireland					1,411
ISRAEL 0.7%
COMMUNICATION SERVICES 0.0%
Bezeq The Israeli Telecommunication Corp. Ltd. (a)		26,511			26
CONSUMER STAPLES 0.0%
Shufersal Ltd.		2,534			20
ENERGY 0.1%
Oil Refineries Ltd. (a)		118,839			27
Paz Oil Co. Ltd.		139			15
					42
FINANCIALS 0.2%
Bank Hapoalim BM		3,979			27
Bank Leumi Le-Israel BM		4,304			25
Israel Discount Bank Ltd. ‘A’		6,136			24
Mizrahi Tefahot Bank Ltd.		967			23
Plus500 Ltd.		1,372			27
					126
HEALTH CARE 0.0%
Teva Pharmaceutical Industries Ltd. SP - ADR (a)		2,844			28
INDUSTRIALS 0.1%
Elbit Systems Ltd.		120			16
Shikun & Binui Ltd. (a)		4,864			28
					44
INFORMATION TECHNOLOGY 0.3%
Check Point Software Technologies Ltd. (a)		321			43
Nice Ltd. (a)		266			75
SolarEdge Technologies, Inc. (a)		310			99
					217
MATERIALS 0.0%
ICL Group Ltd.		6,140			31
Total Israel					534

36 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (Unaudited)

	SHARES			MARKET VALUE (000S)
ITALY 2.0%
COMMUNICATION SERVICES 0.2%
Infrastrutture Wireless Italiane SpA		2,186	$		27
Telecom Italia SpA		181,082			84
					111
CONSUMER DISCRETIONARY 0.3%
De’ Longhi SpA		680			21
Ferrari NV		465			108
Moncler SpA (a)		468			29
OVS SpA (a)		17,102			22
					180
CONSUMER STAPLES 0.0%
MARR SpA (a)		1,193			25
ENERGY 0.2%
Eni SpA		10,444			109
Saipem SpA		7,596			20
Saras SpA (a)		43,375			32
					161
FINANCIALS 0.3%
Anima Holding SpA		4,727			23
Azimut Holding SpA		1,196			26
Banca Generali SpA (a)		639			21
Banca IFIS SpA (a)		1,921			22
Banca Popolare di Sondrio SCPA		5,959			16
Banco BPM SpA (a)		13,718			30
BPER Banca (a)		11,758			21
FinecoBank Banca Fineco SpA (a)		2,213			37
UniCredit SpA		1,583			15
Unipol Gruppo Finanziario SpA (a)		5,086			24
					235
HEALTH CARE 0.2%
Amplifon SpA (a)		741			31
DiaSorin SpA		268			56
Recordati Industria Chimica e Farmaceutica SpA		529			29
					116
INDUSTRIALS 0.1%
ASTM SpA		704			18
Enav SpA		3,748			16
Prysmian SpA		1,152			41
					75
UTILITIES 0.7%
Enel SpA		30,329			309
ERG SpA		1,104			32
Hera SpA		4,259			15
Iren SpA		7,780			20
Snam SpA		12,170			69
Terna Rete Elettrica Nazionale SpA		9,891			76
					521
Total Italy					1,424

	SHARES			MARKET VALUE (000S)
JAPAN 26.2%
COMMUNICATION SERVICES 2.3%
Avex, Inc.		1,200	$		13
Capcom Co. Ltd.		1,100			71
CyberAgent, Inc.		600			42
Fuji Media Holdings, Inc.		1,700			18
Kadokawa Corp.		1,100			40
Kakaku.com, Inc.		1,000			27
KDDI Corp.		14,600			433
Nintendo Co. Ltd.		300			193
Nippon Telegraph & Telephone Corp.		9,900			254
Shochiku Co. Ltd.		100			14
Softbank Corp.		7,800			98
SoftBank Group Corp.		4,100			318
Square Enix Holdings Co. Ltd.		500			30
Yahoo Japan Corp.		21,000			127
					1,678
CONSUMER DISCRETIONARY 5.1%
ABC-Mart, Inc.		200			11
Adastria Co. Ltd.		1,200			24
Aisin Seiki Co. Ltd.		1,200			36
Arata Corp.		100			5
ASKUL Corp.		600			22
Autobacs Seven Co. Ltd.		1,200			17
Bandai Namco Holdings, Inc.		1,100			95
Bridgestone Corp. (c)		5,400			177
Casio Computer Co. Ltd.		1,900			35
DCM Holdings Co. Ltd.		2,000			23
Denso Corp.		2,100			125
EDION Corp.		2,100			21
Fast Retailing Co. Ltd.		200			179
FCC Co. Ltd.		900			16
H2O Retailing Corp.		1,300			9
Haseko Corp.		1,200			14
Honda Motor Co. Ltd.		4,800			135
Iida Group Holdings Co. Ltd.		1,100			22
Isetan Mitsukoshi Holdings Ltd.		4,800			28
Isuzu Motors Ltd.		4,100			39
JVC Kenwood Corp.		14,600			23
K’s Holdings Corp.		3,400			47
Kohnan Shoji Co. Ltd.		900			28
Koito Manufacturing Co. Ltd.		700			48
Komeri Co. Ltd.		1,100			31
Kura Sushi, Inc.		100			6
Mazda Motor Corp.		5,600			37
McDonald’s Holdings Co. Japan Ltd.		200			10
Musashi Seimitsu Industry Co. Ltd.		1,100			18
NHK Spring Co. Ltd.		1,500			10
Nishimatsuya Chain Co. Ltd.		2,100			30
Nissan Motor Co. Ltd.		20,200			110
Nitori Holdings Co. Ltd.		400			84
NOK Corp.		1,700			18
Ohsho Food Service Corp.		100			6
Oriental Land Co. Ltd.		700			116
Paltac Corp.		100			5
Pan Pacific International Holdings Corp.		1,600			37
Panasonic Corp.		21,900			255
Plenus Co. Ltd.		1,200			20
Rinnai Corp.		100			12
Royal Holdings Co. Ltd.		800			14
Saizeriya Co. Ltd.		800			15
Sankyo Co. Ltd.		700			19

	SHARES			MARKET VALUE (000S)
Sega Sammy Holdings, Inc.		1,200	$		19
Sekisui Chemical Co. Ltd.		3,700			70
Sekisui House Ltd.		2,400			49
Seria Co. Ltd.		400			15
Shimamura Co. Ltd.		400			42
Shimano, Inc.		500			117
Skylark Co. Ltd.		1,200			19
Sony Corp.		3,500			353
Stanley Electric Co. Ltd.		100			3
Subaru Corp.		1,700			34
Sumitomo Electric Industries Ltd.		3,400			45
Sumitomo Forestry Co. Ltd.		1,100			23
Sumitomo Rubber Industries Ltd.		2,500			22
Sushiro Global Holdings Ltd.		2,400			92
Suzuki Motor Corp.		3,600			167
Tokai Rika Co. Ltd.		1,000			17
Tomy Co. Ltd.		1,200			11
Toyoda Gosei Co. Ltd.		1,000			29
Toyota Boshoku Corp.		1,000			16
Toyota Motor Corp.		3,100			239
TS Tech Co. Ltd.		1,000			31
USS Co. Ltd.		1,700			34
Workman Co. Ltd.		100			9
Yamada Denki Co. Ltd.		11,900			63
Yamaha Corp.		700			41
Yellow Hat Ltd.		1,300			21
Yondoshi Holdings, Inc.		800			15
Yoshinoya Holdings Co. Ltd.		1,100			20
Zensho Holdings Co. Ltd.		800			21
Zojirushi Corp.		1,100			20
ZOZO, Inc.		700			17
					3,706
CONSUMER STAPLES 2.7%
Aeon Co. Ltd.		5,400			177
Ain Holdings, Inc.		100			6
Ajinomoto Co., Inc.		5,400			122
Ariake Japan Co. Ltd.		100			7
Asahi Group Holdings Ltd.		1,300			54
Cosmos Pharmaceutical Corp.		100			16
Earth Corp.		100			6
Fuji Oil Holdings, Inc.		1,000			29
Heiwado Co. Ltd.		1,200			26
Ito En Ltd.		300			19
J-Oil Mills, Inc.		200			7
Japan Tobacco, Inc.		10,500			214
Kagome Co. Ltd.		1,100			39
Kao Corp.		2,200			170
Kewpie Corp.		1,100			24
Kikkoman Corp.		700			49
Kirin Holdings Co. Ltd.		6,900			163
Kobayashi Pharmaceutical Co. Ltd.		200			24
Lion Corp.		1,100			27
Matsumotokiyoshi Holdings Co. Ltd.		200			9
MEIJI Holdings Co. Ltd.		700			49
Mitsui Sugar Co. Ltd.		800			14
Morinaga Milk Industry Co. Ltd.		300			15
NH Foods Ltd.		1,300			57
Nichirei Corp.		1,100			31
Nisshin Oillio Group Ltd.		200			6
Nisshin Seifun Group, Inc.		1,100			17
Nissin Foods Holdings Co. Ltd.		600			51
Pigeon Corp.		400			16
Prima Meat Packers Ltd.		1,000			32

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 37

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Sakata Seed Corp.		200	$		7
Seven & i Holdings Co. Ltd.		5,700			202
Sugi Holdings Co. Ltd.		200			13
Sundrug Co. Ltd.		1,000			40
Suntory Beverage & Food Ltd.		1,100			39
Toyo Suisan Kaisha Ltd.		1,100			54
Tsuruha Holdings, Inc.		200			28
Unicharm Corp.		1,600			76
Welcia Holdings Co. Ltd.		500			19
Yakult Honsha Co. Ltd.		300			15
Yamazaki Baking Co. Ltd.		900			15
					1,984
ENERGY 0.3%
Cosmo Energy Holdings Co. Ltd.		2,500			45
Idemitsu Kosan Co. Ltd.		812			18
Inpex Corp.		5,600			30
Iwatani Corp.		1,100			68
JXTG Holdings, Inc.		14,600			52
					213
FINANCIALS 0.4%
Aozora Bank Ltd.		1,000			19
Daiwa Securities Group, Inc.		11,500			52
Jafco Co. Ltd.		200			10
Japan Exchange Group, Inc.		1,500			38
Japan Post Bank Co. Ltd.		6,500			53
Japan Post Holdings Co. Ltd.		10,400			81
Kobe Bussan Co. Ltd.		800			25
North Pacific Bank Ltd.		5,900			13
Okasan Securities Group, Inc.		3,900			14
Zenkoku Hosho Co. Ltd.		200			9
					314
HEALTH CARE 3.0%
Astellas Pharma, Inc.		12,800			198
Chugai Pharmaceutical Co. Ltd.		3,000			160
Daiichi Sankyo Co. Ltd.		7,600			261
Eisai Co. Ltd.		600			43
H.U. Group Holdings, Inc.		900			24
Hogy Medical Co. Ltd.		200			7
Hoya Corp.		2,600			360
Kyowa Kirin Co. Ltd.		600			16
M3, Inc.		1,500			142
Medipal Holdings Corp.		800			15
Olympus Corp.		9,000			197
Ono Pharmaceutical Co. Ltd.		1,100			33
Otsuka Holdings Co. Ltd.		2,500			107
Paramount Bed Holdings Co. Ltd.		200			9
Rohto Pharmaceutical Co. Ltd.		500			15
Santen Pharmaceutical Co. Ltd.		900			15
Sawai Pharmaceutical Co. Ltd.		200			9
Shionogi & Co. Ltd.		1,100			60
Suzuken Co. Ltd.		800			29
Sysmex Corp.		400			48
Takeda Pharmaceutical Co. Ltd.		5,941			215
Terumo Corp.		4,500			188
Tsumura & Co.		1,000			30
					2,181
INDUSTRIALS 5.1%
Amada Co. Ltd.		1,400			15
ANA Holdings, Inc.		1,000			22

	SHARES			MARKET VALUE (000S)
Asahi Glass Co. Ltd.		1,000	$		35
Central Glass Co. Ltd.		1,000			22
COMSYS Holdings Corp.		200			6
Dai Nippon Printing Co. Ltd.		3,000			54
Daifuku Co. Ltd.		200			25
Daikin Industries Ltd.		1,600			356
DMG Mori Co. Ltd.		1,200			18
East Japan Railway Co.		300			20
FANUC Corp.		700			173
Fuji Electric Co. Ltd.		100			4
Fujikura Ltd.		3,700			17
Fujitec Co. Ltd.		1,200			26
Hankyu Hanshin Holdings, Inc.		1,100			37
Hanwa Co. Ltd.		1,000			27
Hazama Ando Corp.		1,500			10
Hino Motors Ltd.		5,500			47
Hitachi Zosen Corp.		6,600			36
Hoshizaki Corp.		100			9
ITOCHU Corp.		4,900			141
Japan Airlines Co. Ltd.		3,500			67
JTEKT Corp.		3,300			26
Kajima Corp.		2,000			27
Kanematsu Corp.		1,900			24
Kawasaki Heavy Industries Ltd.		1,700			38
Keihan Holdings Co. Ltd.		200			10
Keikyu Corp.		1,100			19
Keio Corp.		500			39
Kinden Corp.		1,200			20
Kintetsu Group Holdings Co. Ltd.		400			18
Kubota Corp.		2,700			59
Kurita Water Industries Ltd.		1,000			38
Kyowa Exeo Corp.		1,000			28
Kyushu Railway Co.		800			17
LIXIL Group Corp.		1,900			41
Maeda Road Construction Co. Ltd.		1,000			17
Makita Corp.		1,500			75
Marubeni Corp.		9,500			63
Meitec Corp.		300			16
Minebea Mitsumi, Inc.		2,300			46
Mirait Holdings Corp.		1,300			22
MISUMI Group, Inc.		700			23
Mitsubishi Heavy Industries Ltd.		1,000			31
Mitsui & Co. Ltd.		5,600			103
Mitsui OSK Lines Ltd.		1,100			34
Miura Co. Ltd.		200			11
Nagase & Co. Ltd.		1,200			18
Nagoya Railroad Co. Ltd.		1,000			26
Nankai Electric Railway Co. Ltd.		1,200			30
Nidec Corp.		1,400			177
Nippo Corp.		1,000			27
Nippon Express Co. Ltd.		300			20
Nippon Sheet Glass Co. Ltd.		8,500			39
Nippon Yusen KK		1,800			42
NSK Ltd.		4,200			37
NTN Corp.		4,600			12
Obayashi Corp.		8,000			69
Odakyu Electric Railway Co. Ltd.		1,200			38
OSG Corp.		1,100			21
Park24 Co. Ltd.		800			14
Penta-Ocean Construction Co. Ltd.		2,500			22
Recruit Holdings Co. Ltd.		5,300			223
Sakai Moving Service Co. Ltd.		100			5
Sanwa Holdings Corp.		1,200			14
Secom Co. Ltd.		600			55
Seibu Holdings, Inc.		1,200			12

	SHARES			MARKET VALUE (000S)
Seino Holdings Co. Ltd.		2,000	$		28
SG Holdings Co. Ltd.		2,200			60
Shibaura Machine Co. Ltd.		800			18
Shimizu Corp.		3,000			22
Shinmaywa Industries Ltd.		1,700			15
SHO-BOND Holdings Co. Ltd.		200			10
SMC Corp.		200			122
Sohgo Security Services Co. Ltd.		300			16
Sojitz Corp.		5,500			12
Sotetsu Holdings, Inc.		1,000			24
Sumitomo Mitsui Construction Co. Ltd.		2,520			10
Taikisha Ltd.		800			21
Taisei Corp.		1,600			55
Takeuchi Manufacturing Co. Ltd.		1,200			28
Tobu Railway Co. Ltd.		1,100			33
TOKAI Holdings Corp.		2,200			22
Tokyu Corp.		1,700			21
Toppan Printing Co. Ltd.		1,700			24
TOTO Ltd.		1,100			66
Toyota Tsusho Corp.		2,400			97
West Japan Railway Co.		400			21
Yamato Holdings Co. Ltd.		1,100			28
Yuasa Trading Co. Ltd.		1,000			32
					3,698
INFORMATION TECHNOLOGY 4.6%
Advantest Corp.		700			52
Amano Corp.		1,100			26
Azbil Corp.		1,100			60
Brother Industries Ltd.		1,200			25
Canon Marketing Japan, Inc.		1,100			25
Canon, Inc.		2,700			52
Daiwabo Holdings Co. Ltd.		300			27
DTS Corp.		1,100			23
FUJIFILM Holdings Corp.		1,000			53
Fujitsu Ltd.		1,000			145
Hamamatsu Photonics KK		300			17
Hitachi Ltd.		9,900			391
Horiba Ltd.		100			6
Hosiden Corp.		1,200			12
Ibiden Co. Ltd.		1,200			56
Internet Initiative Japan, Inc.		800			16
Itochu Techno-Solutions Corp.		1,100			39
Keyence Corp.		500			281
Koei Tecmo Holdings Co. Ltd.		400			24
Konica Minolta, Inc.		7,000			27
Macnica Fuji Electronics Holdings, Inc.		1,100			22
Maxell Holdings Ltd.		1,800			23
Mixi, Inc.		800			20
Murata Manufacturing Co. Ltd.		3,700			335
NEC Corp.		4,700			252
NET One Systems Co. Ltd.		1,100			39
Nexon Co. Ltd.		1,700			52
Nihon Unisys Ltd.		1,200			47
Nomura Research Institute Ltd.		2,600			93
NSD Co. Ltd.		1,200			26
Obic Co. Ltd.		300			60
Omron Corp.		2,500			223
Oracle Corp. Japan		200			26
Otsuka Corp.		500			26
Renesas Electronics Corp. (a)		1,400			15
Ricoh Co. Ltd.		4,800			32
Ryoyo Electro Corp.		900			28

38 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (Unaudited)

	SHARES			MARKET VALUE (000S)
SCREEN Holdings Co. Ltd.		200	$		15
SCSK Corp.		200			11
Seiko Epson Corp.		2,000			30
Shinko Electric Industries Co. Ltd.		2,200			50
SUMCO Corp.		1,300			29
Taiyo Yuden Co. Ltd.		200			9
TDK Corp.		300			45
TIS, Inc.		2,500			51
Toho Co. Ltd.		900			38
Tokyo Electron Ltd.		800			299
Tokyo Seimitsu Co. Ltd.		200			9
Toshiba TEC Corp.		200			7
Trend Micro, Inc.		200			12
Ulvac, Inc.		500			21
Yaskawa Electric Corp.		1,300			65
					3,367
MATERIALS 1.9%
Asahi Holdings, Inc.		700			25
Daicel Corp.		2,500			18
DIC Corp.		1,000			25
Dowa Holdings Co. Ltd.		200			7
FP Corp.		200			8
Hitachi Metals Ltd.		3,400			52
JFE Holdings, Inc.		5,300			51
JSR Corp.		1,100			31
Kobe Steel Ltd. (a)		8,800			47
Mitsubishi Chemical Holdings Corp.		3,300			20
Mitsubishi Materials Corp.		800			17
Mitsui Chemicals, Inc.		2,000			59
Nippon Paint Holdings Co. Ltd.		1,300			143
Nippon Paper Industries Co. Ltd. ‘L’		1,600			19
Nippon Steel Corp.		5,600			72
Nissan Chemical Corp.		600			38
Nitto Denko Corp.		1,300			117
Oji Holdings Corp.		9,300			53
Osaka Soda Co. Ltd.		1,000			26
Rengo Co. Ltd.		3,200			27
Shin-Etsu Chemical Co. Ltd.		1,300			228
Sumitomo Chemical Co. Ltd.		13,200			53
Sumitomo Osaka Cement Co. Ltd.		800			23
Tokuyama Corp.		1,100			25
Tokyo Ohka Kogyo Co. Ltd.		300			21
Tokyo Steel Manufacturing Co. Ltd.		2,500			16
Topy Industries Ltd. (a)		2,300			26
Toray Industries, Inc.		7,200			43
Tosoh Corp.		2,100			33
Toyo Seikan Group Holdings Ltd.		1,200			13
UACJ Corp.		1,200			22
Ube Industries Ltd.		900			16
					1,374
REAL ESTATE 0.1%
Daito Trust Construction Co. Ltd.		200			19
Daiwa House Industry Co. Ltd.		1,400			41
					60
UTILITIES 0.7%
Chubu Electric Power Co., Inc.		8,100			98
Chugoku Electric Power Co., Inc.		3,300			39
Electric Power Development Co. Ltd. ‘C’		1,400			19
Hokuriku Electric Power Co.		2,800			18

	SHARES			MARKET VALUE (000S)
Kansai Electric Power Co., Inc.		1,700	$		16
Kyushu Electric Power Co., Inc.		6,100			53
Osaka Gas Co. Ltd.		3,800			78
Shizuoka Gas Co. Ltd.		2,400			24
Toho Gas Co. Ltd.		600			40
Tokyo Electric Power Co. Holdings, Inc. (a)		11,500			30
Tokyo Gas Co. Ltd.		4,400			102
					517
Total Japan					19,092
JORDAN 0.0%
HEALTH CARE 0.0%
Hikma Pharmaceuticals PLC		773			26
Total Jordan					26
LUXEMBOURG 0.4%
COMMUNICATION SERVICES 0.0%
SES S.A.		1,634			15
HEALTH CARE 0.1%
Eurofins Scientific SE (a)		380			32
MATERIALS 0.2%
APERAM S.A.		648			27
ArcelorMittal S.A. (a)		5,653			129
					156
REAL ESTATE 0.1%
Aroundtown S.A.		3,677			28
Grand City Properties S.A.		856			22
					50
Total Luxembourg					253
MACAU 0.1%
CONSUMER DISCRETIONARY 0.1%
Sands China Ltd.		8,600			38
Wynn Macau Ltd.		8,000			13
					51
Total Macau					51
MONACO 0.1%
MATERIALS 0.1%
Endeavour Mining Corp. (a)		1,841			43
Total Monaco					43
NETHERLANDS 3.7%
COMMUNICATION SERVICES 0.1%
Koninklijke KPN NV		26,061			79
VEON Ltd. ADR		9,081			14
					93
CONSUMER DISCRETIONARY 0.1%
GrandVision NV (a)		690			22
Prosus NV		659			71
					93

	SHARES			MARKET VALUE (000S)
CONSUMER STAPLES 0.6%
Heineken Holding NV		699	$		66
Heineken NV		519			58
Koninklijke Ahold Delhaize NV		11,011			310
					434
ENERGY 0.2%
Fugro NV (a)		2,481			23
Koninklijke Vopak NV		676			36
Royal Dutch Shell PLC ‘A’		5,156			90
					149
FINANCIALS 0.3%
Aegon NV		9,688			39
ASR Nederland NV		598			24
Euronext NV		354			39
ING Groep NV		9,311			86
NN Group NV		1,395			60
					248
HEALTH CARE 0.1%
Qiagen NV (a)		730			39
INDUSTRIALS 0.5%
Arcadis NV (a)		1,032			34
IMCD NV		176			22
Koninklijke BAM Groep NV (a)		6,685			14
PostNL NV		9,322			32
Signify NV (a)		2,518			106
TKH Group NV		405			19
Wolters Kluwer NV		1,596			135
					362
INFORMATION TECHNOLOGY 1.3%
ASM International NV		403			88
ASML Holding NV		1,343			650
BE Semiconductor Industries NV		543			32
NXP Semiconductors NV		1,080			172
					942
MATERIALS 0.5%
Akzo Nobel NV		1,268			136
Corbion NV		555			31
Koninklijke DSM NV		1,041			179
					346
Total Netherlands					2,706
NEW ZEALAND 0.5%
COMMUNICATION SERVICES 0.1%
Chorus Ltd.		3,417			20
Spark New Zealand Ltd.		17,215			58
					78
ENERGY 0.1%
Z Energy Ltd. (a)		15,429			35
HEALTH CARE 0.1%
Fisher & Paykel Healthcare Corp. Ltd. ‘C’		2,301			55

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 39

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 0.0%
Air New Zealand Ltd.		21,618	$		28
MATERIALS 0.1%
Fletcher Building Ltd.		8,752			37
UTILITIES 0.1%
Contact Energy Ltd.		4,255			27
Genesis Energy Ltd.		10,565			28
Meridian Energy Ltd.		6,741			36
					91
Total New Zealand					324
NORWAY 0.9%
COMMUNICATION SERVICES 0.2%
Adevinta ASA (a)		1,115			18
Schibsted ASA ‘A’ (a)		440			19
Telenor ASA		7,709			131
					168
CONSUMER STAPLES 0.3%
Austevoll Seafood ASA		1,770			18
Leroy Seafood Group ASA		3,215			23
Mowi ASA		2,693			60
Orkla ASA		5,289			54
Salmar ASA		631			37
					192
ENERGY 0.1%
BW Offshore Ltd.		3,335			15
Equinor ASA		4,617			78
					93
FINANCIALS 0.1%
Gjensidige Forsikring ASA		1,510			34
SpareBank 1 SR-Bank ASA (a)		2,201			23
					57
INDUSTRIALS 0.1%
Tomra Systems ASA		1,183			58
MATERIALS 0.1%
Yara International ASA		1,984			82
REAL ESTATE 0.0%
Entra ASA		1,445			33
Total Norway					683
PORTUGAL 0.5%
CONSUMER STAPLES 0.1%
Jeronimo Martins SGPS S.A.		2,854			48
Sonae SGPS S.A.		19,051			15
					63
MATERIALS 0.0%
Semapa-Sociedade de Investimento e Gestao		1,989			22

	SHARES			MARKET VALUE (000S)
UTILITIES 0.4%
EDP - Energias de Portugal S.A.		45,087	$		283
REN - Redes Energeticas Nacionais SGPS S.A.		6,510			19
					302
Total Portugal					387
SINGAPORE 0.9%
COMMUNICATION SERVICES 0.2%
NetLink NBN Trust		26,300			19
Singapore Press Holdings Ltd.		16,200			14
Singapore Telecommunications Ltd.		47,100			82
					115
CONSUMER STAPLES 0.2%
Golden Agri-Resources Ltd.		308,500			37
Wilmar International Ltd.		38,700			137
					174
ENERGY 0.0%
BW LPG Ltd.		4,501			31
FINANCIALS 0.2%
DBS Group Holdings Ltd.		3,600			68
Oversea-Chinese Banking Corp. Ltd.		3,700			28
Singapore Exchange Ltd.		3,600			25
United Overseas Bank Ltd.		2,500			43
					164
INDUSTRIALS 0.2%
ComfortDelGro Corp. Ltd.		13,500			17
Keppel Corp. Ltd.		9,600			39
SATS Ltd.		2,000			6
Sembcorp Industries Ltd.		12,500			17
Singapore Airlines Ltd.		8,600			28
Singapore Post Ltd.		29,900			16
Singapore Technologies Engineering Ltd.		12,800			37
					160
INFORMATION TECHNOLOGY 0.1%
Venture Corp. Ltd.		2,400			35
Total Singapore					679
SOUTH AFRICA 0.0%
HEALTH CARE 0.0%
Mediclinic International PLC		3,789			15
Total South Africa					15
SPAIN 2.7%
COMMUNICATION SERVICES 0.2%
Mediaset Espana Comunicacion S.A. (a)		5,851			30
Telefonica S.A. (c)		26,867			107
					137
CONSUMER DISCRETIONARY 0.1%
Industria de Diseno Textil S.A.		3,296			105

	SHARES			MARKET VALUE (000S)
CONSUMER STAPLES 0.1%
Ebro Foods S.A.		875	$		20
Viscofan S.A.		527			38
					58
ENERGY 0.2%
Repsol S.A.		13,103			132
FINANCIALS 0.4%
Banco Bilbao Vizcaya Argentaria S.A.		8,096			40
Banco de Sabadell S.A.		53,147			23
Banco Santander S.A.		55,707			174
Bankia S.A.		14,087			25
Liberbank S.A. (a)		60,269			19
Mapfre S.A.		6,845			13
					294
HEALTH CARE 0.1%
Grifols S.A.		1,224			36
INDUSTRIALS 0.3%
ACS Actividades de Construccion Y Servicios S.A.		1,418			47
Aena SME S.A. (a)		304			53
Cia de Distribucion Integral Logista Holdings S.A.		930			18
Ferrovial S.A.		2,196			61
Sacyr S.A.		5,769			14
					193
INFORMATION TECHNOLOGY 0.1%
Amadeus IT Group S.A.		1,037			76
MATERIALS 0.0%
Acerinox S.A.		2,750			30
UTILITIES 1.2%
Acciona S.A.		251			36
Endesa S.A.		7,194			197
Iberdrola S.A.		33,197			477
Naturgy Energy Group S.A.		6,175			144
Red Electrica Corp. S.A.		2,696			55
					909
Total Spain					1,970
SWEDEN 3.3%
COMMUNICATION SERVICES 0.4%
Spotify Technology S.A. (a)		355			112
Tele2 AB ‘B’		3,631			48
Telia Co. AB		29,467			121
					281
CONSUMER DISCRETIONARY 0.6%
Autoliv, Inc.		700			64
Bilia AB ‘A’ (a)		1,980			24
Electrolux AB ‘B’		3,085			72
Hennes & Mauritz AB ‘B’ (a)		9,434			198
JM AB		1,716			61
Nobia AB (a)		3,812			31
					450

40 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (Unaudited)

	SHARES			MARKET VALUE (000S)
CONSUMER STAPLES 0.3%
AAK AB		1,136	$		23
Axfood AB		1,573			37
Essity AB ‘B’		930			30
ICA Gruppen AB		457			23
Swedish Match AB		1,292			100
					213
FINANCIALS 0.2%
Ratos AB ‘B’		6,279			29
Svenska Handelsbanken AB ‘A’ (a)		5,678			57
Swedbank AB ‘A’ (a)		3,404			60
					146
HEALTH CARE 0.0%
Getinge AB ‘B’		1,222			29
INDUSTRIALS 1.4%
Assa Abloy AB ‘B’		2,676			66
Atlas Copco AB ‘A’		4,458			229
Epiroc AB		6,696			122
Indutrade AB (a)		1,809			39
Intrum AB		616			16
Loomis AB		708			19
NCC AB ‘B’		1,737			31
Nibe Industrier AB ‘B’		1,251			41
Peab AB (a)		2,137			23
Sandvik AB (a)		5,780			143
SKF AB ‘B’		3,697			96
Volvo AB ‘B’ (a)		8,605			204
					1,029
INFORMATION TECHNOLOGY 0.2%
Hexagon AB ‘B’		384			35
Telefonaktiebolaget LM Ericsson ‘B’		8,309			99
					134
MATERIALS 0.2%
BillerudKorsnas AB		2,059			36
Boliden AB		652			23
Hexpol AB		2,402			26
Svenska Cellulosa AB S.C.A. ‘B’ (a)		2,099			37
					122
REAL ESTATE 0.0%
Annehem Fastigheter AB (a)		427			2
Castellum AB		1,066			27
					29
Total Sweden					2,433
SWITZERLAND 7.3%
COMMUNICATION SERVICES 0.2%
Swisscom AG		205			110
CONSUMER DISCRETIONARY 0.4%
Cie Financiere Richemont S.A.		1,902			172
Forbo Holding AG		13			22
Garmin Ltd.		807			97
Valora Holding AG		107			21
					312

	SHARES			MARKET VALUE (000S)
CONSUMER STAPLES 1.0%
Aryzta AG (a)		22,078	$		17
Barry Callebaut AG		4			10
Chocoladefabriken Lindt & Spruengli AG		6			58
Coca-Cola HBC AG		767			25
Emmi AG		24			25
Nestle S.A.		4,896			579
					714
FINANCIALS 1.3%
Baloise Holding AG		268			48
Banque Cantonale Vaudoise		363			40
Cembra Money Bank AG		334			41
St Galler Kantonalbank AG		39			18
Swiss Life Holding AG		148			69
Swiss Re AG		2,000			188
UBS Group AG		5,682			80
Valiant Holding AG		230			22
Zurich Insurance Group AG		1,042			439
					945
HEALTH CARE 1.3%
Galenica AG		324			22
Lonza Group AG		144			93
Roche Holding AG		2,161			753
Sonova Holding AG		186			48
Straumann Holding AG		28			33
Vifor Pharma AG		194			30
					979
INDUSTRIALS 1.4%
ABB Ltd.		12,455			349
Adecco Group AG		1,631			109
Belimo Holding AG		2			17
Bucher Industries AG		62			28
Conzzeta AG		18			22
DKSH Holding AG		278			21
Flughafen Zurich AG (a)		122			22
Geberit AG		131			82
Georg Fischer AG		26			34
Huber + Suhner AG		289			23
Kuehne + Nagel International AG		557			126
Schindler Holding AG		248			67
SGS S.A.		25			75
Sulzer AG		200			21
Wizz Air Holdings PLC (a)		415			26
					1,022
INFORMATION TECHNOLOGY 0.5%
ALSO Holding AG		85			24
Landis + Gyr Group AG		185			14
Logitech International S.A.		1,048			102
STMicroelectronics NV		1,365			51
TE Connectivity Ltd.		1,453			176
					367
MATERIALS 1.0%
EMS-Chemie Holding AG		37			36
Ferrexpo PLC		7,898			30
Givaudan S.A.		50			212
Glencore PLC (a)		75,366			239

	SHARES			MARKET VALUE (000S)
Sika AG		642	$		175
					692
REAL ESTATE 0.2%
Allreal Holding AG		100			23
PSP Swiss Property AG		339			45
Swiss Prime Site AG		602			59
					127
UTILITIES 0.0%
BKW AG		226			26
Total Switzerland					5,294
UNITED KINGDOM 14.1%
COMMUNICATION SERVICES 0.7%
BT Group PLC		15,595			28
Daily Mail & General Trust PLC		2,216			23
Euromoney Institutional Investor PLC		721			11
Pearson PLC		12,578			115
Vodafone Group PLC		176,046			289
					466
CONSUMER DISCRETIONARY 1.8%
ASOS PLC (a)		284			18
B&M European Value Retail S.A.		6,994			49
Barratt Developments PLC		3,187			29
Bellway PLC		1,098			44
Berkeley Group Holdings PLC		787			51
Burberry Group PLC		1,012			25
Compass Group PLC		7,112			133
Crest Nicholson Holdings PLC		4,447			20
Dixons Carphone PLC		12,055			19
Dunelm Group PLC		1,387			23
Fiat Chrysler Automobiles NV (a)		5,013			91
Frasers Group PLC		3,663			23
Greggs PLC		1,613			39
Halfords Group PLC		8,093			30
Inchcape PLC		3,439			30
J D Wetherspoon PLC		1,578			24
JD Sports Fashion PLC		2,663			31
Kingfisher PLC		42,972			159
Marks & Spencer Group PLC		17,050			32
Marston’s PLC		25,641			26
McCarthy & Stone PLC (a)		20,061			33
Mitchells & Butlers PLC (a)		7,578			25
Moneysupermarket.com Group PLC		4,788			17
Next PLC		1,158			112
Ocado Group PLC (a)		1,570			49
Persimmon PLC		1,966			74
Pets at Home Group PLC		5,890			34
Taylor Wimpey PLC		14,066			32
WH Smith PLC		887			18
William Hill PLC (a)		7,619			28
					1,318
CONSUMER STAPLES 3.7%
Associated British Foods PLC		3,254			101
Britvic PLC		2,022			23
Cranswick PLC		443			21
Diageo PLC		12,175			482
Imperial Brands PLC		9,409			197

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 41

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
J Sainsbury PLC		43,210	$		133
Reckitt Benckiser Group PLC		4,675			417
Tate & Lyle PLC		6,343			58
Tesco PLC		81,354			257
Unilever PLC		14,772			888
WM Morrison Supermarkets PLC		42,249			102
					2,679
ENERGY 0.3%
BP PLC		45,386			157
John Wood Group PLC		11,029			46
Subsea 7 S.A.		3,425			35
					238
FINANCIALS 1.3%
3i Group PLC		3,731			59
Admiral Group PLC		2,162			86
Ashmore Group PLC		5,456			32
Barclays PLC		57,650			116
Direct Line Insurance Group PLC		22,901			100
Hargreaves Lansdown PLC		704			15
IG Group Holdings PLC		4,033			47
Jupiter Fund Management PLC		3,811			15
Lancashire Holdings Ltd.		2,229			22
London Stock Exchange Group PLC		1,066			132
Man Group PLC		11,028			21
Phoenix Group Holdings PLC		2,191			21
Provident Financial PLC (a)		7,477			31
Prudential PLC		4,883			90
RSA Insurance Group PLC		4,458			41
Schroders PLC		597			27
Standard Chartered PLC		9,083			58
Standard Life Aberdeen PLC		9,249			35
					948
HEALTH CARE 1.5%
AstraZeneca PLC		4,880			487
ConvaTec Group PLC		8,560			23
GlaxoSmithKline PLC		27,073			495
Smith & Nephew PLC		4,912			102
					1,107
INDUSTRIALS 2.1%
Aggreko PLC		2,780			24
Ashtead Group PLC		2,059			97
Babcock International Group PLC		3,622			14
BAE Systems PLC		20,927			140
Balfour Beatty PLC		7,723			29
Bunzl PLC		1,497			50
CNH Industrial NV (a)		3,722			47
Diploma PLC		852			25
easyJet PLC		3,029			34
Ferguson PLC		787			96
Go-Ahead Group PLC		757			10
Hays PLC		10,151			20
HomeServe PLC		1,754			25
Howden Joinery Group PLC		5,822			55
IMI PLC		2,326			37
International Consolidated Airlines Group S.A.		6,583			14
Intertek Group PLC		456			35
Morgan Sindall Group PLC		1,116			23
National Express Group PLC		7,351			24

	SHARES			MARKET VALUE (000S)
Pagegroup PLC (a)		4,330	$		26
QinetiQ Group PLC		4,688			21
RELX PLC		8,766			214
Rentokil Initial PLC (a)		17,370			121
Royal Mail PLC		23,021			106
Smiths Group PLC		1,898			39
Spirax-Sarco Engineering PLC		520			80
Travis Perkins PLC		2,750			51
Ultra Electronics Holdings PLC		681			19
Vesuvius PLC		3,294			24
					1,500
INFORMATION TECHNOLOGY 0.2%
AVEVA Group PLC		332			15
Computacenter PLC		932			31
Dialog Semiconductor PLC (a)		477			26
Electrocomponents PLC		2,869			34
Halma PLC		850			29
Renishaw PLC		272			21
					156
MATERIALS 1.2%
Anglo American PLC		6,748			223
Croda International PLC		918			82
Essentra PLC		3,785			16
Johnson Matthey PLC		1,429			47
KAZ Minerals PLC		2,785			25
Mondi PLC		1,621			38
Rio Tinto PLC		5,270			397
Synthomer PLC		5,070			31
Victrex PLC		654			21
					880
REAL ESTATE 0.1%
Grainger PLC		5,073			20
Savills PLC		1,515			20
					40
UTILITIES 1.2%
Centrica PLC		82,135			52
Drax Group PLC		5,610			29
National Grid PLC		32,546			384
Pennon Group PLC		4,100			53
Severn Trent PLC		866			27
SSE PLC		13,714			281
United Utilities Group PLC		6,040			74
					900
Total United Kingdom					10,232
UNITED STATES 0.1%
CONSUMER DISCRETIONARY 0.0%
Carnival PLC		1,490			28
MATERIALS 0.1%
Sims Metal Management Ltd.		3,820			40
Total United States					68
Total Common Stocks (Cost $60,539)					70,313

	SHARES			MARKET VALUE (000S)
PREFERRED STOCKS 0.6%
GERMANY 0.6%
INDUSTRIALS 0.6%
Fuchs Petrolub SE		609	$		34
Henkel AG & Co. KGaA		1,304			147
Sartorius AG		122			52
Schaeffler AG		1,793			15
Volkswagen AG		1,023			191
					439
Total Preferred Stocks (Cost $393)					439
REAL ESTATE INVESTMENT TRUSTS 2.1%
AUSTRALIA 0.2%
REAL ESTATE 0.2%
Charter Hall Group		2,148			25
Goodman Group		2,870			42
GPT Group		5,221			18
Scentre Group		7,953			17
Stockland		12,815			41
Vicinity Centres		11,219			14
					157
Total Australia					157
BELGIUM 0.1%
REAL ESTATE 0.1%
Befimmo S.A.		597			27
Cofinimmo S.A.		162			24
Warehouses De Pauw CVA		645			22
					73
Total Belgium					73
CANADA 0.1%
REAL ESTATE 0.1%
Allied Properties Real Estate Investment Trust (e)		710			21
Canadian Apartment Properties REIT		550			22
Dream Office Real Estate Investment Trust		992			15
Granite Real Estate Investment Trust		593			36
					94
Total Canada					94
FRANCE 0.1%
REAL ESTATE 0.1%
Covivio		265			24
Gecina S.A.		148			23
Klepierre S.A.		893			20
					67
Total France					67
GERMANY 0.1%
REAL ESTATE 0.1%
Alstria Office REIT-AG		1,572			29
Total Germany					29
HONG KONG 0.1%
REAL ESTATE 0.1%
Fortune Real Estate Investment Trust		17,000			16

42 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (Unaudited)

	SHARES			MARKET VALUE (000S)
Link REIT		5,600	$		51
					67
Total Hong Kong					67
JAPAN 0.8%
REAL ESTATE 0.8%
Activia Properties, Inc.		2			8
Advance Residence Investment Corp.		9			27
AEON REIT Investment Corp.		18			23
Daiwa House REIT Investment Corp.		11			27
Daiwa Office Investment Corp.		2			13
Daiwa Securities Living Investments Corp.		26			24
Frontier Real Estate Investment Corp.		2			8
Fukuoka REIT Corp.		11			16
GLP J-Reit		25			39
Hulic Reit, Inc.		11			16
Industrial & Infrastructure Fund Investment Corp.		20			37
Japan Excellent, Inc.		17			21
Japan Hotel REIT Investment Corp.		16			8
Japan Logistics Fund, Inc.		11			32
Japan Prime Realty Investment Corp.		2			7
Japan Real Estate Investment Corp.		2			12
Kenedix Office Investment Corp.		2			14
MCUBS MidCity Investment Corp.		27			25
Mori Hills REIT Investment Corp.		12			17
Mori Trust Sogo Reit, Inc.		15			19
Nippon Accommodations Fund, Inc.		3			17
Nippon Building Fund, Inc.		2			12
Nippon Prologis REIT, Inc.		15			47
Nomura Real Estate Master Fund, Inc.		16			23
Orix JREIT, Inc.		18			30
Premier Investment Corp.		18			22
Tokyu REIT, Inc.		10			16
					560
Total Japan					560

	SHARES			MARKET VALUE (000S)
NETHERLANDS 0.0%
REAL ESTATE 0.0%
Wereldhave NV		2,057	$		27
Total Netherlands					27
SINGAPORE 0.3%
REAL ESTATE 0.3%
Ascendas Real Estate Investment Trust		14,300			32
CapitaLand Mall Trust		11,400			19
Keppel DC REIT		12,500			27
Mapletree Commercial Trust		17,227			28
Mapletree Industrial Trust		15,700			34
Mapletree Logistics Trust		40,100			61
Mapletree North Asia Commercial Trust		28,800			21
					222
Total Singapore					222
SPAIN 0.0%
REAL ESTATE 0.0%
Inmobiliaria Colonial Socimi S.A.		1,681			16
Total Spain					16
UNITED KINGDOM 0.3%
REAL ESTATE 0.3%
Assura PLC		16,691			17
Big Yellow Group PLC		1,512			23
Great Portland Estates PLC		1,967			18
Land Securities Group PLC		4,236			39
LondonMetric Property PLC		7,218			23
Segro PLC		5,166			67
Tritax Big Box REIT PLC		11,371			26
UNITE Group PLC (a)		1,956			28
					241
Total United Kingdom					241
Total Real Estate Investment Trusts (Cost $1,408)					1,553

	SHARES			MARKET VALUE (000S)
RIGHTS 0.0%
AUSTRALIA 0.0%
MATERIALS 0.0%
IGO Ltd.		574	$		1
Total Australia					1
SPAIN 0.0%
ENERGY 0.0%
Repsol S.A.		8,352			3
Total Spain					3
Total Rights (Cost $3)					4
SHORT-TERM INSTRUMENTS 1.0%
MUTUAL FUNDS 0.0%
REPURCHASE AGREEMENTS (f) 1.0%
					695
Total Short-Term Instruments (Cost $695)					695
Total Investments in Securities (Cost $63,038)					73,004
INVESTMENTS IN AFFILIATES 0.5%
SHORT-TERM INSTRUMENTS 0.5%
MUTUAL FUNDS 0.5%
PIMCO Government Money Market Fund
0.150% (b)(c)(d)		349,249			349
Total Short-Term Instruments (Cost $349)					349
Total Investments in Affiliates (Cost $349)					349
Total Investments 100.8% (Cost $63,387)			$		73,353
Other Assets and Liabilities, net (0.8)%					(551	)
Net Assets 100.0%			$		72,802

NOTES TO SCHEDULE OF INVESTMENTS:

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

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

(b) Institutional Class Shares of each Fund.

(c) Securities with an aggregate market value of $337 were out on loan in exchange for $357 of cash collateral as of December 31, 2020. The collateral was invested in a cash collateral reinvestment vehicle as described in Note 5 in the Notes to Financial Statements.

(d) Coupon represents a 7-Day Yield.

(e)   RESTRICTED SECURITIES:

Issuer Description	Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets
Agnico Eagle Mines Ltd.		03/31/2020 - 12/18/2020	$	50	$	52		0.07	%
Allied Properties Real Estate Investment Trust		01/25/2019 - 09/30/2020		21		21		0.03
Boralex, Inc.		03/31/2020 - 09/30/2020		20		33		0.05
Cogeco, Inc.		03/31/2020 - 09/30/2020		18		18		0.02
Constellation Software, Inc.		06/27/2018 - 09/30/2020		60		79		0.11
Great-West Lifeco, Inc.		06/27/2018 - 09/30/2020		25		28		0.04
Intact Financial Corp.		08/31/2017 - 09/30/2020		59		69		0.09
Kirkland Lake Gold Ltd.		06/30/2020 - 09/30/2020		16		14		0.02
Martinrea International, Inc.		08/31/2017 - 09/30/2020		24		33		0.05
Whitecap Resources, Inc.		09/30/2020		18		39		0.05
			$	311	$	386		0.53	%

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 43

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(f)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received
FICC		0.000	%		12/31/2020		01/04/2021	$	695	U.S. Treasury Bills 0.000% due 12/30/2021	$	(709	)	$	695	$	695
Total Repurchase Agreements											$	(709	)	$	695	$	695

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, 2020:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Securities Out on Loan		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(1)
Global/Master Repurchase Agreement
FICC	$	695	$	0	$	0	$	0	$	695	$	(709	)	$	(14	)
Master Securities Lending Agreement
BSN		0		0		0		28		28		(29	)		(1	)
FOB		0		0		0		8		8		(11	)		(3	)
GSC		0		0		0		85		85		(90	)		(5	)
SAL		0		0		0		177		177		(186	)		(9	)
SSB		0		0		0		39		39		(41	)		(2	)
Total Borrowings and Other Financing Transactions	$	695	$	0	$	0	$	337

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements

	Overnight and Continuous		Up to 30 days		31-90 days		Greater Than 90 days		Total
Securities Lending Transactions(2)
Common Stocks	$	357	$	0	$	0	$	0	$	357
Total Borrowings	$	357	$	0	$	0	$	0	$	357
Payable for securities on loan - cash collateral									$	357

⁽¹⁾  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.

⁽²⁾ Includes cash collateral as described in Note 5 in the Notes to Financial Statements.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2020 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Investments in Securities, at Value
Common Stocks
Australia
Communication Services	$	0	$	310	$	0	$	310
Consumer Discretionary		0		509		0		509
Consumer Staples		0		442		0		442
Energy		0		181		0		181
Financials		0		423		0		423
Health Care		0		352		0		352
Industrials		0		219		0		219
Information Technology		78		65		0		143
Materials		0		1,520		0		1,520
Real Estate		0		14		0		14
Utilities		0		35		0		35

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Austria
Energy	$	0	$	25	$	0	$	25
Industrials		0		48		0		48
Materials		24		31		0		55
Real Estate		0		19		0		19
Belgium
Communication Services		0		18		0		18
Consumer Discretionary		0		43		0		43
Consumer Staples		35		0		0		35
Energy		0		21		0		21
Financials		0		73		0		73
Health Care		0		40		0		40
Industrials		0		22		0		22
Information Technology		0		14		0		14
Materials		0		54		0		54
Utilities		0		33		0		33

44 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (Unaudited)

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Canada
Communication Services	$	350	$	0	$	0	$	350
Consumer Discretionary		798		0		0		798
Consumer Staples		538		0		0		538
Energy		272		0		0		272
Financials		692		0		0		692
Health Care		14		0		0		14
Industrials		960		0		0		960
Information Technology		365		1		0		366
Materials		977		0		0		977
Real Estate		73		0		0		73
Utilities		365		0		0		365
Chile
Materials		0		28		0		28
Denmark
Consumer Discretionary		0		110		0		110
Consumer Staples		0		136		0		136
Financials		0		49		0		49
Health Care		0		623		0		623
Industrials		28		519		0		547
Materials		0		101		0		101
Utilities		0		150		0		150
Finland
Communication Services		0		66		0		66
Consumer Staples		0		116		0		116
Energy		0		221		0		221
Financials		0		58		0		58
Health Care		0		52		0		52
Industrials		0		242		0		242
Information Technology		0		62		0		62
Materials		0		202		0		202
Utilities		0		35		0		35
France
Communication Services		15		412		0		427
Consumer Discretionary		0		940		0		940
Consumer Staples		0		533		0		533
Energy		0		124		0		124
Financials		0		168		0		168
Health Care		41		214		0		255
Industrials		0		936		0		936
Information Technology		0		228		0		228
Materials		26		180		0		206
Real Estate		0		15		0		15
Utilities		0		359		0		359
Germany
Communication Services		35		244		0		279
Consumer Discretionary		104		798		0		902
Consumer Staples		0		63		0		63
Financials		26		538		0		564
Health Care		0		255		0		255
Industrials		111		505		0		616
Information Technology		0		181		0		181
Materials		0		346		0		346
Real Estate		0		289		0		289
Utilities		0		519		0		519
Hong Kong
Communication Services		0		111		0		111
Consumer Discretionary		40		287		0		327
Consumer Staples		0		105		0		105
Financials		0		324		0		324
Industrials		15		278		0		293
Information Technology		0		106		0		106
Real Estate		0		153		0		153
Utilities		0		213		0		213
Ireland
Consumer Discretionary		174		156		0		330
Consumer Staples		15		108		0		123
Health Care		368		23		0		391
Industrials		140		206		0		346
Materials		94		127		0		221
Israel
Communication Services		0		26		0		26
Consumer Staples		0		20		0		20
Energy		0		42		0		42

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Financials	$	0	$	126	$	0	$	126
Health Care		28		0		0		28
Industrials		0		44		0		44
Information Technology		142		75		0		217
Materials		0		31		0		31
Italy
Communication Services		0		111		0		111
Consumer Discretionary		0		180		0		180
Consumer Staples		0		25		0		25
Energy		0		161		0		161
Financials		0		235		0		235
Health Care		0		116		0		116
Industrials		0		75		0		75
Utilities		0		521		0		521
Japan
Communication Services		0		1,678		0		1,678
Consumer Discretionary		0		3,706		0		3,706
Consumer Staples		0		1,984		0		1,984
Energy		0		213		0		213
Financials		0		314		0		314
Health Care		0		2,181		0		2,181
Industrials		0		3,698		0		3,698
Information Technology		0		3,367		0		3,367
Materials		0		1,374		0		1,374
Real Estate		0		60		0		60
Utilities		0		517		0		517
Jordan
Health Care		0		26		0		26
Luxembourg
Communication Services		0		15		0		15
Health Care		32		0		0		32
Materials		0		156		0		156
Real Estate		0		50		0		50
Macau
Consumer Discretionary		0		51		0		51
Monaco
Materials		43		0		0		43
Netherlands
Communication Services		14		79		0		93
Consumer Discretionary		22		71		0		93
Consumer Staples		124		310		0		434
Energy		36		113		0		149
Financials		0		248		0		248
Health Care		39		0		0		39
Industrials		135		227		0		362
Information Technology		172		770		0		942
Materials		0		346		0		346
New Zealand
Communication Services		0		78		0		78
Energy		0		35		0		35
Health Care		0		55		0		55
Industrials		0		28		0		28
Materials		0		37		0		37
Utilities		0		91		0		91
Norway
Communication Services		0		168		0		168
Consumer Staples		60		132		0		192
Energy		0		93		0		93
Financials		0		57		0		57
Industrials		0		58		0		58
Materials		0		82		0		82
Real Estate		0		33		0		33
Portugal
Consumer Staples		0		63		0		63
Materials		0		22		0		22
Utilities		0		302		0		302
Singapore
Communication Services		0		115		0		115
Consumer Staples		0		174		0		174
Energy		0		31		0		31
Financials		0		164		0		164
Industrials		0		160		0		160
Information Technology		0		35		0		35

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 45

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.) December 31, 2020 (Unaudited)

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
South Africa
Health Care	$	0	$	15	$	0	$	15
Spain
Communication Services		0		137		0		137
Consumer Discretionary		0		105		0		105
Consumer Staples		58		0		0		58
Energy		0		132		0		132
Financials		19		275		0		294
Health Care		0		36		0		36
Industrials		0		193		0		193
Information Technology		0		76		0		76
Materials		0		30		0		30
Utilities		0		909		0		909
Sweden
Communication Services		112		169		0		281
Consumer Discretionary		64		386		0		450
Consumer Staples		0		213		0		213
Financials		0		146		0		146
Health Care		0		29		0		29
Industrials		19		1,010		0		1,029
Information Technology		0		134		0		134
Materials		0		122		0		122
Real Estate		2		27		0		29
Switzerland
Communication Services		0		110		0		110
Consumer Discretionary		97		215		0		312
Consumer Staples		0		714		0		714
Financials		0		945		0		945
Health Care		0		979		0		979
Industrials		0		1,022		0		1,022
Information Technology		176		191		0		367
Materials		0		692		0		692
Real Estate		0		127		0		127
Utilities		0		26		0		26
United Kingdom
Communication Services		23		443		0		466
Consumer Discretionary		87		1,231		0		1,318
Consumer Staples		224		2,455		0		2,679
Energy		0		238		0		238
Financials		15		933		0		948
Health Care		23		1,084		0		1,107
Industrials		10		1,490		0		1,500
Information Technology		0		156		0		156
Materials		0		880		0		880
Real Estate		0		40		0		40

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Utilities	$	0	$	900	$	0	$	900
United States
Consumer Discretionary		0		28		0		28
Materials		0		40		0		40
Preferred Stocks
Germany
Industrials		15		424		0		439
Real Estate Investment Trusts
Australia
Real Estate		0		157		0		157
Belgium
Real Estate		0		73		0		73
Canada
Real Estate		94		0		0		94
France
Real Estate		0		67		0		67
Germany
Real Estate		0		29		0		29
Hong Kong
Real Estate		0		67		0		67
Japan
Real Estate		0		560		0		560
Netherlands
Real Estate		0		27		0		27
Singapore
Real Estate		0		222		0		222
Spain
Real Estate		0		16		0		16
United Kingdom
Real Estate		0		241		0		241
Rights
Australia
Materials		0		1		0		1
Spain
Energy		3		0		0		3
Short-Term Instruments
Repurchase Agreements		0		695		0		695
	$	8,661	$	64,343	$	0	$	73,004
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		349		0		0		349
Total Investments	$	9,010	$	64,343	$	0	$	73,353

There were no significant transfers into or out of Level 3 during the period ended December 31, 2020.

46 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF December 31, 2020 (Unaudited)

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 100.5%
COMMON STOCKS 95.2%
IRELAND 0.3%
INFORMATION TECHNOLOGY 0.3%
Accenture PLC ‘A’		807	$		211
Total Ireland					211
SWITZERLAND 0.2%
FINANCIALS 0.2%
Chubb Ltd.		905			139
Total Switzerland					139
UNITED KINGDOM 0.4%
CONSUMER STAPLES 0.1%
Coca-Cola European Partners PLC		338			17
Nomad Foods Ltd. (a)		1,170			29
					46
FINANCIALS 0.0%
Willis Towers Watson PLC		160			34
INDUSTRIALS 0.2%
IHS Markit Ltd.		924			83
Pentair PLC		1,223			65
					148
MATERIALS 0.1%
Amcor PLC		2,894			34
Total United Kingdom					262
UNITED STATES 94.3%
COMMUNICATION SERVICES 8.3%
Alphabet, Inc. ‘A’ (a)		425			745
AMC Networks, Inc. ‘A’ (a)		641			23
AT&T, Inc.		12,077			347
Cable One, Inc.		39			87
CenturyLink, Inc.		9,743			95
Charter Communications, Inc. ‘A’ (a)		417			276
Cinemark Holdings, Inc.		1,130			20
Comcast Corp. ‘A’		7,112			373
Facebook, Inc. ‘A’ (a)		2,734			747
Interpublic Group of Cos., Inc.		2,792			66
John Wiley & Sons, Inc. ‘A’		274			12
Liberty Broadband Corp. ‘C’ (a)		834			132
Liberty Media Corp-Liberty SiriusXM ‘C’ (a)		1,455			63
Madison Square Garden Sports Corp. (a)		85			16
Netflix, Inc. (a)		562			304
New York Times Co. ‘A’		704			36
News Corp. ‘A’		3,059			55
Omnicom Group, Inc.		1,089			68
Sinclair Broadcast Group, Inc. ‘A’		653			21
Sirius XM Holdings, Inc.		3,009			19
Snap, Inc. (a)		3,015			151
T-Mobile US, Inc.		1,023			138
Take-Two Interactive Software, Inc. (a)		372			77
TEGNA, Inc.		1,464			20
Telephone & Data Systems, Inc.		925			17

	SHARES			MARKET VALUE (000S)
Twitter, Inc. (a)		2,217	$		120
Verizon Communications, Inc.		9,970			586
ViacomCBS, Inc. ‘B’		3,223			120
Walt Disney Co.		4,562			827
Zillow Group, Inc. ‘C’ (a)		538			70
Zynga, Inc. ‘A’ (a)		4,392			43
					5,674
CONSUMER DISCRETIONARY 17.0%
Abercrombie & Fitch Co. ‘A’		2,254			46
Adient PLC (a)		1,101			38
Adtalem Global Education, Inc. (a)		402			14
Advance Auto Parts, Inc.		102			16
Amazon.com, Inc. (a)		237			772
American Axle & Manufacturing Holdings, Inc. (a)		1,972			16
American Eagle Outfitters, Inc.		6,253			125
Aramark		171			7
Asbury Automotive Group, Inc. (a)		192			28
AutoNation, Inc. (a)		434			30
AutoZone, Inc. (a)		77			91
Bed Bath & Beyond, Inc. (c)		3,859			69
Best Buy Co., Inc.		2,628			262
Bloomin’ Brands, Inc.		1,726			34
Booking Holdings, Inc. (a)		52			116
BorgWarner, Inc.		227			9
Bright Horizons Family Solutions, Inc. (a)		165			29
Brinker International, Inc.		1,844			104
Buckle, Inc.		456			13
Burlington Stores, Inc. (a)		120			31
Carter’s, Inc.		639			60
Cheesecake Factory, Inc.		1,559			58
Chipotle Mexican Grill, Inc. (a)		156			216
Churchill Downs, Inc.		248			48
Cooper Tire & Rubber Co.		363			15
Cracker Barrel Old Country Store, Inc.		375			49
Dana, Inc.		1,272			25
Darden Restaurants, Inc.		275			33
Deckers Outdoor Corp. (a)		401			115
Designer Brands, Inc.		1,828			14
Dick’s Sporting Goods, Inc.		554			31
Dillard’s, Inc. ‘A’		155			10
Dollar General Corp.		1,943			409
Dollar Tree, Inc. (a)		313			34
Domino’s Pizza, Inc.		480			184
Dorman Products, Inc. (a)		139			12
DR Horton, Inc.		531			37
eBay, Inc.		4,172			210
Expedia Group, Inc.		210			28
Extended Stay America, Inc.		1,209			18
Foot Locker, Inc.		1,586			64
Ford Motor Co.		26,260			231
G-III Apparel Group Ltd. (a)		798			19
Gap, Inc.		4,710			95
General Motors Co.		10,041			418
Gentex Corp.		1,663			56
Genuine Parts Co.		281			28
Goodyear Tire & Rubber Co.		2,095			23
Graham Holdings Co. ‘B’		28			15
Grand Canyon Education, Inc. (a)		170			16
Group 1 Automotive, Inc.		226			30
Guess?, Inc.		1,167			26
H&R Block, Inc.		2,801			44

	SHARES			MARKET VALUE (000S)
Hanesbrands, Inc.		2,853	$		42
Hasbro, Inc.		208			19
Helen of Troy Ltd. (a)		88			20
Hilton Worldwide Holdings, Inc.		293			33
Home Depot, Inc.		3,552			943
International Game Technology PLC		2,039			35
Jack in the Box, Inc.		492			46
KB Home		254			9
Kohl’s Corp.		1,470			60
Kontoor Brands, Inc.		588			24
L Brands, Inc.		2,199			82
La-Z-Boy, Inc.		434			17
Las Vegas Sands Corp.		1,107			66
Lear Corp.		339			54
Leggett & Platt, Inc.		983			44
Lennar Corp. ‘A’		442			34
Lithia Motors, Inc. ‘A’		324			95
Lowe’s Cos., Inc.		3,348			537
Macy’s, Inc.		5,990			67
Marriott International, Inc. ‘A’		374			49
McDonald’s Corp.		2,624			563
MDC Holdings, Inc.		554			27
Meritage Homes Corp. (a)		468			39
Murphy USA, Inc.		266			35
Newell Brands, Inc.		829			18
NIKE, Inc. ‘B’		3,772			534
Nordstrom, Inc.		1,595			50
NVR, Inc. (a)		16			65
O’Reilly Automotive, Inc. (a)		246			111
Ollie’s Bargain Outlet Holdings, Inc. (a)		165			13
Papa John’s International, Inc.		232			20
Penn National Gaming, Inc. (a)		788			68
Penske Automotive Group, Inc.		219			13
Pool Corp.		383			143
PulteGroup, Inc.		757			33
PVH Corp.		95			9
Qurate Retail, Inc.		6,485			71
Ralph Lauren Corp.		207			21
Ross Stores, Inc.		535			66
Sally Beauty Holdings, Inc. (a)		1,695			22
SeaWorld Entertainment, Inc. (a)		919			29
Service Corp. International		499			24
Signet Jewelers Ltd.		1,500			41
Six Flags Entertainment Corp.		1,114			38
Sonic Automotive, Inc. ‘A’		320			12
Starbucks Corp.		3,588			384
Steven Madden Ltd.		681			24
Tapestry, Inc.		430			13
Target Corp.		3,853			680
Taylor Morrison Home Corp. ‘A’ (a)		790			20
Tempur Sealy International, Inc. (a)		810			22
Tenneco, Inc. ‘A’ (a)		946			10
Terminix Global Holdings, Inc. (a)		796			41
Tesla, Inc. (a)		560			395
Texas Roadhouse, Inc.		543			42
Thor Industries, Inc.		819			76
Tiffany & Co.		156			20
TJX Cos., Inc.		3,215			220
Toll Brothers, Inc.		179			8
TopBuild Corp. (a)		95			17
Tractor Supply Co.		688			97
Ulta Beauty, Inc. (a)		165			47
Urban Outfitters, Inc. (a)		1,706			44
Vail Resorts, Inc.		281			78

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 47

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
VF Corp.		773	$		66
Visteon Corp. (a)		331			42
Wendy’s Co.		3,026			66
Whirlpool Corp.		411			74
Williams-Sonoma, Inc.		1,181			120
Yum! Brands, Inc.		1,367			148
					11,616
CONSUMER STAPLES 11.9%
Altria Group, Inc.		3,375			138
Archer-Daniels-Midland Co.		3,395			171
B&G Foods, Inc.		1,073			30
Boston Beer Co., Inc. ‘A’ (a)		125			124
Brown-Forman Corp. ‘B’		919			73
Bunge Ltd.		1,614			106
Cal-Maine Foods, Inc. (a)		368			14
Campbell Soup Co.		596			29
Casey’s General Stores, Inc.		216			39
Central Garden & Pet Co. ‘A’ (a)		271			10
Church & Dwight Co., Inc.		1,168			102
Clorox Co.		518			105
Coca-Cola Co.		12,815			703
Colgate-Palmolive Co.		3,894			333
Conagra Brands, Inc.		1,760			64
Constellation Brands, Inc. ‘A’		193			42
Costco Wholesale Corp.		1,725			650
Coty, Inc. ‘A’		308			2
Darling Ingredients, Inc. (a)		1,050			60
Edgewell Personal Care Co.		456			16
Estee Lauder Cos., Inc. ‘A’		382			102
Flowers Foods, Inc.		1,005			23
General Mills, Inc.		2,043			120
Hain Celestial Group, Inc. (a)		679			27
Herbalife Nutrition Ltd. (a)		896			43
Hershey Co.		400			61
Hormel Foods Corp.		988			46
Ingredion, Inc.		226			18
J&J Snack Foods Corp.		94			15
JM Smucker Co.		522			60
Kellogg Co.		1,040			65
Keurig Dr Pepper, Inc.		631			20
Kimberly-Clark Corp.		883			119
Kraft Heinz Co.		3,352			116
Kroger Co.		9,366			297
Lamb Weston Holdings, Inc.		430			34
Lancaster Colony Corp.		104			19
McCormick & Co., Inc.		778			74
Mondelez International, Inc. ‘A’		814			48
Monster Beverage Corp. (a)		1,100			102
National Beverage Corp.		116			10
Nu Skin Enterprises, Inc. ‘A’		376			20
PepsiCo, Inc.		4,522			671
Performance Food Group Co. (a)		1,300			62
Philip Morris International, Inc.		5,988			496
Post Holdings, Inc. (a)		243			24
PriceSmart, Inc.		137			12
Procter & Gamble Co.		5,390			750
Rite Aid Corp. (a)		2,785			44
Sanderson Farms, Inc.		356			47
Sprouts Farmers Market, Inc. (a)		2,330			47
Sysco Corp.		2,344			174
TreeHouse Foods, Inc. (a)		566			24
Tyson Foods, Inc. ‘A’		1,243			80
U.S. Foods Holding Corp. (a)		596			20

	SHARES			MARKET VALUE (000S)
Vector Group Ltd.		764	$		9
Walgreens Boots Alliance, Inc.		5,047			201
Walmart, Inc.		8,135			1,173
					8,084
ENERGY 2.8%
Apache Corp.		404			6
Archrock, Inc.		1,344			12
Baker Hughes Co.		3,698			77
Cabot Oil & Gas Corp.		2,370			39
Chevron Corp.		4,734			400
CNX Resources Corp. (a)		3,451			37
ConocoPhillips		2,066			83
Dril-Quip, Inc. (a)		283			8
EQT Corp.		790			10
Exxon Mobil Corp.		7,192			296
Helmerich & Payne, Inc.		213			5
Hess Corp.		605			32
HollyFrontier Corp.		2,318			60
Kinder Morgan, Inc.		1,456			20
Marathon Oil Corp.		3,864			26
Marathon Petroleum Corp.		4,412			183
Murphy Oil Corp.		1,071			13
NOV, Inc.		3,498			48
Oceaneering International, Inc. (a)		1,352			11
Patterson-UTI Energy, Inc.		3,216			17
PBF Energy, Inc. ‘A’		885			6
Phillips 66		2,980			208
Range Resources Corp.		4,032			27
Renewable Energy Group, Inc. (a)		755			53
SM Energy Co.		2,653			16
Targa Resources Corp.		313			8
Transocean Ltd. (a)		3,007			7
Valero Energy Corp.		3,341			189
World Fuel Services Corp.		488			15
					1,912
FINANCIALS 6.1%
Affiliated Managers Group, Inc.		353			36
Aflac, Inc.		514			23
Alleghany Corp.		11			7
Allstate Corp.		1,418			156
Ally Financial, Inc.		2,098			75
American Financial Group, Inc.		164			14
American International Group, Inc.		7,713			292
Arthur J Gallagher & Co.		551			68
Artisan Partners Asset Management, Inc. ‘A’		495			25
BlackRock, Inc.		222			160
Blackstone Group, Inc.		859			56
Brighthouse Financial, Inc. (a)		621			22
Brown & Brown, Inc.		901			43
Cannae Holdings, Inc. (a)		426			19
Capital One Financial Corp.		2,200			217
Capitol Federal Financial, Inc.		884			11
Cincinnati Financial Corp.		84			7
CIT Group, Inc.		745			27
CME Group, Inc.		386			70
CNO Financial Group, Inc.		952			21
Discover Financial Services		674			61
Erie Indemnity Co. ‘A’		56			14
Evercore, Inc. ‘A’		321			35
FactSet Research Systems, Inc.		75			25
Federated Investors, Inc. ‘B’		715			21

	SHARES			MARKET VALUE (000S)
Fidelity National Financial, Inc.		591	$		23
First American Financial Corp.		915			47
FirstCash, Inc.		236			17
Franklin Resources, Inc.		3,025			76
Genworth Financial, Inc. ‘A’ (a)		4,840			18
Goldman Sachs Group, Inc.		334			88
Hanover Insurance Group, Inc.		234			27
Houlihan Lokey, Inc.		345			23
Interactive Brokers Group, Inc. ‘A’		293			18
Intercontinental Exchange, Inc.		562			65
Invesco Ltd.		2,301			40
Jefferies Financial Group, Inc.		644			16
Kemper Corp.		207			16
Lincoln National Corp.		1,047			53
Loews Corp.		957			43
LPL Financial Holdings, Inc.		595			62
Markel Corp. (a)		22			23
MarketAxess Holdings, Inc.		184			105
Marsh & McLennan Cos., Inc.		1,574			184
Mercury General Corp.		197			10
MetLife, Inc.		1,346			63
Moelis & Co. ‘A’		384			18
Moody’s Corp.		154			45
Morgan Stanley		2,109			145
Morningstar, Inc.		94			22
MSCI, Inc.		487			217
Nasdaq, Inc.		117			16
National General Holdings Corp.		654			22
Navient Corp.		2,024			20
New York Community Bancorp, Inc.		1,901			20
Old Republic International Corp.		950			19
PacWest Bancorp		1,085			28
PRA Group, Inc. (a)		294			12
Progressive Corp.		1,776			176
Prudential Financial, Inc.		496			39
RLI Corp.		156			16
S&P Global, Inc.		610			201
Santander Consumer USA Holdings, Inc.		609			13
SEI Investments Co.		560			32
SLM Corp.		1,081			13
Stewart Information Services Corp.		242			12
SVB Financial Group (a)		150			58
T Rowe Price Group, Inc.		643			97
Tradeweb Markets, Inc.		168			10
Travelers Cos., Inc.		1,656			232
Unum Group		805			18
Virtu Financial, Inc.		640			16
Voya Financial, Inc.		741			44
Waddell & Reed Financial, Inc. ‘A’		956			24
White Mountains Insurance Group Ltd.		17			17
WR Berkley Corp.		315			21
					4,145
HEALTH CARE 13.7%
Abbott Laboratories		2,715			297
AbbVie, Inc.		6,052			649
Acadia Healthcare Co., Inc. (a)		205			10
Agilent Technologies, Inc.		478			57
Alexion Pharmaceuticals, Inc. (a)		327			51
Align Technology, Inc. (a)		251			134
Amedisys, Inc. (a)		131			38
AmerisourceBergen Corp.		231			23

48 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (Unaudited)

	SHARES			MARKET VALUE (000S)
Amgen, Inc.		1,113	$		256
AMN Healthcare Services, Inc. (a)		201			14
Anthem, Inc.		467			150
Baxter International, Inc.		1,469			118
Becton Dickinson and Co.		171			43
Bio-Rad Laboratories, Inc. ‘A’ (a)		150			87
Bio-Techne Corp.		69			22
Biogen, Inc. (a)		303			74
Bristol-Myers Squibb Co.		1,612			100
Bruker Corp.		303			16
Cardinal Health, Inc.		2,449			131
Catalent, Inc. (a)		725			75
Centene Corp. (a)		885			53
Cerner Corp.		433			34
Charles River Laboratories International, Inc. (a)		142			36
Chemed Corp.		81			43
Cigna Corp.		563			117
Cooper Cos., Inc.		117			43
CVS Health Corp.		10,368			708
Danaher Corp.		1,708			379
DaVita, Inc. (a)		645			76
Dentsply Sirona, Inc.		462			24
Edwards Lifesciences Corp. (a)		406			37
Eli Lilly & Co.		531			90
Encompass Health Corp.		674			56
Gilead Sciences, Inc.		9,069			528
HCA Healthcare, Inc.		778			128
Henry Schein, Inc. (a)		369			25
Hologic, Inc. (a)		739			54
Humana, Inc.		621			255
Intuitive Surgical, Inc. (a)		181			148
Johnson & Johnson		5,079			799
Laboratory Corp. of America Holdings (a)		93			19
LHC Group, Inc. (a)		95			20
Magellan Health, Inc. (a)		144			12
Masimo Corp. (a)		336			90
McKesson Corp.		1,226			213
MEDNAX, Inc. (a)		890			22
Merck & Co., Inc.		7,606			622
Mettler-Toledo International, Inc. (a)		115			131
Molina Healthcare, Inc. (a)		325			69
Myriad Genetics, Inc. (a)		648			13
Patterson Cos., Inc.		855			25
PerkinElmer, Inc.		323			46
Pfizer, Inc.		10,787			397
Premier, Inc. ‘A’		510			18
Quest Diagnostics, Inc.		382			46
Regeneron Pharmaceuticals, Inc. (a)		125			60
ResMed, Inc.		668			142
Select Medical Holdings Corp. (a)		526			15
Steris PLC		174			33
Teleflex, Inc.		105			43
Tenet Healthcare Corp. (a)		1,408			56
Thermo Fisher Scientific, Inc.		617			287
United Therapeutics Corp. (a)		506			77
UnitedHealth Group, Inc.		1,471			516
Varian Medical Systems, Inc. (a)		352			62
Waters Corp. (a)		254			63
West Pharmaceutical Services, Inc.		263			75
Zoetis, Inc.		998			165
					9,315

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 11.3%
3M Co.		1,669	$		292
ABM Industries, Inc.		359			14
Acuity Brands, Inc.		246			30
AECOM (a)		631			31
AGCO Corp.		393			41
Allegiant Travel Co.		126			24
Allison Transmission Holdings, Inc.		1,091			47
Altra Industrial Motion Corp.		185			10
AMERCO		38			17
American Airlines Group, Inc.		517			8
AO Smith Corp.		990			54
Applied Industrial Technologies, Inc.		179			14
Arcosa, Inc.		272			15
Armstrong World Industries, Inc.		206			15
Atlas Air Worldwide Holdings, Inc. (a)		535			29
Avis Budget Group, Inc. (a)		2,178			81
BMC Stock Holdings, Inc. (a)		193			10
Boeing Co.		882			189
Builders FirstSource, Inc. (a)		333			14
BWX Technologies, Inc.		456			27
Caterpillar, Inc.		846			154
CH Robinson Worldwide, Inc.		1,095			103
Cintas Corp.		382			135
Colfax Corp. (a)		306			12
Copart, Inc. (a)		1,300			165
CoreLogic, Inc.		309			24
CoStar Group, Inc. (a)		77			71
Covanta Holding Corp.		816			11
Crane Co.		223			17
CSX Corp.		2,507			228
Cummins, Inc.		705			160
Curtiss-Wright Corp.		190			22
Deere & Co.		487			131
Delta Air Lines, Inc.		476			19
Donaldson Co., Inc.		466			26
Dycom Industries, Inc. (a)		213			16
Eaton Corp. PLC		621			75
Emerson Electric Co.		1,636			131
Equifax, Inc.		352			68
Expeditors International of Washington, Inc.		1,089			104
Fastenal Co.		2,029			99
FedEx Corp.		376			98
Fluor Corp.		1,681			27
Fortune Brands Home & Security, Inc.		216			19
Franklin Electric Co., Inc.		159			11
FTI Consulting, Inc. (a)		449			50
GATX Corp.		220			18
Generac Holdings, Inc. (a)		602			137
General Electric Co.		18,745			202
Graco, Inc.		587			42
Granite Construction, Inc.		348			9
Greenbrier Cos., Inc.		405			15
Hawaiian Holdings, Inc.		1,142			20
Healthcare Services Group, Inc.		534			15
Herman Miller, Inc.		527			18
Hexcel Corp.		486			24
Hillenbrand, Inc.		416			17
Hub Group, Inc. ‘A’ (a)		229			13
Hubbell, Inc.		111			17
Huntington Ingalls Industries, Inc.		37			6
IAA, Inc. (a)		623			40

	SHARES			MARKET VALUE (000S)
IDEX Corp.		364	$		73
Illinois Tool Works, Inc.		1,141			233
ITT, Inc.		351			27
Jacobs Engineering Group, Inc.		641			70
JB Hunt Transport Services, Inc.		297			41
JetBlue Airways Corp. (a)		1,569			23
Kansas City Southern		146			30
KAR Auction Services, Inc.		948			18
KBR, Inc.		1,409			44
Knight-Swift Transportation Holdings, Inc.		571			24
L3Harris Technologies, Inc.		340			64
Landstar System, Inc.		319			43
Lennox International, Inc.		285			78
Lincoln Electric Holdings, Inc.		306			36
Lockheed Martin Corp.		745			264
Macquarie Infrastructure Corp.		684			26
ManpowerGroup, Inc.		422			38
Masco Corp.		1,224			67
Masonite International Corp. (a)		167			16
Matson, Inc.		216			12
Meritor, Inc. (a)		529			15
Middleby Corp. (a)		211			27
Moog, Inc. ‘A’		140			11
MSC Industrial Direct Co., Inc. ‘A’		417			35
Neilsen Holdings PLC		407			8
Nordson Corp.		219			44
Norfolk Southern Corp.		395			94
Northrop Grumman Corp.		408			124
Old Dominion Freight Line, Inc.		523			102
Owens Corning		195			15
Parker-Hannifin Corp.		200			54
Quanta Services, Inc.		903			65
Regal Beloit Corp.		109			13
Republic Services, Inc.		359			35
Resideo Technologies, Inc. (a)		700			15
Robert Half International, Inc.		509			32
Rockwell Automation, Inc.		439			110
Rollins, Inc.		1,576			62
Rush Enterprises, Inc. ‘A’		216			9
Ryder System, Inc.		288			18
Saia, Inc. (a)		76			14
SkyWest, Inc.		479			19
Southwest Airlines Co.		277			13
SPX FLOW, Inc. (a)		178			10
Stericycle, Inc. (a)		404			28
Teledyne Technologies, Inc. (a)		90			35
Terex Corp.		701			24
Tetra Tech, Inc.		127			15
Timken Co.		576			45
Toro Co.		471			45
TransDigm Group, Inc.		39			24
Trinity Industries, Inc.		975			26
Uber Technologies, Inc. (a)		3,239			165
UFP Industries, Inc.		303			17
Union Pacific Corp.		1,984			413
United Airlines Holdings, Inc. (a)		74			3
United Parcel Service, Inc. ‘B’		3,171			534
United Rentals, Inc. (a)		112			26
Verisk Analytics, Inc.		645			134
Waste Connections, Inc.		649			67
Waste Management, Inc.		639			75
Watsco, Inc.		189			43
Werner Enterprises, Inc.		784			31
WESCO International, Inc. (a)		623			49

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 49

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
WW Grainger, Inc.		214	$		87
XPO Logistics, Inc. (a)		263			31
Xylem, Inc.		818			83
					7,702
INFORMATION TECHNOLOGY 19.1%
Activision Blizzard, Inc.		1,192			111
Adobe, Inc. (a)		747			374
Advanced Micro Devices, Inc. (a)		3,238			297
Akamai Technologies, Inc. (a)		463			49
Alliance Data Systems Corp.		165			12
Amdocs Ltd.		411			29
Amkor Technology, Inc.		1,308			20
ANSYS, Inc. (a)		211			77
Apple, Inc.		13,447			1,784
Applied Materials, Inc.		2,090			180
Arista Networks, Inc. (a)		158			46
Arrow Electronics, Inc. (a)		575			56
Aspen Technology, Inc. (a)		89			12
Autodesk, Inc. (a)		631			193
Automatic Data Processing, Inc.		403			71
Avnet, Inc.		806			28
Black Knight, Inc. (a)		681			60
Booz Allen Hamilton Holding Corp.		814			71
Broadcom, Inc.		1,026			449
Broadridge Financial Solutions, Inc.		481			74
CACI International, Inc. ‘A’ (a)		179			45
Cadence Design Systems, Inc. (a)		1,310			179
CDK Global, Inc.		628			32
CDW Corp.		124			16
Cirrus Logic, Inc. (a)		297			24
Citrix Systems, Inc.		549			71
Cognex Corp.		422			34
Cognizant Technology Solutions Corp. ‘A’		831			68
CommScope Holding Co., Inc. (a)		831			11
Concentrix Corp. (a)		171			17
Corning, Inc.		5,099			184
Cree, Inc. (a)		1,118			118
Dell Technologies, Inc. ‘C’ (a)		328			24
Dolby Laboratories, Inc. ‘A’		465			45
DXC Technology Co.		1,094			28
Electronic Arts, Inc.		220			32
Entegris, Inc.		388			37
EPAM Systems, Inc. (a)		117			42
F5 Networks, Inc. (a)		234			41
Fair Isaac Corp. (a)		99			51
Fidelity National Information Services, Inc.		92			13
First Solar, Inc. (a)		216			21
Fiserv, Inc. (a)		617			70
FleetCor Technologies, Inc. (a)		46			13
Flex Ltd. (a)		1,061			19
FLIR Systems, Inc.		513			22
Gartner, Inc. (a)		96			15
Genpact Ltd.		945			39
Hewlett Packard Enterprise Co.		10,617			126
HP, Inc.		4,963			122
II-VI, Inc. (a)		288			22
Insight Enterprises, Inc. (a)		245			19
International Business Machines Corp.		6,550			824
Intuit, Inc.		456			173
IPG Photonics Corp. (a)		128			29
Jabil, Inc.		818			35

	SHARES			MARKET VALUE (000S)
Jack Henry & Associates, Inc.		501	$		81
Juniper Networks, Inc.		2,603			59
KLA Corp.		584			151
Lam Research Corp.		467			221
Littelfuse, Inc.		52			13
LiveRamp Holdings, Inc. (a)		185			13
Manhattan Associates, Inc. (a)		215			23
ManTech International Corp. ‘A’		172			15
Marvell Technology Group Ltd.		1,928			92
Mastercard, Inc. ‘A’		583			208
Maxim Integrated Products, Inc.		891			79
MAXIMUS, Inc.		365			27
Microchip Technology, Inc.		398			55
Microsoft Corp.		3,506			780
Motorola Solutions, Inc.		1,048			178
NCR Corp. (a)		841			32
NetScout Systems, Inc. (a)		371			10
NortonLifeLock, Inc.		2,342			49
Nuance Communications, Inc. (a)		811			36
NVIDIA Corp.		1,018			532
Oracle Corp.		5,125			331
Paychex, Inc.		665			62
PayPal Holdings, Inc. (a)		1,827			428
Pegasystems, Inc.		115			15
Plexus Corp. (a)		156			12
PTC, Inc. (a)		305			36
QUALCOMM, Inc.		4,780			728
Sabre Corp.		925			11
salesforce.com, Inc. (a)		1,366			304
Sanmina Corp. (a)		432			14
Seagate Technology PLC		3,154			196
Skyworks Solutions, Inc.		366			56
Synaptics, Inc. (a)		348			33
SYNNEX Corp.		171			14
Synopsys, Inc. (a)		306			79
Teradata Corp. (a)		1,072			24
Teradyne, Inc.		1,006			121
Texas Instruments, Inc.		3,214			527
Trimble, Inc. (a)		449			30
Tyler Technologies, Inc. (a)		127			55
Ubiquiti, Inc.		54			15
VeriSign, Inc. (a)		132			29
Visa, Inc. ‘A’		931			204
Vishay Intertechnology, Inc.		912			19
Western Digital Corp.		655			36
Western Union Co.		1,804			40
Workday, Inc. (a)		499			120
Xerox Holdings Corp.		869			20
Xilinx, Inc.		787			112
Zebra Technologies Corp. ‘A’ (a)		140			54
					13,033
MATERIALS 3.1%
Albemarle Corp.		308			45
Alcoa Corp. (a)		1,210			28
Allegheny Technologies, Inc. (a)		831			14
AptarGroup, Inc.		214			29
Avery Dennison Corp.		410			64
Avient Corp.		627			25
Axalta Coating Systems Ltd. (a)		751			21
Ball Corp.		1,579			147
Berry Global Group, Inc. (a)		385			22
Boise Cascade Co.		317			15
Carpenter Technology Corp.		597			17

	SHARES			MARKET VALUE (000S)
Celanese Corp.		252	$		33
Chemours Co.		1,175			29
Commercial Metals Co.		1,149			24
Compass Minerals International, Inc.		202			12
Corteva, Inc.		1,166			45
Crown Holdings, Inc. (a)		1,031			103
Domtar Corp.		804			25
Eastman Chemical Co.		337			34
Ecolab, Inc.		290			63
Freeport-McMoRan, Inc.		3,077			80
Graphic Packaging Holding Co.		2,000			34
Greif, Inc. ‘A’		187			9
Hecla Mining Co.		3,098			20
Huntsman Corp.		516			13
Innospec, Inc.		114			10
International Flavors & Fragrances, Inc.		126			14
Kaiser Aluminum Corp.		133			13
Louisiana-Pacific Corp.		739			27
LyondellBasell Industries NV ‘A’		2,522			231
Mosaic Co.		2,569			59
NewMarket Corp.		36			14
Newmont Corp.		1,583			95
Nucor Corp.		414			22
O-I Glass, Inc.		1,207			14
Olin Corp.		2,833			70
Packaging Corp. of America		145			20
PPG Industries, Inc.		580			84
Reliance Steel & Aluminum Co.		372			45
RPM International, Inc.		515			47
Scotts Miracle-Gro Co.		352			70
Sensient Technologies Corp.		300			22
Sherwin-Williams Co.		145			107
Silgan Holdings, Inc.		591			22
Sonoco Products Co.		471			28
Steel Dynamics, Inc.		249			9
Trinseo S.A.		541			28
United States Steel Corp.		1,064			18
Warrior Met Coal, Inc.		648			14
WestRock Co.		1,456			63
Worthington Industries, Inc.		286			15
WR Grace & Co.		253			14
					2,126
REAL ESTATE 0.0%
Realogy Holdings Corp. (a)		1,682			22
UTILITIES 1.0%
AES Corp.		4,871			115
American Water Works Co., Inc.		282			43
Avangrid, Inc.		81			4
Avista Corp.		312			13
Clearway Energy, Inc. ‘C’		308			10
Dominion Energy, Inc.		366			28
Entergy Corp.		181			18
Exelon Corp.		2,213			93
Hawaiian Electric Industries, Inc.		391			14
MDU Resources Group, Inc.		467			12
National Fuel Gas Co.		497			20
NextEra Energy, Inc.		3,049			235
NRG Energy, Inc.		517			19
Ormat Technologies, Inc.		127			12
Southern Co.		583			36

50 PIMCO EQUITY SERIES See Accompanying Notes

December 31, 2020 (Unaudited)

	SHARES			MARKET VALUE (000S)
Vistra Corp.		1,995	$		39
					711
Total United States					64,340
Total Common Stocks (Cost $57,207)					64,952
REAL ESTATE INVESTMENT TRUSTS 4.2%
UNITED STATES 4.2%
FINANCIALS 0.4%
AGNC Investment Corp.		1,334			21
Annaly Capital Management, Inc.		3,920			33
Apollo Commercial Real Estate Finance, Inc.		990			11
Blackstone Mortgage Trust, Inc. ‘A’		874			24
Chimera Investment Corp.		2,805			29
Invesco Mortgage Capital, Inc.		3,631			12
Ladder Capital Corp.		1,068			10
MFA Financial, Inc.		3,334			13
New Residential Investment Corp.		380			4
New York Mortgage Trust, Inc.		3,055			11
PennyMac Mortgage Investment Trust		834			15
Redwood Trust, Inc.		1,647			15
Starwood Property Trust, Inc.		2,529			49
Two Harbors Investment Corp.		3,508			22
					269
REAL ESTATE 3.8%
Acadia Realty Trust		588			8
Alexandria Real Estate Equities, Inc.		406			72
American Campus Communities, Inc.		1,069			46
American Homes 4 Rent ‘A’		1,044			31
American Tower Corp.		235			53
Apartment Income REIT Corp. (a)		881			34
Apartment Investment and Management Co. ‘A’		953			5
Apple Hospitality REIT, Inc.		2,278			29
Brandywine Realty Trust		1,944			23
Brixmor Property Group, Inc.		737			12
Camden Property Trust		466			47
Colony Capital, Inc.		6,087			29
Columbia Property Trust, Inc.		904			13
CoreCivic, Inc.		2,032			13
Corporate Office Properties Trust		824			22

	SHARES			MARKET VALUE (000S)
Cousins Properties, Inc.		511	$		17
Crown Castle International Corp.		1,080			172
CubeSmart		788			27
CyrusOne, Inc.		359			26
Digital Realty Trust, Inc.		662			92
Douglas Emmett, Inc.		788			23
Duke Realty Corp.		1,837			73
EastGroup Properties, Inc.		100			14
Equinix, Inc.		201			144
Equity Commonwealth		768			21
Equity LifeStyle Properties, Inc.		407			26
Extra Space Storage, Inc.		391			45
Federal Realty Investment Trust		318			27
First Industrial Realty Trust, Inc.		438			18
Gaming and Leisure Properties, Inc.		914			39
GEO Group, Inc.		2,546			23
Healthcare Realty Trust, Inc.		649			19
Healthcare Trust of America, Inc. ‘A’		1,153			32
Highwoods Properties, Inc.		785			31
Hudson Pacific Properties, Inc.		1,003			24
Invitation Homes, Inc.		2,068			61
Iron Mountain, Inc.		399			12
JBG SMITH Properties		343			11
Kilroy Realty Corp.		568			33
Kimco Realty Corp.		949			14
Lamar Advertising Co. ‘A’		542			45
Lexington Realty Trust		1,663			18
Life Storage, Inc.		233			28
Mack-Cali Realty Corp.		773			10
Medical Properties Trust, Inc.		1,652			36
Mid-America Apartment Communities, Inc.		42			5
National Retail Properties, Inc.		425			17
Omega Healthcare Investors, Inc.		591			22
Outfront Media, Inc.		1,555			30
Paramount Group, Inc.		2,662			24
Park Hotels & Resorts, Inc.		342			6
Physicians Realty Trust		1,018			18
Piedmont Office Realty Trust, Inc. ‘A’		1,047			17
Prologis, Inc.		1,825			182
PS Business Parks, Inc.		123			16
Public Storage		555			128
Rayonier, Inc.		454			13
Regency Centers Corp.		892			41
Retail Properties of America, Inc. ‘A’		1,579			14

	SHARES			MARKET VALUE (000S)
RLJ Lodging Trust		1,203	$		17
Ryman Hospitality Properties, Inc.		211			14
SBA Communications Corp.		348			98
Service Properties Trust		1,576			18
Simon Property Group, Inc.		484			41
SITE Centers Corp.		1,458			15
STAG Industrial, Inc.		383			12
STORE Capital Corp.		931			32
Sun Communities, Inc.		264			40
Sunstone Hotel Investors, Inc.		2,537			29
UDR, Inc.		1,116			43
VICI Properties, Inc.		985			25
Washington Real Estate Investment Trust		406			9
Weingarten Realty Investors		985			21
WP Carey, Inc.		703			50
Xenia Hotels & Resorts, Inc.		720			11
					2,606
Total Real Estate Investment Trusts (Cost $2,699)					2,875
SHORT-TERM INSTRUMENTS 1.1%
REPURCHASE AGREEMENTS (e) 1.1%
					735
Total Short-Term Instruments (Cost $735)					735
Total Investments in Securities (Cost $60,641)					68,562
INVESTMENTS IN AFFILIATES 0.1%
SHORT-TERM INSTRUMENTS 0.1%
MUTUAL FUNDS 0.1%
PIMCO Government Money Market Fund
0.150% (b)(c)(d)		73,418			73
Total Short-Term Instruments (Cost $73)					73
Total Investments in Affiliates (Cost $73)					73
Total Investments 100.6% (Cost $60,714)			$		68,635
Other Assets and Liabilities, net (0.6)%					(392	)
Net Assets 100.0%			$		68,243

NOTES TO SCHEDULE OF INVESTMENTS:

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

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

(b) Institutional Class Shares of each Fund.

(c) Securities with an aggregate market value of $72 were out on loan in exchange for $73 of cash collateral as of December 31, 2020. The collateral was invested in a cash collateral reinvestment vehicle as described in Note 5 in the Notes to Financial Statements.

(d) Coupon represents a 7-Day Yield.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(e)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received
FICC		0.000	%		12/31/2020		01/04/2021	$	735	U.S. Treasury Bills 0.000% due 12/30/2021	$	(749	)	$	735	$	735
Total Repurchase Agreements											$	(749	)	$	735	$	735

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 51

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Cont.) December 31, 2020 (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, 2020:

Counterparty	Repurchase Agreement Proceeds to be Received		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Securities Out on Loan		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(1)
Global/Master Repurchase Agreement
FICC	$	735	$	0	$	0	$	0	$	735	$	(749	)	$	(14	)
Master Securities Lending Agreement
GSC		0		0		0		72		72		(73	)		(1	)
Total Borrowings and Other Financing Transactions	$	735	$	0	$	0	$	72

CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

Remaining Contractual Maturity of the Agreements

	Overnight and Continuous		Up to 30 days		31-90 days		Greater Than 90 days		Total
Securities Lending Transactions(2)
Common Stocks	$	73	$	0	$	0	$	0	$	73
Total Borrowings	$	73	$	0	$	0	$	0	$	73
Payable for securities on loan - cash collateral									$	73

⁽¹⁾  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.

⁽²⁾ Includes cash collateral as described in Note 5 in the Notes to Financial Statements.

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2020 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Investments in Securities, at Value
Common Stocks
Ireland
Information Technology	$	211	$	0	$	0	$	211
Switzerland
Financials		139		0		0		139
United Kingdom
Consumer Staples		46		0		0		46
Financials		34		0		0		34
Industrials		148		0		0		148
Materials		34		0		0		34
United States
Communication Services		5,674		0		0		5,674
Consumer Discretionary		11,616		0		0		11,616
Consumer Staples		8,084		0		0		8,084
Energy		1,912		0		0		1,912
Financials		4,145		0		0		4,145
Health Care		9,315		0		0		9,315
Industrials		7,702		0		0		7,702

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Information Technology	$	13,033	$	0	$	0	$	13,033
Materials		2,126		0		0		2,126
Real Estate		22		0		0		22
Utilities		711		0		0		711
Real Estate Investment Trusts
United States
Financials		269		0		0		269
Real Estate		2,606		0		0		2,606
Short-Term Instruments
Repurchase Agreements		0		735		0		735
	$	67,827	$	735	$	0	$	68,562
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		73		0		0		73
Total Investments	$	67,900	$	735	$	0	$	68,635

There were no significant transfers into or out of Level 3 during the period ended December 31, 2020.

52 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAFI ESG U.S. Exchange-Traded Fund December 31, 2020 (Unaudited)

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.6%
COMMON STOCKS 98.3%
IRELAND 0.8%
INDUSTRIALS 0.1%
Trane Technologies PLC		54	$		8
INFORMATION TECHNOLOGY 0.7%
Accenture PLC ‘A’		325			85
Total Ireland					93
SWITZERLAND 0.3%
FINANCIALS 0.3%
Chubb Ltd.		237			36
Total Switzerland					36
UNITED KINGDOM 1.3%
COMMUNICATION SERVICES 0.1%
Liberty Global PLC (a)		668			16
CONSUMER STAPLES 0.2%
Coca-Cola European Partners PLC		337			16
MATERIALS 1.0%
Amcor PLC		1,175			14
Linde PLC		425			112
					126
Total United Kingdom					158
UNITED STATES 95.9%
COMMUNICATION SERVICES 5.8%
CenturyLink, Inc.		4,257			42
News Corp. ‘A’		686			12
Omnicom Group, Inc.		312			20
Verizon Communications, Inc.		4,547			267
ViacomCBS, Inc. ‘B’		434			16
Walt Disney Co.		1,927			349
					706
CONSUMER DISCRETIONARY 12.9%
Advance Auto Parts, Inc.		48			8
Bed Bath & Beyond, Inc.		1,236			22
Best Buy Co., Inc.		419			42
BorgWarner, Inc.		293			11
Carnival Corp.		1,789			39
Darden Restaurants, Inc.		95			11
Dollar General Corp.		169			36
eBay, Inc.		885			44
Foot Locker, Inc.		304			12
Ford Motor Co.		14,322			126
Gap, Inc.		1,544			31
General Motors Co.		4,207			175
Genuine Parts Co.		62			6
Goodyear Tire & Rubber Co.		1,371			15
Hasbro, Inc.		130			12
Hilton Worldwide Holdings, Inc.		137			15
Home Depot, Inc.		545			145
Kohl’s Corp.		1,064			43
L Brands, Inc.		469			17
Lowe’s Cos., Inc.		584			94

	SHARES			MARKET VALUE (000S)
Macy’s, Inc.		3,410	$		38
Marriott International, Inc. ‘A’		126			17
McDonald’s Corp.		511			110
Newell Brands, Inc.		505			11
NIKE, Inc. ‘B’		594			84
Nordstrom, Inc.		626			20
O’Reilly Automotive, Inc. (a)		15			7
PVH Corp.		147			14
Ralph Lauren Corp.		120			12
Ross Stores, Inc.		160			20
Starbucks Corp.		555			59
Target Corp.		713			126
Tiffany & Co.		105			14
TJX Cos., Inc.		999			68
Tractor Supply Co.		18			2
VF Corp.		323			28
Whirlpool Corp.		20			4
Yum! Brands, Inc.		244			26
					1,564
CONSUMER STAPLES 9.2%
Archer-Daniels-Midland Co.		959			48
Brown-Forman Corp. ‘B’		97			8
Bunge Ltd.		464			30
Clorox Co.		58			12
Coca-Cola Co.		2,902			159
Colgate-Palmolive Co.		588			50
Estee Lauder Cos., Inc. ‘A’		74			20
General Mills, Inc.		614			36
Hershey Co.		85			13
Ingredion, Inc.		109			9
JM Smucker Co.		87			10
Kellogg Co.		238			15
Kimberly-Clark Corp.		207			28
Kraft Heinz Co.		977			34
Kroger Co.		2,005			64
Molson Coors Brewing Co. ‘B’		318			14
Mondelez International, Inc. ‘A’		1,365			80
PepsiCo, Inc.		1,129			167
Procter & Gamble Co.		1,954			272
Sysco Corp.		80			6
Walgreens Boots Alliance, Inc.		1,087			43
					1,118
FINANCIALS 23.0%
Aflac, Inc.		793			35
Allstate Corp.		547			60
American Express Co.		728			88
American International Group, Inc.		1,693			64
Ameriprise Financial, Inc.		230			45
Aon PLC		31			7
Bank of America Corp.		10,282			312
Bank of New York Mellon Corp.		1,847			79
Capital One Financial Corp.		1,014			100
Charles Schwab Corp.		97			5
Citigroup, Inc.		4,827			298
Comerica, Inc.		292			16
Fifth Third Bancorp		1,500			41
Franklin Resources, Inc.		215			5
Goldman Sachs Group, Inc.		753			199
Hartford Financial Services Group, Inc.		610			30
Huntington Bancshares, Inc.		977			12
JPMorgan Chase & Co.		1,960			249

	SHARES			MARKET VALUE (000S)
KeyCorp.		1,397	$		23
Lincoln National Corp.		527			27
Marsh & McLennan Cos., Inc.		217			26
MetLife, Inc.		1,114			52
Moody’s Corp.		53			15
Morgan Stanley		1,563			107
Northern Trust Corp.		184			17
PNC Financial Services Group, Inc.		752			112
Principal Financial Group, Inc.		452			23
Prudential Financial, Inc.		977			76
Regions Financial Corp.		1,436			23
S&P Global, Inc.		74			24
Synchrony Financial		891			31
Travelers Cos., Inc.		444			62
Truist Financial Corp.		279			13
U.S. Bancorp		1,566			73
Unum Group		128			3
Voya Financial, Inc.		344			20
Wells Fargo & Co.		14,072			425
					2,797
HEALTH CARE 16.0%
Abbott Laboratories		745			82
AbbVie, Inc.		1,277			137
Agilent Technologies, Inc.		146			17
Amgen, Inc.		620			142
Anthem, Inc.		277			89
Baxter International, Inc.		373			30
Biogen, Inc. (a)		119			29
Boston Scientific Corp. (a)		294			11
Bristol-Myers Squibb Co.		1,045			65
Cardinal Health, Inc.		660			35
Danaher Corp.		123			27
DaVita, Inc. (a)		105			12
Dentsply Sirona, Inc.		155			8
Eli Lilly & Co.		155			26
Gilead Sciences, Inc.		2,259			132
Humana, Inc.		81			33
IQVIA Holdings, Inc. (a)		21			4
Johnson & Johnson		2,311			364
Laboratory Corp. of America Holdings (a)		38			8
McKesson Corp.		405			70
Merck & Co., Inc.		2,591			212
Pfizer, Inc.		7,055			260
Quest Diagnostics, Inc.		84			10
Regeneron Pharmaceuticals, Inc. (a)		16			8
Thermo Fisher Scientific, Inc.		61			28
UnitedHealth Group, Inc.		216			76
Viatris, Inc. (a)		1,636			31
					1,946
INDUSTRIALS 5.4%
3M Co.		786			137
Alaska Air Group, Inc.		211			11
CH Robinson Worldwide, Inc.		61			6
Delta Air Lines, Inc.		56			2
Dover Corp.		21			3
Emerson Electric Co.		632			51
Fastenal Co.		203			10
FedEx Corp.		288			75
Illinois Tool Works, Inc.		248			50
Ingersoll Rand, Inc. (a)		50			2
JetBlue Airways Corp. (a)		799			12

See Accompanying Notes SEMIANNUAL REPORT | DECEMBER 31, 2020 53

Schedule of Investments PIMCO RAFI ESG U.S. Exchange-Traded Fund (Cont.) December 31, 2020 (Unaudited)

	SHARES			MARKET VALUE (000S)
Johnson Controls International PLC		1,287	$		60
ManpowerGroup, Inc.		203			18
Neilsen Holdings PLC		1,046			22
Parker-Hannifin Corp.		15			4
Republic Services, Inc.		118			11
Rockwell Automation, Inc.		78			19
Southwest Airlines Co.		178			8
Stanley Black & Decker, Inc.		93			17
United Airlines Holdings, Inc. (a)		168			7
United Parcel Service, Inc. ‘B’		415			70
Waste Management, Inc.		320			38
WW Grainger, Inc.		48			20
					653
INFORMATION TECHNOLOGY 18.3%
Alliance Data Systems Corp.		73			5
Amdocs Ltd.		103			7
Analog Devices, Inc.		122			18
Applied Materials, Inc.		625			54
Arrow Electronics, Inc. (a)		46			4
Automatic Data Processing, Inc.		173			31
Avnet, Inc.		479			17
CDW Corp.		16			2
Cisco Systems, Inc.		5,961			267
Citrix Systems, Inc.		60			8
Cognizant Technology Solutions Corp. ‘A’		514			42
Corning, Inc.		959			35
Electronic Arts, Inc.		28			4
Fidelity National Information Services, Inc.		76			11
Flex Ltd. (a)		877			16
HP, Inc.		2,282			56
Intel Corp.		5,910			294
Juniper Networks, Inc.		667			15
Lam Research Corp.		69			33
Mastercard, Inc. ‘A’		106			38
Maxim Integrated Products, Inc.		135			12
Micron Technology, Inc. (a)		623			47

	SHARES			MARKET VALUE (000S)
Microsoft Corp.		2,414	$		537
NetApp, Inc.		96			6
NortonLifeLock, Inc.		909			19
Oracle Corp.		2,684			174
PayPal Holdings, Inc. (a)		78			18
QUALCOMM, Inc.		994			151
Seagate Technology PLC		360			22
Texas Instruments, Inc.		693			114
Visa, Inc. ‘A’		467			102
Western Digital Corp.		543			30
Western Union Co.		486			11
Xerox Holdings Corp.		781			18
Xilinx, Inc.		22			3
					2,221
MATERIALS 3.6%
Air Products & Chemicals, Inc.		125			34
Celanese Corp.		166			22
CF Industries Holdings, Inc.		360			14
DuPont de Nemours, Inc.		1,420			101
Eastman Chemical Co.		244			24
Ecolab, Inc.		137			30
Freeport-McMoRan, Inc.		1,030			27
International Paper Co.		957			48
LyondellBasell Industries NV ‘A’		667			61
Newmont Corp.		384			23
Nucor Corp.		245			13
Sherwin-Williams Co.		26			19
United States Steel Corp.		236			4
Vulcan Materials Co.		57			8
WestRock Co.		269			12
					440
REAL ESTATE 0.2%
CBRE Group, Inc. ‘A’ (a)		223			14
Jones Lang LaSalle, Inc.		68			10
					24

	SHARES			MARKET VALUE (000S)
UTILITIES 1.5%
American Water Works Co., Inc.		96	$		15
Consolidated Edison, Inc.		440			32
Edison International		427			27
Eversource Energy		312			27
Exelon Corp.		1,935			81
					182
Total United States					11,651
Total Common Stocks (Cost $11,557)					11,938
REAL ESTATE INVESTMENT TRUSTS 1.3%
UNITED STATES 1.3%
REAL ESTATE 1.3%
Equinix, Inc.		21			15
Equity Residential		161			10
Healthpeak Properties, Inc.		477			14
Host Hotels & Resorts, Inc.		1,695			25
Iron Mountain, Inc.		334			10
Park Hotels & Resorts, Inc.		606			10
Simon Property Group, Inc.		136			12
Ventas, Inc.		531			26
Welltower, Inc.		357			23
Weyerhaeuser Co.		314			10
					155
Total Real Estate Investment Trusts (Cost $151)					155
Total Investments in Securities (Cost $11,708)					12,093
Total Investments 99.6% (Cost $11,708)			$		12,093
Other Assets and Liabilities, net 0.4%					50
Net Assets 100.0%			$		12,143

NOTES TO SCHEDULE OF INVESTMENTS:

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

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

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of December 31, 2020 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Investments in Securities, at Value
Common Stocks
Ireland
Industrials	$	8	$	0	$	0	$	8
Information Technology		85		0		0		85
Switzerland
Financials		36		0		0		36
United Kingdom
Communication Services		16		0		0		16
Consumer Staples		16		0		0		16
Materials		126		0		0		126
United States
Communication Services		706		0		0		706
Consumer Discretionary		1,564		0		0		1,564

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 12/31/2020
Consumer Staples	$	1,118	$	0	$	0	$	1,118
Financials		2,797		0		0		2,797
Health Care		1,946		0		0		1,946
Industrials		653		0		0		653
Information Technology		2,221		0		0		2,221
Materials		440		0		0		440
Real Estate		24		0		0		24
Utilities		182		0		0		182
Real Estate Investment Trusts
United States
Real Estate		155		0		0		155
Total Investments	$	12,093	$	0	$	0	$	12,093

There were no significant transfers into or out of Level 3 during the period ended December 31, 2020.

54 PIMCO EQUITY SERIES See Accompanying Notes

Notes to Financial Statements December 31, 2020 (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, 2020 55

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
PIMCO RAFI ESG U.S. ETF		Quarterly		Quarterly

In addition, each Fund distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. Net short-term capital gains may be paid more frequently. The Trust does not provide an automatic dividend and/or distributions reinvestment service.

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

Separately, if a Fund determines that a portion of a distribution may be comprised of amounts from capital gains, paid in capital, or other capital sources in accordance with its policies, accounting records, and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund determines the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined 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 periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a

Section 19 Notice in situations where the Fund’s financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution’s tax character will be provided to shareholders when such information is available.

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

(d) New Accounting Pronouncements and Regulatory Updates  In March 2020, the Financial Accounting Standards Board issued an Accounting Standards Update (“ASU”), ASU 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. The ASU is effective immediately upon release of the update on March 12, 2020 through December 31, 2022. At this time, management is evaluating implications of these changes on the financial statements.

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

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Act without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also included the rescission of certain

56 PIMCO EQUITY SERIES

December 31, 2020 (Unaudited)

exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The effective date for the rule was January 19, 2021. At this time, management is evaluating the implications of these changes on the financial statements.

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies  The NAV of the Fund’s shares is determined by dividing the total value of the Fund’s portfolio investments and other assets, less any liabilities attributable to that Fund, by the total number of shares outstanding.

On each day that the NYSE Arca is open, Fund shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) (“NYSE Close”). Information that becomes known to the Funds or their agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, each Fund reserves the right to either (i) calculate its NAV as of the earlier closing time or (ii) calculate its NAV as of the normally scheduled close of regular trading on the NYSE for that day. Each Fund generally does not calculate its NAV on days during which the NYSE is closed. However, if the NYSE is closed on a day it would normally be open for business, each Fund reserves the right to calculate its NAV as of the normally scheduled close of regular trading on the NYSE for that day or such other time that the Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on the basis of official closing prices or the last reported sales prices, or if no sales are reported, based on quotes obtained from established market makers or prices (including evaluated prices) supplied by the Funds’ approved pricing services, quotation reporting systems and other third-party

sources (together, “Pricing Services”). The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. If market value pricing is used, a foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by 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

SEMIANNUAL REPORT | DECEMBER 31, 2020 57

Notes to Financial Statements (Cont.)

may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in a Fund’s portfolio investments being affected when shareholders are unable to buy or sell shares.

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

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

Investments for which market quotes or market based valuations are not readily available are valued at fair value as determined in good faith by the Board or persons acting at their direction. The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to the Manager the responsibility for applying the fair valuation methods. In the event that market quotes or market based valuations are not readily available, and the security or asset cannot be valued pursuant to a Board approved valuation method, the value of the security or asset will be determined in good faith by the Board. The Manager may consult with the Sub-Adviser in providing such recommendations or otherwise with respect to valuation of a Fund’s portfolio securities or other assets. Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/ask information, indicative market quotations (“Broker Quotes”), Pricing

Services’ prices), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of a Fund’s securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated, to the Manager, the responsibility for monitoring significant events that may materially affect the values of a Fund’s securities or assets and for determining whether the value of the applicable securities or assets should be reevaluated in light of such significant events.

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

(b) Fair Value Hierarchy  U.S. GAAP describes fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, 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.

58 PIMCO EQUITY SERIES

December 31, 2020 (Unaudited)

^∎  Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the 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 HierarchyLevel 1 and Level 2 trading assets and trading liabilities, at fair value  The valuation methods (or “techniques”) and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1 and Level 2 of the fair value hierarchy are as follows:

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

SEMIANNUAL REPORT | DECEMBER 31, 2020 59

Notes to Financial Statements (Cont.)

obtained from a quotation reporting system, established market makers or Pricing Services (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Services using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indices, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Services (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Services using a series of techniques, including simulation pricing models. The

pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, London Interbank Offered Rate forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

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

(a) Investments in Affiliates

Each Fund eligible to participate in securities lending may invest the cash collateral received for securities out on loan in the PIMCO Government Money Market Fund under the Securities Lending Agreement. All or a portion of Dividend Income as shown in the table below represents the income earned on the cash collateral invested in PIMCO Government Money Market Fund and is included on the Statements of Operations as a component of Securities Lending Income. PIMCO Government Money Market Fund is considered to be affiliated with the Funds. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC’s website at www.sec.gov. A copy of each affiliate fund’s shareholder report is also available at the SEC’s website at www.sec.gov, on the Funds’ website at www.pimco.com, or upon request, as applicable. The table below shows the Funds’ transactions in and earnings from investments in the affiliated Fund for the period ended December 31, 2020 (amounts in thousands^†):

Investments in PIMCO Government Money Market Fund

Fund Name	Market Value 06/30/2020		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 12/31/2020		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	6,038	$	42,350	$	(38,305	)	$	0	$	0	$	10,083	$	0	$	0
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		0		1,485		(1,136	)		0		0		349		0		0
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		39		345		(311	)		0		0		73		0		0

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

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

(b) Investments in Securities

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

Equity-Linked Securities  are privately issued securities that have a return component based on the performance of a single stock, a basket

of stocks, or a stock index. Equity-linked securities are often used for many of the same purposes as, and share many of the same risks with, derivative instruments.

Real Estate Investment Trusts  (“REITs”) are pooled investment vehicles that own, and typically operate, income-producing real estate.

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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, 2020, as applicable, are disclosed in the Notes to Schedules of Investments.

Warrants  are securities that are usually issued together with a debt security or preferred security and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants 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 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) Securities Lending  The Funds listed below may seek to earn additional income by lending their securities to certain qualified broker-dealers and institutions on a short-term or long-term basis via a lending agent.

Fund Name

PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF

PIMCO RAFI Dynamic Multi-Factor International Equity ETF

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

PIMCO RAFI ESG U.S. ETF

Securities on loan are required to be secured by cash collateral at least equal to 102% of the domestic, or 105% of the foreign security’s market value. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market

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Notes to Financial Statements (Cont.)

value of all the loaned securities as of such preceding day. The Funds will then invest the cash collateral received in the PIMCO Government Money Market Fund and record a liability for the return of the collateral during the period the securities are on loan. Each Fund is subject to a lending limit of 33.33% of total assets (including the value of collateral).

The loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the lender securities identical to the loaned securities. Should the borrower of the securities fail to return loaned securities, the Fund has the right to repurchase the securities using the collateral in the open market.

The borrower pays fees at the Funds’ direction to the lending agent. The lending agent may retain a portion of the fees and interest earned on the cash collateral invested as compensation for its services. Investments made with the cash collateral are disclosed on the Schedules of Investments, if applicable. The lending fees and the Funds’ portion of the interest income earned on cash collateral are included on the Statements of Operations as securities lending income, if applicable.

(c) Interfund Lending  In accordance with an exemptive order (the “Order”) from the SEC, the Funds of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Funds’ investment policies and restrictions. The Funds are currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the funds’ investment restrictions). If a borrowing funds’ total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended December 31, 2020, the Funds did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

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

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

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

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7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

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

Risks	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	PIMCO RAFI ESG U.S. ETF
New Fund	—	—	—	X
Small Fund	—	X	X	X
Market Trading	X	X	X	X
Equity	X	X	X	X
Credit	X	X	X	X
Market	X	X	X	X
Liquidity	X	X	X	X
Issuer	X	X	X	X
Derivatives	X	X	X	X
Foreign (Non-U.S.) Investment	X	X	—	—
Emerging Markets	X	—	—	—
Currency	X	X	—	—
Model	X	X	X	X
Leveraging	X	X	X	X
Management and Tracking Error	X	X	X	X
Indexing	X	X	X	X
Environmental, Social and Governance Investing	—	—	—	X

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

New Fund Risk  is the risk that a new fund’s performance may not represent how the fund is expected to or may perform in the long term. In addition, new funds have limited operating histories for investors to evaluate and new funds may not attract sufficient assets to achieve investment and trading efficiencies.

Small Fund Risk  is the risk that a smaller Fund may not achieve investment or trading efficiencies. Additionally, a smaller Fund may be more adversely affected by large purchases or redemptions of Fund shares.

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, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

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

Liquidity Risk  is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. The liquidity of a Fund’s shares may be constrained by the liquidity of a Fund’s portfolio holdings.

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

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

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Notes to Financial Statements (Cont.)

reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

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

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

Model Risk  is the risk that a Fund’s investment models used in making investment allocation decisions, including the indexation methodologies used in constructing the Underlying Index, may not adequately take into account certain factors, may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data, any of which may result in a decline in the value of an investment in a Fund.

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

Management and Tracking Error Risk  is the risk that the portfolio manager’s investment decisions may not produce the desired results or that a Fund’s portfolio may not closely track the Underlying Index for a number of reasons. A Fund incurs operating expenses, which are not applicable to the Underlying Index, and the costs of buying and selling securities, especially when rebalancing a Fund’s portfolio to reflect changes in the composition of the Underlying Index. Performance of a Fund and the Underlying Index may vary due to asset valuation differences and differences between a Fund’s portfolio and the Underlying Index due to legal restrictions, cost or liquidity restraints. The risk that performance of a Fund and the Underlying Index may vary may be heightened during periods of increased market volatility or other unusual market conditions. In addition, a Fund’s use of a representative sampling approach may cause a Fund to be less correlated to the return of the Underlying Index than if a Fund held all of the securities in the Underlying Index.

Indexing Risk  is the risk that a Fund is negatively affected by general declines in the asset classes represented by the Underlying Index.

Environmental, Social and Governance Investing Risk  is the risk that, because the Underlying Index may select or exclude securities of certain issuers for reasons other than performance, a Fund’s performance will differ from funds that do not utilize an ESG investing strategy. ESG investing is qualitative and subjective by nature, and there is no guarantee that the factors utilized by the Index Provider or any judgment exercised by the Index Provider in constructing the Underlying Index will reflect the opinions of any particular investor.

(b) Other Risks

In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cybersecurity risks. Please see a Fund’s prospectus and Statement of Additional Information for a more detailed description of the risks of investing in a Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments (such as the anticipated discontinuation of the London Interbank Offered Rate) that may impact a Fund’s performance.

Market Disruption Risk  A Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets, interest rates, auctions, secondary trading, ratings, credit risk, inflation, deflation and other factors relating to the Fund’s investments or the Investment Manager’s operations and cause a Fund to lose value. These events can also impair the technology and other operational systems upon which a Fund’s service providers, including PIMCO as a Fund’s investment adviser, rely, and could otherwise disrupt a Fund’s service providers’ ability to fulfill their obligations to a Fund. For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities a Fund holds, and may adversely affect a Fund’s investments and operations. Please see the Important Information section for additional discussion of the COVID-19 pandemic.

Government Intervention in Financial Markets  Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the

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

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

Operational Risk  An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk  As the use of technology has become more prevalent in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a

Fund’s ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future.

8. MASTER NETTING ARRANGEMENTS

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

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in 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.

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Notes to Financial Statements (Cont.)

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

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

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

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a

predefined level or as required by regulation. Similarly, if required by regulation, the Funds may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Funds are required by regulation to post additional collateral beyond coverage of daily exposure, they could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

9. FEES AND EXPENSES

(a) Management Fee  PIMCO, a majority-owned subsidiary of Allianz Asset Management of America L.P. (“Allianz Asset Management”), serves as the Manager to the Trust, pursuant to an investment management agreement. Each Fund pays PIMCO fees in return for providing investment advisory, supervisory and administrative services under an all-in fee structure. Each Fund will pay monthly management fees to PIMCO at an annual rate based on average daily net assets (the “Management Fee”), at an annual rate as noted in the table below.

Fund Name	Management Fee
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF		0.49%
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		0.39%
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		0.29%
PIMCO RAFI ESG U.S. ETF		0.29%

(b) Distribution and Servicing Fees  PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor (“Distributor”) of each Fund’s Creation Units. The Distributor does not maintain a secondary market in shares of the Funds. During the period ended December 31, 2020 each Fund was permitted to compensate the Distributor at an annual rate of up to 0.25% of a Fund’s average daily net assets (the “12b-1 Plan Fee”). However, the Board of Trustees has determined not to authorize payment of a 12b-1 Plan Fee at this time. The 12b-1 Plan Fee may only be imposed or increased when the Board determines that it is in the best interests of shareholders to do so. Because these fees are paid out of a Fund’s assets on an ongoing basis, to the extent that a fee is authorized, over time it will increase the cost of an investment in the Fund. The 12b-1 Plan Fee may cost an investor more than other types of sales charges.

(c) Fund Expenses  PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Funds bear other expenses which are not covered under the

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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 expenses; (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.

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. The waiver is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

In any month in which the investment management agreement is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the Management Fee and/or other expenses waived or reimbursed as set forth above (the “Reimbursement Amount”) during the previous thirty-six months from the date of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. The total recoverable amounts to PIMCO at December 31, 2020, 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	$	75	$	28	$	38	$	141
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		119		2		2		123
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		115		6		5		126
PIMCO RAFI ESG U.S. ETF		0		0		78		78

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

10. RELATED PARTY TRANSACTIONS

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

11. GUARANTEES AND INDEMNIFICATIONS

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

12. PURCHASES AND SALES OF SECURITIES

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

SEMIANNUAL REPORT | DECEMBER 31, 2020 67

Notes to Financial Statements (Cont.)

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2020, 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	$	161,366	$	160,546
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		0		0		9,467		9,616
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		0		0		14,513		14,666
PIMCO RAFI ESG U.S. Exchange-Traded Fund		0		0		1,550		1,579

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

13. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by a Fund only in Creation Units. Except when aggregated in Creation Units, shares of a Fund are not redeemable. Transactions in capital shares for a Fund are disclosed in detail on the Statements of Changes in Net Assets.

The consideration for the purchase of Creation Units of a Fund generally consists of a basket of cash and/or securities that 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%
PIMCO RAFI ESG U.S. ETF	$	500		3.00%		2.00%

* Applicable to in-kind contributions or redemptions only.

** As a percentage of the net asset value per Creation Unit purchased or redeemed, inclusive of the standard creation transaction fee (if imposed).

14. INVESTMENT TRANSACTIONS

For the period ended December 31, 2020, 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	$	1,558	$	8,142
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		38,829		0
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		42,059		9,494
PIMCO RAFI ESG U.S. ETF		1,268		0

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

The in-kind contributions and in-kind redemptions in this table may not agree with the Fund Share Transactions on the Statements of Changes in Net Assets. The table represents the accumulation of each Fund’s daily net shareholder transactions while the Statements of Changes in

Net Assets reflect gross shareholder transactions including any cash component of the transactions.

15. REGULATORY AND LITIGATION MATTERS

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

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

16. FEDERAL INCOME TAX MATTERS

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

68 PIMCO EQUITY SERIES

December 31, 2020 (Unaudited)

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

In accordance with U.S. GAAP, the Manager has reviewed the Funds’ tax positions for all open tax years. As of December 31, 2020, 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, 2020, 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	$	57,600	$	39,425
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		3,529		2,781
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		9,257		3,247
PIMCO RAFI ESG U.S. ETF		405		0

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

As of December 31, 2020, 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)
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	655,906	$	172,527	$	(24,112	)	$	148,415
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		63,394		10,431		(472	)		9,959
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		60,729		8,258		(352	)		7,906
PIMCO RAFI ESG U.S. Exchange-Traded Fund		11,742		860		(509	)		351

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

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

SEMIANNUAL REPORT | DECEMBER 31, 2020 69

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

Counterparty Abbreviations:
BMO	BMO Capital Markets Corp.	FOB	Credit Suisse Securities (USA) LLC	SAL	Citigroup Global Markets, Inc.
BSN	The Bank of Nova Scotia - Toronto	GSC	Goldman Sachs & Co. LLC	SSB	State Street Bank and Trust Co.
FICC	Fixed Income Clearing Corporation	MSC	Morgan Stanley & Co. LLC.	UBS	UBS Securities LLC
Currency Abbreviations:
USD (or $)	United States Dollar
Exchange Abbreviations:
OTC	Over the Counter
Other Abbreviations:
ADR	American Depositary Receipt	NVDR	Non-Voting Depositary Receipt	SP - ADR	Sponsored American Depositary Receipt
GDR	Global Depositary Receipt	REIT	Real Estate Investment Trust	TBA	To-Be-Announced

70 PIMCO EQUITY SERIES

Approval of Investment Advisory Contract and Other Agreements (Unaudited)

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 PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF and PIMCO RAFI ESG U.S. ETF

At a meeting held on August 18-19, 2020, the Board of Trustees (the “Board”) of PIMCO Equity Series (the “Trust”), including the Trustees who are not “interested persons” of the Trust under the Investment Company Act of 1940, as amended (the “Independent Trustees”), considered and unanimously approved the renewal of the Investment Management Agreement (the “Investment Management Agreement”) between the Trust, on behalf of PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF, PIMCO RAFI Dynamic Multi-Factor International Equity ETF, PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF and PIMCO RAFI ESG U.S. ETF (each, a “Fund,” and collectively, the “Funds”), and Pacific Investment Management Company LLC (“PIMCO”) for an additional one-year term through August 31, 2021.¹ 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, 2021.

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, financial information for Parametric, information regarding the profitability to PIMCO of its relationship with

¹  The Board, including a majority of the Independent Trustees, determined to rely on the relief granted by a temporary exemptive order issued by the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940 that permits fund boards of trustees to approve advisory contracts at a meeting held by remote communications that allows participating trustees to hear one another simultaneously, rather than in-person, in light of the impact of the novel coronavirus (“COVID-19”) pandemic and restrictions on travel and in-person gatherings. The Board determined that reliance on the exemptive order was necessary and appropriate due to circumstances related to current or potential effects of the COVID-19 pandemic and government-mandated restrictions, and prior to commencing the approval meeting, the Board confirmed that all Board members could hear each other simultaneously during the meeting. The Board noted that it would ratify any actions taken at this meeting pursuant to the SEC relief at its next in-person meeting.

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, a memorandum 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 considering 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 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 presentations from PIMCO and, where applicable, information from Parametric 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 18-19, 2020 meeting. The Independent Trustees also met telephonically with counsel to the Trust and the Independent Trustees, including telephonic meetings on July 10, 2020 and July 30, 2020, and conducted a telephonic meeting on July 30, 2020 with management and counsel to the Trust and the Independent Trustees, to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Investment Management Agreement and the Sub-Advisory Agreement. In connection with its review of the Investment Management Agreement and the Sub-Advisory Agreement, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds. The Independent Trustees also requested and received supplemental information, including information regarding Fund performance and profitability.

The approval determinations were made on the basis of each Trustee’s business judgment after consideration and evaluation of all the

SEMIANNUAL REPORT | DECEMBER 31, 2020 71

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

information presented. Individual Trustees may have given different weight to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Investment Management Agreement 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, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Funds’ asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment Management Agreement. The Board noted that PIMCO makes available to its 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, including new regulations impacting the Funds, and its commitment to further developing and strengthening these programs, its oversight of matters that may involve conflicts of interest between the Funds’ investments and those of other accounts managed by PIMCO, and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered PIMCO’s continuous investment in 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.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including, but not limited to: investing in its cybersecurity program and business continuity functions, including the build-out of a new data center; funding projects and initiatives in support of the Funds; improving PIMCO governance and oversight of key fund administration processes;

expanding and engaging a technology consultant to improve certain performance reconciliation processes; enhancing PIMCO’s oversight over certain of the Funds’ service providers; continuing to develop initiatives related to pricing, including, among other items, development of pricing tools and capabilities and continued extensive due diligence regarding pricing vendors; forming a new internal group responsible for the operational aspects of the Liquidity Risk Management Programs; developing compliance and operations processes in connection with regulatory developments, including Rule 6c-11 under the Investment Company Act of 1940, as amended, pertaining to exchange-traded funds; continuing to invest in PIMCO’s technology infrastructure; continuing oversight by the Americas Fund Oversight Committee, which provides senior-level oversight and supervision focused on new and ongoing fund-related business opportunities; expanding engagement with a third party service provider to provide certain additional fund administration services subject to PIMCO’s oversight; investing in the Fund Treasurer’s Office; enhancing a proprietary application to support new trading strategies and increase data precision and administration control; developing a global tax management application that will enable investment professionals to access foreign market and security tax information on a real-time basis; utilizing a service provider’s proprietary software and managed service model to timely meet N-PORT and N-CEN regulatory requirements; upgrading a proprietary application to allow shareholder subscription and redemption data to pass to portfolio managers more quickly and efficiently; implementing a contingent NAV process; continuing to advocate in the public policy arena; developing a proprietary tool to monitor and facilitate potential interfund lending; utilizing a third-party software technology to allow portfolio management teams to run pre-trade calculations regarding new exchange-traded and cleared derivatives; and developing technology solutions to leverage artificial intelligence and machine learning.

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 reviewed materials regarding the nature, extent 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.

72 PIMCO EQUITY SERIES

(Unaudited)

(b) Other Services:  The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Funds under the Investment Management Agreement. The Board considered the terms of the Investment Management Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the “unified fee”). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Funds, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency and printing costs. The Board 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 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, for each Fund except the PIMCO RAFI ESG U.S. ETF, over the one-year period-ended March 31, 2020 net-of-fees and other performance data, as available, since inception and, for each Fund except the PIMCO RAFI ESG U.S. ETF, over the one-year period-ended June 30, 2020 (the “PIMCO Report”) and from Broadridge concerning the Funds’ performance, as available, since inception and through the period-ended March 31, 2020 (the “Broadridge 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 Broadridge Report, which were provided in advance of the August 18-19, 2020 meeting.

The Board reviewed materials indicating that, according to the Broadridge Report, the Funds underperformed their peer groups during the one-year period-ended March 31, 2020. The Board reviewed materials indicating that the Funds, except the PIMCO RAFI ESG U.S. ETF which did not a full year of performance as of March 31, 2020, had underperformed in comparison to their respective benchmark indexes over the one-year period ended March 31, 2020 net-of-fees. PIMCO reported to the Board about the reasons for the underperformance and actions that have been taken by PIMCO throughout the year to attempt to address such underperformance.

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

4. MANAGEMENT FEE AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds to scale at the outset. The Board noted that PIMCO generally seeks to price new funds competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Fund, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Funds for advisory services and supervisory and administrative services may vary in light of these various factors.

The Board reviewed the management fee 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 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 the Broadridge Report 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. In addition, the Board considered the expense limitation agreement in place for all of the Funds. The Board also considered that PIMCO reviews the Funds’ fee levels and carefully considers changes where appropriate.

The Board also reviewed data comparing certain Funds’ management fees to the fee rates PIMCO charges to clients (both advised and sub-advised) with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Funds, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Funds, differences in the number or extent of the services provided by PIMCO to the Funds and the manner in which similar portfolios may be managed, different requirements with respect to liquidity management and the implementation of other regulatory requirements. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and

SEMIANNUAL REPORT | DECEMBER 31, 2020 73

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

regulatory risk in sponsoring and managing mutual funds and ETFs as compared to external sub-advised funds or other investment products.

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

The Board considered the 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 such services and bears the costs of various third party services required by the Funds, including audit, custodial, portfolio accounting, ordinary legal, transfer agency and printing costs. The Board also considered that the unified fee leads to Fund fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Fund fees at competitive levels over the contract period even if the Funds’ operating costs rise when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO’s approach of pricing Funds to scale at inception and reinvesting in 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 the Broadridge Report, the Board found total expenses of each Fund to be reasonable.

Based on the 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, that the fees charged by Parametric under the Sub-Advisory Agreement, and that the total expenses of each Fund, are reasonable.

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

The Board reviewed information regarding PIMCO’s costs of providing services to, as well as the resulting level of profits attributable to the

Funds. The Board also noted that it had received information regarding the structure and manner in which PIMCO’s 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 investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce and offer new services and to accommodate changing regulatory requirements. The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Funds, PIMCO shares the benefits of economies of scale, if any, with the Funds and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics, senior management supervision, governance and oversight of those services, and through fee reductions or waivers, the pricing of Funds to scale from inception and the enhancement of services provided to the Funds in return for fees paid. The Board 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 also reviewed materials indicating that, unlike the Funds’ unified fee structure, funds with “pass through” administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also considered that the unified fee protects shareholders from a rise in operating costs that may result from, among other things, PIMCO’s investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO’s investments in these areas are extensive.

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

74 PIMCO EQUITY SERIES

(Unaudited)

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 noted that while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Funds, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

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

SEMIANNUAL REPORT | DECEMBER 31, 2020 75

General Information

Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Investment Sub-Adviser

Parametric Portfolio Associates

1918 Eighth Avenue, Suite 3100

Seattle, WA 98101

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

State Street Financial Center

One Lincoln Street

Boston, MA 02111

Transfer Agent

State Street Bank & Trust Co.

State Street Financial Center

One Lincoln Street

Boston, MA 02111

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

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

PES4004SAR_123120

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 for open-end investment companies.
(a)(4)	There was no change in the registrant’s independent public accountant for the period covered by the report.
(b)	Exhibit 99.906CERT—Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

PIMCO Equity Series
By:	/s/ Eric D. Johnson
	Eric D. Johnson
	President (Principal Executive Officer)
Date:	February 25, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Eric D. Johnson
	Eric D. Johnson
	President (Principal Executive Officer)
Date:	February 25, 2021
By:	/s/ Bijal Parikh
	Bijal Parikh
	Treasurer (Principal Financial & Accounting Officer)
Date:	February 25, 2021