UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-22375

PIMCO Equity Series

(Exact name of registrant as specified in charter)

650 Newport Center Drive, Newport Beach, CA 92660

(Address of principal executive office)

Bijal Y. Parikh

Treasurer (Principal Financial & Accounting Officer)

PIMCO Equity Series

650 Newport Center Drive, Newport Beach, CA 92660

(Name and address of agent for service)

Copies to:

Adam T. Teufel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

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

Date of fiscal year end: June 30

Date of reporting period: June 30, 2021

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 Funds

PIMCO EQUITY SERIES^®

Annual Report

June 30, 2021

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
Fund 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
Report of Independent Registered Public Accounting Firm		87
Glossary		88
Federal Income Tax Information		89
Distribution Information		90
Approval of Investment Advisory Contract and Other Agreements		91
Shareholder Meeting Results		95
Changes to the Board of Trustees		96
Management of the Trust		97
Privacy Policy		100
Liquidity Risk Management Program		102

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 Annual Report, which covers the 12-month reporting period ended June 30, 2021. 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 12-month reporting period ended June 30, 2021

The global economy was severely impacted by the repercussions related to the COVID-19 pandemic (“COVID-19”). Looking back, second quarter 2020 U.S. annualized gross domestic product (“GDP”) growth 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. GDP growth in the U.S. was then 4.3% and 6.3% during the fourth quarter of 2020 and the first quarter of 2021, respectively. Finally, the Commerce Department’s initial estimate for second quarter annualized GDP growth — released after the reporting period ended — was 6.5%.

Despite improving economic data and inflationary concerns, the Federal Reserve (the “Fed”) maintained its accommodative monetary policy. This included keeping the federal funds rate at an all-time low of a range between 0.00% and 0.25%, as well as continuing to purchase at least $80 billion a month of Treasury securities and $40 billion a month of agency mortgage-backed securities. However, at its June 2021 meeting, the Fed pushed forward its forecast for the first rate hikes. The central bank now expects two interest rate increases by the end of 2023, compared to 2024 in its March 2021 update. In addition, while Fed Chair Jerome Powell said it would begin discussing a scaling back of bond purchases, he maintained his view on inflation, saying, “As these transitory supply effects abate, inflation is expected to drop back toward our longer-run goal.” He also said that any discussion of raising rates was “highly premature.”

Economies outside the U.S. also continued to be impacted by COVID-19. In its April 2021 World Economic Outlook Update, the International Monetary Fund (“IMF”) said it expects U.S. GDP growth to be 6.4% in 2021, compared to a 3.5% contraction in 2020. Elsewhere, the IMF expects 2021 GDP growth in the eurozone, U.K. and Japan will be 4.4%, 5.3% and 3.3%, respectively. For comparison purposes, the GDP of these economies was projected to be -6.6%, -9.9% and -4.8%, respectively, in 2020.

Central banks outside the U.S. also maintained their aggressive actions to support their economies. The European Central Bank (the “ECB”) kept rates at an all-time low. It also continued to purchase bonds and, in June 2021, vowed to increase its

2 PIMCO EQUITY SERIES

purchases at a significantly higher pace than earlier in the year. Finally, in July 2021, after the reporting period ended, the ECB announced its first strategy review since 2003, which included a 2% inflation target over the medium term, versus its previous target for inflation that was below but close to 2%. Elsewhere, the Bank of England held its key lending rate at a record low of 0.10% and continued its bond buying program. In June 2021, the central bank said it did not expect to raise rates until there was clear evidence that significant progress was being made in eliminating spare capacity and achieving its 2% inflation target. Also of note, the U.K. and the European Union agreed to a long-awaited Brexit deal. Finally, the Bank of Japan maintained its short-term interest rate at -0.10%, while increasing the target for its holdings of corporate bonds. In June 2021, it extended the September deadline for its COVID-19-relief program by at least six months.

Both short- and long-term U.S. Treasury yields moved higher, albeit from very low levels, during the reporting period. The yield on the benchmark 10-year U.S. Treasury note was 1.45% at the end of the reporting period, versus 0.66% on 30 June 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 -1.26%. Meanwhile, the Bloomberg Barclays Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned 3.11%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, produced stronger returns. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned 14.86%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned 6.81%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned 6.57%.

Despite the headwinds from COVID-19 and periods of volatility, global equities produced exceptionally strong results. All told, U.S. equities, as represented by the S&P 500 Index, returned 40.79%, fueled, in our view, by accommodative monetary and fiscal policy, as well as improved investor sentiment after positive COVID-19 vaccine news. Global equities, as represented by the MSCI World Index, returned 39.04%, whereas emerging market equities, as measured by the MSCI Emerging Markets Index, returned 40.90%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in JPY), returned 31.29% and European equities, as represented by the MSCI Europe Index, returned 27.94%.

Commodity prices were volatile but generally produced positive results. When the reporting period began, Brent crude oil was approximately $42 a barrel, but ended the reporting period at roughly $75 a barrel. We believe oil prices rallied as producers reduced their output and then demand increased as global growth improved. Elsewhere, copper prices moved sharply higher, whereas gold prices declined.

ANNUAL REPORT JUNE 30, 2021 3

Chairman’s Letter (Cont.)

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 several other major currencies. For example, the U.S. dollar returned -5.55% and -11.53% versus the euro and the British pound, respectively. However, the U.S. dollar rose 2.86 versus the Japanese yen.

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

ANNUAL REPORT JUNE 30, 2021 5

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

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 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

6 PIMCO EQUITY SERIES

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.

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

ANNUAL REPORT JUNE 30, 2021 7

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

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) 87-PIMCO. Any election to receive reports in paper will apply to all funds held with the fund complex if invested directly with the Fund or to all funds held in the investor’s account if invested through a financial intermediary.

In 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)

ANNUAL REPORT JUNE 30, 2021 9

PIMCO Dividend and Income Fund

Cumulative Returns Through June 30, 2021

$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 June 30, 2021
		1 Year		5 Years		Fund Inception (12/14/11)
	PIMCO Dividend and Income Fund Institutional Class		36.27%		8.47%		7.39%
	PIMCO Dividend and Income Fund I-2		36.16%		8.37%		7.30%
	PIMCO Dividend and Income Fund Class A		35.89%		8.09%		7.02%
	PIMCO Dividend and Income Fund Class A (adjusted)		28.47%		6.87%		6.39%
	PIMCO Dividend and Income Fund Class C		34.82%		7.27%		6.21%
	PIMCO Dividend and Income Fund Class C (adjusted)		33.82%		7.27%		6.21%
	MSCI World Index±		39.04%		14.83%		12.90%
	75% MSCI World Index/25% Bloomberg Barclays Global Aggregate USD Unhedged±±		29.17%		11.79%		10.28%

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

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

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

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

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

The Fund’s total annual operating expense ratio in effect as of period end, were 0.80% 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 June 30, 2021†§
United States	56.0	%
Japan	10.1	%
United Kingdom	6.7	%
Australia	5.5	%
Spain	4.2	%
France	3.7	%
Germany	2.8	%
Switzerland	1.8	%
Canada	1.4	%
Netherlands	1.0	%
Short-Term Instruments‡	0.6	%
Other	6.2	%

Sector Breakdown as ofJune 30, 2021†§
Energy	16.3	%
Financials	10.0	%
Industrials	9.7	%
Materials	9.0	%
Communication Services	8.2	%
Consumer Staples	8.1	%
U.S. Government Agencies	5.9	%
Health Care	5.7	%
U.S. Treasury Obligations	4.3	%
Information Technology	4.2	%
Banking & Finance	3.7	%
Asset-Backed Securities	3.0	%
Utilities	2.8	%
Non-Agency Mortgage-Backed Securities	2.7	%
Real Estate	1.6	%
Sovereign Issues	1.4	%
Consumer Discretionary	1.2	%
Loan Participations and Assignments	1.2	%
Short-Term Instruments‡	0.6	%
Other	0.4	%

^†  % 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.

ANNUAL REPORT JUNE 30, 2021 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.

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

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

» Security selection in the communication services sector 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:

» Holdings of investment grade corporate credit contributed to performance, as U.S. corporate investment grade spreads tightened.

» Exposure to select equity holdings contributed to performance, as these securities posted positive returns.

» Holdings of non-Agency mortgage backed securities contributed to performance, as prices for these securities apperciated.

» Holdings of emerging market external debt contributed to performance. The JP Morgan Emerging Market Bond Index (EMBI Global), which generally tracks the total return for U.S. dollar denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities, posted positive returns.

» Exposure to U.S. duration detracted from performance, as the U.S. yield curve steepened and U.S. interest rates in the 2-year to 7-year portion of the curve rose.

» Exposure to select emerging market local debt, including Mexico and Brazil, detracted from performance, as these securities posted negative returns.

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 January 1, 2021 to June 30, 2021 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 (01/01/21)		Ending Account Value (06/30/21)		Expenses Paid During Period*		Beginning Account Value (01/01/21)		Ending Account Value (06/30/21)		Expenses Paid During Period*		Net Annualized Expense Ratio**
Institutional Class	$	1,000.00	$	1,158.60	$	4.05	$	1,000.00	$	1,020.63	$	3.79		0.77	%
I-2		1,000.00		1,158.60		4.58		1,000.00		1,020.14		4.29		0.87
Class A		1,000.00		1,157.00		5.89		1,000.00		1,018.92		5.51		1.12
Class C		1,000.00		1,152.40		9.81		1,000.00		1,015.26		9.19		1.87

* 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 178/365 (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.

ANNUAL REPORT JUNE 30, 2021 13

Financial Highlights PIMCO Dividend and Income Fund

				Investment Operations											Less Distributions(c)
Selected Per Share Data for the Year^:	Net Asset Value Beginning of Year(a)			Net Investment Income (Loss)(b)			Net Realized/ Unrealized Gain (Loss)				Total				From Net Investment Income				From Net Realized Capital Gains			Total
Institutional Class
06/30/2021		$	9.71		$	0.44		$	3.03			$	3.47			$	(0.46	)		$	0.00		$	(0.46	)
06/30/2020			11.27			0.33			(1.57	)			(1.24	)			(0.32	)			0.00			(0.32	)
06/30/2019			11.54			0.39			(0.18	)			0.21				(0.48	)			0.00			(0.48	)
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	)
I-2
06/30/2021			9.72			0.41			3.06				3.47				(0.45	)			0.00			(0.45	)
06/30/2020			11.29			0.32			(1.58	)			(1.26	)			(0.31	)			0.00			(0.31	)
06/30/2019			11.56			0.38			(0.19	)			0.19				(0.46	)			0.00			(0.46	)
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	)
Class A
06/30/2021			9.70			0.39			3.04				3.43				(0.42	)			0.00			(0.42	)
06/30/2020			11.27			0.29			(1.57	)			(1.28	)			(0.29	)			0.00			(0.29	)
06/30/2019			11.53			0.35			(0.19	)			0.16				(0.42	)			0.00			(0.42	)
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	)
Class C
06/30/2021			9.70			0.27			3.07				3.34				(0.32	)			0.00			(0.32	)
06/30/2020			11.29			0.21			(1.57	)			(1.36	)			(0.23	)			0.00			(0.23	)
06/30/2019			11.48			0.26			(0.18	)			0.08				(0.27	)			0.00			(0.27	)
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	)

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

^(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. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

^(d)  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(a)			Total Return(a)			Net Assets End of Year (000s)			Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
	$	12.72		36.27	%		$	32,512		0.79	%(d)		0.80	%(d)		0.77	%(d)		0.78	%(d)		3.79	%		218	%
		9.71		(11.38	)			16,438		0.83			0.84			0.80			0.81			3.05			158
		11.27		2.06				20,685		0.95			0.96			0.80			0.81			3.48			108
		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
		12.74		36.19				19,919		0.89	(d)		0.90	(d)		0.87	(d)		0.88	(d)		3.64			218
		9.72		(11.52	)			19,236		0.93			0.94			0.90			0.91			2.95			158
		11.29		1.91				25,573		1.05			1.06			0.90			0.91			3.40			108
		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
		12.71		35.89				136,346		1.14	(d)		1.15	(d)		1.12	(d)		1.13	(d)		3.41			218
		9.70		(11.72	)			96,148		1.18			1.19			1.15			1.16			2.70			158
		11.27		1.61				122,533		1.30			1.31			1.15			1.16			3.13			108
		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
		12.72		34.82				18,882		1.89	(d)		1.90	(d)		1.87	(d)		1.88	(d)		2.52			218
		9.70		(12.36	)			46,644		1.93			1.94			1.90			1.91			1.92			158
		11.29		0.87				83,059		2.05			2.06			1.90			1.91			2.34			108
		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

ANNUAL REPORT JUNE 30, 2021 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	$	216,550
Investments in Affiliates		1,231
Financial Derivative Instruments
Exchange-traded or centrally cleared		59
Over the counter		339
Cash		1,409
Deposits with counterparty		1,035
Foreign currency, at value		455
Receivable for investments sold		17,466
Receivable for TBA investments sold		16,654
Receivable for Fund shares sold		497
Interest and/or dividends receivable		2,723
Reimbursement receivable from PIMCO		1
Other assets		1
Total Assets		258,420
Liabilities:
Borrowings & Other Financing Transactions
Payable for sale-buyback transactions	$	1,198
Payable for short sales		413
Financial Derivative Instruments
Exchange-traded or centrally cleared		76
Over the counter		76
Payable for investments purchased		19,493
Payable for TBA investments purchased		28,512
Deposits from counterparty		150
Payable for Fund shares redeemed		652
Accrued investment advisory fees		78
Accrued supervisory and administrative fees		67
Accrued distribution fees		12
Accrued servicing fees		33
Accrued reimbursement to PIMCO		1
Total Liabilities		50,761
Net Assets	$	207,659
Net Assets Consist of:
Paid in capital	$	279,648
Distributable earnings (accumulated loss)		(71,989)
Net Assets	$	207,659
Cost of investments in securities	$	185,964
Cost of investments in Affiliates	$	1,231
Cost of foreign currency held	$	456
Proceeds received on short sales	$	413
Cost or premiums of financial derivative instruments, net	$	(1,778	)

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

16 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

Net Assets:
Institutional Class	$	32,512
I-2		19,919
Class A		136,346
Class C		18,882
Shares Issued and Outstanding:
Institutional Class		2,556
I-2		1,563
Class A		10,731
Class C		1,484
Net Asset Value Per Share Outstanding(a):
Institutional Class	$	12.72
I-2		12.74
Class A		12.71
Class C		12.72

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

ANNUAL REPORT JUNE 30, 2021 17

Statement of Operations PIMCO Dividend and Income Fund

Year Ended June 30, 2021
(Amounts in thousands†)
Investment Income:
Interest	$	2,096
Dividends, net of foreign taxes*		6,335
Dividends from Investments in Affiliates		5
Total Income		8,436
Expenses:
Investment advisory fees		857
Supervisory and administrative fees		725
Distribution fees - Class C		224
Servicing fees - Class A		291
Servicing fees - Class C		75
Trustee fees		14
Interest expense		29
Miscellaneous expense		10
Total Expenses		2,225
Waiver and/or Reimbursement by PIMCO		(14	)
Net Expenses		2,211
Net Investment Income (Loss)		6,225
Net Realized Gain (Loss):
Investments in securities		12,631
Exchange-traded or centrally cleared financial derivative instruments		(2,674	)
Over the counter financial derivative instruments		(519	)
Foreign currency		(71	)
Net Realized Gain (Loss)		9,367
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		36,306
Exchange-traded or centrally cleared financial derivative instruments		3,319
Over the counter financial derivative instruments		445
Foreign currency assets and liabilities		7
Net Change in Unrealized Appreciation (Depreciation)		40,077
Net Increase (Decrease) in Net Assets Resulting from Operations	$	55,669
* Foreign tax withholdings - Dividends	$	258

^†   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†)	Year Ended June 30, 2021			Year Ended June 30, 2020
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	6,225		$	5,539
Net realized gain (loss)		9,367			(17,040	)
Net change in unrealized appreciation (depreciation)		40,077			(15,771	)
Net Increase (Decrease) in Net Assets Resulting from Operations		55,669			(27,272	)
Distributions to Shareholders:
From net investment income and/or net realized capital gains
Institutional Class		(853	)		(569	)
I-2		(728	)		(701	)
Class A		(4,278	)		(3,061	)
Class C		(841	)		(1,420	)
Total Distributions(a)		(6,700	)		(5,751	)
Fund Share Transactions:
Net increase (decrease) resulting from Fund share transactions*		(19,776	)		(40,361	)
Total Increase (Decrease) in Net Assets		29,193			(73,384	)
Net Assets:
Beginning of year		178,466			251,850
End of year	$	207,659		$	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.

* 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. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

ANNUAL REPORT JUNE 30, 2021 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 104.3%
ASSET-BACKED SECURITIES 3.1%
CAYMAN ISLANDS 0.2%
TruPS Financials Note Securitization Ltd.
1.705% due 09/20/2039 •	$		415	$		401
Total Cayman Islands						401
UNITED STATES 2.9%
Bear Stearns Asset-Backed Securities Trust
1.967% due 12/25/2034 •			1,001			1,004
Conseco Finance Corp.
6.280% due 09/01/2030			157			164
Credit Suisse First Boston Mortgage Securities Corp.
0.712% due 01/25/2032 •			849			828
EMC Mortgage Loan Trust
1.392% due 02/25/2041 •			24			23
Legacy Mortgage Asset Trust
1.843% due 01/28/2070 •			600			607
LP Credit Card ABS Master Trust
1.661% due 08/20/2024 •			242			243
Morgan Stanley Home Equity Loan Trust
0.192% due 12/25/2036 •			1,556			946
Navient Student Loan Trust
1.142% due 12/27/2066 •			458			466
Residential Asset Securities Corp. Trust
0.977% due 01/25/2034 •			771			770
Structured Asset Investment Loan Trust
0.242% due 09/25/2036 •			1,058			1,039
Total United States						6,090
Total Asset-Backed Securities (Cost $6,225)						6,491
LOAN PARTICIPATIONS AND ASSIGNMENTS 1.2%
CANADA 0.0%
Bausch Health Cos., Inc.
3.104% (LIBOR03M + 3.000%) due 06/02/2025 ~			4			4
Total Canada						4
LUXEMBOURG 0.0%
Intelsat Jackson Holdings S.A.
3.600% - 5.618% (LIBOR03M + 5.500%) due 07/13/2022 ~			13			14
8.000% (PRIME + 4.750%) due 11/27/2023 ~			14			14
8.625% due 01/02/2024 ~			13			13
Total Luxembourg						41

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
UNITED STATES 1.2%
Avolon TLB Borrower (U.S.) LLC
2.250% (LIBOR03M + 1.500%) due 02/12/2027 ~	$		7	$		7
BWAY Holding Co.
3.354% (LIBOR03M + 3.250%) due 04/03/2024 ~			10			9
Caesars Resort Collection LLC
2.854% (LIBOR03M + 2.750%) due 12/23/2024 ~			523			520
Cengage Learning, Inc.
TBD% due 06/29/2026			131			131
CityCenter Holdings LLC
3.000% - 3.250% (LIBOR03M + 2.250%) due 04/18/2024 ~			499			495
Core & Main LP
3.750% (LIBOR03M + 2.750%) due 08/01/2024 ~			10			10
Diamond Resorts Corp.
4.750% (LIBOR03M + 3.750%) due 09/02/2023 ~			96			96
Emerald TopCo, Inc.
3.604% - 3.686% (LIBOR03M + 3.500%) due 07/24/2026 ~			3			3
Envision Healthcare Corp.
3.854% (LIBOR03M + 3.750%) due 10/10/2025 ~			215			185
Hilton Worldwide Finance LLC
1.842% (LIBOR03M + 1.750%) due 06/22/2026 ~			230			228
Lealand Finance Company B.V.
3.096% (LIBOR03M + 3.000%) due 06/30/2024 «~			1			1
Lealand Finance Company B.V. (1.093% Cash and 3.000% PIK)
4.093% (LIBOR03M + 1.000%) due 06/30/2025 ~ (b)			3			1
MH Sub LLC
3.604% (LIBOR03M + 3.500%) due 09/13/2024 ~			19			19
Nascar Holdings, Inc.
2.854% (LIBOR03M + 2.750%) due 10/19/2026 ~			2			2
Petco Health & Wellness Co.
TBD% due 03/03/2028			234			234
PUG LLC
3.604% (LIBOR03M + 3.500%) due 02/12/2027 ~			4			4
Syniverse Holdings, Inc.
6.000% (LIBOR03M + 5.000%) due 03/09/2023 ~			13			13

20 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
U.S. Renal Care, Inc.
5.125% (LIBOR03M + 5.000%) due 06/26/2026 ~	$		13	$		13
Uber Technologies, Inc.
3.604% (LIBOR03M + 3.500%) due 02/16/2027 ~			497			498
Westmoreland Coal Company (15.000% PIK)
15.000% due 03/15/2029 «~(b)			4			1
Whatabrands LLC
2.832% (LIBOR03M + 2.750%) due 07/31/2026 ~			2			2
Total United States						2,472
Total Loan Participations and Assignments (Cost $2,535)						2,517
		SHARES
COMMON STOCKS 71.8%
AUSTRALIA 5.7%
CONSUMER DISCRETIONARY 0.2%
Wesfarmers Ltd.			10,592			470
CONSUMER STAPLES 0.2%
Coles Group Ltd.			14,376			184
Endeavour Group Ltd. (d)			4,999			24
Metcash Ltd.			40,177			120
Woolworths Group Ltd.			4,999			143
						471
ENERGY 0.1%
Woodside Petroleum Ltd.			5,888			98
FINANCIALS 0.7%
Australia & New Zealand Banking Group Ltd.			21,336			450
Bendigo & Adelaide Bank Ltd.			28,072			221
Commonwealth Bank of Australia			6,589			494
National Australia Bank Ltd.			11,003			216
Suncorp Group Ltd.			10,371			86
Westpac Banking Corp.			4,069			79
						1,546
INDUSTRIALS 0.1%
Aurizon Holdings Ltd.			63,555			177

	SHARES			MARKET VALUE (000S)
MATERIALS 4.3%
BHP Group Ltd.		125,322	$		4,559
BHP Group PLC		27,112			802
Fortescue Metals Group Ltd.		68,722			1,201
Rio Tinto Ltd.		25,313			2,400
					8,962
UTILITIES 0.1%
AGL Energy Ltd.		20,108			123
Total Australia					11,847
BELGIUM 0.3%
COMMUNICATION SERVICES 0.1%
Proximus SADP		8,862			171
ENERGY 0.1%
Euronav NV		10,720			100
FINANCIALS 0.1%
Ageas S.A.		2,960			164
MATERIALS 0.0%
Solvay S.A.		657			84
Total Belgium					519
CANADA 1.2%
CONSUMER DISCRETIONARY 0.0%
Magna International, Inc.		688			64
ENERGY 0.9%
ARC Resources Ltd.		12,682			108
Canadian Natural Resources Ltd.		7,215			262
Enbridge, Inc.		28,764			1,152
Keyera Corp.		2,715			73
Pembina Pipeline Corp.		2,298			73
Suncor Energy, Inc.		5,996			143
					1,811
FINANCIALS 0.3%
Bank of Montreal		242			25
Bank of Nova Scotia		2,341			152

See Accompanying Notes ANNUAL REPORT JUNE 30, 2021 21

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

	SHARES			MARKET VALUE (000S)
Canadian Imperial Bank of Commerce		767	$		88
Power Corp. of Canada		12,064			381
Toronto-Dominion Bank		246			17
					663
Total Canada					2,538
CAYMAN ISLANDS 0.0%
INDUSTRIALS 0.0%
Noble Corp. (d)		159			4
Total Cayman Islands					4
DENMARK 0.0%
HEALTH CARE 0.0%
Novo Nordisk A/S ‘B’		741			62
Total Denmark					62
FINLAND 0.4%
FINANCIALS 0.1%
Sampo Oyj ‘A’		3,626			167
INDUSTRIALS 0.2%
Wartsila Oyj Abp		20,977			311
MATERIALS 0.1%
UPM-Kymmene Oyj		6,189			234
UTILITIES 0.0%
Fortum Oyj		822			23
Total Finland					735
FRANCE 3.5%
COMMUNICATION SERVICES 0.1%
Orange S.A.		13,513			154
CONSUMER STAPLES 0.0%
Danone S.A.		1,419			100
ENERGY 2.3%
TotalEnergies SE		105,304			4,770

	SHARES			MARKET VALUE (000S)
FINANCIALS 0.8%
AXA S.A.		59,074	$		1,500
Credit Agricole S.A.		8,116			114
					1,614
HEALTH CARE 0.1%
Sanofi		2,460			258
INDUSTRIALS 0.2%
ALD S.A.		1,370			21
Bouygues S.A.		11,042			409
					430
Total France					7,326
GERMANY 2.8%
COMMUNICATION SERVICES 0.1%
Deutsche Telekom AG		6,181			131
Telefonica Deutschland Holding AG		28,562			75
					206
CONSUMER DISCRETIONARY 0.1%
Bayerische Motoren Werke AG		2,308			245
Daimler AG		459			41
					286
CONSUMER STAPLES 0.2%
Metro AG		25,860			320
FINANCIALS 0.1%
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		529			145
HEALTH CARE 0.1%
Bayer AG		3,917			238
INDUSTRIALS 0.4%
Deutsche Post AG		3,782			257
Hochtief AG		1,009			78
Siemens AG		2,643			420
					755

22 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

	SHARES			MARKET VALUE (000S)
MATERIALS 1.7%
BASF SE		44,018	$		3,475
Covestro AG		1,198			77
Evonik Industries AG		1,786			60
					3,612
UTILITIES 0.1%
E.ON SE		11,622			135
Total Germany					5,697
HONG KONG 0.1%
INDUSTRIALS 0.1%
CK Hutchison Holdings Ltd.		13,000			101
NWS Holdings Ltd.		14,000			15
					116
INFORMATION TECHNOLOGY 0.0%
VTech Holdings Ltd.		7,300			77
REAL ESTATE 0.0%
Hopson Development Holdings Ltd.		3,300			15
Total Hong Kong					208
IRELAND 0.2%
INFORMATION TECHNOLOGY 0.2%
Seagate Technology Holdings PLC		5,328			468
Total Ireland					468
ISRAEL 0.0%
FINANCIALS 0.0%
Plus500 Ltd.		2,938			54
Total Israel					54
ITALY 0.6%
ENERGY 0.4%
Eni SpA		75,626			922
FINANCIALS 0.1%
Assicurazioni Generali SpA		1,747			35
UnipolSai Assicurazioni SpA		28,121			82
					117

	SHARES			MARKET VALUE (000S)
UTILITIES 0.1%
Enel SpA		23,265	$		216
Total Italy					1,255
JAPAN 10.6%
COMMUNICATION SERVICES 1.4%
KDDI Corp.		7,300			227
Mixi, Inc.		4,100			108
Nintendo Co. Ltd.		200			116
Nippon Telegraph & Telephone Corp.		27,600			722
Softbank Corp.		137,200			1,794
					2,967
CONSUMER DISCRETIONARY 0.5%
Bridgestone Corp.		3,600			164
Haseko Corp.		2,400			33
Honda Motor Co. Ltd.		4,400			141
Isuzu Motors Ltd.		10,900			145
Panasonic Corp.		21,800			251
Sekisui House Ltd.		10,200			209
Subaru Corp.		5,300			105
					1,048
CONSUMER STAPLES 1.1%
Japan Tobacco, Inc.		98,100			1,854
Kirin Holdings Co. Ltd.		4,800			94
Seven & i Holdings Co. Ltd.		6,400			306
					2,254
ENERGY 0.4%
Idemitsu Kosan Co. Ltd.		8,200			198
JXTG Holdings, Inc.		144,200			604
					802
FINANCIALS 2.5%
Aozora Bank Ltd.		8,100			182
Daiwa Securities Group, Inc.		6,500			36
Japan Post Holdings Co. Ltd.		30,200			248
Mitsubishi UFJ Financial Group, Inc.		211,600			1,140
Mizuho Financial Group, Inc.		36,730			526

See Accompanying Notes ANNUAL REPORT JUNE 30, 2021 23

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

	SHARES			MARKET VALUE (000S)
MS&AD Insurance Group Holdings, Inc.		7,700	$		223
Nomura Holdings, Inc.		32,100			163
ORIX Corp.		17,000			287
Resona Holdings, Inc.		72,200			278
Sumitomo Mitsui Financial Group, Inc.		57,800			1,993
Sumitomo Mitsui Trust Holdings, Inc.		1,500			48
					5,124
HEALTH CARE 0.4%
Astellas Pharma, Inc.		5,700			99
Takeda Pharmaceutical Co. Ltd.		19,300			648
					747
INDUSTRIALS 2.6%
Amada Co. Ltd.		7,900			80
Asahi Glass Co. Ltd.		1,900			80
ITOCHU Corp.		5,800			167
Kajima Corp.		8,700			110
Komatsu Ltd.		6,700			166
Marubeni Corp.		83,300			725
Mitsubishi Corp.		76,300			2,084
Mitsubishi Electric Corp.		3,300			48
Mitsubishi Heavy Industries Ltd.		5,800			171
Mitsui & Co. Ltd.		14,200			320
Mitsui OSK Lines Ltd.		2,100			101
Nippon Yusen KK		4,600			234
NSK Ltd.		11,300			96
Sojitz Corp.		74,700			226
Sumitomo Corp.		59,800			802
Taisei Corp.		2,200			72
					5,482
INFORMATION TECHNOLOGY 1.3%
Canon, Inc.		73,900			1,670
Hitachi Ltd.		3,700			212
Konica Minolta, Inc.		59,100			327
Nippon Electric Glass Co. Ltd.		6,200			146
Seiko Epson Corp.		16,100			283
					2,638

	SHARES			MARKET VALUE (000S)
MATERIALS 0.2%
Mitsubishi Chemical Holdings Corp.		10,600	$		89
Mitsubishi Gas Chemical Co., Inc.		3,200			68
Mitsui Chemicals, Inc.		2,400			83
Nitto Denko Corp.		1,100			82
Sumitomo Chemical Co. Ltd.		12,500			67
Ube Industries Ltd.		3,700			75
					464
REAL ESTATE 0.2%
Daito Trust Construction Co. Ltd.		3,800			415
Total Japan					21,941
MEXICO 0.0%
CONSUMER DISCRETIONARY 0.0%
Desarrolladora Homex S.A.B. de C.V. (d)		41,996			0
Total Mexico					0
NETHERLANDS 0.7%
COMMUNICATION SERVICES 0.1%
Koninklijke KPN NV		18,763			59
VEON Ltd. ADR		46,752			85
					144
CONSUMER STAPLES 0.1%
Koninklijke Ahold Delhaize NV		6,583			196
ENERGY 0.1%
Royal Dutch Shell PLC ‘A’		12,209			245
FINANCIALS 0.4%
ASR Nederland NV		1,642			64
NN Group NV		14,608			690
					754
Total Netherlands					1,339
NEW ZEALAND 0.0%
COMMUNICATION SERVICES 0.0%
Spark New Zealand Ltd.		6,294			21

24 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

	SHARES			MARKET VALUE (000S)
UTILITIES 0.0%
Contact Energy Ltd.		4,006	$		23
Total New Zealand					44
NORWAY 0.3%
COMMUNICATION SERVICES 0.1%
Telenor ASA		7,449			126
ENERGY 0.1%
Equinor ASA		10,637			225
Frontline Ltd.		3,720			33
SFL Corp. Ltd.		7,918			61
					319
FINANCIALS 0.1%
DNB ASA		5,445			119
MATERIALS 0.0%
Norsk Hydro ASA		11,463			73
Total Norway					637
SINGAPORE 0.0%
FINANCIALS 0.0%
United Overseas Bank Ltd.		3,800			73
Total Singapore					73
SPAIN 4.3%
COMMUNICATION SERVICES 1.6%
Telefonica S.A.		696,286			3,250
ENERGY 1.3%
Repsol S.A.		223,261			2,805
FINANCIALS 0.7%
Banco Bilbao Vizcaya Argentaria S.A.		194,931			1,209
Mapfre S.A.		125,792			266
					1,475
INDUSTRIALS 0.2%
ACS Actividades de Construccion Y Servicios S.A.		18,195			488

	SHARES			MARKET VALUE (000S)
UTILITIES 0.5%
Endesa S.A.		11,610	$		282
Naturgy Energy Group S.A.		24,171			622
Red Electrica Corp. S.A.		2,163			40
					944
Total Spain					8,962
SWEDEN 0.0%
COMMUNICATION SERVICES 0.0%
Telia Co. AB		10,715			48
ENERGY 0.0%
Lundin Petroleum AB		946			33
Total Sweden					81
SWITZERLAND 1.6%
CONSUMER STAPLES 0.1%
Nestle S.A.		1,646			205
FINANCIALS 0.8%
Swiss Re AG		9,972			901
Zurich Insurance Group AG		1,711			687
					1,588
HEALTH CARE 0.5%
Novartis AG		4,975			454
Roche Holding AG		1,385			522
					976
INDUSTRIALS 0.2%
ABB Ltd.		3,892			132
Adecco Group AG		4,627			315
					447
Total Switzerland					3,216
UNITED KINGDOM 4.6%
COMMUNICATION SERVICES 0.2%
Vodafone Group PLC		214,456			359
CONSUMER DISCRETIONARY 0.1%
Persimmon PLC		5,788			237

See Accompanying Notes ANNUAL REPORT JUNE 30, 2021 25

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

	SHARES			MARKET VALUE (000S)
CONSUMER STAPLES 1.6%
British American Tobacco PLC		46,006	$		1,786
Imperial Brands PLC		74,746			1,612
					3,398
ENERGY 0.4%
BP PLC		182,184			799
FINANCIALS 0.6%
Aviva PLC		48,708			273
Direct Line Insurance Group PLC		5,335			21
Legal & General Group PLC		82,648			295
M&G PLC		152,636			484
Standard Life Aberdeen PLC		73,052			274
					1,347
INDUSTRIALS 0.1%
BAE Systems PLC		24,368			176
easyJet PLC		2,208			28
					204
MATERIALS 1.5%
Amcor PLC		8,470			97
Evraz PLC		76,148			625
Rio Tinto PLC		28,697			2,370
					3,092
UTILITIES 0.1%
SSE PLC		4,919			102
Total United Kingdom					9,538
UNITED STATES 34.9%
COMMUNICATION SERVICES 5.1%
AT&T, Inc.		178,249			5,130
Clear Channel Outdoor Holdings, Inc. (d)		29,821			79
iHeartMedia, Inc. ‘A’ (d)		6,979			188
iHeartMedia, Inc. ‘B’ «(d)		5,486			133
Lumen Technologies, Inc.		236,800			3,218
Omnicom Group, Inc.		1,358			109
Verizon Communications, Inc.		29,421			1,648
ViacomCBS, Inc. ‘B’		332			15
					10,520

	SHARES			MARKET VALUE (000S)
CONSUMER DISCRETIONARY 0.3%
Best Buy Co., Inc.		151	$		17
Home Depot, Inc.		255			81
McDonald’s Corp.		569			132
Newell Brands, Inc.		11,427			314
					544
CONSUMER STAPLES 5.1%
Altria Group, Inc.		127,147			6,062
Archer-Daniels-Midland Co.		1,393			85
Bunge Ltd.		965			75
Coca-Cola Co.		3,769			204
General Mills, Inc.		560			34
Kraft Heinz Co.		7,667			313
PepsiCo, Inc.		898			133
Philip Morris International, Inc.		33,777			3,348
Walgreens Boots Alliance, Inc.		8,041			423
					10,677
ENERGY 10.9%
Chevron Corp.		34,549			3,619
ConocoPhillips		2,165			132
Exxon Mobil Corp.		117,961			7,441
Helmerich & Payne, Inc.		7,787			254
HollyFrontier Corp.		2,320			76
Kinder Morgan, Inc.		58,855			1,073
Marathon Petroleum Corp.		16,781			1,014
Noble Corp. (d)(j)		1,977			49
Occidental Petroleum Corp.		88,543			2,769
ONEOK, Inc.		20,392			1,134
Phillips 66		7,890			677
Schlumberger NV		22,018			705
Targa Resources Corp.		5,215			232
Valaris Ltd. (d)		112			3
Valero Energy Corp.		31,732			2,477
Williams Cos., Inc.		39,991			1,062
					22,717
FINANCIALS 2.6%
American International Group, Inc.		1,866			89
CIT Group, Inc.		1,675			86

26 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

	SHARES			MARKET VALUE (000S)
Citigroup, Inc.		2,864	$		203
Citizens Financial Group, Inc.		3,846			176
Comerica, Inc.		3,691			263
Fifth Third Bancorp		5,029			192
Franklin Resources, Inc.		9,428			302
Huntington Bancshares, Inc.		8,790			126
Invesco Ltd.		18,009			481
JPMorgan Chase & Co.		1,082			168
KeyCorp.		7,396			153
M&T Bank Corp.		491			71
MetLife, Inc.		5,079			304
Navient Corp.		20,698			400
PNC Financial Services Group, Inc.		944			180
Principal Financial Group, Inc.		5,667			358
Prudential Financial, Inc.		10,156			1,041
Regions Financial Corp.		738			15
U.S. Bancorp		2,091			119
Unum Group		5,634			160
Wells Fargo & Co.		13,107			594
					5,481
HEALTH CARE 4.9%
AbbVie, Inc.		29,481			3,321
Amgen, Inc.		1,784			435
Bristol-Myers Squibb Co.		3,237			216
Cardinal Health, Inc.		4,834			276
Eli Lilly & Co.		408			94
Gilead Sciences, Inc.		19,047			1,312
Johnson & Johnson		6,145			1,012
Merck & Co., Inc.		8,003			622
Organon & Co. (d)		707			21
Pfizer, Inc.		72,579			2,842
					10,151
INDUSTRIALS 1.0%
3M Co.		4,749			943
Caterpillar, Inc.		806			175
Cummins, Inc.		461			112
Eaton Corp. PLC		1,287			191
Emerson Electric Co.		1,234			119
Illinois Tool Works, Inc.		378			85
Lockheed Martin Corp.		41			16

	SHARES			MARKET VALUE (000S)
ManpowerGroup, Inc.		291	$		35
Neiman Marcus Group Ltd. LLC «(d)(j)		1,124			124
Union Pacific Corp.		629			138
United Parcel Service, Inc. ‘B’		978			203
Westmoreland Mining Holdings LLC «(d)(j)		53			0
					2,141
INFORMATION TECHNOLOGY 2.9%
Broadcom, Inc.		532			254
Cisco Systems, Inc.		19,161			1,016
Corning, Inc.		3,115			128
Hewlett Packard Enterprise Co.		22,216			324
HP, Inc.		9,417			284
International Business Machines Corp.		20,511			3,007
Juniper Networks, Inc.		4,178			114
NetApp, Inc.		3,150			258
QUALCOMM, Inc.		1,779			254
Texas Instruments, Inc.		964			185
Xerox Holdings Corp.		8,823			207
					6,031
MATERIALS 1.5%
Dow, Inc.		16,043			1,015
Eastman Chemical Co.		734			86
International Paper Co.		8,960			549
LyondellBasell Industries NV ‘A’		12,690			1,306
Nucor Corp.		730			70
					3,026
UTILITIES 0.6%
Dominion Energy, Inc.		2,187			161
Duke Energy Corp.		2,270			224
Exelon Corp.		3,106			138
PPL Corp.		14,877			416
Southern Co.		4,204			254
					1,193
Total United States					72,481
Total Common Stocks (Cost $121,702)					149,025

See Accompanying Notes ANNUAL REPORT JUNE 30, 2021 27

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
CORPORATE BONDS & NOTES 10.2%
BERMUDA 0.0%
INDUSTRIALS 0.0%
Valaris Ltd. (8.250% Cash or 12.000% PIK)
8.250% due 04/30/2028 (b)	$		1	$		1
Total Bermuda						1
BRAZIL 0.1%
INDUSTRIALS 0.0%
Odebrecht Oil & Gas Finance Ltd.
0.000% due 08/02/2021 (f)(h)			46			1
Vale Overseas Ltd.
6.875% due 11/21/2036			10			14
6.250% due 08/10/2026			23			27
						42
UTILITIES 0.1%
Petrobras Global Finance BV
6.250% due 12/14/2026	GBP		100			159
Total Brazil						201
CANADA 0.1%
BANKING & FINANCE 0.0%
Fairfax Financial Holdings Ltd.
4.850% due 04/17/2028	$		6			7
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			41
7.500% due 03/15/2025			2			2
6.125% due 01/15/2023			202			213
						271
Total Canada						278
CAYMAN ISLANDS 0.8%
BANKING & FINANCE 0.6%
Ambac LSNI LLC
6.000% due 02/12/2023 •			71			71
Avolon Holdings Funding Ltd.
3.250% due 02/15/2027			4			4
5.500% due 01/15/2023			18			19
5.125% due 10/01/2023			16			17

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Park Aerospace Holdings Ltd.
4.500% due 03/15/2023	$		21	$		22
5.500% due 02/15/2024			9			10
5.250% due 08/15/2022			307			321
U.S. Capital Funding Ltd.
0.468% due 07/10/2043 •			927			816
						1,280
INDUSTRIALS 0.2%
MGM China Holdings Ltd.
4.750% due 02/01/2027			253			258
Noble Corp. PLC (11.000% Cash or 15.000% PIK)
11.000% due 02/15/2028 (b)			5			5
Transocean, Inc.
7.500% due 01/15/2026			10			9
8.000% due 02/01/2027			10			9
7.250% due 11/01/2025			16			14
						295
UTILITIES 0.0%
Odebrecht Drilling Norbe Ltd.
6.350% due 12/01/2021 ^			2			2
Odebrecht Drilling Norbe Ltd. (6.350% Cash and 1.000% PIK)
7.350% due 12/01/2026 ^(b)			97			50
Odebrecht Offshore Drilling Finance Ltd.
6.720% due 12/01/2022 ^			1			1
Transocean Phoenix Ltd.
7.750% due 10/15/2024			3			3
						56
Total Cayman Islands						1,631
CURACAO 0.0%
INDUSTRIALS 0.0%
Teva Pharmaceutical Finance BV
3.650% due 11/10/2021			2			2
Total Curacao						2
FRANCE 0.3%
BANKING & FINANCE 0.1%
Societe Generale S.A.
7.375% due 10/04/2023 •(h)(i)			200			218
INDUSTRIALS 0.2%
Altice France S.A.
7.375% due 05/01/2026			308			321
Total France						539

28 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
GERMANY 0.1%
BANKING & FINANCE 0.1%
Deutsche Bank AG
3.961% due 11/26/2025 •	$		150	$		162
Total Germany						162
IRELAND 0.3%
INDUSTRIALS 0.3%
Russian Railways via RZD Capital PLC
7.487% due 03/25/2031	GBP		300			551
Total Ireland						551
ITALY 0.2%
BANKING & FINANCE 0.2%
UniCredit SpA
7.830% due 12/04/2023	$		370			429
Total Italy						429
JERSEY, CHANNEL ISLANDS 0.2%
INDUSTRIALS 0.2%
AA Bond Co. Ltd.
2.875% due 07/31/2043	GBP		300			417
Total Jersey, Channel Islands						417
LUXEMBOURG 0.6%
BANKING & FINANCE 0.2%
Sberbank of Russia Via SB Capital S.A.
6.125% due 02/07/2022	$		400			413
INDUSTRIALS 0.1%
Intelsat Connect Finance S.A.
9.500% due 02/15/2023 ^(c)			20			7
Intelsat Jackson Holdings S.A.
9.750% due 07/15/2025 ^(c)			39			23
5.500% due 08/01/2023 ^(c)			28			16
8.000% due 02/15/2024			34			35
8.500% due 10/15/2024 ^(c)			229			136
						217

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
UTILITIES 0.3%
Gazprom Neft OAO Via GPN Capital S.A.
4.375% due 09/19/2022	$		300	$		312
6.000% due 11/27/2023			300			331
						643
Total Luxembourg						1,273
MEXICO 0.2%
INDUSTRIALS 0.2%
Corp. GEO S.A.B. de C.V.
8.875% due 03/27/2022 ^«(c)			300			0
Petroleos Mexicanos
6.500% due 01/23/2029			74			76
6.500% due 03/13/2027			40			42
6.750% due 09/21/2047			10			9
6.490% due 01/23/2027			30			32
6.840% due 01/23/2030			82			85
7.690% due 01/23/2050			10			10
5.950% due 01/28/2031			67			65
6.950% due 01/28/2060			30			26
						345
Total Mexico						345
MULTINATIONAL 0.1%
INDUSTRIALS 0.1%
American Airlines, Inc.
5.500% due 04/20/2026			239			253
Broadcom Corp.
3.875% due 01/15/2027			8			9
Connect Finco SARL
6.750% due 10/01/2026			6			7
						269
Total Multinational						269
NETHERLANDS 0.4%
INDUSTRIALS 0.4%
Dufry One BV
2.000% due 02/15/2027	EUR		230			258
Teva Pharmaceutical Finance Netherlands BV
2.200% due 07/21/2021	$		46			46
Wabtec Transportation Netherlands BV
1.250% due 12/03/2027	EUR		431			515
						819
Total Netherlands						819

See Accompanying Notes ANNUAL REPORT JUNE 30, 2021 29

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
NORWAY 0.1%
BANKING & FINANCE 0.1%
DNB Bank ASA
6.500% due 03/26/2022 •(h)(i)	$		200	$		208
Total Norway						208
PANAMA 0.0%
INDUSTRIALS 0.0%
Carnival Corp.
11.500% due 04/01/2023			54			61
Total Panama						61
PERU 0.0%
BANKING & FINANCE 0.0%
Banco de Credito del Peru
4.650% due 09/17/2024	PEN		100			27
Total Peru						27
QATAR 0.1%
INDUSTRIALS 0.1%
Qatar Petroleum
2.250% due 07/12/2031 (a)	$		261			258
Total Qatar						258
SPAIN 0.1%
INDUSTRIALS 0.1%
Cellnex Finance Co. S.A.
3.875% due 07/07/2041 (a)			260			260
Total Spain						260
SWITZERLAND 0.3%
BANKING & FINANCE 0.3%
Credit Suisse Group AG
7.500% due 12/11/2023 •(h)(i)			365			406
UBS AG
5.125% due 05/15/2024 (i)			200			221
						627
Total Switzerland						627

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
TURKEY 0.1%
BANKING & FINANCE 0.1%
Hazine Mustesarligi Varlik Kiralama A/S
5.800% due 02/21/2022	$		200	$		204
Total Turkey						204
UNITED KINGDOM 1.5%
BANKING & FINANCE 1.3%
Barclays PLC
4.972% due 05/16/2029 •			400			469
7.875% due 09/15/2022 •(h)(i)	GBP		200			297
HSBC Holdings PLC
6.000% due 09/29/2023 •(h)(i)	EUR		320			417
Lloyds Banking Group PLC
7.875% due 06/27/2029 •(h)(i)	GBP		200			354
7.625% due 06/27/2023 •(h)(i)			200			303
7.500% due 09/27/2025 •(h)(i)	$		200			235
Natwest Group PLC
8.625% due 08/15/2021 •(h)(i)			200			202
Tesco Property Finance PLC
6.052% due 10/13/2039	GBP		214			394
						2,671
INDUSTRIALS 0.2%
Marston’s Issuer PLC
2.633% due 07/16/2035 ~			200			218
Mitchells & Butlers Finance PLC
0.531% (BP0003M + 0.450%) due 12/15/2030 ~			102			132
						350
Total United Kingdom						3,021
UNITED STATES 4.6%
BANKING & FINANCE 0.6%
BGC Partners, Inc.
5.375% due 07/24/2023	$		4			4
3.750% due 10/01/2024			6			6
Brixmor Operating Partnership LP
1.226% (US0003M + 1.050%) due 02/01/2022 ~			18			18

30 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
CBL & Associates LP
5.950% due 12/15/2026 ^(c)	$		3	$		2
CTR Partnership LP
5.250% due 06/01/2025			12			12
EPR Properties
4.750% due 12/15/2026			2			2
4.950% due 04/15/2028			2			2
Ford Motor Credit Co. LLC
3.350% due 11/01/2022			391			401
5.584% due 03/18/2024			240			263
Fortress Transportation & Infrastructure Investors LLC
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
MGM Growth Properties Operating Partnership LP
4.625% due 06/15/2025			237			254
Navient Corp.
6.500% due 06/15/2022			66			69
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			210
6.125% due 03/15/2024			12			13
Physicians Realty LP
3.950% due 01/15/2028			4			5
Sabra Health Care LP
4.800% due 06/01/2024			3			3
Santander Holdings USA, Inc.
4.400% due 07/13/2027			7			8
SL Green Operating Partnership LP
3.250% due 10/15/2022			2			2
						1,366
INDUSTRIALS 2.8%
American Airlines Pass-Through Trust
3.350% due 04/15/2031			8			9
Anheuser-Busch InBev Worldwide, Inc.
4.500% due 06/01/2050			25			31
4.600% due 06/01/2060			9			11
Boeing Co.
6.125% due 02/15/2033			400			507
Broadcom, Inc.
3.469% due 04/15/2034			263			279
3.500% due 02/15/2041			225			231
4.110% due 09/15/2028			8			9

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
CCO Holdings LLC
4.750% due 03/01/2030	$		18	$		19
4.500% due 08/15/2030			14			15
4.500% due 06/01/2033			253			259
Centene Corp.
4.250% due 12/15/2027			6			6
Charter Communications Operating LLC
4.800% due 03/01/2050			16			18
3.900% due 06/01/2052			100			102
Citrix Systems, Inc.
3.300% due 03/01/2030			3			3
Community Health Systems, Inc.
8.000% due 03/15/2026			46			50
6.625% due 02/15/2025			260			275
Corning, Inc.
5.450% due 11/15/2079			6			8
Coty, Inc.
3.875% due 04/15/2026	EUR		245			292
CVS Pass-Through Trust
8.353% due 07/10/2031	$		427			560
DAE Funding LLC
5.000% due 08/01/2024			16			17
4.500% due 08/01/2022			10			10
Diamond Resorts International, Inc.
7.750% due 09/01/2023			107			110
Exela Intermediate LLC
10.000% due 07/15/2023			16			11
Gap, Inc.
8.625% due 05/15/2025			400			439
General Electric Co.
6.875% due 01/10/2039			2			3
Hilton Domestic Operating Co., Inc.
3.750% due 05/01/2029			200			202
Kraft Heinz Foods Co.
3.750% due 04/01/2030			18			20
Level 3 Financing, Inc.
3.875% due 11/15/2029			10			11
Micron Technology, Inc.
5.327% due 02/06/2029			8			10
Netflix, Inc.
5.375% due 11/15/2029			8			10
Occidental Petroleum Corp.
1.606% (US0003M + 1.450%) due 08/15/2022 ~			18			18
Oracle Corp.
3.950% due 03/25/2051 (j)			510			557
Ortho-Clinical Diagnostics, Inc.
7.375% due 06/01/2025			244			263
Tenet Healthcare Corp.
4.625% due 07/15/2024			4			4

See Accompanying Notes ANNUAL REPORT JUNE 30, 2021 31

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Topaz Solar Farms LLC
5.750% due 09/30/2039	$		74	$		86
4.875% due 09/30/2039			10			11
TransDigm, Inc.
5.500% due 11/15/2027			4			4
Travel + Leisure Co.
6.000% due 04/01/2027			6			7
U.S. Renal Care, Inc.
10.625% due 07/15/2027			6			6
United Airlines Pass-Through Trust
5.875% due 04/15/2029			395			439
Univision Communications, Inc.
5.125% due 02/15/2025			62			63
Western Midstream Operating LP
2.288% (US0003M + 2.100%) due 01/13/2023 ~			4			4
Windstream Escrow LLC
7.750% due 08/15/2028			229			236
Wynn Resorts Finance LLC
7.750% due 04/15/2025			500			540
						5,765
UTILITIES 1.2%
AT&T, Inc.
3.650% due 06/01/2051			8			8
3.850% due 06/01/2060			8			8
Edison International
5.750% due 06/15/2027			7			8
Enable Midstream Partners LP
4.950% due 05/15/2028			4			5
FirstEnergy Corp.
3.350% due 07/15/2022			410			417
Lumen Technologies, Inc.
4.000% due 02/15/2027			6			6
Pacific Gas & Electric Co.
4.600% due 06/15/2043			210			209
4.750% due 02/15/2044			120			122
3.250% due 06/01/2031			79			78
3.750% due 07/01/2028			110			115
4.550% due 07/01/2030			127			135
4.950% due 07/01/2050			105			108
4.500% due 07/01/2040			131			131
3.750% due 08/15/2042			2			2
2.950% due 03/01/2026			53			54
4.500% due 12/15/2041			2			2
3.250% due 06/15/2023			23			24
3.400% due 08/15/2024			35			37
4.000% due 12/01/2046			2			2
3.300% due 03/15/2027			20			21
4.250% due 03/15/2046			4			4

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Southern California Edison Co.
6.650% due 04/01/2029	$		2	$		2
4.875% due 03/01/2049			1			1
Sprint Corp.
7.625% due 03/01/2026			7			9
7.625% due 02/15/2025			400			476
7.125% due 06/15/2024			435			502
						2,486
Total United States						9,617
VENEZUELA 0.0%
INDUSTRIALS 0.0%
Petroleos de Venezuela S.A.
9.750% due 05/17/2035 ^(c)			20			1
6.000% due 11/15/2026 ^(c)			300			13
6.000% due 05/16/2024 ^(c)			20			1
						15
Total Venezuela						15
Total Corporate Bonds & Notes (Cost $20,674)						21,215
NON-AGENCY MORTGAGE-BACKED SECURITIES 2.8%
UNITED KINGDOM 0.8%
Eurosail PLC
0.784% due 09/13/2045 •	GBP		426			580
1.034% due 06/13/2045 •			421			584
1.034% due 06/13/2045 •			187			259
Grifonas Finance PLC
0.000% due 08/28/2039 •	EUR		250			291
Total United Kingdom						1,714
UNITED STATES 2.0%
Banc of America Alternative Loan Trust
6.000% due 07/25/2046 ^	$		57			56
Banc of America Funding Trust
3.053% due 05/20/2036 ^~			9			9
Banc of America Mortgage Trust
3.168% due 11/20/2046 ^~			5			4
6.000% due 10/25/2036 ^			14			14
Bear Stearns Mortgage Funding Trust
7.500% due 08/25/2036 þ			41			41

32 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Chase Mortgage Finance Trust
3.342% due 09/25/2036 ^~	$		27	$		25
Countrywide Alternative Loan Trust
6.000% due 06/25/2036 ^			96			77
6.000% due 02/25/2037 ^			56			32
6.250% due 12/25/2036 ^•			25			17
Countrywide Home Loan Mortgage Pass-Through Trust
0.592% due 07/25/2037 ^•			15			5
Credit Suisse First Boston Mortgage Securities Corp.
6.000% due 01/25/2036 ^			31			26
Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates
6.000% due 11/25/2035 ^			322			133
Credit Suisse Mortgage Capital Certificates
2.495% due 12/29/2037 ~			147			114
First Horizon Alternative Mortgage Securities Trust
2.535% due 06/25/2036 ^~			208			191
HSI Asset Loan Obligation Trust
6.000% due 06/25/2037 ^			4			3
JP Morgan Alternative Loan Trust
5.692% due 05/26/2037 ~			55			47
JP Morgan Mortgage Trust
6.500% due 07/25/2036 ^			84			51
Merrill Lynch Mortgage Investors Trust
2.756% due 03/25/2036 ^~			11			7
OBX Trust
0.942% due 04/25/2048 •			161			162
Residential Accredit Loans, Inc. Trust
0.892% due 10/25/2045 •			59			51
5.500% due 03/25/2037 ^			304			295
6.250% due 03/25/2037 ^			22			21
Structured Adjustable Rate Mortgage Loan Trust
2.982% due 10/25/2036 ^~			1,410			1,046
Wells Fargo Alternative Loan Trust
2.705% due 07/25/2037 ^~			762			703
Wells Fargo Commercial Mortgage Trust
3.412% due 09/15/2058			935			983
Total United States						4,113
Total Non-Agency Mortgage-Backed Securities (Cost $5,553)						5,827
MUNICIPAL BONDS & NOTES 0.5%
CALIFORNIA 0.1%
California State Public Works Board Revenue Notes, Series 2011
5.786% due 12/01/2021			168			172
Total California						172

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
ILLINOIS 0.1%
Illinois State General Obligation Bonds, (BABs), Series 2010
6.630% due 02/01/2035	$		15	$		19
7.350% due 07/01/2035			5			6
Illinois State General Obligation Bonds, Series 2003
5.100% due 06/01/2033			60			71
Total Illinois						96
PUERTO RICO 0.1%
Commonwealth of Puerto Rico General Obligation Bonds, Series 2001
5.125% due 07/01/2031 ^(c)			30			27
Commonwealth of Puerto Rico General Obligation Bonds, Series 2007
5.250% due 07/01/2034 ^(c)			5			5
5.250% due 07/01/2037 ^(c)			5			5
Commonwealth of Puerto Rico General Obligation Bonds, Series 2008
5.500% due 07/01/2032 ^(c)			20			18
5.700% due 07/01/2023 ^(c)			10			9
Commonwealth of Puerto Rico General Obligation Bonds, Series 2009
6.000% due 07/01/2039 ^(c)			5			4
Commonwealth of Puerto Rico General Obligation Bonds, Series 2011
5.375% due 07/01/2030 ^(c)			10			9
Commonwealth of Puerto Rico General Obligation Bonds, Series 2012
5.000% due 07/01/2041 ^(c)			120			101
5.125% due 07/01/2037 ^(c)			10			9
Commonwealth of Puerto Rico General Obligation Notes, Series 2012
5.000% due 07/01/2021 ^(c)			10			9
Puerto Rico Electric Power Authority Revenue Bonds, (BABs), Series 2010
6.125% due 07/01/2040 ^(c)			100			95
Total Puerto Rico						291
VIRGINIA 0.2%
Tobacco Settlement Financing Corp., Virginia Revenue Bonds, Series 2007
6.706% due 06/01/2046			360			378
Total Virginia						378
Total Municipal Bonds & Notes (Cost $616)						937

See Accompanying Notes ANNUAL REPORT JUNE 30, 2021 33

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

	SHARES			MARKET VALUE (000S)
PREFERRED STOCKS 0.3%
GERMANY 0.1%
INDUSTRIALS 0.1%
Schaeffler AG		15,832	$		146
Volkswagen AG		197			49
					195
Total Germany					195
NETHERLANDS 0.0%
BANKING & FINANCE 0.0%
Stichting AK Rabobank Certificaten
2.188% due 12/29/2049 þ(h)		26,275			42
Total Netherlands					42
UNITED KINGDOM 0.1%
BANKING & FINANCE 0.1%
Nationwide Building Society
10.250% ~		1,130			294
Total United Kingdom					294
UNITED STATES 0.1%
INDUSTRIALS 0.1%
General Electric Co.
3.449% (US0003M + 3.330%) due 09/15/2021 ~(h)		169,000			166
Total United States					166
Total Preferred Stocks (Cost $623)					697
REAL ESTATE INVESTMENT TRUSTS 2.2%
AUSTRALIA 0.0%
REAL ESTATE 0.0%
Stockland		16,671			58
Total Australia					58
CANADA 0.1%
REAL ESTATE 0.1%
H&R Real Estate Investment Trust		4,826			62
RioCan Real Estate Investment Trust		4,760			85

	SHARES			MARKET VALUE (000S)
SmartCentres Real Estate Investment Trust		1,280	$		30
					177
Total Canada					177
FRANCE 0.1%
REAL ESTATE 0.1%
Klepierre S.A.		1,262			32
Unibail-Rodamco-Westfield (d)		642			56
Unibail-Rodamco-Westfield		872			76
					164
Total France					164
HONG KONG 0.0%
REAL ESTATE 0.0%
Link REIT		6,100			59
Total Hong Kong					59
JAPAN 0.1%
REAL ESTATE 0.1%
Japan Retail Fund Investment Corp.		92			100
Total Japan					100
UNITED STATES 1.9%
FINANCIALS 0.7%
AGNC Investment Corp.		27,736			468
Annaly Capital Management, Inc.		80,961			719
New Residential Investment Corp.		24,932			264
					1,451
REAL ESTATE 1.2%
Iron Mountain, Inc.		18,672			790
Simon Property Group, Inc.		3,298			430
Uniti Group, Inc.		32			1
Ventas, Inc.		5,119			292
VEREIT, Inc.		2,686			124
VICI Properties, Inc.		26,432			820
					2,457
Total United States					3,908
Total Real Estate Investment Trusts (Cost $2,912)					4,466

34 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

		SHARES			MARKET VALUE (000S)
RIGHTS 0.0%
SPAIN 0.0%
INDUSTRIALS 0.0%
ACS Actividades de Construccion y Servicios S.A.			20,014	$		28
Total Spain						28
Total Rights (Cost $31)						28
		PRINCIPAL AMOUNT (000S)
SOVEREIGN ISSUES 1.5%
ARGENTINA 0.3%
Argentina Government International Bond
0.125% due 07/09/2030 þ	$		299			106
0.125% due 07/09/2035 þ			373			115
0.125% due 01/09/2038 þ			269			102
0.125% due 07/09/2041 þ			196			70
1.000% due 08/05/2021 (g)	ARS		16,759			99
1.000% due 07/09/2029	$		31			12
15.500% due 10/17/2026	ARS		1,226			3
34.069% (BADLARPP) due 10/04/2022 ~			28			0
36.104% (BADLARPP + 2.000%) due 04/03/2022 ~			2,640			15
Autonomous City of Buenos Aires
37.374% (BADLARPP + 3.250%) due 03/29/2024 ~			3,875			21
Provincia de Buenos Aires
37.854% due 04/12/2025			389			2
Total Argentina						545
CHINA 0.2%
China Development Bank
2.890% due 06/22/2025	CNY		300			46
3.300% due 02/01/2024			100			16
3.430% due 01/14/2027			100			16
3.680% due 02/26/2026			1,200			189
3.740% due 09/10/2025			300			47
4.150% due 10/26/2025			1,100			176
Total China						490
PERU 0.2%
Peru Government International Bond
5.940% due 02/12/2029	PEN		378			108
6.150% due 08/12/2032			332			89
6.350% due 08/12/2028			347			101
6.900% due 08/12/2037			7			2
6.950% due 08/12/2031			191			55

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
8.200% due 08/12/2026	PEN		199	$		64
Total Peru						419
ROMANIA 0.1%
Romania Government International Bond
2.000% due 04/14/2033	EUR		214			252
Total Romania						252
SOUTH AFRICA 0.4%
South Africa Government International Bond
8.000% due 01/31/2030	ZAR		200			13
8.250% due 03/31/2032			300			19
8.750% due 02/28/2048			200			12
8.875% due 02/28/2035			200			13
10.500% due 12/21/2026			10,200			812
Total South Africa						869
TURKEY 0.3%
Turkey Government International Bond
4.250% due 03/13/2025	$		200			197
4.625% due 03/31/2025	EUR		100			124
5.250% due 03/13/2030	$		200			190
Total Turkey						511
VENEZUELA 0.0%
Venezuela Government International Bond
7.000% due 03/31/2038 ^(c)			2			0
7.650% due 04/21/2025 ^(c)			3			0
9.250% due 09/15/2027 ^(c)			44			5
Total Venezuela						5
Total Sovereign Issues (Cost $3,411)						3,091
U.S. GOVERNMENT AGENCIES 6.2%
UNITED STATES 6.2%
Uniform Mortgage-Backed Security
3.000% due 11/01/2029 - 03/01/2050			78			83
3.500% due 02/01/2050			54			57
4.000% due 06/01/2049 - 07/01/2050			540			576
Uniform Mortgage-Backed Security, TBA
2.000% due 08/01/2036 - 08/01/2051			300			307
2.500% due 09/01/2051			1,800			1,854
3.000% due 08/01/2051			1,300			1,354
3.500% due 08/01/2051			2,600			2,739
4.000% due 08/01/2051			5,600			5,968
Total U.S. Government Agencies (Cost $12,958)						12,938

See Accompanying Notes ANNUAL REPORT JUNE 30, 2021 35

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
U.S. TREASURY OBLIGATIONS 4.5%
UNITED STATES 4.5%
U.S. Treasury Bonds
2.875% due 11/15/2046	$		600	$		696
3.000% due 02/15/2049			1,133			1,357
U.S. Treasury Inflation Protected Securities (g)
0.125% due 10/15/2024			208			224
0.125% due 07/15/2030			312			345
0.125% due 02/15/2051			308			338
0.250% due 07/15/2029 (m)			749			834
0.375% due 01/15/2027			35			39
0.375% due 07/15/2027			11			12
0.750% due 07/15/2028			532			611
0.875% due 01/15/2029			367			425
1.000% due 02/15/2048			108			145
1.000% due 02/15/2049			106			143
U.S. Treasury Notes
0.125% due 04/30/2023 (k)			4,000			3,993
1.125% due 02/15/2031			64			62
1.500% due 02/15/2030			71			72
Total U.S. Treasury Obligations (Cost $8,699)						9,296
		SHARES
WARRANTS 0.0%
UNITED STATES 0.0%
INFORMATION TECHNOLOGY 0.0%
Windstream Holdings LLC - Exp. 09/21/2055 «			40			1
Total United States						1
Total Warrants (Cost $0)						1

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 0.0%
ARGENTINA TREASURY BILLS 0.0%
38.382% due 07/30/2021 - 09/13/2021 (e)(f)(g)	ARS		3,656	$		21
Total Argentina Treasury Bills (Cost $25)						21
Total Short-Term Instruments (Cost $25)						21
Total Investments in Securities (Cost $185,964)						216,550
		SHARES
INVESTMENTS IN AFFILIATES 0.6%
SHORT-TERM INSTRUMENTS 0.6%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.6%
PIMCO Short-Term Floating NAV Portfolio III			124,868			1,231
Total Short-Term Instruments (Cost $1,231)						1,231
Total Investments in Affiliates (Cost $1,231)						1,231
Total Investments 104.9% (Cost $187,195)				$		217,781
Financial Derivative Instruments (l)(n) 0.1% (Cost or Premiums, net $(1,778))						246
Other Assets and Liabilities, net (5.0)%						(10,368	)
Net Assets 100.0%				$		207,659

NOTES TO SCHEDULE OF INVESTMENTS:    

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

^ Security is in default.

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

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

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

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

36 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

(a) When-issued security.

(b) Payment in-kind security.

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

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

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

(f) Zero coupon security.

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

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

(i) Contingent convertible security.

(j)  RESTRICTED SECURITIES:

Issuer Description	Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets
Neiman Marcus Group Ltd. LLC		09/25/2020	$	36	$	124		0.06	%
Noble Corp.		02/05/2021 - 02/27/2021		26		49		0.02
Oracle Corp. 3.950% due 03/25/2051		03/22/2021		509		557		0.27
Westmoreland Mining Holdings LLC		03/26/2019		0		0		0.00
			$	571	$	730		0.35	%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

SALE-BUYBACK TRANSACTIONS:

Counterparty	Borrowing Rate(1)			Borrowing Date		Maturity Date		Amount Borrowed(1)			Payable for Sale-Buyback Transactions
CSN		0.070	%		06/25/2021		07/02/2021	$	(1,198	)	$	(1,198	)
Total Sale-Buyback Transactions											$	(1,198	)

SHORT SALES

Description	Coupon			Maturity Date		Principal Amount		Proceeds			Payable for Short Sales
U.S. Government Agencies (0.2)%
United States (0.2)%
Uniform Mortgage-Backed Security, TBA		2.500	%		08/01/2051	$	400	$	(413	)	$	(413	)
Total Short Sales (0.2)%								$	(413	)	$	(413	)

See Accompanying Notes ANNUAL REPORT JUNE 30, 2021 37

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

BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2021:

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(2)
Master Securities Forward Transaction Agreement
CSN	$	0	$	0	$	(1,198	)	$	(1,198	)	$	1,198	$	0
Total Borrowings and Other Financing Transactions	$	0	$	0	$	(1,198	)

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
Sale-Buyback Transactions
U.S. Treasury Obligations	$	0	$	(1,198	)	$	0	$	0	$	(1,198	)
Total Borrowings	$	0	$	(1,198	)	$	0	$	0	$	(1,198	)
Payable for sale-buyback financing transactions										$	(1,198	)

(k) Securities with an aggregate market value of $1,198 have been pledged as collateral under the terms of the above master agreements as of June 30, 2021.

⁽¹⁾ The average amount of borrowings outstanding during the period ended June 30, 2021 was $(3,823) at a weighted average interest rate of 0.268%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

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

(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 September Futures		09/2021		7	$	1,257	$	15	$	6	$	0
U.S. Treasury 10-Year Note September Futures		09/2021		118		15,635		112		28		0
							$	127	$	34	$	0

38 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

SHORT FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
											Asset		Liability
Australia Government 10-Year Bond September Futures		09/2021		18	$	(1,906	)	$	(8	)	$	0	$	(8	)
U.S. Treasury 30-Year Bond September Futures		09/2021		9		(1,447	)		(42	)		0		(6	)
U.S. Treasury Ultra Long-Term Bond September Futures		09/2021		4		(771	)		(37	)		0		(5	)
								$	(87	)	$	0	$	(19	)
Total Futures Contracts								$	40		$	34	$	(19	)

SWAP AGREEMENTS:

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

Reference Entity	Fixed Receive Rate			Payment Frequency		Maturity Date		Implied Credit Spread at June 30, 2021(2)			Notional Amount(3)		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)		Market Value(4)			Variation Margin
																					Asset		Liability
Boeing Co.		1.000	%		Quarterly		06/20/2023		0.741	%		$    100	$	0		$	1	$	1		$	0	$	0
General Electric Co.		1.000			Quarterly		06/20/2026		0.718			300		1			2		3			0		0
Rolls-Royce PLC		1.000			Quarterly		12/20/2025		2.198			EUR    200		(21	)		9		(12	)		0		0
													$	(20	)	$	12	$	(8	)	$	0	$	0

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

Index/Tranches	Fixed Receive Rate			Payment Frequency		Maturity Date		Notional Amount(3)		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)		Market Value(4)			Variation Margin
																		Asset		Liability
CDX.EM-35 5-Year Index		1.000	%		Quarterly		06/20/2026	$	300	$	(11	)	$	3	$	(8	)	$	0	$	0
CDX.HY-36 5-Year Index		5.000			Quarterly		06/20/2026		900		80			14		94			0		0
iTraxx Europe Main 34 5-Year Index		1.000			Quarterly		12/20/2025	EUR	800		22			4		26			0		0
										$	91		$	21	$	112		$	0	$	0

INTEREST RATE SWAPS

Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
																		Asset		Liability
Receive(5)	1-Day GBP-SONIO Compounded-OIS		0.750	%	Annual		09/15/2031	GBP	1,300	$	6	$	(10	)	$	(4	)	$	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
Receive	1-Year BRL-CDI		2.859		Maturity		01/03/2022		400		0		1			1			0		0
Receive	1-Year BRL-CDI		2.860		Maturity		01/03/2022		500		0		1			1			0		0
Receive	1-Year BRL-CDI		2.865		Maturity		01/03/2022		200		0		1			1			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		400		0		1			1			0		0
Receive	1-Year BRL-CDI		2.883		Maturity		01/03/2022		300		0		1			1			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

See Accompanying Notes ANNUAL REPORT JUNE 30, 2021 39

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

Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
																			Asset		Liability
Pay	1-Year BRL-CDI		3.060	%	Maturity		01/03/2022	BRL	3,000	$	0		$	(6	)	$	(6	)	$	0	$	0
Receive	1-Year BRL-CDI		3.360		Maturity		01/03/2022		700		(1	)		2			1			0		0
Pay	1-Year BRL-CDI		3.700		Maturity		01/03/2022		20,100		(6	)		(22	)		(28	)		0		(1	)
Pay	1-Year BRL-CDI		3.978		Maturity		01/03/2022		700		0			(1	)		(1	)		0		0
Pay	1-Year BRL-CDI		4.040		Maturity		01/03/2022		700		0			(1	)		(1	)		0		0
Pay	1-Year BRL-CDI		5.830		Maturity		01/02/2023		800		8			(4	)		4			0		0
Pay	1-Year BRL-CDI		5.836		Maturity		01/02/2023		600		6			(3	)		3			0		0
Pay	1-Year BRL-CDI		5.855		Maturity		01/02/2023		200		2			(1	)		1			0		0
Pay	1-Year BRL-CDI		6.170		Maturity		01/02/2023		5,200		(1	)		(3	)		(4	)		0		(1	)
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	)		3			(4	)		0		0
Receive	3-Month USD-LIBOR		2.500		Semi-Annual		12/18/2024		3,100		(293	)		96			(197	)		0		(1	)
Receive	3-Month USD-LIBOR		0.928		Semi-Annual		05/06/2026		100		0			0			0			0		0
Receive	3-Month USD-LIBOR		0.940		Semi-Annual		06/08/2026		100		0			0			0			0		0
Receive	3-Month USD-LIBOR		0.500		Semi-Annual		06/16/2026		1,000		15			7			22			0		(1	)
Receive	3-Month USD-LIBOR		3.000		Semi-Annual		06/19/2026		2,300		(345	)		113			(232	)		0		(2	)
Receive	3-Month USD-LIBOR		1.740		Semi-Annual		12/16/2026		100		(8	)		4			(4	)		0		0
Pay	3-Month USD-LIBOR		1.280		Semi-Annual		03/24/2028		400		(1	)		5			4			1		0
Receive	3-Month USD-LIBOR		1.235		Semi-Annual		05/12/2028		100		0			0			0			0		0
Pay	3-Month USD-LIBOR		0.500		Semi-Annual		06/16/2028		1,539		(87	)		12			(75	)		2		0
Receive	3-Month USD-LIBOR		2.250		Semi-Annual		06/20/2028		4,900		(642	)		290			(352	)		0		(7	)
Receive	3-Month USD-LIBOR		2.000		Semi-Annual		12/10/2029		100		(12	)		7			(5	)		0		0
Receive	3-Month USD-LIBOR		1.500		Semi-Annual		12/18/2029		200		(15	)		13			(2	)		0		0
Receive	3-Month USD-LIBOR		1.750		Semi-Annual		01/15/2030		300		(30	)		18			(12	)		0		(1	)
Receive	3-Month USD-LIBOR		2.000		Semi-Annual		02/12/2030		200		(25	)		13			(12	)		0		(1	)
Receive	3-Month USD-LIBOR		2.000		Semi-Annual		03/10/2030		100		(13	)		7			(6	)		0		0
Receive	3-Month USD-LIBOR		1.250		Semi-Annual		06/17/2030		2,400		(130	)		157			27			0		(6	)
Receive	3-Month USD-LIBOR		1.000		Semi-Annual		12/16/2030		127		1			4			5			0		0
Receive	3-Month USD-LIBOR		0.750		Semi-Annual		06/16/2031		2,600		213			(47	)		166			0		(7	)
Pay	3-Month USD-LIBOR		0.750		Semi-Annual		06/16/2031		663		(60	)		16			(44	)		2		0
Receive	3-Month USD-LIBOR		1.910		Semi-Annual		10/17/2049		100		(23	)		20			(3	)		0		(1	)
Receive	3-Month USD-LIBOR		1.895		Semi-Annual		10/18/2049		100		(23	)		20			(3	)		0		(1	)
Receive	3-Month USD-LIBOR		2.250		Semi-Annual		12/11/2049		900		(292	)		194			(98	)		0		(6	)
Receive	3-Month USD-LIBOR		2.000		Semi-Annual		01/15/2050		100		(26	)		20			(6	)		0		(1	)
Receive	3-Month USD-LIBOR		1.625		Semi-Annual		01/16/2050		100		(16	)		19			3			0		(1	)
Receive	3-Month USD-LIBOR		1.750		Semi-Annual		01/22/2050		500		(97	)		98			1			0		(3	)
Receive	3-Month USD-LIBOR		1.625		Semi-Annual		02/03/2050		300		(48	)		58			10			0		(2	)
Receive	3-Month USD-LIBOR		2.250		Semi-Annual		03/12/2050		600		(196	)		127			(69	)		0		(4	)
Receive	3-Month USD-LIBOR		1.250		Semi-Annual		12/16/2050		400		41			11			52			0		(2	)
Pay	3-Month USD-LIBOR		1.491		Semi-Annual		01/21/2051		100		(1	)		(6	)		(7	)		1		0
Pay	3-Month USD-LIBOR		1.590		Semi-Annual		02/09/2051		900		(7	)		(31	)		(38	)		5		0
Pay	3-Month ZAR-JIBAR		7.250		Quarterly		09/19/2023	ZAR	900		5			(2	)		3			0		0
Pay	3-Month ZAR-JIBAR		4.848		Quarterly		01/11/2026		900		0			(2	)		(2	)		0		0
Pay	3-Month ZAR-JIBAR		4.915		Quarterly		02/01/2026		200		0			(1	)		(1	)		0		0
Pay	3-Month ZAR-JIBAR		5.020		Quarterly		02/11/2026		400		0			(1	)		(1	)		0		0
Receive	3-Month ZAR-JIBAR		8.300		Quarterly		03/15/2027		600		(5	)		1			(4	)		0		0
Pay	6-Month AUD-BBR-BBSW		2.750		Semi-Annual		06/17/2026	AUD	5,080		483			(134	)		349			3		0
Receive	6-Month AUD-BBR-BBSW		3.000		Semi-Annual		03/21/2027		80		(9	)		2			(7	)		0		0
Receive	6-Month EUR-EURIBOR		(0.150	)	Annual		03/18/2030	EUR	800		(2	)		14			12			0		(1	)
Receive(5)	6-Month EUR-EURIBOR		0.000		Annual		09/15/2031		300		4			0			4			0		(1	)
Receive	6-Month JPY-LIBOR		(0.020	)	Semi-Annual		03/20/2028	JPY	210,000		4			2			6			0		0
Receive	6-Month JPY-LIBOR		0.000		Semi-Annual		03/15/2029		341,000		4			5			9			0		0
Receive	28-Day MXN-TIIE		6.950		Lunar		06/23/2022	MXN	32,100		(67	)		43			(24	)		0		(1	)
Pay	28-Day MXN-TIIE		7.640		Lunar		01/09/2023		200		1			0			0			0		0
Pay	28-Day MXN-TIIE		7.645		Lunar		01/09/2023		2,000		6			(4	)		3			0		0
Pay	28-Day MXN-TIIE		7.745		Lunar		01/11/2023		1,400		5			(3	)		2			0		0
Pay	28-Day MXN-TIIE		7.610		Lunar		01/29/2023		6,000		19			(11	)		8			0		0
Pay	28-Day MXN-TIIE		7.805		Lunar		02/12/2023		3,400		12			(7	)		5			0		0
Pay	28-Day MXN-TIIE		7.820		Lunar		02/12/2023		3,400		12			(7	)		5			0		0
Pay	28-Day MXN-TIIE		5.990		Lunar		02/12/2026		4,300		9			(14	)		(5	)		1		0
Pay	28-Day MXN-TIIE		6.080		Lunar		03/22/2026		15,500		35			(50	)		(15	)		2		0
Pay	28-Day MXN-TIIE		6.490		Lunar		09/20/2026		30,000		97			(105	)		(8	)		3		0
Receive	28-Day MXN-TIIE		8.005		Lunar		01/02/2027		11,400		(86	)		46			(40	)		0		(1	)

40 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

Pay/ Receive Floating Rate	Floating Rate Index	Fixed Rate			Payment Frequency	Maturity Date		Notional Amount		Premiums Paid/ (Received)			Unrealized Appreciation/ (Depreciation)			Market Value			Variation Margin
																			Asset		Liability
Receive	28-Day MXN-TIIE		7.800	%	Lunar		01/09/2027	MXN	1,200	$	(8	)	$	5		$	(3	)	$	0	$	0
Receive	28-Day MXN-TIIE		7.910		Lunar		01/11/2027		700		(5	)		3			(2	)		0		0
Receive	28-Day MXN-TIIE		7.984		Lunar		12/22/2027		2,900		(22	)		12			(10	)		0		0
Receive	28-Day MXN-TIIE		8.030		Lunar		02/12/2028		2,000		(15	)		8			(7	)		0		0
Receive	28-Day MXN-TIIE		8.050		Lunar		02/12/2028		1,900		(15	)		8			(7	)		0		(1	)
Pay	28-Day MXN-TIIE		7.165		Lunar		09/25/2032		400		2			(2	)		0			0		0
Pay	28-Day MXN-TIIE		7.380		Lunar		09/08/2037		100		1			(1	)		0			0		0
Pay	28-Day MXN-TIIE		7.360		Lunar		09/15/2037		100		1			(1	)		0			0		0
Receive	28-Day MXN-TIIE		8.103		Lunar		01/29/2038		900		(9	)		6			(3	)		0		0
										$	(1,658	)	$	1,015		$	(643	)	$	20	$	(57	)
Total Swap Agreements										$	(1,587	)	$	1,048		$	(539	)	$	20	$	(57	)

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2021:

	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation  Margin Asset(6)						Market Value		Variation Margin Liability
	Purchased Options		Futures		Swap Agreements		Total		Written Options		Futures			Swap Agreements			Total
Total Exchange-Traded or Centrally Cleared	$	0	$	34	$	25	$	59	$	0	$	(19	)	$	(57	)	$	(76	)

(m) Securities with an aggregate market value of $419 and cash of $1,035 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2021. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

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

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

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

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

⁽⁶⁾ Unsettled variation margin asset of $5 for closed swap agreements is outstanding at period end.

See Accompanying Notes ANNUAL REPORT JUNE 30, 2021 41

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

(n)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
									Asset		Liability
BOA		07/2021		AUD	30		$	22	$	0	$	0
		07/2021		BRL	2,407			481		0		(3	)
		07/2021		$	453		BRL	2,407		31		0
		07/2021			128		EUR	107		0		(1	)
		07/2021			1		PEN	4		0		0
		08/2021			232		NOK	1,955		0		(5	)
		08/2021			44		RUB	3,301		1		0
		09/2021			456		IDR	6,575,031		0		(9	)
		09/2021			87		RUB	6,343		0		(1	)
BPS		07/2021		JPY	5,500		$	50		1		0
		07/2021		TRY	52			6		0		0
		07/2021		$	478		EUR	400		0		(3	)
		07/2021			54		GBP	38		0		(1	)
		07/2021			27		TRY	229		0		(1	)
		08/2021		JPY	5,500		$	50		0		0
		08/2021		PEN	114			31		1		0
		11/2021		$	58		MXN	1,172		0		0
BRC		07/2021		TRY	59		$	7		0		0
		07/2021		$	4		TRY	36		0		0
		08/2021		EUR	450		$	535		2		0
BSH		07/2021		$	4		PEN	15		0		0
CBK		07/2021		AUD	26		$	20		1		0
		07/2021		CLP	3,579			5		0		0
		07/2021		PEN	610			157		0		(2	)
		07/2021		TRY	73			9		0		0
		07/2021		$	5		CLP	3,579		0		0
		07/2021			302		PEN	1,177		4		0
		07/2021			40		RUB	3,075		2		0
		08/2021		PEN	452		$	120		2		0
		08/2021		$	45		PEN	178		2		0
		08/2021			54		RUB	4,081		1		0
		09/2021		PEN	852		$	226		4		0
		09/2021		$	136		CLP	97,797		0		(3	)
		09/2021			32		PEN	124		0		0
		09/2021		ZAR	933		$	68		3		0
		10/2021		PEN	162			44		2		0
		10/2021		$	25		PEN	95		0		0
		12/2021			94		INR	7,241		1		0
		02/2022		ZAR	104		$	7		0		0
		04/2022		$	0		INR	27		0		0
GLM		07/2021		BRL	2,407		$	478		0		(6	)
		07/2021		GBP	3,378			4,776		103		0
		07/2021		PEN	159			40		0		(2	)
		07/2021		TRY	90			10		0		0
		07/2021		$	481		BRL	2,407		3		0
		07/2021			80		RUB	6,165		4		0
		07/2021			11		TRY	94		0		(1	)
		08/2021			476		BRL	2,407		6		0
		08/2021			40		PEN	159		1		0
		08/2021			76		RUB	5,701		1		0
		09/2021			111			8,098		0		(1	)
		09/2021			37		ZAR	525		0		0

42 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
									Asset		Liability
		09/2021		ZAR	459		$	33	$	2	$	0
		10/2021		$	228		MXN	4,621		1		0
		11/2021		PEN	100		$	27		1		0
		02/2022		CAD	61			51		1		0
		04/2022		$	31		INR	2,429		1		0
HUS		07/2021			4,570		GBP	3,302		0		(3	)
		07/2021			23		PEN	89		0		0
		07/2021			5		TRY	41		0		0
		08/2021		GBP	3,302		$	4,571		3		0
		08/2021		$	246		CAD	298		0		(5	)
		08/2021			106		RUB	7,996		2		0
		09/2021			118		CNH	757		0		(1	)
		09/2021			200		MXN	4,209		9		0
		09/2021			7		PEN	28		0		0
		09/2021			46		RUB	3,340		0		(1	)
		10/2021			430		MXN	9,051		19		0
		12/2021		PEN	18		$	5		0		0
		12/2021		$	41		INR	3,153		1		0
IND		02/2022		ZAR	1,657		$	107		0		(5	)
JPM		07/2021		TRY	194			23		0		0
		07/2021		$	38		TRY	328		0		(1	)
		12/2021			27		INR	2,064		0		0
		02/2022		ZAR	47		$	3		0		0
MYI		07/2021		$	32		RUB	2,479		1		0
		09/2021			3		PEN	12		0		0
		04/2022		INR	2,049		$	26		0		(1	)
RYL		02/2022		ZAR	354			23		0		(1	)
SCX		07/2021		EUR	1,473			1,802		55		0
		07/2021		PEN	140			37		1		0
		07/2021		TRY	119			14		0		0
		07/2021		$	4		PEN	16		0		0
		08/2021		EUR	966		$	1,146		0		0
		09/2021		$	6		PEN	25		0		0
		12/2021		PEN	11		$	3		0		0
		12/2021		$	216		INR	16,214		0		(2	)
SSB		07/2021			53		GBP	38		0		0
UAG		07/2021			122		RUB	9,361		6		0
		09/2021			45			3,299		0		(1	)
		09/2021		ZAR	656		$	46		1		0
Total Forward Foreign Currency Contracts									$	280	$	(60	)

PURCHASED OPTIONS:

CREDIT DEFAULT SWAPTIONS ON CREDIT INDICES

Counterparty

Description

Buy/Sell Protection

Exercise Rate

Expiration Date

Notional Amount(1)

Cost

Market Value

JPM

Put - OTC CDX.IG-36 5-Year Index

Buy

0.700

%

10/20/2021

600

$

1

$

1

See Accompanying Notes ANNUAL REPORT JUNE 30, 2021 43

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

OPTIONS ON SECURITIES

Counterparty	Description	Strike Price		Expiration Date		Notional Amount(1)		Cost		Market Value
SAL	Put - OTC Uniform Mortgage-Backed Security, TBA 2.000% due 07/01/2051	$	99.641		07/07/2021		1,000	$	6	$	0
Total Purchased Options								$	7	$	1

WRITTEN OPTIONS:

CREDIT DEFAULT SWAPTIONS ON CREDIT INDICES

Counterparty	Description	Buy/Sell Protection	Exercise Rate			Expiration Date		Notional Amount(1)		Premiums (Received)			Market Value
JPM	Put - OTC CDX.IG-36 5-Year Index	Sell		0.900	%		10/20/2021		600	$	(1	)	$	0

FOREIGN CURRENCY OPTIONS

Counterparty	Description	Strike Price			Expiration Date		Notional Amount(1)		Premiums (Received)			Market Value
BOA	Call - OTC USD versus INR		INR	81.000		04/27/2022		27	$	(1	)	$	0
GLM	Call - OTC USD versus CAD		CAD	1.265		02/11/2022		261		(3	)		(3	)
JPM	Call - OTC USD versus INR		INR	80.000		01/27/2022		12		0			0
MYI	Call - OTC USD versus INR			81.500		04/22/2022		104		(2	)		(1	)
UAG	Call - OTC USD versus INR			81.000		05/02/2022		28		0			(1	)
									$	(6	)	$	(5	)

INTEREST RATE SWAPTIONS

Counterparty	Description	Floating Rate Index	Pay/ Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount(1)		Premiums (Received)			Market Value
BOA	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		1.450	%		07/14/2021		100	$	(1	)	$	(1	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		1.850			07/14/2021		100		(1	)		0
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		1.298			08/11/2021		100		0			(1	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		1.698			08/11/2021		100		0			0
BPS	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		1.360			07/16/2021		100		0			0
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		1.660			07/16/2021		100		0			0
FAR	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		1.405			09/02/2021		100		(1	)		(1	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		1.905			09/02/2021		100		(1	)		0
MYC	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		1.776			07/07/2021		700		(5	)		0
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		1.370			07/15/2021		100		0			0
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		1.670			07/15/2021		100		0			0
	Call - OTC 30-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		1.785			08/10/2021		100		(1	)		(2	)
	Put - OTC 30-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.295			08/10/2021		100		(1	)		0
											$	(11	)	$	(5	)

44 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

OPTIONS ON SECURITIES

Counterparty	Description	Strike Price		Expiration Date		Notional Amount(1)		Premiums (Received)			Market Value
FAR	Call - OTC Uniform Mortgage-Backed Security, TBA 2.000% due 07/01/2051	$	101.422		07/07/2021		1,000	$	(4	)	$	(1	)
Total Written Options								$	(22	)	$	(11	)

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 June 30, 2021(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	%	$	40	$	(1	)	$	2	$	1	$	0
CBK	Brazil Government International Bond		1.000			Quarterly		12/20/2022		0.685			245		(8	)		9		1		0
	Brazil Government International Bond		1.000			Quarterly		12/20/2024		1.200			300		(5	)		3		0		(2	)
GST	Brazil Government International Bond		1.000			Quarterly		12/20/2024		1.200			200		(3	)		2		0		(1	)
	Colombia Government International Bond		1.000			Quarterly		12/20/2023		0.784			50		(1	)		1		0		0
	Mexico Government International Bond		1.000			Quarterly		06/20/2023		0.354			100		(1	)		2		1		0
	Mexico Government International Bond		1.000			Quarterly		12/20/2024		0.608			100		(1	)		3		2		0
	Petrobras Global Finance BV		1.000			Quarterly		12/20/2021		0.406			200		(36	)		37		1		0
HUS	Brazil Government International Bond		1.000			Quarterly		06/20/2024		1.014			400		(12	)		12		0		0
	Mexico Government International Bond		1.000			Quarterly		12/20/2023		0.433			300		(5	)		9		4		0
JPM	Mexico Government International Bond		1.000			Quarterly		06/20/2026		0.938			100		(1	)		1		0		0
	South Africa Government International Bond		1.000			Quarterly		06/20/2023		0.815			100		(5	)		6		1		0
MYC	Mexico Government International Bond		1.000			Quarterly		12/20/2024		0.608			100		(1	)		2		1		0
	Mexico Government International Bond		1.000			Quarterly		12/20/2025		0.833			100		(1	)		2		1		0
	Mexico Government International Bond		1.000			Quarterly		06/20/2026		0.938			300		(2	)		3		1		0
	South Africa Government International Bond		1.000			Quarterly		12/20/2022		0.681			400		(8	)		10		2		0
														$	(91	)	$	104	$	16	$	(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	)	$	127	$	42	$	0

See Accompanying Notes ANNUAL REPORT JUNE 30, 2021 45

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

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			0			0		0
												$	0		$	(2	)	$	0	$	(2	)
Total Swap Agreements												$	(176	)	$	229		$	58	$	(5	)

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 June 30, 2021:

	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		32		0		0		32		(19	)		(2	)		0			(21	)		11			0			11
BPS		2		0		1		3		(5	)		0			0			(5	)		(2	)		0			(2	)
BRC		2		0		0		2		0			0			0			0			2			0			2
CBK		22		0		1		23		(5	)		0			(2	)		(7	)		16			0			16
FAR		0		0		0		0		0			(2	)		0			(2	)		(2	)		0			(2	)
GLM		124		0		0		124		(10	)		(3	)		0			(13	)		111			(110	)		1
GST		0		0		46		46		0			0			(1	)		(1	)		45			(40	)		5
HUS		34		0		4		38		(10	)		0			0			(10	)		28			0			28
IND		0		0		0		0		(5	)		0			0			(5	)		(5	)		0			(5	)
JPM		0		1		1		2		(1	)		0			0			(1	)		1			0			1
MYC		0		0		5		5		0			(2	)		0			(2	)		3			0			3
MYI		1		0		0		1		(1	)		(1	)		0			(2	)		(1	)		0			(1	)
RYL		0		0		0		0		(1	)		0			0			(1	)		(1	)		0			(1	)
SCX		56		0		0		56		(2	)		0			0			(2	)		54			0			54
UAG		7		0		0		7		(1	)		(1	)		0			(2	)		5			0			5
Total Over the Counter	$	280	$	1	$	58	$	339	$	(60	)	$	(11	)	$	(5	)	$	(76	)

⁽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.

46 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

⁽⁶⁾ Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

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

Fair Values of Financial Derivative Instruments on the Statement of Assets and Liabilities as of June 30, 2021:

	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	$	34	$	34
Swap Agreements		0		0		0		0		25		25
	$	0	$	0	$	0	$	0	$	59	$	59
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	280	$	0	$	280
Purchased Options		0		1		0		0		0		1
Swap Agreements		0		58		0		0		0		58
	$	0	$	59	$	0	$	280	$	0	$	339
	$	0	$	59	$	0	$	280	$	59	$	398
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Futures	$	0	$	0	$	0	$	0	$	19	$	19
Swap Agreements		0		0		0		0		57		57
	$	0	$	0	$	0	$	0	$	76	$	76
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	60	$	0	$	60
Written Options		0		0		0		5		6		11
Swap Agreements		0		3		0		0		2		5
	$	0	$	3	$	0	$	65	$	8	$	76
	$	0	$	3	$	0	$	65	$	84	$	152

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended June 30, 2021:

	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	)
Written Options		0		0		0		0		1			1
Futures		0		0		0		0		(458	)		(458	)
Swap Agreements		0		22		0		0		(2,238	)		(2,216	)
	$	0	$	22	$	0	$	0	$	(2,696	)	$	(2,674	)

See Accompanying Notes ANNUAL REPORT JUNE 30, 2021 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
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	(627	)	$	0		$	(627	)
Written Options		0		8		0		4			27			39
Swap Agreements		0		62		0		0			7			69
	$	0	$	70	$	0	$	(623	)	$	34		$	(519	)
	$	0	$	92	$	0	$	(623	)	$	(2,662	)	$	(3,193	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	0	$	0		$	1		$	1
Futures		0		0		0		0			19			19
Swap Agreements		0		3		0		0			3,296			3,299
	$	0	$	3	$	0	$	0		$	3,316		$	3,319
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	330		$	0		$	330
Purchased Options		0		0		0		0			(6	)		(6	)
Written Options		0		0		0		1			10			11
Swap Agreements		0		114		0		0			(4	)		110
	$	0	$	114	$	0	$	331		$	0		$	445
	$	0	$	117	$	0	$	331		$	3,316		$	3,764

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2021 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Investments in Securities, at Value
Asset-Backed Securities
Cayman Islands	$	0	$	401	$	0	$	401
United States		0		6,090		0		6,090
Loan Participations and Assignments
Canada		0		4		0		4
Luxembourg		0		41		0		41
United States		0		2,470		2		2,472
Common Stocks
Australia
Consumer Discretionary		0		470		0		470
Consumer Staples		24		447		0		471
Energy		0		98		0		98
Financials		0		1,546		0		1,546
Industrials		0		177		0		177
Materials		0		8,962		0		8,962
Utilities		0		123		0		123
Belgium
Communication Services		0		171		0		171
Energy		0		100		0		100
Financials		0		164		0		164
Materials		0		84		0		84

48 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Canada
Consumer Discretionary	$	64	$	0	$	0	$	64
Energy		1,811		0		0		1,811
Financials		663		0		0		663
Cayman Islands
Industrials		0		4		0		4
Denmark
Health Care		0		62		0		62
Finland
Financials		0		167		0		167
Industrials		0		311		0		311
Materials		0		234		0		234
Utilities		0		23		0		23
France
Communication Services		0		154		0		154
Consumer Staples		0		100		0		100
Energy		0		4,770		0		4,770
Financials		0		1,614		0		1,614
Health Care		0		258		0		258
Industrials		0		430		0		430
Germany
Communication Services		0		206		0		206
Consumer Discretionary		0		286		0		286
Consumer Staples		0		320		0		320
Financials		0		145		0		145
Health Care		0		238		0		238
Industrials		0		755		0		755
Materials		0		3,612		0		3,612
Utilities		0		135		0		135
Hong Kong
Industrials		0		116		0		116
Information Technology		0		77		0		77
Real Estate		0		15		0		15
Ireland
Information Technology		468		0		0		468
Israel
Financials		0		54		0		54
Italy
Energy		0		922		0		922
Financials		0		117		0		117
Utilities		0		216		0		216
Japan
Communication Services		0		2,967		0		2,967
Consumer Discretionary		0		1,048		0		1,048
Consumer Staples		0		2,254		0		2,254
Energy		0		802		0		802
Financials		0		5,124		0		5,124
Health Care		0		747		0		747
Industrials		0		5,482		0		5,482
Information Technology		0		2,638		0		2,638
Materials		0		464		0		464
Real Estate		0		415		0		415
Netherlands
Communication Services		85		59		0		144
Consumer Staples		0		196		0		196
Energy		0		245		0		245
Financials		0		754		0		754
New Zealand
Communication Services		0		21		0		21
Utilities		0		23		0		23

See Accompanying Notes ANNUAL REPORT JUNE 30, 2021 49

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

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Norway
Communication Services	$	0	$	126	$	0	$	126
Energy		94		225		0		319
Financials		0		119		0		119
Materials		0		73		0		73
Singapore
Financials		0		73		0		73
Spain
Communication Services		0		3,250		0		3,250
Energy		0		2,805		0		2,805
Financials		0		1,475		0		1,475
Industrials		0		488		0		488
Utilities		0		944		0		944
Sweden
Communication Services		0		48		0		48
Energy		0		33		0		33
Switzerland
Consumer Staples		0		205		0		205
Financials		0		1,588		0		1,588
Health Care		0		976		0		976
Industrials		0		447		0		447
United Kingdom
Communication Services		0		359		0		359
Consumer Discretionary		0		237		0		237
Consumer Staples		0		3,398		0		3,398
Energy		0		799		0		799
Financials		0		1,347		0		1,347
Industrials		0		204		0		204
Materials		97		2,995		0		3,092
Utilities		0		102		0		102
United States
Communication Services		10,387		0		133		10,520
Consumer Discretionary		544		0		0		544
Consumer Staples		10,677		0		0		10,677
Energy		22,717		0		0		22,717
Financials		5,481		0		0		5,481
Health Care		10,151		0		0		10,151
Industrials		2,017		0		124		2,141
Information Technology		6,031		0		0		6,031
Materials		3,026		0		0		3,026
Utilities		1,193		0		0		1,193
Corporate Bonds & Notes
Bermuda
Industrials		0		1		0		1
Brazil
Industrials		0		42		0		42
Utilities		0		159		0		159
Canada
Banking & Finance		0		7		0		7
Industrials		0		271		0		271
Cayman Islands
Banking & Finance		0		1,280		0		1,280
Industrials		0		295		0		295
Utilities		0		56		0		56
Curacao
Industrials		0		2		0		2
France
Banking & Finance		0		218		0		218
Industrials		0		321		0		321

50 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Germany
Banking & Finance	$	0	$	162	$	0	$	162
Ireland
Industrials		0		551		0		551
Italy
Banking & Finance		0		429		0		429
Jersey, Channel Islands
Industrials		0		417		0		417
Luxembourg
Banking & Finance		0		413		0		413
Industrials		0		217		0		217
Utilities		0		643		0		643
Mexico
Industrials		0		345		0		345
Multinational
Industrials		0		269		0		269
Netherlands
Industrials		0		819		0		819
Norway
Banking & Finance		0		208		0		208
Panama
Industrials		0		61		0		61
Peru
Banking & Finance		0		27		0		27
Qatar
Industrials		258		0		0		258
Spain
Industrials		0		260		0		260
Switzerland
Banking & Finance		0		627		0		627
Turkey
Banking & Finance		0		204		0		204
United Kingdom
Banking & Finance		0		2,671		0		2,671
Industrials		0		350		0		350
United States
Banking & Finance		0		1,366		0		1,366
Industrials		0		5,765		0		5,765
Utilities		0		2,486		0		2,486
Venezuela
Industrials		0		15		0		15
Non-Agency Mortgage-Backed Securities
United Kingdom		0		1,714		0		1,714
United States		0		4,113		0		4,113
Municipal Bonds & Notes
California		0		172		0		172
Illinois		0		96		0		96
Puerto Rico		0		291		0		291
Virginia		0		378		0		378
Preferred Stocks
Germany
Industrials		0		195		0		195
Netherlands
Banking & Finance		0		42		0		42
United Kingdom
Banking & Finance		0		294		0		294
United States
Industrials		0		166		0		166

See Accompanying Notes ANNUAL REPORT JUNE 30, 2021 51

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

June 30, 2021

Category and Subcategory	Level 1			Level 2			Level 3		Fair Value at 06/30/2021
Real Estate Investment Trusts
Australia
Real Estate	$	0		$	58		$	0	$	58
Canada
Real Estate		177			0			0		177
France
Real Estate		56			108			0		164
Hong Kong
Real Estate		0			59			0		59
Japan
Real Estate		0			100			0		100
United States
Financials		1,451			0			0		1,451
Real Estate		2,457			0			0		2,457
Rights
Spain
Industrials		28			0			0		28
Sovereign Issues
Argentina		0			545			0		545
China		0			490			0		490
Peru		0			419			0		419
Romania		0			252			0		252
South Africa		0			869			0		869
Turkey		0			511			0		511
Venezuela		0			5			0		5
U.S. Government Agencies
United States		0			12,938			0		12,938
U.S. Treasury Obligations
United States		0			9,296			0		9,296
Warrants
United States
Information Technology		0			0			1		1
Short-Term Instruments
Argentina Treasury Bills		0			21			0		21
	$	79,957		$	136,333		$	260	$	216,550
Investments in Affiliates, at Value
Short-Term Instruments
Central Funds Used for Cash Management Purposes	$	1,231		$	0		$	0	$	1,231
Total Investments	$	81,188		$	136,333		$	260	$	217,781
Short Sales, at Value - Liabilities
U.S. Government Agencies
United States	$	0		$	(413	)	$	0	$	(413	)
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		6			48			0		54
Over the counter		0			339			0		339
	$	6		$	387		$	0	$	393
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		(8	)		(68	)		0		(76	)
Over the counter		0			(76	)		0		(76	)
	$	(8	)	$	(144	)	$	0	$	(152	)
Total Financial Derivative Instruments	$	(2	)	$	243		$	0	$	241
Totals	$	81,186		$	136,163		$	260	$	217,609

There were no significant transfers into or out of Level 3 during the period ended June 30, 2021.

52 PIMCO EQUITY SERIES See Accompanying Notes

Notes to Financial Statements

June 30, 2021

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.

On November 18, 2020, the Board of Trustees approved a reduction in the holding period of an automatic conversion of the Fund’s Class C shares into Class A shares of the same Fund from ten years to eight years. The reduction in the holding period became effective on January 18, 2021, with the first conversion taking place on or about February 10, 2021 and subsequent conversions occurring monthly thereafter. Certain financial intermediaries may have different policies and procedures regarding the conversion of Class C shares to Class A shares, as described in Appendix B to the Fund’s prospectus (Financial Firm-Specific Sales Charge Waivers and Discounts).

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

ANNUAL REPORT JUNE 30, 2021 53

Notes to Financial Statements (Cont.)

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.

(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.

54 PIMCO EQUITY SERIES

June 30, 2021

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

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

Distributions classified as a tax basis return of capital at the Fund’s fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statement of Assets and Liabilities. In addition, other amounts have been reclassified between 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.

ANNUAL REPORT JUNE 30, 2021 55

Notes to Financial Statements (Cont.)

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 rule went into effect on January 19, 2021 and funds will have a one-year 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 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 was 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.

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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 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 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 such data reflecting 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, quotes obtained from a quotation reporting system, established market makers or pricing services. Swap agreements are valued on the basis of market-based prices supplied by Pricing Services or quotes obtained from brokers and dealers. 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.

ANNUAL REPORT JUNE 30, 2021 57

Notes to Financial Statements (Cont.)

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 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

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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 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

ANNUAL REPORT JUNE 30, 2021 59

Notes to Financial Statements (Cont.)

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.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or pricing services. Financial derivatives using these valuation adjustments 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.

60 PIMCO EQUITY SERIES

June 30, 2021

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

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

ANNUAL REPORT JUNE 30, 2021 61

Notes to Financial Statements (Cont.)

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 June 30, 2021 (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 06/30/2021		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
$	539	$	44,105	$	(43,413)	$	0	$	0	$	1,231	$	5	$	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.

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

62 PIMCO EQUITY SERIES

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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.

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

ANNUAL REPORT JUNE 30, 2021 63

Notes to Financial Statements (Cont.)

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, 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.

64 PIMCO EQUITY SERIES

June 30, 2021

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 June 30, 2021, as applicable, are disclosed in the Notes to Schedule of Investments.

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

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. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that requires the Fund to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the Fund’s TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Fund and impose added operational complexity.

ANNUAL REPORT JUNE 30, 2021 65

Notes to Financial Statements (Cont.)

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

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

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

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

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

(a) Repurchase Agreements  Under the terms of a typical repurchase agreement, the Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and the Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by the Fund’s custodian or designated subcustodians 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

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

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Notes to Financial Statements (Cont.)

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

(e) 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.

On March 23, 2020, the SEC issued an exemptive order (the “Temporary Order”) to provide temporary relief to each Fund of the Trust in relation to the Interfund Lending Program, and the Board has authorized the Funds to rely on the Temporary Order. With respect to interfund lending, the Temporary Order permitted, under certain conditions, a lending fund to lend in aggregate up to 25% of its current net assets at the time of the interfund loan and to make interfund loans with term limits of up to the expiration of the Temporary Order, notwithstanding the current limit of seven business days under the Order. The SEC provided notice in April 2021 that the Temporary Order would be terminated on April 30, 2021.

During the period ended June 30, 2021, 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

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Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Fund.

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

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Notes to Financial Statements (Cont.)

(loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Fund as a writer of an option has no control over whether the underlying instrument may be sold (“call”) or purchased (“put”) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease the Fund’s exposure to the underlying instrument. The 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.

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

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

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.

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

(d) Swap Agreements  are bilaterally negotiated agreements between the Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market (“OTC swaps”) or may be cleared through a third party, known as a central counterparty or derivatives clearing organization (“Centrally Cleared Swaps”). The Fund may enter into asset, credit

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default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

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

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.

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Notes to Financial Statements (Cont.)

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

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

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

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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. Credit default swaps on credit indices may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on 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

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Notes to Financial Statements (Cont.)

which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

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

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.

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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.

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

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Notes to Financial Statements (Cont.)

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.

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.

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June 30, 2021

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.

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

ANNUAL REPORT JUNE 30, 2021 77

Notes to Financial Statements (Cont.)

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

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

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

Cyber Security Risk  As the use of technology has become more prevalent in the course of business, the Fund has become potentially more susceptible to operational and information security risks 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

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

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

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

ANNUAL REPORT JUNE 30, 2021 79

Notes to Financial Statements (Cont.)

Fund assets in the segregated account. Portability of exposure reduces risk to the Fund. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end are disclosed in the Notes to Schedule of Investments.

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

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

9. FEES AND EXPENSES

(a) Investment Advisory Fee  PIMCO is a majority-owned subsidiary of Allianz Asset Management of America 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.

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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%

⁽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.

* 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 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 June 30, 2021, the Distributor retained $16,527 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) salaries and other compensation of any of the Trust’s executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) the costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not “interested persons” of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expense, including costs of litigation and indemnification expenses; (vii) organizational expenses; and (viii) any expenses allocated or allocable to a specific class of shares, and may include certain other expenses as permitted by the Trust’s Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and

ANNUAL REPORT JUNE 30, 2021 81

Notes to Financial Statements (Cont.)

subject to review and approval by the Trustees The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

(e) Expense Limitation  Pursuant to the Expense Limitation Agreement, PIMCO has agreed, through October 31, 2021, 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 June 30, 2021, were as follows (amounts in thousands^†):

Expiring within
12 months		13-24 months		25-36 months		Total
$	23	$	18	$	14	$	55

^†   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 June 30, 2021, the amount was $14,230.

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.

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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 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 June 30, 2021, were as follows (amounts in thousands^†):

Purchases		Sales
$	1,236	$	1,422

^†   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 June 30, 2021, were as follows (amounts in thousands^†):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	322,271	$	321,997	$	112,429	$	136,139

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

ANNUAL REPORT JUNE 30, 2021 83

Notes to Financial Statements (Cont.)

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^†):

	Year Ended 06/30/2021						Year Ended 06/30/2020
	Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		1,581		$	19,056			739		$	7,801
I-2		366			4,274			810			8,649
Class A		3,455			38,735			1,980			20,694
Class C		201			2,395			344			3,679
Issued as reinvestment of distributions
Institutional Class		72			851			50			567
I-2		50			580			48			543
Class A		300			3,479			236			2,684
Class C		73			819			103			1,195
Cost of shares redeemed
Institutional Class		(791	)		(8,873	)		(931	)		(9,477	)
I-2		(831	)		(9,223	)		(1,145	)		(11,909	)
Class A		(2,936	)		(32,388	)		(3,176	)		(33,056	)
Class C		(3,598	)		(39,481	)		(2,993	)		(31,731	)
Net increase (decrease) resulting from Fund share transactions		(2,058	)	$	(19,776	)		(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 June 30, 2021, the Fund has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

The Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations,

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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.

As of June 30, 2021, the components of distributable taxable earnings are as follows (amounts in thousands^†):

	Undistributed Ordinary Income(1)		Undistributed Long-Term Capital Gains		Net Tax Basis Unrealized Appreciation/ (Depreciation)(2)		Other Book-to-Tax Accounting Differences(3)			Accumulated Capital Losses(4)			Qualified Late- Year Loss Deferral - Capital(5)		Qualified Late-Year Loss Deferral - Ordinary(6)		Total Distributable Earnings
PIMCO Dividend and Income Fund	$	712	$	0	$	26,666	$	(16	)	$	(99,351	)	$	0	$	0	$	(71,989	)

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

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

⁽²⁾  Adjusted for open wash sale loss deferrals and accelerated recognition of unrealized gain (loss) on certain futures, and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, passive foreign investment companies (PFICs), hyperinflationary adjustments, defaulted securities, and straddle loss deferrals.

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

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

⁽⁵⁾  Capital losses realized during the period November 1, 2020 through June 30, 2021 which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

⁽⁶⁾  Specified losses realized during the period November 1, 2020 through June 30, 2021 and Ordinary losses realized during the period January 1, 2021 through June 30, 2021, which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

Under the Regulated Investment Company Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law. As of June 30, 2021, the Funds had the following post-effective capital losses with no expiration (amounts in thousands^†):

	Short-Term		Long-Term
PIMCO Dividend and Income Fund	$	63,866	$	35,485

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

As of June 30, 2021, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands^†):

	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)(7)
PIMCO Dividend and Income Fund	$	190,480	$	29,192	$	(2,542	)	$	26,650

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

⁽⁷⁾  Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) on investments are attributable to open wash sale loss deferrals, passive foreign investment companies (PFICs), hyperinflationary adjustments, defaulted securities, straddle loss deferrals, realized and unrealized gain (loss) swap contracts, and unrealized gain (loss) on certain futures, and forward contracts.

ANNUAL REPORT JUNE 30, 2021 85

Notes to Financial Statements (Cont.)

June 30, 2021

For the fiscal years ended June 30, 2021 and June 30, 2020, respectively, the Funds made the following tax basis distributions (amounts in thousands^†):

	June 30, 2021						June 30, 2020
	Ordinary Income Distributions(8)		Long-Term Capital Gain Distributions		Return of Capital(9)		Ordinary Income Distributions(8)		Long-Term Capital Gain Distributions		Return of Capital(9)
PIMCO Dividend and Income Fund	$	6,701	$	0	$	0	$	5,751	$	0	$	0

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

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

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

16. SUBSEQUENT EVENTS

Subsequent to year end, PIMCO notified Parametric of PIMCO’s intention to terminate the Portfolio Implementation Agreement with respect to the PIMCO Dividend and Income Fund on or after September 24, 2021 (the “First Termination Date”) and with respect to each additional Fund at PIMCO’s discretion, on a date or dates on or after the First Termination Date. At this time, the effective date(s) of the Terminations have not been finalized. Subsequent disclosure will be provided regarding the effective date of the Termination.

In addition, effective on or about November 1, 2021, certain changes to the Fund’s investment objective and strategies, removal of the sub-adviser, and a fee reduction will be implemented, which will be disclosed in a supplement to the Fund’s registration to be filed prior to the implementation date.

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

86 PIMCO EQUITY SERIES

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Equity Series^® and Shareholders of PIMCO Dividend and Income Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PIMCO Dividend and Income Fund (one of the funds constituting PIMCO Equity Series^®, referred to hereafter as the “Fund”) as of June 30, 2021, the related statement of operations for the year ended June 30, 2021, the statement of changes in net assets for each of the two years in the period ended June 30, 2021, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2021, and the financial highlights for each of the five years in the period ended June 30, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2021 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

August 26, 2021

We have served as the auditor of one or more investment companies in PIMCO Equity Series^® since 2010.

ANNUAL REPORT JUNE 30, 2021 87

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

(Unaudited)

Counterparty Abbreviations:
AZD	Australia and New Zealand Banking Group	HUS	HSBC Bank USA N.A.
BOA	Bank of America N.A.	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
BSH	Banco Santander S.A. - New York Branch	MYI	Morgan Stanley & Co. International PLC
CBK	Citibank N.A.	RYL	NatWest Markets Plc
CSN	Credit Suisse AG (New York)	SAL	Citigroup Global Markets, Inc.
FAR	Wells Fargo Bank National Association	SCX	Standard Chartered Bank, London
GLM	Goldman Sachs Bank USA	SSB	State Street Bank and Trust Co.
GST	Goldman Sachs International	UAG	UBS AG Stamford
Currency Abbreviations:
ARS	Argentine Peso	INR	Indian Rupee
AUD	Australian Dollar	JPY	Japanese Yen
BRL	Brazilian Real	MXN	Mexican Peso
CAD	Canadian Dollar	NOK	Norwegian Krone
CLP	Chilean Peso	PEN	Peruvian New Sol
CNH	Chinese Renminbi (Offshore)	RUB	Russian Ruble
CNY	Chinese Renminbi (Mainland)	TRY	Turkish New Lira
EUR	Euro	USD (or $)	United States Dollar
GBP	British Pound	ZAR	South African Rand
IDR	Indonesian Rupiah
Exchange Abbreviations:
OTC	Over the Counter
Index/Spread Abbreviations:
BADLARPP	Argentina Badlar Floating Rate Notes	CNREPOFIX	China Fixing Repo Rates 7-Day
BP0003M	3 Month GBP-LIBOR	LIBOR03M	3 Month USD-LIBOR
CDX.EM	Credit Derivatives Index - Emerging Markets	PRIME	Daily US Prime Rate
CDX.HY	Credit Derivatives Index - High Yield	SONIO	Sterling Overnight Interbank Average Rate
CDX.IG	Credit Derivatives Index - Investment Grade	US0003M	ICE 3-Month USD LIBOR
CMBX	Commercial Mortgage-Backed Index
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”	TBA	To-Be-Announced
CDI	Brazil Interbank Deposit Rate	TBD%	Interest rate to be determined when loan settles or at the time of funding
EURIBOR	Euro Interbank Offered Rate	TIIE	Tasa de Interés Interbancaria de Equilibrio “Equilibrium Interbank Interest Rate”
JIBAR	Johannesburg Interbank Agreed Rate

88 PIMCO EQUITY SERIES

Federal Income Tax Information

(Unaudited)

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

Dividend Received Deduction.  Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a Funds’ dividend distribution that qualifies under tax law. The percentage of the following Funds’ Fiscal 2021 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below:

Qualified Dividend Income.  Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended June 30, 2021 was designated as ‘qualified dividend income’ as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2021:

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only).  Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended June 30, 2021 are considered to be derived from “qualified interest income,” as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended June 30, 2021 are considered to be derived from “qualified short-term capital gain,” as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

	Dividend Received Deduction %			Qualified Dividend Income %			Qualified Interest Income (000s†)		Qualified Short-Term Capital Gain (000s†)
PIMCO Dividend and Income Fund		41.13	%		91.56	%	$	6,701	$	0

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

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2022, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2021.

Section 163(j) Interest Dividends.  The fund intends to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in Proposed Treasury Section 1.163(j)-1(b). The 163(j) percentage of ordinary income distributions are as follows:

	163 (j) Interest Dividends %
PIMCO Dividend and Income Fund		0	%

Section 199A Dividends.  Non-corporate fund shareholders of the funds below meeting certain holding period requirements may be able to deduct up to 20 percent of qualified REIT dividends passed through and reported to the shareholders by the fund as Section 199A dividends. The Section 199A percentage of ordinary dividends are as follows:

	199A Dividends %
PIMCO Dividend and Income Fund		2.50	%

ANNUAL REPORT JUNE 30, 2021 89

Distribution Information

(Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the “Act”), the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended June 30, 2021 calculated as of the end of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year.

See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

PIMCO Dividend and Income Fund

Institutional Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2021	$	0.0418	$	0.0000	$	0.0000	$	0.0418
June 2021	$	0.1348	$	0.0000	$	0.0000	$	0.1348
I-2 Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2021	$	0.0393	$	0.0000	$	0.0000	$	0.0393
June 2021	$	0.1306	$	0.0000	$	0.0000	$	0.1306
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2021	$	0.0346	$	0.0000	$	0.0000	$	0.0346
June 2021	$	0.1231	$	0.0000	$	0.0000	$	0.1231
Class C	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2021	$	0.0000	$	0.0000	$	0.0000	$	0.0000
June 2021	$	0.0969	$	0.0000	$	0.0000	$	0.0969

* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits.

** Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund’s net income, yield, earnings or investment performance.

90 PIMCO EQUITY SERIES

Approval of Investment Advisory Contract and Other Agreements

(Unaudited)

Approval of Interim Sub-Advisory Agreement, Interim Portfolio Implementation Agreement, New Sub-Advisory Agreement and New Portfolio Implementation Agreement

On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. and its subsidiaries (the “Acquisition”), including Parametric Portfolio Associates LLC (“Parametric”), resulting in a change of control of Parametric. The Acquisition constituted an “assignment,” within the meaning of the Investment Company Act of 1940, as amended (the “1940 Act”), resulting in the automatic termination of the following agreements:

(i) the sub-advisory agreement between Pacific Investment Management Company LLC (“PIMCO”) and Parametric on behalf of the PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF, PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF, PIMCO RAFI Dynamic Multi-Factor International Equity ETF and PIMCO RAFI ESG U.S. ETF (collectively, the “RAFI ETFs”);

(ii) the portfolio implementation agreement among PIMCO, Research Affiliates, LLC (“RALLC”) and Parametric on behalf of the 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 (collectively, the “RAE Funds”); and

(iii) the portfolio implementation agreement among PIMCO, RALLC and Parametric with respect to the equity portion of the PIMCO Dividend and Income Fund (together with the RAFI ETFs and the RAE Funds, the “Funds” and each, a “Fund”).

In anticipation of the closing of the Acquisition, at a meeting held on January 15, 2021 (the “Meeting”), 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 1940 Act (the “Independent Trustees”), considered and unanimously approved an interim sub-advisory agreement on behalf of the RAFI ETFs between PIMCO and Parametric (the “Interim Sub-Advisory Agreement”); an interim portfolio implementation agreement on behalf of the RAE Funds among PIMCO, RALLC and Parametric (the “Interim RAE Portfolio Implementation Agreement”); and an interim portfolio implementation agreement on behalf of the PIMCO Dividend and Income Fund among PIMCO, RALLC and Parametric (together with the Interim Sub-Advisory Agreement and Interim RAE Portfolio Implementation Agreement, the “Interim Agreements”).¹ In addition, the Board, including the Independent Trustees, considered and unanimously approved a new sub-advisory agreement on behalf of the RAFI ETFs between PIMCO and Parametric (the “Sub-Advisory Agreement”); a new portfolio implementation agreement on behalf of the RAE Funds among PIMCO, RALLC and Parametric (the “RAE Portfolio Implementation Agreement”); and a new portfolio implementation agreement on behalf of the PIMCO Dividend and Income Fund among PIMCO, RALLC and Parametric (together with the Sub-Advisory Agreement and the RAE Portfolio Implementation Agreement, the “New Agreements,” and the New Agreements together with the Interim Agreements, the “Agreements”).

¹ The Meeting was held remotely in reliance on the relief granted by a temporary exemptive order issued by the U.S. Securities and Exchange Commission (the “SEC”) under the 1940 Act 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.

ANNUAL REPORT JUNE 30, 2021 91

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

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

1. INFORMATION RECEIVED

At the Meeting, the Board reviewed the materials provided by PIMCO, Parametric and counsel to the Trust and the Independent Trustees, which included, among other things, memoranda outlining the legal duties of the Board. The Board reviewed a variety of factors and considered a significant amount of information, including information and materials provided by Parametric prior to the Meeting regarding the Agreements, material changes (if any) since the Board’s August 2020 annual review of the existing agreements between PIMCO and Parametric related to the Funds and anticipated material changes (if any) in connection with the Acquisition, as well as materials Parametric provided in connection with the Board’s annual review in August 2020 of the existing agreements.

It is noted that following the Board’s August 2020 annual review of the existing agreements, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Funds by Parametric supported the renewal of the existing agreements, that the existing sub-advisory and portfolio implementation agreements continued to be fair and reasonable to the Funds and their shareholders, that the Funds’ shareholders received reasonable value in return for the fees paid to Parametric by PIMCO under those existing agreements, and that the renewal of such existing agreements was in the best interests of the Funds and their shareholders.

The approval determinations with respect to the Interim Agreements and the New Agreements were made on the basis of each Trustee’s business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the Interim Agreements, as well as the proposed New Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. In approving the Agreements, the Trustees considered a number of factors discussed below. This discussion is not intended to be all-inclusive.

2. NATURE, EXTENT AND QUALITY OF SERVICES

The Board considered that Parametric currently serves as sub-adviser to the RAFI ETFs and portfolio implementer to the RAE Funds and the equity portion of the PIMCO Dividend and Income Fund and considered the nature, extent and quality of services currently provided by Parametric in these roles. The Board also considered that the terms of each Interim Agreement, except for term and escrow provisions required by applicable law, and each proposed New Agreement are materially identical to those of the corresponding current agreement. Further, the Board considered the depth and quality of Parametric’s sub-advisory and portfolio implementation capabilities, the experience and capabilities of its key personnel, and Parametric’s representations concerning the Acquisition’s potential effects on Parametric’s services to the Funds.

92 PIMCO EQUITY SERIES

(Unaudited)

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

3. INVESTMENT PERFORMANCE

As part of the Board’s 2020 annual review of existing agreements between PIMCO and Parametric with respect to the Funds, the Board reviewed information from PIMCO (the “2020 PIMCO Report”), as well as information (the “2020 Broadridge Report”) from Broadridge Financial Solutions, Inc., concerning the Funds’ performance, as available, over short- and long-term periods. 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 2020 PIMCO Report and 2020 Broadridge Report, which were provided in advance of the August 2020 meeting.

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

The Board noted that, as with the current arrangements between each Fund and Parametric, PIMCO will compensate Parametric pursuant to the Interim Agreements and proposed New Agreements, and that no Fund will directly pay for Parametric’s services. The Board also considered that the fees proposed to be paid by PIMCO to Parametric pursuant to the Interim Agreements and New Agreements are the same as the fees paid by PIMCO to Parametric pursuant to the respective existing agreements. As part of the Board’s 2020 annual review of those existing agreements, the Board reviewed the advisory and supervisory and administrative fees, or management fees, as applicable, 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 fees paid by PIMCO to Parametric with respect to the Funds under the existing agreements.

As part of the Board’s 2020 annual review, 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. The Board also considered as part of the 2020 annual review that the unified fee leads to Fund fees that are fixed over the contract period, rather than variable. As part of that review, 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.

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

The Board considered information on profitability to Parametric derived from its relationship with the Funds, comparative fee information (as described above), and information on the sharing of potential economies of scale with the Funds (as described above as well as in relation to the asset breakpoint thresholds applicable to fee rates payable to Parametric under the existing agreements, Interim Agreements and New Agreements). With respect to potential economies of scale, as part of the 2020

ANNUAL REPORT JUNE 30, 2021 93

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

(Unaudited)

annual review, the Board 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. As part of the 2020 annual review, 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. As part of that review, 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 as part of the 2020 annual review 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 at that review that PIMCO’s investments in these areas are extensive. The Board concluded at the 2020 annual review 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. CONCLUSIONS

Based on their review, including their consideration of each of the factors referred to above, a majority of the Board, including by a separate vote of a majority of the Independent Trustees, approved each Interim Agreement and each proposed New Agreement.

94 PIMCO EQUITY SERIES

Shareholder Meeting Results

(Unaudited)

Special Shareholder Meeting Results

The Fund held a special meeting of shareholders on March 26, 2021, which was adjourned to April 16, 2021 to approve a new portfolio implementation agreement on behalf of the Fund among PIMCO, Research Affiliates, LLC and Parametric (the “Proposal”). Shareholders voted on the Proposal as indicated below:

	For(1)		Against(1)		Abstain(1)(2)		Broker Non-Votes(2)
PIMCO Dividend and Income Fund		6,352,019		124,656		1,406,220		566,575

⁽¹⁾  Certain of the Fund’s shares may have been held by PIMCO-advised funds or accounts for which PIMCO had discretionary authority to vote proxies. Accordingly, if applicable, PIMCO voted such shares in proportion to the votes of all other Fund shareholders voting on the proposal.

⁽²⁾  Abstentions and broker non-votes (i.e., shares for which a broker returns a proxy but for which (i) the beneficial owner has not voted and (ii) the broker holding the shares does not have discretionary authority to vote on the particular matter) were treated as shares that were present at the meeting for purposes of establishing a quorum, but had the effect of a negative vote on the Proposal.

ANNUAL REPORT JUNE 30, 2021 95

Changes to the Board of Trustees

(Unaudited)

Effective February 10, 2021, the Board of Trustees appointed Kimberley G. Stafford to the Board.

96 PIMCO EQUITY SERIES

Management of the Trust

(Unaudited)

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

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

Name, Year of Birth and Position Held with Trust*	Term of Office and Length of Time Served†	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Public Company and Investment Company Directorships Held by Trustee During the  Past 5 Years
Interested Trustees1
Peter G. Strelow (1970) Chairman of the Board and Trustee	02/2019 to present	Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President of the Trust, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance Trust and PIMCO ETF Trust, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO.	148	Chairman and Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust.
Kimberley G. Stafford (1978) Trustee	02/2021 to present	Managing Director, Global Head of Product Strategy, PIMCO; and Member of Executive Committee, PIMCO. Formerly, Head of Asia-Pacific, Global Head of Consultant Relations and Head of US Institutional and Alternatives Sales, PIMCO.	148	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust.
Independent Trustees
George E. Borst (1948) Trustee	05/2019 to present	Executive Advisor, McKinsey & Company; Formerly, Executive Advisor, Toyota Financial Services; and CEO, Toyota Financial Services.	148	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust; Director, MarineMax Inc.
Jennifer Holden Dunbar (1963) Trustee	02/2016 to present	Managing Director, Dunbar Partners, LLC (business consulting and investments). Formerly, Partner, Leonard Green & Partners, L.P.	148	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust; Director, PS Business Parks; Director, Big 5 Sporting Goods Corporation.
Kym M. Hubbard (1957) Trustee	05/2019 to present	Formerly, Global Head of Investments, Chief Investment Officer and Treasurer, Ernst & Young.	148	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust; Director, State Auto Financial Corporation.
Gary F. Kennedy (1955) Trustee	05/2019 to present	Formerly, Senior Vice President, General Counsel and Chief Compliance Officer, American Airlines and AMR Corporation (now American Airlines Group).	148	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust.
Peter B. McCarthy (1950) Trustee	09/2011 to present	Formerly, Assistant Secretary and Chief Financial Officer, United States Department of Treasury; Deputy Managing Director, Institute of International Finance.	148	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust.
Ronald C. Parker (1951) Lead Independent Trustee	02/2016 to present Lead Independent Trustee 05/2019 to present	Director of Roseburg Forest Products Company. Formerly, Chairman of the Board, The Ford Family Foundation; and President, Chief Executive Officer, Hampton Affiliates (forestry products).	148	Lead Independent Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust.

* Unless otherwise noted, the information for the individuals listed is as of June 30, 2021.

¹  Ms. Stafford is an “interested persons” of the Trust (as that term is defined in the 1940 Act) because of his affiliations with PIMCO.

^†  Trustees serve until their successors are duly elected and qualified.

ANNUAL REPORT JUNE 30, 2021 97

Management of the Trust (Cont.)

Executive Officers

Name, Year of Birth and Position Held with Trust*	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years†
Eric D. Johnson (1970)  President	06/2019 to present	Executive Vice President and Head of Funds Business Group Americas, PIMCO. President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
David C. Flattum (1964)  Chief Legal Officer	05/2019 to present	Managing Director and General Counsel, PIMCO. Chief Legal Officer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Formerly, Managing Director, Chief Operating Officer and General Counsel, Allianz Asset Management of America L.P.
Keisha Audain-Pressley (1975)** Chief Compliance Officer	01/2020 to present	Executive Vice President and Deputy Chief Compliance Officer, PIMCO. Chief Compliance Officer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Joshua D. Ratner (1976)** Senior Vice President	05/2019 to present	Executive Vice President and Head of Americas Operations, PIMCO. Senior Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Peter G. Strelow (1970)  Senior Vice President	06/2019 to present	Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO.
Ryan G. Leshaw (1980)  Vice President, Senior Counsel, Secretary	05/2019 to present	Executive Vice President and Senior Counsel, PIMCO. Vice President, Senior Counsel and Secretary, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Chief Legal Officer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Associate, Willkie Farr & Gallagher LLP.
Wu-Kwan Kit (1981) Assistant Secretary	08/2017 to present	Senior Vice President and Senior Counsel, PIMCO. Assistant Secretary, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Vice President, Senior Counsel and Secretary, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Assistant General Counsel, VanEck Associates Corp.
Jeffrey A. Byer (1976) Vice President	02/2020 to present	Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Elizabeth A. Duggan (1964) Vice President	02/2021 to present	Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT.
Brian J. Pittluck (1977)  Vice President	01/2020 to present	Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Bijal Y. Parikh (1978) Treasurer	01/2021 to present	Senior Vice President, PIMCO. Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Erik C. Brown (1967)*** Assistant Treasurer	03/2010 to present	Executive Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Brandon T. Evans (1982)  Assistant Treasurer	05/2019 to present	Vice President, PIMCO. Assistant Treasurer, Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.

98 PIMCO EQUITY SERIES

(Unaudited)

Name, Year of Birth and Position Held with Trust*	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years†
Colleen D. Miller (1980)** Assistant Treasurer	02/2017 to present	Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Deputy Treasurer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Jason J. Nagler (1982)*** Assistant Treasurer	05/2015 to present	Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.

* Unless otherwise noted, the information for the individuals listed is as of August 13, 2021.

^†  The term “PIMCO-Sponsored Closed-End Funds” as used herein includes: PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund Inc., PIMCO Corporate & Income Opportunity Fund, PIMCO Corporate & Income Strategy Fund, PIMCO Dynamic Credit and Mortgage Income Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund, PIMCO Energy and Tactical Credit Opportunities Fund, PIMCO Global StocksPLUS^® & Income Fund, PIMCO High Income Fund, PIMCO Income Opportunity Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II and PIMCO Strategic Income Fund, Inc.; the term “PIMCO-Sponsored Interval Funds” as used herein includes: PIMCO Flexible Credit Income Fund and PIMCO Flexible Municipal Income Fund.

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

*** The address of these officers is Pacific Investment Management Company LLC, 401 Congress Ave., Austin, Texas 78701.

ANNUAL REPORT JUNE 30, 2021 99

Privacy Policy¹

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

Obtaining Non-Public Personal Information

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

Respecting Your Privacy

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

Sharing Information with Third Parties

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

Sharing Information with Affiliates

The Funds may share shareholder information with their affiliates in connection with servicing shareholders’ accounts, and subject to applicable law may provide shareholders with information about products and services that the Funds or their Advisers, distributors or their affiliates (“Service Affiliates”) believe may be of interest to such shareholders. The information that the Funds may share may include, for example, a shareholder’s participation in the Funds or in other investment programs sponsored by a Service Affiliate, a shareholder’s ownership of certain types of accounts (such as IRAs), information about the Funds’ experiences or transactions with a shareholder, information captured on applicable websites, or other data about a shareholder’s accounts, subject

100 PIMCO EQUITY SERIES

(Unaudited)

to applicable law. The Funds’ Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

Procedures to Safeguard Private Information

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

Information Collected from Websites

The Funds or their service providers and partners may collect information from shareholders via websites they maintain. The information collected via websites maintained by the Funds or their service providers includes client non-public personal information.

Changes to the Privacy Policy

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

¹ Amended as of June 25, 2020.

² PIMCO Investments LLC (“PI”) serves as the Funds’ distributor and does not provide brokerage services or any financial advice to investors in the Funds solely because it distributes the Funds. This Privacy Policy applies to the activities of PI to the extent that PI regularly effects or engages in transactions with or for a shareholder of a series of a Trust who is the record owner of such shares. For purposes of this Privacy Policy, references to “the Funds” shall include PI when acting in this capacity.

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

ANNUAL REPORT JUNE 30, 2021 101

Liquidity Risk Management Program

(Unaudited)

In compliance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940, as amended (“1940 Act”), PIMCO Equity Series (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for each series of the Trust (each a “Fund” and collectively, the “Funds”) not regulated as a money market fund under 1940 Act Rule 2a-7, which is reasonably designed to assess and manage the Funds’ liquidity risk. The Trust’s Board of Trustees (the “Board”) previously approved the designation of the PIMCO Liquidity Risk Committee (the “Administrator”) as Program administrator. The PIMCO Liquidity Risk Committee consists of senior members from certain PIMCO business areas, such as Portfolio Risk Management, Americas Operations, Compliance, Account Management and Portfolio Management, and is advised by members of PIMCO Legal.

A Fund’s “liquidity risk” is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually taking into consideration a variety of factors, including, as applicable, the Fund’s investment strategy and liquidity of portfolio investments, cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions. Each Fund portfolio investment is classified into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below) based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without significantly changing the investment’s market value. Each Fund has adopted a “Highly Liquid Investment Minimum” (or “HLIM”), which is a minimum amount of Fund net assets to be invested in highly liquid investments that are assets. As required under the Liquidity Rule, each Fund’s HLIM is periodically reviewed, no less frequently than annually, and the Funds have adopted policies and procedures for responding to a shortfall of a Fund’s highly liquid investments below its HLIM. The Liquidity Rule also limits the Funds’ investments in illiquid investments by prohibiting a Fund from acquiring any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. Certain non-public reporting is generally required if a Fund’s holdings of illiquid investments that are assets were to exceed 15% of Fund net assets.

At a meeting of the Board held on February 9-10, 2021 the Board received a report (the “Report”) from the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from December 1, 2019 through December 31, 2020. The Report reviewed the operation of the Program’s components during such period, noted the March-April 2020 market conditions and associated monitoring by the Administrator, and stated that the Program is operating effectively to assess and manage each Fund’s liquidity risk and that the Program has been and continues to be adequately and effectively implemented to monitor and, as applicable, respond to the Funds’ liquidity developments. This has remained true for the 12-month period ended June 30, 2021.

102 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, I-3, 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.

PES3001AR_063021

PIMCO EQUITY SERIES^®

Annual Report

June 30, 2021

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		59
Report of Independent Registered Public Accounting Firm		78
Glossary		79
Federal Income Tax Information		80
Distribution Information		82
Approval of Investment Advisory Contract and Other Agreements		83
Shareholder Meeting Results		86
Changes to the Board of Trustees		87
Management of the Trust		88
Privacy Policy		90
Liquidity Risk Management Program		91

Fund	Fund Summary		Schedule of Investments
PIMCO RAE Emerging Markets Fund		8		34
PIMCO RAE Global Fund		10		42
PIMCO RAE Global ex-US Fund		12		43
PIMCO RAE International Fund		14		44
PIMCO RAE US Fund		16		52
PIMCO RAE US Small Fund		18		55

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 Annual Report, which covers the 12-month reporting period ended June 30, 2021. 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 12-month reporting period ended June 30, 2021

The global economy was severely impacted by the repercussions related to the COVID-19 pandemic (“COVID-19”). Looking back, second quarter 2020 U.S. annualized gross domestic product (“GDP”) growth 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. GDP growth in the U.S. was then 4.3% and 6.3% during the fourth quarter of 2020 and the first quarter of 2021, respectively. Finally, the Commerce Department’s initial estimate for second quarter annualized GDP growth — released after the reporting period ended — was 6.5%.

Despite improving economic data and inflationary concerns, the Federal Reserve (the “Fed”) maintained its accommodative monetary policy. This included keeping the federal funds rate at an all-time low of a range between 0.00% and 0.25%, as well as continuing to purchase at least $80 billion a month of Treasury securities and $40 billion a month of agency mortgage-backed securities. However, at its June 2021 meeting, the Fed pushed forward its forecast for the first rate hikes. The central bank now expects two interest rate increases by the end of 2023, compared to 2024 in its March 2021 update. In addition, while Fed Chair Jerome Powell said it would begin discussing a scaling back of bond purchases, he maintained his view on inflation, saying, “As these transitory supply effects abate, inflation is expected to drop back toward our longer-run goal.” He also said that any discussion of raising rates was “highly premature.”

Economies outside the U.S. also continued to be impacted by COVID-19. In its April 2021 World Economic Outlook Update, the International Monetary Fund (“IMF”) said it expects U.S. GDP growth to be 6.4% in 2021, compared to a 3.5% contraction in 2020. Elsewhere, the IMF expects 2021 GDP growth in the eurozone, U.K. and Japan will be 4.4%, 5.3% and 3.3%, respectively. For comparison purposes, the GDP of these economies was projected to be -6.6%, -9.9% and -4.8%, respectively, in 2020.

Central banks outside the U.S. also maintained their aggressive actions to support their economies. The European Central Bank (the “ECB”) kept rates at an all-time low. It also continued to purchase bonds and, in June 2021, vowed to increase its purchases at a significantly higher pace than earlier in the year. Finally, in July 2021, after the reporting period ended, the ECB announced its first strategy review since 2003, which included a 2% inflation target over the medium term, versus its previous target for inflation that was below but close to 2%. Elsewhere, the Bank of England held its key lending rate at a record low of 0.10% and continued its bond buying program. In June 2021, the central bank said it did not expect to raise rates until there was clear evidence that significant progress was being made in eliminating spare capacity and achieving its 2% inflation target. Also of note, the U.K. and the European Union agreed to a long-awaited Brexit deal. Finally, the Bank of Japan maintained its short-term interest rate at -0.10%, while increasing the target for its holdings of corporate bonds. In June 2021, it extended the September deadline for its COVID-19-relief program by at least six months.

Both short- and long-term U.S. Treasury yields moved higher, albeit from very low levels, during the reporting period. The yield on the benchmark 10-year U.S. Treasury note was 1.45% at the end of the reporting period, versus 0.66% on 30 June 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 -1.26%. Meanwhile, the Bloomberg Barclays Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned 3.11%. Riskier fixed income asset classes, including high yield corporate

2 PIMCO EQUITY SERIES

bonds and emerging market debt, produced stronger returns. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned 14.86%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned 6.81%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned 6.57%.

Despite the headwinds from COVID-19 and periods of volatility, global equities produced exceptionally strong results. All told, U.S. equities, as represented by the S&P 500 Index, returned 40.79%, fueled, in our view, by accommodative monetary and fiscal policy, as well as improved investor sentiment after positive COVID-19 vaccine news. Global equities, as represented by the MSCI World Index, returned 39.04%, whereas emerging market equities, as measured by the MSCI Emerging Markets Index, returned 40.90%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in JPY), returned 31.29% and European equities, as represented by the MSCI Europe Index, returned 27.94%.

Commodity prices were volatile but generally produced positive results. When the reporting period began, Brent crude oil was approximately $42 a barrel, but ended the reporting period at roughly $75 a barrel. We believe oil prices rallied as producers reduced their output and then demand increased as global growth improved. Elsewhere, copper prices moved sharply higher, whereas gold prices 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 several other major currencies. For example, the U.S. dollar returned -5.55% and -11.53% versus the euro and the British pound, respectively. However, the U.S. dollar rose 2.86 versus the Japanese yen.

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.

ANNUAL REPORT | JUNE 30, 2021 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

ANNUAL REPORT | JUNE 30, 2021 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) 87-PIMCO. Any election to receive reports in paper will apply to all funds held with the fund complex if invested directly with the Fund or to all funds held in the investor’s account if invested through a financial intermediary.

In 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.

ANNUAL REPORT | JUNE 30, 2021 7

PIMCO RAE Emerging Markets Fund

Cumulative Returns Through June 30, 2021

$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 June 30, 2021*
		1 Year		5 Years		10 Years		Fund Inception (05/31/06)
	PIMCO RAE Emerging Markets Fund Institutional Class		56.09%		12.18%		3.55%		6.96%
	PIMCO RAE Emerging Markets Fund I-2		55.75%		12.04%		3.47%		6.91%
	PIMCO RAE Emerging Markets Fund Class A		55.22%		11.78%		3.34%		6.82%
	PIMCO RAE Emerging Markets Fund Class A (adjusted)		49.44%		10.93%		2.94%		6.56%
	MSCI Emerging Markets Value Index±		41.59%		9.70%		1.80%		5.33%
	MSCI Emerging Markets Index±± ª		40.90%		13.03%		4.28%		6.55%

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.

^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 June 30, 2021^†§

India	18.0%
South Korea	14.0%
Taiwan	13.0%
Brazil	12.6%
China	12.0%
Russia	6.9%
Mexico	5.9%
Short-Term Instruments	3.6%
South Africa	4.2%
Thailand	3.4%
Turkey	1.4%
Poland	1.1%
Other	3.9%

^†  % of Investments, at value.

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

Fund Insights

The following affected performance (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, and security selection in, the industrials sector contributed to relative returns, as the sector underperformed the benchmark index and the Fund’s holdings outperformed the benchmark index.

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

ANNUAL REPORT | JUNE 30, 2021 9

PIMCO RAE Global Fund

Cumulative Returns Through June 30, 2021

$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 June 30, 2021
		1 Year		5 Years		Fund Inception (06/05/15)
	PIMCO RAE Global Fund Institutional Class		47.04%		11.30%		8.17%
	PIMCO RAE Global Fund I-2		46.78%		11.18%		8.04%
	PIMCO RAE Global Fund Class A		46.46%		10.90%		7.79%
	PIMCO RAE Global Fund Class A (adjusted)		40.91%		10.06%		7.11%
	MSCI All Country World Value Index±		38.39%		9.81%		6.88%
	MSCI All Country World Index±± ª		39.26%		14.61%		10.96%

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.

^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 June 30, 2021^†§

PIMCO RAE US Fund	46.0%
PIMCO RAE International Fund	40.8%
PIMCO RAE Emerging Markets Fund	13.2%

^†  % 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, materials, 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 financials sector detracted from relative returns, as the sector outperformed the benchmark index and the Fund’s holdings underperformed the benchmark index.

ANNUAL REPORT | JUNE 30, 2021 11

PIMCO RAE Global ex-US Fund

Cumulative Returns Through June 30, 2021

$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 June 30, 2021
		1 Year		5 Years		Fund Inception (06/05/15)
	PIMCO RAE Global ex-US Fund Institutional Class		44.96%		9.86%		5.77%
	PIMCO RAE Global ex-US Fund I-2		44.90%		9.78%		5.68%
	PIMCO RAE Global ex-US Fund Class A		44.43%		9.49%		5.41%
	PIMCO RAE Global ex-US Fund Class A (adjusted)		38.94%		8.65%		4.74%
	MSCI All Country World ex US Value Index±		37.56%		8.54%		4.07%
	MSCI All Country World ex US Index±± ª		35.72%		11.08%		6.91%

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.

^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 June 30, 2021^†§

PIMCO RAE International Fund	75.6%
PIMCO RAE Emerging Markets Fund	24.4%

^†  % 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, consumer discretionary, industrials, and information technology sectors contributed to relative returns, as the sectors and the Fund’s holdings outperformed the benchmark index.

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

ANNUAL REPORT | JUNE 30, 2021 13

PIMCO RAE International Fund

Cumulative Returns Through June 30, 2021

$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 June 30, 2021
		1 Year		5 Years		Fund Inception (06/05/15)
	PIMCO RAE International Fund Institutional Class		41.64%		9.21%		5.26%
	PIMCO RAE International Fund I-2		41.51%		9.13%		5.18%
	PIMCO RAE International Fund Class A		41.10%		8.83%		4.89%
	PIMCO RAE International Fund Class A (adjusted)		35.84%		8.01%		4.24%
	MSCI EAFE Value Index±		33.50%		7.81%		3.24%
	MSCI EAFE Index±± ª		32.35%		10.28%		6.29%

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.

^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 June 30, 2021^†§

Japan	24.5%
United Kingdom	9.8%
Germany	9.0%
Short-Term Instruments	8.2%
Switzerland	6.6%
France	5.8%
Netherlands	5.8%
Australia	5.4%
Canada	5.1%
Luxembourg	3.8%
Spain	3.1%
Hong Kong	2.3%
Italy	2.3%
Norway	1.7%
Israel	1.3%
Other	5.3%

^†  % 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 and industrials sectors contributed to relative returns, as the sectors and the Fund’s holdings outperformed the benchmark index.

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

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

» There were no notable detractors for this Fund.

ANNUAL REPORT | JUNE 30, 2021 15

PIMCO RAE US Fund

Cumulative Returns Through June 30, 2021

$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 June 30, 2021*
		1 Year		5 Years		10 Years		Fund Inception (12/22/04)
	PIMCO RAE US Fund Institutional Class		48.99%		12.97%		12.39%		9.15%
	PIMCO RAE US Fund I-2		48.77%		12.85%		12.32%		9.11%
	PIMCO RAE US Fund Class A		48.44%		12.51%		12.13%		8.99%
	PIMCO RAE US Fund Class A (adjusted)		42.90%		11.65%		11.69%		8.74%
	Russell 1000® Value Index±		43.68%		11.87%		11.61%		8.11%¨
	S&P 500 Index±± ª		40.79%		17.65%		14.84%		10.20% ¨

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.

^¨ 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 ofJune 30, 2021^†§

Information Technology	22.2%
Consumer Discretionary	18.0%
Health Care	17.0%
Financials	10.1%
Industrials	9.0%
Consumer Staples	7.7%
Energy	5.3%
Communication Services	3.9%
Utilities	2.5%
Materials	2.3%
Real Estate	1.6%
Short-Term Instruments	0.4%

^†  % of Investments, at value.

^§ Sector 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 consumer discretionary sector contributed to relative returns, as the sector and the Fund’s holdings outperformed the benchmark index.

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

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

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

ANNUAL REPORT | JUNE 30, 2021 17

PIMCO RAE US Small Fund

Cumulative Returns Through June 30, 2021

$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 June 30, 2021*
		1 Year		5 Years		10 Years		Fund Inception (09/29/05)
	PIMCO RAE US Small Fund Institutional Class		97.65%		16.63%		12.84%		10.20%
	PIMCO RAE US Small Fund I-2		97.30%		16.51%		12.76%		10.15%
	PIMCO RAE US Small Fund Class A		96.82%		16.18%		12.55%		10.02%
	PIMCO RAE US Small Fund Class A (adjusted)		89.40%		15.30%		12.11%		9.75%
	Russell 2000® Value Index±		73.28%		13.62%		10.85%		8.25%
	Russell 2000® Index±± ª		62.02%		16.47%		12.34%		9.66% ¨

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.

^¨ 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 ofJune 30, 2021^†§

Energy	20.2%
Consumer Discretionary	19.2%
Real Estate	10.8%
Industrials	10.4%
Health Care	8.5%
Information Technology	6.5%
Financials	6.4%
Materials	6.1%
Consumer Staples	5.0%
Short-Term Instruments	2.9%
Communication Services	2.8%
Utilities	1.2%

^†  % of Investments, at value.

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

Fund Insights

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

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

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

ANNUAL REPORT | JUNE 30, 2021 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 January 1, 2021 to June 30, 2021 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 (01/01/21)		Ending Account Value (06/30/21)		Expenses Paid During Period*		Beginning Account Value (01/01/21)		Ending Account Value (06/30/21)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO RAE Emerging Markets Fund
Institutional Class	$	1,000.00	$	1,203.20	$	4.08	$	1,000.00	$	1,020.68	$	3.74		0.76	%
I-2		1,000.00		1,201.80		4.62		1,000.00		1,020.19		4.24		0.86
Class A		1,000.00		1,199.20		5.95		1,000.00		1,018.97		5.46		1.11
PIMCO RAE Global Fund
Institutional Class	$	1,000.00	$	1,171.50	$	0.11	$	1,000.00	$	1,024.29	$	0.10		0.02	%
I-2		1,000.00		1,170.20		0.64		1,000.00		1,023.80		0.59		0.12
Class A		1,000.00		1,168.90		1.96		1,000.00		1,022.58		1.82		0.37
PIMCO RAE Global ex-US Fund
Institutional Class	$	1,000.00	$	1,146.70	$	0.05	$	1,000.00	$	1,024.33	$	0.05		0.01	%
I-2		1,000.00		1,145.20		0.58		1,000.00		1,023.85		0.54		0.11
Class A		1,000.00		1,144.60		1.88		1,000.00		1,022.63		1.78		0.36
PIMCO RAE International Fund
Institutional Class	$	1,000.00	$	1,128.60	$	2.65	$	1,000.00	$	1,021.90	$	2.51		0.51	%
I-2		1,000.00		1,129.40		3.17		1,000.00		1,021.41		3.01		0.61
Class A		1,000.00		1,127.40		4.46		1,000.00		1,020.19		4.24		0.86

20 PIMCO EQUITY SERIES

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (01/01/21)		Ending Account Value (06/30/21)		Expenses Paid During Period*		Beginning Account Value (01/01/21)		Ending Account Value (06/30/21)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO RAE US Fund
Institutional Class	$	1,000.00	$	1,202.20	$	2.20	$	1,000.00	$	1,022.38	$	2.02		0.41	%
I-2		1,000.00		1,200.70		2.74		1,000.00		1,021.90		2.51		0.51
Class A		1,000.00		1,199.80		4.34		1,000.00		1,020.43		3.99		0.81
PIMCO RAE US Small Fund
Institutional Class	$	1,000.00	$	1,436.30	$	3.15	$	1,000.00	$	1,021.80	$	2.61		0.53	%
I-2		1,000.00		1,435.10		3.74		1,000.00		1,021.31		3.11		0.63
Class A		1,000.00		1,433.00		5.52		1,000.00		1,019.85		4.58		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 178/365 (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.

ANNUAL REPORT | JUNE 30, 2021 21

Financial Highlights

			Investment Operations								Less Distributions(c)
Selected Per Share Data for the Year Ended^:	Net Asset Value Beginning of Year(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
06/30/2021	$	7.83	$	0.27	$	4.09		$	4.36		$	(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	)
I-2
06/30/2021		7.80		0.30		4.03			4.33			(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	)
Class A
06/30/2021		7.75		0.23		4.03			4.26			(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	)
PIMCO RAE Global Fund
Institutional Class
06/30/2021	$	8.48	$	0.23	$	3.71		$	3.94		$	(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	)
I-2
06/30/2021		8.45		0.19		3.72			3.91			(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	)
Class A
06/30/2021		8.37		0.18		3.67			3.85			(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	)
PIMCO RAE Global ex-US Fund
Institutional Class
06/30/2021	$	8.20	$	0.21	$	3.45		$	3.66		$	(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	)
I-2
06/30/2021		8.18		0.02		3.63			3.65			(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	)
Class A
06/30/2021		8.10		0.18		3.39			3.57			(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	)

22 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(d)
Net Asset Value End of Year(a)		Total  Return(a)			Net Assets End of Year (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
$	12.02		56.09	%	$	1,716,375		0.79	%(e)		0.85	%(e)		0.78	%(e)		0.84	%(e)		2.66	%		79	%
	7.83		(18.91	)		1,184,716		0.76			0.97			0.75			0.96			2.70			56
	9.92		2.40			2,632,982		0.75			0.96			0.75			0.96			2.94			25
	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
	11.97		55.95			59,609		0.89	(f)		0.95	(f)		0.88	(f)		0.94	(f)		2.71			79
	7.80		(19.13	)		3,070		0.86			1.07			0.85			1.06			3.58			56
	9.86		2.42			16,263		0.85			1.06			0.85			1.06			2.93			25
	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
	11.86		55.42			15,798		1.14	(f)		1.20	(f)		1.13	(f)		1.19	(f)		2.24			79
	7.75		(19.27	)		7,628		1.11			1.32			1.10			1.31			2.61			56
	9.84		2.21			16,198		1.10			1.31			1.10			1.31			2.52			25
	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
$	12.16		47.04	%	$	291,092		0.02	%(g)(h)		0.58	%(g)(h)		0.02	%(g)(h)		0.58	%(g)(h)		2.21	%		8	%
	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
	12.10		46.78			241		0.12	(g)(i)		0.68	(g)(i)		0.12	(g)(i)		0.68	(g)(i)		1.80			8
	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
	11.97		46.46			1,346		0.37	(g)(i)		0.93	(g)(i)		0.37	(g)(i)		0.93	(g)(i)		1.71			8
	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
$	11.65		44.96	%	$	80,502		0.02	%(j)		0.63	%(j)		0.02	%(j)		0.63	%(j)		2.08	%		18	%
	8.20		(14.73	)		53,191		0.02			0.78			0.01			0.77			4.03			34
	10.23		(1.50	)		75,630		0.00			0.76			0.00			0.76			3.13			17
	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
	11.67		44.90			154		0.12	(k)		0.73	(k)		0.12	(k)		0.73	(k)		0.18			18
	8.18		(14.74	)		67		0.12			0.88			0.11			0.87			3.14			34
	10.20		(1.60	)		428		0.10			0.86			0.10			0.86			2.50			17
	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
	11.48		44.43			11,523		0.37	(k)		0.98	(k)		0.37	(k)		0.98	(k)		1.88			18
	8.10		(15.01	)		11,252		0.37			1.13			0.36			1.12			4.66			34
	10.14		(1.90	)		2,035		0.35			1.11			0.35			1.11			2.32			17
	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

ANNUAL REPORT | JUNE 30, 2021 23

Financial Highlights (Cont.)

			Investment Operations								Less Distributions(c)
Selected Per Share Data for the Year Ended^:	Net Asset Value Beginning of Year(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 International Fund
Institutional Class
06/30/2021	$	8.11	$	0.27	$	3.08		$	3.35		$	(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	)
I-2
06/30/2021		8.07		0.40		2.92			3.32			(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	)
Class A
06/30/2021		8.01		0.30		2.96			3.26			(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	)
PIMCO RAE US Fund
Institutional Class
06/30/2021	$	9.72	$	0.25	$	4.44		$	4.69		$	(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	)
I-2
06/30/2021		9.67		0.23		4.41			4.64			(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	)
Class A
06/30/2021		9.55		0.19		4.37			4.56			(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	)
PIMCO RAE US Small Fund
Institutional Class
06/30/2021	$	8.80	$	0.09	$	8.05		$	8.14		$	(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	)
I-2
06/30/2021		8.76		0.02		8.06			8.08			(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	)

24 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(d)
Net Asset Value End of Year(a)		Total  Return(a)			Net Assets End of Year (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
$	11.23		41.64	%	$	1,025,896		0.51	%(l)		0.55	%(l)		0.51	%(l)		0.55	%(l)		2.79	%		87	%
	8.11		(13.27	)		756,178		0.51			0.62			0.50			0.61			2.65			93
	9.74		(2.72	)		547,007		0.50			0.61			0.50			0.61			3.41			41
	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
	11.17		41.51			25,494		0.61	(m)		0.65	(m)		0.61	(m)		0.65	(m)		3.66			87
	8.07		(13.40	)		841		0.61			0.72			0.60			0.71			2.39			93
	9.71		(2.73	)		832		0.60			0.71			0.60			0.71			3.02			41
	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
	11.06		41.10			25,298		0.86	(m)		0.90	(m)		0.86	(m)		0.90	(m)		2.87			87
	8.01		(13.57	)		3,258		0.86			0.97			0.85			0.96			2.05			93
	9.64		(3.03	)		5,072		0.85			0.96			0.85			0.96			3.06			41
	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
$	14.03		48.99	%	$	915,231		0.40	%(n)		0.44	%(n)		0.40	%(n)		0.44	%(n)		2.06	%		54	%
	9.72		(8.03	)		578,588		0.41			0.52			0.40			0.51			2.60			34
	11.09		4.66			745,741		0.40			0.51			0.40			0.51			2.39			32
	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
	13.94		48.77			39,056		0.50	(o)		0.54	(o)		0.50	(o)		0.54	(o)		1.92			54
	9.67		(8.08	)		16,970		0.51			0.62			0.50			0.61			2.51			34
	11.04		4.58			14,257		0.50			0.61			0.50			0.61			2.25			32
	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
	13.75		48.44			12,212		0.80	(p)		0.84	(p)		0.80	(p)		0.84	(p)		1.65			54
	9.55		(8.41	)		7,432		0.81			0.92			0.80			0.91			2.21			34
	10.93		4.24			8,197		0.80			0.91			0.80			0.91			2.03			32
	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
$	15.90		97.65	%	$	331,165		0.53	%(n)		0.56	%(n)		0.51	%(n)		0.54	%(n)		0.79	%		118	%
	8.80		(16.64	)		288,592		0.53			0.63			0.52			0.62			1.50			202
	10.72		(6.74	)		119,223		0.51			0.62			0.51			0.62			1.52			64
	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
	15.80		97.30			6,427		0.63	(o)		0.66	(o)		0.61	(o)		0.64	(o)		0.17			118
	8.76		(16.67	)		883		0.63			0.73			0.62			0.72			1.53			202
	10.67		(6.85	)		2,565		0.61			0.72			0.61			0.72			1.34			64
	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

ANNUAL REPORT | JUNE 30, 2021 25

Financial Highlights (Cont.)

			Investment Operations									Less Distributions(c)
Selected Per Share Data for the Year Ended^:	Net Asset Value Beginning of Year(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.)
Class A
06/30/2021	$	8.68	$	(0.04	)	$	8.01		$	7.97		$	(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	)

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

^(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.

^(c) The tax characterization of distributions is determined in accordance with Federal income tax regulations. 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(a)		Total  Return(a)			Net Assets End of Year (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
$	15.62		96.82	%	$	46,113		0.93	%(p)		0.96	%(p)		0.91	%(p)		0.94	%(p)		(0.27	)%		118	%
	8.68		(16.99	)		3,900		0.93			1.03			0.92			1.02			1.22			202
	10.60		(7.05	)		4,023		0.91			1.02			0.91			1.02			1.07			64
	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

ANNUAL REPORT | JUNE 30, 2021 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*^	$	1,787,310	$	0	$	0	$	1,092,289	$	963,376	$	381,622
Investments in Affiliates		66,503		292,229		91,766		68,669		4,257		11,264
Cash		9,360		467		350		1,708		3,242		2,667
Foreign currency, at value		7,190		0		0		1,466		0		0
Receivable for investments sold		0		0		0		1,346		0		1,009
Receivable for Fund shares sold		323		0		73		531		651		1,234
Interest and/or dividends receivable		8,897		0		0		4,631		766		280
Reimbursement receivable from PIMCO		0		122		43		0		0		0
Other assets		0		0		0		15		0		0
Total Assets		1,879,583		292,818		92,232		1,170,655		972,292		398,076
Liabilities:
Payable for investments purchased	$	1,287	$	0	$	0	$	0	$	0	$	2,079
Payable upon return of securities loaned		67,899		0		0		70,377		4,272		11,247
Deposits from counterparty		0		0		0		22,975		0		0
Payable for Fund shares redeemed		193		13		6		132		1,192		833
Accrued investment advisory fees		762		88		32		282		198		125
Accrued supervisory and administrative fees		387		38		13		192		124		59
Accrued servicing fees		3		0		2		5		3		9
Accrued taxes payable		17,259		0		0		0		0		0
Accrued reimbursement to PIMCO		8		0		0		4		4		2
Other liabilities		3		0		0		0		0		17
Total Liabilities		87,801		139		53		93,967		5,793		14,371
Net Assets	$	1,791,782	$	292,679	$	92,179	$	1,076,688	$	966,499	$	383,705
Net Assets Consist of:
Paid in capital	$	1,650,886	$	206,316	$	79,394	$	769,693	$	600,844	$	138,407
Distributable earnings (accumulated loss)		140,896		86,363		12,785		306,995		365,655		245,298
Net Assets	$	1,791,782	$	292,679	$	92,179	$	1,076,688	$	966,499	$	383,705
Cost of investments in securities	$	1,168,439	$	0	$	0	$	760,118	$	646,267	$	178,858
Cost of investments in Affiliates	$	66,503	$	203,551	$	75,517	$	68,669	$	4,257	$	11,264
Cost of foreign currency held	$	7,209	$	0	$	0	$	1,470	$	0	$	0
* Includes repurchase agreements of:	$	0	$	0	$	0	$	26,881	$	0	$	0
^ Includes securities on loan of:	$	62,893	$	0	$	0	$	64,481	$	4,187	$	11,025

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

28 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

	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	$	1,716,375	$	291,092	$	80,502	$	1,025,896	$	915,231	$	331,165
I-2		59,609		241		154		25,494		39,056		6,427
Class A		15,798		1,346		11,523		25,298		12,212		46,113
Shares Issued and Outstanding:
Institutional Class		142,807		23,946		6,912		91,343		65,242		20,825
I-2		4,980		20		13		2,283		2,801		407
Class A		1,331		112		1,004		2,286		888		2,952
Net Asset Value Per Share Outstanding(a):
Institutional Class	$	12.02	$	12.16	$	11.65	$	11.23	$	14.03	$	15.90
I-2		11.97		12.10		11.67		11.17		13.94		15.80
Class A		11.86		11.97		11.48		11.06		13.75		15.62

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

ANNUAL REPORT | JUNE 30, 2021 29

Statements of Operations

Year Ended June 30, 2021
(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*	$	50,958		$	0		$	0		$	33,664		$	19,808		$	5,710
Dividends from Investments in Affiliates		0			6,779			1,680			0			0			0
Securities lending income		1,946			0			0			1,761			268			276
Total Income		52,904			6,779			1,680			35,425			20,076			5,986
Expenses:
Investment advisory fees		7,717			1,112			318			3,209			2,033			1,622
Supervisory and administrative fees		4,676			602			177			2,470			1,490			844
Servicing fees - Class A		32			3			31			23			22			34
Trustee fees		115			23			6			75			57			32
Interest expense		103			4			1			10			15			80
Miscellaneous expense		106			15			4			54			40			23
Total Expenses		12,749			1,759			537			5,841			3,657			2,635
Waiver and/or Reimbursement by PIMCO		(889	)		(1,700	)		(489	)		(389	)		(288	)		(158	)
Net Expenses		11,860			59			48			5,452			3,369			2,477
Net Investment Income (Loss)		41,044			6,720			1,632			29,973			16,707			3,509
Net Realized Gain (Loss):
Investments in securities		114,812			0			0			132,466			84,181			193,954
Investments in Affiliates		0			17,112			197			0			0			0
Net capital gain distributions received from Affiliate investments		0			1,144			0			0			0			0
Over the counter financial derivative instruments		(17	)		0			0			120			0			0
Foreign currency		(4,166	)		0			0			72			0			0
Net Realized Gain (Loss)		110,629			18,256			197			132,658			84,181			193,954
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		555,086			0			0			215,754			216,736			129,472
Investments in Affiliates		0			92,664			26,859			0			0			0
Exchange-traded or centrally cleared financial derivative instruments		0			0			0			0			0			0
Foreign currency assets and liabilities		285			0			0			7			0			0
Net Change in Unrealized Appreciation (Depreciation)		555,371			92,664			26,859			215,761			216,736			129,472
Net Increase (Decrease) in Net Assets Resulting from Operations	$	707,044		$	117,640		$	28,688		$	378,392		$	317,624		$	326,935
* Foreign tax withholdings - Dividends	$	8,549		$	0		$	0		$	3,237		$	0		$	3

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

30 PIMCO EQUITY SERIES See Accompanying Notes

(THIS PAGE INTENTIONALLY LEFT BLANK)

ANNUAL REPORT | JUNE 30, 2021 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†)	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	41,044		$	69,889		$	6,720		$	10,707		$	1,632		$	3,082
Net realized gain (loss)		110,629			(540,887	)		18,256			(6,820	)		197			(3,004	)
Net change in unrealized appreciation (depreciation)		555,371			(216,265	)		92,664			(37,695	)		26,859			(11,704	)
Net Increase (Decrease) in Net Assets Resulting from Operations		707,044			(687,263	)		117,640			(33,808	)		28,688			(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*		(83,176	)		(697,563	)		(94,468	)		38,778			581			3,343
Total Increase (Decrease) in Net Assets		596,368			(1,470,029	)		15,422			(17,030	)		27,669			(13,583	)
Net Assets:
Beginning of year		1,195,414			2,665,443			277,257			294,287			64,510			78,093
End of year	$	1,791,782		$	1,195,414		$	292,679		$	277,257		$	92,179		$	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. 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
Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
$	29,973		$	15,651		$	16,707		$	18,762		$	3,509		$	3,123
	132,658			(115,431	)		84,181			(923	)		193,954			(22,416	)
	215,761			83,132			216,736			(74,120	)		129,472			56,991
	378,392			(16,648	)		317,624			(56,281	)		326,935			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	)
	(37,481	)		245,513			71,065			(70,323	)		(188,303	)		132,566
	316,411			207,366			363,509			(165,205	)		90,330			167,564
	760,277			552,911			602,990			768,195			293,375			125,811
$	1,076,688		$	760,277		$	966,499		$	602,990		$	383,705		$	293,375

ANNUAL REPORT | JUNE 30, 2021 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 99.8%
COMMON STOCKS 92.5%
BRAZIL 6.3%
COMMUNICATION SERVICES 0.4%
Telefonica Brasil S.A.		782,200	$		6,605
TIM S.A.		229,600			532
					7,137
CONSUMER DISCRETIONARY 0.2%
Petrobras Distribuidora S.A.		785,300			4,212
CONSUMER STAPLES 0.3%
Ambev S.A.		357,400			1,227
BRF S.A. (a)		232,500			1,278
JBS S.A.		368,400			2,155
					4,660
ENERGY 0.5%
Ultrapar Participacoes S.A.		2,582,000			9,547
FINANCIALS 2.6%
Banco do Brasil S.A.		5,522,400			35,674
Banco Santander Brasil S.A.		553,000			4,503
IRB Brasil Resseguros S/A		2,303,500			2,672
Porto Seguro S.A.		252,000			2,709
					45,558
HEALTH CARE 0.1%
Hypera S.A.		180,800			1,253
INDUSTRIALS 0.3%
CCR S.A.		135,600			366
Embraer S.A. (a)		1,519,500			5,765
					6,131
INFORMATION TECHNOLOGY 0.6%
Cielo S.A.		15,338,100			11,225
MATERIALS 1.2%
Cia Siderurgica Nacional S.A.		484,049			4,281
Vale S.A.		773,739			17,618
					21,899
UTILITIES 0.1%
Centrais Eletricas Brasileiras S.A.		42,200			366
Cia de Saneamento Basico do Estado de Sao Paulo		118,700			873
Cia de Saneamento de Minas Gerais-COPASA		66,300			207
EDP - Energias do Brasil S.A.		110,300			392
					1,838
Total Brazil					113,460
CHILE 0.5%
CONSUMER DISCRETIONARY 0.0%
Falabella S.A.		88,997			396

	SHARES			MARKET VALUE (000S)
CONSUMER STAPLES 0.2%
Cencosud S.A.		1,211,738	$		2,411
Cia Cervecerias Unidas S.A.		28,720			289
					2,700
FINANCIALS 0.1%
Banco de Chile		4,349,696			430
Banco Santander Chile		9,424,420			466
Itau CorpBanca Chile S.A. (a)		58,294,543			161
					1,057
MATERIALS 0.1%
CAP S.A.		144,469			2,479
UTILITIES 0.1%
AES Gener S.A.		6,727,505			914
Aguas Andinas S.A. ‘A’		873,783			180
Colbun S.A.		2,505,334			350
Engie Energia Chile S.A.		543,813			408
					1,852
Total Chile					8,484
CHINA 12.4%
CONSUMER DISCRETIONARY 0.7%
BAIC Motor Corp. Ltd. ‘H’		5,181,000			1,928
China Yongda Automobiles Services Holdings Ltd.		962,000			1,722
GOME Retail Holdings Ltd. (a)(c)		15,647,000			2,007
Great Wall Motor Co. Ltd. ‘H’		2,004,500			6,459
Hisense Home Appliances Group Co. Ltd.		168,000			232
					12,348
CONSUMER STAPLES 0.1%
Tingyi Cayman Islands Holding Corp.		506,000			1,010
Want Want China Holdings Ltd.		201,000			142
					1,152
ENERGY 1.4%
China Petroleum & Chemical Corp. ‘H’		38,908,400			19,776
China Shenhua Energy Co. Ltd. ‘H’		2,201,500			4,312
PetroChina Co. Ltd. ‘H’		3,522,000			1,725
					25,813
FINANCIALS 5.7%
Bank of China Ltd. ‘H’		60,633,000			21,771
Bank of Communications Co. Ltd. ‘H’		9,696,000			6,513
China Cinda Asset Management Co. Ltd. ‘H’		15,650,000			2,982
China Construction Bank Corp. ‘H’		60,884,000			47,776
China Everbright Bank Co. Ltd. ‘H’		2,209,000			902
China Huarong Asset Management Co. Ltd. ‘H’ «		19,152,000			1,258
Industrial & Commercial Bank of China Ltd. ‘H’		35,356,000			20,719
PICC Property & Casualty Co. Ltd. ‘H’		1,530,000			1,338
					103,259

	SHARES			MARKET VALUE (000S)
HEALTH CARE 0.2%
China Resources Pharmaceutical Group Ltd.		3,189,500	$		1,986
Sinopharm Group Co. Ltd. ‘H’		344,000			1,021
					3,007
INDUSTRIALS 0.7%
Beijing Capital International Airport Co. Ltd. ‘H’		292,000			194
China Communications Services Corp. Ltd. ‘H’		2,410,000			1,203
CITIC Ltd.		5,873,000			6,324
Guangshen Railway Co. Ltd. ‘H’		2,324,000			452
Metallurgical Corp. of China Ltd.		1,761,000			410
Sinopec Engineering Group Co. Ltd. ‘H’		1,686,500			1,092
Sinotruk Hong Kong Ltd.		475,500			1,019
Weichai Power Co. Ltd. ‘H’		298,000			662
Yangzijiang Shipbuilding Holdings Ltd.		315,600			331
Zhejiang Expressway Co. Ltd. ‘H’		792,000			705
					12,392
INFORMATION TECHNOLOGY 2.2%
AAC Technologies Holdings, Inc.		463,500			3,468
BYD Electronic International Co. Ltd. (c)		629,500			4,138
FIH Mobile Ltd. (a)(c)		7,330,000			1,208
Lenovo Group Ltd.		26,858,000			30,844
					39,658
MATERIALS 0.8%
Angang Steel Co. Ltd. ‘H’		8,110,000			5,134
China BlueChemical Ltd. ‘H’		818,000			239
China Hongqiao Group Ltd.		1,903,500			2,577
China National Building Material Co. Ltd. ‘H’		4,857,400			5,704
China Oriental Group Co. Ltd.		770,000			249
					13,903
REAL ESTATE 0.5%
China Evergrande Group (c)		1,492,000			1,941
Greentown China Holdings Ltd.		463,500			715
Guangzhou R&F Properties Co. Ltd. ‘H’		1,723,400			1,968
KWG Living Group Holdings Ltd. (a)		384,250			492
KWG Property Holding Ltd.		1,306,500			1,747
Powerlong Real Estate Holdings Ltd.		1,548,000			1,327
Shui On Land Ltd.		4,747,500			770
Sino-Ocean Group Holding Ltd.		3,994,500			875
					9,835
UTILITIES 0.1%
China Longyuan Power Group Corp. Ltd. ‘H’		871,000			1,500
Total China					222,867

34 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

	SHARES			MARKET VALUE (000S)
GREECE 0.8%
COMMUNICATION SERVICES 0.1%
Hellenic Telecommunications Organization S.A.		97,293	$		1,634
CONSUMER DISCRETIONARY 0.1%
OPAP S.A.		62,440			942
ENERGY 0.0%
Motor Oil Hellas Corinth Refineries S.A.		28,306			480
FINANCIALS 0.3%
Alpha Services and Holdings S.A. (a)(c)		2,361,240			3,022
National Bank of Greece S.A. (a)		794,014			2,263
Piraeus Financial Holdings S.A. (a)(c)		71,379			126
					5,411
UTILITIES 0.3%
Public Power Corp. S.A. (a)(c)		494,648			5,266
Total Greece					13,733
HONG KONG 0.9%
FINANCIALS 0.1%
China Everbright Ltd.		840,000			987
Far East Horizon Ltd.		189,000			198
					1,185
INDUSTRIALS 0.2%
China Merchants Port Holdings Co. Ltd.		248,000			362
COSCO SHIPPING Ports Ltd.		980,000			765
Orient Overseas International Ltd.		79,000			1,710
Shanghai Industrial Holdings Ltd.		952,000			1,404
					4,241
MATERIALS 0.1%
China Resources Cement Holdings Ltd.		702,000			667
REAL ESTATE 0.2%
China Overseas Land & Investment Ltd.		926,000			2,100
Poly Property Group Co. Ltd.		2,980,000			776
Shenzhen Investment Ltd.		3,208,000			988
					3,864
UTILITIES 0.3%
Beijing Enterprises Holdings Ltd.		127,000			451
China Resources Power Holdings Co. Ltd.		3,852,000			5,262
Kunlun Energy Co. Ltd.		126,000			116
					5,829
Total Hong Kong					15,786
INDIA 18.6%
COMMUNICATION SERVICES 0.1%
Indus Towers Ltd.		115,477			371

	SHARES			MARKET VALUE (000S)
Vodafone Idea Ltd. (a)		13,328,486	$		1,787
					2,158
CONSUMER DISCRETIONARY 5.5%
Bosch Ltd.		5,540			1,121
Hero MotoCorp Ltd.		159,509			6,234
Mahindra & Mahindra Ltd.		96,390			1,011
Motherson Sumi Systems Ltd. (a)		862,184			2,813
Tata Motors Ltd. (a)		18,923,085			86,791
					97,970
ENERGY 2.4%
Bharat Petroleum Corp. Ltd.		1,092,393			6,893
Coal India Ltd.		2,563,720			5,063
Hindustan Petroleum Corp. Ltd.		813,099			3,211
Indian Oil Corp. Ltd.		7,501,217			10,906
Mangalore Refinery & Petrochemicals Ltd. (a)		288,760			200
Oil & Natural Gas Corp. Ltd.		9,077,607			14,406
Oil India Ltd.		1,006,912			2,133
Petronet LNG Ltd.		292,946			891
					43,703
FINANCIALS 2.5%
Axis Bank Ltd.		35,720			361
Bank of India (a)		503,099			528
Canara Bank (a)		594,471			1,217
General Insurance Corp. of India (a)		39,714			112
IDFC Ltd. (a)		6,143,059			4,461
Indiabulls Housing Finance Ltd. ‘L’		5,208,697			18,336
Power Finance Corp. Ltd.		2,274,909			3,948
REC Ltd.		1,964,423			3,932
Shriram Transport Finance Co. Ltd.		106,494			1,929
State Bank of India		1,615,866			9,135
Yes Bank Ltd. «(a)		3,406,176			497
					44,456
HEALTH CARE 0.3%
Dr Reddy’s Laboratories Ltd.		55,331			4,046
Sun Pharmaceutical Industries Ltd.		238,536			2,169
					6,215
INDUSTRIALS 0.4%
Bharat Electronics Ltd.		617,491			1,482
Bharat Heavy Electricals Ltd.		6,691,536			5,915
					7,397
INFORMATION TECHNOLOGY 0.3%
HCL Technologies Ltd.		14,243			189
Infosys Ltd.		104,317			2,207
Oracle Financial Services Software Ltd.		9,560			470
Redington India Ltd. (a)		244,352			880
Wipro Ltd.		186,292			1,367
					5,113
MATERIALS 6.8%
Dalmia Bharat Ltd. (a)		8,529			217

	SHARES			MARKET VALUE (000S)
Grasim Industries Ltd.		9,862	$		199
Gujarat State Fertilizers & Chemicals Ltd. (a)		233,391			364
Hindalco Industries Ltd.		2,176,927			10,928
Hindustan Zinc Ltd.		262,558			1,200
Jindal Steel & Power Ltd. (a)		2,508,243			13,448
JSW Steel Ltd.		987,615			9,109
National Aluminium Co. Ltd.		10,048,105			10,621
NMDC Ltd.		1,996,298			4,959
Rain Industries Ltd.		208,766			548
Steel Authority of India Ltd.		4,664,563			8,218
Tata Steel BSL Ltd. (a)		148,820			180
Tata Steel Ltd.		1,854,446			29,178
Vedanta Ltd.		8,968,475			31,787
					120,956
UTILITIES 0.3%
GAIL India Ltd.		95,457			192
JSW Energy Ltd. (a)		268,868			608
NHPC Ltd.		784,142			277
PTC India Ltd. (a)		159,420			222
Tata Power Co. Ltd.		2,376,668			3,913
					5,212
Total India					333,180
INDONESIA 0.5%
COMMUNICATION SERVICES 0.1%
Telkom Indonesia Persero Tbk PT		8,983,100			1,953
CONSUMER STAPLES 0.0%
Hanjaya Mandala Sampoerna Tbk PT		3,176,900			267
ENERGY 0.2%
Adaro Energy Tbk PT		15,848,000			1,319
Indo Tambangraya Megah Tbk PT		2,462,500			2,415
					3,734
HEALTH CARE 0.1%
Kalbe Farma Tbk PT		4,037,900			390
MATERIALS 0.0%
Indocement Tunggal Prakarsa Tbk PT		509,600			362
UTILITIES 0.1%
Perusahaan Gas Negara Tbk PT		29,262,200			2,032
Total Indonesia					8,738
MALAYSIA 0.8%
COMMUNICATION SERVICES 0.2%
Telekom Malaysia Bhd.		1,964,000			2,873
CONSUMER DISCRETIONARY 0.1%
Genting Bhd.		1,362,100			1,617
FINANCIALS 0.3%
AMMB Holdings Bhd.		371,100			264

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2021 35

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

	SHARES			MARKET VALUE (000S)
CIMB Group Holdings Bhd.		1,002,100	$		1,114
Hong Leong Financial Group Bhd.		108,200			464
Malayan Banking Bhd.		970,100			1,895
Public Bank Bhd.		752,600			745
RHB Bank Bhd.		823,900			1,072
					5,554
INDUSTRIALS 0.2%
AirAsia Group Bhd. (a)		16,881,100			3,623
IJM Corp. Bhd.		548,000			237
					3,860
REAL ESTATE 0.0%
Mah Sing Group Bhd.		881,500			179
UTILITIES 0.0%
YTL Corp. Bhd.		695,433			110
YTL Power International Bhd.		1,271,996			213
					323
Total Malaysia					14,406
MEXICO 6.1%
COMMUNICATION SERVICES 1.7%
America Movil S.A.B. de C.V.		31,810,580			23,937
Grupo Televisa S.A.B.		2,110,410			6,037
					29,974
CONSUMER DISCRETIONARY 0.0%
Controladora Nemak S.A.B. de C.V. (a)		2,358,100			385
CONSUMER STAPLES 0.4%
Coca-Cola Femsa S.A.B. de C.V. SP - ADR		17,572			930
Gruma S.A.B. de C.V. ‘B’		154,660			1,729
Grupo Bimbo S.A.B. de C.V. ‘A’		978,200			2,154
Industrias Bachoco S.A.B. de C.V.		74,100			280
Kimberly-Clark de Mexico S.A.B. de C.V. ‘A’		368,400			653
Wal-Mart de Mexico S.A.B. de C.V.		498,400			1,627
					7,373
FINANCIALS 0.1%
Grupo Financiero Inbursa S.A.B. de C.V. ‘O’ (a)		1,579,898			1,563
INDUSTRIALS 0.2%
Alfa S.A.B. de C.V. ‘A’		4,353,400			3,267
MATERIALS 3.7%
Alpek S.A.B. de C.V.		176,300			217
Cemex S.A.B. de C.V.		52,356,930			44,178
Cemex S.A.B. de C.V. SP - ADR		939,667			7,893
Grupo Mexico S.A.B. de C.V. ‘B’		2,103,600			9,894
Industrias Penoles S.A.B. de C.V. (a)		86,035			1,188

	SHARES			MARKET VALUE (000S)
Orbia Advance Corp. S.A.B. de C.V.		1,010,300	$		2,642
					66,012
Total Mexico					108,574
PHILIPPINES 0.4%
COMMUNICATION SERVICES 0.3%
Globe Telecom, Inc.		17,740			669
PLDT, Inc.		138,800			3,669
					4,338
INDUSTRIALS 0.1%
Alliance Global Group, Inc.		4,620,200			960
DMCI Holdings, Inc.		3,187,700			411
International Container Terminal Services, Inc.		87,650			294
					1,665
UTILITIES 0.0%
First Gen Corp.		663,500			408
Manila Electric Co.		18,450			104
					512
Total Philippines					6,515
POLAND 1.2%
COMMUNICATION SERVICES 0.1%
Orange Polska S.A. (a)		527,723			929
ENERGY 0.2%
Polski Koncern Naftowy ORLEN S.A.		43,159			870
Polskie Gornictwo Naftowe i Gazownictwo S.A.		1,134,181			1,985
					2,855
FINANCIALS 0.3%
Bank Polska Kasa Opieki S.A. (a)		220,936			5,391
Powszechny Zaklad Ubezpieczen S.A. (a)		48,690			469
					5,860
INFORMATION TECHNOLOGY 0.0%
Asseco Poland S.A.		21,329			432
MATERIALS 0.3%
Jastrzebska Spolka Weglowa S.A. (a)(c)		381,427			3,523
KGHM Polska Miedz S.A.		34,810			1,713
					5,236
UTILITIES 0.3%
Enea S.A. (a)		173,040			386
PGE Polska Grupa Energetyczna S.A. (a)		1,236,271			3,051
Tauron Polska Energia S.A. (a)		2,733,899			2,394
					5,831
Total Poland					21,143

	SHARES			MARKET VALUE (000S)
RUSSIA 7.0%
COMMUNICATION SERVICES 0.6%
Mobile TeleSystems PJSC (c)		1,254,370	$		5,865
Rostelecom PJSC (c)		926,790			1,294
Sistema PJSC FC		6,384,460			2,768
					9,927
CONSUMER STAPLES 0.5%
Magnit PJSC (c)		110,855			8,057
ENERGY 0.8%
LUKOIL PJSC		87,430			8,089
Lukoil PJSC SP - ADR		70,017			6,498
					14,587
FINANCIALS 1.6%
Sberbank of Russia PJSC		5,770,530			24,112
VTB Bank PJSC		8,045,160,000			5,327
					29,439
INDUSTRIALS 0.0%
Globaltrans Investment PLC GDR		54,260			389
MATERIALS 3.0%
Alrosa PJSC		6,541,860			12,027
Magnitogorsk Iron & Steel Works PJSC		8,968,670			7,437
MMC Norilsk Nickel PJSC		16,685			5,655
Novolipetsk Steel PJSC		4,059,550			12,765
Severstal PAO		761,143			16,342
					54,226
REAL ESTATE 0.0%
LSR Group PJSC		69,031			732
UTILITIES 0.5%
Federal Grid Co. Unified Energy System PJSC (c)		615,410,000			1,848
Inter RAO UES PJSC		9,048,600			580
Rosseti PJSC		117,787,012			2,183
RusHydro PJSC		247,150,000			2,940
Unipro PJSC (c)		23,939,000			903
					8,454
Total Russia					125,811
SAUDI ARABIA 0.1%
COMMUNICATION SERVICES 0.0%
Etihad Etisalat Co.		23,010			203
MATERIALS 0.1%
National Petrochemical Co.		43,238			508
Saudi Industrial Investment Group		53,195			497
					1,005
Total Saudi Arabia					1,208

36 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

	SHARES			MARKET VALUE (000S)
SOUTH AFRICA 4.3%
COMMUNICATION SERVICES 1.0%
MTN Group Ltd.		1,831,465	$		13,232
Telkom S.A. SOC Ltd.		1,128,788			3,665
Vodacom Group Ltd.		72,552			654
					17,551
CONSUMER DISCRETIONARY 0.5%
Motus Holdings Ltd.		302,681			1,978
Pepkor Holdings Ltd. (a)		175,967			248
Truworths International Ltd.		892,928			3,607
Woolworths Holdings Ltd.		773,192			2,923
					8,756
CONSUMER STAPLES 0.3%
Shoprite Holdings Ltd.		268,221			2,919
Tiger Brands Ltd.		203,997			2,986
					5,905
ENERGY 0.0%
Exxaro Resources Ltd.		33,963			401
FINANCIALS 1.1%
Absa Group Ltd.		371,845			3,532
FirstRand Ltd.		598,632			2,246
Liberty Holdings Ltd.		183,615			794
Momentum Metropolitan Holdings		2,401,365			3,279
Nedbank Group Ltd.		339,540			4,062
Sanlam Ltd.		79,485			342
Standard Bank Group Ltd.		630,137			5,628
					19,883
HEALTH CARE 0.2%
Netcare Ltd. (a)		3,568,933			3,559
INDUSTRIALS 0.2%
Barloworld Ltd.		377,615			2,817
MATERIALS 1.0%
AngloGold Ashanti Ltd.		30,250			561
Gold Fields Ltd.		250,591			2,235
Kumba Iron Ore Ltd.		57,657			2,577
Sappi Ltd.		779,446			2,253
Sasol Ltd. (a)		677,619			10,323
					17,949
Total South Africa					76,821
SOUTH KOREA 14.4%
COMMUNICATION SERVICES 0.6%
KT Corp.		174,388			4,922
KT Corp. SP - ADR		475,202			6,629
					11,551
CONSUMER DISCRETIONARY 5.0%
Hankook Tire & Technology Co. Ltd.		67,484			3,097
Hyundai Mobis Co. Ltd.		5,937			1,540
Hyundai Motor Co.		88,311			18,791
Hyundai Wia Corp. (c)		14,132			1,273

	SHARES			MARKET VALUE (000S)
Kia Corp.		416,210	$		33,169
LG Electronics, Inc.		176,983			25,624
LOTTE Himart Co. Ltd.		80,212			2,552
Lotte Shopping Co. Ltd. (c)		28,197			2,890
					88,936
CONSUMER STAPLES 0.3%
Amorepacific Corp.		8,933			508
E-MART, Inc.		22,304			3,166
KT&G Corp.		15,323			1,148
					4,822
ENERGY 0.1%
GS Holdings Corp.		47,876			1,969
FINANCIALS 1.1%
BNK Financial Group, Inc.		165,106			1,135
DB Insurance Co. Ltd.		44,080			2,147
Hanwha Life Insurance Co. Ltd.		1,413,339			4,727
Hyundai Marine & Fire Insurance Co. Ltd.		98,476			2,230
KB Financial Group, Inc.		70,240			3,486
Samsung Card Co. Ltd.		39,258			1,196
Samsung Fire & Marine Insurance Co. Ltd.		8,662			1,697
Samsung Life Insurance Co. Ltd.		55,513			3,939
					20,557
INDUSTRIALS 2.9%
CJ Corp.		21,733			2,063
Daelim Industrial Co. Ltd.		4,436			315
DL E&C Co. Ltd. (a)		3,773			475
Doosan Bobcat, Inc.		6,225			266
Doosan Heavy Industries & Construction Co. Ltd. (a)(c)		870,644			18,389
Doosan Infracore Co. Ltd. (a)(c)		427,094			5,480
Hanwha Corp.		223,035			6,280
Hyundai Engineering & Construction Co. Ltd.		144,676			7,489
Hyundai Glovis Co. Ltd.		984			183
KCC Corp.		2,074			634
LG International Corp.		213,234			5,907
LS Corp.		38,859			2,440
Samsung C&T Corp.		8,029			972
SK Networks Co. Ltd.		242,661			1,295
					52,188
INFORMATION TECHNOLOGY 1.8%
LG Display Co. Ltd. (c)		688,328			14,963
Samsung Electronics Co. Ltd.		246,095			17,617
					32,580
MATERIALS 1.9%
Dongkuk Steel Mill Co. Ltd. (c)		147,167			2,898
Hyundai Steel Co.		96,131			4,589
Kolon Industries, Inc.		34,933			2,504
Korea Petrochemical Ind Co. Ltd.		21,996			4,649
Lotte Chemical Corp.		9,355			2,180
POSCO		53,484			16,529
Taekwang Industrial Co. Ltd.		240			248
					33,597

	SHARES			MARKET VALUE (000S)
UTILITIES 0.7%
Korea Electric Power Corp.		566,763	$		12,509
Total South Korea					258,709
TAIWAN 13.5%
COMMUNICATION SERVICES 0.1%
Chunghwa Telecom Co. Ltd.		338,000			1,379
Far EasTone Telecommunications Co. Ltd.		264,000			612
					1,991
CONSUMER DISCRETIONARY 0.3%
Cheng Shin Rubber Industry Co. Ltd.		642,000			1,076
China Motor Corp. (a)		82,000			226
Formosa Taffeta Co. Ltd.		368,000			431
Pou Chen Corp.		2,414,000			3,403
					5,136
CONSUMER STAPLES 0.1%
Uni-President Enterprises Corp.		579,640			1,522
FINANCIALS 0.6%
Cathay Financial Holding Co. Ltd.		2,345,581			4,535
CTBC Financial Holding Co. Ltd.		2,020,000			1,645
Fubon Financial Holding Co. Ltd.		1,685,000			4,467
					10,647
INDUSTRIALS 0.4%
China Airlines Ltd.		3,820,000			2,613
Eva Airways Corp.		2,211,686			1,601
Walsin Lihwa Corp.		2,778,000			2,917
					7,131
INFORMATION TECHNOLOGY 12.0%
Acer, Inc.		7,198,000			7,565
Asustek Computer, Inc.		1,841,000			24,548
AU Optronics Corp.		44,631,000			36,091
Catcher Technology Co. Ltd.		38,000			248
Compal Electronics, Inc.		10,920,000			8,759
Delta Electronics, Inc.		300,000			3,259
Foxconn Technology Co. Ltd.		540,000			1,272
Hon Hai Precision Industry Co. Ltd.		5,098,316			20,470
Innolux Corp.		31,978,000			23,789
Inventec Corp.		7,400,000			6,971
Lite-On Technology Corp.		1,761,035			3,638
MediaTek, Inc.		186,000			6,414
Novatek Microelectronics Corp.		148,000			2,645
Pegatron Corp.		3,343,000			8,254
Powertech Technology, Inc.		615,000			2,371
Quanta Computer, Inc.		1,547,000			4,855
Supreme Electronics Co. Ltd.		436,000			630
Synnex Technology International Corp.		558,650			1,020
Taiwan Semiconductor Manufacturing Co. Ltd.		469,195			10,106
United Microelectronics Corp.		18,772,000			35,597

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2021 37

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

	SHARES			MARKET VALUE (000S)
Wistron Corp.		3,280,515	$		3,648
WPG Holdings Ltd.		1,424,320			2,613
					214,763
Total Taiwan					241,190
THAILAND 3.5%
COMMUNICATION SERVICES 0.0%
Advanced Info Service PCL		88,400			472
CONSUMER STAPLES 0.1%
Charoen Pokphand Foods PCL		905,200			749
Thai Union Group PCL ‘F’		1,466,500			906
					1,655
ENERGY 1.0%
Bangchak Corp. PCL		808,100			624
Banpu PCL (c)		8,031,300			3,915
Esso Thailand PCL (a)(c)		1,600,300			413
IRPC PCL		27,955,900			3,357
PTT Exploration & Production PCL		184,000			673
PTT PCL		2,117,300			2,598
Star Petroleum Refining PCL		21,143,400			6,413
Thai Oil PCL		121,000			206
					18,199
FINANCIALS 1.5%
Bangkok Bank PCL		607,700			2,146
Kasikornbank PCL		2,307,200			8,516
Krung Thai Bank PCL		8,442,875			2,823
Siam Commercial Bank PCL		3,126,800			9,578
Thanachart Capital PCL		2,723,204			2,935
TMBThanachart Bank PCL		15,387,000			539
					26,537
INDUSTRIALS 0.7%
Delta Electronics Thailand PCL		720,797			13,001
MATERIALS 0.2%
PTT Global Chemical PCL		912,800			1,683
Siam Cement PCL		132,200			1,783
Siam City Cement PCL		35,000			186
					3,652
Total Thailand					63,516
TURKEY 1.1%
COMMUNICATION SERVICES 0.1%
Turkcell Iletisim Hizmetleri A/S (c)		569,444			1,054
CONSUMER DISCRETIONARY 0.1%
Arcelik A/S (c)		252,508			863
Ford Otomotiv Sanayi A/S		10,230			200
Tofas Turk Otomobil Fabrikasi A/S		482,596			1,637
					2,700
ENERGY 0.1%
Turkiye Petrol Rafinerileri A/S		84,182			919

	SHARES			MARKET VALUE (000S)
FINANCIALS 0.7%
Akbank T.A.S.		3,720,954	$		2,257
Haci Omer Sabanci Holding A/S (c)		5,048,651			5,155
Is Yatirim Menkul Degerler A/S		457,822			745
Turkiye Garanti Bankasi A/S		3,191,506			3,047
Turkiye Is Bankasi ‘C’		2,940,293			1,723
Yapi ve Kredi Bankasi A/S		3,145,249			780
					13,707
MATERIALS 0.1%
Eregli Demir ve Celik Fabrikalari TAS		909,245			1,881
UTILITIES 0.0%
Aygaz A/S		263,398			403
Total Turkey					20,664
UNITED STATES 0.1%
CONSUMER DISCRETIONARY 0.1%
Nexteer Automotive Group Ltd.		1,918,000			2,665
Total United States					2,665
Total Common Stocks (Cost $1,073,945)					1,657,470
PREFERRED STOCKS 6.9%
BRAZIL 6.7%
BANKING & FINANCE 4.4%
Banco Bradesco S.A.		8,920,971			46,149
Banco do Estado do Rio Grande do Sul S.A.		1,358,000			3,621
Itau Unibanco Holding S.A.		4,721,289			28,287
					78,057
INDUSTRIALS 1.5%
Braskem S.A.		1,151,900			13,792
Gerdau S.A.		899,738			5,356
Metalurgica Gerdau S.A.		2,448,000			6,807
Usinas Siderurgicas de Minas Gerais S.A.		434,700			1,669
					27,624
UTILITIES 0.8%
Cia Energetica de Minas Gerais		3,209,246			7,827
Cia Energetica de Sao Paulo		326,700			1,572
Cia Paranaense de Energia		3,004,700			3,582
Petroleo Brasileiro S.A.		175,100			1,036
					14,017
Total Brazil					119,698
CHILE 0.1%
INDUSTRIALS 0.1%
Embotelladora Andina S.A.		199,085			461
Sociedad Quimica y Minera de Chile S.A.		20,686			975
					1,436
Total Chile					1,436

	SHARES			MARKET VALUE (000S)
RUSSIA 0.1%
UTILITIES 0.1%
Bashneft PJSC (c)		33,412	$		498
Transneft PJSC		671			1,587
					2,085
Total Russia					2,085
Total Preferred Stocks (Cost $87,737)					123,219
REAL ESTATE INVESTMENT TRUSTS 0.4%
SOUTH AFRICA 0.1%
REAL ESTATE 0.1%
Growthpoint Properties Ltd.		286,078			299
Redefine Properties Ltd. (a)		2,023,039			606
					905
Total South Africa					905
TURKEY 0.3%
REAL ESTATE 0.3%
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S (c)		26,500,157			5,691
Total Turkey					5,691
Total Real Estate Investment Trusts (Cost $6,757)					6,596
RIGHTS 0.0%
BRAZIL 0.0%
ENERGY 0.0%
Ultrapar Participacoes S.A.		3,184,960			25
Total Rights (Cost $0)					25
Total Investments in Securities (Cost $1,168,439)					1,787,310
INVESTMENTS IN AFFILIATES 3.7%
SHORT-TERM INSTRUMENTS 3.7%
MUTUAL FUNDS 3.7%
PIMCO Government Money Market Fund
0.080% (b)(c)(d)		66,502,669			66,503
Total Short-Term Instruments (Cost $66,503)					66,503
Total Investments in Affiliates (Cost $66,503)					66,503
Total Investments 103.5% (Cost $1,234,942)			$		1,853,813
Other Assets and Liabilities, net (3.5)%					(62,031	)
Net Assets 100.0%			$		1,791,782

38 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

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 $62,893 were out on loan in exchange for $67,899 of cash collateral as of June 30, 2021. 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 SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2021:

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)
Master Securities Lending Agreement
BCY	$	0	$	0	$	0	$	172	$	172	$	(211	)	$	(39	)
BOS		0		0		0		3,264		3,264		(3,719	)		(455	)
FOB		0		0		0		688		688		(754	)		(66	)
GSC		0		0		0		24,526		24,526		(26,038	)		(1,512	)
IDD		0		0		0		2,554		2,554		(2,682	)		(128	)
MBC		0		0		0		5,069		5,069		(5,799	)		(730	)
SAL		0		0		0		21,172		21,172		(22,533	)		(1,361	)
UBS		0		0		0		5,448		5,448		(6,163	)		(715	)
Total Borrowings and Other Financing Transactions	$	0	$	0	$	0	$	62,893

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	$	185	$	0	$	0	$	0	$	185
Real Estate Investment Trusts		2,978		0		0		0		2,978
Common Stocks		64,736		0		0		0		64,736
Total Borrowings	$	67,899	$	0	$	0	$	0	$	67,899
Payable for securities on loan - cash collateral									$	67,899

⁽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 June 30, 2021:

	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	$	(17	)	$	0	$	(17	)

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2021 39

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 June 30, 2021 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Investments in Securities, at Value
Common Stocks
Brazil
Communication Services	$	7,137	$	0	$	0	$	7,137
Consumer Discretionary		4,212		0		0		4,212
Consumer Staples		4,660		0		0		4,660
Energy		9,547		0		0		9,547
Financials		45,558		0		0		45,558
Health Care		1,253		0		0		1,253
Industrials		6,131		0		0		6,131
Information Technology		11,225		0		0		11,225
Materials		21,899		0		0		21,899
Utilities		1,838		0		0		1,838
Chile
Consumer Discretionary		396		0		0		396
Consumer Staples		2,700		0		0		2,700
Financials		1,057		0		0		1,057
Materials		2,479		0		0		2,479
Utilities		1,852		0		0		1,852
China
Consumer Discretionary		0		12,348		0		12,348
Consumer Staples		0		1,152		0		1,152
Energy		0		25,813		0		25,813
Financials		0		102,001		1,258		103,259
Health Care		0		3,007		0		3,007
Industrials		705		11,687		0		12,392
Information Technology		0		39,658		0		39,658
Materials		0		13,903		0		13,903
Real Estate		0		9,835		0		9,835
Utilities		0		1,500		0		1,500
Greece
Communication Services		0		1,634		0		1,634
Consumer Discretionary		0		942		0		942
Energy		0		480		0		480
Financials		0		5,411		0		5,411
Utilities		0		5,266		0		5,266
Hong Kong
Financials		0		1,185		0		1,185
Industrials		0		4,241		0		4,241
Materials		0		667		0		667
Real Estate		0		3,864		0		3,864
Utilities		0		5,829		0		5,829
India
Communication Services		0		2,158		0		2,158
Consumer Discretionary		0		97,970		0		97,970
Energy		0		43,703		0		43,703
Financials		0		43,959		497		44,456
Health Care		0		6,215		0		6,215
Industrials		0		7,397		0		7,397
Information Technology		0		5,113		0		5,113
Materials		0		120,956		0		120,956
Utilities		0		5,212		0		5,212
Indonesia
Communication Services		0		1,953		0		1,953
Consumer Staples		0		267		0		267
Energy		0		3,734		0		3,734
Health Care		0		390		0		390
Materials		0		362		0		362
Utilities		0		2,032		0		2,032
Malaysia
Communication Services		0		2,873		0		2,873
Consumer Discretionary		1,617		0		0		1,617
Financials		2,904		2,650		0		5,554
Industrials		0		3,860		0		3,860
Real Estate		179		0		0		179
Utilities		213		110		0		323

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Mexico
Communication Services	$	29,974	$	0	$	0	$	29,974
Consumer Discretionary		385		0		0		385
Consumer Staples		7,373		0		0		7,373
Financials		1,563		0		0		1,563
Industrials		3,267		0		0		3,267
Materials		66,012		0		0		66,012
Philippines
Communication Services		669		3,669		0		4,338
Industrials		705		960		0		1,665
Utilities		408		104		0		512
Poland
Communication Services		0		929		0		929
Energy		0		2,855		0		2,855
Financials		0		5,860		0		5,860
Information Technology		0		432		0		432
Materials		0		5,236		0		5,236
Utilities		0		5,831		0		5,831
Russia
Communication Services		0		9,927		0		9,927
Consumer Staples		0		8,057		0		8,057
Energy		38		14,549		0		14,587
Financials		0		29,439		0		29,439
Industrials		389		0		0		389
Materials		0		54,226		0		54,226
Real Estate		0		732		0		732
Utilities		0		8,454		0		8,454
Saudi Arabia
Communication Services		0		203		0		203
Materials		0		1,005		0		1,005
South Africa
Communication Services		4,319		13,232		0		17,551
Consumer Discretionary		5,585		3,171		0		8,756
Consumer Staples		5,905		0		0		5,905
Energy		401		0		0		401
Financials		4,415		15,468		0		19,883
Health Care		3,559		0		0		3,559
Industrials		2,817		0		0		2,817
Materials		0		17,949		0		17,949
South Korea
Communication Services		6,629		4,922		0		11,551
Consumer Discretionary		0		88,936		0		88,936
Consumer Staples		0		4,822		0		4,822
Energy		0		1,969		0		1,969
Financials		0		20,557		0		20,557
Industrials		0		52,188		0		52,188
Information Technology		17,617		14,963		0		32,580
Materials		0		33,597		0		33,597
Utilities		0		12,509		0		12,509
Taiwan
Communication Services		0		1,991		0		1,991
Consumer Discretionary		0		5,136		0		5,136
Consumer Staples		0		1,522		0		1,522
Financials		0		10,647		0		10,647
Industrials		0		7,131		0		7,131
Information Technology		54,762		160,001		0		214,763
Thailand
Communication Services		0		472		0		472
Consumer Staples		0		1,655		0		1,655
Energy		0		18,199		0		18,199
Financials		0		26,537		0		26,537
Industrials		0		13,001		0		13,001
Materials		0		3,652		0		3,652
Turkey
Communication Services		0		1,054		0		1,054
Consumer Discretionary		1,637		1,063		0		2,700
Energy		0		919		0		919

40 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Financials	$	780	$	12,927	$	0	$	13,707
Materials		0		1,881		0		1,881
Utilities		0		403		0		403
United States
Consumer Discretionary		0		2,665		0		2,665
Preferred Stocks
Brazil
Banking & Finance		78,057		0		0		78,057
Industrials		27,624		0		0		27,624
Utilities		14,017		0		0		14,017
Chile
Industrials		1,436		0		0		1,436
Russia
Utilities		0		2,085		0		2,085

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Real Estate Investment Trusts
South Africa
Real Estate	$	905	$	0	$	0	$	905
Turkey
Real Estate		5,691		0		0		5,691
Rights
Brazil
Energy		0		25		0		25
	$	474,501	$	1,311,054	$	1,755	$	1,787,310
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		66,503		0		0		66,503
Total Investments	$	541,004	$	1,311,054	$	1,755	$	1,853,813

There were no significant transfers into or out of Level 3 during the period ended June 30, 2021.

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2021 41

Schedule of Investments PIMCO RAE Global Fund June 30, 2021

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 99.8%
MUTUAL FUNDS (a) 99.8%
UNITED STATES 99.8%
PIMCO RAE Emerging Markets Fund		3,201,754	$		38,485
PIMCO RAE International Fund		10,617,298			119,232
PIMCO RAE US Fund		9,587,463			134,512
Total Mutual Funds (Cost $203,551)					292,229
Total Investments in Affiliates (Cost $203,551)					292,229
Total Investments 99.8% (Cost $203,551)			$		292,229
Other Assets and Liabilities, net 0.2%					450
Net Assets 100.0%			$		292,679

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 June 30, 2021 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Investments in Affiliates, at Value
Mutual Funds
United States	$	292,229	$	0	$	0	$	292,229
Total Investments	$	292,229	$	0	$	0	$	292,229

There were no significant transfers into or out of Level 3 during the period ended June 30, 2021.

42 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAE Global ex-US Fund June 30, 2021

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 99.6%
MUTUAL FUNDS (a) 99.6%
UNITED STATES 99.6%
PIMCO RAE Emerging Markets Fund		1,863,792	$		22,403
PIMCO RAE International Fund		6,176,639			69,363
Total Mutual Funds (Cost $75,517)					91,766
Total Investments in Affiliates (Cost $75,517)					91,766
Total Investments 99.6% (Cost $75,517)			$		91,766
Other Assets and Liabilities, net 0.4%					413
Net Assets 100.0%			$		92,179

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 June 30, 2021 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Investments in Affiliates, at Value
Mutual Funds
United States	$	91,766	$	0	$	0	$	91,766
Total Investments	$	91,766	$	0	$	0	$	91,766

There were no significant transfers into or out of Level 3 during the period ended June 30, 2021.

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2021 43

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 101.4%
COMMON STOCKS 98.0%
AUSTRALIA 5.7%
COMMUNICATION SERVICES 0.5%
Telstra Corp. Ltd.	1,745,906	$		4,924
CONSUMER DISCRETIONARY 0.4%
Crown Resorts Ltd.	126,916			1,133
Wesfarmers Ltd.	68,112			3,019
				4,152
CONSUMER STAPLES 0.7%
Coles Group Ltd.	109,139			1,398
Endeavour Group Ltd. (a)	95,558			451
Metcash Ltd.	1,036,637			3,109
Woolworths Group Ltd.	95,558			2,734
				7,692
ENERGY 0.1%
Woodside Petroleum Ltd.	31,549			525
FINANCIALS 1.4%
AMP Ltd.	1,184,578			1,000
Australia & New Zealand Banking Group Ltd.	126,393			2,668
Bendigo & Adelaide Bank Ltd.	79,600			626
Commonwealth Bank of Australia	47,731			3,574
Macquarie Group Ltd.	10,765			1,261
QBE Insurance Group Ltd.	64,867			523
Suncorp Group Ltd.	211,537			1,761
Westpac Banking Corp.	199,607			3,863
				15,276
INDUSTRIALS 0.2%
Aurizon Holdings Ltd.	328,499			915
Brambles Ltd.	52,153			448
Downer EDI Ltd.	126,808			531
Qantas Airways Ltd.	150,445			525
				2,419
MATERIALS 2.3%
BHP Group Ltd.	121,216			4,410
BHP Group PLC	63,909			1,891
BlueScope Steel Ltd.	31,326			515
Fortescue Metals Group Ltd.	277,562			4,849
Orica Ltd.	21,571			214
Rio Tinto Ltd.	137,469			13,033
				24,912
REAL ESTATE 0.0%
Lendlease Corp. Ltd.	31,185			268
UTILITIES 0.1%
AGL Energy Ltd.	245,915			1,511
Total Australia				61,679
AUSTRIA 0.5%
MATERIALS 0.5%
voestalpine AG	141,175			5,758
Total Austria				5,758

	SHARES		MARKET VALUE (000S)
BELGIUM 0.8%
COMMUNICATION SERVICES 0.1%
Proximus SADP	49,804	$		963
CONSUMER STAPLES 0.3%
Anheuser-Busch InBev S.A. NV	24,542			1,769
Etablissements Franz Colruyt NV	29,854			1,669
				3,438
FINANCIALS 0.3%
Ageas S.A.	21,336			1,186
KBC Group NV	26,567			2,028
				3,214
HEALTH CARE 0.1%
UCB S.A.	13,100			1,372
Total Belgium				8,987
CANADA 5.3%
COMMUNICATION SERVICES 0.0%
TELUS Corp.	608			14
CONSUMER DISCRETIONARY 3.1%
Canadian Tire Corp. Ltd. ‘A’	11,013			1,743
Gildan Activewear, Inc.	16,034			592
Magna International, Inc.	331,567			30,698
				33,033
CONSUMER STAPLES 0.1%
George Weston Ltd.	10,634			1,013
ENERGY 0.6%
ARC Resources Ltd.	189,765			1,615
Crescent Point Energy Corp.	595,799			2,697
Suncor Energy, Inc.	97,417			2,333
				6,645
FINANCIALS 0.5%
CI Financial Corp.	65,890			1,209
Great-West Lifeco, Inc. (e)	12,839			381
Onex Corp.	7,376			536
Power Corp. of Canada	89,192			2,819
Sun Life Financial, Inc.	15,468			798
				5,743
INDUSTRIALS 0.4%
Air Canada (a)	63,539			1,307
Canadian Pacific Railway Ltd.	7,053			543
Thomson Reuters Corp.	27,618			2,743
				4,593
MATERIALS 0.3%
Teck Resources Ltd. ‘B’	70,555			1,625
Turquoise Hill Resources Ltd. (a)	107,724			1,817
				3,442
UTILITIES 0.3%
Atco Ltd. ‘I’	27,222			965
Canadian Utilities Ltd. ‘A’	20,106			558

	SHARES		MARKET VALUE (000S)
TransAlta Corp.	134,765	$		1,343
				2,866
Total Canada				57,349
DENMARK 1.0%
CONSUMER STAPLES 0.1%
Carlsberg A/S ‘B’	4,594			857
FINANCIALS 0.1%
Danske Bank A/S	82,741			1,457
INDUSTRIALS 0.8%
AP Moller - Maersk A/S ‘B’	721			2,076
ISS A/S	235,556			5,543
Vestas Wind Systems A/S	14,865			581
				8,200
Total Denmark				10,514
FINLAND 0.9%
FINANCIALS 0.7%
Nordea Bank Abp	689,037			7,673
INDUSTRIALS 0.0%
Kone Oyj ‘B’	6,157			503
INFORMATION TECHNOLOGY 0.1%
Nokia Oyj (a)	111,059			595
MATERIALS 0.1%
Stora Enso Oyj ‘R’	12,839			234
UPM-Kymmene Oyj	19,323			732
				966
Total Finland				9,737
FRANCE 5.8%
COMMUNICATION SERVICES 0.4%
Bollore S.A.	54,739			294
Orange S.A.	272,968			3,115
Vivendi S.A.	33,654			1,131
				4,540
CONSUMER DISCRETIONARY 1.2%
Cie Generale des Etablissements Michelin S.C.A.	10,897			1,739
Faurecia SE	1,383			68
Renault S.A.	58,661			2,378
Sodexo S.A.	3,736			349
Valeo S.A.	281,578			8,494
				13,028
CONSUMER STAPLES 0.6%
Carrefour S.A.	220,897			4,347
Casino Guichard Perrachon S.A.	56,058			1,780
				6,127
ENERGY 0.2%
TotalEnergies SE	52,761			2,390

44 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

	SHARES		MARKET VALUE (000S)
FINANCIALS 0.3%
AXA S.A.	59,089	$		1,501
Natixis S.A.	257,894			1,225
				2,726
HEALTH CARE 0.4%
Sanofi	44,875			4,715
INDUSTRIALS 1.8%
Air France-KLM (a)(c)	1,107,638			5,357
Alstom S.A.	10,152			513
Cie de Saint-Gobain	78,358			5,171
Eiffage S.A.	8,064			822
Rexel S.A.	187,824			3,933
Schneider Electric SE	23,301			3,673
				19,469
INFORMATION TECHNOLOGY 0.0%
Capgemini SE	2,632			506
MATERIALS 0.0%
Arkema S.A.	2,129			267
UTILITIES 0.9%
Engie S.A.	386,783			5,304
Suez S.A.	87,804			2,089
Veolia Environnement S.A.	57,164			1,728
				9,121
Total France				62,889
GERMANY 9.6%
COMMUNICATION SERVICES 0.4%
Deutsche Telekom AG	223,851			4,734
CONSUMER DISCRETIONARY 1.8%
Bayerische Motoren Werke AG	57,387			6,084
Continental AG	10,274			1,512
Daimler AG	127,443			11,388
Hella GmbH & Co. KGaA	7,240			496
				19,480
CONSUMER STAPLES 0.4%
Metro AG	373,389			4,625
FINANCIALS 0.6%
Deutsche Bank AG (a)	179,840			2,345
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen	12,122			3,322
Talanx AG	14,922			610
				6,277
HEALTH CARE 0.1%
Fresenius SE & Co. KGaA	16,431			858
INDUSTRIALS 2.9%
Brenntag SE	2,379			221
Deutsche Lufthansa AG (c)	2,081,240			23,405
GEA Group AG	31,209			1,265
Siemens AG	38,661			6,138
				31,029

	SHARES		MARKET VALUE (000S)
MATERIALS 3.0%
Aurubis AG	60,845	$		5,647
BASF SE	55,646			4,393
Covestro AG	279,314			18,060
Evonik Industries AG	67,547			2,268
Salzgitter AG	44,053			1,312
thyssenkrupp AG (a)	42,761			446
				32,126
UTILITIES 0.4%
E.ON SE	279,790			3,237
Uniper SE	11,821			436
				3,673
Total Germany				102,802
HONG KONG 2.4%
CONSUMER DISCRETIONARY 0.2%
Skyworth Group Ltd.	1,668,215			468
Yue Yuen Industrial Holdings Ltd.	566,500			1,397
				1,865
FINANCIALS 0.0%
Hang Seng Bank Ltd.	13,800			275
INDUSTRIALS 0.2%
CK Hutchison Holdings Ltd.	98,000			763
Hutchison Port Holdings Trust	1,977,500			446
Jardine Matheson Holdings Ltd.	5,800			371
MTR Corp. Ltd.	100,500			559
				2,139
INFORMATION TECHNOLOGY 0.7%
GCL-Poly Energy Holdings Ltd. «(a)	39,669,000			5,058
Kingboard Holdings Ltd.	254,500			1,411
Kingboard Laminates Holdings Ltd.	336,000			754
VTech Holdings Ltd.	54,700			576
				7,799
MATERIALS 0.0%
Lee & Man Paper Manufacturing Ltd.	332,000			253
REAL ESTATE 1.3%
CK Asset Holdings Ltd.	70,500			485
Hang Lung Group Ltd.	191,000			487
Hang Lung Properties Ltd.	312,000			757
Henderson Land Development Co. Ltd.	59,000			279
Hongkong Land Holdings Ltd.	143,700			684
Hopson Development Holdings Ltd.	298,289			1,367
Hysan Development Co. Ltd.	77,000			307
Kerry Properties Ltd.	541,500			1,785
New World Development Co. Ltd.	85,000			441
Shimao Property Holdings Ltd.	257,500			631
Sino Land Co. Ltd.	156,000			246
Sun Hung Kai Properties Ltd.	35,500			528
Swire Pacific Ltd. ‘A’	450,000			3,049

	SHARES		MARKET VALUE (000S)
Wharf Holdings Ltd.	614,000	$		2,342
Wharf Real Estate Investment Co. Ltd.	38,000			221
				13,609
Total Hong Kong				25,940
IRELAND 0.7%
FINANCIALS 0.1%
Bank of Ireland Group PLC (a)	133,256			715
HEALTH CARE 0.4%
Medtronic PLC	37,050			4,599
INDUSTRIALS 0.1%
AerCap Holdings NV (a)	19,993			1,024
MATERIALS 0.1%
Smurfit Kappa Group PLC	11,757			639
Total Ireland				6,977
ISRAEL 1.4%
COMMUNICATION SERVICES 0.2%
Bezeq The Israeli Telecommunication Corp. Ltd. (a)	2,347,931			2,558
ENERGY 0.1%
Delek Group Ltd. (a)	4,978			334
Oil Refineries Ltd. (a)	1,926,319			497
				831
FINANCIALS 0.1%
Bank Hapoalim BM (a)	66,823			536
Bank Leumi Le-Israel BM (a)	68,764			523
				1,059
HEALTH CARE 0.8%
Teva Pharmaceutical Industries Ltd. SP - ADR (a)	836,405			8,280
MATERIALS 0.2%
ICL Group Ltd.	79,415			539
Israel Corp. Ltd. (a)	4,392			1,331
				1,870
REAL ESTATE 0.0%
Gazit-Globe Ltd.	29,978			216
Total Israel				14,814
ITALY 2.4%
COMMUNICATION SERVICES 0.3%
Telecom Italia SpA (c)	5,961,037			2,966
ENERGY 0.2%
Eni SpA	149,600			1,824
FINANCIALS 1.1%
Assicurazioni Generali SpA	176,146			3,536
Banca Monte dei Paschi di Siena SpA (a)(c)	380,445			522

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2021 45

Schedule of Investments PIMCO RAE International Fund (Cont.)

	SHARES		MARKET VALUE (000S)
Intesa Sanpaolo SpA	2,227,798	$		6,163
Unipol Gruppo Finanziario SpA	178,696			974
UnipolSai Assicurazioni SpA	168,151			489
				11,684
INDUSTRIALS 0.0%
Leonardo SpA	63,070			511
UTILITIES 0.8%
Enel SpA	988,844			9,189
Total Italy				26,174
JAPAN 26.4%
COMMUNICATION SERVICES 1.1%
Dentsu, Inc.	19,900			714
GungHo Online Entertainment, Inc.	47,330			940
Mixi, Inc.	75,000			1,980
Nippon Telegraph & Telephone Corp.	244,600			6,395
SoftBank Group Corp.	19,400			1,353
Yahoo Japan Corp.	184,900			925
				12,307
CONSUMER DISCRETIONARY 6.6%
Aisin Corp.	27,500			1,179
Asics Corp.	41,500			1,052
Bridgestone Corp. (c)	138,100			6,277
Casio Computer Co. Ltd.	30,300			508
Denso Corp.	9,200			627
EDION Corp.	52,600			515
H2O Retailing Corp.	58,600			477
Isetan Mitsukoshi Holdings Ltd.	103,100			721
Isuzu Motors Ltd.	566,300			7,515
Izumi Co. Ltd.	5,800			218
K’s Holdings Corp.	43,800			503
Mazda Motor Corp.	436,100			4,114
NHK Spring Co. Ltd.	47,100			388
Nikon Corp.	60,700			647
Nissan Motor Co. Ltd.	1,830,500			9,119
NOK Corp.	37,200			463
Panasonic Corp.	1,853,800			21,346
Sega Sammy Holdings, Inc.	18,700			245
Sekisui Chemical Co. Ltd.	34,000			582
Sekisui House Ltd.	125,400			2,575
Shimamura Co. Ltd.	19,200			1,842
Subaru Corp.	68,700			1,362
Sumitomo Electric Industries Ltd.	133,100			1,966
Sumitomo Forestry Co. Ltd.	23,700			434
Sumitomo Rubber Industries Ltd.	42,800			592
Suzuki Motor Corp.	97,800			4,145
TS Tech Co. Ltd.	34,900			540
Yamaha Motor Co. Ltd.	33,700			915
Yokohama Rubber Co. Ltd. (c)	25,000			537
				71,404
CONSUMER STAPLES 0.8%
Ajinomoto Co., Inc.	58,900			1,530
Japan Tobacco, Inc. (c)	95,856			1,812
Kewpie Corp.	18,300			411
Kirin Holdings Co. Ltd. (c)	56,900			1,110
Matsumotokiyoshi Holdings Co. Ltd.	12,000			531

	SHARES		MARKET VALUE (000S)
NH Foods Ltd.	17,100	$		665
Pola Orbis Holdings, Inc. (c)	30,800			812
Seven & i Holdings Co. Ltd.	17,900			857
United Super Markets Holdings, Inc.	55,100			539
				8,267
ENERGY 0.3%
Cosmo Energy Holdings Co. Ltd.	22,300			512
Iwatani Corp.	35,800			2,145
JXTG Holdings, Inc.	59,000			247
				2,904
FINANCIALS 2.7%
Chiba Bank Ltd.	87,300			528
Concordia Financial Group Ltd.	151,500			557
Credit Saison Co. Ltd.	43,400			530
Dai-ichi Life Holdings, Inc.	156,700			2,883
Daiwa Securities Group, Inc.	119,500			656
Japan Post Holdings Co. Ltd.	694,300			5,703
Japan Post Insurance Co. Ltd.	33,000			611
Mitsubishi UFJ Financial Group, Inc.	808,600			4,355
MS&AD Insurance Group Holdings, Inc.	79,000			2,284
ORIX Corp.	143,100			2,419
Sompo Holdings, Inc.	40,400			1,496
Sumitomo Mitsui Financial Group, Inc.	139,700			4,816
Sumitomo Mitsui Trust Holdings, Inc.	16,300			520
T&D Holdings, Inc.	42,300			549
Tokio Marine Holdings, Inc.	30,100			1,386
				29,293
HEALTH CARE 0.8%
Astellas Pharma, Inc.	319,800			5,573
Eisai Co. Ltd.	15,800			1,553
Medipal Holdings Corp.	28,000			535
Otsuka Holdings Co. Ltd.	12,628			524
Suzuken Co. Ltd.	22,700			666
				8,851
INDUSTRIALS 3.6%
Amada Co. Ltd.	51,200			519
ANA Holdings, Inc. (a)	40,400			949
Asahi Glass Co. Ltd. (c)	30,900			1,294
Dai Nippon Printing Co. Ltd.	44,000			931
East Japan Railway Co.	17,700			1,262
Ebara Corp.	13,200			650
FANUC Corp.	2,200			528
Fuji Electric Co. Ltd.	17,900			836
Fujikura Ltd.	215,300			1,004
Furukawa Electric Co. Ltd.	56,900			1,419
GS Yuasa Corp.	39,100			1,000
Hino Motors Ltd.	61,500			544
IHI Corp. (a)	26,100			623
Japan Airlines Co. Ltd.	187,000			4,049
JTEKT Corp.	49,300			507
Kajima Corp.	39,000			495
Kawasaki Heavy Industries Ltd. (a)	35,500			763
Kubota Corp.	41,600			842
Mitsubishi Corp.	26,900			735
Mitsubishi Electric Corp.	210,800			3,060
Mitsubishi Heavy Industries Ltd.	74,800			2,208

	SHARES		MARKET VALUE (000S)
Nippon Express Co. Ltd.	29,000	$		2,211
NSK Ltd.	97,500			825
NTN Corp.	302,800			792
Persol Holdings Co. Ltd.	42,300			835
Seibu Holdings, Inc.	37,200			436
Sojitz Corp.	207,100			626
Sumitomo Corp.	106,100			1,423
Sumitomo Heavy Industries Ltd.	21,900			606
Taisei Corp.	9,400			309
Toppan, Inc.	61,800			994
Toshiba Corp. (c)	35,000			1,512
Toyota Tsusho Corp.	28,100			1,334
West Japan Railway Co.	18,300			1,046
Yamato Holdings Co. Ltd.	49,600			1,409
				38,576
INFORMATION TECHNOLOGY 6.3%
Alps Electric Co. Ltd.	114,400			1,211
Brother Industries Ltd.	42,200			843
Canon Marketing Japan, Inc.	14,600			339
Canon, Inc. (c)	159,850			3,613
Citizen Watch Co. Ltd.	141,800			524
FUJIFILM Holdings Corp.	39,700			2,937
Fujitsu Ltd.	68,500			12,816
Hitachi Ltd.	421,000			24,126
Konica Minolta, Inc.	227,100			1,258
Kyocera Corp.	14,000			865
NEC Corp.	15,100			777
Nippon Electric Glass Co. Ltd. (c)	47,800			1,122
Omron Corp.	45,600			3,610
Renesas Electronics Corp. (a)	93,200			1,006
Ricoh Co. Ltd.	206,700			2,327
Rohm Co. Ltd.	7,500			690
Seiko Epson Corp.	156,600			2,753
TDK Corp.	14,200			1,719
Tokyo Electron Ltd.	10,900			4,713
				67,249
MATERIALS 2.8%
Daicel Corp.	138,700			1,141
DIC Corp.	21,200			536
JFE Holdings, Inc.	128,800			1,511
JSR Corp.	24,600			747
Kaneka Corp.	16,100			650
Kobe Steel Ltd.	262,400			1,685
Mitsubishi Chemical Holdings Corp.	335,700			2,825
Mitsubishi Gas Chemical Co., Inc.	14,600			309
Mitsubishi Materials Corp.	36,800			736
Mitsui Chemicals, Inc.	54,200			1,874
Mitsui Mining & Smelting Co. Ltd.	15,300			425
Nippon Light Metal Holdings Co. Ltd.	26,730			449
Nippon Steel Corp.	111,500			1,885
Nitto Denko Corp.	103,500			7,708
Oji Holdings Corp.	64,300			370
Sumitomo Chemical Co. Ltd.	464,500			2,469
Taiheiyo Cement Corp.	23,900			525
Toray Industries, Inc.	259,800			1,732
Tosoh Corp.	48,100			829
Toyo Seikan Group Holdings Ltd.	36,000			493
Ube Industries Ltd.	32,400			658
Zeon Corp.	25,900			358
				29,915

46 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

	SHARES			MARKET VALUE (000S)
REAL ESTATE 0.7%
Daito Trust Construction Co. Ltd.		48,300	$		5,269
Daiwa House Industry Co. Ltd.		25,000			752
Nomura Real Estate Holdings, Inc.		48,000			1,216
Tokyu Fudosan Holdings Corp.		48,200			290
					7,527
UTILITIES 0.7%
Chubu Electric Power Co., Inc.		158,500			1,939
Hokkaido Electric Power Co., Inc.		113,600			515
Hokuriku Electric Power Co.		89,688			489
Kyushu Electric Power Co., Inc.		149,700			1,153
Shikoku Electric Power Co., Inc.		73,100			498
Tohoku Electric Power Co., Inc.		124,600			977
Tokyo Electric Power Co. Holdings, Inc. (a)		728,600			2,170
					7,741
Total Japan					284,034
LUXEMBOURG 4.1%
COMMUNICATION SERVICES 0.1%
Millicom International Cellular S.A.		18,517			733
RTL Group S.A.		16,489			982
					1,715
ENERGY 0.2%
Tenaris S.A.		169,571			1,855
MATERIALS 3.8%
ArcelorMittal S.A.		1,327,820			40,880
Total Luxembourg					44,450
MACAU 0.1%
CONSUMER DISCRETIONARY 0.1%
Sands China Ltd. (a)		136,400			574
Total Macau					574
NETHERLANDS 6.2%
COMMUNICATION SERVICES 0.3%
Koninklijke KPN NV		292,140			914
VEON Ltd. ADR		1,475,914			2,701
					3,615
CONSUMER DISCRETIONARY 1.1%
Stellantis NV		619,003			12,189
CONSUMER STAPLES 0.9%
Heineken Holding NV		5,853			591
Koninklijke Ahold Delhaize NV		295,745			8,807
					9,398
ENERGY 1.4%
Royal Dutch Shell PLC ‘A’		758,884			15,334
FINANCIALS 0.3%
Aegon NV		267,742			1,113

	SHARES			MARKET VALUE (000S)
ING Groep NV		112,969	$		1,500
					2,613
HEALTH CARE 0.2%
Koninklijke Philips NV		45,557			2,261
INDUSTRIALS 1.6%
Randstad NV		55,021			4,218
Signify NV		197,205			12,518
					16,736
INFORMATION TECHNOLOGY 0.2%
NXP Semiconductors NV		12,151			2,500
MATERIALS 0.2%
Akzo Nobel NV		12,632			1,564
Koninklijke DSM NV		3,378			631
					2,195
Total Netherlands					66,841
NEW ZEALAND 0.4%
COMMUNICATION SERVICES 0.1%
Spark New Zealand Ltd.		238,305			800
INDUSTRIALS 0.1%
Air New Zealand Ltd.		607,457			658
MATERIALS 0.1%
Fletcher Building Ltd.		352,517			1,852
UTILITIES 0.1%
Contact Energy Ltd.		117,178			679
Total New Zealand					3,989
NORWAY 1.8%
COMMUNICATION SERVICES 0.2%
Telenor ASA		140,353			2,367
ENERGY 0.3%
Equinor ASA		157,052			3,325
FINANCIALS 0.1%
DNB ASA		26,450			576
MATERIALS 1.2%
Norsk Hydro ASA		2,036,953			13,005
Total Norway					19,273
PORTUGAL 0.3%
UTILITIES 0.3%
EDP - Energias de Portugal S.A.		574,605			3,046
Total Portugal					3,046
SINGAPORE 0.2%
COMMUNICATION SERVICES 0.1%
Singapore Telecommunications Ltd.		385,900			658

	SHARES			MARKET VALUE (000S)
CONSUMER STAPLES 0.0%
Golden Agri-Resources Ltd.		2,601,000	$		446
INDUSTRIALS 0.1%
ComfortDelGro Corp. Ltd.		361,000			441
Keppel Corp. Ltd.		141,800			578
Sembcorp Industries Ltd.		308,400			492
					1,511
Total Singapore					2,615
SOUTH AFRICA 0.0%
ENERGY 0.0%
Thungela Resources Ltd. (a)		3,175			9
Total South Africa					9
SPAIN 3.3%
COMMUNICATION SERVICES 1.0%
Telefonica S.A. (c)		2,403,015			11,216
ENERGY 0.1%
Repsol S.A.		85,354			1,072
FINANCIALS 1.4%
Banco Bilbao Vizcaya Argentaria S.A.		771,032			4,783
Banco de Sabadell S.A.		3,382,185			2,309
Banco Santander S.A.		1,588,855			6,078
Mapfre S.A.		806,070			1,705
					14,875
INDUSTRIALS 0.1%
ACS Actividades de Construccion Y Servicios S.A.		23,802			638
Ferrovial S.A.		107			3
					641
UTILITIES 0.7%
Acciona S.A.		9,669			1,460
Endesa S.A. (c)		82,384			2,000
Naturgy Energy Group S.A.		175,055			4,505
Red Electrica Corp. S.A. (c)		13,809			257
					8,222
Total Spain					36,026
SWEDEN 0.9%
COMMUNICATION SERVICES 0.1%
Telia Co. AB		137,627			611
CONSUMER DISCRETIONARY 0.3%
Autoliv, Inc.		5,059			495
Electrolux AB ‘B’		26,484			734
Hennes & Mauritz AB ‘B’		105,667			2,509
					3,738
FINANCIALS 0.2%
Swedbank AB ‘A’		106,710			1,987
INDUSTRIALS 0.3%
Atlas Copco AB ‘A’		19,713			1,211

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2021 47

Schedule of Investments PIMCO RAE International Fund (Cont.)

	SHARES			MARKET VALUE (000S)
Skanska AB ‘B’		34,847	$		925
SKF AB ‘B’		42,572			1,085
					3,221
Total Sweden					9,557
SWITZERLAND 7.1%
COMMUNICATION SERVICES 0.1%
Swisscom AG		1,785			1,020
CONSUMER DISCRETIONARY 0.8%
Garmin Ltd.		4,539			657
Swatch Group AG		24,493			8,411
					9,068
CONSUMER STAPLES 1.1%
Nestle S.A.		90,637			11,298
FINANCIALS 1.5%
Swiss Life Holding AG		5,470			2,661
Swiss Re AG		33,509			3,027
UBS Group AG		265,332			4,064
Zurich Insurance Group AG		15,096			6,063
					15,815
HEALTH CARE 1.4%
Novartis AG		67,859			6,190
Roche Holding AG		24,477			9,224
					15,414
INDUSTRIALS 1.4%
ABB Ltd.		150,356			5,109
Adecco Group AG		144,783			9,851
					14,960
INFORMATION TECHNOLOGY 0.4%
STMicroelectronics NV		87,258			3,172
TE Connectivity Ltd.		7,678			1,038
					4,210
MATERIALS 0.4%
Glencore PLC		882,990			3,790
Holcim Ltd.		16,603			998
					4,788
Total Switzerland					76,573
UNITED KINGDOM 10.6%
COMMUNICATION SERVICES 0.6%
ITV PLC		303,978			528
Pearson PLC		83,307			960
WPP PLC		326,250			4,410
					5,898
CONSUMER DISCRETIONARY 1.2%
Barratt Developments PLC		82,478			794
Berkeley Group Holdings PLC		10,472			666
Dixons Carphone PLC (a)		918,975			1,655
Inchcape PLC		101,077			1,076
Kingfisher PLC		711,637			3,591
Marks & Spencer Group PLC		1,899,935			3,853

	SHARES			MARKET VALUE (000S)
Persimmon PLC		12,641	$		518
Taylor Wimpey PLC		219,859			484
					12,637
CONSUMER STAPLES 0.8%
British American Tobacco PLC		85,359			3,314
Imperial Brands PLC		105,328			2,271
Reckitt Benckiser Group PLC		4,950			438
Unilever PLC		46,153			2,697
WM Morrison Supermarkets PLC		89,405			305
					9,025
ENERGY 0.1%
Subsea 7 S.A.		110,462			1,060
FINANCIALS 1.5%
Aviva PLC		660,623			3,708
Direct Line Insurance Group PLC		190,726			752
HSBC Holdings PLC		1,423,708			8,217
M&G PLC		778,989			2,468
Standard Life Aberdeen PLC		264,101			991
					16,136
HEALTH CARE 0.4%
AstraZeneca PLC		35,524			4,268
Smith & Nephew PLC		25,041			543
					4,811
INDUSTRIALS 1.4%
CNH Industrial NV		84,397			1,400
easyJet PLC		37,575			466
Ferguson PLC		14,953			2,080
International Consolidated Airlines Group S.A.		199,793			483
Royal Mail PLC (a)		1,294,032			10,347
					14,776
INFORMATION TECHNOLOGY 0.1%
Micro Focus International PLC		101,557			769
MATERIALS 3.3%
Anglo American PLC		31,753			1,263
Evraz PLC		221,078			1,814
Mondi PLC		42,153			1,110
Rio Tinto PLC		384,775			31,778
					35,965
UTILITIES 1.2%
Centrica PLC		14,386,723			10,255
SSE PLC		116,909			2,428
					12,683
Total United Kingdom					113,760
UNITED STATES 0.1%
MATERIALS 0.1%
Sims Metal Management Ltd.		56,051			697
Total United States					697
Total Common Stocks (Cost $724,702)					1,055,064

	SHARES			MARKET VALUE (000S)
PREFERRED STOCKS 0.1%
GERMANY 0.1%
INDUSTRIALS 0.1%
Henkel AG & Co. KGaA		5,061	$		534
Schaeffler AG		144,595			1,335
					1,869
Total Preferred Stocks (Cost $1,377)					1,869
REAL ESTATE INVESTMENT TRUSTS 0.8%
AUSTRALIA 0.1%
REAL ESTATE 0.1%
Stockland		271,648			946
Total Australia					946
CANADA 0.2%
REAL ESTATE 0.2%
Cominar Real Estate Investment Trust (c)		70,359			620
H&R Real Estate Investment Trust		70,621			912
RioCan Real Estate Investment Trust		23,259			414
					1,946
Total Canada					1,946
FRANCE 0.5%
REAL ESTATE 0.5%
Unibail-Rodamco-Westfield		55,211			4,786
Total France					4,786
HONG KONG 0.0%
REAL ESTATE 0.0%
Link REIT		30,800			298
Total Hong Kong					298
UNITED KINGDOM 0.0%
REAL ESTATE 0.0%
British Land Co. PLC		67,945			465
Total United Kingdom					465
Total Real Estate Investment Trusts (Cost $7,121)					8,441
RIGHTS 0.0%
SPAIN 0.0%
INDUSTRIALS 0.0%
ACS Actividades de Construccion y Servicios S.A. (c)		24,174			34
Total Rights (Cost $37)					34
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

48 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

		MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 2.5%
REPURCHASE AGREEMENTS (f) 2.5%
	$		26,881
Total Short-Term Instruments (Cost $26,881)			26,881
Total Investments in Securities (Cost $760,118)			1,092,289

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 6.4%
SHORT-TERM INSTRUMENTS 6.4%
MUTUAL FUNDS 6.4%
PIMCO Government Money Market Fund
0.080% (b)(c)(d)		68,669,468	$		68,669
Total Short-Term Instruments (Cost $68,669)					68,669
Total Investments in Affiliates (Cost $68,669)					68,669
Total Investments 107.8% (Cost $828,787)			$		1,160,958
Other Assets and Liabilities, net (7.8)%					(84,270	)
Net Assets 100.0%			$		1,076,688

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 $64,481 were out on loan in exchange for $70,377 of cash collateral as of June 30, 2021. 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 - 07/02/2021	$	215	$	381		0.04%

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	%		06/30/2021		07/01/2021	$	26,881	U.S. Treasury Bonds 1.125% due 08/15/2040	$	(27,419	)	$	26,881	$	26,881
Total Repurchase Agreements											$	(27,419	)	$	26,881	$	26,881

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 June 30, 2021:

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	$	26,881	$	0	$	0	$	0	$	26,881	$	(27,419	)	$	(538	)
Master Securities Lending Agreement
BCY		0		0		0		14,372		14,372		(15,569	)		(1,197	)
BMO		0		0		0		715		715		(751	)		(36	)
BOS		0		0		0		3,043		3,043		(3,386	)		(343	)
BSN		0		0		0		691		691		(745	)		(54	)
FOB		0		0		0		5,853		5,853		(6,432	)		(579	)
GSC		0		0		0		7,119		7,119		(7,478	)		(359	)
MBC		0		0		0		12,456		12,456		(13,408	)		(952	)
MSC		0		0		0		4,560		4,560		(4,816	)		(256	)
SAL		0		0		0		9,272		9,272		(9,806	)		(534	)
UBS		0		0		0		6,400		6,400		(7,986	)		(1,586	)
Total Borrowings and Other Financing Transactions	$	26,881	$	0	$	0	$	64,481

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2021 49

Schedule of Investments PIMCO RAE International Fund (Cont.)

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)
Corporate Bonds & Notes	$	64	$	0	$	0	$	0	$	64
Common Stocks		69,508		0		0		0		69,508
Real Estate Investment Trusts		521		0		0		0		521
Total Borrowings	$	70,093	$	0	$	0	$	0	$	70,093
Payable for securities on loan - cash collateral									$	70,093

⁽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 June 30, 2021:

	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	$	120	$	0	$	120

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2021 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Investments in Securities, at Value
Common Stocks
Australia
Communication Services	$	0	$	4,924	$	0	$	4,924
Consumer Discretionary		0		4,152		0		4,152
Consumer Staples		451		7,241		0		7,692
Energy		0		525		0		525
Financials		0		15,276		0		15,276
Industrials		0		2,419		0		2,419
Materials		0		24,912		0		24,912
Real Estate		0		268		0		268
Utilities		0		1,511		0		1,511
Austria
Materials		0		5,758		0		5,758
Belgium
Communication Services		0		963		0		963
Consumer Staples		1,669		1,769		0		3,438
Financials		0		3,214		0		3,214
Health Care		0		1,372		0		1,372
Canada
Communication Services		14		0		0		14
Consumer Discretionary		33,033		0		0		33,033
Consumer Staples		1,013		0		0		1,013
Energy		6,645		0		0		6,645
Financials		5,743		0		0		5,743
Industrials		4,593		0		0		4,593
Materials		3,442		0		0		3,442
Utilities		2,866		0		0		2,866

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Denmark
Consumer Staples	$	0	$	857	$	0	$	857
Financials		0		1,457		0		1,457
Industrials		0		8,200		0		8,200
Finland
Financials		0		7,673		0		7,673
Industrials		0		503		0		503
Information Technology		0		595		0		595
Materials		0		966		0		966
France
Communication Services		0		4,540		0		4,540
Consumer Discretionary		0		13,028		0		13,028
Consumer Staples		0		6,127		0		6,127
Energy		0		2,390		0		2,390
Financials		0		2,726		0		2,726
Health Care		0		4,715		0		4,715
Industrials		0		19,469		0		19,469
Information Technology		0		506		0		506
Materials		0		267		0		267
Utilities		0		9,121		0		9,121
Germany
Communication Services		0		4,734		0		4,734
Consumer Discretionary		0		19,480		0		19,480
Consumer Staples		0		4,625		0		4,625
Financials		0		6,277		0		6,277
Health Care		0		858		0		858
Industrials		0		31,029		0		31,029
Materials		0		32,126		0		32,126

50 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Utilities	$	0	$	3,673	$	0	$	3,673
Hong Kong
Consumer Discretionary		0		1,865		0		1,865
Financials		0		275		0		275
Industrials		0		2,139		0		2,139
Information Technology		0		2,741		5,058		7,799
Materials		0		253		0		253
Real Estate		307		13,302		0		13,609
Ireland
Financials		0		715		0		715
Health Care		4,599		0		0		4,599
Industrials		1,024		0		0		1,024
Materials		0		639		0		639
Israel
Communication Services		0		2,558		0		2,558
Energy		0		831		0		831
Financials		0		1,059		0		1,059
Health Care		8,280		0		0		8,280
Materials		0		1,870		0		1,870
Real Estate		0		216		0		216
Italy
Communication Services		0		2,966		0		2,966
Energy		0		1,824		0		1,824
Financials		0		11,684		0		11,684
Industrials		0		511		0		511
Utilities		0		9,189		0		9,189
Japan
Communication Services		0		12,307		0		12,307
Consumer Discretionary		0		71,404		0		71,404
Consumer Staples		0		8,267		0		8,267
Energy		0		2,904		0		2,904
Financials		0		29,293		0		29,293
Health Care		0		8,851		0		8,851
Industrials		0		38,576		0		38,576
Information Technology		5,403		61,846		0		67,249
Materials		0		29,915		0		29,915
Real Estate		0		7,527		0		7,527
Utilities		0		7,741		0		7,741
Luxembourg
Communication Services		0		1,715		0		1,715
Energy		0		1,855		0		1,855
Materials		0		40,880		0		40,880
Macau
Consumer Discretionary		0		574		0		574
Netherlands
Communication Services		2,701		914		0		3,615
Consumer Discretionary		6,516		5,673		0		12,189
Consumer Staples		0		9,398		0		9,398
Energy		0		15,334		0		15,334
Financials		0		2,613		0		2,613
Health Care		0		2,261		0		2,261
Industrials		0		16,736		0		16,736
Information Technology		2,500		0		0		2,500
Materials		0		2,195		0		2,195
New Zealand
Communication Services		0		800		0		800
Industrials		0		658		0		658
Materials		0		1,852		0		1,852
Utilities		0		679		0		679
Norway
Communication Services		0		2,367		0		2,367
Energy		0		3,325		0		3,325
Financials		0		576		0		576
Materials		0		13,005		0		13,005
Portugal
Utilities		3,046		0		0		3,046

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Singapore
Communication Services	$	0	$	658	$	0	$	658
Consumer Staples		0		446		0		446
Industrials		0		1,511		0		1,511
South Africa
Energy		9		0		0		9
Spain
Communication Services		0		11,216		0		11,216
Energy		0		1,072		0		1,072
Financials		0		14,875		0		14,875
Industrials		0		641		0		641
Utilities		0		8,222		0		8,222
Sweden
Communication Services		0		611		0		611
Consumer Discretionary		495		3,243		0		3,738
Financials		0		1,987		0		1,987
Industrials		0		3,221		0		3,221
Switzerland
Communication Services		0		1,020		0		1,020
Consumer Discretionary		657		8,411		0		9,068
Consumer Staples		0		11,298		0		11,298
Financials		0		15,815		0		15,815
Health Care		0		15,414		0		15,414
Industrials		0		14,960		0		14,960
Information Technology		1,038		3,172		0		4,210
Materials		0		4,788		0		4,788
United Kingdom
Communication Services		0		5,898		0		5,898
Consumer Discretionary		1,655		10,982		0		12,637
Consumer Staples		305		8,720		0		9,025
Energy		0		1,060		0		1,060
Financials		0		16,136		0		16,136
Health Care		0		4,811		0		4,811
Industrials		0		14,776		0		14,776
Information Technology		0		769		0		769
Materials		0		35,965		0		35,965
Utilities		0		12,683		0		12,683
United States
Materials		0		697		0		697
Preferred Stocks
Germany
Industrials		0		1,869		0		1,869
Real Estate Investment Trusts
Australia
Real Estate		0		946		0		946
Canada
Real Estate		1,946		0		0		1,946
France
Real Estate		0		4,786		0		4,786
Hong Kong
Real Estate		0		298		0		298
United Kingdom
Real Estate		0		465		0		465
Rights
Spain
Industrials		34		0		0		34
Short-Term Instruments
Repurchase Agreements		0		26,881		0		26,881
	$	99,984	$	987,247	$	5,058	$	1,092,289
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		68,669		0		0		68,669
Total Investments	$	168,653	$	987,247	$	5,058	$	1,160,958

There were no significant transfers into or out of Level 3 during the period ended June 30, 2021.

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2021 51

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 99.7%
COMMON STOCKS 98.1%
IRELAND 0.6%
INFORMATION TECHNOLOGY 0.6%
Seagate Technology Holdings PLC		63,233	$		5,560
Total Ireland					5,560
UNITED KINGDOM 0.4%
COMMUNICATION SERVICES 0.2%
Liberty Global PLC (a)		76,478			2,068
CONSUMER DISCRETIONARY 0.1%
Capri Holdings Ltd. (a)		20,371			1,165
CONSUMER STAPLES 0.1%
Coca-Cola Europacific Partners PLC		13,055			775
Total United Kingdom					4,008
UNITED STATES 97.1%
COMMUNICATION SERVICES 3.7%
Activision Blizzard, Inc.		24,784			2,366
Altice USA, Inc. ‘A’ (a)		36,213			1,236
Electronic Arts, Inc.		13,058			1,878
Liberty Media Corp-Liberty SiriusXM ‘C’ (a)		41,716			1,935
Lumen Technologies, Inc.		202,704			2,755
News Corp. ‘A’		33,217			856
Omnicom Group, Inc.		19,694			1,575
T-Mobile US, Inc. (a)		20,809			3,014
Verizon Communications, Inc.		184,745			10,351
ViacomCBS, Inc. ‘B’		115,163			5,205
Walt Disney Co.		23,624			4,153
					35,324
CONSUMER DISCRETIONARY 17.9%
Adient PLC (a)		56,263			2,543
AutoNation, Inc. (a)		6,537			620
Bed Bath & Beyond, Inc. (a)		492,860			16,407
Best Buy Co., Inc.		47,391			5,449
Booking Holdings, Inc. (a)		2,926			6,402
Carnival Corp. (a)		220,269			5,806
Dick’s Sporting Goods, Inc.		18,576			1,861
Dillard’s, Inc. ‘A’ (c)		20,239			3,661
Dollar General Corp.		2,944			637
eBay, Inc.		156,863			11,013
Expedia Group, Inc. (a)		30,304			4,961
Foot Locker, Inc.		52,090			3,210
Ford Motor Co. (a)		1,122,566			16,681
Gap, Inc.		85,952			2,892
General Motors Co. (a)		58,370			3,454
Goodyear Tire & Rubber Co. (a)		287,901			4,938
Hyatt Hotels Corp. ‘A’ (a)		3,365			261
Kohl’s Corp.		369,229			20,348
L Brands, Inc.		57,655			4,155
Las Vegas Sands Corp. (a)		17,871			942
Lear Corp.		18,404			3,226
Lowe’s Cos., Inc.		21,507			4,172
Macy’s, Inc. (a)		507,987			9,631
McDonald’s Corp.		8,337			1,926

	SHARES			MARKET VALUE (000S)
MGM Resorts International		32,767	$		1,398
NIKE, Inc. ‘B’		6,304			974
Nordstrom, Inc. (a)		106,545			3,896
Norwegian Cruise Line Holdings Ltd. (a)		21,746			640
PulteGroup, Inc.		6,476			353
PVH Corp. (a)		1,809			195
Qurate Retail, Inc.		439,703			5,756
Ralph Lauren Corp.		1,157			136
Royal Caribbean Cruises Ltd. (a)		8,861			756
Starbucks Corp.		3,144			352
Tapestry, Inc. (a)		28,668			1,246
Target Corp.		61,560			14,882
TJX Cos., Inc.		11,270			760
Visteon Corp. (a)		25,908			3,133
Whirlpool Corp.		8,611			1,877
Yum! Brands, Inc.		14,733			1,695
					173,245
CONSUMER STAPLES 7.6%
Altria Group, Inc.		62,674			2,988
Archer-Daniels-Midland Co.		55,706			3,376
Bunge Ltd.		37,555			2,935
Colgate-Palmolive Co.		23,787			1,935
General Mills, Inc.		10,050			612
Ingredion, Inc.		7,991			723
Kraft Heinz Co.		24,774			1,010
Kroger Co.		314,101			12,033
Mondelez International, Inc. ‘A’		54,844			3,425
PepsiCo, Inc.		36,916			5,470
Philip Morris International, Inc.		64,820			6,424
Procter & Gamble Co.		71,807			9,689
Sysco Corp.		38,203			2,970
Tyson Foods, Inc. ‘A’		2,207			163
U.S. Foods Holding Corp. (a)		25,533			979
Walgreens Boots Alliance, Inc.		162,564			8,553
Walmart, Inc.		72,221			10,185
					73,470
ENERGY 5.3%
APA Corp.		67,555			1,461
Baker Hughes Co.		28,165			644
ConocoPhillips		145,513			8,862
Exxon Mobil Corp.		148,588			9,373
HollyFrontier Corp.		148,370			4,881
Marathon Oil Corp.		509,862			6,944
Murphy Oil Corp.		30,994			722
NOV, Inc. (a)		19,458			298
Occidental Petroleum Corp.		26,117			817
PBF Energy, Inc. ‘A’ (a)		6,653			102
Phillips 66		143,901			12,350
Schlumberger NV		9,604			307
Transocean Ltd. (a)(c)		136,978			619
Valero Energy Corp.		42,926			3,352
World Fuel Services Corp.		25,115			797
					51,529
FINANCIALS 10.1%
Aflac, Inc.		33,869			1,817
Allstate Corp.		25,157			3,281
Ally Financial, Inc.		51,802			2,582
American International Group, Inc.		187,283			8,915
Ameriprise Financial, Inc.		12,418			3,091

	SHARES			MARKET VALUE (000S)
Bank of New York Mellon Corp.		30,485	$		1,562
BlackRock, Inc.		1,845			1,614
Capital One Financial Corp.		36,371			5,626
CIT Group, Inc.		52,536			2,710
Citigroup, Inc.		115,373			8,163
Comerica, Inc.		14,236			1,016
Discover Financial Services		50,863			6,017
Fifth Third Bancorp		31,756			1,214
Franklin Resources, Inc.		330,750			10,581
Genworth Financial, Inc. ‘A’ (a)		188,480			735
Hartford Financial Services Group, Inc.		1,613			100
Invesco Ltd.		39,145			1,046
Jefferies Financial Group, Inc.		11,786			403
Lincoln National Corp.		10,785			678
Loews Corp.		19,366			1,058
MetLife, Inc.		64,378			3,853
Navient Corp.		131,190			2,536
Old Republic International Corp.		6,645			165
Principal Financial Group, Inc.		4,438			280
Synchrony Financial		142,136			6,896
Travelers Cos., Inc.		31,639			4,737
Unum Group		11,965			340
Voya Financial, Inc.		41,105			2,528
Wells Fargo & Co.		307,191			13,913
					97,457
HEALTH CARE 17.1%
Abbott Laboratories		857			99
AbbVie, Inc.		143,411			16,154
AmerisourceBergen Corp.		936			107
Amgen, Inc.		94,020			22,917
Anthem, Inc.		11,603			4,430
Biogen, Inc. (a)		13,067			4,525
Bristol-Myers Squibb Co.		41,533			2,775
Cardinal Health, Inc.		52,860			3,018
DaVita, Inc. (a)		30,589			3,684
Eli Lilly & Co.		1,506			346
Gilead Sciences, Inc.		407,094			28,032
HCA Healthcare, Inc.		30,474			6,300
Henry Schein, Inc. (a)		1,747			130
Humana, Inc.		5,206			2,305
Johnson & Johnson		63,307			10,429
McKesson Corp.		54,184			10,362
Merck & Co., Inc.		99,778			7,760
Organon & Co. (a)		9,873			299
Pfizer, Inc.		992,139			38,852
UnitedHealth Group, Inc.		2,278			912
Universal Health Services, Inc. ‘B’		3,995			585
Viatris, Inc.		58,333			834
					164,855
INDUSTRIALS 9.0%
3M Co.		12,041			2,392
AGCO Corp.		10,066			1,312
Alaska Air Group, Inc. (a)		7,744			467
American Airlines Group, Inc. (a)		343,627			7,288
Boeing Co. (a)		3,536			847
Caterpillar, Inc.		9,491			2,066
CH Robinson Worldwide, Inc.		21,117			1,978
CSX Corp.		5,073			163
Cummins, Inc.		6,867			1,674
Delta Air Lines, Inc. (a)		23,975			1,037
Eaton Corp. PLC		16,137			2,391

52 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

	SHARES			MARKET VALUE (000S)
Emerson Electric Co.		28,774	$		2,769
Expeditors International of Washington, Inc.		7,688			973
FedEx Corp.		44,570			13,297
Fluor Corp. (a)		265,087			4,692
General Electric Co.		1,322,454			17,800
Honeywell International, Inc.		7,108			1,559
Howmet Aerospace, Inc. (a)		23,949			826
Illinois Tool Works, Inc.		8,381			1,874
JetBlue Airways Corp. (a)		45,045			756
Johnson Controls International PLC		4,948			340
ManpowerGroup, Inc.		53,691			6,384
Neilsen Holdings PLC		56,622			1,397
Robert Half International, Inc.		4,236			377
Southwest Airlines Co. (a)		31,183			1,656
Spirit AeroSystems Holdings, Inc. ‘A’		109,107			5,149
Textron, Inc.		1,900			131
Union Pacific Corp.		16,498			3,628
United Airlines Holdings, Inc. (a)		18,578			971
WW Grainger, Inc.		1,455			637
					86,831
INFORMATION TECHNOLOGY 21.6%
Alliance Data Systems Corp.		56,787			5,917
Amdocs Ltd.		10,012			775
Apple, Inc.		282,079			38,634
Applied Materials, Inc.		67,382			9,595
Arrow Electronics, Inc. (a)		15,310			1,743
Avnet, Inc.		75,779			3,037
Cisco Systems, Inc.		330,016			17,491
Citrix Systems, Inc.		10,919			1,280
Cognizant Technology Solutions Corp. ‘A’		2,754			191
Corning, Inc.		111,629			4,566
DXC Technology Co. (a)		185,320			7,216
F5 Networks, Inc. (a)		6,138			1,146
Flex Ltd. (a)		75,308			1,346
Hewlett Packard Enterprise Co.		406,337			5,924
HP, Inc.		164,830			4,976
Intel Corp.		215,937			12,123
International Business Machines Corp.		92,054			13,494

	SHARES			MARKET VALUE (000S)
Jabil, Inc.		33,111	$		1,924
Juniper Networks, Inc.		176,678			4,832
KLA Corp.		1,240			402
Lam Research Corp.		265			172
Micron Technology, Inc. (a)		6,460			549
Microsoft Corp.		41,415			11,219
NetApp, Inc.		143,813			11,767
NortonLifeLock, Inc.		195,022			5,309
Oracle Corp.		132,738			10,332
Qorvo, Inc. (a)		1,944			380
QUALCOMM, Inc.		128,875			18,420
Skyworks Solutions, Inc.		3,060			587
Texas Instruments, Inc.		22,454			4,318
Western Digital Corp. (a)		101,510			7,224
Western Union Co.		10,908			251
Xerox Holdings Corp.		87,716			2,060
					209,200
MATERIALS 2.3%
Alcoa Corp. (a)		120,344			4,433
DuPont de Nemours, Inc.		5,695			441
Eastman Chemical Co.		8,664			1,011
Huntsman Corp.		18,004			477
International Paper Co.		41,911			2,570
LyondellBasell Industries NV ‘A’		61,938			6,372
Mosaic Co.		55,725			1,778
PPG Industries, Inc.		13,123			2,228
Reliance Steel & Aluminum Co.		7,977			1,204
United States Steel Corp.		65,591			1,574
					22,088
UTILITIES 2.5%
AES Corp.		137,032			3,572
Ameren Corp.		17,155			1,373
Evergy, Inc.		19,999			1,208
Eversource Energy		9,293			746
Exelon Corp.		139,758			6,193
FirstEnergy Corp.		19,994			744
Pinnacle West Capital Corp.		10,562			866
PPL Corp.		50,099			1,401
Public Service Enterprise Group, Inc.		32,803			1,960

	SHARES			MARKET VALUE (000S)
Southern Co.		66,049	$		3,997
Vistra Corp.		51,774			960
WEC Energy Group, Inc.		2,421			215
Xcel Energy, Inc.		18,580			1,224
					24,459
Total United States					938,458
Total Common Stocks (Cost $632,006)					948,026
REAL ESTATE INVESTMENT TRUSTS 1.6%
UNITED STATES 1.6%
REAL ESTATE 1.6%
Host Hotels & Resorts, Inc. (a)		298,003			5,093
Iron Mountain, Inc.		18,331			776
Park Hotels & Resorts, Inc. (a)		208,962			4,307
Simon Property Group, Inc.		22,166			2,892
Ventas, Inc.		29,271			1,671
Weyerhaeuser Co.		17,755			611
					15,350
Total Real Estate Investment Trusts (Cost $14,261)					15,350
Total Investments in Securities (Cost $646,267)					963,376
INVESTMENTS IN AFFILIATES 0.4%
SHORT-TERM INSTRUMENTS 0.4%
MUTUAL FUNDS 0.4%
PIMCO Government Money Market Fund
0.080% (b)(c)(d)		4,256,816			4,257
Total Short-Term Instruments (Cost $4,257)					4,257
Total Investments in Affiliates (Cost $4,257)					4,257
Total Investments 100.1% (Cost $650,524)			$		967,633
Other Assets and Liabilities, net (0.1)%					(1,134	)
Net Assets 100.0%			$		966,499

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 $4,187 were out on loan in exchange for $4,272 of cash collateral as of June 30, 2021. 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 ANNUAL REPORT | JUNE 30, 2021 53

Schedule of Investments PIMCO RAE US Fund (Cont.) June 30, 2021

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, 2021:

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)
Master Securities Lending Agreement
GSC	$	0	$	0	$	0	$	4,187	$	4,187	$	(4,272	)	$	(85	)
Total Borrowings and Other Financing Transactions	$	0	$	0	$	0	$	4,187

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	$	4,272	$	0	$	0	$	0	$	4,272
Total Borrowings	$	4,272	$	0	$	0	$	0	$	4,272
Payable for securities on loan - cash collateral									$	4,272

⁽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 June 30, 2021 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Investments in Securities, at Value
Common Stocks
Ireland
Information Technology	$	5,560	$	0	$	0	$	5,560
United Kingdom
Communication Services		2,068		0		0		2,068
Consumer Discretionary		1,165		0		0		1,165
Consumer Staples		775		0		0		775
United States
Communication Services		35,324		0		0		35,324
Consumer Discretionary		173,245		0		0		173,245
Consumer Staples		73,470		0		0		73,470
Energy		51,529		0		0		51,529
Financials		97,457		0		0		97,457
Health Care		164,855		0		0		164,855

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Industrials	$	86,831	$	0	$	0	$	86,831
Information Technology		209,200		0		0		209,200
Materials		22,088		0		0		22,088
Utilities		24,459		0		0		24,459
Real Estate Investment Trusts
United States
Real Estate		15,350		0		0		15,350
	$	963,376	$	0	$	0	$	963,376
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		4,257		0		0		4,257
Total Investments	$	967,633	$	0	$	0	$	967,633

There were no significant transfers into or out of Level 3 during the period ended June 30, 2021.

54 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAE US Small Fund June 30, 2021

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.5%
COMMON STOCKS 90.9%
ISRAEL 0.0%
INFORMATION TECHNOLOGY 0.0%
Cognyte Software Ltd. (a)		5,589	$		137
Total Israel					137
UNITED KINGDOM 0.2%
FINANCIALS 0.2%
Janus Henderson Group PLC		19,505			757
Total United Kingdom					757
UNITED STATES 90.7%
COMMUNICATION SERVICES 2.9%
AMC Entertainment Holdings, Inc. ‘A’ (a)(c)		70,373			3,989
AMC Networks, Inc. ‘A’ (a)		7,912			529
Cinemark Holdings, Inc. (a)		27,354			600
Clear Channel Outdoor Holdings, Inc. (a)		499,849			1,320
iHeartMedia, Inc. ‘A’ (a)		31,236			841
John Wiley & Sons, Inc. ‘A’		12,105			728
Lions Gate Entertainment Corp. ‘A’ (a)		29,315			607
Meredith Corp. (a)		21,022			913
NII Holdings, Inc. (a)		22,836			55
Scholastic Corp.		7,084			268
Sinclair Broadcast Group, Inc. ‘A’		20,033			665
TripAdvisor, Inc. (a)		12,376			499
					11,014
CONSUMER DISCRETIONARY 19.6%
Aaron’s Co., Inc.		4,771			153
Abercrombie & Fitch Co. ‘A’ (a)		337,354			15,663
Adtalem Global Education, Inc. (a)		8,166			291
American Axle & Manufacturing Holdings, Inc. (a)		28,752			298
American Eagle Outfitters, Inc.		36,885			1,384
American Outdoor Brands, Inc. (a)		1,959			69
Asbury Automotive Group, Inc. (a)		9,687			1,660
Bloomin’ Brands, Inc. (a)		33,495			909
Brinker International, Inc. (a)		38,727			2,395
Buckle, Inc.		21,154			1,052
Cheesecake Factory, Inc. (a)		47,704			2,585
Children’s Place, Inc. (a)		2,251			209
Churchill Downs, Inc.		1,594			316
Core-Mark Holding Co., Inc.		83,572			3,762
Cracker Barrel Old Country Store, Inc.		2,781			413
Dana, Inc.		34,328			816
Dave & Buster’s Entertainment, Inc. (a)		12,536			509
Deckers Outdoor Corp. (a)		3,594			1,380
Designer Brands, Inc.’A’ (a)		75,632			1,252
Dillard’s, Inc. ‘A’ (c)		19,451			3,518
Fossil Group, Inc. (a)		56,315			804
G-III Apparel Group Ltd. (a)		31,641			1,040
Graham Holdings Co. ‘B’		1,125			713
Group 1 Automotive, Inc.		9,468			1,462
Groupon, Inc. (a)		11,980			517
Guess?, Inc.		29,718			785
Hilton Grand Vacations, Inc. (a)		17,573			727

	SHARES			MARKET VALUE (000S)
Houghton Mifflin Harcourt Co. (a)		82,837	$		915
International Game Technology PLC (a)		29,291			702
Jack in the Box, Inc.		33,123			3,691
Kontoor Brands, Inc.		7,304			412
La-Z-Boy, Inc.		10,891			403
Laureate Education, Inc. ‘A’ (a)		3,665			53
MDC Holdings, Inc.		10,025			507
Meritage Homes Corp. (a)		8,304			781
Murphy USA, Inc.		8,728			1,164
Papa John’s International, Inc.		3,161			330
Red Rock Resorts, Inc. ‘A’ (a)		4,583			195
SeaWorld Entertainment, Inc. (a)		11,572			578
Signet Jewelers Ltd. (a)		193,177			15,607
Sonic Automotive, Inc. ‘A’		16,055			718
Steven Madden Ltd.		9,605			420
Thor Industries, Inc.		6,145			694
Tri Pointe Homes, Inc. (a)		24,624			528
Tupperware Brands Corp. (a)		51,464			1,222
Visteon Corp. (a)		11,440			1,384
Wolverine World Wide, Inc.		11,881			400
					75,386
CONSUMER STAPLES 5.2%
B&G Foods, Inc. (c)		81,736			2,681
Edgewell Personal Care Co.		17,278			759
Fresh Del Monte Produce, Inc.		13,995			460
Ingles Markets, Inc. ‘A’		6,838			398
J&J Snack Foods Corp.		1,207			211
National Beverage Corp.		2,753			130
Nu Skin Enterprises, Inc. ‘A’		25,336			1,435
Performance Food Group Co. (a)		17,461			847
PriceSmart, Inc.		2,796			254
Rite Aid Corp. (a)		508,205			8,284
Sanderson Farms, Inc.		3,785			711
Sprouts Farmers Market, Inc. (a)		15,250			379
TreeHouse Foods, Inc. (a)		10,073			448
Universal Corp.		15,824			902
USANA Health Sciences, Inc. (a)		2,677			274
Vector Group Ltd.		50,132			709
Weis Markets, Inc.		19,542			1,010
					19,892
ENERGY 20.6%
Arch Resources, Inc. (a)		26,713			1,522
Callon Petroleum Co. (a)		1,751			101
Centennial Resource Development, Inc. (a)		1,757,403			11,915
ChampionX Corp. (a)		1,600			41
CNX Resources Corp. (a)		34,745			475
CVR Energy, Inc.		14,890			267
Delek U.S. Holdings, Inc.		11,663			252
Dril-Quip, Inc. (a)		5,893			199
Kosmos Energy Ltd. (a)		11,128			39
Nabors Industries Ltd. (a)		144,772			16,539
Oceaneering International, Inc. (a)		370,764			5,773
Patterson-UTI Energy, Inc.		488,395			4,855
PDC Energy, Inc.		8,606			394
Range Resources Corp. (a)		303,255			5,083
Renewable Energy Group, Inc. (a)		20,088			1,252
SM Energy Co.		1,010,235			24,882

	SHARES			MARKET VALUE (000S)
Southwestern Energy Co. (a)		968,990	$		5,494
					79,083
FINANCIALS 5.5%
Affiliated Managers Group, Inc.		14,635			2,257
American Equity Investment Life Holding Co.		18,323			592
Artisan Partners Asset Management, Inc. ‘A’		10,894			554
Associated Banc-Corp.		22,254			456
Bank of Hawaii Corp.		5,987			504
Bank OZK		10,637			448
BankUnited, Inc.		17,935			766
Banner Corp.		1,400			76
BGC Partners, Inc. ‘A’		47,120			267
Capitol Federal Financial, Inc.		28,586			337
Cathay General Bancorp		9,172			361
Cohen & Steers, Inc.		2,710			223
Columbia Banking System, Inc.		6,272			242
Evercore, Inc. ‘A’		8,093			1,139
Federated Investors, Inc. ‘B’		17,947			609
First Hawaiian, Inc.		19,850			563
FirstCash, Inc.		3,198			244
FNB Corp.		46,022			567
Fulton Financial Corp.		39,010			616
Great Western Bancorp, Inc.		9,917			325
Hilltop Holdings, Inc.		22,013			801
Home BancShares, Inc.		7,432			183
Hope Bancorp, Inc.		20,227			287
Houlihan Lokey, Inc.		2,130			174
International Bancshares Corp.		8,268			355
Investors Bancorp, Inc.		44,543			635
Mercury General Corp.		3,902			253
Nelnet, Inc. ‘A’		4,655			350
Old National Bancorp		8,603			152
ProAssurance Corp.		43,960			1,000
PROG Holdings, Inc.		6,103			294
Radian Group, Inc.		18,502			412
Selective Insurance Group, Inc.		3,948			320
Sterling Bancorp		4,156			103
Stewart Information Services Corp.		16,870			956
Trustmark Corp.		11,530			355
Umpqua Holdings Corp.		62,473			1,153
Walker & Dunlop, Inc.		765			80
Washington Federal, Inc.		21,494			683
White Mountains Insurance Group Ltd.		1,107			1,271
					20,963
HEALTH CARE 8.7%
Acadia Healthcare Co., Inc. (a)		27,924			1,752
Allscripts Healthcare Solutions, Inc. (a)		46,501			861
Amedisys, Inc. (a)		1,635			400
Covetrus, Inc. (a)		148,963			4,022
Haemonetics Corp. (a)		1,270			85
Magellan Health, Inc. (a)		12,640			1,191
MEDNAX, Inc. (a)		215,009			6,482
Myriad Genetics, Inc. (a)		140,174			4,286
National HealthCare Corp.		3,300			231
OPKO Health, Inc. (a)		67,332			273
Owens & Minor, Inc.		32,459			1,374
Patterson Cos., Inc.		197,762			6,010
Syneos Health, Inc. (a)		5,489			491

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2021 55

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

	SHARES			MARKET VALUE (000S)
United Therapeutics Corp. (a)		33,336	$		5,981
					33,439
INDUSTRIALS 10.6%
AAR Corp. (a)		14,870			576
ABM Industries, Inc.		6,218			276
ACCO Brands Corp.		32,521			281
Allegiant Travel Co. (a)		3,566			692
Apogee Enterprises, Inc.		4,794			195
Applied Industrial Technologies, Inc.		4,302			392
Arcosa, Inc.		14,753			867
Atlas Air Worldwide Holdings, Inc. (a)		15,059			1,026
Barnes Group, Inc.		6,278			322
Brady Corp. ‘A’		6,660			373
BrightView Holdings, Inc. (a)		1,748			28
Covanta Holding Corp.		34,657			610
Deluxe Corp.		18,581			888
Dycom Industries, Inc. (a)		7,926			591
EMCOR Group, Inc.		7,322			902
Encore Wire Corp.		1,369			104
EnerSys		4,836			473
EnPro Industries, Inc.		2,080			202
Forward Air Corp.		1,815			163
Franklin Electric Co., Inc.		3,114			251
GATX Corp.		12,590			1,114
Greenbrier Cos., Inc.		14,048			612
Hawaiian Holdings, Inc. (a)		19,708			480
Healthcare Services Group, Inc.		3,843			121
Herc Holdings, Inc. (a)		7,264			814
Herman Miller, Inc.		9,915			467
Hillenbrand, Inc.		10,967			483
HNI Corp.		9,508			418
Hub Group, Inc. ‘A’ (a)		2,460			162
Hyster-Yale Materials Handling, Inc.		1,789			130
Kaman Corp.		3,676			185
KBR, Inc.		12,364			472
Kelly Services, Inc. ‘A’ (a)		23,076			553
Kennametal, Inc.		6,786			244
Korn Ferry		5,018			364
Landstar System, Inc.		3,450			545
Masonite International Corp. (a)		4,042			452
MasTec, Inc. (a)		2,850			302
Matthews International Corp. ‘A’		4,342			156
Moog, Inc. ‘A’		7,787			654
MRC Global, Inc. (a)		18,030			169
Mueller Industries, Inc.		13,848			600
NOW, Inc. (a)		13,812			131
Pitney Bowes, Inc.		133,028			1,167
Primoris Services Corp.		5,846			172
Regal Beloit Corp.		8,110			1,083
Resideo Technologies, Inc. (a)		139,764			4,193
Rush Enterprises, Inc. ‘A’		8,183			354
Schneider National, Inc. ‘B’		12,567			273
Simpson Manufacturing Co., Inc.		4,116			454
SkyWest, Inc. (a)		8,558			369
Spirit Airlines, Inc. (a)		10,401			317
Steelcase, Inc. ‘A’		27,186			411
Terex Corp.		43,676			2,080
Tetra Tech, Inc.		5,095			622
Timken Co.		13,611			1,097
Trinity Industries, Inc.		31,970			860
Tutor Perini Corp. (a)		21,573			299

	SHARES			MARKET VALUE (000S)
UFP Industries, Inc.		2,390	$		178
Univar Solutions, Inc. (a)		34,166			833
Valmont Industries, Inc.		4,727			1,116
Wabash National Corp.		25,501			408
Watts Water Technologies, Inc. ‘A’		3,477			507
Werner Enterprises, Inc.		6,858			305
WESCO International, Inc. (a)		46,962			4,829
					40,767
INFORMATION TECHNOLOGY 6.6%
Amkor Technology, Inc.		37,434			886
Belden, Inc.		7,716			390
Benchmark Electronics, Inc.		24,354			693
Cirrus Logic, Inc. (a)		13,357			1,137
Coherent, Inc. (a)		1,582			418
Conduent, Inc. (a)		455,629			3,417
Contra BM Technologies (a)		582			7
Diodes, Inc. (a)		4,517			360
Insight Enterprises, Inc. (a)		12,920			1,292
InterDigital, Inc.		7,658			559
Knowles Corp. (a)		18,747			370
LiveRamp Holdings, Inc. (a)		4,216			198
Manhattan Associates, Inc. (a)		7,309			1,059
ManTech International Corp. ‘A’		898			78
NetScout Systems, Inc. (a)		33,588			959
PC Connection, Inc.		2,338			108
Plantronics, Inc. (a)		9,297			388
Plexus Corp. (a)		4,040			369
Sabre Corp. (a)		93,848			1,171
Sanmina Corp. (a)		20,636			804
Silicon Laboratories, Inc. (a)		1,125			173
Sykes Enterprises, Inc. (a)		8,999			483
Synaptics, Inc. (a)		11,094			1,726
Teradata Corp. (a)		139,131			6,952
TTM Technologies, Inc. (a)		32,137			460
Vishay Intertechnology, Inc.		27,873			629
Xperi Holding Corp.		11,548			257
					25,343
MATERIALS 6.2%
Allegheny Technologies, Inc. (a)		2,050			43
Avient Corp.		20,015			984
Boise Cascade Co.		4,018			234
Cabot Corp.		9,874			562
Carpenter Technology Corp.		6,894			277
Chemours Co.		69,320			2,412
Compass Minerals International, Inc.		6,536			387
Domtar Corp. (a)		123,836			6,806
Element Solutions, Inc.		71,612			1,674
Graphic Packaging Holding Co.		33,086			600
Greif, Inc. ‘A’		8,162			494
HB Fuller Co.		2,698			172
Innospec, Inc.		2,263			205
Kaiser Aluminum Corp.		3,032			374
Louisiana-Pacific Corp.		15,913			959
Minerals Technologies, Inc.		3,491			275
O-I Glass, Inc. (a)		17,873			292
Olin Corp.		22,889			1,059
Schnitzer Steel Industries, Inc. ‘A’		9,292			456
Schweitzer-Mauduit International, Inc.		6,616			267
Sensient Technologies Corp.		7,354			637
Silgan Holdings, Inc.		13,605			565

	SHARES			MARKET VALUE (000S)
Stepan Co.		2,358	$		284
Trinseo S.A.		39,201			2,346
Warrior Met Coal, Inc.		58,729			1,010
Worthington Industries, Inc.		8,595			526
					23,900
REAL ESTATE 3.5%
ESC Diamond Resort, Inc. (a)		3,173			0
Kennedy-Wilson Holdings, Inc.		14,634			291
New York REIT, Inc. «(a)		4,082			67
Realogy Holdings Corp. (a)		718,043			13,083
					13,441
UTILITIES 1.3%
ALLETE, Inc.		8,314			582
Avista Corp.		19,970			852
Hawaiian Electric Industries, Inc.		30,386			1,285
NorthWestern Corp.		11,278			679
PNM Resources, Inc.		19,164			935
Spire, Inc.		6,855			495
					4,828
Total United States					348,056
Total Common Stocks (Cost $156,672)					348,950
REAL ESTATE INVESTMENT TRUSTS 8.5%
UNITED STATES 8.5%
FINANCIALS 0.9%
Chimera Investment Corp.		133,439			2,010
Invesco Mortgage Capital, Inc. (c)		31,352			122
Ladder Capital Corp.		12,857			149
MFA Financial, Inc.		233,177			1,070
Two Harbors Investment Corp.		24,753			187
					3,538
REAL ESTATE 7.6%
Acadia Realty Trust		5,958			131
Alexander & Baldwin, Inc.		18,192			333
Apple Hospitality REIT, Inc.		61,685			941
Brandywine Realty Trust		34,519			473
Columbia Property Trust, Inc.		28,816			501
Corporate Office Properties Trust		14,524			407
DiamondRock Hospitality Co. (a)		47,475			461
DigitalBridge Group, Inc. (a)		222,797			1,760
Diversified Healthcare Trust		185,864			777
Empire State Realty Trust, Inc. ‘A’		18,101			217
Equity Commonwealth		11,817			310
GEO Group, Inc. (c)		38,213			272
Kite Realty Group Trust		28,524			628
Lexington Realty Trust		12,612			151
Macerich Co.		175,572			3,204
Outfront Media, Inc. (a)		37,630			904
Paramount Group, Inc.		53,146			535
Pebblebrook Hotel Trust		31,316			737
Piedmont Office Realty Trust, Inc. ‘A’		40,908			756
PS Business Parks, Inc.		1,580			234
Rayonier, Inc.		20,434			734
Retail Opportunity Investments Corp.		12,812			226
Retail Properties of America, Inc. ‘A’		123,484			1,414

56 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

	SHARES			MARKET VALUE (000S)
RLJ Lodging Trust		112,633	$		1,715
Ryman Hospitality Properties, Inc. (a)		2,922			231
Sabra Health Care REIT, Inc.		9,578			174
Service Properties Trust		58,927			742
SITE Centers Corp.		93,591			1,409
Spirit Realty Capital, Inc.		17,949			859
Sunstone Hotel Investors, Inc. (a)		136,326			1,693
Tanger Factory Outlet Centers, Inc. (c)		67,493			1,272
Uniti Group, Inc.		199,433			2,112
Urban Edge Properties		8,891			170
Washington Real Estate Investment Trust		9,204			212
Weingarten Realty Investors		24,057			772

	SHARES			MARKET VALUE (000S)
Xenia Hotels & Resorts, Inc. (a)		75,948	$		1,423
					28,890
Total Real Estate Investment Trusts (Cost $22,186)					32,428
WARRANTS 0.1%
BERMUDA 0.1%
ENERGY 0.1%
Nabors Industries Ltd. - Exp. 06/11/2026		24,354			244
Total Warrants (Cost $0)					244
Total Investments in Securities (Cost $178,858)					381,622

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 2.9%
SHORT-TERM INSTRUMENTS 2.9%
MUTUAL FUNDS 2.9%
PIMCO Government Money Market Fund
0.080% (b)(c)(d)		11,263,922	$		11,264
Total Short-Term Instruments (Cost $11,264)					11,264
Total Investments in Affiliates (Cost $11,264)					11,264
Total Investments 102.4% (Cost $190,122)			$		392,886
Other Assets and Liabilities, net (2.4)%					(9,181	)
Net Assets 100.0%			$		383,705

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 $11,025 were out on loan in exchange for $11,247 of cash collateral as of June 30, 2021. 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 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, 2021:

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)
Master Securities Lending Agreement
GSC	$	0	$	0	$	0	$	10,567	$	10,567	$	(10,779	)	$	(212	)
MSC		0		0		0		360		360		(368	)		(8	)
SAL		0		0		0		98		98		(100	)		(2	)
Total Borrowings and Other Financing Transactions	$	0	$	0	$	0	$	11,025

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	$	10,150	$	0	$	0	$	0	$	10,150
Real Estate Investment Trusts		1,097		0		0		0		1,097
Total Borrowings	$	11,247	$	0	$	0	$	0	$	11,247
Payable for securities on loan - cash collateral									$	11,247

⁽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.

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2021 57

Schedule of Investments PIMCO RAE US Small Fund (Cont.) June 30, 2021

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2021 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Investments in Securities, at Value
Common Stocks
Israel
Information Technology	$	137	$	0	$	0	$	137
United Kingdom
Financials		757		0		0		757
United States
Communication Services		10,959		55		0		11,014
Consumer Discretionary		75,386		0		0		75,386
Consumer Staples		19,892		0		0		19,892
Energy		79,083		0		0		79,083
Financials		20,963		0		0		20,963
Health Care		33,439		0		0		33,439
Industrials		40,767		0		0		40,767
Information Technology		25,336		7		0		25,343
Materials		23,900		0		0		23,900
Real Estate		13,374		0		67		13,441
Utilities		4,828		0		0		4,828

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Real Estate Investment Trusts
United States
Financials	$	3,538	$	0	$	0	$	3,538
Real Estate		28,890		0		0		28,890
Warrants
Bermuda
Energy		244		0		0		244
	$	381,493	$	62	$	67	$	381,622
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		11,264		0		0		11,264
Total Investments	$	392,757	$	62	$	67	$	392,886

There were no significant transfers into or out of Level 3 during the period ended June 30, 2021.

58 PIMCO EQUITY SERIES See Accompanying Notes

Notes to Financial Statements June 30, 2021

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

ANNUAL REPORT | JUNE 30, 2021 59

Notes to Financial Statements (Cont.)

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

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

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

	Distribution Frequency
Fund Name	Declared		Distributed
PIMCO RAE Emerging Markets Fund		Annually		Annually
PIMCO RAE Global Fund		Annually		Annually
PIMCO RAE Global ex-US Fund		Annually		Annually
PIMCO RAE International Fund		Annually		Annually
PIMCO RAE US Fund		Annually		Annually
PIMCO RAE US Small Fund		Annually		Annually

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 or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies,

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

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

(e) New Accounting Pronouncements and Regulatory Updates  In March 2020, the Financial Accounting Standards Board 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.

60 PIMCO EQUITY SERIES

June 30, 2021

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 rule went into effect on January 19, 2021 and funds will have a one-year 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 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 was 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 PIMCO 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 such data reflecting 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, quotes obtained from a quotation reporting system, established market makers or pricing services. Swap agreements are valued on the basis of market-based prices supplied by Pricing Services

ANNUAL REPORT | JUNE 30, 2021 61

Notes to Financial Statements (Cont.)

or quotes obtained from brokers and dealers. 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 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 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

62 PIMCO EQUITY SERIES

June 30, 2021

their direction would accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold. The Funds’ use of fair valuation may also help to deter “stale price arbitrage” as discussed under the “Abusive Trading Practices” section in each Fund’s prospectus.

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

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

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

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

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

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

accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

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

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

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

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or pricing services. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

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

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

ANNUAL REPORT | JUNE 30, 2021 63

Notes to Financial Statements (Cont.)

upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

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

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

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

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 June 30, 2021 (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 06/30/2021		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO RAE Emerging Markets Fund	$	41,651	$	274,674	$	(249,822	)	$	0	$	0	$	66,503	$	3	$	0
PIMCO RAE International Fund		43,067		465,048		(439,446	)		0		0		68,669		3		0
PIMCO RAE US Fund		10,843		104,939		(111,525	)		0		0		4,257		0		0
PIMCO RAE US Small Fund		9,805		129,446		(127,987	)		0		0		11,264		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

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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 June 30, 2021 (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 06/30/2021		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO RAE Emerging Markets Fund	$	36,058	$	3,263	$	(18,490	)	$	3,343	$	14,311	$	38,485	$	710	$	0
PIMCO RAE International Fund		116,809		7,939		(47,624	)		5,268		36,840		119,232		2,929		0
PIMCO RAE US Fund		124,075		11,054		(50,631	)		8,501		41,513		134,512		3,140		1,144
Totals	$	276,942	$	22,256	$	(116,745	)	$	17,112	$	92,664	$	292,229	$	6,779	$	1,144

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 06/30/2021		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO RAE Emerging Markets Fund	$	15,231	$	3,395	$	(4,434	)	$	167	$	8,044	$	22,403	$	329	$	0
PIMCO RAE International Fund		49,234		10,705		(9,421	)		30		18,815		69,363		1,351		0
Totals	$	64,465	$	14,100	$	(13,855	)	$	197	$	26,859	$	91,766	$	1,680	$	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 June 30, 2021, 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 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

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Notes to Financial Statements (Cont.)

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 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 Fund’s investment policies and restrictions. The Funds are currently permitted

to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

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On March 23, 2020, the SEC issued an exemptive order (the “Temporary Order”) to provide temporary relief to each Fund of the Trust in relation to the Interfund Lending Program, and the Board has authorized the Funds to rely on the Temporary Order. With respect to interfund lending, the Temporary Order permitted, under certain conditions, a lending fund to lend in aggregate up to 25% of its current net assets at the time of the interfund loan and to make interfund loans with term limits of up to the expiration of the Temporary Order, notwithstanding the current limit of seven business days under the Order. The SEC provided notice in April 2021 that the Temporary Order would be terminated on April 30, 2021.

During the period ended June 30, 2021, 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 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

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Notes to Financial Statements (Cont.)

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 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 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.

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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 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

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Notes to Financial Statements (Cont.)

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.

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

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June 30, 2021

Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

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

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

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the

Funds may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Funds are required by regulation to post additional collateral beyond coverage of daily exposure, they could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee  PIMCO is a majority-owned subsidiary of Allianz Asset Management of America 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.

ANNUAL REPORT | JUNE 30, 2021 71

Notes to Financial Statements (Cont.)

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%

⁽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 advisory 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.

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

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

	Allowable Rate
	Distribution Fee		Servicing Fee
Class A		—		0.25%

The Distributor also received the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares and the contingent deferred sales charges paid by the shareholders upon certain redemptions of Class A shares. For the period ended June 30, 2021, the Distributor retained $16,527 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) salaries and other compensation of any of the Trust’s executive officers and employees who are not officers, directors, stockholders, or employees

of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) the costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not “interested persons” of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expense, including costs of litigation and indemnification expenses; (vii) organizational expenses; and (viii) any expenses allocated or allocable to a specific class of shares, and may include certain other expenses as permitted by the Trust’s Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

(e) Expense Limitation  Pursuant to the Expense Limitation Agreement, PIMCO has agreed, through October 31, 2021, 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.

72 PIMCO EQUITY SERIES

June 30, 2021

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, 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 June 30, 2021, were as follows (amounts in thousands^†):

	Expiring within
Fund Name	12 months		13-24 months		25-36 months		Total
PIMCO RAE Emerging Markets Fund	$	4,311	$	5,389	$	889	$	10,589
PIMCO RAE Global Fund		707		605		215		1,527
PIMCO RAE Global ex-US Fund		160		156		51		367
PIMCO RAE International Fund		609		629		389		1,627
PIMCO RAE US Fund		857		780		288		1,925
PIMCO RAE US Small Fund		162		219		158		539

^†   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 June 30, 2021, the amounts were (in thousands^†):

Fund Name	Waived Fees
PIMCO RAE Emerging Markets Fund	$	115
PIMCO RAE Global Fund		23
PIMCO RAE Global ex-US Fund		6
PIMCO RAE International Fund		75
PIMCO RAE US Fund		57
PIMCO RAE US Small Fund		33

^†   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

ANNUAL REPORT | JUNE 30, 2021 73

Notes to Financial Statements (Cont.)

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 June 30, 2021, the amounts were (in thousands^†):

Fund Name	Waived Fees
PIMCO RAE Emerging Markets Fund	$	774
PIMCO RAE Global Fund		1,677
PIMCO RAE Global ex-US Fund		483
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.

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 June 30, 2021, 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	$	1,189,248	$	1,268,416
PIMCO RAE Global Fund		0		0		22,257		116,745
PIMCO RAE Global ex-US Fund		0		0		14,100		13,853
PIMCO RAE International Fund		0		0		893,810		932,677
PIMCO RAE US Fund		0		0		496,944		434,982
PIMCO RAE US Small Fund		0		0		526,766		756,700

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

74 PIMCO EQUITY SERIES

June 30, 2021

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
	Year Ended 06/30/2021						Year Ended 06/30/2020						Year Ended 06/30/2021						Year Ended 06/30/2020						Year Ended 06/30/2021						Year Ended 06/30/2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		90,678		$	794,687			106,725		$	971,435			745		$	6,891			9,288		$	80,341			956		$	10,641			676		$	5,338
I-2		4,941			52,084			542			4,758			9			97			5			43			13			147			3			34
Class A		8,306			89,323			3,035			29,025			29			329			24			201			285			2,595			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		(101,955	)		(956,691	)		(229,152	)		(1,735,767	)		(10,079	)		(108,984	)		(7,205	)		(62,887	)		(663	)		(7,380	)		(2,030	)		(18,776	)
I-2		(357	)		(3,532	)		(1,806	)		(16,841	)		(5	)		(44	)		(11	)		(90	)		(8	)		(65	)		(38	)		(377	)
Class A		(7,976	)		(86,262	)		(3,730	)		(34,998	)		(52	)		(506	)		(89	)		(826	)		(695	)		(6,957	)		(739	)		(6,753	)
Net increase (decrease) resulting from Fund share transactions		(3,616	)	$	(83,176	)		(115,902	)	$	(697,563	)		(8,607	)	$	(94,468	)		4,123		$	38,778			46		$	581			249		$	3,343

	PIMCO RAE International Fund												PIMCO RAE US Fund												PIMCO RAE US Small Fund
	Year Ended 06/30/2021						Year Ended 06/30/2020						Year Ended 06/30/2021						Year Ended 06/30/2020						Year Ended 06/30/2021						Year Ended 06/30/2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		60,949		$	545,204			99,138		$	731,893			22,764		$	258,994			15,595		$	157,838			28,708		$	305,247			64,231		$	474,380
I-2		2,273			25,205			166			1,451			1,534			20,537			1,715			17,369			440			6,253			86			777
Class A		1,917			20,724			98			884			404			5,109			336			3,362			3,632			52,055			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		(65,286	)		(651,421	)		(64,099	)		(506,205	)		(19,072	)		(227,677	)		(26,279	)		(267,969	)		(44,846	)		(581,210	)		(42,767	)		(343,280	)
I-2		(96	)		(959	)		(152	)		(1,128	)		(543	)		(6,815	)		(1,345	)		(13,429	)		(142	)		(2,060	)		(228	)		(2,236	)
Class A		(47	)		(454	)		(235	)		(2,023	)		(316	)		(3,665	)		(341	)		(3,419	)		(1,172	)		(16,420	)		(237	)		(2,215	)
Net increase (decrease) resulting from Fund share transactions		2,152		$	(37,481	)		36,988		$	245,513			6,878		$	71,065			(7,236	)	$	(70,323	)		(9,145	)	$	(188,303	)		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 June 30, 2021. 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%		59%
PIMCO RAE Global ex-US Fund		2		0		71%		0%
PIMCO RAE International Fund		0		3		0%		55%
PIMCO RAE US Fund		1		1		10%		14%
PIMCO RAE US Small Fund		0		2		0%		77%

ANNUAL REPORT | JUNE 30, 2021 75

Notes to Financial Statements (Cont.)

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 June 30, 2021, 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.

As of June 30, 2021, the components of distributable taxable earnings are as follows (amounts in thousands^†):

	Undistributed Ordinary Income(1)		Undistributed Long-Term Capital Gains		Net Tax Basis Unrealized Appreciation/ (Depreciation)(2)		Other Book-to-Tax Accounting Differences(3)			Accumulated Capital  Losses(4)			Qualified Late-Year Loss Deferral - Capital(5)		Qualified Late-Year Loss Deferral - Ordinary(6)		Total Distributable Earnings
PIMCO RAE Emerging Markets Fund	$	24,089	$	0	$	516,125	$	(12	)	$	(399,306	)	$	0	$	0	$	140,896
PIMCO RAE Global Fund		0		7,907		78,460		(4	)		0			0		0		86,363
PIMCO RAE Global ex-US Fund		417		0		13,638		(2	)		(1,268	)		0		0		12,785
PIMCO RAE International Fund		65,242		39,565		263,689		(5	)		(61,496	)		0		0		306,995
PIMCO RAE US Fund		9,551		66,932		289,185		(13	)		0			0		0		365,655
PIMCO RAE US Small Fund		20,177		68,414		184,936		(2	)		(28,227	)		0		0		245,298

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

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

⁽²⁾  Adjusted for open wash sale loss deferrals. Also adjusted for differences between book and tax realized and unrealized gain (loss) on non-REIT return of capital, and passive foreign investment companies (PFICs).

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

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

⁽⁵⁾  Capital losses realized during the period November 1, 2020 through June 30, 2021 which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

⁽⁶⁾  Specified losses realized during the period November 1, 2020 through June 30, 2021 and Ordinary losses realized during the period January 1, 2021 through June 30, 2021, which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

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

As of June 30, 2021, the Funds had the following post-effective capital losses with no expiration (amounts in thousands^†):

	Short-Term		Long-Term
PIMCO RAE Emerging Markets Fund	$	189,546	$	209,760
PIMCO RAE Global Fund		0		0
PIMCO RAE Global ex-US Fund		115		1,153
PIMCO RAE International Fund*		30,386		31,110
PIMCO RAE US Fund		0		0
PIMCO RAE US Small Fund*		19,718		8,509

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

* Portion of amount represents realized loss and recognized built-in loss under IRC Sections 382-83, which is carried forward to future years to offset future realized gain subject to certain limitations.

76 PIMCO EQUITY SERIES

June 30, 2021

As of June 30, 2021, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands^†):

	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)(7)
PIMCO RAE Emerging Markets Fund	$	1,320,482	$	546,549	$	(13,218	)	$	533,331
PIMCO RAE Global Fund		213,770		78,459		0			78,459
PIMCO RAE Global ex-US Fund		78,129		13,638		0			13,638
PIMCO RAE International Fund		897,301		265,799		(2,141	)		263,658
PIMCO RAE US Fund		678,435		292,315		(3,118	)		289,197
PIMCO RAE US Small Fund		207,943		185,670		(728	)		184,942

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

⁽⁷⁾  Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) on investments are attributable to open wash sale loss deferrals, passive foreign investment companies (PFICs), and non-REIT return of capital.

For the fiscal years ended June 30, 2021 and June 30, 2020, respectively, the Funds made the following tax basis distributions (amounts in thousands^†):

	June 30, 2021						June 30, 2020
	Ordinary Income Distributions(8)		Long-Term Capital Gain Distributions		Return of Capital(9)		Ordinary Income Distributions(8)		Long-Term Capital Gain Distributions		Return of Capital(9)
PIMCO RAE Emerging Markets Fund	$	27,500	$	0	$	0	$	75,011	$	10,192	$	0
PIMCO RAE Global Fund		6,800		950		0		10,700		11,300		0
PIMCO RAE Global ex-US Fund		1,600		0		0		3,068		2,232		0
PIMCO RAE International Fund		24,500		0		0		21,499		0		0
PIMCO RAE US Fund		18,680		6,500		0		21,796		16,805		0
PIMCO RAE US Small Fund		44,602		3,700		0		2,700		0		0

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

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

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

16. SUBSEQUENT EVENTS

Subsequent to year end, PIMCO notified Parametric of PIMCO’s intention to terminate the Portfolio Implementation Agreements with respect to the PIMCO RAE US Fund and PIMCO RAE US Small Fund on or after September 24, 2021 (the “First Termination Date”) and with respect to each additional Fund at PIMCO’s discretion, on a date or dates on or after the First Termination Date. At this time, the effective date(s) of the Terminations have not been finalized. Subsequent disclosure will be provided regarding the effective date(s) of the Terminations.

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

ANNUAL REPORT | JUNE 30, 2021 77

Report of Independent Registered Public Accounting Firm

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of 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 (six of the funds constituting PIMCO Equity Series^®, hereafter collectively referred to as the “Funds”) as of June 30, 2021, the related statements of operations for the year ended June 30, 2021, the statements of changes in net assets for each of the two years in the period ended June 30, 2021, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2021, and each of the financial highlights for each of the five years in the period ended June 30, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

August 26, 2021

We have served as the auditor of one or more investment companies PIMCO Equity Series^® since 2010.

78 PIMCO EQUITY SERIES

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

Counterparty Abbreviations:
BCY	Barclays Capital, Inc.	FICC	Fixed Income Clearing Corporation	MBC	HSBC Bank Plc
BMO	BMO Capital Markets Corporation	FOB	Credit Suisse Securities (USA) LLC	MSC	Morgan Stanley & Co. LLC.
BOS	BofA Securities, Inc.	GSC	Goldman Sachs & Co. LLC	SAL	Citigroup Global Markets, Inc.
BSN	The Bank of Nova Scotia - Toronto	IDD	ING Bank N.V.	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

ANNUAL REPORT | JUNE 30, 2021 79

Federal Income Tax Information

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

Dividend Received Deduction.  Corporate shareholders are generally entitled to take the dividend receiveddeduction on the portion of a Funds’ dividend distribution that qualifies under tax law. The percentage of the following Funds’ Fiscal 2021 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below:

Qualified Dividend Income.  Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended June 30, 2021 was designated as ‘qualified dividend income’ as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2021:

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only).  Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended June 30, 2021 are considered to be derived from “qualified interest income,” as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended June 30, 2021 are considered to be derived from “qualified short-term capital gain,” as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

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

	Dividend Received Deduction %		Qualified Dividend Income %		Qualified Interest Income (000s† )		Qualified Short-Term Capital Gain (000s†)		Foreign Source Income		Foreign Taxes Pass Through
PIMCO RAE Emerging Markets Fund		0.00%		100.00%	$	8	$	0	$	60,067,658	$	8,642,701
PIMCO RAE Global Fund		46.32%		100.00%		1		0		3,637,399		842,470
PIMCO RAE Global ex-US Fund		0.00%		100.00%		1		0		1,678,729		389,120
PIMCO RAE International Fund		0.00%		100.00%		15		0		36,907,174		3,122,217
PIMCO RAE US Fund		100.00%		100.00%		13		180		0		0
PIMCO RAE US Small Fund		51.66%		51.61%		9		36,100		0		0

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

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2022, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2021.

Section 163(j) Interest Dividends.   The fund intends to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in Proposed Treasury Section 1.163(j)-1(b).

The 163(j) percentage of ordinary income distributions are as follows:

	163 (j) Interest Dividends %
PIMCO RAE Emerging Markets Fund		0%
PIMCO RAE Global Fund		0%
PIMCO RAE Global ex-US Fund		0%
PIMCO RAE International Fund		0%
PIMCO RAE US Fund		0%
PIMCO RAE US Small Fund		0%

80 PIMCO EQUITY SERIES

(Unaudited)

Section 199A Dividends.  Non-corporate fund shareholders of the funds below meeting certain holding period requirements may be able to deduct up to 20 percent of qualified REIT dividends passed through and reported to the shareholders by the fund as Section 199A dividends. The Section 199A percentage of ordinary dividends are as follows:

	199A Dividends %
PIMCO RAE Emerging Markets Fund		0%
PIMCO RAE Global Fund		0%
PIMCO RAE Global ex-US Fund		0%
PIMCO RAE International Fund		0%
PIMCO RAE US Fund		0%
PIMCO RAE US Small Fund		12%

ANNUAL REPORT | JUNE 30, 2021 81

Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the “Act”), the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended June 30, 2021 calculated as of the end of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year.

The Funds distribute annually in December. The Funds did not pay distributions for the six month period ending June 30, 2021.

See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

82 PIMCO EQUITY SERIES

Approval of Investment Advisory Contract and Other Agreements (Unaudited)

Approval of Interim Sub-Advisory Agreement, Interim Portfolio Implementation Agreement, New Sub-Advisory Agreement and New Portfolio Implementation Agreement

On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. and its subsidiaries (the “Acquisition”), including Parametric Portfolio Associates LLC (“Parametric”), resulting in a change of control of Parametric. The Acquisition constituted an “assignment,” within the meaning of the Investment Company Act of 1940, as amended (the “1940 Act”), resulting in the automatic termination of the following agreements:

(i) the sub-advisory agreement between Pacific Investment Management Company LLC (“PIMCO”) and Parametric on behalf of the PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF, PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF, PIMCO RAFI Dynamic Multi-Factor International Equity ETF and PIMCO RAFI ESG U.S. ETF (collectively, the “RAFI ETFs”);

(ii) the portfolio implementation agreement among PIMCO, Research Affiliates, LLC (“RALLC”) and Parametric on behalf of the 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 (collectively, the “RAE Funds”); and

(iii) the portfolio implementation agreement among PIMCO, RALLC and Parametric with respect to the equity portion of the PIMCO Dividend and Income Fund (together with the RAFI ETFs and the RAE Funds, the “Funds” and each, a “Fund”).

In anticipation of the closing of the Acquisition, at a meeting held on January 15, 2021 (the “Meeting”), 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 1940 Act (the “Independent Trustees”), considered and unanimously approved an interim sub-advisory agreement on behalf of the RAFI ETFs between PIMCO and Parametric (the “Interim Sub-Advisory Agreement”); an interim portfolio implementation agreement on behalf of the RAE Funds among PIMCO, RALLC and Parametric (the “Interim RAE Portfolio Implementation Agreement”); and an interim portfolio implementation agreement on behalf of the PIMCO Dividend and Income Fund among PIMCO, RALLC and Parametric (together with the Interim Sub-Advisory Agreement and Interim RAE Portfolio Implementation Agreement, the “Interim Agreements”).¹ In addition, the Board, including the Independent Trustees, considered and unanimously approved a new sub-advisory agreement on behalf of the

RAFI ETFs between PIMCO and Parametric (the “Sub-Advisory Agreement”); a new portfolio implementation agreement on behalf of the RAE Funds among PIMCO, RALLC and Parametric (the “RAE Portfolio Implementation Agreement”); and a new portfolio implementation agreement on behalf of the PIMCO Dividend and Income Fund among PIMCO, RALLC and Parametric (together with the Sub-Advisory Agreement and the RAE Portfolio Implementation Agreement, the “New Agreements,” and the New Agreements together with the Interim Agreements, the “Agreements”).

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

1. INFORMATION RECEIVED

At the Meeting, the Board reviewed the materials provided by PIMCO, Parametric and counsel to the Trust and the Independent Trustees, which included, among other things, memoranda outlining the legal duties of the Board. The Board reviewed a variety of factors and considered a significant amount of information, including information and materials provided by Parametric prior to the Meeting regarding the Agreements, material changes (if any) since the Board’s August 2020 annual review of the existing agreements between PIMCO and Parametric related to the Funds and anticipated material changes (if any) in connection with the Acquisition, as well as materials Parametric provided in connection with the Board’s annual review in August 2020 of the existing agreements.

It is noted that following the Board’s August 2020 annual review of the existing agreements, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Funds by Parametric supported the renewal of the existing agreements, that the existing sub-advisory and portfolio implementation agreements continued to be fair and reasonable to the Funds and their shareholders, that the Funds’ shareholders received reasonable value in return for the fees paid to Parametric by PIMCO under those existing agreements, and that the renewal of such existing agreements was in the best interests of the Funds and their shareholders.

The approval determinations with respect to the Interim Agreements and the New Agreements were made on the basis of each Trustee’s business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the Interim Agreements, as well as the proposed

¹  The Meeting was held remotely in reliance on the relief granted by a temporary exemptive order issued by the U.S. Securities and Exchange Commission (the “SEC”) under the 1940 Act 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.

ANNUAL REPORT | JUNE 30, 2021 83

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

New Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. In approving the Agreements, the Trustees considered a number of factors discussed below. This discussion is not intended to be all-inclusive.

2. NATURE, EXTENT AND QUALITY OF SERVICES

The Board considered that Parametric currently serves as sub-adviser to the RAFI ETFs and portfolio implementer to the RAE Funds and the equity portion of the PIMCO Dividend and Income Fund and considered the nature, extent and quality of services currently provided by Parametric in these roles. The Board also considered that the terms of each Interim Agreement, except for term and escrow provisions required by applicable law, and each proposed New Agreement are materially identical to those of the corresponding current agreement. Further, the Board considered the depth and quality of Parametric’s sub-advisory and portfolio implementation capabilities, the experience and capabilities of its key personnel, and Parametric’s representations concerning the Acquisition’s potential effects on Parametric’s services to the Funds.

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

3. INVESTMENT PERFORMANCE

As part of the Board’s 2020 annual review of existing agreements between PIMCO and Parametric with respect to the Funds, the Board reviewed information from PIMCO (the “2020 PIMCO Report”), as well as information (the “2020 Broadridge Report”) from Broadridge Financial Solutions, Inc., concerning the Funds’ performance, as available, over short- and long-term periods. 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 2020 PIMCO Report and 2020 Broadridge Report, which were provided in advance of the August 2020 meeting.

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

The Board noted that, as with the current arrangements between each Fund and Parametric, PIMCO will compensate Parametric pursuant to the Interim Agreements and proposed New Agreements, and that no Fund will directly pay for Parametric’s services. The Board also considered that the fees proposed to be paid by PIMCO to Parametric pursuant to the Interim Agreements and New Agreements are the same as the fees paid by PIMCO to Parametric pursuant to the respective existing agreements. As part of the Board’s 2020 annual review of

those existing agreements, the Board reviewed the advisory and supervisory and administrative fees, or management fees, as applicable, 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 fees paid by PIMCO to Parametric with respect to the Funds under the existing agreements.

As part of the Board’s 2020 annual review, 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. The Board also considered as part of the 2020 annual review that the unified fee leads to Fund fees that are fixed over the contract period, rather than variable. As part of that review, 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.

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

The Board considered information on profitability to Parametric derived from its relationship with the Funds, comparative fee information (as described above), and information on the sharing of potential economies of scale with the Funds (as described above as well as in relation to the asset breakpoint thresholds applicable to fee rates payable to Parametric under the existing agreements, Interim Agreements and New Agreements). With respect to potential economies of scale, as part of the 2020 annual review, the Board 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. As part of the 2020 annual review, 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. As part of that review, 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

84 PIMCO EQUITY SERIES

(Unaudited)

when fixed dollar fees are charged against declining fund assets. The Trustees also considered as part of the 2020 annual review 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 at that review that PIMCO’s investments in these areas are extensive. The Board concluded at the 2020 annual review 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. CONCLUSIONS

Based on their review, including their consideration of each of the factors referred to above, a majority of the Board, including by a separate vote of a majority of the Independent Trustees, approved each Interim Agreement and each proposed New Agreement.

ANNUAL REPORT | JUNE 30, 2021 85

Shareholder Meeting Results (Unaudited)

Special Shareholder Meeting Results

The Funds held a special meeting of shareholders on March 26, 2021, which was, with respect to PIMCO RAE Global Fund, adjourned to April 16, 2021 and with respect to PIMCO RAE Global ex-US Fund, adjourned to April 23, 2021, to approve a new portfolio implementation agreement on behalf of the Funds among PIMCO, Research Affiliates, LLC, and Parametric (the “Proposal”). Shareholders voted on the Proposal as indicated below:

	For(1)		Against(1)		Abstain(1)(2)		Broker Non-Votes(2)
PIMCO RAE Emerging Markets Fund		129,087,739		5,378		40,302		0
PIMCO RAE Global Fund		28,949,421		0		0		0
PIMCO RAE Global ex-US Fund		4,000,070		294		41,067		0
PIMCO RAE International Fund		94,028,002		781		11,954		0
PIMCO RAE US Fund		41,044,180		17,361		206,122		0
PIMCO RAE US Small Fund		46,923,078		516		26,996		0

⁽¹⁾   Certain of the Funds’ shares may have been held by PIMCO-advised funds or accounts for which PIMCO had discretionary authority to vote proxies. Accordingly, if applicable, PIMCO voted such shares in proportion to the votes of all other Fund shareholders voting on the proposal.

⁽²⁾  Abstentions and broker non-votes (i.e., shares for which a broker returns a proxy but for which (i) the beneficial owner has not voted and (ii) the broker holding the shares does not have discretionary authority to vote on the particular matter) were treated as shares that were present at the meeting for purposes of establishing a quorum, but had the effect of a negative vote on the Proposal.

86 PIMCO EQUITY SERIES

Changes to the Board of Trustees (Unaudited)

Effective February 10, 2021, the Board of Trustees appointed Kimberley G. Stafford to the Board.

ANNUAL REPORT | JUNE 30, 2021 87

Management of the Trust

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

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

Name, Year of Birth and Position Held with Trust*	Term of Office and Length of Time Served†	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Public Company and Investment Company Directorships Held by Trustee During the Past 5 Years
Interested Trustees1
Peter G. Strelow (1970) Chairman of the Board and Trustee	02/2019 to present	Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President of the Trust, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance Trust and PIMCO ETF Trust, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO.	148	Chairman and Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust.
Kimberley G. Stafford (1978) Trustee	02/2021 to present	Managing Director, Global Head of Product Strategy, PIMCO; and Member of Executive Committee, PIMCO. Formerly, Head of Asia-Pacific, Global Head of Consultant Relations and Head of US Institutional and Alternatives Sales, PIMCO.	148	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust.
Independent Trustees
George E. Borst (1948) Trustee	05/2019 to present	Executive Advisor, McKinsey & Company; Formerly, Executive Advisor, Toyota Financial Services; and CEO, Toyota Financial Services.	148	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust; Director, MarineMax Inc.
Jennifer Holden Dunbar (1963) Trustee	02/2016 to present	Managing Director, Dunbar Partners, LLC (business consulting and investments). Formerly, Partner, Leonard Green & Partners, L.P.	148	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust; Director, PS Business Parks; Director, Big 5 Sporting Goods Corporation.
Kym M. Hubbard (1957) Trustee	05/2019 to present	Formerly, Global Head of Investments, Chief Investment Officer and Treasurer, Ernst & Young.	148	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust; Director, State Auto Financial Corporation.
Gary F. Kennedy (1955) Trustee	05/2019 to present	Formerly, Senior Vice President, General Counsel and Chief Compliance Officer, American Airlines and AMR Corporation (now American Airlines Group).	148	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust.
Peter B. McCarthy (1950) Trustee	09/2011 to present	Formerly, Assistant Secretary and Chief Financial Officer, United States Department of Treasury; Deputy Managing Director, Institute of International Finance.	148	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust.
Ronald C. Parker (1951) Lead Independent Trustee	02/2016 to present Lead Independent Trustee 05/2019 to present	Director of Roseburg Forest Products Company. Formerly, Chairman of the Board, The Ford Family Foundation; and President, Chief Executive Officer, Hampton Affiliates (forestry products).	148	Lead Independent Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust.

* Unless otherwise noted, the information for the individuals listed is as of June 30, 2021.

¹  Ms. Stafford is an “interested persons” of the Trust (as that term is defined in the 1940 Act) because of his affiliations with PIMCO.

^†  Trustees serve until their successors are duly elected and qualified.

88 PIMCO EQUITY SERIES

(Unaudited)

Executive Officers

Name, Year of Birth and Position Held with Trust*	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years†
Eric D. Johnson (1970) President	06/2019 to present	Executive Vice President and Head of Funds Business Group Americas, PIMCO. President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
David C. Flattum (1964) Chief Legal Officer	05/2019 to present	Managing Director and General Counsel, PIMCO. Chief Legal Officer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Formerly, Managing Director, Chief Operating Officer and General Counsel, Allianz Asset Management of America L.P.
Keisha Audain-Pressley (1975)** Chief Compliance Officer	01/2020 to present	Executive Vice President and Deputy Chief Compliance Officer, PIMCO. Chief Compliance Officer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Joshua D. Ratner (1976)** Senior Vice President	05/2019 to present	Executive Vice President and Head of Americas Operations, PIMCO. Senior Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Peter G. Strelow (1970) Senior Vice President	06/2019 to present	Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO.
Ryan G. Leshaw (1980) Vice President, Senior Counsel, Secretary	05/2019 to present	Executive Vice President and Senior Counsel, PIMCO. Vice President, Senior Counsel and Secretary, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Chief Legal Officer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Associate, Willkie Farr & Gallagher LLP.
Wu-Kwan Kit (1981) Assistant Secretary	08/2017 to present	Senior Vice President and Senior Counsel, PIMCO. Assistant Secretary, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Vice President, Senior Counsel and Secretary, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Assistant General Counsel, VanEck Associates Corp.
Jeffrey A. Byer (1976) Vice President	02/2020 to present	Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Elizabeth A. Duggan (1964) Vice President	02/2021 to present	Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT.
Brian J. Pittluck (1977) Vice President	01/2020 to present	Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Bijal Y. Parikh (1978) Treasurer	01/2021 to present	Senior Vice President, PIMCO. Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Erik C. Brown (1967)*** Assistant Treasurer	03/2010 to present	Executive Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Brandon T. Evans (1982) Assistant Treasurer	05/2019 to present	Vice President, PIMCO. Assistant Treasurer, Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Colleen D. Miller (1980)** Assistant Treasurer	02/2017 to present	Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Deputy Treasurer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Jason J. Nagler (1982)*** Assistant Treasurer	05/2015 to present	Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.

* Unless otherwise noted, the information for the individuals listed is as of August 13, 2021.

^† The term “PIMCO-Sponsored Closed-End Funds” as used herein includes: PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund Inc., PIMCO Corporate & Income Opportunity Fund, PIMCO Corporate & Income Strategy Fund, PIMCO Dynamic Credit and Mortgage Income Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund, PIMCO Energy and Tactical Credit Opportunities Fund, PIMCO Global StocksPLUS^® & Income Fund, PIMCO High Income Fund, PIMCO Income Opportunity Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II and PIMCO Strategic Income Fund, Inc.; the term “PIMCO-Sponsored Interval Funds” as used herein includes: PIMCO Flexible Credit Income Fund and PIMCO Flexible Municipal Income Fund.

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

*** The address of these officers is Pacific Investment Management Company LLC, 401 Congress Ave., Austin, Texas 78701.

ANNUAL REPORT | JUNE 30, 2021 89

Privacy  Policy¹ (Unaudited)

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

OBTAINING NON-PUBLIC PERSONAL INFORMATION

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

RESPECTING YOUR PRIVACY

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

SHARING INFORMATION WITH THIRD PARTIES

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

SHARING INFORMATION WITH AFFILIATES

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

PROCEDURES TO SAFEGUARD PRIVATE INFORMATION

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

INFORMATION COLLECTED FROM WEBSITES

The Funds or their service providers and partners may collect information from shareholders via websites they maintain. The information collected via websites maintained by the Funds or their service providers includes client non-public personal information.

CHANGES TO THE PRIVACY POLICY

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

¹ Amended as of June 25, 2020.

² PIMCO Investments LLC (“PI”) serves as the Funds’ distributor and does not provide brokerage services or any financial advice to investors in the Funds solely because it distributes the Funds. This Privacy Policy applies to the activities of PI to the extent that PI regularly effects or engages in transactions with or for a shareholder of a series of a Trust who is the record owner of such shares. For purposes of this Privacy Policy, references to “the Funds” shall include PI when acting in this capacity.

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

90 PIMCO EQUITY SERIES

Liquidity Risk Management Program (Unaudited)

In compliance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940, as amended (“1940 Act”), PIMCO Equity Series (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for each series of the Trust (each a “Fund” and collectively, the “Funds”) not regulated as a money market fund under 1940 Act Rule 2a-7, which is reasonably designed to assess and manage the Funds’ liquidity risk. The Trust’s Board of Trustees (the “Board”) previously approved the designation of the PIMCO Liquidity Risk Committee (the “Administrator”) as Program administrator. The PIMCO Liquidity Risk Committee consists of senior members from certain PIMCO business areas, such as Portfolio Risk Management, Americas Operations, Compliance, Account Management and Portfolio Management, and is advised by members of PIMCO Legal.

A Fund’s “liquidity risk” is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually taking into consideration a variety of factors, including, as applicable, the Fund’s investment strategy and liquidity of portfolio investments, cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions. Each Fund portfolio investment is classified into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below) based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without significantly changing the investment’s market value. Each Fund has adopted a “Highly Liquid Investment Minimum” (or “HLIM”), which is a minimum amount of Fund net assets to be invested in highly liquid investments that are assets. As required under the Liquidity Rule, each Fund’s HLIM is periodically reviewed, no less frequently than annually, and the Funds have adopted policies and procedures for responding to a shortfall of a Fund’s highly liquid investments below its HLIM. The Liquidity Rule also limits the Funds’ investments in illiquid investments by prohibiting a Fund from acquiring any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. Certain non-public reporting is generally required if a Fund’s holdings of illiquid investments that are assets were to exceed 15% of Fund net assets.

At a meeting of the Board held on February 9-10, 2021, the Board received a report (the “Report”) from the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from December 1, 2019 through December 31, 2020. The Report reviewed the operation of the Program’s components during such period, noted the March-April 2020 market conditions and associated monitoring by the Administrator, and stated that the Program is operating effectively to assess and manage each Fund’s liquidity risk and that the Program has been and continues to be adequately and effectively implemented to monitor and, as applicable, respond to the Funds’ liquidity developments. This has remained true for the 12-month period ended June 30, 2021.

ANNUAL REPORT | JUNE 30, 2021 91

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, I-3, 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.

PES3003AR_063021

PIMCO EQUITY SERIES^®

Annual Report

June 30, 2021

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				34
Statements of Operations				38
Statements of Changes in Net Assets				40
Notes to Financial Statements				63
Report of Independent Registered Public Accounting Firm				87
Glossary				88
Federal Income Tax Information				89
Distribution Information				91
Changes to the Board of Trustees				95
Management of the Trust				96
Privacy Policy				98
Liquidity Risk Management Program				99
Fund	Fund Summary		Schedule of Investments
PIMCO REALPATH® Blend 2025 Fund		8		42
PIMCO REALPATH® Blend 2030 Fund		10		45
PIMCO REALPATH® Blend 2035 Fund		12		48
PIMCO REALPATH® Blend 2040 Fund		14		50
PIMCO REALPATH® Blend 2045 Fund		16		52
PIMCO REALPATH® Blend 2050 Fund		18		54
PIMCO REALPATH® Blend 2055 Fund		20		56
PIMCO REALPATH® Blend 2060 Fund		22		58
PIMCO REALPATH® Blend Income Fund		24		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 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 Annual Report, which covers the 12-month reporting period ended June 30, 2021. 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 12-month reporting period ended June 30, 2021

The global economy was severely impacted by the repercussions related to the COVID-19 pandemic (“COVID-19”). Looking back, second quarter 2020 U.S. annualized gross domestic product (“GDP”) growth 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. GDP growth in the U.S. was then 4.3% and 6.3% during the fourth quarter of 2020 and the first quarter of 2021, respectively. Finally, the Commerce Department’s initial estimate for second quarter annualized GDP growth — released after the reporting period ended — was 6.5%.

Despite improving economic data and inflationary concerns, the Federal Reserve (the “Fed”) maintained its accommodative monetary policy. This included keeping the federal funds rate at an all-time low of a range between 0.00% and 0.25%, as well as continuing to purchase at least $80 billion a month of Treasury securities and $40 billion a month of agency mortgage-backed securities. However, at its June 2021 meeting, the Fed pushed forward its forecast for the first rate hikes. The central bank now expects two interest rate increases by the end of 2023, compared to 2024 in its March 2021 update. In addition, while Fed Chair Jerome Powell said it would begin discussing a scaling back of bond purchases, he maintained his view on inflation, saying, “As these transitory supply effects abate, inflation is expected to drop back toward our longer-run goal.” He also said that any discussion of raising rates was “highly premature.”

Economies outside the U.S. also continued to be impacted by COVID-19. In its April 2021 World Economic Outlook Update, the International Monetary Fund (“IMF”) said it expects U.S. GDP growth to be 6.4% in 2021, compared to a 3.5% contraction in 2020. Elsewhere, the IMF expects 2021 GDP growth in the eurozone, U.K. and Japan will be 4.4%, 5.3% and 3.3%, respectively. For comparison purposes, the GDP of these economies was projected to be -6.6%, -9.9% and -4.8%, respectively, in 2020.

Central banks outside the U.S. also maintained their aggressive actions to support their economies. The European Central Bank (the “ECB”) kept rates at an all-time low. It also continued to purchase bonds and, in June 2021, vowed to increase its purchases at a significantly higher pace than earlier in the year. Finally, in July 2021, after the reporting period ended, the ECB announced its first strategy review since 2003, which included a 2% inflation target over the medium term, versus its previous target for inflation that was below but close to 2%. Elsewhere, the Bank of England held its key lending rate at a record low of 0.10% and continued its bond buying program. In June 2021, the central bank said it did not expect to raise rates until there was clear evidence that significant progress was being made in eliminating spare capacity and achieving its 2% inflation target. Also of note, the U.K. and the European Union agreed to a long-awaited Brexit deal. Finally, the Bank of Japan maintained its short-term interest rate at -0.10%, while increasing the target for its holdings of corporate bonds. In June 2021, it extended the September deadline for its COVID-19-relief program by at least six months.

Both short- and long-term U.S. Treasury yields moved higher, albeit from very low levels, during the reporting period. The yield on the benchmark 10-year U.S. Treasury note was 1.45% at the end of the reporting period, versus 0.66% on 30 June 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 -1.26%. Meanwhile, the Bloomberg Barclays Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned 3.11%. Riskier fixed income asset classes, including high yield corporate

2 PIMCO EQUITY SERIES

bonds and emerging market debt, produced stronger returns. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned 14.86%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned 6.81%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned 6.57%.

Despite the headwinds from COVID-19 and periods of volatility, global equities produced exceptionally strong results. All told, U.S. equities, as represented by the S&P 500 Index, returned 40.79%, fueled, in our view, by accommodative monetary and fiscal policy, as well as improved investor sentiment after positive COVID-19 vaccine news. Global equities, as represented by the MSCI World Index, returned 39.04%, whereas emerging market equities, as measured by the MSCI Emerging Markets Index, returned 40.90%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in JPY), returned 31.29% and European equities, as represented by the MSCI Europe Index, returned 27.94%.

Commodity prices were volatile but generally produced positive results. When the reporting period began, Brent crude oil was approximately $42 a barrel, but ended the reporting period at roughly $75 a barrel. We believe oil prices rallied as producers reduced their output and then demand increased as global growth improved. Elsewhere, copper prices moved sharply higher, whereas gold prices 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 several other major currencies. For example, the U.S. dollar returned -5.55% and -11.53% versus the euro and the British pound, respectively. However, the U.S. dollar rose 2.86 versus the Japanese yen.

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.

ANNUAL REPORT | JUNE 30, 2021 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

ANNUAL REPORT | JUNE 30, 2021 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) 87-PIMCO. Any election to receive reports in paper will apply to all funds held with the fund complex if invested directly with a Fund or to all funds held in the investor’s account if invested through a financial intermediary.

In 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.

ANNUAL REPORT | JUNE 30, 2021 7

PIMCO REALPATH^® Blend 2025 Fund

Cumulative Returns Through June 30, 2021

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

Investment Objective and Strategy Overview

PIMCO REALPATH^® Blend 2025 Fund seeks to maximize total return, consistent with prudent investment management, by investing under normal circumstances in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any of the preceding securities mentioned. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended June 30, 2021
		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2025 Fund Institutional Class		22.73%		10.42%		8.34%
	PIMCO REALPATH® Blend 2025 Fund Administrative Class		22.40%		10.14%		8.06%
	PIMCO REALPATH® Blend 2025 Fund Class A		22.18%		9.89%		7.81%
	PIMCO REALPATH® Blend 2025 Fund Class A (adjusted)		15.45%		8.66%		6.87%
	S&P Target Date 2025 Index±		21.67%		9.76%		7.98%

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.

^± 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 0.37% for the Institutional Class shares, 0.62% for the Administrative Class shares, and 0.87% 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 June 30, 2021^†§

Vanguard Institutional Index Fund ‘Institutional’	24.5%
Vanguard Developed Markets Index Fund ‘Institutional’	14.8%
PIMCO Income Fund	11.2%
PIMCO Total Return Fund	8.8%
PIMCO Long-Term U.S. Government Fund	7.7%
PIMCO Long-Term Real Return Fund	6.9%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	6.5%
Vanguard Small-Cap Index Fund ‘Institutional’	4.1%
PIMCO Emerging Markets Local Currency and Bond Fund	4.1%
PIMCO Real Return Fund	3.6%

^†  % 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.

» Exposure to U.S. real estate investment trust (“REIT”) securities contributed to absolute performance, as U.S. REIT securities posted positive returns.

» Exposure to long-duration U.S. Treasuries detracted from absolute performance, as long-duration U.S. Treasuries posted negative returns.

ANNUAL REPORT | JUNE 30, 2021 9

PIMCO REALPATH^® Blend 2030 Fund

Cumulative Returns Through June 30, 2021

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

Investment Objective and Strategy Overview

PIMCO REALPATH^® Blend 2030 Fund seeks to maximize total return, consistent with prudent investment management, by investing under normal circumstances in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any of the preceding securities mentioned. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended June 30, 2021
		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2030 Fund Institutional Class		26.03%		11.32%		8.97%
	PIMCO REALPATH® Blend 2030 Fund Administrative Class		25.71%		11.03%		8.70%
	PIMCO REALPATH® Blend 2030 Fund Class A		25.53%		10.79%		8.44%
	PIMCO REALPATH® Blend 2030 Fund Class A (adjusted)		18.64%		9.56%		7.51%
	S&P Target Date 2030 Index±		25.71%		10.76%		8.71%

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.

^± 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 0.31% for the Institutional Class shares, 0.56% for the Administrative Class shares, and 0.81% 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 June 30, 2021^†§

Vanguard Institutional Index Fund ‘Institutional’	30.5%
Vanguard Developed Markets Index Fund ‘Institutional’	17.3%
PIMCO Long-Term U.S. Government Fund	9.0%
PIMCO Income Fund	7.8%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	7.7%
PIMCO Total Return Fund	5.4%
Vanguard Small-Cap Index Fund ‘Institutional’	5.0%
PIMCO Long-Term Real Return Fund	5.0%
PIMCO Emerging Markets Local Currency and Bond Fund	3.5%
PIMCO Real Return Fund	2.2%

^†  % 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.

» Exposure to U.S. real estate investment trust (“REIT”) securities contributed to absolute performance, as U.S. REIT securities posted positive returns.

» Exposure to long-duration U.S. Treasuries detracted from absolute performance, as long-duration U.S. Treasuries posted negative returns.

ANNUAL REPORT | JUNE 30, 2021 11

PIMCO REALPATH^® Blend 2035 Fund

Cumulative Returns Through June 30, 2021

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

Investment Objective and Strategy Overview

PIMCO REALPATH^® Blend 2035 Fund seeks to maximize total return, consistent with prudent investment management, by investing under normal circumstances in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any of the preceding securities mentioned. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended June 30, 2021
		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2035 Fund Institutional Class		29.68%		11.97%		9.35%
	PIMCO REALPATH® Blend 2035 Fund Administrative Class		29.36%		11.69%		9.07%
	PIMCO REALPATH® Blend 2035 Fund Class A		28.97%		11.40%		8.81%
	PIMCO REALPATH® Blend 2035 Fund Class A (adjusted)		21.87%		10.14%		7.87%
	S&P Target Date 2035 Index±		30.35%		11.82%		9.48%

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.

^± 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.

12 PIMCO EQUITY SERIES

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

Top 10 Holdings as of June 30, 2021^†§

Vanguard Institutional Index Fund ‘Institutional’	34.8%
Vanguard Developed Markets Index Fund ‘Institutional’	20.1%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	8.3%
PIMCO Long-Term U.S. Government Fund	7.4%
PIMCO Income Fund	5.8%
Vanguard Small-Cap Index Fund ‘Institutional’	5.6%
PIMCO Total Return Fund	3.8%
PIMCO Long-Term Real Return Fund	3.2%
PIMCO Emerging Markets Local Currency and Bond Fund	3.0%
PIMCO Real Return Fund	1.6%

^†  % 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.

» Exposure to U.S. real estate investment trust (“REIT”) securities contributed to absolute performance, as U.S. REIT securities posted positive returns.

» Exposure to long-duration U.S. Treasuries detracted from absolute performance, as long-duration U.S. Treasuries posted negative returns.

ANNUAL REPORT | JUNE 30, 2021 13

PIMCO REALPATH^® Blend 2040 Fund

Cumulative Returns Through June 30, 2021

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

Investment Objective and Strategy Overview

PIMCO REALPATH^® Blend 2040 Fund seeks to maximize total return, consistent with prudent investment management, by investing under normal circumstances in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any of the preceding securities mentioned. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended June 30, 2021
		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2040 Fund Institutional Class		32.50%		12.47%		9.75%
	PIMCO REALPATH® Blend 2040 Fund Administrative Class		32.21%		12.20%		9.47%
	PIMCO REALPATH® Blend 2040 Fund Class A		31.91%		11.91%		9.19%
	PIMCO REALPATH® Blend 2040 Fund Class A (adjusted)		24.61%		10.65%		8.25%
	S&P Target Date 2040 Index±		33.56%		12.55%		10.00%

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.

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

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

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

The Fund’s total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses), were 0.23% for the Institutional Class shares, 0.48% for the Administrative Class shares, and 0.73% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

14 PIMCO EQUITY SERIES

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

Top 10 Holdings as of June 30, 2021^†§

Vanguard Institutional Index Fund ‘Institutional’	38.3%
Vanguard Developed Markets Index Fund ‘Institutional’	24.3%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	8.3%
Vanguard Small-Cap Index Fund ‘Institutional’	6.2%
PIMCO Long-Term U.S. Government Fund	5.7%
PIMCO Income Fund	4.1%
PIMCO Total Return Fund	2.8%
PIMCO Long-Term Real Return Fund	2.4%
PIMCO Emerging Markets Local Currency and Bond Fund	2.1%
PIMCO Real Return Fund	1.1%

^†  % of Investments, at value.

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

Fund Insights

The following affected performance (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.

» Exposure to U.S. real estate investment trust (“REIT”) securities contributed to absolute performance, as U.S. REIT securities posted positive returns.

» Exposure to long-duration U.S. Treasuries detracted from absolute performance, as long-duration U.S. Treasuries posted negative returns.

ANNUAL REPORT | JUNE 30, 2021 15

PIMCO REALPATH^® Blend 2045 Fund

Cumulative Returns Through June 30, 2021

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

Investment Objective and Strategy Overview

PIMCO REALPATH^® Blend 2045 Fund seeks to maximize total return, consistent with prudent investment management, by investing under normal circumstances in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any of the preceding securities mentioned. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended June 30, 2021
		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2045 Fund Institutional Class		34.67%		12.86%		9.93%
	PIMCO REALPATH® Blend 2045 Fund Administrative Class		34.30%		12.56%		9.65%
	PIMCO REALPATH® Blend 2045 Fund Class A		34.03%		12.28%		9.38%
	PIMCO REALPATH® Blend 2045 Fund Class A (adjusted)		26.68%		11.02%		8.44%
	S&P Target Date 2045 Index±		35.51%		12.99%		10.31%

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.

^± 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 0.19% for the Institutional Class shares, 0.44% for the Administrative Class shares, and 0.69% 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 June 30, 2021^†§

Vanguard Institutional Index Fund ‘Institutional’	40.3%
Vanguard Developed Markets Index Fund ‘Institutional’	28.0%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	7.9%
Vanguard Small-Cap Index Fund ‘Institutional’	6.6%
PIMCO Long-Term U.S. Government Fund	4.2%
PIMCO Income Fund	2.3%
PIMCO Total Return Fund	2.1%
PIMCO Long-Term Real Return Fund	1.8%
PIMCO Emerging Markets Local Currency and Bond Fund	0.9%
PIMCO Real Return Fund	0.8%

^†  % of Investments, at value.

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

Fund Insights

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

» Exposure to U.S. large 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.

» Exposure to U.S. real estate investment trust (“REIT”) securities contributed to absolute performance, as U.S. REIT securities posted positive returns.

» Exposure to long-duration U.S. Treasuries detracted from absolute performance, as long-duration U.S. Treasuries posted negative returns.

ANNUAL REPORT | JUNE 30, 2021 17

PIMCO REALPATH^® Blend 2050 Fund

Cumulative Returns Through June 30, 2021

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

Investment Objective and Strategy Overview

PIMCO REALPATH^® Blend 2050 Fund seeks to maximize total return, consistent with prudent investment management, by investing under normal circumstances in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any of the preceding securities mentioned. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended June 30, 2021
		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2050 Fund Institutional Class		35.82%		13.04%		10.10%
	PIMCO REALPATH® Blend 2050 Fund Administrative Class		35.44%		12.74%		9.80%
	PIMCO REALPATH® Blend 2050 Fund Class A		35.11%		12.47%		9.53%
	PIMCO REALPATH® Blend 2050 Fund Class A (adjusted)		27.68%		11.20%		8.59%
	S&P Target Date 2050 Index±		36.49%		13.30%		10.52%

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.

^± 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 0.16% for the Institutional Class shares, 0.41% for the Administrative Class shares, and 0.66% 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 June 30, 2021^†§

Vanguard Institutional Index Fund ‘Institutional’	41.8%
Vanguard Developed Markets Index Fund ‘Institutional’	29.9%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	7.7%
Vanguard Small-Cap Index Fund ‘Institutional’	6.8%
PIMCO Long-Term U.S. Government Fund	2.5%
PIMCO Long-Term Real Return Fund	1.8%
PIMCO Total Return Fund	1.5%
PIMCO Income Fund	1.5%
PIMCO Real Return Fund	0.6%
PIMCO Emerging Markets Local Currency and Bond Fund	0.4%

^†  % 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.

» Exposure to U.S. real estate investment trust (“REIT”) securities contributed to absolute performance, as U.S. REIT securities posted positive returns.

» Exposure to long-duration U.S. Treasuries detracted from absolute performance, as long-duration U.S. Treasuries posted negative returns.

ANNUAL REPORT | JUNE 30, 2021 19

PIMCO REALPATH^® Blend 2055 Fund

Cumulative Returns Through June 30, 2021

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

Investment Objective and Strategy Overview

PIMCO REALPATH^® Blend 2055 Fund seeks to maximize total return, consistent with prudent investment management, by investing under normal circumstances in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any of the preceding securities mentioned. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended June 30, 2021
		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2055 Fund Institutional Class		36.15%		12.96%		10.02%
	PIMCO REALPATH® Blend 2055 Fund Administrative Class		35.81%		12.69%		9.75%
	PIMCO REALPATH® Blend 2055 Fund Class A		35.46%		12.37%		9.45%
	PIMCO REALPATH® Blend 2055 Fund Class A (adjusted)		28.02%		11.11%		8.50%
	S&P Target Date 2055 Index±		37.01%		13.46%		10.62%

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.

^± 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 0.16% for the Institutional Class shares, 0.41% for the Administrative Class shares, and 0.66% 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 June 30, 2021^†§

Vanguard Institutional Index Fund ‘Institutional’	42.7%
Vanguard Developed Markets Index Fund ‘Institutional’	31.1%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	7.6%
Vanguard Small-Cap Index Fund ‘Institutional’	6.9%
PIMCO Long-Term Real Return Fund	2.4%
PIMCO Total Return Fund	1.3%
PIMCO Income Fund	1.3%
PIMCO Long-Term U.S. Government Fund	1.3%
PIMCO Real Return Fund	0.5%
PIMCO Emerging Markets Local Currency and Bond Fund	0.3%

^†  % of Investments, at value.

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

Fund Insights

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

» Exposure to U.S. large 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.

» Exposure to U.S. real estate investment trust (“REIT”) securities contributed to absolute performance, as U.S. REIT securities posted positive returns.

» There were no notable detractors for this Fund.

ANNUAL REPORT | JUNE 30, 2021 21

PIMCO REALPATH^® Blend 2060 Fund

Cumulative Returns Through June 30, 2021

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

Investment Objective and Strategy Overview

PIMCO REALPATH^® Blend 2060 Fund seeks to maximize total return, consistent with prudent investment management, by investing under normal circumstances in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any of the preceding securities mentioned. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended June 30, 2021
		1 Year		Fund Inception (12/31/19)
	PIMCO REALPATH® Blend 2060 Fund Institutional Class		36.18%		17.49%
	PIMCO REALPATH® Blend 2060 Fund Administrative Class		35.86%		17.22%
	PIMCO REALPATH® Blend 2060 Fund Class A		35.70%		16.97%
	PIMCO REALPATH® Blend 2060 Fund Class A (adjusted)		28.27%		12.65%
	S&P Target Date 2060+ Index±		36.88%		17.76%

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.

^± 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 0.15% for the Institutional Class shares, 0.40% for the Administrative Class shares, and 0.65% 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 June 30, 2021^†§

Vanguard 500 Index Fund ‘Admiral’	42.9%
Vanguard Developed Markets Index Fund ‘Admiral’	31.4%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	7.6%
Vanguard Small-Cap Index Fund ‘Admiral’	6.9%
PIMCO Long-Term Real Return Fund	2.5%
PIMCO Total Return Fund	1.3%
PIMCO Income Fund	1.2%
PIMCO Long-Term U.S. Government Fund	1.1%
PIMCO Real Return Fund	0.5%
PIMCO Emerging Markets Local Currency and Bond Fund	0.3%

^†  % of Investments, at value.

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

Fund Insights

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

» Exposure to U.S. large 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.

» Exposure to U.S. real estate investment trust (“REIT”) securities contributed to absolute performance, as U.S. REIT securities posted positive returns.

» There were no notable detractors for this Fund.

ANNUAL REPORT | JUNE 30, 2021 23

PIMCO REALPATH^® Blend Income Fund

Cumulative Returns Through June 30, 2021

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

Investment Objective and Strategy Overview

PIMCO REALPATH^® Blend Income Fund seeks to maximize total return, consistent with prudent investment management, by investing under normal circumstances in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any of the preceding securities mentioned. The Fund may invest in Institutional Class or Class M shares of any funds of the PIMCO Equity Series (the “Trust”) and PIMCO Funds, and in other affiliated funds, including funds of PIMCO ETF Trust, except funds of funds and series of PIMCO Funds sub-advised by Gurtin Municipal Bond Management (“Underlying PIMCO Funds”), and unaffiliated funds that are registered under the 1940 Act (collectively, “Acquired Funds”). Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended June 30, 2021
		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend Income Fund Institutional Class		19.37%		9.20%		7.55%
	PIMCO REALPATH® Blend Income Fund Administrative Class		19.09%		8.97%		7.30%
	PIMCO REALPATH® Blend Income Fund Class A		18.71%		8.68%		7.03%
	PIMCO REALPATH® Blend Income Fund Class A (adjusted)		12.20%		7.45%		6.10%
	S&P Target Date Retirement Income Index±		11.12%		6.29%		5.42%

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.

^± 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 0.42% for the Institutional Class shares, 0.67% for the Administrative Class shares, and 0.92% for the Class A shares. Details regarding any changes to the Fund’s operating expenses, subsequent to period end, can be found in the Fund’s current prospectus, as supplemented.

24 PIMCO EQUITY SERIES

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

Top 10 Holdings as of June 30, 2021^†§

Vanguard Institutional Index Fund ‘Institutional’	19.3%
PIMCO Income Fund	15.9%
PIMCO Total Return Fund	13.6%
Vanguard Developed Markets Index Fund ‘Institutional’	13.0%
PIMCO Long-Term Real Return Fund	6.4%
PIMCO Real Return Fund	5.6%
PIMCO Long-Term U.S. Government Fund	5.2%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	5.2%
PIMCO Emerging Markets Local Currency and Bond Fund	5.0%
Vanguard Small-Cap Index Fund ‘Institutional’	3.6%

^†  % 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. real estate investment trust (“REIT”) securities contributed to absolute performance, as U.S. REIT securities 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.

» Exposure to long-duration U.S. Treasuries detracted from absolute performance, as long-duration U.S. Treasuries posted negative returns.

ANNUAL REPORT | JUNE 30, 2021 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 January 1, 2021 to June 30, 2021 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 (01/01/21)		Ending Account Value (06/30/21)		Expenses Paid During Period*		Beginning Account Value (01/01/21)		Ending Account Value (06/30/21)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO REALPATH® Blend 2025 Fund
Institutional Class	$	1,000.00	$	1,067.30	$	0.20	$	1,000.00	$	1,024.19	$	0.20		0.04	%
Administrative Class		1,000.00		1,066.30		1.46		1,000.00		1,022.97		1.43		0.29
Class A		1,000.00		1,065.30		2.72		1,000.00		1,021.75		2.66		0.54
PIMCO REALPATH® Blend 2030 Fund
Institutional Class	$	1,000.00	$	1,082.00	$	0.20	$	1,000.00	$	1,024.19	$	0.20		0.04	%
Administrative Class		1,000.00		1,080.20		1.47		1,000.00		1,022.97		1.43		0.29
Class A		1,000.00		1,079.30		2.74		1,000.00		1,021.75		2.66		0.54
PIMCO REALPATH® Blend 2035 Fund
Institutional Class	$	1,000.00	$	1,096.80	$	0.26	$	1,000.00	$	1,024.14	$	0.25		0.05	%
Administrative Class		1,000.00		1,095.80		1.53		1,000.00		1,022.92		1.48		0.30
Class A		1,000.00		1,094.30		2.81		1,000.00		1,021.70		2.71		0.55
PIMCO REALPATH® Blend 2040 Fund
Institutional Class	$	1,000.00	$	1,108.40	$	0.31	$	1,000.00	$	1,024.09	$	0.30		0.06	%
Administrative Class		1,000.00		1,106.60		1.59		1,000.00		1,022.87		1.53		0.31
Class A		1,000.00		1,104.90		2.87		1,000.00		1,021.65		2.76		0.56

26 PIMCO EQUITY SERIES

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (01/01/21)		Ending Account Value (06/30/21)		Expenses Paid During Period*		Beginning Account Value (01/01/21)		Ending Account Value (06/30/21)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO REALPATH® Blend 2045 Fund
Institutional Class	$	1,000.00	$	1,115.60	$	0.31	$	1,000.00	$	1,024.09	$	0.30		0.06	%
Administrative Class		1,000.00		1,114.80		1.60		1,000.00		1,022.87		1.53		0.31
Class A		1,000.00		1,113.70		2.89		1,000.00		1,021.65		2.76		0.56
PIMCO REALPATH® Blend 2050 Fund
Institutional Class	$	1,000.00	$	1,121.10	$	0.31	$	1,000.00	$	1,024.09	$	0.30		0.06	%
Administrative Class		1,000.00		1,119.50		1.60		1,000.00		1,022.87		1.53		0.31
Class A		1,000.00		1,118.10		2.89		1,000.00		1,021.65		2.76		0.56
PIMCO REALPATH® Blend 2055 Fund
Institutional Class	$	1,000.00	$	1,123.30	$	0.31	$	1,000.00	$	1,024.09	$	0.30		0.06	%
Administrative Class		1,000.00		1,121.50		1.60		1,000.00		1,022.87		1.53		0.31
Class A		1,000.00		1,120.00		2.89		1,000.00		1,021.65		2.76		0.56
PIMCO REALPATH® Blend 2060 Fund
Institutional Class	$	1,000.00	$	1,122.60	$	0.26	$	1,000.00	$	1,024.14	$	0.25		0.05	%
Administrative Class		1,000.00		1,121.00		1.55		1,000.00		1,022.92		1.48		0.30
Class A		1,000.00		1,119.80		2.84		1,000.00		1,021.70		2.71		0.55
PIMCO REALPATH® Blend Income Fund
Institutional Class	$	1,000.00	$	1,055.40	$	0.20	$	1,000.00	$	1,024.19	$	0.20		0.04	%
Administrative Class		1,000.00		1,054.10		1.45		1,000.00		1,022.97		1.43		0.29
Class A		1,000.00		1,052.70		2.70		1,000.00		1,021.75		2.66		0.54

* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 178/365 (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.

ANNUAL REPORT | JUNE 30, 2021 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
06/30/2021	$	11.71	$	0.36	$	2.25	$	2.61	$	(0.65	)	$	(0.17	)	$	0.00	$	(0.82	)
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	)
Administrative Class
06/30/2021		11.69		0.32		2.25		2.57		(0.62	)		(0.17	)		0.00		(0.79	)
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	)
Class A
06/30/2021		11.68		0.28		2.27		2.55		(0.60	)		(0.17	)		0.00		(0.77	)
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	)
PIMCO REALPATH® Blend 2030 Fund
Institutional Class
06/30/2021	$	11.76	$	0.34	$	2.69	$	3.03	$	(0.55	)	$	(0.15	)	$	0.00	$	(0.70	)
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	)
Administrative Class
06/30/2021		11.75		0.30		2.68		2.98		(0.52	)		(0.15	)		0.00		(0.67	)
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	)
Class A
06/30/2021		11.71		0.27		2.68		2.95		(0.49	)		(0.15	)		0.00		(0.64	)
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	)
PIMCO REALPATH® Blend 2035 Fund
Institutional Class
06/30/2021	$	11.65	$	0.31	$	3.11	$	3.42	$	(0.44	)	$	(0.09	)	$	0.00	$	(0.53	)
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	)
Administrative Class
06/30/2021		11.63		0.27		3.11		3.38		(0.41	)		(0.09	)		0.00		(0.50	)
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	)
Class A
06/30/2021		11.67		0.24		3.11		3.35		(0.38	)		(0.09	)		0.00		(0.47	)
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	)

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
$	13.50		22.73	%	$	220,130		0.04	%		0.04	%		0.04	%		0.04	%		2.78	%		20	%
	11.71		6.41			80,067		0.04			0.05			0.04			0.05			3.18			39
	11.33		6.53			31,946		0.04			0.05			0.04			0.05			3.26			47
	11.15		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
	13.47		22.40			29,727		0.29			0.29			0.29			0.29			2.53			20
	11.69		6.19			28,587		0.29			0.30			0.29			0.30			2.99			39
	11.31		6.29			21,086		0.29			0.30			0.29			0.30			2.88			47
	11.13		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
	13.46		22.18			10,114		0.54			0.54			0.54			0.54			2.21			20
	11.68		5.88			6,420		0.54			0.55			0.54			0.55			2.68			39
	11.31		6.03			5,462		0.54			0.55			0.54			0.55			2.63			47
	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
$	14.09		26.14	%	$	239,041		0.04	%		0.04	%		0.04	%		0.04	%		2.59	%		26	%
	11.76		4.89			105,414		0.05			0.06			0.05			0.06			3.00			28
	11.54		6.84			52,133		0.05			0.06			0.05			0.06			3.08			40
	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
	14.06		25.71			33,946		0.29			0.29			0.29			0.29			2.31			26
	11.75		4.76			27,583		0.30			0.31			0.30			0.31			2.81			28
	11.52		6.50			21,469		0.30			0.31			0.30			0.31			2.71			40
	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
	14.02		25.53			9,243		0.54			0.54			0.54			0.54			2.04			26
	11.71		4.41			6,494		0.55			0.56			0.55			0.56			2.50			28
	11.50		6.28			5,774		0.55			0.56			0.55			0.56			2.52			40
	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
$	14.54		29.68	%	$	193,069		0.04	%		0.05	%		0.04	%		0.05	%		2.32	%		21	%
	11.65		3.47			76,525		0.06			0.07			0.06			0.07			2.85			34
	11.58		6.67			42,033		0.06			0.07			0.06			0.07			2.94			24
	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
	14.51		29.36			28,579		0.29			0.30			0.29			0.30			2.05			21
	11.63		3.15			22,984		0.31			0.32			0.31			0.32			2.66			34
	11.57		6.43			18,672		0.31			0.32			0.31			0.32			2.58			24
	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
	14.55		28.97			7,914		0.54			0.55			0.54			0.55			1.80			21
	11.67		2.95			6,109		0.56			0.57			0.56			0.57			2.36			34
	11.61		6.15			5,062		0.56			0.57			0.56			0.57			2.33			24
	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

ANNUAL REPORT | JUNE 30, 2021 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
06/30/2021	$	11.68	$	0.30	$	3.46		$	3.76	$	(0.41	)	$	(0.07	)	$	0.00	$	(0.48	)
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	)
Administrative Class
06/30/2021		11.65		0.26		3.46			3.72		(0.38	)		(0.07	)		0.00		(0.45	)
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	)
Class A
06/30/2021		11.62		0.22		3.45			3.67		(0.34	)		(0.07	)		0.00		(0.41	)
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	)
PIMCO REALPATH® Blend 2045 Fund
Institutional Class
06/30/2021	$	11.58	$	0.29	$	3.69		$	3.98	$	(0.38	)	$	(0.07	)	$	0.00	$	(0.45	)
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	)
Administrative Class
06/30/2021		11.55		0.25		3.68			3.93		(0.35	)		(0.07	)		0.00		(0.42	)
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	)
Class A
06/30/2021		11.54		0.21		3.69			3.90		(0.32	)		(0.07	)		0.00		(0.39	)
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	)
PIMCO REALPATH® Blend 2050 Fund
Institutional Class
06/30/2021	$	11.59	$	0.29	$	3.83		$	4.12	$	(0.36	)	$	(0.07	)	$	0.00	$	(0.43	)
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	)
Administrative Class
06/30/2021		11.56		0.24		3.83			4.07		(0.33	)		(0.07	)		0.00		(0.40	)
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	)
Class A
06/30/2021		11.51		0.21		3.81			4.02		(0.30	)		(0.07	)		0.00		(0.37	)
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	)

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
$	14.96		32.50	%	$	212,568		0.05	%		0.06	%		0.05	%		0.06	%		2.20	%		26	%
	11.68		2.76			92,728		0.06			0.07			0.06			0.07			2.70			21
	11.71		6.44			64,541		0.06			0.07			0.06			0.07			2.81			29
	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
	14.92		32.21			21,456		0.30			0.31			0.30			0.31			1.90			26
	11.65		2.45			16,746		0.31			0.32			0.31			0.32			2.52			21
	11.69		6.21			12,386		0.31			0.32			0.31			0.32			2.48			29
	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
	14.88		31.91			9,024		0.55			0.56			0.55			0.56			1.66			26
	11.62		2.17			7,914		0.56			0.57			0.56			0.57			2.22			21
	11.67		5.99			7,869		0.56			0.57			0.56			0.57			2.28			29
	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
$	15.11		34.67	%	$	200,184		0.05	%		0.06	%		0.05	%		0.06	%		2.13	%		22	%
	11.58		2.16			91,173		0.06			0.07			0.06			0.07			2.59			16
	11.67		6.45			69,426		0.06			0.07			0.06			0.07			2.70			16
	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
	15.06		34.30			20,168		0.30			0.31			0.30			0.31			1.85			22
	11.55		1.85			14,426		0.31			0.32			0.31			0.32			2.41			16
	11.65		6.21			10,935		0.31			0.32			0.31			0.32			2.38			16
	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
	15.05		34.03			4,593		0.55			0.56			0.55			0.56			1.57			22
	11.54		1.64			3,658		0.56			0.57			0.56			0.57			2.08			16
	11.64		5.88			4,280		0.56			0.57			0.56			0.57			2.15			16
	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
$	15.28		35.82	%	$	200,851		0.05	%		0.06	%		0.05	%		0.06	%		2.08	%		19	%
	11.59		1.66			103,972		0.06			0.07			0.06			0.07			2.53			20
	11.74		6.54			84,302		0.06			0.07			0.06			0.07			2.64			16
	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
	15.23		35.44			22,454		0.30			0.31			0.30			0.31			1.78			19
	11.56		1.43			17,960		0.31			0.32			0.31			0.32			2.32			20
	11.71		6.22			17,027		0.31			0.32			0.31			0.32			2.34			16
	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
	15.16		35.11			4,896		0.55			0.56			0.55			0.56			1.51			19
	11.51		1.16			4,101		0.56			0.57			0.56			0.57			2.03			20
	11.67		5.99			4,520		0.56			0.57			0.56			0.57			2.09			16
	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

ANNUAL REPORT | JUNE 30, 2021 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 2055 Fund
Institutional Class
06/30/2021	$	11.59	$	0.29	$	3.87		$	4.16		$	(0.38	)	$	(0.04	)	$	0.00	$	(0.42	)
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	)
Administrative Class
06/30/2021		11.58		0.25		3.87			4.12			(0.35	)		(0.04	)		0.00		(0.39	)
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	)
Class A
06/30/2021		11.53		0.21		3.86			4.07			(0.32	)		(0.04	)		0.00		(0.36	)
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	)
PIMCO REALPATH® Blend 2060 Fund
Institutional Class
06/30/2021	$	9.35	$	0.24	$	3.12		$	3.36		$	(0.24	)	$	0.00		$	0.00	$	(0.24	)
12/31/2019 - 06/30/2020		10.00		0.09		(0.74	)		(0.65	)		0.00			0.00			0.00		0.00
Administrative Class
06/30/2021		9.33		0.24		3.10			3.34			(0.22	)		0.00			0.00		(0.22	)
12/31/2019 - 06/30/2020		10.00		0.08		(0.75	)		(0.67	)		0.00			0.00			0.00		0.00
Class A
06/30/2021		9.32		0.20		3.11			3.31			(0.20	)		0.00			0.00		(0.20	)
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
06/30/2021	$	11.58	$	0.36	$	1.84		$	2.20		$	(0.68	)	$	(0.18	)	$	0.00	$	(0.86	)
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	)
Administrative Class
06/30/2021		11.59		0.33		1.84			2.17			(0.65	)		(0.18	)		0.00		(0.83	)
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	)
Class A
06/30/2021		11.53		0.30		1.82			2.12			(0.63	)		(0.18	)		0.00		(0.81	)
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	)

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

* Annualized, except for organization expense, if any.

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

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

^(c)  The tax characterization of distributions is determined in accordance with Federal income tax regulations. 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.

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
$	15.33		36.15	%	$	122,612		0.06	%		0.06	%		0.06	%		0.06	%		2.11	%		14	%
	11.59		1.33			51,061		0.07			0.07			0.06			0.06			2.49			28
	11.79		6.41			32,098		0.06			0.07			0.06			0.07			2.76			51
	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
	15.31		35.81			7,860		0.31			0.31			0.31			0.31			1.81			14
	11.58		1.15			4,828		0.32			0.32			0.31			0.31			2.46			28
	11.78		6.02			605		0.31			0.32			0.31			0.32			2.58			51
	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
	15.24		35.46			3,159		0.56			0.56			0.56			0.56			1.52			14
	11.53		0.85			2,684		0.57			0.57			0.56			0.56			1.98			28
	11.73		5.86			2,758		0.56			0.57			0.56			0.57			2.11			51
	11.69		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
$	12.47		36.18	%	$	11,451		0.06	%		0.07	%		0.06	%		0.07	%		2.10	%		20	%
	9.35		(6.50	)		2,817		0.05	*		2.52	*		0.05	*		2.52	*		1.95	*		12
	12.45		36.00			62		0.31			0.32			0.31			0.32			2.07			20
	9.33		(6.70	)		9		0.30	*		2.77	*		0.30	*		2.77	*		1.69	*		12
	12.43		35.70			834		0.56			0.57			0.56			0.57			1.72			20
	9.32		(6.80	)		29		0.55	*		3.02	*		0.55	*		3.02	*		1.70	*		12
$	12.92		19.37	%	$	191,873		0.03	%		0.04	%		0.03	%		0.04	%		2.88	%		17	%
	11.58		6.16			106,005		0.04			0.05			0.04			0.05			3.08			52
	11.28		6.70			21,432		0.04			0.05			0.04			0.05			3.41			64
	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
	12.93		19.09			31,198		0.28			0.29			0.28			0.29			2.67			17
	11.59		6.02			29,547		0.29			0.30			0.29			0.30			2.93			52
	11.28		6.44			11,586		0.29			0.30			0.29			0.30			3.08			64
	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
	12.84		18.71			30,699		0.53			0.54			0.53			0.54			2.39			17
	11.53		5.71			16,501		0.54			0.55			0.54			0.55			2.82			52
	11.24		6.25			7,204		0.54			0.55			0.54			0.55			2.92			64
	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

ANNUAL REPORT | JUNE 30, 2021 33

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	$	130,989	$	170,993	$	157,844	$	187,141
Investments in Affiliates		130,768		111,058		71,177		55,329
Financial Derivative Instruments
Exchange-traded or centrally cleared		464		520		0		0
Cash		765		529		299		477
Receivable for investments sold		274		305		256		275
Receivable for Fund shares sold		1,283		210		245		334
Interest and/or dividends receivable		0		0		0		0
Dividends receivable from Affiliates		391		318		187		140
Reimbursement receivable from PIMCO		0		0		0		0
Total Assets		264,934		283,933		230,008		243,696
Liabilities:
Financial Derivative Instruments
Exchange-traded or centrally cleared	$	61	$	69	$	0	$	0
Over the counter		4		4		3		4
Payable for investments purchased		1,909		0		0		0
Payable for investments in Affiliates purchased		2,413		329		194		145
Deposits from counterparty		230		520		210		230
Payable for Fund shares redeemed		329		762		21		250
Accrued investment advisory fees		2		2		4		6
Accrued supervisory and administrative fees		6		7		5		6
Accrued distribution fees		6		7		6		4
Accrued servicing fees		2		2		2		2
Accrued reimbursement to PIMCO		1		1		1		1
Total Liabilities		4,963		1,703		446		648
Net Assets	$	259,971	$	282,230	$	229,562	$	243,048
Net Assets Consist of:
Paid in capital	$	230,758	$	240,960	$	191,219	$	196,987
Distributable earnings (accumulated loss)		29,213		41,270		38,343		46,061
Net Assets	$	259,971	$	282,230	$	229,562	$	243,048
Cost of investments in securities	$	102,379	$	132,429	$	122,435	$	144,802
Cost of investments in Affiliates	$	131,119	$	110,760	$	70,275	$	54,276
Cost or premiums of financial derivative instruments, net	$	1,087	$	1,230	$	0	$	0

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

34 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

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
$	185,886	$	196,309	$	117,184	$	10,742	$	104,125
	38,530		31,132		15,580		1,345		148,565
	0		0		0		0		467
	673		573		879		170		452
	261		266		156		14		268
	163		208		132		80		381
	0		0		0		0		1
	86		66		38		3		473
	0		0		0		1		0
	225,599		228,554		133,969		12,355		254,732
$	0	$	0	$	0	$	0	$	62
	3		4		2		0		4
	0		0		1		0		0
	89		68		40		4		489
	220		220		260		0		230
	325		44		26		3		151
	6		5		3		0		2
	5		5		3		1		11
	4		5		1		0		6
	1		1		1		0		6
	1		1		1		0		1
	654		353		338		8		962
$	224,945	$	228,201	$	133,631	$	12,347	$	253,770
$	180,002	$	177,486	$	107,638	$	10,665	$	226,960
	44,943		50,715		25,993		1,682		26,810
$	224,945	$	228,201	$	133,631	$	12,347	$	253,770
$	144,071	$	149,275	$	92,935	$	9,165	$	78,712
$	37,844	$	30,638	$	15,316	$	1,325	$	147,476
$	0	$	0	$	0	$	0	$	1,130

ANNUAL REPORT | JUNE 30, 2021 35

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	$	220,130	$	239,041	$	193,069	$	212,568
Administrative Class		29,727		33,946		28,579		21,456
Class A		10,114		9,243		7,914		9,024
Shares Issued and Outstanding:
Institutional Class		16,304		16,969		13,282		14,213
Administrative Class		2,207		2,414		1,970		1,438
Class A		751		659		544		607
Net Asset Value Per Share Outstanding(a):
Institutional Class	$	13.50	$	14.09	$	14.54	$	14.96
Administrative Class		13.47		14.06		14.51		14.92
Class A		13.46		14.02		14.55		14.88

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

36 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

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
$	200,184	$	200,851	$	122,612	$	11,451	$	191,873
	20,168		22,454		7,860		62		31,198
	4,593		4,896		3,159		834		30,699
	13,246		13,148		7,999		918		14,848
	1,339		1,474		513		5		2,413
	305		323		207		67		2,391
$	15.11	$	15.28	$	15.33	$	12.47	$	12.92
	15.06		15.23		15.31		12.45		12.93
	15.05		15.16		15.24		12.43		12.84

ANNUAL REPORT | JUNE 30, 2021 37

Statements of Operations

Year Ended June 30, 2021
(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	$	2,066		$	2,723		$	2,467		$	2,946
Dividends from Investments in Affiliates		3,466			3,078			1,682			1,265
Total Income		5,532			5,801			4,149			4,211
Expenses:
Investment advisory fees		20			22			35			56
Supervisory and administrative fees		60			64			53			58
Distribution and/or servicing fees - Administrative Class		72			78			64			49
Servicing fees - Class A		20			19			17			21
Trustee fees		12			14			11			12
Interest expense		0			0			0			1
Miscellaneous expense		0			0			9			9
Total Expenses		184			197			189			206
Waiver and/or Reimbursement by PIMCO		(3	)		(3	)		(11	)		(12	)
Net Expenses		181			194			178			194
Net Investment Income (Loss)		5,351			5,607			3,971			4,017
Net Realized Gain (Loss):
Investments in securities		1,271			1,945			731			1,076
Investments in Affiliates		(863	)		(436	)		(199	)		(24	)
Net capital gain distributions received from investments		1,077			1,496			1,352			1,602
Net capital gain distributions received from Affiliate investments		3,624			2,272			564			94
Exchange-traded or centrally cleared financial derivative instruments		(510	)		(489	)		0			0
Over the counter financial derivative instruments		2,845			3,318			2,701			2,882
Net Realized Gain (Loss)		7,444			8,106			5,149			5,630
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		27,196			36,142			33,435			39,385
Investments in Affiliates		(1,674	)		(547	)		818			1,154
Exchange-traded or centrally cleared financial derivative instruments		(355	)		(505	)		0			0
Over the counter financial derivative instruments		78			108			71			73
Net Change in Unrealized Appreciation (Depreciation)		25,245			35,198			34,324			40,612
Net Increase (Decrease) in Net Assets Resulting from Operations	$	38,040		$	48,911		$	43,444		$	50,259

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

38 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
$	2,900		$	3,191		$	1,768		$	135		$	1,775
	814			662			322			23			4,332
	3,714			3,853			2,090			158			6,108
	51			54			29			2			21
	44			47			26			3			101
	44			50			16			0			77
	10			10			7			1			59
	11			12			6			0			14
	1			1			0			0			0
	8			9			0			1			10
	169			183			84			7			282
	(11	)		(12	)		(1	)		(0	)		(14	)
	158			171			83			7			268
	3,556			3,682			2,007			151			5,840
	1,154			1,756			518			14			1,872
	61			232			129			0			(1,187	)
	1,523			1,653			907			0			867
	55			39			16			1			3,916
	0			0			0			0			(677	)
	2,682			2,841			1,618			128			2,858
	5,475			6,521			3,188			143			7,649
	38,433			42,296			22,728			1,736			23,023
	851			672			329			33			(949	)
	0			0			0			0			(284	)
	68			95			18			0			46
	39,352			43,063			23,075			1,769			21,836
$	48,383		$	53,266		$	28,270		$	2,063		$	35,325

ANNUAL REPORT | JUNE 30, 2021 39

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†)	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	5,351		$	2,731		$	5,607		$	3,359		$	3,971		$	2,366		$	4,017		$	2,649
Net realized gain (loss)		7,444			1,650			8,106			1,243			5,149			(66	)		5,630			(281	)
Net change in unrealized appreciation (depreciation)		25,245			604			35,198			(38	)		34,324			(706	)		40,612			(523	)
Net Increase (Decrease) in Net Assets Resulting from Operations		38,040			4,985			48,911			4,564			43,444			1,594			50,259			1,845
Distributions to Shareholders:
From net investment income and/or net realized capital gains
Institutional Class		(11,035	)		(1,586	)		(10,302	)		(2,365	)		(6,202	)		(1,594	)		(6,080	)		(2,279	)
Administrative Class		(1,732	)		(764	)		(1,571	)		(774	)		(953	)		(630	)		(644	)		(473	)
Class A		(483	)		(150	)		(378	)		(177	)		(245	)		(143	)		(258	)		(238	)
Total Distributions(b)		(13,250	)		(2,500	)		(12,251	)		(3,316	)		(7,400	)		(2,367	)		(6,982	)		(2,990	)
Fund Share Transactions:
Net increase (decrease) resulting from Fund share transactions*		120,107			54,095			106,079			58,867			87,900			40,624			82,383			33,737
Total Increase (Decrease) in Net Assets		144,897			56,580			142,739			60,115			123,944			39,851			125,660			32,592
Net Assets:
Beginning of year		115,074			58,494			139,491			79,376			105,618			65,767			117,388			84,796
End of year	$	259,971		$	115,074		$	282,230		$	139,491		$	229,562		$	105,618		$	243,048		$	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. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

40 PIMCO EQUITY SERIES See Accompanying Notes

PIMCO REALPATH® Blend 2045 Fund						PIMCO REALPATH® Blend 2050 Fund						PIMCO REALPATH® Blend 2055 Fund						PIMCO REALPATH® Blend 2060 Fund						PIMCO REALPATH® Blend Income Fund
Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Inception date through June 30, 2020(a)			Year Ended June 30, 2021			Year Ended June 30, 2020
$	3,556		$	2,490		$	3,682		$	2,907		$	2,007		$	1,158		$	151		$	26		$	5,840		$	2,549
	5,475			(757	)		6,521			(863	)		3,188			(430	)		143			(51	)		7,649			1,620
	39,352			(346	)		43,063			(104	)		23,075			(24	)		1,769			(171	)		21,836			(1,683	)
	48,383			1,387			53,266			1,940			28,270			704			2,063			(196	)		35,325			2,486
	(5,403	)		(2,361	)		(5,238	)		(2,820	)		(3,040	)		(1,244	)		(173	)		0			(11,107	)		(930	)
	(556	)		(400	)		(580	)		(539	)		(189	)		(110	)		(1	)		0			(1,988	)		(412	)
	(116	)		(124	)		(113	)		(130	)		(72	)		(81	)		(11	)		0			(1,655	)		(303	)
	(6,075	)		(2,885	)		(5,931	)		(3,489	)		(3,301	)		(1,435	)		(185	)		0			(14,750	)		(1,645	)
	73,380			26,114			54,833			21,733			50,089			23,843			7,614			3,051			81,142			110,990
	115,688			24,616			102,168			20,184			75,058			23,112			9,492			2,855			101,717			111,831
	109,257			84,641			126,033			105,849			58,573			35,461			2,855			0			152,053			40,222
$	224,945		$	109,257		$	228,201		$	126,033		$	133,631		$	58,573		$	12,347		$	2,855		$	253,770		$	152,053

ANNUAL REPORT | JUNE 30, 2021 41

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 50.4%
MUTUAL FUNDS 50.3%
Vanguard Developed Markets Index Fund ‘Institutional’			2,339,184	$		38,713
Vanguard Emerging Markets Stock Index Fund ‘Institutional’			495,098			16,977
Vanguard Institutional Index Fund ‘Institutional’			171,002			64,191
Vanguard Small-Cap Index Fund ‘Institutional’			100,411			10,837
Total Mutual Funds (Cost $102,108)						130,718
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.1%
U.S. TREASURY BILLS 0.1%
0.010% due 08/10/2021 (a)(b)	$		271			271
Total Short-Term Instruments (Cost $271)						271
Total Investments in Securities (Cost $102,379)						130,989

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 50.3%
MUTUAL FUNDS (c) 45.1%
PIMCO Emerging Markets Local Currency and Bond Fund		1,630,653	$		10,730
PIMCO High Yield Fund		438,775			3,997
PIMCO Income Fund		2,431,459			29,397
PIMCO International Bond Fund (U.S. Dollar-Hedged)		241,369			2,624
PIMCO Long-Term Real Return Fund		2,323,683			17,985
PIMCO Long-Term U.S. Government Fund		3,628,279			20,064
PIMCO Real Return Fund		783,623			9,592
PIMCO Total Return Fund		2,211,489			22,955
Total Mutual Funds (Cost $117,704)					117,344

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 5.2%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.2%
PIMCO Short-Term Floating NAV Portfolio III		1,361,335	$		13,424
Total Short-Term Instruments (Cost $13,415)					13,424
Total Investments in Affiliates (Cost $131,119)					130,768
Total Investments 100.7% (Cost $233,498)			$		261,757
Financial Derivative Instruments (d)(e) 0.2% (Cost or Premiums, net $1,087)					399
Other Assets and Liabilities, net (0.9)%					(2,185	)
Net Assets 100.0%			$		259,971

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.

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

PURCHASED OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Cost		Market Value
Put - CBOE S&P 500		2,275.000		09/17/2021		15	$	2	$	107	$	2
Put - CBOE S&P 500		2,525.000		09/17/2021		15		2		163		4
Put - CBOE S&P 500		2,575.000		12/17/2021		19		2		136		20
Put - CBOE S&P 500		2,825.000		12/17/2021		19		2		196		30
Put - CBOE S&P 500		2,975.000		03/18/2022		39		4		422		145
Put - CBOE S&P 500		3,000.000		06/17/2022		45		5		325		263
Total Purchased Options									$	1,349	$	464

WRITTEN OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Put - CBOE S&P 500		1,900.000		09/17/2021		15	$	2	$	(54	)	$	(1	)
Put - CBOE S&P 500		2,150.000		12/17/2021		19		2		(64	)		(11	)
Put - CBOE S&P 500		2,250.000		03/18/2022		39		4		(144	)		(49	)
Total Written Options									$	(262	)	$	(61	)

42 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2021:

	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	$	464	$	0	$	0	$	464	$	(61)	$	0	$	0	$	(61)

(e)  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	FNRETR Index		270	0.421% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/25/2021	$	6,106	$	0	$	(2	)	$	0	$	(2	)
	Receive	FNRETR Index		211	0.461% (1-Month USD-LIBOR plus a specified spread)	Monthly	02/23/2022		4,772		0		(2	)		0		(2	)
Total Swap Agreements										$	0	$	(4	)	$	0	$	(4	)

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 June 30, 2021:

	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	$	0	$	0	$	0	$	0	$	(4	)	$	(4	)	$	(4	)	$	(230	)	$	(234	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(4	)	$	(4	)

⁽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 June 30, 2021:

	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	$	464	$	0	$	0	$	464
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	61	$	0	$	0	$	61
Over the counter
Swap Agreements	$	0	$	0	$	4	$	0	$	0	$	4
	$	0	$	0	$	65	$	0	$	0	$	65

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2021 43

Schedule of Investments PIMCO REALPATH^® Blend  2025 Fund (Cont.) June 30, 2021

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2021:

	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	$	(659	)	$	0	$	0	$	(659	)
Written Options		0		0		149			0		0		149
	$	0	$	0	$	(510	)	$	0	$	0	$	(510	)
Over the counter
Swap Agreements	$	0	$	0	$	2,845		$	0	$	0	$	2,845
	$	0	$	0	$	2,335		$	0	$	0	$	2,335
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	(451	)	$	0	$	0	$	(451	)
Written Options		0		0		96			0		0		96
	$	0	$	0	$	(355	)	$	0	$	0	$	(355	)
Over the counter
Swap Agreements	$	0	$	0	$	78		$	0	$	0	$	78
	$	0	$	0	$	(277	)	$	0	$	0	$	(277	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2021 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Investments in Securities, at Value
Mutual Funds	$	130,718	$	0	$	0	$	130,718
Short-Term Instruments
U.S. Treasury Bills		0		271		0		271
	$	130,718	$	271	$	0	$	130,989
Investments in Affiliates, at Value
Mutual Funds		117,344		0		0		117,344
Short-Term Instruments
Central Funds Used for Cash Management Purposes		13,424		0		0		13,424
	$	130,768	$	0	$	0	$	130,768
Total Investments	$	261,486	$	271	$	0	$	261,757

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2021
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	464		$	0	$	464
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(61	)		0		(61	)
Over the counter		0		(4	)		0		(4	)
	$	0	$	(65	)	$	0	$	(65	)
Total Financial Derivative Instruments	$	0	$	399		$	0	$	399
Totals	$	261,486	$	670		$	0	$	262,156

There were no significant transfers into or out of Level 3 during the period ended June 30, 2021.

44 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO REALPATH^® Blend  2030 Fund June 30, 2021

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

		SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 60.6%
MUTUAL FUNDS 60.5%
Vanguard Developed Markets Index Fund ‘Institutional’			2,941,893	$		48,688
Vanguard Emerging Markets Stock Index Fund ‘Institutional’			632,878			21,702
Vanguard Institutional Index Fund ‘Institutional’			229,429			86,123
Vanguard Small-Cap Index Fund ‘Institutional’			131,367			14,179
Total Mutual Funds (Cost $132,128)						170,692
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.1%
U.S. TREASURY BILLS 0.1%
0.010% due 08/10/2021 (a)(b)	$		301			301
Total Short-Term Instruments (Cost $301)						301
Total Investments in Securities (Cost $132,429)						170,993

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 39.3%
MUTUAL FUNDS (c) 34.8%
PIMCO Emerging Markets Local Currency and Bond Fund		1,488,331	$		9,793
PIMCO High Yield Fund		407,571			3,713
PIMCO Income Fund		1,820,184			22,006
PIMCO International Bond Fund (U.S. Dollar-Hedged)		158,645			1,725
PIMCO Long-Term Real Return Fund		1,822,636			14,107
PIMCO Long-Term U.S. Government Fund		4,617,056			25,532
PIMCO Real Return Fund		506,316			6,197
PIMCO Total Return Fund		1,464,045			15,197
Total Mutual Funds (Cost $97,977)					98,270

	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		1,296,832	$		12,788
Total Short-Term Instruments (Cost $12,783)					12,788
Total Investments in Affiliates (Cost $110,760)					111,058
Total Investments 99.9% (Cost $243,189)			$		282,051
Financial Derivative Instruments (d)(e) 0.2% (Cost or Premiums, net $1,230)					447
Other Assets and Liabilities, net (0.1)%					(268	)
Net Assets 100.0%			$		282,230

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.

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

PURCHASED OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Cost		Market Value
Put - CBOE S&P 500		2,275.000		09/17/2021		17	$	2	$	122	$	3
Put - CBOE S&P 500		2,525.000		09/17/2021		17		2		185		4
Put - CBOE S&P 500		2,575.000		12/17/2021		22		2		157		23
Put - CBOE S&P 500		2,825.000		12/17/2021		22		2		227		34
Put - CBOE S&P 500		2,975.000		03/18/2022		44		4		476		163
Put - CBOE S&P 500		3,000.000		06/17/2022		50		5		360		293
Total Purchased Options									$	1,527	$	520

WRITTEN OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Put - CBOE S&P 500		1,900.000		09/17/2021		17	$	2	$	(60	)	$	(1	)
Put - CBOE S&P 500		2,150.000		12/17/2021		22		2		(74	)		(13	)
Put - CBOE S&P 500		2,250.000		03/18/2022		44		4		(163	)		(55	)
Total Written Options									$	(297	)	$	(69	)

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2021 45

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

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2021:

	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	$	520	$	0	$	0	$	520	$	(69	)	$	0	$	0	$	(69)

(e)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON EQUITY INDICES

	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
Counterparty																	Asset		Liability
JPM	Receive	FNRETR Index		296	0.421% (1-Month USD-LIBOR plus a specified spread)		Monthly		08/25/2021	$	6,694	$	0	$	(2	)	$	0	$	(2	)
	Receive	FNRETR Index		244	0.461% (1-Month USD-LIBOR plus a specified spread)		Monthly		02/23/2022		5,518		0		(2	)		0		(2	)
Total Swap Agreements												$	0	$	(4	)	$	0	$	(4	)

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 June 30, 2021:

	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	$	0	$	0	$	0	$	0	$	(4	)	$	(4	)	$	(4	)	$	(520	)	$	(524	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(4	)	$	(4	)

⁽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 June 30, 2021:

	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	$	520	$	0	$	0	$	520
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	69	$	0	$	0	$	69
Over the counter
Swap Agreements	$	0	$	0	$	4	$	0	$	0	$	4
	$	0	$	0	$	73	$	0	$	0	$	73

46 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2021:

	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	$	(626	)	$	0	$	0	$	(626	)
Written Options		0		0		137			0		0		137
	$	0	$	0	$	(489	)	$	0	$	0	$	(489	)
Over the counter
Swap Agreements	$	0	$	0	$	3,318		$	0	$	0	$	3,318
	$	0	$	0	$	2,829		$	0	$	0	$	2,829
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	(648	)	$	0	$	0	$	(648	)
Written Options		0		0		143			0		0		143
	$	0	$	0	$	(505	)	$	0	$	0	$	(505	)
Over the counter
Swap Agreements	$	0	$	0	$	108		$	0	$	0	$	108
	$	0	$	0	$	(397	)	$	0	$	0	$	(397	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2021 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Investments in Securities, at Value
Mutual Funds	$	170,692	$	0	$	0	$	170,692
Short-Term Instruments
U.S. Treasury Bills		0		301		0		301
	$	170,692	$	301	$	0	$	170,993
Investments in Affiliates, at Value
Mutual Funds		98,270		0		0		98,270
Short-Term Instruments
Central Funds Used for Cash Management Purposes		12,788		0		0		12,788
	$	111,058	$	0	$	0	$	111,058
Total Investments	$	281,750	$	301	$	0	$	282,051

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2021
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	520		$	0	$	520
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(69	)		0		(69	)
Over the counter		0		(4	)		0		(4	)
	$	0	$	(73	)	$	0	$	(73	)
Total Financial Derivative Instruments	$	0	$	447		$	0	$	447
Totals	$	281,750	$	748		$	0	$	282,498

There were no significant transfers into or out of Level 3 during the period ended June 30, 2021.

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2021 47

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 68.8%
MUTUAL FUNDS 68.7%
Vanguard Developed Markets Index Fund ‘Institutional’			2,781,290	$		46,030
Vanguard Emerging Markets Stock Index Fund ‘Institutional’			556,625			19,087
Vanguard Institutional Index Fund ‘Institutional’			212,279			79,685
Vanguard Small-Cap Index Fund ‘Institutional’			118,419			12,781
Total Mutual Funds (Cost $122,174)						157,583
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.1%
U.S. TREASURY BILLS 0.1%
0.010% due 08/10/2021 (a)(b)	$		261			261
Total Short-Term Instruments (Cost $261)						261
Total Investments in Securities (Cost $122,435)						157,844

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 31.0%
MUTUAL FUNDS (c) 25.8%
PIMCO Emerging Markets Local Currency and Bond Fund		1,054,251	$		6,937
PIMCO High Yield Fund		189,763			1,729
PIMCO Income Fund		1,104,251			13,351
PIMCO International Bond Fund (U.S. Dollar-Hedged)		81,857			890
PIMCO Long-Term Real Return Fund		958,969			7,422
PIMCO Long-Term U.S. Government Fund		3,063,180			16,939
PIMCO Real Return Fund		290,441			3,555
PIMCO Total Return Fund		826,780			8,582
Total Mutual Funds (Cost $58,504)					59,405

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 5.2%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.2%
PIMCO Short-Term Floating NAV Portfolio III		1,193,779	$		11,772
Total Short-Term Instruments (Cost $11,771)					11,772
Total Investments in Affiliates (Cost $70,275)					71,177
Total Investments 99.8% (Cost $192,710)			$		229,021
Financial Derivative Instruments (d) (0.0)% (Cost or Premiums, net $0)					(3	)
Other Assets and Liabilities, net 0.2%					544
Net Assets 100.0%			$		229,562

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.

(d)  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	FNRETR Index		233	0.421% (1-Month USD-LIBOR plus a specified spread)		Monthly	08/25/2021	$	5,269	$	0	$	(2	)	$	0	$	(2	)
	Receive	FNRETR Index		210	0.461% (1-Month USD-LIBOR plus a specified spread)		Monthly	02/23/2022		4,749		0		(1	)		0		(1	)
Total Swap Agreements											$	0	$	(3	)	$	0	$	(3	)

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 June 30, 2021:

	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	$	0	$	0	$	0	$	0	$	(3	)	$	(3	)	$	(3	)	$	(210	)	$	(213	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(3	)	$	(3	)

⁽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.

48 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

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 June 30, 2021:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Liabilities
Over the counter
Swap Agreements	$	0	$	0	$	3	$	0	$	0	$	3

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2021:

	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	$	2,701	$	0	$	0	$	2,701
Net Change in Unrealized Appreciation on Financial Derivative Instruments
Over the counter
Swap Agreements	$	0	$	0	$	71	$	0	$	0	$	71

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2021 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Investments in Securities, at Value
Mutual Funds	$	157,583	$	0	$	0	$	157,583
Short-Term Instruments
U.S. Treasury Bills		0		261		0		261
	$	157,583	$	261	$	0	$	157,844
Investments in Affiliates, at Value
Mutual Funds		59,405		0		0		59,405
Short-Term Instruments
Central Funds Used for Cash Management Purposes		11,772		0		0		11,772
	$	71,177	$	0	$	0	$	71,177
Total Investments	$	228,760	$	261	$	0	$	229,021

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2021
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(3	)	$	0	$	(3	)
Total Financial Derivative Instruments	$	0	$	(3	)	$	0	$	(3	)
Totals	$	228,760	$	258		$	0	$	229,018

There were no significant transfers into or out of Level 3 during the period ended June 30, 2021.

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2021 49

Schedule of Investments PIMCO REALPATH^® Blend  2040 Fund

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

		SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 77.0%
MUTUAL FUNDS 76.9%
Vanguard Developed Markets Index Fund ‘Institutional’			3,556,630	$		58,862
Vanguard Emerging Markets Stock Index Fund ‘Institutional’			588,176			20,169
Vanguard Institutional Index Fund ‘Institutional’			247,368			92,857
Vanguard Small-Cap Index Fund ‘Institutional’			138,724			14,972
Total Mutual Funds (Cost $144,521)						186,860
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.1%
U.S. TREASURY BILLS 0.1%
0.010% due 08/10/2021 (a)(b)	$		281			281
Total Short-Term Instruments (Cost $281)						281
Total Investments in Securities (Cost $144,802)						187,141

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 22.8%
MUTUAL FUNDS (c) 18.5%
PIMCO Emerging Markets Local Currency and Bond Fund		772,673	$		5,084
PIMCO Income Fund		813,394			9,834
PIMCO International Bond Fund (U.S. Dollar-Hedged)		65,254			709
PIMCO Long-Term Real Return Fund		757,055			5,860
PIMCO Long-Term U.S. Government Fund		2,479,118			13,710
PIMCO Real Return Fund		226,080			2,767
PIMCO Total Return Fund		660,891			6,860
Total Mutual Funds (Cost $43,772)					44,824

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 4.3%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.3%
PIMCO Short-Term Floating NAV Portfolio III		1,065,276	$		10,505
Total Short-Term Instruments (Cost $10,504)					10,505
Total Investments in Affiliates (Cost $54,276)					55,329
Total Investments 99.8% (Cost $199,078)			$		242,470
Financial Derivative Instruments (d) (0.0)% (Cost or Premiums, net $0)					(4	)
Other Assets and Liabilities, net 0.2%					582
Net Assets 100.0%			$		243,048

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.

(d)  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	FNRETR Index		260	0.421% (1-Month USD-LIBOR plus a specified spread)		Monthly		08/25/2021	$	5,880	$	0	$	(2	)	$	0	$	(2	)
	Receive	FNRETR Index		230	0.461% (1-Month USD-LIBOR plus a specified spread)		Monthly		02/23/2022		5,201		0		(2	)		0		(2	)
Total Swap Agreements												$	0	$	(4	)	$	0	$	(4	)

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 June 30, 2021:

	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	$	0	$	0	$	0	$	0	$	(4	)	$	(4	)	$	(4	)	$	(230	)	$	(234	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(4	)	$	(4	)

⁽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.

50 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

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 June 30, 2021:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Liabilities
Over the counter
Swap Agreements	$	0	$	0	$	4	$	0	$	0	$	4

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2021:

	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	$	2,882	$	0	$	0	$	2,882
Net Change in Unrealized Appreciation on Financial Derivative Instruments
Over the counter
Swap Agreements	$	0	$	0	$	73	$	0	$	0	$	73

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2021 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Investments in Securities, at Value
Mutual Funds	$	186,860	$	0	$	0	$	186,860
Short-Term Instruments
U.S. Treasury Bills		0		281		0		281
	$	186,860	$	281	$	0	$	187,141
Investments in Affiliates, at Value
Mutual Funds		44,824		0		0		44,824
Short-Term Instruments
Central Funds Used for Cash Management Purposes		10,505		0		0		10,505
	$	55,329	$	0	$	0	$	55,329
Total Investments	$	242,189	$	281	$	0	$	242,470

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2021
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(4	)	$	0	$	(4	)
Total Financial Derivative Instruments	$	0	$	(4	)	$	0	$	(4	)
Totals	$	242,189	$	277		$	0	$	242,466

There were no significant transfers into or out of Level 3 during the period ended June 30, 2021.

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2021 51

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 82.6%
MUTUAL FUNDS 82.5%
Vanguard Developed Markets Index Fund ‘Institutional’			3,792,562	$		62,767
Vanguard Emerging Markets Stock Index Fund ‘Institutional’			513,290			17,601
Vanguard Institutional Index Fund ‘Institutional’			240,944			90,445
Vanguard Small-Cap Index Fund ‘Institutional’			137,238			14,812
Total Mutual Funds (Cost $143,810)						185,625
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.1%
U.S. TREASURY BILLS 0.1%
0.010% due 08/10/2021 (a)(b)	$		261			261
Total Short-Term Instruments (Cost $261)						261
Total Investments in Securities (Cost $144,071)						185,886

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 17.2%
MUTUAL FUNDS (c) 12.4%
PIMCO Emerging Markets Local Currency and Bond Fund		299,621	$		1,972
PIMCO Income Fund		431,309			5,215
PIMCO International Bond Fund (U.S. Dollar-Hedged)		43,665			475
PIMCO Long-Term Real Return Fund		522,599			4,045
PIMCO Long-Term U.S. Government Fund		1,710,215			9,457
PIMCO Real Return Fund		154,517			1,891
PIMCO Total Return Fund		455,903			4,732
Total Mutual Funds (Cost $27,102)					27,787

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 4.8%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.8%
PIMCO Short-Term Floating NAV Portfolio III		1,089,431	$		10,743
Total Short-Term Instruments (Cost $10,742)					10,743
Total Investments in Affiliates (Cost $37,844)					38,530
Total Investments 99.8% (Cost $181,915)			$		224,416
Financial Derivative Instruments (d) (0.0)% (Cost or Premiums, net $0)					(3	)
Other Assets and Liabilities, net 0.2%					532
Net Assets 100.0%			$		224,945

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.

(d)  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	FNRETR Index		244	0.421% (1-Month USD-LIBOR plus a specified spread)		Monthly		08/25/2021	$	5,518	$	0	$	(2	)	$	0	$	(2	)
	Receive	FNRETR Index		215	0.461% (1-Month USD-LIBOR plus a specified spread)		Monthly		02/23/2022		4,862		0		(1	)		0		(1	)
Total Swap Agreements												$	0	$	(3	)	$	0	$	(3	)

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 June 30, 2021:

	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	$	0	$	0	$	0	$	0	$	(3	)	$	(3	)	$	(3	)	$	(220	)	$	(223	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(3	)	$	(3	)

⁽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.

52 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

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 June 30, 2021:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Liabilities
Over the counter
Swap Agreements	$	0	$	0	$	3	$	0	$	0	$	3

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2021:

	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	$	2,682	$	0	$	0	$	2,682
Net Change in Unrealized Appreciation on Financial Derivative Instruments
Over the counter
Swap Agreements	$	0	$	0	$	68	$	0	$	0	$	68

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2021 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Investments in Securities, at Value
Mutual Funds	$	185,625	$	0	$	0	$	185,625
Short-Term Instruments
U.S. Treasury Bills		0		261		0		261
	$	185,625	$	261	$	0	$	185,886
Investments in Affiliates, at Value
Mutual Funds		27,787		0		0		27,787
Short-Term Instruments
Central Funds Used for Cash Management Purposes		10,743		0		0		10,743
	$	38,530	$	0	$	0	$	38,530
Total Investments	$	224,155	$	261	$	0	$	224,416

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2021
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(3	)	$	0	$	(3	)
Total Financial Derivative Instruments	$	0	$	(3	)	$	0	$	(3	)
Totals	$	224,155	$	258		$	0	$	224,413

There were no significant transfers into or out of Level 3 during the period ended June 30, 2021.

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2021 53

Schedule of Investments PIMCO REALPATH^® Blend  2050 Fund

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

		SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 86.0%
MUTUAL FUNDS 85.9%
Vanguard Developed Markets Index Fund ‘Institutional’			4,106,625	$		67,965
Vanguard Emerging Markets Stock Index Fund ‘Institutional’			508,058			17,421
Vanguard Institutional Index Fund ‘Institutional’			253,382			95,114
Vanguard Small-Cap Index Fund ‘Institutional’			143,959			15,538
Total Mutual Funds (Cost $149,004)						196,038
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.1%
U.S. TREASURY BILLS 0.1%
0.010% due 08/10/2021 (a)(b)	$		271			271
Total Short-Term Instruments (Cost $271)						271
Total Investments in Securities (Cost $149,275)						196,309

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 13.7%
MUTUAL FUNDS (c) 8.5%
PIMCO Emerging Markets Local Currency and Bond Fund		133,590	$		879
PIMCO Income Fund		280,385			3,390
PIMCO International Bond Fund (U.S. Dollar-Hedged)		32,859			357
PIMCO Long-Term Real Return Fund		541,919			4,195
PIMCO Long-Term U.S. Government Fund		1,015,919			5,618
PIMCO Real Return Fund		108,102			1,323
PIMCO Total Return Fund		333,519			3,462
Total Mutual Funds (Cost $18,731)					19,224

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 5.2%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.2%
PIMCO Short-Term Floating NAV Portfolio III		1,207,610	$		11,908
Total Short-Term Instruments (Cost $11,907)					11,908
Total Investments in Affiliates (Cost $30,638)					31,132
Total Investments 99.7% (Cost $179,913)			$		227,441
Financial Derivative Instruments (d) (0.0)% (Cost or Premiums, net $0)					(4	)
Other Assets and Liabilities, net 0.3%					764
Net Assets 100.0%			$		228,201

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.

(d)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON EQUITY INDICES

	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
Counterparty																	Asset		Liability
JPM	Receive	FNRETR Index		249	0.421% (1-Month USD-LIBOR plus a specified spread)		Monthly		08/25/2021	$	5,631	$	0	$	(2	)	$	0	$	(2	)
	Receive	FNRETR Index		219	0.461% (1-Month USD-LIBOR plus a specified spread)		Monthly		02/23/2022		4,953		0		(2	)		0		(2	)
Total Swap Agreements												$	0	$	(4	)	$	0	$	(4	)

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 June 30, 2021:

	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	$	0	$	0	$	0	$	0	$	(4	)	$	(4	)	$	(4	)	$	(220	)	$	(224	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(4	)	$	(4	)

⁽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.

54 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

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 June 30, 2021:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Liabilities
Over the counter
Swap Agreements	$	0	$	0	$	4	$	0	$	0	$	4

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2021:

	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	$	2,841	$	0	$	0	$	2,841
Net Change in Unrealized Appreciation on Financial Derivative Instruments
Over the counter
Swap Agreements	$	0	$	0	$	95	$	0	$	0	$	95

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2021 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Investments in Securities, at Value
Mutual Funds	$	196,038	$	0	$	0	$	196,038
Short-Term Instruments
U.S. Treasury Bills		0		271		0		271
	$	196,038	$	271	$	0	$	196,309
Investments in Affiliates, at Value
Mutual Funds		19,224		0		0		19,224
Short-Term Instruments
Central Funds Used for Cash Management Purposes		11,908		0		0		11,908
	$	31,132	$	0	$	0	$	31,132
Total Investments	$	227,170	$	271	$	0	$	227,441

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2021
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(4	)	$	0	$	(4	)
Total Financial Derivative Instruments	$	0	$	(4	)	$	0	$	(4	)
Totals	$	227,170	$	267		$	0	$	227,437

There were no significant transfers into or out of Level 3 during the period ended June 30, 2021.

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2021 55

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 87.7%
MUTUAL FUNDS 87.7%
Vanguard Developed Markets Index Fund ‘Institutional’		2,491,466	$		41,233
Vanguard Emerging Markets Stock Index Fund ‘Institutional’		295,071			10,118
Vanguard Institutional Index Fund ‘Institutional’		150,948			56,663
Vanguard Small-Cap Index Fund ‘Institutional’		84,961			9,170
Total Mutual Funds (Cost $92,935)					117,184
Total Investments in Securities (Cost $92,935)					117,184

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 11.7%
MUTUAL FUNDS (a) 7.1%
PIMCO Emerging Markets Local Currency and Bond Fund		59,426	$		391
PIMCO Income Fund		139,592			1,688
PIMCO International Bond Fund (U.S. Dollar-Hedged)		20,122			219
PIMCO Long-Term Real Return Fund		404,944			3,134
PIMCO Long-Term U.S. Government Fund		304,868			1,686
PIMCO Real Return Fund		55,302			677
PIMCO Total Return Fund		163,018			1,692
Total Mutual Funds (Cost $9,224)					9,487

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 4.6%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.6%
PIMCO Short-Term Floating NAV Portfolio III		617,881	$		6,093
Total Short-Term Instruments (Cost $6,092)					6,093
Total Investments in Affiliates (Cost $15,316)					15,580
Total Investments 99.4% (Cost $108,251)			$		132,764
Financial Derivative Instruments (b) (0.0)% (Cost or Premiums, net $0)					(2	)
Other Assets and Liabilities, net 0.6%					869
Net Assets 100.0%			$		133,631

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	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
															Asset		Liability
JPM	Receive	FNRETR Index		154	0.421% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/25/2021	$	3,483	$	0	$	(1	)	$	0	$	(1	)
	Receive	FNRETR Index		122	0.461% (1-Month USD-LIBOR plus a specified spread)	Monthly	02/23/2022		2,759		0		(1	)		0		(1	)
Total Swap Agreements										$	0	$	(2	)	$	0	$	(2	)

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 2021:

	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	$	0	$	0	$	0	$	0	$	(2	)	$	(2	)	$	(2	)	$	(260	)	$	(262	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	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.

56 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

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 June 30, 2021:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Liabilities
Over the counter
Swap Agreements	$	0	$	0	$	2	$	0	$	0	$	2

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2021:

	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	$	1,618	$	0	$	0	$	1,618
Net Change in Unrealized Appreciation on Financial Derivative Instruments
Over the counter
Swap Agreements	$	0	$	0	$	18	$	0	$	0	$	18

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2021 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Investments in Securities, at Value
Mutual Funds	$	117,184	$	0	$	0	$	117,184
	$	117,184	$	0	$	0	$	117,184
Investments in Affiliates, at Value
Mutual Funds		9,487		0		0		9,487
Short-Term Instruments
Central Funds Used for Cash Management Purposes		6,093		0		0		6,093
	$	15,580	$	0	$	0	$	15,580
Total Investments	$	132,764	$	0	$	0	$	132,764

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2021
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(2	)	$	0	$	(2	)
Total Financial Derivative Instruments	$	0	$	(2	)	$	0	$	(2	)
Totals	$	132,764	$	(2	)	$	0	$	132,762

There were no significant transfers into or out of Level 3 during the period ended June 30, 2021.

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2021 57

Schedule of Investments PIMCO REALPATH^® Blend  2060 Fund

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 87.0%
MUTUAL FUNDS 87.0%
Vanguard 500 Index Fund ‘Admiral’		13,087	$		5,191
Vanguard Developed Markets Index Fund ‘Admiral’		230,011			3,802
Vanguard Emerging Markets Stock Index Fund ‘Admiral’		20,373			919
Vanguard Small-Cap Index Fund ‘Admiral’		7,687			830
Total Mutual Funds (Cost $9,165)					10,742
Total Investments in Securities (Cost $9,165)					10,742

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 10.9%
MUTUAL FUNDS (a) 6.8%
PIMCO Emerging Markets Local Currency and Bond Fund		4,934	$		32
PIMCO Income Fund		12,599			152
PIMCO International Bond Fund (U.S. Dollar-Hedged)		1,439			16
PIMCO Long-Term Real Return Fund		39,423			305
PIMCO Long-Term U.S. Government Fund		23,220			128
PIMCO Real Return Fund		4,720			58
PIMCO Total Return Fund		14,725			153
Total Mutual Funds (Cost $824)					844

	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		50,766	$		501
Total Short-Term Instruments (Cost $501)					501
Total Investments in Affiliates (Cost $1,325)					1,345
Total Investments 97.9% (Cost $10,490)			$		12,087
Financial Derivative Instruments (b) (0.0)% (Cost or Premiums, net $0)					0
Other Assets and Liabilities, net 2.1%					260
Net Assets 100.0%			$		12,347

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	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)		Swap Agreements, at Value
														Asset		Liability
JPM	Receive	FNRETR Index		15	0.421% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/25/2021	$	339	$	0	$	0	$	0	$	0
	Receive	FNRETR Index		10	0.461% (1-Month USD-LIBOR plus a specified spread)	Monthly	02/23/2022		226		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 June 30, 2021:

	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	$	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.

58 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

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 June 30, 2021:

	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	$	128	$	0	$	0	$	128

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2021 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Investments in Securities, at Value
Mutual Funds	$	10,742	$	0	$	0	$	10,742
	$	10,742	$	0	$	0	$	10,742
Investments in Affiliates, at Value
Mutual Funds		844		0		0		844

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Short-Term Instruments
Central Funds Used for Cash Management Purposes	$	501	$	0	$	0	$	501
	$	1,345	$	0	$	0	$	1,345
Total Investments	$	12,087	$	0	$	0	$	12,087

There were no significant transfers into or out of Level 3 during the period ended June 30, 2021.

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2021 59

Schedule of Investments PIMCO REALPATH^®Blend Income Fund

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

		SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 41.1%
MUTUAL FUNDS 41.0%
Vanguard Developed Markets Index Fund ‘Institutional’			1,991,422	$		32,958
Vanguard Emerging Markets Stock Index Fund ‘Institutional’			383,309			13,144
Vanguard Institutional Index Fund ‘Institutional’			129,712			48,691
Vanguard Small-Cap Index Fund ‘Institutional’			83,957			9,061
Total Mutual Funds (Cost $78,441)						103,854
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.1%
U.S. TREASURY BILLS 0.1%
0.010% due 08/10/2021 (a)(b)	$		271			271
Total Short-Term Instruments (Cost $271)						271
Total Investments in Securities (Cost $78,712)						104,125

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 58.5%
MUTUAL FUNDS (c) 54.8%
PIMCO Emerging Markets Local Currency and Bond Fund		1,901,742	$		12,513
PIMCO High Yield Fund		500,752			4,562
PIMCO Income Fund		3,332,500			40,290
PIMCO International Bond Fund (U.S. Dollar-Hedged)		364,635			3,964
PIMCO Long-Term Real Return Fund		2,079,568			16,096
PIMCO Long-Term U.S. Government Fund		2,382,625			13,176
PIMCO Real Return Fund		1,163,757			14,244
PIMCO Total Return Fund		3,298,892			34,243
Total Mutual Funds (Cost $138,004)					139,088

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 3.7%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.7%
PIMCO Short-Term Floating NAV Portfolio III		961,076	$		9,477
Total Short-Term Instruments (Cost $9,472)					9,477
Total Investments in Affiliates (Cost $147,476)					148,565
Total Investments 99.6% (Cost $226,188)			$		252,690
Financial Derivative Instruments (d)(e) 0.2% (Cost or Premiums, net $1,130)					401
Other Assets and Liabilities, net 0.2%					679
Net Assets 100.0%			$		253,770

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.

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

PURCHASED OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Cost		Market Value
Put - CBOE S&P 500		2,275.000		09/17/2021		17	$	2	$	122	$	3
Put - CBOE S&P 500		2,525.000		09/17/2021		17		2		185		4
Put - CBOE S&P 500		2,575.000		12/17/2021		20		2		143		21
Put - CBOE S&P 500		2,825.000		12/17/2021		20		2		206		31
Put - CBOE S&P 500		2,975.000		03/18/2022		39		4		422		145
Put - CBOE S&P 500		3,000.000		06/17/2022		45		5		324		263
Total Purchased Options									$	1,402	$	467

WRITTEN OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Put - CBOE S&P 500		1,900.000		09/17/2021		17	$	2	$	(60	)	$	(1	)
Put - CBOE S&P 500		2,150.000		12/17/2021		20		2		(68	)		(12	)
Put - CBOE S&P 500		2,250.000		03/18/2022		39		4		(144	)		(49	)
Total Written Options									$	(272	)	$	(62	)

60 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2021:

	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	$	467	$	0	$	0	$	467	$	(62)	$	0	$	0	$	(62)

(e)  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	FNRETR Index		263	0.421% (1-Month USD-LIBOR plus a specified spread)	Monthly		08/25/2021	$	5,948	$	0	$	(2	)	$	0	$	(2	)
	Receive	FNRETR Index		209	0.461% (1-Month USD-LIBOR plus a specified spread)	Monthly		02/23/2022		4,726		0		(2	)		0		(2	)
Total Swap Agreements											$	0	$	(4	)	$	0	$	(4	)

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 June 30, 2021:

	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	$	0	$	0	$	0	$	0	$	(4	)	$	(4	)	$	(4	)	$	(230	)	$	(234	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(4	)	$	(4	)

⁽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 June 30, 2021:

	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	$	467	$	0	$	0	$	467
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	62	$	0	$	0	$	62
Over the counter
Swap Agreements	$	0	$	0	$	4	$	0	$	0	$	4
	$	0	$	0	$	66	$	0	$	0	$	66

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2021 61

Schedule of Investments PIMCO REALPATH^®Blend Income Fund (Cont.) June 30, 2021

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2021:

	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	$	(875	)	$	0	$	0	$	(875	)
Written Options		0		0		198			0		0		198
	$	0	$	0	$	(677	)	$	0	$	0	$	(677	)
Over the counter
Swap Agreements	$	0	$	0	$	2,858		$	0	$	0	$	2,858
	$	0	$	0	$	2,181		$	0	$	0	$	2,181
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0	$	0	$	(354	)	$	0	$	0	$	(354	)
Written Options		0		0		70			0		0		70
	$	0	$	0	$	(284	)	$	0	$	0	$	(284	)
Over the counter
Swap Agreements	$	0	$	0	$	46		$	0	$	0	$	46
	$	0	$	0	$	(238	)	$	0	$	0	$	(238	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2021 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Investments in Securities, at Value
Mutual Funds	$	103,854	$	0	$	0	$	103,854
Short-Term Instruments
U.S. Treasury Bills		0		271		0		271
	$	103,854	$	271	$	0	$	104,125
Investments in Affiliates, at Value
Mutual Funds		139,088		0		0		139,088
Short-Term Instruments
Central Funds Used for Cash Management Purposes		9,477		0		0		9,477
	$	148,565	$	0	$	0	$	148,565
Total Investments	$	252,419	$	271	$	0	$	252,690

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2021
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	467		$	0	$	467
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(62	)		0		(62	)
Over the counter		0		(4	)		0		(4	)
	$	0	$	(66	)	$	0	$	(66	)
Total Financial Derivative Instruments	$	0	$	401		$	0	$	401
Totals	$	252,419	$	672		$	0	$	253,091

There were no significant transfers into or out of Level 3 during the period ended June 30, 2021.

62 PIMCO EQUITY SERIES See Accompanying Notes

Notes to Financial Statements June 30, 2021

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

ANNUAL REPORT | JUNE 30, 2021 63

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

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

(d) New Accounting Pronouncements and Regulatory Updates  In March 2020, the Financial Accounting Standards Board 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 rule went into effect on January 19, 2021 and funds will have a one-year 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 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 was 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.

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June 30, 2021

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 such data reflecting 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, quotes obtained from a quotation reporting system, established market makers or pricing services. Swap agreements are valued on the basis of market-based prices supplied by Pricing Services or quotes obtained from brokers and dealers. 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

ANNUAL REPORT | JUNE 30, 2021 65

Notes to Financial Statements (Cont.)

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. 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,

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June 30, 2021

accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of a Fund’s assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

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

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

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

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These

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

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Services (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Services using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, 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

ANNUAL REPORT | JUNE 30, 2021 67

Notes to Financial Statements (Cont.)

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 June 30, 2021 (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 06/30/2021		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	4,471	$	6,163	$	(136	)	$	(1	)	$	233		$	10,730	$	284	$	0
PIMCO High Yield Fund		2,745		2,810		(1,819	)		20			241			3,997		178		0
PIMCO Income Fund		15,972		19,521		(7,910	)		39			1,775			29,397		347		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		1,501		1,828		(702	)		(12	)		9			2,624		57		0
PIMCO Long-Term Real Return Fund		6,633		14,977		(1,072	)		(369	)		(2,184	)		17,985		845		2,648
PIMCO Long-Term U.S. Government Fund		2,852		19,048		(416	)		(129	)		(1,291	)		20,064		369		777
PIMCO Real Return Fund		5,457		7,116		(3,166	)		(36	)		221			9,592		350		0
PIMCO Short-Term Floating NAV Portfolio III		6,003		65,419		(58,000	)		1			1			13,424		19		0
PIMCO Total Return Fund		13,168		18,315		(7,473	)		(376	)		(679	)		22,955		1,017		199
Totals	$	58,802	$	155,197	$	(80,694	)	$	(863	)	$	(1,674	)	$	130,768	$	3,466	$	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 06/30/2021		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	4,828	$	4,809	$	0		$	0		$	156		$	9,793	$	393	$	0
PIMCO High Yield Fund		3,319		2,674		(2,573	)		45			248			3,713		190		0
PIMCO Income Fund		16,847		14,472		(11,063	)		139			1,611			22,006		287		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		1,544		1,456		(1,275	)		(18	)		18			1,725		50		0
PIMCO Long-Term Real Return Fund		4,246		11,720		(351	)		(77	)		(1,431	)		14,107		589		1,608
PIMCO Long-Term U.S. Government Fund		1,843		24,509		0			0			(820	)		25,532		313		472
PIMCO Real Return Fund		5,582		4,831		(4,374	)		(26	)		184			6,197		294		0
PIMCO Short-Term Floating NAV Portfolio III		7,163		61,923		(56,300	)		6			(4	)		12,788		23		0
PIMCO Total Return Fund		13,469		13,751		(11,009	)		(505	)		(509	)		15,197		939		192
Totals	$	58,841	$	140,145	$	(86,945	)	$	(436	)	$	(547	)	$	111,058	$	3,078	$	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 06/30/2021		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	3,195	$	3,579	$	0		$	0		$	163		$	6,937	$	194	$	0
PIMCO High Yield Fund		2,498		2,117		(3,101	)		65			150			1,729		133		0
PIMCO Income Fund		10,809		10,661		(9,254	)		125			1,010			13,351		178		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		973		852		(933	)		(13	)		11			890		31		0
PIMCO Long-Term Real Return Fund		853		6,781		0			0			(212	)		7,422		218		342
PIMCO Long-Term U.S. Government Fund		378		16,668		0			0			(107	)		16,939		140		100
PIMCO Real Return Fund		3,429		3,505		(3,469	)		(6	)		96			3,555		179		0
PIMCO Short-Term Floating NAV Portfolio III		5,251		48,020		(41,500	)		7			(6	)		11,772		19		0
PIMCO Total Return Fund		8,275		9,575		(8,604	)		(377	)		(287	)		8,582		590		122
Totals	$	35,661	$	101,758	$	(66,861	)	$	(199	)	$	818		$	71,177	$	1,682	$	564

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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 06/30/2021		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	2,959	$	2,875	$	(903	)	$	(7	)	$	160		$	5,084	$	160	$	0
PIMCO High Yield Fund		2,782		1,905		(4,898	)		152			59			0		117		0
PIMCO Income Fund		9,483		9,001		(9,588	)		131			807			9,834		137		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		743		697		(728	)		(8	)		5			709		24		0
PIMCO Long-Term Real Return Fund		0		5,673		0			0			187			5,860		123		0
PIMCO Long-Term U.S. Government Fund		0		13,614		0			0			96			13,710		87		0
PIMCO Real Return Fund		2,764		2,713		(2,775	)		(8	)		73			2,767		140		0
PIMCO Short-Term Floating NAV Portfolio III		4,583		44,521		(38,600	)		10			(9	)		10,505		20		0
PIMCO Total Return Fund		6,672		7,805		(7,099	)		(294	)		(224	)		6,860		457		94
Totals	$	29,986	$	88,804	$	(64,591	)	$	(24	)	$	1,154		$	55,329	$	1,265	$	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 06/30/2021		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	2,195	$	1,824	$	(2,174	)	$	(4	)	$	131		$	1,972	$	96	$	0
PIMCO High Yield Fund		2,595		1,592		(4,379	)		122			70			0		105		0
PIMCO Income Fund		6,585		5,609		(7,604	)		110			515			5,215		79		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		459		400		(382	)		(5	)		3			475		14		0
PIMCO Long-Term Real Return Fund		0		3,899		0			0			146			4,045		84		0
PIMCO Long-Term U.S. Government Fund		0		9,373		0			0			84			9,457		59		0
PIMCO Real Return Fund		1,616		1,557		(1,323	)		(14	)		55			1,891		86		0
PIMCO Short-Term Floating NAV Portfolio III		4,822		40,419		(34,500	)		7			(5	)		10,743		20		0
PIMCO Total Return Fund		4,012		4,590		(3,567	)		(155	)		(148	)		4,732		271		55
Totals	$	22,284	$	69,263	$	(53,929	)	$	61		$	851		$	38,530	$	814	$	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 06/30/2021		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	2,196	$	1,263	$	(2,714	)	$	84		$	50		$	879	$	78	$	0
PIMCO High Yield Fund		2,977		1,429		(4,619	)		127			86			0		114		0
PIMCO Income Fund		6,046		3,738		(6,928	)		114			420			3,390		59		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		353		237		(233	)		(3	)		3			357		10		0
PIMCO Long-Term Real Return Fund		0		4,043		0			0			152			4,195		89		0
PIMCO Long-Term U.S. Government Fund		0		5,572		0			0			46			5,618		36		0
PIMCO Real Return Fund		1,236		859		(804	)		(9	)		41			1,323		61		0
PIMCO Short-Term Floating NAV Portfolio III		4,685		33,222		(26,001	)		13			(11	)		11,908		22		0
PIMCO Total Return Fund		3,055		2,837		(2,221	)		(94	)		(115	)		3,462		193		39
Totals	$	20,548	$	53,200	$	(43,520	)	$	232		$	672		$	31,132	$	662	$	39

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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 06/30/2021		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	963	$	743	$	(1,375	)	$	27		$	33		$	391	$	37	$	0
PIMCO High Yield Fund		1,395		966		(2,464	)		69			34			0		58		0
PIMCO Income Fund		2,580		2,195		(3,329	)		71			171			1,688		28		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		123		96		0			0			0			219		5		0
PIMCO Long-Term Real Return Fund		0		3,021		0			0			113			3,134		64		0
PIMCO Long-Term U.S. Government Fund		0		1,671		0			0			15			1,686		10		0
PIMCO Real Return Fund		490		453		(278	)		(4	)		16			677		27		0
PIMCO Short-Term Floating NAV Portfolio III		3,081		24,211		(21,200	)		4			(3	)		6,093		11		0
PIMCO Total Return Fund		1,181		1,339		(740	)		(38	)		(50	)		1,692		82		16
Totals	$	9,813	$	34,695	$	(29,386	)	$	129		$	329		$	15,580	$	322	$	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 06/30/2021		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	46	$	94	$	(111	)	$	(3	)	$	6		$	32	$	2	$	0
PIMCO High Yield Fund		68		133		(207	)		2			4			0		4		0
PIMCO Income Fund		124		280		(269	)		4			13			152		2		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		6		10		0			0			0			16		0		0
PIMCO Long-Term Real Return Fund		0		294		0			0			11			305		5		0
PIMCO Long-Term U.S. Government Fund		0		127		0			0			1			128		1		0
PIMCO Real Return Fund		22		55		(20	)		0			1			58		2		0
PIMCO Short-Term Floating NAV Portfolio III		0		1,201		(700	)		0			0			501		1		0
PIMCO Total Return Fund		56		157		(54	)		(3	)		(3	)		153		6		1
Totals	$	322	$	2,351	$	(1,361	)	$	0		$	33		$	1,345	$	23	$	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 06/30/2021		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	7,330	$	4,995	$	(187	)	$	(7	)	$	382		$	12,513	$	376	$	0
PIMCO High Yield Fund		3,832		1,922		(1,510	)		22			296			4,562		206		0
PIMCO Income Fund		26,930		15,625		(4,844	)		63			2,516			40,290		497		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		2,706		1,615		(362	)		(6	)		11			3,964		82		0
PIMCO Long-Term Real Return Fund		8,752		11,796		(1,697	)		(624	)		(2,131	)		16,096		844		2,814
PIMCO Long-Term U.S. Government Fund		3,763		11,830		(830	)		(378	)		(1,209	)		13,176		344		826
PIMCO Real Return Fund		9,426		6,155		(1,652	)		(24	)		339			14,244		517		0
PIMCO Short-Term Floating NAV Portfolio III		10,456		66,719		(67,700	)		4			(2	)		9,477		19		0
PIMCO Total Return Fund		22,998		17,100		(4,467	)		(237	)		(1,151	)		34,243		1,447		276
Totals	$	96,193	$	137,757	$	(83,249	)	$	(1,187	)	$	(949	)	$	148,565	$	4,332	$	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.

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(b) Investments in Securities

The Funds (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may utilize the investments and strategies described below to the extent permitted by each Fund’s respective investment policies.

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

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues Participation Certificates (“PCs”), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate 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 Fund’s investment policies and restrictions. The Funds are currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

On March 23, 2020, the SEC issued an exemptive order (the “Temporary Order”) to provide temporary relief to the Funds of the Trust in relation to the Interfund Lending Program, and the Board has authorized the Funds to rely on the Temporary Order. With respect to

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Notes to Financial Statements (Cont.)

interfund lending, the Temporary Order permitted, under certain conditions, a lending fund to lend in aggregate up to 25% of its current net assets at the time of the interfund loan and to make interfund loans with term limits of up to the expiration of the Temporary Order, notwithstanding the current limit of seven business days under the Order. The SEC provided notice in April 2021 that the Temporary Order would be terminated on April 30, 2021.

During the period ended June 30, 2021, the Funds did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

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

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

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

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

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

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

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

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

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

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	—

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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
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
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.

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.

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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 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.

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Notes to Financial Statements (Cont.)

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.

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 1940 Act and may not be subject to all the investor protections of the 1940 Act. There is no guarantee that the investment objective of a Subsidiary will be achieved.

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.

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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 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

ANNUAL REPORT | JUNE 30, 2021 77

Notes to Financial Statements (Cont.)

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, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end are disclosed in the Notes to Schedules of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDA Master Agreements”) govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect

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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 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.

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Notes to Financial Statements (Cont.)

The Trust paid distribution and servicing fees at effective rates as noted in the following table (calculated as a percentage of 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 June 30, 2021, the Distributor retained $16,527 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) salaries and other compensation of any of the Trust’s executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) the costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not

“interested persons” of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expense, including costs of litigation and indemnification expenses; (vii) organizational expenses; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust’s Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

(e) Expense Limitation  Pursuant to the Expense Limitation Agreement, PIMCO has agreed, through October 31, 2021, 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 June 30, 2021, 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	$	7	$	7
PIMCO RealPath® Blend 2030 Fund		0		0		9		9
PIMCO RealPath® Blend 2035 Fund		0		0		8		8
PIMCO RealPath® Blend 2040 Fund		0		0		9		9
PIMCO RealPath® Blend 2045 Fund		0		0		10		10
PIMCO RealPath® Blend 2050 Fund		0		0		12		12
PIMCO RealPath® Blend 2055 Fund		0		0		4		4
PIMCO RealPath® Blend 2060 Fund		0		68		0		68
PIMCO RealPath® Blend Income Fund		0		0		7		7

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

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(f) Acquired Fund Fees and Expenses  Acquired Fund expenses incurred by the Funds, if any, will vary with changes in the expenses of the Acquired Funds, as well as the allocation of the Funds’ assets.

The expenses associated with investing in a fund of funds are generally higher than those for mutual funds that do not invest in other mutual funds. The cost of investing in a fund of funds will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. By investing in a fund of funds, an investor will indirectly bear fees and expenses charged by Acquired Funds in addition to each Fund’s direct fees and expenses. In addition, the use of a fund of funds structure could affect the timing, amount and character of distributions to the shareholders and may therefore increase the amount of taxes payable by shareholders.

10. RELATED PARTY TRANSACTIONS

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

11. GUARANTEES AND INDEMNIFICATIONS

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

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

12. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as “portfolio turnover.” Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective, 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 June 30, 2021, 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	$	150,428	$	37,420
PIMCO REALPATH® Blend 2030 Fund		0		0		154,642		54,479
PIMCO REALPATH® Blend 2035 Fund		0		0		116,969		34,147
PIMCO REALPATH® Blend 2040 Fund		0		0		125,822		46,596
PIMCO REALPATH® Blend 2045 Fund		0		0		105,377		35,843
PIMCO REALPATH® Blend 2050 Fund		0		0		83,930		33,009
PIMCO REALPATH® Blend 2055 Fund		0		0		59,980		12,435
PIMCO REALPATH® Blend 2060 Fund		0		0		8,454		1,352
PIMCO REALPATH® Blend Income Fund		0		0		107,837		32,972

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

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Notes to Financial Statements (Cont.)

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
	Year Ended 06/30/2021						Year Ended 06/30/2020						Year Ended 06/30/2021						Year Ended 06/30/2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		11,135		$	141,756			5,446		$	62,831			9,816		$	127,467			5,976		$	69,709
Administrative Class		188			2,422			856			9,802			200			2,579			839			9,655
Class A		347			4,454			95			1,096			130			1,723			164			1,925
Issued as reinvestment of distributions
Institutional Class		819			10,693			136			1,586			735			9,901			199			2,365
Administrative Class		133			1,732			66			764			117			1,571			65			774
Class A		37			477			13			150			28			376			15			177
Cost of shares redeemed
Institutional Class		(2,487	)		(31,940	)		(1,566	)		(17,815	)		(2,543	)		(33,565	)		(1,732	)		(19,492	)
Administrative Class		(560	)		(7,146	)		(341	)		(3,845	)		(251	)		(3,297	)		(419	)		(4,783	)
Class A		(182	)		(2,341	)		(42	)		(474	)		(53	)		(676	)		(127	)		(1,463	)
Net increase (decrease) resulting from Fund share transactions		9,430		$	120,107			4,663		$	54,095			8,179		$	106,079			4,980		$	58,867

	PIMCO REALPATH® Blend 2035 Fund												PIMCO REALPATH® Blend 2040 Fund
	Year Ended 06/30/2021						Year Ended 06/30/2020						Year Ended 06/30/2021						Year Ended 06/30/2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		8,363		$	109,354			4,095		$	48,247			7,980		$	106,187			3,630		$	42,768
Administrative Class		228			3,081			609			7,020			154			2,044			544			6,307
Class A		94			1,259			170			1,954			116			1,585			160			1,862
Issued as reinvestment of distributions
Institutional Class		423			5,839			134			1,594			406			5,737			189			2,279
Administrative Class		69			953			53			630			46			644			39			473
Class A		18			245			12			143			18			258			20			237
Cost of shares redeemed
Institutional Class		(2,072	)		(27,626	)		(1,290	)		(14,620	)		(2,114	)		(28,619	)		(1,389	)		(16,002	)
Administrative Class		(303	)		(3,987	)		(300	)		(3,272	)		(199	)		(2,688	)		(206	)		(2,242	)
Class A		(92	)		(1,218	)		(94	)		(1,072	)		(208	)		(2,765	)		(173	)		(1,945	)
Net increase (decrease) resulting from Fund share transactions		6,728		$	87,900			3,389		$	40,624			6,199		$	82,383			2,814		$	33,737

	PIMCO REALPATH® Blend 2045 Fund												PIMCO REALPATH® Blend 2050 Fund
	Year Ended 06/30/2021						Year Ended 06/30/2020						Year Ended 06/30/2021						Year Ended 06/30/2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		6,517		$	87,372			3,055		$	35,705			5,522		$	74,111			2,725		$	31,580
Administrative Class		195			2,648			463			5,341			93			1,306			358			4,118
Class A		49			662			74			863			68			925			89			1,004
Issued as reinvestment of distributions
Institutional Class		356			5,111			196			2,361			350			5,073			233			2,820
Administrative Class		39			556			33			400			40			580			44			539
Class A		8			116			10			124			8			113			11			130
Cost of shares redeemed
Institutional Class		(1,499	)		(20,208	)		(1,326	)		(15,077	)		(1,695	)		(23,028	)		(1,171	)		(13,499	)
Administrative Class		(144	)		(1,989	)		(186	)		(2,085	)		(213	)		(2,861	)		(302	)		(3,464	)
Class A		(69	)		(888	)		(135	)		(1,518	)		(109	)		(1,386	)		(131	)		(1,495	)
Net increase (decrease) resulting from Fund share transactions		5,452		$	73,380			2,184		$	26,114			4,064		$	54,833			1,856		$	21,733

82 PIMCO EQUITY SERIES

June 30, 2021

	PIMCO REALPATH® Blend 2055 Fund												PIMCO REALPATH® Blend 2060 Fund
	Year Ended 06/30/2021						Year Ended 06/30/2020						Year Ended 06/30/2021						Inception date through 06/30/2020(a)
	Shares			Amount			Shares			Amount			Shares			Amount			Shares		Amount
Receipts for shares sold
Institutional Class		4,689		$	63,764			2,686		$	31,279			702		$	7,847			301	$	3,011
Administrative Class		170			2,333			405			4,695			4			49			1		10
Class A		53			723			73			840			64			690			3		33
Issued as reinvestment of distributions
Institutional Class		202			2,964			103			1,244			13			154			0		0
Administrative Class		13			189			9			110			0			1			0		0
Class A		5			72			7			81			1			11			0		0
Cost of shares redeemed
Institutional Class		(1,297	)		(17,711	)		(1,107	)		(12,926	)		(98	)		(1,121	)		0		0
Administrative Class		(87	)		(1,162	)		(48	)		(540	)		0			(2	)		0		0
Class A		(84	)		(1,083	)		(82	)		(940	)		(1	)		(15	)		0		(3	)
Net increase (decrease) resulting from Fund share transactions		3,664		$	50,089			2,046		$	23,843			685		$	7,614			305	$	3,051

	PIMCO REALPATH® Blend Income Fund
	Year Ended 06/30/2021						Year Ended 06/30/2020
	Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		8,670		$	108,154			6,527		$	74,835
Administrative Class		168			2,108			322			3,680
Class A		1,083			13,537			575			6,449
Issued as reinvestment of distributions
Institutional Class		855			10,790			81			930
Administrative Class		158			1,988			36			412
Class A		130			1,633			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		(3,828	)		(48,133	)		(3,251	)		(36,815	)
Administrative Class		(462	)		(5,768	)		(343	)		(3,806	)
Class A		(254	)		(3,167	)		(239	)		(2,671	)
Net increase (decrease) resulting from Fund share transactions		6,520		$	81,142			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 June 30, 2021. 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		12%		0%
PIMCO REALPATH® Blend 2035 Fund		1		0		13%		0%
PIMCO REALPATH® Blend 2040 Fund		1		0		11%		0%
PIMCO REALPATH® Blend 2045 Fund		1		0		10%		0%
PIMCO REALPATH® Blend 2055 Fund		1		0		15%		0%
PIMCO REALPATH® Blend 2060 Fund		1		1		24%		31%

ANNUAL REPORT | JUNE 30, 2021 83

Notes to Financial Statements (Cont.)

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. REORGANIZATION

The Board approved the reorganization (the “Reorganization”) of the PIMCO REALPATH^® Blend 2020 Fund (the “Acquired Fund”) into the PIMCO REALPATH^® Blend Income Fund (the “Acquiring Fund”). Pursuant to the Reorganization, shareholders of each class of the Acquired Fund became shareholders of the corresponding class of shares of the Acquiring Fund. The reorganization became effective upon the close of business on January 10, 2020. As a result, all shares held in the Acquired Fund were automatically exchanged for shares of the Acquiring Fund. The transaction was structured to qualify as a tax-free reorganization under Section 368(a) of the Code. Pursuant to the Agreement and Plan of Reorganization, Institutional Class, Administrative Class and Class A of the Acquired Fund received a number of shares of the corresponding class in the Acquiring Fund, with a value equal to their holdings in the Acquired Fund as of the close of business on the date of the reorganization. The investment portfolio of the Acquired Fund, with a fair value of approximately $67,670,713 and identified cost of approximately $64,350,156 as of the date of the reorganization, was the principal asset acquired by the Acquiring Fund. For financial statement purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. As of January 10, 2020, the Acquired Fund did not have any pre-enactment net capital loss carryforwards. The following is a summary of Shares Outstanding, Net Assets, Net Asset Value Per Share and Net Unrealized Appreciation (Depreciation) immediately before and after the reorganization (amounts in thousands):

	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
Acquired Fund								3,321
Institutional Class		3,923		45,204		11.52
Administrative Class		1,522		17,511		11.51
Class A		431		4,958		11.50
Acquiring Fund								3,542,410
Institutional Class		2,305		26,769		11.61
Administrative Class		1,145		13,307		11.62
Class A		913		10,553		11.56
Post Reorganization
Acquiring Fund								3,545,731
Institutional Class		6,199		71,973		11.61
Administrative Class		2,652		30,818		11.62
Class A		1,341		15,511		11.56

PIMCO paid all fees and expenses, including legal and accounting expenses, printing and mailing expenses, or other similar expenses incurred in connection with the reorganization transaction, excluding costs in connection with the purchase or sale of portfolio securities, if any.

16. FEDERAL INCOME TAX MATTERS

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

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

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

In accordance with U.S. GAAP, the Adviser has reviewed the Funds’ tax positions for all open tax years. As of June 30, 2021, the Funds have

84 PIMCO EQUITY SERIES

June 30, 2021

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.

As of June 30, 2021, the components of distributable taxable earnings are as follows (amounts in thousands^†):

	Undistributed Ordinary Income(1)		Undistributed Long-Term Capital Gains		Net Tax Basis Unrealized Appreciation/ (Depreciation)(2)		Other Book-to-Tax Accounting Differences(3)		Accumulated Capital Losses(4)		Qualified Late-Year Loss Deferral - Capital(5)		Qualified Late-Year Loss Deferral - Ordinary(6)		Total Distributable Earnings
PIMCO REALPATH® Blend 2025 Fund	$	0	$	2,240	$	26,973	$	0	$	0	$	0	$	0	$	29,213
PIMCO REALPATH® Blend 2030 Fund		0		3,467		37,803		0		0		0		0		41,270
PIMCO REALPATH® Blend 2035 Fund		463		2,376		35,504		0		0		0		0		38,343
PIMCO REALPATH® Blend 2040 Fund		941		2,659		42,461		0		0		0		0		46,061
PIMCO REALPATH® Blend 2045 Fund		676		2,564		41,703		0		0		0		0		44,943
PIMCO REALPATH® Blend 2050 Fund		992		2,890		46,833		0		0		0		0		50,715
PIMCO REALPATH® Blend 2055 Fund		388		1,440		24,165		0		0		0		0		25,993
PIMCO REALPATH® Blend 2060 Fund		90		10		1,582		0		0		0		0		1,682
PIMCO REALPATH® Blend Income Fund		0		2,572		24,238		0		0		0		0		26,810

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

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

⁽²⁾  Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain options contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts.

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

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

⁽⁵⁾ Capital losses realized during the period November 1, 2020 through June 30, 2021 which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

⁽⁶⁾ Specified losses realized during the period November 1, 2020 through June 30, 2021 and Ordinary losses realized during the period January 1, 2021 through June 30, 2021, which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

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

As of June 30, 2021, 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		0		0
PIMCO REALPATH® Blend Income Fund		0		0

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

ANNUAL REPORT | JUNE 30, 2021 85

Notes to Financial Statements (Cont.) June 30, 2021

As of June 30, 2021, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands^†):

	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)(7)
PIMCO REALPATH® Blend 2025 Fund	$	235,184	$	30,120	$	(3,147	)	$	26,973
PIMCO REALPATH® Blend 2030 Fund		244,694		40,171		(2,367	)		37,804
PIMCO REALPATH® Blend 2035 Fund		193,514		35,647		(144	)		35,503
PIMCO REALPATH® Blend 2040 Fund		200,003		42,492		(28	)		42,464
PIMCO REALPATH® Blend 2045 Fund		182,711		41,748		(47	)		41,701
PIMCO REALPATH® Blend 2050 Fund		180,603		46,887		(53	)		46,834
PIMCO REALPATH® Blend 2055 Fund		108,597		24,194		(29	)		24,165
PIMCO REALPATH® Blend 2060 Fund		10,505		1,584		(3	)		1,581
PIMCO REALPATH® Blend Income Fund		228,958		26,631		(2,497	)		24,134

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

⁽⁷⁾  Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) on investments are attributable to open wash sale loss deferrals, unrealized gain or loss on certain options contracts, and realized and unrealized gain (loss) swap contracts.

For the fiscal years ended June 30, 2021 and June 30, 2020, respectively, the Funds made the following tax basis distributions (amounts in thousands^†):

	June 30, 2021						June 30, 2020
	Ordinary Income Distributions(8)		Long-Term Capital Gain Distributions		Return of Capital(9)		Ordinary Income Distributions(8)		Long-Term Capital Gain Distributions		Return of Capital(9)
PIMCO REALPATH® Blend 2025 Fund	$	9,169	$	4,081	$	0	$	2,500	$	0	$	0
PIMCO REALPATH® Blend 2030 Fund		9,792		2,459		0		3,196		120		0
PIMCO REALPATH® Blend 2035 Fund		6,550		850		0		2,297		70		0
PIMCO REALPATH® Blend 2040 Fund		6,032		950		0		2,720		270		0
PIMCO REALPATH® Blend 2045 Fund		5,200		875		0		2,728		157		0
PIMCO REALPATH® Blend 2050 Fund		5,001		930		0		3,291		198		0
PIMCO REALPATH® Blend 2055 Fund		3,001		300		0		1,385		50		0
PIMCO REALPATH® Blend 2060 Fund		185		0		0		0		0		0
PIMCO REALPATH® Blend Income Fund		10,451		4,299		0		1,645		0		0

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

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

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

86 PIMCO EQUITY SERIES

Report of Independent Registered Public Accounting Firm

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (nine of the funds constituting PIMCO Equity Series^®, hereafter collectively referred to as the “Funds”) as of June 30, 2021, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2021, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

PIMCO REALPATH^® Blend 2025 Fund⁽¹⁾

PIMCO REALPATH^® Blend 2030 Fund⁽¹⁾

PIMCO REALPATH^® Blend 2035 Fund⁽¹⁾

PIMCO REALPATH^® Blend 2040 Fund⁽¹⁾

PIMCO REALPATH^® Blend 2045 Fund⁽¹⁾

PIMCO REALPATH^® Blend 2050 Fund⁽¹⁾

PIMCO REALPATH^® Blend 2055 Fund⁽¹⁾

PIMCO REALPATH^® Blend 2060 Fund⁽²⁾

PIMCO REALPATH^® Blend Income Fund⁽¹⁾

⁽¹⁾  Statement of operations for the year ended June 30, 2021, statement of changes in net assets for the years ended June 30, 2021 and 2020 and the financial highlights for the years ended June 30, 2021, 2020, 2019, 2018 and 2017

⁽²⁾  Statement of operations for the year ended June 30, 2021 and statement of changes in net assets and the financial highlights for the year ended June 30, 2021 and for the period December 31, 2019 (inception date) through June 30, 2020

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2021 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

August 26, 2021

We have served as the auditor of one or more investment companies in PIMCO Equity Series^® since 2010.

ANNUAL REPORT | JUNE 30, 2021 87

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

Counterparty Abbreviations:
JPM	JP Morgan Chase Bank N.A.
Currency Abbreviations:
USD (or $)	United States Dollar
Exchange Abbreviations:
CBOE	Chicago Board Options Exchange	OTC	Over the Counter
Index/Spread Abbreviations:
FNRETR	FTSE Nareit Equity REITs Total Return Index	S&P 500	Standard & Poor’s 500 Index
Other Abbreviations:
LIBOR	London Interbank Offered Rate	TBA	To-Be-Announced

88 PIMCO EQUITY SERIES

Federal Income Tax Information (Unaudited)

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

Dividend Received Deduction.  Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a Funds’ dividend distribution that qualifies under tax law. The percentage of the following Funds’ Fiscal 2021 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below:

Qualified Dividend Income.  Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended June 30, 2021 was designated as ‘qualified dividend income’ as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2021:

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only).  Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended June 30, 2021 are considered to be derived from “qualified interest income,” as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended June 30, 2021 are considered to be derived from “qualified short-term capital gain,” as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

	Dividend Received Deduction %		Qualified Dividend Income %		Qualified Interest Income (000s†)		Qualified Short-Term Capital Gain (000s†)
PIMCO REALPATH® Blend 2025 Fund		0%		0%	$	191	$	900
PIMCO REALPATH® Blend 2030 Fund		0%		0%		159		775
PIMCO REALPATH® Blend 2035 Fund		0%		0%		105		350
PIMCO REALPATH® Blend 2040 Fund		0%		0%		130		0
PIMCO REALPATH® Blend 2045 Fund		0%		0%		96		0
PIMCO REALPATH® Blend 2050 Fund		0%		0%		125		0
PIMCO REALPATH® Blend 2055 Fund		0%		0%		53		0
PIMCO REALPATH® Blend 2060 Fund		0%		0%		0		0
PIMCO REALPATH® Blend Income Fund		0%		0%		219		1,600

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

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2022, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2021.

Section163(j) Interest Dividends.  The fund intends to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in Proposed Treasury Section 1.163(j)-1(b). The 163(j) percentage of ordinary income distributions are as follows:

	163 (j) Interest Dividends %
PIMCO REALPATH® Blend 2025 Fund		0%
PIMCO REALPATH® Blend 2030 Fund		0%
PIMCO REALPATH® Blend 2035 Fund		0%
PIMCO REALPATH® Blend 2040 Fund		0%
PIMCO REALPATH® Blend 2045 Fund		0%
PIMCO REALPATH® Blend 2050 Fund		0%
PIMCO REALPATH® Blend 2055 Fund		0%
PIMCO REALPATH® Blend 2060 Fund		0%
PIMCO REALPATH® Blend Income Fund		0%

ANNUAL REPORT | JUNE 30, 2021 89

Federal Income Tax Information (Cont.) (Unaudited)

Section199A Dividends.   Non-corporate fund shareholders of the funds below meeting certain holding period requirements may be able to deduct up to 20 percent of qualified REIT dividends passed through and reported to the shareholders by the fund as Section 199A dividends. The Section 199A percentage of ordinary dividends are as follows:

	199A Dividends %
PIMCO REALPATH® Blend 2025 Fund		0%
PIMCO REALPATH® Blend 2030 Fund		0%
PIMCO REALPATH® Blend 2035 Fund		0%
PIMCO REALPATH® Blend 2040 Fund		0%
PIMCO REALPATH® Blend 2045 Fund		0%
PIMCO REALPATH® Blend 2050 Fund		0%
PIMCO REALPATH® Blend 2055 Fund		0%
PIMCO REALPATH® Blend 2060 Fund		0%
PIMCO REALPATH® Blend Income Fund		0%

90 PIMCO EQUITY SERIES

Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the “Act”), the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended June 30, 2021 calculated as of the end of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year.

See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

PIMCO REALPATH^® Blend 2025 Fund

Institutional Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2021	$	0.1195	$	0.0000	$	0.0592	$	0.1787
June 2021	$	0.1344	$	0.0000	$	0.0000	$	0.1344
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2021	$	0.1148	$	0.0000	$	0.0569	$	0.1717
June 2021	$	0.1261	$	0.0000	$	0.0000	$	0.1261
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2021	$	0.1117	$	0.0000	$	0.0553	$	0.1670
June 2021	$	0.1184	$	0.0000	$	0.0000	$	0.1184

PIMCO REALPATH^® Blend 2030 Fund

Institutional Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2021	$	0.1307	$	0.0000	$	0.0338	$	0.1645
June 2021	$	0.1273	$	0.0000	$	0.0000	$	0.1273
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2021	$	0.1250	$	0.0000	$	0.0323	$	0.1573
June 2021	$	0.1188	$	0.0000	$	0.0000	$	0.1188
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2021	$	0.1199	$	0.0000	$	0.0310	$	0.1509
June 2021	$	0.1106	$	0.0000	$	0.0000	$	0.1106

ANNUAL REPORT | JUNE 30, 2021 91

Distribution Information (Cont.)

PIMCO REALPATH^® Blend 2035 Fund

Institutional Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2021	$	0.1395	$	0.0000	$	0.0000	$	0.1395
June 2021	$	0.1299	$	0.0000	$	0.0000	$	0.1299
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2021	$	0.1323	$	0.0000	$	0.0000	$	0.1323
June 2021	$	0.1214	$	0.0000	$	0.0000	$	0.1214
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2021	$	0.1247	$	0.0000	$	0.0000	$	0.1247
June 2021	$	0.1128	$	0.0000	$	0.0000	$	0.1128

PIMCO REALPATH^® Blend 2040 Fund

Institutional Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2021	$	0.1345	$	0.0000	$	0.0000	$	0.1345
June 2021	$	0.1259	$	0.0000	$	0.0000	$	0.1259
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2021	$	0.1272	$	0.0000	$	0.0000	$	0.1272
June 2021	$	0.1168	$	0.0000	$	0.0000	$	0.1168
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2021	$	0.1200	$	0.0000	$	0.0000	$	0.1200
June 2021	$	0.1081	$	0.0000	$	0.0000	$	0.1081

PIMCO REALPATH^® Blend 2045 Fund

Institutional Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2021	$	0.1501	$	0.0000	$	0.0000	$	0.1501
June 2021	$	0.1372	$	0.0000	$	0.0000	$	0.1372
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2021	$	0.1428	$	0.0000	$	0.0000	$	0.1428
June 2021	$	0.1281	$	0.0000	$	0.0000	$	0.1281
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2021	$	0.1354	$	0.0000	$	0.0000	$	0.1354
June 2021	$	0.1194	$	0.0000	$	0.0000	$	0.1194

92 PIMCO EQUITY SERIES

(Unaudited)

PIMCO REALPATH^® Blend 2050 Fund

Institutional Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2021	$	0.1457	$	0.0000	$	0.0000	$	0.1457
June 2021	$	0.1372	$	0.0000	$	0.0000	$	0.1372
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2021	$	0.1382	$	0.0000	$	0.0000	$	0.1382
June 2021	$	0.1281	$	0.0000	$	0.0000	$	0.1281
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2021	$	0.1312	$	0.0000	$	0.0000	$	0.1312
June 2021	$	0.1193	$	0.0000	$	0.0000	$	0.1193

PIMCO REALPATH^® Blend 2055 Fund

Institutional Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2021	$	0.1315	$	0.0000	$	0.0000	$	0.1315
June 2021	$	0.1776	$	0.0000	$	0.0000	$	0.1776
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2021	$	0.1243	$	0.0000	$	0.0000	$	0.1243
June 2021	$	0.1688	$	0.0000	$	0.0000	$	0.1688
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2021	$	0.1167	$	0.0000	$	0.0000	$	0.1167
June 2021	$	0.1598	$	0.0000	$	0.0000	$	0.1598

PIMCO REALPATH^® Blend 2060 Fund

Institutional Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2021	$	0.0647	$	0.0000	$	0.0000	$	0.0647
June 2021	$	0.0794	$	0.0000	$	0.0000	$	0.0794
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2021	$	0.0601	$	0.0000	$	0.0000	$	0.0601
June 2021	$	0.0753	$	0.0000	$	0.0000	$	0.0753
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2021	$	0.0531	$	0.0000	$	0.0000	$	0.0531
June 2021	$	0.0667	$	0.0000	$	0.0000	$	0.0667

ANNUAL REPORT | JUNE 30, 2021 93

Distribution Information (Cont.) (Unaudited)

PIMCO REALPATH^® Blend Income Fund

Institutional Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2021	$	0.1184	$	0.0000	$	0.0792	$	0.1976
June 2021	$	0.1298	$	0.0000	$	0.0000	$	0.1298
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2021	$	0.1143	$	0.0000	$	0.0766	$	0.1909
June 2021	$	0.1218	$	0.0000	$	0.0000	$	0.1218
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2021	$	0.1109	$	0.0000	$	0.0743	$	0.1852
June 2021	$	0.1152	$	0.0000	$	0.0000	$	0.1152

* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits.

** Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund's net income, yield, earnings or investment performance.

94 PIMCO EQUITY SERIES

Changes to the Board of Trustees (Unaudited)

Effective February 10, 2021, the Board of Trustees appointed Kimberley G. Stafford to the Board.

ANNUAL REPORT | JUNE 30, 2021 95

Management of the Trust

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

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

Name, Year of Birth and Position Held with Trust*	Term of Office and Length of Time Served†	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Public Company and Investment Company Directorships Held by Trustee During the Past 5 Years
Interested Trustees1
Peter G. Strelow (1970) Chairman of the Board and Trustee	02/2019 to present	Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President of the Trust, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance Trust and PIMCO ETF Trust, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO.	148	Chairman and Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust.
Kimberley G. Stafford (1978) Trustee	02/2021 to present	Managing Director, Global Head of Product Strategy, PIMCO; and Member of Executive Committee, PIMCO. Formerly, Head of Asia-Pacific, Global Head of Consultant Relations and Head of US Institutional and Alternatives Sales, PIMCO.	148	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust.
Independent Trustees
George E. Borst (1948) Trustee	05/2019 to present	Executive Advisor, McKinsey & Company; Formerly, Executive Advisor, Toyota Financial Services; and CEO, Toyota Financial Services.	148	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust; Director, MarineMax Inc.
Jennifer Holden Dunbar (1963) Trustee	02/2016 to present	Managing Director, Dunbar Partners, LLC (business consulting and investments). Formerly, Partner, Leonard Green & Partners, L.P.	148	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust; Director, PS Business Parks; Director, Big 5 Sporting Goods Corporation.
Kym M. Hubbard (1957) Trustee	05/2019 to present	Formerly, Global Head of Investments, Chief Investment Officer and Treasurer, Ernst & Young.	148	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust; Director, State Auto Financial Corporation.
Gary F. Kennedy (1955) Trustee	05/2019 to present	Formerly, Senior Vice President, General Counsel and Chief Compliance Officer, American Airlines and AMR Corporation (now American Airlines Group).	148	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust.
Peter B. McCarthy (1950) Trustee	09/2011 to present	Formerly, Assistant Secretary and Chief Financial Officer, United States Department of Treasury; Deputy Managing Director, Institute of International Finance.	148	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust.
Ronald C. Parker (1951) Lead Independent Trustee	02/2016 to present Lead Independent Trustee 05/2019 to present	Director of Roseburg Forest Products Company. Formerly, Chairman of the Board, The Ford Family Foundation; and President, Chief Executive Officer, Hampton Affiliates (forestry products).	148	Lead Independent Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust.

* Unless otherwise noted, the information for the individuals listed is as of June 30, 2021.

¹  Ms. Stafford is an “interested persons” of the Trust (as that term is defined in the 1940 Act) because of his affiliations with PIMCO.

^†  Trustees serve until their successors are duly elected and qualified.

96 PIMCO EQUITY SERIES

(Unaudited)

Executive Officers

Name, Year of Birth and Position Held with Trust*	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years†
Eric D. Johnson (1970) President	06/2019 to present	Executive Vice President and Head of Funds Business Group Americas, PIMCO. President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
David C. Flattum (1964) Chief Legal Officer	05/2019 to present	Managing Director and General Counsel, PIMCO. Chief Legal Officer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Formerly, Managing Director, Chief Operating Officer and General Counsel, Allianz Asset Management of America L.P.
Keisha Audain-Pressley (1975)** Chief Compliance Officer	01/2020 to present	Executive Vice President and Deputy Chief Compliance Officer, PIMCO. Chief Compliance Officer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Joshua D. Ratner (1976)** Senior Vice President	05/2019 to present	Executive Vice President and Head of Americas Operations, PIMCO. Senior Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Peter G. Strelow (1970) Senior Vice President	06/2019 to present	Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO.
Ryan G. Leshaw (1980) Vice President, Senior Counsel, Secretary	05/2019 to present	Executive Vice President and Senior Counsel, PIMCO. Vice President, Senior Counsel and Secretary, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Chief Legal Officer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Associate, Willkie Farr & Gallagher LLP.
Wu-Kwan Kit (1981) Assistant Secretary	08/2017 to present	Senior Vice President and Senior Counsel, PIMCO. Assistant Secretary, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Vice President, Senior Counsel and Secretary, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Assistant General Counsel, VanEck Associates Corp.
Jeffrey A. Byer (1976) Vice President	02/2020 to present	Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Elizabeth A. Duggan (1964) Vice President	02/2021 to present	Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT.
Brian J. Pittluck (1977) Vice President	01/2020 to present	Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Bijal Y. Parikh (1978) Treasurer	01/2021 to present	Senior Vice President, PIMCO. Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Erik C. Brown (1967)*** Assistant Treasurer	03/2010 to present	Executive Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Brandon T. Evans (1982) Assistant Treasurer	05/2019 to present	Vice President, PIMCO. Assistant Treasurer, Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Colleen D. Miller (1980)** Assistant Treasurer	02/2017 to present	Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Deputy Treasurer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Jason J. Nagler (1982)*** Assistant Treasurer	05/2015 to present	Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.

* Unless otherwise noted, the information for the individuals listed is as of August 13, 2021.

^† The term “PIMCO-Sponsored Closed-End Funds” as used herein includes: PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund Inc., PIMCO Corporate & Income Opportunity Fund, PIMCO Corporate & Income Strategy Fund, PIMCO Dynamic Credit and Mortgage Income Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund, PIMCO Energy and Tactical Credit Opportunities Fund, PIMCO Global StocksPLUS^® & Income Fund, PIMCO High Income Fund, PIMCO Income Opportunity Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II and PIMCO Strategic Income Fund, Inc.; the term “PIMCO-Sponsored Interval Funds” as used herein includes: PIMCO Flexible Credit Income Fund and PIMCO Flexible Municipal Income Fund.

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

*** The address of these officers is Pacific Investment Management Company LLC, 401 Congress Ave., Austin, Texas 78701.

ANNUAL REPORT | JUNE 30, 2021 97

Privacy  Policy¹ (Unaudited)

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

OBTAINING NON-PUBLIC PERSONAL INFORMATION

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

RESPECTING YOUR PRIVACY

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

SHARING INFORMATION WITH THIRD PARTIES

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

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

SHARING INFORMATION WITH AFFILIATES

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

PROCEDURES TO SAFEGUARD PRIVATE INFORMATION

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

INFORMATION COLLECTED FROM WEBSITES

The Funds or their service providers and partners may collect information from shareholders via websites they maintain. The information collected via websites maintained by the Funds or their service providers includes client non-public personal information.

CHANGES TO THE PRIVACY POLICY

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

¹ Amended as of June 25, 2020.

² PIMCO Investments LLC (“PI”) serves as the Funds’ distributor and does not provide brokerage services or any financial advice to investors in the Funds solely because it distributes the Funds. This Privacy Policy applies to the activities of PI to the extent that PI regularly effects or engages in transactions with or for a shareholder of a series of a Trust who is the record owner of such shares. For purposes of this Privacy Policy, references to “the Funds” shall include PI when acting in this capacity.

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

98 PIMCO EQUITY SERIES

Liquidity Risk Management Program (Unaudited)

In compliance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940, as amended (“1940 Act”), PIMCO Equity Series (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for each series of the Trust (each a “Fund” and collectively, the “Funds”) not regulated as a money market fund under 1940 Act Rule 2a-7, which is reasonably designed to assess and manage the Funds’ liquidity risk. The Trust’s Board of Trustees (the “Board”) previously approved the designation of the PIMCO Liquidity Risk Committee (the “Administrator”) as Program administrator. The PIMCO Liquidity Risk Committee consists of senior members from certain PIMCO business areas, such as Portfolio Risk Management, Americas Operations, Compliance, Account Management and Portfolio Management, and is advised by members of PIMCO Legal.

A Fund’s “liquidity risk” is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually taking into consideration a variety of factors, including, as applicable, the Fund’s investment strategy and liquidity of portfolio investments, cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions. Each Fund portfolio investment is classified into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below) based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without significantly changing the investment’s market value. Each Fund has adopted a “Highly Liquid Investment Minimum” (or “HLIM”), which is a minimum amount of Fund net assets to be invested in highly liquid investments that are assets. As required under the Liquidity Rule, each Fund’s HLIM is periodically reviewed, no less frequently than annually, and the Funds have adopted policies and procedures for responding to a shortfall of a Fund’s highly liquid investments below its HLIM. The Liquidity Rule also limits the Funds’ investments in illiquid investments by prohibiting a Fund from acquiring any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. Certain non-public reporting is generally required if a Fund’s holdings of illiquid investments that are assets were to exceed 15% of Fund net assets.

At a meeting of the Board held on February 9-10, 2021, the Board received a report (the “Report”) from the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from December 1, 2019 through December 31, 2020. The Report reviewed the operation of the Program’s components during such period, noted the March-April 2020 market conditions and associated monitoring by the Administrator, and stated that the Program is operating effectively to assess and manage each Fund’s liquidity risk and that the Program has been and continues to be adequately and effectively implemented to monitor and, as applicable, respond to the Funds’ liquidity developments. This has remained true for the 12-month period ended June 30, 2021.

ANNUAL REPORT | JUNE 30, 2021 99

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, I-3, 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.

PES3002AR_063021

PIMCO EQUITY SERIES^®

Annual Report

June 30, 2021

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				57
Report of Independent Registered Public Accounting Firm				73
Glossary				74
Federal Income Tax Information				75
Distribution Information				76
Approval of Investment Advisory Contract and Other Agreements				77
Shareholder Meeting Results				80
Changes to the Board of Trustees				81
Management of the Trust				82
Privacy Policy				84
Liquidity Risk Management Program				85
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		54

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

Chairman’s Letter

Dear Shareholder,

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 Annual Report, which covers the 12-month reporting period ended June 30, 2021. 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 12-month reporting period ended June 30, 2021

The global economy was severely impacted by the repercussions related to the COVID-19 pandemic (“COVID-19”). Looking back, second quarter 2020 U.S. annualized gross domestic product (“GDP”) growth 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. GDP growth in the U.S. was then 4.3% and 6.3% during the fourth quarter of 2020 and the first quarter of 2021, respectively. Finally, the Commerce Department’s initial estimate for second quarter annualized GDP growth — released after the reporting period ended — was 6.5%.

Despite improving economic data and inflationary concerns, the Federal Reserve (the “Fed”) maintained its accommodative monetary policy. This included keeping the federal funds rate at an all-time low of a range between 0.00% and 0.25%, as well as continuing to purchase at least $80 billion a month of Treasury securities and $40 billion a month of agency mortgage-backed securities. However, at its June 2021 meeting, the Fed pushed forward its forecast for the first rate hikes. The central bank now expects two interest rate increases by the end of 2023, compared to 2024 in its March 2021 update. In addition, while Fed Chair Jerome Powell said it would begin discussing a scaling back of bond purchases, he maintained his view on inflation, saying, “As these transitory supply effects abate, inflation is expected to drop back toward our longer-run goal.” He also said that any discussion of raising rates was “highly premature.”

Economies outside the U.S. also continued to be impacted by COVID-19. In its April 2021 World Economic Outlook Update, the International Monetary Fund (“IMF”) said it expects U.S. GDP growth to be 6.4% in 2021, compared to a 3.5% contraction in 2020. Elsewhere, the IMF expects 2021 GDP growth in the eurozone, U.K. and Japan will be 4.4%, 5.3% and 3.3%, respectively. For comparison purposes, the GDP of these economies was projected to be -6.6%, -9.9% and -4.8%, respectively, in 2020.

Central banks outside the U.S. also maintained their aggressive actions to support their economies. The European Central Bank (the “ECB”) kept rates at an all-time low. It also continued to purchase bonds and, in June 2021, vowed to increase its purchases at a significantly higher pace than earlier in the year. Finally, in July 2021, after the reporting period ended, the ECB announced its first strategy review since 2003, which included a 2% inflation target over the medium term, versus its previous target for inflation that was below but close to 2%. Elsewhere, the Bank of England held its key lending rate at a record low of 0.10% and continued its bond buying program. In June 2021, the central bank said it did not expect to raise rates until there was clear evidence that significant progress was being made in eliminating spare capacity and achieving its 2% inflation target. Also of note, the U.K. and the European Union agreed to a long-awaited Brexit deal. Finally, the Bank of Japan maintained its short-term interest rate at -0.10%, while increasing the target for its holdings of corporate bonds. In June 2021, it extended the September deadline for its COVID-19-relief program by at least six months.

Both short- and long-term U.S. Treasury yields moved higher, albeit from very low levels, during the reporting period. The yield on the benchmark 10-year U.S. Treasury note was 1.45% at the end of the reporting period, versus 0.66% on 30 June 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 -1.26%. Meanwhile, the Bloomberg Barclays Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned 3.11%. Riskier fixed income asset classes, including high yield corporate

2 PIMCO EQUITY SERIES

bonds and emerging market debt, produced stronger returns. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned 14.86%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned 6.81%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned 6.57%.

Despite the headwinds from COVID-19 and periods of volatility, global equities produced exceptionally strong results. All told, U.S. equities, as represented by the S&P 500 Index, returned 40.79%, fueled, in our view, by accommodative monetary and fiscal policy, as well as improved investor sentiment after positive COVID-19 vaccine news. Global equities, as represented by the MSCI World Index, returned 39.04%, whereas emerging market equities, as measured by the MSCI Emerging Markets Index, returned 40.90%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in JPY), returned 31.29% and European equities, as represented by the MSCI Europe Index, returned 27.94%.

Commodity prices were volatile but generally produced positive results. When the reporting period began, Brent crude oil was approximately $42 a barrel, but ended the reporting period at roughly $75 a barrel. We believe oil prices rallied as producers reduced their output and then demand increased as global growth improved. Elsewhere, copper prices moved sharply higher, whereas gold prices 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 several other major currencies. For example, the U.S. dollar returned -5.55% and -11.53% versus the euro and the British pound, respectively. However, the U.S. dollar rose 2.86 versus the Japanese yen.

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.

ANNUAL REPORT | JUNE 30, 2021 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

ANNUAL REPORT | JUNE 30, 2021 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.

ANNUAL REPORT | JUNE 30, 2021 7

PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF

Cumulative Returns Through June 30, 2021

$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 June 30, 2021
		1 Year		Fund Inception (08/31/17)
	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Based on Net Asset Value)		51.55%		7.97%
	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (At Market Price)(1)(2)		52.59%		7.88%
	RAFI Dynamic Multi-Factor Emerging Markets Index±		53.48%		8.50%
	MSCI Emerging Markets Index±±		40.90%		8.69%

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.

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 June 30, 2021^†§

iShares MSCI India ETF	4.4%
Infosys Ltd. SP - ADR	3.1%
Kia Corp.	2.5%
Vale S.A.	2.5%
Hyundai Motor Co.	2.3%
Taiwan Semiconductor Manufacturing Co. Ltd.	2.3%
Gazprom PJSC	2.0%
SK Innovation Co. Ltd.	1.8%
LUKOIL PJSC	1.6%
POSCO	1.3%

Geographic Breakdown as of June 30, 2021^†**

South Korea	23.0%
Taiwan	17.8%
China	9.8%
Russia	9.1%
India	7.2%
Brazil	7.0%
United States	4.5%
Thailand	4.1%
South Africa	3.4%
United Kingdom	2.7%
Hong Kong	2.0%
Mexico	1.9%
Short-Term Instruments	1.6%
Turkey	1.2%
Malaysia	1.2%
Other	3.5%

^†  % of Investments, at value.

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

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

Fund Insights

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

» Security selection in the consumer discretionary and information technology sectors 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.

» 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.

» Underweight exposure to, and security selection in, 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 and Fund’s holdings outperformed the secondary benchmark index.

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

ANNUAL REPORT | JUNE 30, 2021 9

PIMCO RAFI Dynamic Multi-Factor International Equity ETF

Cumulative Returns Through June 30, 2021

$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 June 30, 2021
		1 Year		Fund Inception (08/31/17)
	PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Based on Net Asset Value)		31.81%		6.94%
	PIMCO RAFI Dynamic Multi-Factor International Equity ETF (At Market Price)(1)(2)		33.07%		6.88%
	RAFI Dynamic Multi-Factor Developed Ex-U.S. Index±		33.15%		7.43%
	MSCI EAFE Index±±		32.35%		7.48%

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.

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 June 30, 2021^†§

ASML Holding NV	0.8%
Glencore PLC	0.8%
BP PLC	0.8%
Volkswagen AG	0.8%
Vodafone Group PLC	0.8%
Hitachi Ltd.	0.7%
Societe Generale S.A.	0.7%
Banco Santander S.A.	0.7%
Magna International, Inc.	0.6%
ArcelorMittal S.A.	0.6%

Geographic Breakdown as of June 30, 2021^†**

Japan	27.4%
United Kingdom	12.7%
Canada	7.7%
France	7.0%
Germany	7.0%
Switzerland	6.4%
Australia	5.5%
Netherlands	4.9%
Spain	3.4%
Italy	2.7%
Sweden	2.4%
Hong Kong	2.4%
Denmark	1.8%
Ireland	1.4%
Short-Term Instruments	1.3%
Singapore	1.1%
Norway	1.1%
Finland	1.0%
Other	2.8%

^†  % of Investments, at value.

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

** 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 industrials 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.

» 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.

» Underweight exposure to 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.

» Overweight exposure to the utilities sector detracted from relative returns compared to the Fund’s secondary benchmark, the MSCI EAFE Index, as the sector underperformed the secondary benchmark index.

ANNUAL REPORT | JUNE 30, 2021 11

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

Cumulative Returns Through June 30, 2021

$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 June 30, 2021
		1 Year		Fund Inception (08/31/17)
	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Based on Net Asset Value)		42.97%		14.48%
	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (At Market Price)(1)(2)		43.65%		14.57%
	RAFI Dynamic Multi-Factor U.S. Index±		43.74%		14.91%
	S&P 500 Index±±		40.79%		17.70%

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.

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 June 30, 2021^†§

Walmart, Inc.	2.1%
Exxon Mobil Corp.	1.9%
Chevron Corp.	1.6%
General Motors Co.	1.6%
International Business Machines Corp.	1.5%
Ford Motor Co.	1.4%
Target Corp.	1.3%
Apple, Inc.	1.1%
Johnson & Johnson	1.1%
Citigroup, Inc.	1.0%

Sector Breakdown as of June 30, 2021^†**

Consumer Discretionary	18.4%
Information Technology	13.5%
Financials	11.6%
Consumer Staples	11.3%
Health Care	11.1%
Industrials	10.9%
Energy	7.9%
Communication Services	6.5%
Materials	4.0%
Real Estate	3.6%
Utilities	0.9%
Short-Term Instruments	0.3%

^†  % of Investments, at value.

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

** Sector Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

Fund Insights

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 S&P 500 Index, as 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.

» Overweight exposure to, and security selection in, the materials 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 financials and communication services sectors detracted from relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sectors outperformed the secondary benchmark index and the Fund’s holdings underperformed the secondary benchmark index.

» Overweight exposure to the consumer staples sector detracted from relative returns compared to the Fund’s secondary benchmark, the S&P 500 Index, as the sector underperformed the secondary benchmark index.

ANNUAL REPORT | JUNE 30, 2021 13

PIMCO RAFI ESG U.S. ETF

Cumulative Returns Through June 30, 2021

$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 June 30, 2021
		1 Year		Fund Inception (12/18/19)
	PIMCO RAFI ESG U.S. ETF (Based on Net Asset Value)		46.63%		16.83%
	PIMCO RAFI ESG U.S. ETF (At Market Price)(1)(2)		46.98%		16.64%
	RAFI ESG US Index±		47.36%		17.28%
	S&P 500 Index±±		40.79%		23.49%

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.

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 June 30, 2021^†§

Microsoft Corp.	4.8%
Wells Fargo & Co.	4.3%
Bank of America Corp.	3.0%
Johnson & Johnson	2.9%
Intel Corp.	2.9%
Cisco Systems, Inc.	2.5%
Verizon Communications, Inc.	2.2%
AT&T, Inc.	1.9%
Procter & Gamble Co.	1.9%
Merck & Co., Inc.	1.8%

Sector Breakdown as of June 30, 2021^†**

Information Technology	22.7%
Financials	21.5%
Health Care	16.6%
Consumer Discretionary	12.3%
Consumer Staples	8.5%
Communication Services	6.6%
Industrials	5.1%
Materials	3.8%
Real Estate	1.9%
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 financials and consumer discretionary 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.

» Overweight exposure to, and security selection in, the materials 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 information technology and communication services sectors 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.

» 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.

ANNUAL REPORT | JUNE 30, 2021 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 January 1, 2021 to June 30, 2021 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 (01/01/21)		Ending Account Value (06/30/21)		Expenses Paid During Period*		Beginning Account Value (01/01/21)		Ending Account Value (06/30/21)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	1,000.00	$	1,143.50	$	2.61	$	1,000.00	$	1,021.95	$	2.47		0.50	%
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		1,000.00		1,087.50		2.04		1,000.00		1,022.43		1.97		0.40
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		1,000.00		1,158.60		1.53		1,000.00		1,022.97		1.43		0.29
PIMCO RAFI ESG U.S. ETF		1,000.00		1,192.50		1.55		1,000.00		1,022.97		1.43		0.29

* 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 178/365 (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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ANNUAL REPORT | JUNE 30, 2021 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
06/30/2021	$	20.84	$	0.50	$	10.14		$	10.64		$	(0.42	)	$	0.00	$	(0.42	)
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
06/30/2021	$	22.86	$	0.69	$	6.53		$	7.22		$	(0.42	)	$	0.00	$	(0.42	)
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
06/30/2021	$	27.74	$	0.52	$	11.28		$	11.80		$	(0.54	)	$	0.00	$	(0.54	)
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
06/30/2021	$	21.40	$	0.51	$	9.32		$	9.83		$	(0.51	)	$	0.00	$	(0.51	)
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%.

* Annualized, except for organization expense, if any.

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

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

^(c)  The tax characterization of distributions is determined in accordance with Federal income tax regulations. 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
$	31.06		51.62	%	$	494,452		0.50	%		0.51	%		0.50	%		0.51	%		1.91	%		58	%
	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
$	29.66		31.87	%	$	88,978		0.40	%		0.40	%		0.40	%		0.40	%		2.54	%		48	%
	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
$	39.00		43.02	%	$	82,677		0.29	%		0.30	%		0.29	%		0.30	%		1.53	%		63	%
	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
$	30.72		46.63	%	$	20,584		0.30	%		0.31	%		0.30	%		0.31	%		1.91	%		32	%
	21.40		(13.42	)		8,988		0.30	*		0.86	*		0.30	*		0.86	*		2.75	*		12

ANNUAL REPORT | JUNE 30, 2021 19

Statements of Assets and Liabilities June 30, 2021

(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^	$	486,326	$	87,782	$	81,889		$	20,506
Investments in Affiliates		7,978		1,186		209			0
Cash		5,955		393		743			68
Foreign currency, at value		1,883		556		0			0
Receivable for investments sold		33		14		0			0
Interest and/or dividends receivable		1,853		262		66			15
Total Assets		504,028		90,193		82,907			20,589
Liabilities:
Payable for investments purchased	$	454	$	0	$	0		$	0
Payable upon return of securities loaned		8,885		1,168		95			0
Accrued management fees		227		29		20			5
Accrued reimbursement to PIMCO		10		1		1			0
Other liabilities		0		17		114			0
Total Liabilities		9,576		1,215		230			5
Net Assets	$	494,452	$	88,978	$	82,677		$	20,584
Net Assets Consist of:
Paid in capital	$	390,280	$	80,507	$	84,667		$	19,025
Distributable earnings (accumulated loss)		104,172		8,471		(1,990	)		1,559
Net Assets	$	494,452	$	88,978	$	82,677		$	20,584
Shares Issued and Outstanding		15,920		3,000		2,120			670
Net Asset Value Per Share Outstanding(a):	$	31.06	$	29.66	$	39.00		$	30.72
Cost of investments in securities	$	364,674	$	71,830	$	69,490		$	18,286
Cost of investments in Affiliates	$	7,978	$	1,186	$	209		$	0
Cost of foreign currency held	$	1,885	$	559	$	0		$	0
^ Includes securities on loan of:	$	8,120	$	627	$	93		$	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

Year Ended June 30, 2021
(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*	$	15,396		$	1,990		$	1,115		$	281
Securities lending income		239			10			2			0
Total Income		15,635			2,000			1,117			281
Expenses:
Management fees		3,195			265			177			36
Trustee fees		46			3			3			1
Interest expense		15			1			0			0
Miscellaneous expense		36			4			3			1
Total Expenses		3,292			273			183			38
Waiver and/or Reimbursement by PIMCO		(46	)		(3	)		(3	)		(1	)
Net Expenses		3,246			270			180			37
Net Investment Income (Loss)		12,389			1,730			937			244
Net Realized Gain (Loss):
Investments in securities		97,944			(2,038	)		(2,011	)		(314	)
In-kind redemptions		57,182			0			8,136			759
Over the counter financial derivative instruments		26			2			0			0
Foreign currency		(289	)		12			0			0
Net Realized Gain (Loss)		154,863			(2,024	)		6,125			445
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		127,097			17,514			14,062			3,930
Foreign currency assets and liabilities		13			(6	)		0			0
Net Change in Unrealized Appreciation (Depreciation)		127,110			17,508			14,062			3,930
Net Increase (Decrease) in Net Assets Resulting from Operations	$	294,362		$	17,214		$	21,124		$	4,619
* Foreign tax withholdings - Dividends	$	2,314		$	199		$	0		$	0

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

ANNUAL REPORT | JUNE 30, 2021 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†)	Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Year Ended June 30, 2020			Year Ended June 30, 2021			Inception date through June 30,  2020(a)
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	12,389		$	14,272		$	1,730		$	829		$	937		$	2,131		$	244		$	204
Net realized gain (loss)		154,863			(73,933	)		(2,024	)		(1,355	)		6,125			(3,061	)		445			(5,807	)
Net change in unrealized appreciation (depreciation)		127,110			(10,187	)		17,508			(1,547	)		14,062			(6,894	)		3,930			(1,710	)
Net Increase (Decrease) in Net Assets Resulting from Operations		294,362			(69,848	)		17,214			(2,073	)		21,124			(7,824	)		4,619			(7,313	)
Distributions to Shareholders:
From net investment income and/or net realized capital gains		(12,004	)		(13,291	)		(943	)		(1,302	)		(868	)		(2,511	)		(235	)		(138	)
Total Distributions(b)		(12,004	)		(13,291	)		(943	)		(1,302	)		(868	)		(2,511	)		(235	)		(138	)
Fund Share Transactions:
Receipts for shares sold		23,871			305,403			50,169			14,949			64,915			56,341			10,114			28,240
Cost of shares redeemed		(431,101	)		(80,883	)		(1,693	)		(30,231	)		(28,019	)		(117,461	)		(2,902	)		(11,801	)
Net increase (decrease) resulting from Fund share transactions		(407,230	)		224,520			48,476			(15,282	)		36,896			(61,120	)		7,212			16,439
Total Increase (Decrease) in Net Assets		(124,872	)		141,381			64,747			(18,657	)		57,152			(71,455	)		11,596			8,988
Net Assets:
Beginning of year		619,324			477,943			24,231			42,888			25,525			96,980			8,988			0
End of year	$	494,452		$	619,324		$	88,978		$	24,231		$	82,677		$	25,525		$	20,584		$	8,988
Shares of Beneficial Interest:
Shares sold		800			14,000			2,000			600			2,000			1,900			350			1,120
Shares redeemed		(14,600	)		(4,000	)		(60	)		(1,260	)		(800	)		(4,300	)		(100	)		(700	)
Net increase (decrease) in shares outstanding		(13,800	)		10,000			1,940			(660	)		1,200			(2,400	)		250			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. 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 June 30, 2021

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 98.4%
COMMON STOCKS 89.2%
AUSTRALIA 0.0%
MATERIALS 0.0%
MMG Ltd. (a)		196,000	$		86
Total Australia					86
BRAZIL 5.3%
CONSUMER DISCRETIONARY 0.2%
Lojas Renner S.A.		14,080			125
Petrobras Distribuidora S.A.		154,700			830
					955
CONSUMER STAPLES 0.7%
Ambev S.A.		394,000			1,352
BRF S.A. (a)		31,800			175
JBS S.A.		279,600			1,636
Raia Drogasil S.A.		92,300			458
					3,621
ENERGY 0.2%
Cosan S.A.		50,800			245
Ultrapar Participacoes S.A.		265,100			980
					1,225
FINANCIALS 0.6%
B3 S.A. - Brasil Bolsa Balcao		85,000			287
Banco BTG Pactual S.A.		29,700			729
Banco do Brasil S.A.		240,200			1,552
BB Seguridade Participacoes S.A.		21,400			99
Porto Seguro S.A.		12,600			136
					2,803
HEALTH CARE 0.0%
Hypera S.A.		11,600			80
INDUSTRIALS 0.4%
CCR S.A.		23,900			65
WEG S.A.		268,560			1,819
					1,884
MATERIALS 3.0%
Cia Siderurgica Nacional S.A.		108,600			961
Klabin S.A. (a)		146,700			777
Suzano S.A. (a)		67,400			810
Vale S.A.		542,400			12,350
					14,898
UTILITIES 0.2%
Centrais Eletricas Brasileiras S.A.		11,900			103
Cia de Saneamento Basico do Estado de Sao Paulo		14,500			107
Cia Paranaense de Energia		64,100			376
Engie Brasil Energia S.A.		25,025			197
					783
Total Brazil					26,249

	SHARES			MARKET VALUE (000S)
CHILE 0.7%
COMMUNICATION SERVICES 0.0%
Empresa Nacional de Telecomunicaciones S.A.		17,197	$		95
CONSUMER DISCRETIONARY 0.1%
Falabella S.A.		149,698			666
CONSUMER STAPLES 0.2%
Cencosud S.A.		308,649			614
Cia Cervecerias Unidas S.A.		26,369			266
					880
ENERGY 0.0%
Empresas COPEC S.A.		21,046			207
FINANCIALS 0.1%
Banco de Chile		2,448,444			242
Banco de Credito e Inversiones		1,798			76
Banco Santander Chile		1,428,580			70
Itau CorpBanca Chile S.A. (a)		28,975,324			80
					468
MATERIALS 0.1%
CAP S.A.		10,364			178
Empresas CMPC S.A.		24,100			57
					235
UTILITIES 0.2%
AES Gener S.A.		1,174,848			160
Aguas Andinas S.A. ‘A’		643,331			132
Colbun S.A.		1,339,189			187
Enel Americas S.A.		2,442,910			359
Enel Chile S.A.		2,661,931			153
					991
Total Chile					3,542
CHINA 9.8%
COMMUNICATION SERVICES 1.2%
Baidu, Inc. SP - ADR (a)		8,404			1,713
Tencent Holdings Ltd.		55,300			4,164
					5,877
CONSUMER DISCRETIONARY 2.9%
ANTA Sports Products Ltd.		80,000			1,878
BAIC Motor Corp. Ltd. ‘H’		596,000			222
BYD Co. Ltd. ‘H’		32,500			975
Dongfeng Motor Group Co. Ltd. ‘H’		432,000			388
GOME Retail Holdings Ltd. (a)(c)		3,815,000			489
Great Wall Motor Co. Ltd. ‘H’		508,500			1,639
Meituan ‘B’ (a)		119,100			4,913
Shenzhou International Group Holdings Ltd.		68,300			1,725
Trip.com Group Ltd. ADR (a)		19,320			685
Yum China Holdings, Inc.		12,320			816
Zhongsheng Group Holdings Ltd.		51,000			424
					14,154

	SHARES			MARKET VALUE (000S)
CONSUMER STAPLES 0.5%
Dali Foods Group Co. Ltd.		204,000	$		122
Hengan International Group Co. Ltd.		123,500			826
Tingyi Cayman Islands Holding Corp.		264,000			527
Tsingtao Brewery Co. Ltd. ‘H’		60,000			645
Uni-President China Holdings Ltd.		99,000			109
Want Want China Holdings Ltd.		669,000			474
					2,703
ENERGY 1.4%
China Petroleum & Chemical Corp. ‘H’		7,590,000			3,858
China Shenhua Energy Co. Ltd. ‘H’		673,000			1,318
PetroChina Co. Ltd. ‘H’		2,262,000			1,108
Yanzhou Coal Mining Co. Ltd. ‘H’		480,000			644
					6,928
FINANCIALS 0.7%
China Cinda Asset Management Co. Ltd. ‘H’		1,465,000			279
China International Capital Corp. Ltd. ‘H’		18,800			50
China Merchants Bank Co. Ltd. ‘H’		214,500			1,827
China Merchants Securities Co. Ltd.		36,600			51
China Pacific Insurance Group Co. Ltd.		122,200			384
China Zheshang Bank Co. Ltd. ‘H’ (a)		97,000			50
CITIC Securities Co. Ltd. ‘H’		19,500			49
GF Securities Co. Ltd. ‘H’		74,234			96
Postal Savings Bank of China Co. Ltd. ‘H’		889,000			598
					3,384
HEALTH CARE 0.2%
China Resources Pharmaceutical Group Ltd.		137,000			85
CSPC Pharmaceutical Group Ltd.		45,680			66
Shanghai Fosun Pharmaceutical Group Co. Ltd.		23,000			186
Shanghai Pharmaceuticals Holding Co. Ltd. ‘H’		23,400			51
Sinopharm Group Co. Ltd. ‘H’		130,800			388
					776
INDUSTRIALS 0.7%
AviChina Industry & Technology Co. Ltd. ‘H’		76,000			50
Beijing Capital International Airport Co. Ltd. ‘H’		98,000			65
China Communications Services Corp. Ltd. ‘H’		204,000			102
China International Marine Containers Group Co. Ltd. ‘H’		47,500			105
CITIC Ltd.		370,000			399
COSCO SHIPPING Holdings Co. Ltd. ‘H’ (a)		113,500			285
Guangshen Railway Co. Ltd. ‘H’		250,000			49
Jiangsu Expressway Co. Ltd. ‘H’		208,000			235
Metallurgical Corp. of China Ltd.		274,000			64
Sinopec Engineering Group Co. Ltd. ‘H’		573,500			371
Sinotrans Ltd. ‘H’		175,000			73

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2021 23

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Weichai Power Co. Ltd. ‘H’		190,000	$		422
Xinjiang Goldwind Science & Technology Co. Ltd.		36,000			56
Yangzijiang Shipbuilding Holdings Ltd.		583,500			613
Zhejiang Expressway Co. Ltd. ‘H’		154,000			137
Zhuzhou CRRC Times Electric Co. Ltd. ‘H’		56,200			332
Zoomlion Heavy Industry Science and Technology Co. Ltd. ‘H’		54,600			57
					3,415
INFORMATION TECHNOLOGY 0.5%
AAC Technologies Holdings, Inc.		41,500			311
BYD Electronic International Co. Ltd. (c)		19,500			128
FIH Mobile Ltd. (a)(c)		748,000			123
Lenovo Group Ltd.		1,044,000			1,199
Sunny Optical Technology Group Co. Ltd.		21,000			663
					2,424
MATERIALS 0.8%
Aluminum Corp. of China Ltd. ‘H’ (a)		160,000			95
Angang Steel Co. Ltd. ‘H’		144,000			91
Anhui Conch Cement Co. Ltd. ‘H’		89,500			474
China BlueChemical Ltd. ‘H’		166,000			49
China Hongqiao Group Ltd.		44,000			60
China Molybdenum Co. Ltd. ‘H’		156,000			92
China National Building Material Co. Ltd. ‘H’		1,210,000			1,421
China Oriental Group Co. Ltd.		658,000			212
China Zhongwang Holdings Ltd. (a)		433,600			101
Jiangxi Copper Co. Ltd. ‘H’		514,000			1,050
Sinopec Shanghai Petrochemical Co. Ltd. ‘H’		1,074,000			250
Zijin Mining Group Co. Ltd. ‘H’		250,000			336
					4,231
REAL ESTATE 0.4%
Agile Group Holdings Ltd.		178,000			231
China Evergrande Group (c)		141,000			183
China Vanke Co. Ltd. ‘H’		40,600			127
Greentown China Holdings Ltd.		153,000			236
Guangzhou R&F Properties Co. Ltd. ‘H’		358,800			410
Kaisa Group Holdings Ltd.		194,857			74
KWG Property Holding Ltd.		70,000			94
Powerlong Real Estate Holdings Ltd.		172,000			147
Shui On Land Ltd.		298,500			48
Sino-Ocean Group Holding Ltd.		1,081,000			237
SOHO China Ltd.		173,000			93
					1,880
UTILITIES 0.5%
Beijing Jingneng Clean Energy Co. Ltd. ‘H’		362,000			87
China Longyuan Power Group Corp. Ltd. ‘H’		100,000			172
Datang International Power Generation Co. Ltd. ‘H’		304,000			51
ENN Energy Holdings Ltd.		73,000			1,388

	SHARES			MARKET VALUE (000S)
Huadian Power International Corp. Ltd. ‘H’		850,000	$		277
Huaneng Power International, Inc. ‘H’		1,622,000			634
					2,609
Total China					48,381
GREECE 0.5%
COMMUNICATION SERVICES 0.1%
Hellenic Telecommunications Organization S.A.		18,539			311
CONSUMER DISCRETIONARY 0.0%
OPAP S.A.		15,003			226
ENERGY 0.0%
Motor Oil Hellas Corinth Refineries S.A.		13,708			233
FINANCIALS 0.3%
Alpha Services and Holdings S.A. (a)(c)		338,780			433
Eurobank Ergasias S.A. (a)		473,611			478
National Bank of Greece S.A. (a)		124,121			354
Piraeus Financial Holdings S.A. (a)		1			0
					1,265
UTILITIES 0.1%
Public Power Corp. S.A. (a)		22,158			236
Total Greece					2,271
HONG KONG 2.0%
CONSUMER DISCRETIONARY 0.1%
Geely Automobile Holdings Ltd.		185,000			581
CONSUMER STAPLES 0.8%
China Mengniu Dairy Co. Ltd.		108,000			653
China Resources Beer Holdings Co. Ltd.		366,000			3,282
					3,935
FINANCIALS 0.1%
BOC Hong Kong Holdings Ltd.		136,000			461
China Everbright Ltd.		114,000			134
Far East Horizon Ltd.		48,000			50
					645
INDUSTRIALS 0.1%
China Merchants Port Holdings Co. Ltd.		34,000			50
COSCO SHIPPING Ports Ltd.		256,000			200
Orient Overseas International Ltd.		7,500			162
Shanghai Industrial Holdings Ltd.		46,000			68
					480
REAL ESTATE 0.4%
China Overseas Land & Investment Ltd.		679,500			1,541

	SHARES			MARKET VALUE (000S)
Poly Property Group Co. Ltd.		847,000	$		220
Yuexiu Property Co. Ltd.		172,400			182
					1,943
UTILITIES 0.5%
China Power International Development Ltd.		733,000			160
China Resources Gas Group Ltd.		118,000			708
China Resources Power Holdings Co. Ltd.		368,000			503
Guangdong Investment Ltd.		288,000			413
Kunlun Energy Co. Ltd.		706,000			650
					2,434
Total Hong Kong					10,018
INDIA 7.2%
CONSUMER DISCRETIONARY 0.5%
Tata Motors Ltd. ADR (a)		115,570			2,632
FINANCIALS 1.8%
Axis Bank Ltd. GDR (a)		32,740			1,647
HDFC Bank Ltd. ADR (a)		39,263			2,871
ICICI Bank Ltd. SP - ADR		159,553			2,728
State Bank of India GDR		30,120			1,684
					8,930
HEALTH CARE 0.5%
Dr Reddy’s Laboratories Ltd. ADR		34,320			2,523
INDUSTRIALS 0.2%
Larsen & Toubro Ltd. GDR		50,000			1,005
INFORMATION TECHNOLOGY 3.8%
Infosys Ltd. SP - ADR		717,920			15,213
Wipro Ltd. ADR		447,514			3,495
					18,708
MATERIALS 0.4%
Vedanta Ltd. ADR		139,997			1,988
Total India					35,786
INDONESIA 0.9%
COMMUNICATION SERVICES 0.2%
Telkom Indonesia Persero Tbk PT		3,947,100			858
CONSUMER DISCRETIONARY 0.1%
Astra International Tbk PT		1,671,100			570
CONSUMER STAPLES 0.2%
Charoen Pokphand Indonesia Tbk PT		419,800			181
Gudang Garam Tbk PT (a)		53,900			164
Hanjaya Mandala Sampoerna Tbk PT		2,795,700			235
Indofood CBP Sukses Makmur Tbk PT		200,100			113
Indofood Sukses Makmur Tbk PT		413,000			176
Unilever Indonesia Tbk PT		181,700			62
					931

24 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

	SHARES			MARKET VALUE (000S)
ENERGY 0.2%
Adaro Energy Tbk PT		4,432,500	$		369
Bukit Asam Tbk PT		1,058,800			146
Indo Tambangraya Megah Tbk PT		238,600			234
					749
FINANCIALS 0.1%
Bank Central Asia Tbk PT		135,200			281
Bank Rakyat Indonesia Persero Tbk PT		177,500			49
					330
HEALTH CARE 0.0%
Kalbe Farma Tbk PT		692,800			67
INDUSTRIALS 0.0%
United Tractors Tbk PT		144,100			202
MATERIALS 0.1%
Aneka Tambang Tbk		314,000			50
Indah Kiat Pulp & Paper Corp. Tbk PT		207,000			106
Indocement Tunggal Prakarsa Tbk PT		154,200			110
Semen Indonesia Persero Tbk PT		224,300			147
					413
UTILITIES 0.0%
Perusahaan Gas Negara Tbk PT		1,733,700			120
Total Indonesia					4,240
MALAYSIA 1.2%
COMMUNICATION SERVICES 0.1%
Axiata Group Bhd.		163,500			147
DiGi.Com Bhd.		203,500			203
Maxis Bhd.		69,900			74
Telekom Malaysia Bhd.		180,900			265
					689
CONSUMER DISCRETIONARY 0.2%
Genting Bhd.		411,400			489
Genting Malaysia Bhd.		495,200			330
					819
CONSUMER STAPLES 0.1%
British American Tobacco Malaysia Bhd.		14,200			49
IOI Corp. Bhd.		82,700			75
Kuala Lumpur Kepong Bhd.		35,600			175
PPB Group Bhd.		42,880			189
Sime Darby Plantation Bhd.		91,800			88
					576
ENERGY 0.0%
Sapura Energy Bhd. (a)		1,524,300			46
FINANCIALS 0.4%
AMMB Holdings Bhd.		142,700			101
CIMB Group Holdings Bhd.		360,800			401
Hong Leong Bank Bhd.		17,100			77

	SHARES			MARKET VALUE (000S)
Malayan Banking Bhd.		249,700	$		488
Public Bank Bhd.		806,300			798
RHB Bank Bhd.		52,600			69
					1,934
HEALTH CARE 0.0%
IHH Healthcare Bhd.		39,000			51
INDUSTRIALS 0.1%
IJM Corp. Bhd.		267,700			116
MISC Bhd.		132,300			216
Sime Darby Bhd.		375,400			197
					529
MATERIALS 0.1%
Petronas Chemicals Group Bhd.		113,700			221
Press Metal Aluminium Holdings Bhd.		84,500			97
					318
UTILITIES 0.2%
Petronas Gas Bhd.		45,600			170
Tenaga Nasional Bhd.		206,200			486
YTL Corp. Bhd.		555,351			88
					744
Total Malaysia					5,706
MEXICO 1.9%
COMMUNICATION SERVICES 0.5%
America Movil S.A.B. de C.V.		3,000,800			2,258
Grupo Televisa S.A.B.		70,600			202
Megacable Holdings S.A.B. de C.V.		13,900			49
					2,509
CONSUMER DISCRETIONARY 0.0%
Controladora Nemak S.A.B. de C.V. (a)		319,400			52
CONSUMER STAPLES 0.7%
Arca Continental S.A.B. de C.V.		37,800			219
Coca-Cola Femsa S.A.B. de C.V.		60,030			318
Gruma S.A.B. de C.V. ‘B’		37,410			418
Kimberly-Clark de Mexico S.A.B. de C.V. ‘A’		315,700			560
Wal-Mart de Mexico S.A.B. de C.V.		575,300			1,878
					3,393
FINANCIALS 0.0%
Grupo Elektra S.A.B. de C.V.		1,050			85
Grupo Financiero Banorte S.A.B. de C.V. ‘O’		12,500			81
					166
INDUSTRIALS 0.1%
Alfa S.A.B. de C.V. ‘A’		336,000			252
Grupo Aeroportuario del Pacifico S.A.B. de C.V.		8,100			86
					338

	SHARES			MARKET VALUE (000S)
MATERIALS 0.6%
Alpek S.A.B. de C.V.		136,000	$		167
Cemex S.A.B. de C.V.		634,200			535
Grupo Mexico S.A.B. de C.V. ‘B’		374,800			1,763
Orbia Advance Corp. S.A.B. de C.V.		117,500			308
					2,773
Total Mexico					9,231
PHILIPPINES 0.3%
COMMUNICATION SERVICES 0.1%
Globe Telecom, Inc.		2,395			90
PLDT, Inc.		12,950			343
					433
CONSUMER STAPLES 0.0%
Universal Robina Corp.		35,010			104
FINANCIALS 0.1%
Bank of the Philippine Islands		43,891			80
Metro Pacific Investments Corp.		1,801,000			143
Metropolitan Bank & Trust Co.		114,542			114
					337
INDUSTRIALS 0.1%
Ayala Corp.		15,190			249
International Container Terminal Services, Inc.		69,630			233
					482
UTILITIES 0.0%
Manila Electric Co.		26,970			153
Total Philippines					1,509
POLAND 0.9%
COMMUNICATION SERVICES 0.1%
Cyfrowy Polsat S.A.		23,540			185
Orange Polska S.A. (a)		84,167			148
					333
ENERGY 0.3%
Grupa Lotos S.A.		22,256			314
Polski Koncern Naftowy ORLEN S.A.		54,808			1,105
Polskie Gornictwo Naftowe i Gazownictwo S.A.		56,286			98
					1,517
FINANCIALS 0.1%
Bank Polska Kasa Opieki S.A. (a)		1,891			46
Powszechna Kasa Oszczednosci Bank Polski S.A. (a)		4,601			46
Powszechny Zaklad Ubezpieczen S.A. (a)		43,990			424
					516
INFORMATION TECHNOLOGY 0.1%
Asseco Poland S.A.		19,043			385

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2021 25

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
MATERIALS 0.2%
Jastrzebska Spolka Weglowa S.A. (a)		22,065	$		204
KGHM Polska Miedz S.A.		17,022			837
					1,041
UTILITIES 0.1%
Enea S.A. (a)		20,247			45
PGE Polska Grupa Energetyczna S.A. (a)		136,283			337
Tauron Polska Energia S.A. (a)		236,658			207
					589
Total Poland					4,381
RUSSIA 9.0%
COMMUNICATION SERVICES 0.6%
Mobile TeleSystems PJSC (c)		452,330			2,115
Rostelecom PJSC		164,820			230
Sistema PJSC FC		2,003,900			869
					3,214
CONSUMER STAPLES 0.2%
Magnit PJSC		12,848			934
ENERGY 4.9%
Gazprom Neft PJSC		57,960			344
Gazprom PJSC		2,545,980			9,752
LUKOIL PJSC		85,131			7,876
Novatek PJSC		88,931			1,957
Rosneft Oil Co. PJSC		259,490			2,029
Surgutneftegas PJSC		3,264,300			1,638
Tatneft PJSC (c)		90,836			661
					24,257
FINANCIALS 0.9%
Credit Bank of Moscow PJSC (a)		544,700			48
Moscow Exchange MICEX-RTS PJSC		103,110			241
Sberbank of Russia PJSC		601,070			2,511
VTB Bank PJSC		2,381,100,000			1,577
					4,377
INDUSTRIALS 0.0%
Aeroflot PJSC (c)		90,650			85
MATERIALS 2.0%
Alrosa PJSC		553,710			1,018
Magnitogorsk Iron & Steel Works PJSC		676,330			561
MMC Norilsk Nickel PJSC		12,211			4,139
Novolipetsk Steel PJSC		368,290			1,158
PhosAgro PJSC		7,689			502
Polyus PJSC (c)		3,180			616
Severstal PAO		76,059			1,633
United Co. RUSAL International PJSC (a)		130,000			85
					9,712
REAL ESTATE 0.0%
LSR Group PJSC		4,735			50

	SHARES			MARKET VALUE (000S)
UTILITIES 0.4%
Federal Grid Co. Unified Energy System PJSC		65,540,000	$		197
Inter RAO UES PJSC		11,762,000			754
Rosseti PJSC		10,522,000			195
RusHydro PJSC		38,862,000			462
Unipro PJSC (c)		4,717,000			178
					1,786
Total Russia					44,415
SINGAPORE 0.0%
INDUSTRIALS 0.0%
BOC Aviation Ltd.		15,900			134
Total Singapore					134
SOUTH AFRICA 3.4%
COMMUNICATION SERVICES 0.5%
MTN Group Ltd.		255,302			1,845
MultiChoice Group		24,798			204
Telkom S.A. SOC Ltd.		51,564			167
					2,216
CONSUMER DISCRETIONARY 0.2%
Foschini Group Ltd. (a)		24,788			275
Motus Holdings Ltd.		11,263			74
Mr Price Group Ltd.		19,084			281
Truworths International Ltd.		47,010			190
Woolworths Holdings Ltd.		62,283			235
					1,055
CONSUMER STAPLES 0.4%
Bid Corp. Ltd.		25,102			544
Distell Group Holdings Ltd.		8,211			96
Shoprite Holdings Ltd.		68,357			744
SPAR Group Ltd.		17,239			218
Tiger Brands Ltd.		17,935			263
					1,865
ENERGY 0.1%
Exxaro Resources Ltd.		56,640			668
FINANCIALS 0.3%
Absa Group Ltd.		17,831			169
Capitec Bank Holdings Ltd.		846			100
Discovery Ltd.		21,469			190
FirstRand Ltd.		55,211			207
Nedbank Group Ltd.		8,230			99
Standard Bank Group Ltd.		61,793			552
					1,317
HEALTH CARE 0.0%
Netcare Ltd. (a)		143,073			143
INDUSTRIALS 0.0%
Barloworld Ltd.		27,095			202
MATERIALS 1.9%
African Rainbow Minerals Ltd.		5,520			99
Anglo American Platinum Ltd.		1,237			143
AngloGold Ashanti Ltd.		57,625			1,070

	SHARES			MARKET VALUE (000S)
Gold Fields Ltd.		365,953	$		3,263
Impala Platinum Holdings Ltd.		144,043			2,369
Kumba Iron Ore Ltd.		15,509			693
Sappi Ltd.		74,681			216
Sasol Ltd. (a)		90,921			1,385
Sibanye Stillwater Ltd.		51,449			214
					9,452
Total South Africa					16,918
SOUTH KOREA 23.0%
COMMUNICATION SERVICES 2.0%
Kakao Corp.		7,395			1,071
KT Corp. SP - ADR		160,253			2,235
LG Uplus Corp.		68,222			930
NAVER Corp.		4,769			1,770
NCSoft Corp.		1,297			944
SK Telecom Co. Ltd.		9,579			2,722
					9,672
CONSUMER DISCRETIONARY 7.9%
Coway Co. Ltd.		7,761			542
Hankook Tire & Technology Co. Ltd.		18,588			853
Hanon Systems		28,784			423
Hyundai Department Store Co. Ltd.		2,621			203
Hyundai Mobis Co. Ltd.		20,868			5,412
Hyundai Motor Co.		54,048			11,500
Hyundai Wia Corp. (c)		6,788			612
Kangwon Land, Inc.		21,413			511
Kia Corp.		157,243			12,531
LG Electronics, Inc.		36,595			5,298
LOTTE Himart Co. Ltd.		6,940			221
Lotte Shopping Co. Ltd. (c)		6,494			666
Mando Corp.		4,428			262
Shinsegae, Inc.		518			131
					39,165
CONSUMER STAPLES 1.1%
Amorepacific Corp.		5,081			579
BGF retail Co. Ltd.		441			70
CJ CheilJedang Corp.		1,675			686
E-MART, Inc.		8,694			1,234
GS Retail Co. Ltd.		3,882			133
KT&G Corp.		22,864			1,714
LG Household & Health Care Ltd.		478			748
NongShim Co. Ltd. (c)		597			166
					5,330
ENERGY 2.0%
GS Holdings Corp.		20,242			832
SK Gas Ltd.		2,583			281
SK Innovation Co. Ltd.		33,238			8,716
					9,829
FINANCIALS 2.4%
BNK Financial Group, Inc.		98,681			679
DB Insurance Co. Ltd.		9,685			472
DGB Financial Group, Inc.		58,598			485
Hana Financial Group, Inc.		8,590			352
Hanwha Life Insurance Co. Ltd.		197,963			662
Hyundai Marine & Fire Insurance Co. Ltd.		25,012			566

26 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

	SHARES			MARKET VALUE (000S)
Industrial Bank of Korea		93,440	$		872
KB Financial Group, Inc.		6,961			345
Korea Investment Holdings Co. Ltd.		530			48
Meritz Financial Group, Inc.		11,870			224
Meritz Fire & Marine Insurance Co. Ltd.		20,971			380
Mirae Asset Securities Co. Ltd.		15,382			129
NH Investment & Securities Co. Ltd.		8,860			101
Samsung Card Co. Ltd.		6,651			203
Samsung Fire & Marine Insurance Co. Ltd.		7,230			1,416
Samsung Life Insurance Co. Ltd.		21,068			1,495
Samsung Securities Co. Ltd.		2,540			101
Shinhan Financial Group Co. Ltd.		91,226			3,294
Woori Financial Group, Inc.		18,437			188
					12,012
HEALTH CARE 0.0%
Genome & Co. (a)		5,064			177
INDUSTRIALS 2.7%
CJ Corp.		5,684			540
CJ Logistics Corp. (a)		1,594			250
Daelim Industrial Co. Ltd.		3,332			237
Daewoo Engineering & Construction Co. Ltd. (a)		8,990			63
Daewoo Shipbuilding & Marine Engineering Co. Ltd. (a)		7,615			242
Doosan Bobcat, Inc.		5,883			251
Doosan Co. Ltd.		4,016			342
Doosan Heavy Industries & Construction Co. Ltd. (a)(c)		79,508			1,679
Doosan Infracore Co. Ltd. (a)		17,265			222
GS Engineering & Construction Corp.		4,978			190
Hanwha Corp.		27,752			781
HDC Hyundai Development Co-Engineering & Construction		1,884			53
Hyundai Engineering & Construction Co. Ltd.		10,032			519
Hyundai Glovis Co. Ltd.		5,556			1,031
Hyundai Heavy Industries Holdings Co. Ltd.		12,455			783
Korea Shipbuilding & Offshore Engineering Co. Ltd. (a)		1,100			131
Korean Air Lines Co. Ltd.		23,160			648
LG Corp.		14,926			1,358
LG International Corp.		13,853			384
Lotte Confectionery Co. Ltd.		2,814			100
LS Corp.		11,274			708
LX Holdings Corp. (a)		7,619			76
Posco International Corp.		20,436			423
S-1 Corp.		1,463			106
Samsung C&T Corp.		4,693			568
Samsung Heavy Industries Co. Ltd. (a)		14,327			85
SK Holdings Co. Ltd.		5,430			1,361
SK Networks Co. Ltd.		80,070			428
					13,559
INFORMATION TECHNOLOGY 1.6%
LG Display Co. Ltd. (c)		134,135			2,916
Samsung Electro-Mechanics Co. Ltd.		3,089			484

	SHARES			MARKET VALUE (000S)
Samsung SDI Co. Ltd.		1,299	$		804
SK Hynix, Inc.		33,939			3,831
					8,035
MATERIALS 2.5%
Dongkuk Steel Mill Co. Ltd. (c)		43,807			863
Hanwha Chemical Corp.		5,035			199
Hyundai Steel Co.		38,705			1,848
Kolon Industries, Inc.		3,240			232
Korea Petrochemical Ind Co. Ltd.		745			158
Korea Zinc Co. Ltd.		1,173			450
Kumho Petrochemical Co. Ltd.		971			189
LG Chem Ltd.		1,350			1,019
Lotte Chemical Corp.		967			225
POSCO		21,391			6,611
Seah Besteel Corp.		8,680			244
Taekwang Industrial Co. Ltd.		123			127
Young Poong Corp.		173			99
					12,264
UTILITIES 0.8%
Korea Electric Power Corp.		145,823			3,218
Korea Gas Corp.		18,370			602
					3,820
Total South Korea					113,863
TAIWAN 17.8%
COMMUNICATION SERVICES 0.5%
Chunghwa Telecom Co. Ltd.		355,000			1,449
Far EasTone Telecommunications Co. Ltd.		179,000			415
Taiwan Mobile Co. Ltd.		167,000			611
					2,475
CONSUMER DISCRETIONARY 0.7%
Cheng Shin Rubber Industry Co. Ltd.		395,000			662
China Motor Corp. (a)		28,000			77
Eclat Textile Co. Ltd. (a)		4,000			94
Feng TAY Enterprise Co. Ltd. (a)		8,000			70
Formosa Taffeta Co. Ltd.		344,000			402
Giant Manufacturing Co. Ltd. (a)		6,000			69
Hotai Motor Co. Ltd.		16,000			353
Kenda Rubber Industrial Co. Ltd.		35,000			51
Kinpo Electronics		134,000			62
Nien Made Enterprise Co. Ltd. (a)		7,000			104
Pou Chen Corp.		441,000			622
Ruentex Industries Ltd.		137,000			432
Yulon Motor Co. Ltd. (a)		268,509			411
					3,409
CONSUMER STAPLES 0.3%
Great Wall Enterprise Co. Ltd. (a)		44,000			95
President Chain Store Corp.		36,000			340
Uni-President Enterprises Corp.		343,000			900
					1,335
ENERGY 0.1%
Formosa Petrochemical Corp.		141,000			539

	SHARES			MARKET VALUE (000S)
FINANCIALS 2.1%
Cathay Financial Holding Co. Ltd.		894,000	$		1,729
Chailease Holding Co. Ltd. (a)		53,000			385
Chang Hwa Commercial Bank Ltd.		109,000			63
China Development Financial Holding Corp.		1,486,000			701
China Life Insurance Co. Ltd.		75,000			71
CTBC Financial Holding Co. Ltd.		1,518,000			1,236
E.Sun Financial Holding Co. Ltd.		530,244			501
First Financial Holding Co. Ltd.		717,010			584
Fubon Financial Holding Co. Ltd.		1,052,000			2,789
Hua Nan Financial Holdings Co. Ltd. ‘C’		80,407			53
Mega Financial Holding Co. Ltd.		830,000			979
Shanghai Commercial & Savings Bank Ltd.		150,605			244
Shin Kong Financial Holding Co. Ltd.		493,965			169
SinoPac Financial Holdings Co. Ltd.		1,125,528			555
Taishin Financial Holding Co. Ltd.		671,542			367
Taiwan Cooperative Financial Holding Co. Ltd.		74,510			57
					10,483
INDUSTRIALS 1.0%
China Airlines Ltd.		788,000			539
Eva Airways Corp.		421,400			305
Evergreen Marine Corp. Taiwan Ltd. (a)		145,000			1,024
Far Eastern New Century Corp.		632,000			726
Taiwan High Speed Rail Corp.		64,000			69
Teco Electric and Machinery Co. Ltd.		42,000			50
Walsin Lihwa Corp.		1,147,000			1,204
Wan Hai Lines Ltd. (a)		75,000			863
					4,780
INFORMATION TECHNOLOGY 10.9%
Accton Technology Corp. (a)		5,000			59
Acer, Inc.		1,151,000			1,210
Advantech Co. Ltd.		39,291			486
ASE Technology Holding Co. Ltd. (a)		116,000			465
Asustek Computer, Inc.		168,000			2,240
AU Optronics Corp.		4,566,000			3,692
Catcher Technology Co. Ltd.		73,000			477
Cheng Uei Precision Industry Co. Ltd.		188,000			285
Chicony Electronics Co. Ltd.		106,000			306
Compal Electronics, Inc.		1,416,000			1,136
Delta Electronics, Inc.		160,000			1,738
Foxconn Technology Co. Ltd.		132,000			311
Gigabyte Technology Co. Ltd.		13,000			50
Hon Hai Precision Industry Co. Ltd.		553,600			2,223
Innolux Corp.		7,779,000			5,787
Inventec Corp.		693,000			653
King Yuan Electronics Co. Ltd. (a)		33,000			53
Largan Precision Co. Ltd.		2,160			240
Lite-On Technology Corp.		342,000			706
MediaTek, Inc.		161,000			5,552
Micro-Star International Co. Ltd.		212,000			1,198
Mitac Holdings Corp.		49,000			48

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2021 27

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Nan Ya Printed Circuit Board Corp. (a)		4,000	$		56
Nanya Technology Corp.		34,000			97
Novatek Microelectronics Corp.		106,000			1,894
Pegatron Corp.		716,000			1,768
Powertech Technology, Inc.		197,000			760
Qisda Corp. (a)		47,000			52
Quanta Computer, Inc.		446,000			1,400
Radiant Opto-Electronics Corp.		24,000			105
Realtek Semiconductor Corp. (a)		17,000			308
Silicon Motion Technology Corp. ADR		1,529			98
Supreme Electronics Co. Ltd.		324,593			469
Synnex Technology International Corp.		254,000			464
Taiwan Semiconductor Manufacturing Co. Ltd.		532,000			11,458
TPK Holding Co. Ltd. (a)		66,000			110
Unimicron Technology Corp. (a)		27,000			125
United Microelectronics Corp.		2,140,000			4,058
Winbond Electronics Corp.		51,000			64
Wistron Corp.		836,347			930
WPG Holdings Ltd.		220,560			405
WT Microelectronics Co. Ltd. (a)		37,000			71
Yageo Corp.		16,000			319
Zhen Ding Technology Holding Ltd.		49,000			185
					54,111
MATERIALS 2.2%
Asia Cement Corp.		515,000			937
Cheng Loong Corp. (a)		44,000			76
China Steel Corp.		1,842,000			2,616
Eternal Materials Co. Ltd. (a)		35,000			51
Feng Hsin Steel Co. Ltd. (a)		103,000			300
Formosa Chemicals & Fibre Corp.		296,000			900
Formosa Plastics Corp.		522,000			1,929
Nan Ya Plastics Corp.		554,000			1,653
TA Chen Stainless Pipe		71,000			151
Taiwan Cement Corp.		1,041,422			1,906
Taiwan Fertilizer Co. Ltd. (a)		25,000			53
Tung Ho Steel Enterprise Corp.		113,000			213
YFY, Inc.		76,000			125
					10,910
REAL ESTATE 0.0%
Highwealth Construction Corp.		33,000			51
Ruentex Development Co. Ltd. (a)		26,000			53
					104
Total Taiwan					88,146
THAILAND 4.1%
COMMUNICATION SERVICES 0.3%
Advanced Info Service PCL		128,700			687
Digital Telecommunications Infrastructure Fund		1,066,600			423
Intouch Holdings PCL		23,900			48
Total Access Communication PCL		199,700			190
					1,348

	SHARES			MARKET VALUE (000S)
CONSUMER DISCRETIONARY 0.0%
Minor International PCL		50,400	$		47
Sri Trang Agro-Industry PCL		82,200			104
					151
CONSUMER STAPLES 0.5%
Berli Jucker PCL		55,000			60
Charoen Pokphand Foods PCL		1,017,700			842
CP ALL PCL		407,800			764
Thai Beverage PCL		618,100			311
Thai Union Group PCL ‘F’		1,041,200			643
					2,620
ENERGY 1.0%
Bangchak Corp. PCL		297,700			230
Banpu PCL		392,300			191
Esso Thailand PCL (a)(c)		231,900			60
IRPC PCL		4,021,400			483
PTT Exploration & Production PCL		80,800			296
PTT PCL		2,376,800			2,917
Star Petroleum Refining PCL		1,238,500			375
Thai Oil PCL		135,500			231
					4,783
FINANCIALS 0.5%
Bangkok Bank PCL		221,800			783
Kasikornbank PCL		159,200			588
Krung Thai Bank PCL		533,500			178
Siam Commercial Bank PCL		87,300			267
Thanachart Capital PCL		468,300			505
Tisco Financial Group PCL		30,600			85
					2,406
HEALTH CARE 0.1%
Bangkok Dusit Medical Services PCL ‘F’		455,600			327
Bumrungrad Hospital PCL		24,000			97
					424
INDUSTRIALS 0.7%
Airports of Thailand PCL		154,300			299
Delta Electronics Thailand PCL		185,500			3,346
					3,645
INFORMATION TECHNOLOGY 0.1%
Cal-Comp Electronics Thailand PCL		927,500			99
Fabrinet (a)		540			52
Jasmine Broadband Internet Infrastructure Fund		960,400			294
					445
MATERIALS 0.7%
Indorama Ventures PCL		69,200			88
PTT Global Chemical PCL		488,500			901
Siam Cement PCL		199,600			2,692
					3,681
REAL ESTATE 0.1%
Land & Houses PCL NVDR		1,528,800			379
Sansiri PCL		1,182,000			49
Supalai PCL		75,700			49
					477

	SHARES			MARKET VALUE (000S)
UTILITIES 0.1%
Electricity Generating PCL		19,600	$		107
Ratch Group PCL		113,000			162
					269
Total Thailand					20,249
TURKEY 1.2%
COMMUNICATION SERVICES 0.2%
Turk Telekomunikasyon A/S (c)		331,054			253
Turkcell Iletisim Hizmetleri A/S (c)		331,964			614
					867
CONSUMER DISCRETIONARY 0.2%
Arcelik A/S		137,174			469
Ford Otomotiv Sanayi A/S		23,518			459
Tofas Turk Otomobil Fabrikasi A/S		70,903			240
					1,168
CONSUMER STAPLES 0.2%
Anadolu Efes Biracilik Ve Malt Sanayii A/S		43,800			112
BIM Birlesik Magazalar A/S		79,592			568
					680
ENERGY 0.1%
Turkiye Petrol Rafinerileri A/S		40,172			438
FINANCIALS 0.2%
Haci Omer Sabanci Holding A/S		396,599			405
Is Yatirim Menkul Degerler A/S		89,131			145
Turkiye Halk Bankasi A/S (a)(c)		204,719			119
Turkiye Is Bankasi ‘C’		496,643			291
Turkiye Vakiflar Bankasi TAO ‘D’ (a)		152,273			61
Yapi ve Kredi Bankasi A/S		304,777			76
					1,097
INDUSTRIALS 0.2%
Enka Insaat ve Sanayi A/S		272,215			292
KOC Holding A/S		42,628			90
Turk Hava Yollari AO (a)		250,850			385
Turkiye Sise ve Cam Fabrikalari A/S		75,678			66
					833
MATERIALS 0.1%
Eregli Demir ve Celik Fabrikalari TAS		210,934			437
Petkim Petrokimya Holding A/S (a)		151,725			91
					528
UTILITIES 0.0%
Aygaz A/S		31,279			48
Total Turkey					5,659
UKRAINE 0.0%
CONSUMER STAPLES 0.0%
Kernel Holding S.A.		3,294			47
Total Ukraine					47

28 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

	SHARES			MARKET VALUE (000S)
UNITED STATES 0.0%
CONSUMER DISCRETIONARY 0.0%
Nexteer Automotive Group Ltd.		130,000	$		181
Total United States					181
Total Common Stocks (Cost $324,458)					441,012
	UNITS
EQUITY-LINKED SECURITIES 1.2%
UNITED KINGDOM 1.2%
FINANCIALS 1.2%
HSBC Bank PLC, Bank of Jiangsu Co. Ltd. - Exp. 06/25/2022		122,800			135
HSBC Bank PLC, Bank of Nanjing Co. Ltd. - Exp. 12/19/2022		30,900			50
HSBC Bank PLC, BOE Technology Group Co. Ltd. - Exp. 11/23/2021		52,700			51
HSBC Bank PLC, China Tourism Group Duty Free Corp. Ltd. - Exp. 06/02/2022		3,000			139
HSBC Bank PLC, Contemporary Amperex Technology Co. Ltd. - Exp. 11/23/2021		4,800			398
HSBC Bank PLC, Focus Media Information Technology Co. Ltd. - Exp. 11/23/2021		70,300			102
HSBC Bank PLC, Foshan Haitian Flavouring & Food Co. Ltd. - Exp. 11/23/2021		2,730			54
HSBC Bank PLC, Foshan Haitian Flavouring & Food Co. Ltd. - Exp. 11/23/2022		2,300			46
HSBC Bank PLC, GoerTek, Inc. - Exp. 03/18/2022		11,400			75
HSBC Bank PLC, Hesteel Co. Ltd. - Exp. 10/08/2021		130,600			50
HSBC Bank PLC, Huayu Automotive Systems Co. Ltd. - Exp. 07/16/2021		12,400			50
HSBC Bank PLC, Industrial Bank Co. Ltd. - Exp. 03/18/2022		223,100			710
HSBC Bank PLC, Inner Mongolia Yili Industrial Group Co. Ltd. - Exp. 11/23/2021		46,500			265
HSBC Bank PLC, Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. - Exp. 03/18/2022		4,700			151
HSBC Bank PLC, Kweichow Moutai Co. Ltd. - Exp. 08/15/2022		3,000			956
HSBC Bank PLC, LONGi Green Energy Technology Co. Ltd. - Exp. 03/18/2022		21,140			291
HSBC Bank PLC, Luzhou Laojiao Co. Ltd. - Exp. 03/18/2022		5,700			208
HSBC Bank PLC, Midea Group Co. Ltd. - Exp. 10/21/2022		30,200			334
HSBC Bank PLC, Ping An Bank Co. Ltd. - Exp. 03/18/2022		42,500			149
HSBC Bank PLC, Power Construction Corp. of China Ltd. - Exp. 06/12/2022		83,500			50
HSBC Bank PLC, Rongsheng Petrochemical Co. Ltd. - Exp. 03/18/2022		5,500			15
HSBC Bank PLC, SAIC Motor Corp. Ltd. - Exp. 12/13/2021		48,700			166
HSBC Bank PLC, Sany Heavy Industry Co. Ltd. - Exp. 03/18/2022		40,100			181

	UNITS			MARKET VALUE (000S)
HSBC Bank PLC, Shenzhen Mindray Bio-Medical Electronics Co. Ltd. - Exp. 03/18/2022		2,700	$		201
HSBC Bank PLC, TBEA Co. Ltd. Exp. 12/12/2022		28,700			57
HSBC Bank PLC, TCL Technology Group Corp. - Exp. 03/18/2022		135,900			161
HSBC Bank PLC, Tongwei Co. Ltd. - Exp. 03/18/2022		25,400			170
HSBC Bank PLC, Wanhua Chemical Group Co. Ltd. - Exp. 10/08/2021		2,900			49
HSBC Bank PLC, Wanhua Chemical Group Co. Ltd. - Exp. 03/18/2022		700			12
HSBC Bank PLC, Wuliangye Yibin Co. Ltd. - Exp. 11/23/2021		8,600			397
					5,673
Total United Kingdom					5,673
Total Equity-Linked Securities (Cost $5,360)					5,673
	SHARES
EXCHANGE-TRADED FUNDS 4.4%
UNITED STATES 4.4%
iShares MSCI India ETF		493,350			21,831
Total Exchange-Traded Funds (Cost $20,952)					21,831
PREFERRED STOCKS 2.0%
BRAZIL 1.7%
BANKING & FINANCE 0.2%
Banco do Estado do Rio Grande do Sul S.A.		32,700			87
Itau Unibanco Holding S.A.		112,250			672
					759
INDUSTRIALS 0.8%
Braskem S.A.		36,700			440
Gerdau S.A.		357,800			2,130
Metalurgica Gerdau S.A.		447,800			1,245
Usinas Siderurgicas de Minas Gerais S.A.		13,900			53
					3,868
UTILITIES 0.7%
Cia de Transmissao de Energia Eletrica Paulista		53,400			270
Cia Energetica de Minas Gerais		472,447			1,152
Cia Energetica de Sao Paulo		89,600			431
Petroleo Brasileiro S.A.		314,000			1,858
					3,711
Total Brazil					8,338
CHILE 0.2%
INDUSTRIALS 0.2%
Embotelladora Andina S.A.		123,100			285
Sociedad Quimica y Minera de Chile S.A.		12,533			591
					876
Total Chile					876

	SHARES			MARKET VALUE (000S)
RUSSIA 0.1%
UTILITIES 0.1%
Bashneft PJSC		9,843	$		147
Transneft PJSC		223			527
					674
Total Russia					674
Total Preferred Stocks (Cost $7,316)					9,888
REAL ESTATE INVESTMENT TRUSTS 0.0%
TURKEY 0.0%
REAL ESTATE 0.0%
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S (c)		1,053,672			226
Total Real Estate Investment Trusts (Cost $308)					226
RIGHTS 0.0%
BRAZIL 0.0%
ENERGY 0.0%
Ultrapar Participacoes S.A.		327,007			2
Total Rights (Cost $0)					2
WARRANTS 1.6%
UNITED KINGDOM 1.6%
FINANCIALS 1.6%
HSBC Bank PLC - Exp. 01/19/2022		189,936			4,518
HSBC Bank PLC - Exp. 03/01/2022		1,575			69
HSBC Bank PLC - Exp. 03/24/2022		8,760			74
HSBC Bank PLC - Exp. 04/05/2022		25,525			728
HSBC Bank PLC - Exp. 06/23/2022		5,048			49
HSBC Bank PLC - Exp. 07/20/2021		48,752			976
HSBC Bank PLC - Exp. 10/04/2021		4,250			50
HSBC Bank PLC - Exp. 11/09/2021		14,217			160
HSBC Bank PLC - Exp. 12/06/2021		114,462			1,070
					7,694
Total Warrants (Cost $6,280)					7,694
Total Investments in Securities (Cost $364,674)					486,326
INVESTMENTS IN AFFILIATES 1.6%
SHORT-TERM INSTRUMENTS 1.6%
MUTUAL FUNDS 1.6%
PIMCO Government Money Market Fund
0.080% (b)(c)(d)		7,977,991			7,978
Total Short-Term Instruments (Cost $7,978)					7,978
Total Investments in Affiliates (Cost $7,978)					7,978
Total Investments 100.0% (Cost $372,652)			$		494,304
Other Assets and Liabilities, net 0.0%					148
Net Assets 100.0%			$		494,452

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2021 29

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

NOTES TO SCHEDULE OF INVESTMENTS:

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

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

(b) Institutional Class Shares of each Fund.

(c) Securities with an aggregate market value of $8,120 were out on loan in exchange for $8,885 of cash collateral as of June 30, 2021. 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 SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2021:

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)
Master Securities Lending Agreement
BMO	$	0	$	0	$	0	$	137	$	137	$	(144	)	$	(7	)
FOB		0		0		0		1,611		1,611		(1,692	)		(81	)
GSC		0		0		0		4,042		4,042		(4,513	)		(471	)
MBC		0		0		0		568		568		(631	)		(63	)
MSC		0		0		0		57		57		(63	)		(6	)
SAL		0		0		0		1,523		1,523		(1,624	)		(101	)
UBS		0		0		0		182		182		(218	)		(36	)
Total Borrowings and Other Financing Transactions	$	0	$	0	$	0	$	8,120

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	$	8,787	$	0	$	0	$	0	$	8,787
Real Estate Investment Trusts		98		0		0		0		98
Total Borrowings	$	8,885	$	0	$	0	$	0	$	8,885
Payable for securities on loan - cash collateral									$	8,885

⁽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.

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2021:

	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	$	26	$	0	$	26

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2021 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Investments in Securities, at Value
Common Stocks
Australia
Materials	$	0	$	86	$	0	$	86
Brazil
Consumer Discretionary		955		0		0		955

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Consumer Staples	$	3,621	$	0	$	0	$	3,621
Energy		1,225		0		0		1,225
Financials		2,803		0		0		2,803
Health Care		80		0		0		80
Industrials		1,884		0		0		1,884
Materials		14,898		0		0		14,898

30 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Utilities	$	783	$	0	$	0	$	783
Chile
Communication Services		95		0		0		95
Consumer Discretionary		666		0		0		666
Consumer Staples		880		0		0		880
Energy		207		0		0		207
Financials		468		0		0		468
Materials		235		0		0		235
Utilities		991		0		0		991
China
Communication Services		1,713		4,164		0		5,877
Consumer Discretionary		1,501		12,653		0		14,154
Consumer Staples		122		2,581		0		2,703
Energy		0		6,928		0		6,928
Financials		50		3,334		0		3,384
Health Care		0		776		0		776
Industrials		137		3,278		0		3,415
Information Technology		0		2,424		0		2,424
Materials		0		4,231		0		4,231
Real Estate		0		1,880		0		1,880
Utilities		0		2,609		0		2,609
Greece
Communication Services		0		311		0		311
Consumer Discretionary		0		226		0		226
Energy		0		233		0		233
Financials		478		787		0		1,265
Utilities		0		236		0		236
Hong Kong
Consumer Discretionary		0		581		0		581
Consumer Staples		0		3,935		0		3,935
Financials		0		645		0		645
Industrials		0		480		0		480
Real Estate		0		1,943		0		1,943
Utilities		0		2,434		0		2,434
India
Consumer Discretionary		2,632		0		0		2,632
Financials		8,930		0		0		8,930
Health Care		2,523		0		0		2,523
Industrials		1,005		0		0		1,005
Information Technology		18,708		0		0		18,708
Materials		1,988		0		0		1,988
Indonesia
Communication Services		0		858		0		858
Consumer Discretionary		0		570		0		570
Consumer Staples		0		931		0		931
Energy		0		749		0		749
Financials		0		330		0		330
Health Care		0		67		0		67
Industrials		0		202		0		202
Materials		0		413		0		413
Utilities		0		120		0		120
Malaysia
Communication Services		74		615		0		689
Consumer Discretionary		819		0		0		819
Consumer Staples		488		88		0		576
Energy		0		46		0		46
Financials		1,464		470		0		1,934
Health Care		51		0		0		51
Industrials		197		332		0		529
Materials		97		221		0		318
Utilities		170		574		0		744
Mexico
Communication Services		2,509		0		0		2,509
Consumer Discretionary		52		0		0		52
Consumer Staples		3,393		0		0		3,393
Financials		166		0		0		166
Industrials		338		0		0		338
Materials		2,773		0		0		2,773
Philippines
Communication Services		90		343		0		433
Consumer Staples		104		0		0		104

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Financials	$	114	$	223	$	0	$	337
Industrials		482		0		0		482
Utilities		0		153		0		153
Poland
Communication Services		0		333		0		333
Energy		0		1,517		0		1,517
Financials		0		516		0		516
Information Technology		0		385		0		385
Materials		0		1,041		0		1,041
Utilities		0		589		0		589
Russia
Communication Services		0		3,214		0		3,214
Consumer Staples		0		934		0		934
Energy		0		24,257		0		24,257
Financials		0		4,377		0		4,377
Industrials		0		85		0		85
Materials		0		9,712		0		9,712
Real Estate		0		50		0		50
Utilities		0		1,786		0		1,786
Singapore
Industrials		0		134		0		134
South Africa
Communication Services		371		1,845		0		2,216
Consumer Discretionary		545		510		0		1,055
Consumer Staples		1,865		0		0		1,865
Energy		668		0		0		668
Financials		190		1,127		0		1,317
Health Care		143		0		0		143
Industrials		202		0		0		202
Materials		99		9,353		0		9,452
South Korea
Communication Services		2,235		7,437		0		9,672
Consumer Discretionary		0		39,165		0		39,165
Consumer Staples		748		4,582		0		5,330
Energy		0		9,829		0		9,829
Financials		0		12,012		0		12,012
Health Care		0		177		0		177
Industrials		182		13,377		0		13,559
Information Technology		0		8,035		0		8,035
Materials		0		12,264		0		12,264
Utilities		0		3,820		0		3,820
Taiwan
Communication Services		611		1,864		0		2,475
Consumer Discretionary		0		3,409		0		3,409
Consumer Staples		0		1,335		0		1,335
Energy		0		539		0		539
Financials		0		10,483		0		10,483
Industrials		0		4,780		0		4,780
Information Technology		23,465		30,646		0		54,111
Materials		0		10,910		0		10,910
Real Estate		0		104		0		104
Thailand
Communication Services		0		1,348		0		1,348
Consumer Discretionary		0		151		0		151
Consumer Staples		0		2,620		0		2,620
Energy		0		4,783		0		4,783
Financials		0		2,406		0		2,406
Health Care		0		424		0		424
Industrials		0		3,645		0		3,645
Information Technology		52		393		0		445
Materials		88		3,593		0		3,681
Real Estate		0		477		0		477
Utilities		0		269		0		269
Turkey
Communication Services		253		614		0		867
Consumer Discretionary		240		928		0		1,168
Consumer Staples		680		0		0		680
Energy		0		438		0		438
Financials		195		902		0		1,097
Industrials		448		385		0		833
Materials		91		437		0		528
Utilities		0		48		0		48

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2021 31

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.) June 30, 2021

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Ukraine
Consumer Staples	$	0	$	47	$	0	$	47
United States
Consumer Discretionary		0		181		0		181
Equity-Linked Securities
United Kingdom
Financials		0		5,673		0		5,673
Exchange-Traded Funds
United States		21,831		0		0		21,831
Preferred Stocks
Brazil
Banking & Finance		759		0		0		759
Industrials		3,868		0		0		3,868
Utilities		3,711		0		0		3,711
Chile
Industrials		876		0		0		876
Russia
Utilities		0		674		0		674

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Real Estate Investment Trusts
Turkey
Real Estate	$	226	$	0	$	0	$	226
Rights
Brazil
Energy		0		2		0		2
Warrants
United Kingdom
Financials		0		7,694		0		7,694
	$	147,601	$	338,725	$	0	$	486,326
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		7,978		0		0		7,978
Total Investments	$	155,579	$	338,725	$	0	$	494,304

There were no significant transfers into or out of Level 3 during the period ended June 30, 2021.

32 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF June 30, 2021

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 98.7%
COMMON STOCKS 95.6%
AUSTRALIA 5.3%
COMMUNICATION SERVICES 0.5%
carsales.com Ltd.		1,190	$		17
Nine Entertainment Co. Holdings Ltd.		5,374			12
REA Group Ltd.		383			48
SEEK Ltd.		2,012			50
Telstra Corp. Ltd.		96,697			273
					400
CONSUMER DISCRETIONARY 0.7%
Breville Group Ltd.		1,094			25
Crown Resorts Ltd.		3,331			30
Domino’s Pizza Enterprises Ltd.		613			55
Eagers Automotive Ltd.		2,313			29
Harvey Norman Holdings Ltd.		8,395			34
JB Hi-Fi Ltd.		1,290			49
Super Retail Group Ltd.		4,579			44
Tabcorp Holdings Ltd.		9,292			36
Wesfarmers Ltd.		6,322			280
					582
CONSUMER STAPLES 0.4%
Coles Group Ltd.		3,467			44
Endeavour Group Ltd. (a)		8,042			38
GrainCorp Ltd. ‘A’		6,446			25
Metcash Ltd.		17,281			52
Woolworths Group Ltd.		8,042			230
					389
ENERGY 0.2%
Ampol Ltd.		2,523			53
Santos Ltd.		10,175			54
Viva Energy Group Ltd.		14,844			22
Whitehaven Coal Ltd.		18,803			27
Woodside Petroleum Ltd.		2,857			48
					204
FINANCIALS 0.8%
AMP Ltd.		75,041			63
Australia & New Zealand Banking Group Ltd.		2,023			43
Bank of Queensland Ltd.		5,321			36
Bendigo & Adelaide Bank Ltd.		3,316			26
Insurance Australia Group Ltd.		4,270			17
Macquarie Group Ltd.		731			86
Magellan Financial Group Ltd.		491			20
Medibank Pvt Ltd.		27,441			65
National Australia Bank Ltd.		4,538			89
NIB Holdings Ltd.		4,056			20
Pendal Group Ltd.		7,134			43
Perpetual Ltd.		680			21
QBE Insurance Group Ltd.		3,143			25
Suncorp Group Ltd.		9,853			82
Westpac Banking Corp.		2,964			57
					693
HEALTH CARE 0.3%
Ansell Ltd.		2,075			68
Cochlear Ltd.		193			36

	SHARES			MARKET VALUE (000S)
CSL Ltd.		554	$		119
Ramsay Health Care Ltd.		595			28
					251
INDUSTRIALS 0.2%
Aurizon Holdings Ltd.		26,349			73
Brambles Ltd.		8,008			69
Downer EDI Ltd.		9,787			41
Qantas Airways Ltd.		4,571			16
Sydney Airport		3,766			16
					215
INFORMATION TECHNOLOGY 0.1%
Atlassian Corp. PLC ‘A’ (a)		337			87
Computershare Ltd.		1,584			20
					107
MATERIALS 1.9%
BHP Group Ltd.		7,806			284
BHP Group PLC		8,828			261
BlueScope Steel Ltd.		3,777			62
Boral Ltd.		9,818			54
CSR Ltd.		10,434			45
Evolution Mining Ltd.		7,712			26
Fortescue Metals Group Ltd.		24,668			431
IGO Ltd.		4,881			28
Iluka Resources Ltd.		3,370			23
Incitec Pivot Ltd.		14,798			26
Mineral Resources Ltd.		1,570			63
Newcrest Mining Ltd.		1,719			33
Northern Star Resources Ltd.		6,985			51
OZ Minerals Ltd.		2,205			37
Rio Tinto Ltd.		2,295			218
Sandfire Resources Ltd.		7,452			38
					1,680
REAL ESTATE 0.0%
Lendlease Corp. Ltd.		4,040			35
UTILITIES 0.2%
AGL Energy Ltd.		9,335			57
APA Group		2,224			15
Origin Energy Ltd.		20,873			71
					143
Total Australia					4,699
AUSTRIA 0.3%
ENERGY 0.1%
OMV AG		1,584			90
INDUSTRIALS 0.1%
Andritz AG		566			32
INFORMATION TECHNOLOGY 0.0%
AMS AG (a)		1,353			27
MATERIALS 0.1%
voestalpine AG		1,291			53
Wienerberger AG		879			34
					87

	SHARES			MARKET VALUE (000S)
REAL ESTATE 0.0%
CA Immobilien Anlagen AG		566	$		24
Total Austria					260
BELGIUM 0.3%
COMMUNICATION SERVICES 0.1%
Proximus SADP		1,785			34
CONSUMER STAPLES 0.0%
Etablissements Franz Colruyt NV		488			27
FINANCIALS 0.1%
Ageas S.A.		748			42
Gimv NV		351			22
					64
HEALTH CARE 0.0%
UCB S.A.		182			19
INDUSTRIALS 0.0%
bpost S.A.		2,131			26
INFORMATION TECHNOLOGY 0.1%
Barco NV		1,297			36
MATERIALS 0.0%
Solvay S.A.		259			33
Total Belgium					239
CANADA 7.5%
COMMUNICATION SERVICES 0.5%
BCE, Inc.		2,512			124
Cineplex, Inc. (a)		3,891			47
Cogeco Communications, Inc.		354			35
Corus Entertainment, Inc. ‘B’		5,594			29
Quebecor, Inc. ‘B’		1,191			32
Rogers Communications, Inc. ‘B’		1,478			78
Shaw Communications, Inc. ‘B’		1,119			32
TELUS Corp.		3,537			79
					456
CONSUMER DISCRETIONARY 1.1%
BRP, Inc.		341			27
Canadian Tire Corp. Ltd. ‘A’		903			143
Cogeco, Inc. (e)		321			25
Dollarama, Inc.		1,107			51
Gildan Activewear, Inc.		1,439			53
Linamar Corp.		665			42
Lululemon Athletica, Inc. (a)		166			60
Magna International, Inc.		6,046			560
Martinrea International, Inc. (e)		2,507			26
					987
CONSUMER STAPLES 0.6%
Alimentation Couche-Tard, Inc. ‘B’		3,313			122
Empire Co. Ltd. ‘A’		2,830			89
George Weston Ltd.		1,011			96
Loblaw Cos. Ltd.		1,131			70
Maple Leaf Foods, Inc.		769			16

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2021 33

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Metro, Inc.		1,410	$		68
North West Co., Inc.		799			23
Premium Brands Holdings Corp.		369			37
Saputo, Inc.		853			25
					546
ENERGY 1.3%
ARC Resources Ltd.		6,890			59
Baytex Energy Corp. (a)		23,776			46
Birchcliff Energy Ltd.		10,307			43
Cameco Corp.		2,472			47
Canadian Natural Resources Ltd.		1,503			55
Cenovus Energy, Inc.		18,535			177
Crescent Point Energy Corp.		25,982			118
Enerplus Corp.		5,351			38
Gibson Energy, Inc.		3,212			62
Imperial Oil Ltd.		3,227			98
MEG Energy Corp. (a)		13,033			94
Peyto Exploration & Development Corp.		5,568			37
Suncor Energy, Inc.		6,021			144
Vermilion Energy, Inc. (a)		3,834			34
Whitecap Resources, Inc. (e)		12,614			63
					1,115
FINANCIALS 1.1%
Bank of Montreal		914			94
Canadian Imperial Bank of Commerce		1,446			165
CI Financial Corp.		3,619			66
Fairfax Financial Holdings Ltd.		88			39
Great-West Lifeco, Inc. (e)		1,355			40
Home Capital Group, Inc. (a)		1,449			43
IGM Financial, Inc.		1,049			37
Intact Financial Corp. (e)		581			79
Manulife Financial Corp.		1,934			38
National Bank of Canada		443			33
Onex Corp.		401			29
Power Corp. of Canada		3,505			111
Royal Bank of Canada		1,333			135
Toronto-Dominion Bank		457			32
					941
HEALTH CARE 0.0%
Chartwell Retirement Residences		1,772			19
INDUSTRIALS 1.1%
Aecon Group, Inc.		2,333			34
Canadian National Railway Co.		1,564			165
Canadian Pacific Railway Ltd.		2,940			226
Finning International, Inc.		1,800			47
Ritchie Bros Auctioneers, Inc.		961			57
Russel Metals, Inc.		1,494			41
TFI International, Inc.		1,312			120
Thomson Reuters Corp.		2,109			209
Toromont Industries Ltd.		767			67
Transcontinental, Inc. ‘A’		1,781			33
Westshore Terminals Investment Corp.		1,705			24
					1,023
INFORMATION TECHNOLOGY 0.4%
Canadian Solar, Inc. (a)		718			32

	SHARES			MARKET VALUE (000S)
Celestica, Inc. (a)		3,277	$		26
CGI, Inc. (a)		1,005			91
Constellation Software, Inc. (e)		35			53
Open Text Corp.		931			47
Shopify, Inc. ‘A’ (a)		64			94
					343
MATERIALS 0.8%
Eldorado Gold Corp. (a)		3,873			39
First Quantum Minerals Ltd.		2,886			67
Franco-Nevada Corp.		138			20
Hudbay Minerals, Inc.		4,708			31
Interfor Corp.		1,711			43
Intertape Polymer Group, Inc.		1,737			40
Lundin Mining Corp.		3,921			35
Methanex Corp.		1,002			33
New Gold, Inc. (a)		14,963			27
Nutrien Ltd.		991			60
Resolute Forest Products, Inc.		2,395			29
Stelco Holdings, Inc.		1,651			49
Stella-Jones, Inc.		839			30
Teck Resources Ltd. ‘B’		5,633			130
Turquoise Hill Resources Ltd. (a)		2,118			36
West Fraser Timber Co. Ltd.		850			61
Winpak Ltd.		491			15
					745
REAL ESTATE 0.1%
Colliers International Group, Inc.		350			39
FirstService Corp.		382			66
					105
UTILITIES 0.5%
Algonquin Power & Utilities Corp.		1,293			19
Atco Ltd. ‘I’		1,269			45
Boralex, Inc. (e)		1,167			35
Emera, Inc.		674			31
Fortis, Inc.		1,473			65
Hydro One Ltd.		2,180			53
Northland Power, Inc.		1,717			58
Superior Plus Corp.		2,454			30
TransAlta Corp.		4,003			40
TransAlta Renewables, Inc.		1,647			28
					404
Total Canada					6,684
CHILE 0.0%
MATERIALS 0.0%
Antofagasta PLC		1,430			29
Total Chile					29
DENMARK 1.8%
CONSUMER DISCRETIONARY 0.1%
Pandora A/S		378			51
CONSUMER STAPLES 0.1%
Carlsberg A/S ‘B’		347			65
Royal Unibrew A/S		509			65
Scandinavian Tobacco Group A/S		1,460			30
					160

	SHARES			MARKET VALUE (000S)
FINANCIALS 0.0%
Topdanmark A/S		576	$		30
HEALTH CARE 0.5%
Coloplast A/S ‘B’		129			21
Demant A/S (a)		693			39
GN Store Nord A/S		834			73
Novo Nordisk A/S ‘B’		3,803			319
					452
INDUSTRIALS 0.9%
AP Moller - Maersk A/S ‘B’		120			345
D/S Norden A/S		1,529			49
DSV Panalpina A/S		730			170
ISS A/S		918			22
Vestas Wind Systems A/S		5,370			210
					796
MATERIALS 0.1%
Novozymes A/S ‘B’		945			71
UTILITIES 0.1%
Orsted A/S		458			64
Total Denmark					1,624
FINLAND 1.0%
COMMUNICATION SERVICES 0.0%
Elisa Oyj		716			43
CONSUMER STAPLES 0.2%
Kesko Oyj ‘B’		5,343			197
ENERGY 0.2%
Neste Oyj		2,631			161
FINANCIALS 0.1%
Sampo Oyj ‘A’		1,373			63
INDUSTRIALS 0.2%
Finnair Oyj		27,954			23
Kone Oyj ‘B’		1,287			105
Metso Outotec OYJ		4,006			47
YIT OYJ		2,938			18
					193
INFORMATION TECHNOLOGY 0.0%
TietoEVRY Oyj		811			26
MATERIALS 0.2%
Kemira Oyj		1,793			28
Outokumpu OYJ		8,923			53
Stora Enso Oyj ‘R’		3,458			63
UPM-Kymmene Oyj		1,415			54
					198
UTILITIES 0.1%
Fortum Oyj		1,686			47
Total Finland					928

34 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

	SHARES			MARKET VALUE (000S)
FRANCE 7.0%
COMMUNICATION SERVICES 0.8%
Criteo S.A. ADR (a)		871	$		39
Eutelsat Communications S.A.		4,191			49
Iliad S.A.		91			13
Lagardere S.C.A.		973			24
Orange S.A.		26,527			303
Publicis Groupe S.A.		992			63
Television Francaise		2,139			22
Vivendi S.A.		4,544			153
					666
CONSUMER DISCRETIONARY 1.5%
Cie Generale des Etablissements Michelin S.C.A.		532			85
Elior Group S.A.		4,663			35
Faurecia SE		226			11
Hermes International		123			179
Kering S.A.		237			208
LVMH Moet Hennessy Louis Vuitton SE		623			490
Renault S.A.		6,133			249
Sodexo S.A.		493			46
					1,303
CONSUMER STAPLES 0.8%
Carrefour S.A.		14,306			281
Casino Guichard Perrachon S.A.		1,589			50
Danone S.A.		921			65
L’Oreal S.A.		573			256
Pernod Ricard S.A.		286			64
					716
ENERGY 0.4%
TotalEnergies SE		7,385			335
FINANCIALS 0.9%
BNP Paribas S.A.		658			42
Eurazeo S.A.		403			35
Natixis S.A.		12,427			59
Societe Generale S.A.		21,978			650
					786
HEALTH CARE 0.2%
Korian S.A.		1,224			45
Sanofi		649			68
Sartorius Stedim Biotech		132			63
					176
INDUSTRIALS 1.5%
Air France-KLM (a)(c)		4,810			23
Airbus SE		845			109
Alstom S.A.		670			34
Bouygues S.A.		2,999			111
Bureau Veritas S.A. (a)		2,719			86
Cie de Saint-Gobain		2,293			151
Elis S.A.		2,008			38
Legrand S.A.		543			57
Nexans S.A.		636			58
Rexel S.A.		6,110			128
Safran S.A.		178			25

	SHARES			MARKET VALUE (000S)
Schneider Electric SE		1,194	$		188
Societe BIC S.A.		283			20
Teleperformance		197			80
Thales S.A.		196			20
Vinci S.A.		1,832			196
					1,324
INFORMATION TECHNOLOGY 0.2%
Alten S.A.		213			28
Capgemini SE		245			47
Dassault Systemes SE		216			53
Worldline S.A. (a)		468			44
					172
MATERIALS 0.0%
Vicat S.A.		725			35
REAL ESTATE 0.0%
Nexity S.A.		680			34
UTILITIES 0.7%
Electricite de France S.A.		12,629			173
Engie S.A.		20,152			276
Suez S.A.		1,681			40
Veolia Environnement S.A.		4,943			149
					638
Total France					6,185
GERMANY 5.8%
COMMUNICATION SERVICES 0.4%
CTS Eventim AG & Co. KGaA		393			24
Deutsche Telekom AG		8,416			178
Freenet AG		2,068			49
ProSiebenSat.1 Media SE		3,830			76
Scout24 AG		327			28
					355
CONSUMER DISCRETIONARY 1.8%
adidas AG		550			205
Bayerische Motoren Werke AG		3,513			372
Continental AG		753			111
Daimler AG		5,021			449
Delivery Hero SE (a)		522			69
ElringKlinger AG (a)		2,498			45
Fielmann AG (a)		326			26
Hella GmbH & Co. KGaA		868			59
Hornbach Holding AG & Co. KGaA		554			63
Hugo Boss AG		958			52
Leoni AG (a)		1,635			29
Puma SE		442			53
TUI AG (a)		4,811			25
Zalando SE (a)		464			56
					1,614
CONSUMER STAPLES 0.1%
Beiersdorf AG		211			25
Metro AG		3,917			49
					74

	SHARES			MARKET VALUE (000S)
FINANCIALS 0.8%
Aareal Bank AG		1,268	$		29
Commerzbank AG		24,250			172
Deutsche Bank AG (a)		18,159			237
Deutsche Boerse AG		388			68
Deutsche Pfandbriefbank AG		3,725			37
Hannover Rueck SE		265			44
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		324			89
Talanx AG		660			27
					703
HEALTH CARE 0.3%
Carl Zeiss Meditec AG		304			59
Fresenius Medical Care AG & Co. KGaA		660			55
Fresenius SE & Co. KGaA		594			31
Merck KGaA		422			81
Siemens Healthineers AG		429			26
					252
INDUSTRIALS 0.9%
Brenntag SE		521			48
Deutsche Lufthansa AG (c)		11,487			129
Deutsche Post AG		1,549			105
Deutz AG		2,909			24
Duerr AG		680			26
Hapag-Lloyd AG		158			36
KION Group AG		338			36
Kloeckner & Co. SE		3,219			44
Knorr-Bremse AG		162			19
MTU Aero Engines AG		151			37
Nordex SE (a)		1,529			37
Rational AG		36			33
Siemens AG		1,395			222
					796
INFORMATION TECHNOLOGY 0.2%
Infineon Technologies AG		3,285			132
SAP SE		188			27
					159
MATERIALS 0.5%
Aurubis AG		629			58
BASF SE		2,822			223
Covestro AG		777			50
K+S AG		5,828			80
Salzgitter AG		1,445			43
					454
REAL ESTATE 0.3%
Deutsche Wohnen SE		1,079			66
LEG Immobilien SE		643			93
TAG Immobilien AG		2,659			84
Vonovia SE		870			56
					299
UTILITIES 0.5%
E.ON SE		13,874			161
RWE AG		6,103			221
Uniper SE		2,423			89
					471
Total Germany					5,177

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2021 35

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
HONG KONG 2.3%
COMMUNICATION SERVICES 0.1%
HKT Trust & HKT Ltd.		37,000	$		50
PCCW Ltd.		96,295			51
					101
CONSUMER DISCRETIONARY 0.4%
Bosideng International Holdings Ltd.		78,000			56
Cafe de Coral Holdings Ltd.		4,000			8
Chow Tai Fook Jewellery Group Ltd.		27,200			62
Galaxy Entertainment Group Ltd.		8,000			64
Man Wah Holdings Ltd.		27,200			65
Melco Resorts & Entertainment Ltd. ADR (a)		1,610			27
SJM Holdings Ltd.		18,000			20
Xinyi Glass Holdings Ltd.		10,000			41
Yue Yuen Industrial Holdings Ltd.		16,000			39
					382
CONSUMER STAPLES 0.1%
Vitasoy International Holdings Ltd.		8,000			30
WH Group Ltd.		81,500			73
					103
FINANCIALS 0.4%
AIA Group Ltd.		11,400			141
Hong Kong Exchanges and Clearing Ltd.		2,800			167
					308
INDUSTRIALS 0.6%
Cathay Pacific Airways Ltd.		30,000			25
CK Hutchison Holdings Ltd.		24,000			187
Hutchison Port Holdings Trust		129,600			29
Jardine Matheson Holdings Ltd.		1,000			64
MTR Corp. Ltd.		7,000			39
Pacific Basin Shipping Ltd. (a)		68,000			27
Shun Tak Holdings Ltd.		86,000			28
SITC International Holdings Co. Ltd.		18,000			75
Techtronic Industries Co. Ltd.		2,500			44
					518
INFORMATION TECHNOLOGY 0.2%
GCL-Poly Energy Holdings Ltd. «(a)		364,000			46
Kingboard Holdings Ltd.		7,200			40
Kingboard Laminates Holdings Ltd.		17,000			38
Truly International Holdings Ltd. (a)		120,000			34
VTech Holdings Ltd.		3,500			37
					195
REAL ESTATE 0.3%
Hongkong Land Holdings Ltd.		5,500			26
Hopson Development Holdings Ltd.		12,000			55
Kerry Properties Ltd.		5,500			18
New World Development Co. Ltd.		6,000			31
Shimao Property Holdings Ltd.		10,400			26
Swire Pacific Ltd. ‘A’		7,000			48
Wharf Holdings Ltd.		14,000			53
					257

	SHARES			MARKET VALUE (000S)
UTILITIES 0.2%
CLP Holdings Ltd.		9,100	$		90
HK Electric Investments & HK Electric Investments Ltd.		17,000			17
Hong Kong & China Gas Co. Ltd.		31,972			49
Power Assets Holdings Ltd.		5,000			31
					187
Total Hong Kong					2,051
IRELAND 1.4%
CONSUMER DISCRETIONARY 0.2%
Aptiv PLC (a)		1,339			211
CONSUMER STAPLES 0.1%
Glanbia PLC		1,367			22
Kerry Group PLC ‘A’		352			49
					71
HEALTH CARE 0.4%
ICON PLC (a)		382			79
Jazz Pharmaceuticals PLC (a)		308			55
Medtronic PLC		1,081			134
UDG Healthcare PLC		2,446			36
					304
INDUSTRIALS 0.4%
Allegion PLC		311			43
DCC PLC		377			31
Experian PLC		2,047			79
Grafton Group PLC		3,129			50
Kingspan Group PLC		589			55
Trane Technologies PLC		488			90
					348
MATERIALS 0.3%
James Hardie Industries PLC ADR		4,952			168
Smurfit Kappa Group PLC		2,181			119
					287
Total Ireland					1,221
ISRAEL 0.5%
COMMUNICATION SERVICES 0.0%
Bezeq The Israeli Telecommunication Corp. Ltd. (a)		34,696			38
ENERGY 0.1%
Oil Refineries Ltd. (a)		122,669			32
Paz Oil Co. Ltd.		159			19
					51
FINANCIALS 0.2%
Bank Hapoalim BM (a)		4,581			37
Bank Leumi Le-Israel BM (a)		3,316			25
Israel Discount Bank Ltd. ‘A’ (a)		6,309			30
Mizrahi Tefahot Bank Ltd. (a)		921			28
Plus500 Ltd.		902			17
					137

	SHARES			MARKET VALUE (000S)
HEALTH CARE 0.0%
Teva Pharmaceutical Industries Ltd. SP - ADR (a)		3,358	$		33
INFORMATION TECHNOLOGY 0.1%
Check Point Software Technologies Ltd. (a)		237			27
Nice Ltd. (a)		121			30
SolarEdge Technologies, Inc. (a)		162			45
					102
MATERIALS 0.1%
ICL Group Ltd.		7,070			48
Total Israel					409
ITALY 2.8%
COMMUNICATION SERVICES 0.3%
Infrastrutture Wireless Italiane SpA		2,516			29
Telecom Italia SpA		448,460			223
					252
CONSUMER DISCRETIONARY 0.2%
Autogrill SpA		4,172			30
Brembo SpA		2,934			37
De’ Longhi SpA		1,004			44
Ferrari NV		255			53
Moncler SpA		738			50
					214
CONSUMER STAPLES 0.1%
MARR SpA		1,602			38
ENERGY 0.6%
Eni SpA		41,731			509
Saipem SpA		12,067			29
					538
FINANCIALS 0.7%
Anima Holding SpA		5,443			27
Azimut Holding SpA		2,770			67
Banca Generali SpA (a)		735			32
Banca IFIS SpA		2,211			35
Banca Popolare di Sondrio SCPA		9,549			42
Banco BPM SpA		15,794			51
BPER Banca		33,195			72
FinecoBank Banca Fineco SpA (a)		3,126			55
Societa Cattolica Di Assicurazione SPA		5,561			46
UniCredit SpA		7,538			89
Unipol Gruppo Finanziario SpA		11,555			63
					579
HEALTH CARE 0.2%
Amplifon SpA		1,191			59
DiaSorin SpA		361			68
Recordati Industria Chimica e Farmaceutica SpA		1,289			74
					201

36 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 0.1%
Enav SpA		4,316	$		20
Prysmian SpA		1,152			41
					61
UTILITIES 0.6%
Enel SpA		37,869			352
ERG SpA		1,984			59
Iren SpA		8,958			25
Snam SpA		10,895			63
Terna SpA		8,548			64
					563
Total Italy					2,446
JAPAN 26.6%
COMMUNICATION SERVICES 2.0%
Avex, Inc.		1,800			27
Capcom Co. Ltd.		2,200			64
CyberAgent, Inc.		2,800			60
Daiichikosho Co. Ltd.		700			27
Fuji Media Holdings, Inc.		2,300			26
Internet Initiative Japan, Inc.		800			25
Kadokawa Corp.		1,100			45
Kakaku.com, Inc.		1,000			30
KDDI Corp.		14,600			455
Koei Tecmo Holdings Co. Ltd.		580			28
Konami Holdings Corp.		400			24
Mixi, Inc.		1,200			32
Nexon Co. Ltd.		1,200			27
Nintendo Co. Ltd.		300			173
Nippon Telegraph & Telephone Corp.		9,300			243
Nippon Television Holdings, Inc.		3,600			42
Softbank Corp.		10,000			131
SoftBank Group Corp.		3,000			209
Toho Co. Ltd.		1,100			45
TV Asahi Holdings Corp.		1,700			27
Yahoo Japan Corp.		7,300			36
					1,776
CONSUMER DISCRETIONARY 5.3%
Adastria Co. Ltd.		1,500			27
Aisin Corp.		2,600			112
Arata Corp.		100			4
ASKUL Corp.		1,200			19
Autobacs Seven Co. Ltd.		1,300			17
Bandai Namco Holdings, Inc.		1,100			76
Bridgestone Corp.		6,200			282
Casio Computer Co. Ltd.		1,800			30
DCM Holdings Co. Ltd.		4,400			42
Denso Corp.		2,300			157
EDION Corp.		2,700			26
Exedy Corp.		1,800			26
Fast Retailing Co. Ltd.		100			75
Food & Life Cos. Ltd.		2,400			103
H2O Retailing Corp.		2,100			17
Haseko Corp.		1,600			22
Honda Motor Co. Ltd.		13,300			428
Iida Group Holdings Co. Ltd.		1,800			46
Isetan Mitsukoshi Holdings Ltd.		6,300			44
Isuzu Motors Ltd.		8,000			106
K’s Holdings Corp.		2,300			26

	SHARES			MARKET VALUE (000S)
Kohnan Shoji Co. Ltd.		1,900	$		66
Koito Manufacturing Co. Ltd.		700			44
Mazda Motor Corp.		18,500			175
McDonald’s Holdings Co. Japan Ltd.		200			9
Musashi Seimitsu Industry Co. Ltd.		1,800			40
NHK Spring Co. Ltd.		2,300			19
Nippon Seiki Co. Ltd.		2,500			27
Nishimatsuya Chain Co. Ltd.		2,100			29
Nissan Motor Co. Ltd.		65,500			326
Nitori Holdings Co. Ltd.		200			35
NOK Corp.		2,300			29
Oriental Land Co. Ltd.		200			29
Paltac Corp.		100			5
Pan Pacific International Holdings Corp.		1,300			27
Panasonic Corp.		20,900			241
Plenus Co. Ltd.		1,200			22
Rakuten, Inc.		2,100			24
Rinnai Corp.		100			10
Saizeriya Co. Ltd.		1,000			24
Sankyo Co. Ltd.		900			23
Sega Sammy Holdings, Inc.		1,200			16
Sekisui Chemical Co. Ltd.		3,100			53
Sekisui House Ltd.		2,700			55
Shimamura Co. Ltd.		700			67
Shimano, Inc.		500			119
Skylark Co. Ltd.		1,100			15
Sony Group Corp.		2,900			281
Stanley Electric Co. Ltd.		900			26
Subaru Corp.		3,800			75
Sumitomo Electric Industries Ltd.		7,600			112
Sumitomo Forestry Co. Ltd.		2,000			37
Sumitomo Rubber Industries Ltd.		4,200			58
Suzuki Motor Corp.		3,100			131
Takashimaya Co. Ltd.		2,800			31
Tokai Rika Co. Ltd.		1,200			19
Tomy Co. Ltd.		1,800			15
Toyoda Gosei Co. Ltd.		1,100			27
Toyota Boshoku Corp.		3,400			71
Toyota Motor Corp.		3,000			262
TS Tech Co. Ltd.		3,100			48
USS Co. Ltd.		1,700			30
Yamada Denki Co. Ltd.		13,800			64
Yamaha Corp.		700			38
Yamaha Motor Co. Ltd.		2,300			62
Yellow Hat Ltd.		1,700			30
Yoshinoya Holdings Co. Ltd.		1,000			19
Zensho Holdings Co. Ltd.		1,000			26
Zojirushi Corp.		1,300			19
ZOZO, Inc.		900			31
					4,726
CONSUMER STAPLES 2.2%
Aeon Co. Ltd.		5,200			140
Ain Holdings, Inc.		100			6
Ajinomoto Co., Inc.		5,500			143
Asahi Group Holdings Ltd.		1,500			70
Calbee, Inc.		1,100			25
Cawachi Ltd.		1,300			26
Coca-Cola Bottlers Japan, Inc.		1,600			25
Earth Corp.		100			6
Ezaki Glico Co. Ltd.		700			26
Heiwado Co. Ltd.		2,200			44
Itoham Yonekyu Holdings, Inc.		4,200			27

	SHARES			MARKET VALUE (000S)
J-Oil Mills, Inc.		400	$		7
Japan Tobacco, Inc.		12,400			234
Kagome Co. Ltd.		1,000			26
Kao Corp.		400			25
Kewpie Corp.		1,300			29
Kikkoman Corp.		700			46
Kirin Holdings Co. Ltd.		6,300			123
Kobayashi Pharmaceutical Co. Ltd.		300			26
Maruha Nichiro Corp.		1,500			32
Matsumotokiyoshi Holdings Co. Ltd.		200			9
Megmilk Snow Brand Co. Ltd.		1,400			27
MEIJI Holdings Co. Ltd.		800			48
Mitsui DM Sugar Holdings Co. Ltd.		1,600			27
Morinaga & Co. Ltd.		900			29
Morinaga Milk Industry Co. Ltd.		300			16
NH Foods Ltd.		1,100			43
Nichirei Corp.		1,000			26
Nippon Flour Mills Co. Ltd.		1,900			27
Nisshin Oillio Group Ltd.		900			25
Nisshin Seifun Group, Inc.		1,200			18
Nissin Foods Holdings Co. Ltd.		200			14
Prima Meat Packers Ltd.		1,000			27
Sakata Seed Corp.		200			7
Seven & i Holdings Co. Ltd.		6,800			326
Showa Sangyo Co. Ltd.		1,000			27
Sugi Holdings Co. Ltd.		200			15
Sundrug Co. Ltd.		800			25
Suntory Beverage & Food Ltd.		1,000			38
Toyo Suisan Kaisha Ltd.		600			23
Tsuruha Holdings, Inc.		200			23
Unicharm Corp.		700			28
Valor Holdings Co. Ltd.		1,300			26
Welcia Holdings Co. Ltd.		500			16
Yokohama Reito Co. Ltd.		3,300			26
					2,002
ENERGY 0.8%
Cosmo Energy Holdings Co. Ltd.		2,500			57
Idemitsu Kosan Co. Ltd.		5,112			124
Inpex Corp.		17,500			131
Iwatani Corp.		1,100			66
JXTG Holdings, Inc.		83,600			350
					728
FINANCIALS 1.5%
Aozora Bank Ltd.		1,900			43
Bank of Nagoya Ltd.		1,200			27
Chiba Bank Ltd.		4,300			26
Dai-ichi Life Holdings, Inc.		2,600			48
Daiwa Securities Group, Inc.		9,600			53
Fukuoka Financial Group, Inc.		1,700			30
Hokuhoku Financial Group, Inc.		4,800			35
Hyakujushi Bank Ltd.		2,000			26
Jafco Co. Ltd.		200			12
Japan Post Bank Co. Ltd.		6,100			51
Japan Post Holdings Co. Ltd.		33,700			277
Japan Post Insurance Co. Ltd.		2,600			48
Juroku Bank Ltd.		2,300			40
Kobe Bussan Co. Ltd.		1,000			31
Mitsubishi UFJ Financial Group, Inc.		23,700			128
Musashino Bank Ltd.		1,800			27
Nanto Bank Ltd.		2,900			48
Nishi-Nippon Financial Holdings, Inc.		7,300			42

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2021 37

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
North Pacific Bank Ltd.		12,400	$		26
Okasan Securities Group, Inc.		5,000			19
ORIX Corp.		1,500			25
Senshu Ikeda Holdings, Inc.		18,600			27
Shizuoka Bank Ltd.		3,300			26
Sumitomo Mitsui Financial Group, Inc.		4,000			138
Sumitomo Mitsui Trust Holdings, Inc.		1,900			61
Zenkoku Hosho Co. Ltd.		200			8
					1,322
HEALTH CARE 1.6%
Alfresa Holdings Corp.		1,700			25
Astellas Pharma, Inc.		11,900			207
Chugai Pharmaceutical Co. Ltd.		1,100			44
Eisai Co. Ltd.		900			89
H.U. Group Holdings, Inc.		1,100			28
Hogy Medical Co. Ltd.		200			6
Hoya Corp.		1,900			251
M3, Inc.		1,400			102
Medipal Holdings Corp.		2,900			56
Olympus Corp.		5,500			109
Otsuka Holdings Co. Ltd.		1,700			71
Shionogi & Co. Ltd.		1,000			52
Sysmex Corp.		400			48
Takeda Pharmaceutical Co. Ltd.		5,641			189
Terumo Corp.		1,800			73
Tsumura & Co.		1,200			38
					1,388
INDUSTRIALS 5.6%
Amada Co. Ltd.		2,000			20
ANA Holdings, Inc. (a)		2,200			52
Asahi Glass Co. Ltd.		2,400			100
Central Glass Co. Ltd.		1,100			21
COMSYS Holdings Corp.		200			5
Dai Nippon Printing Co. Ltd.		2,700			57
Daikin Industries Ltd.		1,500			279
DMG Mori Co. Ltd.		1,600			29
East Japan Railway Co.		600			43
FANUC Corp.		1,100			264
Fuji Electric Co. Ltd.		100			5
Fujikura Ltd.		6,100			28
Fujitec Co. Ltd.		1,400			31
Furukawa Electric Co. Ltd.		1,000			25
Hankyu Hanshin Holdings, Inc.		1,000			31
Hanwa Co. Ltd.		1,100			32
Hazama Ando Corp.		2,300			17
Hino Motors Ltd.		7,200			64
Hitachi Transport System Ltd.		800			33
Hitachi Zosen Corp.		7,500			48
Hoshizaki Corp.		100			8
ITOCHU Corp.		1,500			43
Japan Airlines Co. Ltd.		6,500			141
JTEKT Corp.		4,700			48
Kajima Corp.		2,600			33
Kandenko Co. Ltd.		3,300			26
Kanematsu Corp.		2,500			33
Kawasaki Heavy Industries Ltd. (a)		2,100			45
Kawasaki Kisen Kaisha Ltd. (a)		800			29
Keio Corp.		400			24
Kinden Corp.		1,600			26
Kintetsu Group Holdings Co. Ltd.		700			25

	SHARES			MARKET VALUE (000S)
Kubota Corp.		2,700	$		55
Kurita Water Industries Ltd.		1,200			58
Kyowa Exeo Corp.		1,100			27
Kyushu Railway Co.		1,000			23
LIXIL Group Corp.		2,300			59
Maeda Road Construction Co. Ltd.		1,200			24
Makita Corp.		1,200			56
Marubeni Corp.		24,900			217
Meitec Corp.		300			16
Minebea Mitsumi, Inc.		2,700			71
Mirait Holdings Corp.		1,700			30
MISUMI Group, Inc.		900			30
Mitsubishi Heavy Industries Ltd.		5,100			151
Mitsui & Co. Ltd.		5,000			113
Mitsui OSK Lines Ltd.		2,800			135
Miura Co. Ltd.		200			9
Nagase & Co. Ltd.		1,600			24
Nagoya Railroad Co. Ltd. (a)		1,400			26
Nankai Electric Railway Co. Ltd.		1,300			28
Nidec Corp.		1,400			161
Nippo Corp.		1,200			34
Nippon Express Co. Ltd.		900			69
Nippon Sheet Glass Co. Ltd.		10,100			58
Nippon Steel Trading Corp.		700			27
Nippon Yusen KK		5,200			264
NSK Ltd.		8,000			68
NTN Corp.		9,600			25
Obayashi Corp.		3,700			29
OSG Corp.		1,200			21
Park24 Co. Ltd. (a)		1,400			25
Penta-Ocean Construction Co. Ltd.		3,700			26
Persol Holdings Co. Ltd.		1,600			32
Recruit Holdings Co. Ltd.		5,900			289
Sakai Moving Service Co. Ltd.		100			5
Sanwa Holdings Corp.		1,600			20
Secom Co. Ltd.		400			30
Seibu Holdings, Inc.		1,400			16
Seino Holdings Co. Ltd.		2,100			27
SG Holdings Co. Ltd.		1,800			47
Shibaura Machine Co. Ltd.		1,000			22
Shimizu Corp.		3,500			27
Shinmaywa Industries Ltd.		2,300			20
SHO-BOND Holdings Co. Ltd.		200			8
SMC Corp.		200			118
Sohgo Security Services Co. Ltd.		300			14
Sojitz Corp.		22,200			67
Sotetsu Holdings, Inc.		1,300			26
Sumitomo Mitsui Construction Co. Ltd.		3,720			16
Taikisha Ltd.		1,000			30
Taisei Corp.		2,000			66
Takeuchi Manufacturing Co. Ltd.		1,400			35
Tobu Railway Co. Ltd.		1,000			26
Tokyu Corp.		2,100			29
Toppan, Inc.		4,200			67
Toshiba Corp.		1,800			78
TOTO Ltd.		1,000			52
Toyota Tsusho Corp.		2,800			133
West Japan Railway Co.		800			46
Yamato Holdings Co. Ltd.		1,300			37
Yuasa Trading Co. Ltd.		1,000			27
					5,034
INFORMATION TECHNOLOGY 3.9%
Advantest Corp.		700			63

	SHARES			MARKET VALUE (000S)
Amano Corp.		1,100	$		28
Azbil Corp.		1,100			46
Brother Industries Ltd.		1,300			26
Canon Marketing Japan, Inc.		1,300			30
Canon, Inc.		6,100			138
Daiwabo Holdings Co. Ltd.		1,600			27
DTS Corp.		1,300			31
FUJIFILM Holdings Corp.		900			67
Fujitsu Ltd.		1,400			262
Hamamatsu Photonics KK		300			18
Hitachi Ltd.		11,400			653
Horiba Ltd.		100			6
Hosiden Corp.		1,800			16
Ibiden Co. Ltd.		2,400			129
Konica Minolta, Inc.		12,900			71
Macnica Fuji Electronics Holdings, Inc.		1,300			31
Maxell Holdings Ltd. (a)		2,200			25
Murata Manufacturing Co. Ltd.		3,700			282
NEC Corp.		4,000			206
NET One Systems Co. Ltd.		900			30
Nihon Unisys Ltd.		1,000			30
Nippon Electric Glass Co. Ltd.		2,000			47
Nomura Research Institute Ltd.		2,600			86
Obic Co. Ltd.		200			37
Omron Corp.		1,700			135
Otsuka Corp.		400			21
Renesas Electronics Corp. (a)		2,500			27
Ricoh Co. Ltd.		11,800			133
SCREEN Holdings Co. Ltd.		200			20
SCSK Corp.		200			12
Seiko Epson Corp.		2,700			47
Shinko Electric Industries Co. Ltd.		2,400			88
SUMCO Corp.		1,300			32
Taiyo Yuden Co. Ltd.		200			10
TDK Corp.		300			36
TIS, Inc.		2,200			56
Tokyo Electron Ltd.		800			346
Tokyo Seimitsu Co. Ltd.		200			9
Toshiba TEC Corp.		200			8
Ulvac, Inc.		500			25
Yaskawa Electric Corp.		1,300			63
					3,453
MATERIALS 2.7%
Aichi Steel Corp.		900			25
Asahi Holdings, Inc.		1,500			31
Daicel Corp.		7,500			62
DIC Corp.		2,100			53
Dowa Holdings Co. Ltd.		200			8
FP Corp.		200			7
Hitachi Metals Ltd.		2,300			44
JFE Holdings, Inc.		16,700			196
JSR Corp.		1,100			33
Kobe Steel Ltd.		18,000			116
Mitsubishi Chemical Holdings Corp.		20,100			169
Mitsubishi Materials Corp.		1,400			28
Mitsui Chemicals, Inc.		2,400			83
Nippon Light Metal Holdings Co. Ltd.		1,600			27
Nippon Paint Holdings Co. Ltd.		2,500			34
Nippon Paper Industries Co. Ltd. ‘L’		3,800			43
Nippon Steel Corp.		21,900			370
Nissan Chemical Corp.		600			29
Nitto Denko Corp.		1,200			89

38 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

	SHARES			MARKET VALUE (000S)
Oji Holdings Corp.		11,300	$		65
Rengo Co. Ltd.		4,000			33
Shin-Etsu Chemical Co. Ltd.		1,300			217
Sumitomo Chemical Co. Ltd.		39,700			211
Taiheiyo Cement Corp.		1,300			29
Tokyo Ohka Kogyo Co. Ltd.		1,000			63
Tokyo Steel Manufacturing Co. Ltd.		2,800			28
Toray Industries, Inc.		8,800			59
Tosoh Corp.		2,500			43
Toyo Ink SC Holdings Co. Ltd.		1,400			25
Toyo Seikan Group Holdings Ltd.		2,900			40
Toyobo Co. Ltd.		2,200			26
UACJ Corp. (a)		1,400			35
Ube Industries Ltd.		2,700			55
					2,376
REAL ESTATE 0.1%
Daito Trust Construction Co. Ltd.		600			65
UTILITIES 0.9%
Chubu Electric Power Co., Inc.		6,700			82
Electric Power Development Co. Ltd. ‘C’		6,600			94
Hokkaido Electric Power Co., Inc.		10,900			49
Kansai Electric Power Co., Inc.		7,300			70
Kyushu Electric Power Co., Inc.		5,000			39
Okinawa Electric Power Co., Inc.		2,200			28
Osaka Gas Co. Ltd.		4,400			82
Shikoku Electric Power Co., Inc.		4,200			29
Shizuoka Gas Co. Ltd.		3,000			27
Toho Gas Co. Ltd.		600			29
Tokyo Electric Power Co. Holdings, Inc. (a)		62,200			185
Tokyo Gas Co. Ltd.		3,500			66
					780
Total Japan					23,650
LUXEMBOURG 0.9%
COMMUNICATION SERVICES 0.0%
SES S.A.		5,074			39
HEALTH CARE 0.1%
Eurofins Scientific SE (a)		438			50
MATERIALS 0.7%
APERAM S.A.		1,028			52
ArcelorMittal S.A.		17,927			552
					604
REAL ESTATE 0.1%
ADLER Group S.A.		1,185			31
Aroundtown S.A.		6,403			50
Grand City Properties S.A.		988			27
					108
Total Luxembourg					801
MACAU 0.1%
CONSUMER DISCRETIONARY 0.1%
Sands China Ltd. (a)		7,800			33
Wynn Macau Ltd. (a)		9,200			14
					47
Total Macau					47

	SHARES			MARKET VALUE (000S)
NETHERLANDS 4.8%
COMMUNICATION SERVICES 0.1%
Koninklijke KPN NV		30,017	$		94
VEON Ltd. ADR		13,413			25
					119
CONSUMER DISCRETIONARY 0.6%
Stellantis NV		25,472			501
CONSUMER STAPLES 0.7%
Heineken Holding NV		558			56
Heineken NV		312			38
Koninklijke Ahold Delhaize NV		17,512			522
					616
ENERGY 0.6%
Koninklijke Vopak NV		943			43
Royal Dutch Shell PLC ‘A’		25,804			517
					560
FINANCIALS 0.6%
ABN AMRO Bank NV		5,835			71
Aegon NV		40,852			170
Euronext NV		674			73
ING Groep NV		9,373			124
NN Group NV		1,322			63
					501
HEALTH CARE 0.0%
Qiagen NV (a)		565			27
INDUSTRIALS 0.6%
Arcadis NV		1,086			44
IMCD NV		584			93
Signify NV		4,027			256
TKH Group NV		343			17
Wolters Kluwer NV		1,013			102
					512
INFORMATION TECHNOLOGY 1.3%
ASM International NV		489			161
ASML Holding NV		1,071			740
BE Semiconductor Industries NV		625			53
NXP Semiconductors NV		1,080			222
					1,176
MATERIALS 0.3%
Akzo Nobel NV		972			121
Corbion NV		649			37
Koninklijke DSM NV		648			121
					279
Total Netherlands					4,291
NEW ZEALAND 0.2%
COMMUNICATION SERVICES 0.1%
Spark New Zealand Ltd.		16,370			55
INDUSTRIALS 0.0%
Air New Zealand Ltd.		24,884			27

	SHARES			MARKET VALUE (000S)
MATERIALS 0.1%
Fletcher Building Ltd.		8,707	$		45
REAL ESTATE 0.0%
Precinct Properties New Zealand Ltd.		23,990			27
UTILITIES 0.0%
Contact Energy Ltd.		3,413			20
Meridian Energy Ltd.		6,741			25
					45
Total New Zealand					199
NORWAY 1.1%
COMMUNICATION SERVICES 0.1%
Adevinta ASA (a)		1,142			22
Schibsted ASA ‘A’		400			19
Telenor ASA		4,844			82
					123
CONSUMER STAPLES 0.2%
Mowi ASA		3,099			79
Orkla ASA		5,203			53
Salmar ASA		642			43
					175
ENERGY 0.4%
Aker Solutions ASA (a)		15,010			28
BW Offshore Ltd.		5,683			20
Equinor ASA		13,895			294
					342
FINANCIALS 0.1%
Gjensidige Forsikring ASA		1,510			33
SpareBank 1 SR-Bank ASA		2,535			34
					67
INDUSTRIALS 0.1%
Tomra Systems ASA		1,277			70
MATERIALS 0.2%
Norsk Hydro ASA		8,325			53
Yara International ASA		2,504			132
					185
REAL ESTATE 0.0%
Entra ASA		1,663			38
Total Norway					1,000
PORTUGAL 0.3%
CONSUMER STAPLES 0.0%
Jeronimo Martins SGPS S.A.		1,091			20
UTILITIES 0.3%
EDP - Energias de Portugal S.A.		46,618			247
REN - Redes Energeticas Nacionais SGPS S.A.		7,494			21
					268
Total Portugal					288

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2021 39

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
SINGAPORE 0.9%
COMMUNICATION SERVICES 0.2%
IGG, Inc.		20,000	$		26
NetLink NBN Trust		30,900			22
Singapore Press Holdings Ltd.		36,500			47
Singapore Telecommunications Ltd.		39,500			67
					162
CONSUMER STAPLES 0.2%
Golden Agri-Resources Ltd.		310,100			53
Wilmar International Ltd.		38,700			130
					183
ENERGY 0.0%
BW LPG Ltd.		4,337			28
FINANCIALS 0.2%
DBS Group Holdings Ltd.		3,400			76
Oversea-Chinese Banking Corp. Ltd.		4,300			38
Singapore Exchange Ltd.		4,200			35
United Overseas Bank Ltd.		2,700			52
					201
INDUSTRIALS 0.3%
ComfortDelGro Corp. Ltd.		15,900			19
Keppel Corp. Ltd.		6,400			26
Sembcorp Industries Ltd.		26,400			42
Singapore Airlines Ltd.		22,000			79
Singapore Post Ltd.		35,300			19
Singapore Technologies Engineering Ltd.		14,100			41
					226
INFORMATION TECHNOLOGY 0.0%
Venture Corp. Ltd.		2,200			32
Total Singapore					832
SOUTH AFRICA 0.0%
ENERGY 0.0%
Thungela Resources Ltd. (a)		799			2
HEALTH CARE 0.0%
Mediclinic International PLC (a)		4,359			18
Total South Africa					20
SPAIN 3.4%
COMMUNICATION SERVICES 0.4%
Mediaset Espana Comunicacion S.A.		6,737			42
Telefonica S.A. (c)		66,775			312
					354
CONSUMER DISCRETIONARY 0.1%
Industria de Diseno Textil S.A.		3,635			128
CONSUMER STAPLES 0.1%
Viscofan S.A.		607			42

	SHARES			MARKET VALUE (000S)
ENERGY 0.5%
Repsol S.A. (c)		34,827	$		438
FINANCIALS 1.1%
Banco Bilbao Vizcaya Argentaria S.A.		31,858			198
Banco de Sabadell S.A.		80,415			55
Banco Santander S.A.		169,036			646
Liberbank S.A.		51,118			19
Mapfre S.A.		7,887			17
Unicaja Banco S.A.		36,650			37
					972
HEALTH CARE 0.0%
Grifols S.A.		657			18
INDUSTRIALS 0.2%
ACS Actividades de Construccion Y Servicios S.A.		1,328			36
Aena SME S.A. (a)		314			51
Cia de Distribucion Integral Logista Holdings S.A.		868			18
Ferrovial S.A.		1,801			53
Sacyr S.A.		6,647			17
Sacyr S.A. (a)		166			0
Siemens Gamesa Renewable Energy S.A.		833			28
					203
INFORMATION TECHNOLOGY 0.1%
Amadeus IT Group S.A. (a)		780			55
MATERIALS 0.1%
Acerinox S.A.		5,990			73
UTILITIES 0.8%
Acciona S.A.		259			39
EDP Renovaveis S.A.		1,988			46
Endesa S.A. (c)		8,453			205
Iberdrola S.A.		21,003			256
Naturgy Energy Group S.A.		6,055			156
					702
Total Spain					2,985
SWEDEN 2.4%
COMMUNICATION SERVICES 0.2%
Tele2 AB ‘B’		4,185			57
Telia Co. AB		35,906			160
					217
CONSUMER DISCRETIONARY 0.5%
Autoliv, Inc.		597			58
Betsson AB		1,925			16
Bilia AB ‘A’		2,284			48
Electrolux AB ‘B’		3,319			92
Evolution AB		563			89
Hennes & Mauritz AB ‘B’		6,505			154
Nobia AB		3,812			33
Scandic Hotels Group AB		5,873			23
					513

	SHARES			MARKET VALUE (000S)
CONSUMER STAPLES 0.1%
Axfood AB		724	$		20
Swedish Match AB		6,020			51
					71
FINANCIALS 0.2%
EQT AB		1,249			45
Svenska Handelsbanken AB ‘A’		5,966			67
Swedbank AB ‘A’		2,666			50
					162
INDUSTRIALS 1.0%
Assa Abloy AB ‘B’		1,805			55
Atlas Copco AB ‘A’		3,751			230
Epiroc AB		4,162			95
Indutrade AB		1,809			46
Nibe Industrier AB ‘B’		5,004			53
S.A.S. AB (a)		84,180			21
Sandvik AB		4,156			106
SKF AB ‘B’		2,369			60
Volvo AB ‘B’		9,203			222
					888
INFORMATION TECHNOLOGY 0.2%
Hexagon AB ‘B’		2,688			40
Telefonaktiebolaget LM Ericsson ‘B’		9,569			120
					160
MATERIALS 0.2%
BillerudKorsnas AB		932			19
Boliden AB		752			29
Hexpol AB		1,633			20
SSAB AB ‘A’		11,749			58
Svenska Cellulosa AB S.C.A. ‘B’		2,099			34
					160
Total Sweden					2,171
SWITZERLAND 6.4%
COMMUNICATION SERVICES 0.1%
Swisscom AG		150			86
CONSUMER DISCRETIONARY 0.5%
Cie Financiere Richemont S.A.		2,049			248
Dufry AG		365			22
Forbo Holding AG		15			28
Garmin Ltd.		807			117
Valora Holding AG		125			26
					441
CONSUMER STAPLES 0.7%
Aryzta AG (a)		26,324			36
Barry Callebaut AG		4			9
Chocoladefabriken Lindt & Spruengli AG		4			40
Coca-Cola HBC AG		881			32
Emmi AG		24			24
Nestle S.A.		3,633			453
					594

40 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

	SHARES			MARKET VALUE (000S)
FINANCIALS 1.0%
Baloise Holding AG		276	$		43
Banque Cantonale Vaudoise		294			26
Cembra Money Bank AG		363			41
Julius Baer Group Ltd.		1,204			79
St Galler Kantonalbank AG		45			20
Swiss Life Holding AG		141			69
Swiss Re AG		2,319			209
UBS Group AG		6,586			101
Valiant Holding AG		270			27
Zurich Insurance Group AG		692			278
					893
HEALTH CARE 0.7%
Galenica AG		382			27
Roche Holding AG		1,119			422
Sonova Holding AG		216			81
Straumann Holding AG		32			51
Vifor Pharma AG		392			51
					632
INDUSTRIALS 1.3%
ABB Ltd.		12,455			423
Adecco Group AG		1,581			108
Bucher Industries AG		72			38
Bystronic AG		20			27
DKSH Holding AG		328			25
Flughafen Zurich AG		126			21
Geberit AG		104			78
Georg Fischer AG		30			44
Kuehne + Nagel International AG		548			188
Schindler Holding AG		220			67
SGS S.A.		25			77
Sulzer AG		236			33
Wizz Air Holdings PLC (a)		605			39
					1,168
INFORMATION TECHNOLOGY 0.5%
ALSO Holding AG		99			28
Landis + Gyr Group AG		471			33
Logitech International S.A.		1,424			173
TE Connectivity Ltd.		1,508			204
					438
MATERIALS 1.4%
EMS-Chemie Holding AG		43			42
Ferrexpo PLC		9,088			54
Givaudan S.A.		36			168
Glencore PLC		159,030			683
Holcim Ltd.		450			27
SIG Combibloc Group AG		2,065			56
Sika AG		740			242
					1,272
REAL ESTATE 0.2%
Allreal Holding AG		100			20
PSP Swiss Property AG		395			50
Swiss Prime Site AG		698			69
					139

	SHARES			MARKET VALUE (000S)
UTILITIES 0.0%
BKW AG		266	$		28
Total Switzerland					5,691
UNITED KINGDOM 12.4%
COMMUNICATION SERVICES 1.2%
BT Group PLC (a)		55,907			150
Daily Mail & General Trust PLC		2,550			34
Euromoney Institutional Investor PLC		829			12
ITV PLC		24,292			42
Pearson PLC		13,511			156
Reach PLC		8,153			31
Vodafone Group PLC		393,502			659
					1,084
CONSUMER DISCRETIONARY 1.7%
ASOS PLC (a)		378			26
B&M European Value Retail S.A.		8,048			64
Barratt Developments PLC		3,359			32
Berkeley Group Holdings PLC		874			56
Burberry Group PLC (a)		1,164			33
Compass Group PLC (a)		8,051			170
Crest Nicholson Holdings PLC (a)		5,117			30
Dixons Carphone PLC (a)		14,979			27
Dunelm Group PLC		2,124			42
Frasers Group PLC (a)		4,215			35
Greggs PLC		1,734			62
Halfords Group PLC (a)		5,189			31
Inchcape PLC		3,957			42
J D Wetherspoon PLC (a)		1,571			26
JD Sports Fashion PLC		3,424			44
Kingfisher PLC		48,989			247
Marks & Spencer Group PLC		43,566			88
Marston’s PLC (a)		27,575			34
Mitchells & Butlers PLC (a)		10,969			42
Moneysupermarket.com Group PLC		4,659			16
Next PLC		1,111			121
Persimmon PLC		2,262			93
Pets at Home Group PLC		5,582			35
Restaurant Group PLC (a)		13,737			24
Taylor Wimpey PLC		16,188			36
WH Smith PLC		1,019			23
					1,479
CONSUMER STAPLES 2.0%
Associated British Foods PLC		3,331			102
Britvic PLC		2,326			30
Cranswick PLC		509			28
Diageo PLC		10,146			486
Imperial Brands PLC		7,660			165
J Sainsbury PLC		49,728			187
Premier Foods PLC (a)		18,175			28
Reckitt Benckiser Group PLC		2,728			241
Tate & Lyle PLC		6,879			71
Tesco PLC		25,871			80
Unilever PLC		3,382			198
WM Morrison Supermarkets PLC		38,665			132
					1,748
ENERGY 0.9%
BP PLC		153,857			675
John Wood Group PLC		11,029			34

	SHARES			MARKET VALUE (000S)
Petrofac Ltd. (a)		18,742	$		29
Subsea 7 S.A.		4,115			39
Tullow Oil PLC (a)		24,765			20
					797
FINANCIALS 1.3%
3i Group PLC		4,293			70
Admiral Group PLC		2,488			108
Ashmore Group PLC		6,278			33
Barclays PLC		66,348			157
Direct Line Insurance Group PLC		20,903			82
Hargreaves Lansdown PLC		810			18
IG Group Holdings PLC		4,337			51
Intermediate Capital Group PLC		1,473			43
Jupiter Fund Management PLC		4,385			17
Lloyds Banking Group PLC		69,439			45
M&G PLC		33,235			105
Man Group PLC		12,690			32
Natwest Group PLC		25,443			72
Provident Financial PLC (a)		7,477			24
Prudential PLC		4,883			93
Saga PLC (a)		4,290			24
Schroders PLC		687			33
Standard Chartered PLC		11,514			74
Standard Life Aberdeen PLC		9,020			34
Virgin Money UK PLC		10,526			29
					1,144
HEALTH CARE 1.1%
AstraZeneca PLC		3,750			450
ConvaTec Group PLC		9,850			33
GlaxoSmithKline PLC		17,527			344
Indivior PLC (a)		13,525			29
Smith & Nephew PLC		3,716			81
					937
INDUSTRIALS 1.9%
Aggreko PLC		3,198			38
Ashtead Group PLC		2,228			166
BAE Systems PLC		15,281			110
Balfour Beatty PLC		8,887			38
Bunzl PLC		1,721			57
CNH Industrial NV		4,284			71
Diploma PLC		1,179			47
easyJet PLC		3,257			40
Ferguson PLC		905			126
Go-Ahead Group PLC		871			13
Hays PLC		11,681			26
Howden Joinery Group PLC		6,326			72
IMI PLC		2,676			64
International Consolidated Airlines Group S.A.		30,425			73
Intertek Group PLC		456			35
Morgan Sindall Group PLC		1,284			38
National Express Group PLC		5,758			21
Pagegroup PLC (a)		4,505			35
QinetiQ Group PLC		5,394			26
RELX PLC		4,071			108
Rentokil Initial PLC		9,516			65
Royal Mail PLC (a)		21,849			175
Spirax-Sarco Engineering PLC		598			113
Travis Perkins PLC		2,823			66
Ultra Electronics Holdings PLC		630			20

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2021 41

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Vesuvius PLC		2,894	$		21
Weir Group PLC		1,492			38
					1,702
INFORMATION TECHNOLOGY 0.2%
Computacenter PLC		1,072			38
Dialog Semiconductor PLC (a)		549			43
Electrocomponents PLC		5,734			82
Halma PLC		978			36
					199
MATERIALS 1.3%
Anglo American PLC		7,996			318
Croda International PLC		1,605			164
Johnson Matthey PLC		2,687			114
Mondi PLC		2,980			78
Rio Tinto PLC		5,678			469
Synthomer PLC		5,573			38
Victrex PLC		583			21
					1,202
REAL ESTATE 0.1%
Grainger PLC		4,521			18
Savills PLC		1,743			28
					46
UTILITIES 0.7%
Centrica PLC		94,527			67
Drax Group PLC		6,456			38
National Grid PLC		11,391			145
Pennon Group PLC		4,494			70
Severn Trent PLC		866			30
SSE PLC		12,183			253
United Utilities Group PLC		4,717			64
					667
Total United Kingdom					11,005
UNITED STATES 0.1%
CONSUMER DISCRETIONARY 0.0%
Carnival PLC (a)		1,714			39
MATERIALS 0.1%
Sims Metal Management Ltd.		4,400			55
Total United States					94
Total Common Stocks (Cost $69,461)					85,026
PREFERRED STOCKS 1.1%
GERMANY 1.1%
INDUSTRIALS 1.1%
Draegerwerk AG & Co. KGaA		340			32
Fuchs Petrolub SE		1,056			51
Henkel AG & Co. KGaA		794			84
Sartorius AG		140			73
Schaeffler AG		3,845			36
Volkswagen AG		2,653			665
					941
Total Preferred Stocks (Cost $828)					941

	SHARES			MARKET VALUE (000S)
REAL ESTATE INVESTMENT TRUSTS 2.0%
AUSTRALIA 0.2%
REAL ESTATE 0.2%
Charter Hall Group		2,148	$		25
Goodman Group		3,304			52
GPT Group		5,167			19
Scentre Group		9,171			19
Stockland		10,940			38
Vicinity Centres		12,943			15
					168
Total Australia					168
BELGIUM 0.1%
REAL ESTATE 0.1%
Befimmo S.A.		687			27
Cofinimmo S.A.		186			28
Warehouses De Pauw CVA		743			29
					84
Total Belgium					84
CANADA 0.1%
REAL ESTATE 0.1%
Allied Properties Real Estate Investment Trust (e)		749			27
Canadian Apartment Properties REIT		634			30
Dream Office Real Estate Investment Trust		1,144			21
Granite Real Estate Investment Trust		683			46
					124
Total Canada					124
FRANCE 0.0%
REAL ESTATE 0.0%
Covivio		208			18
Gecina S.A.		156			24
					42
Total France					42
GERMANY 0.1%
REAL ESTATE 0.1%
Alstria Office REIT-AG		3,669			68
Total Germany					68
HONG KONG 0.1%
REAL ESTATE 0.1%
Fortune Real Estate Investment Trust		21,000			22
Link REIT		6,100			59
					81
Total Hong Kong					81
JAPAN 0.8%
REAL ESTATE 0.8%
Activia Properties, Inc.		2			10
Advance Residence Investment Corp.		11			37
AEON REIT Investment Corp.		24			36
Daiwa House REIT Investment Corp.		13			38
Daiwa Office Investment Corp.		2			14
Daiwa Securities Living Investments Corp.		34			37

	SHARES			MARKET VALUE (000S)
Frontier Real Estate Investment Corp.		2	$		9
Fukuoka REIT Corp.		13			22
GLP J-Reit		28			48
Hulic Reit, Inc.		13			22
Industrial & Infrastructure Fund Investment Corp.		15			29
Japan Excellent, Inc.		19			27
Japan Hotel REIT Investment Corp.		26			16
Japan Logistics Fund, Inc.		13			39
Japan Real Estate Investment Corp.		2			12
Japan Retail Fund Investment Corp.		33			36
Kenedix Office Investment Corp.		2			14
Mori Hills REIT Investment Corp.		13			20
Mori Trust Sogo Reit, Inc.		19			27
Nippon Accommodations Fund, Inc.		3			17
Nippon Building Fund, Inc.		2			12
Nippon Prologis REIT, Inc.		8			25
Nomura Real Estate Master Fund, Inc.		20			32
NTT UD REIT Investment Corp.		24			35
Orix JREIT, Inc.		22			42
United Urban Investment Corp.		19			27
					683
Total Japan					683
NETHERLANDS 0.0%
REAL ESTATE 0.0%
Eurocommercial Properties NV		1,641			41
Total Netherlands					41
SINGAPORE 0.2%
REAL ESTATE 0.2%
Ascendas Real Estate Investment Trust		7,500			17
CapitaLand Mall Trust		10,400			16
Keppel DC REIT		14,500			27
Mapletree Industrial Trust		12,835			27
Mapletree Logistics Trust		45,100			69
Mapletree North Asia Commercial Trust		33,800			26
					182
Total Singapore					182
SPAIN 0.0%
REAL ESTATE 0.0%
Inmobiliaria Colonial Socimi S.A.		1,729			17
Total Spain					17
UNITED KINGDOM 0.4%
REAL ESTATE 0.4%
Assura PLC		17,065			18
Big Yellow Group PLC		1,740			31
Great Portland Estates PLC		2,263			22
Land Securities Group PLC		4,190			39
LondonMetric Property PLC		8,306			27
Segro PLC		5,457			83
Tritax Big Box REIT PLC		25,872			70
UNITE Group PLC		2,250			33
					323
Total United Kingdom					323
Total Real Estate Investment Trusts (Cost $1,539)					1,813

42 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

	SHARES			MARKET VALUE (000S)
RIGHTS 0.0%
SPAIN 0.0%
INDUSTRIALS 0.0%
ACS Actividades de Construccion y Servicios S.A. (c)		1,328	$		2
Total Rights (Cost $2)					2
Total Investments in Securities (Cost $71,830)					87,782

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 1.3%
SHORT-TERM INSTRUMENTS 1.3%
MUTUAL FUNDS 1.3%
PIMCO Government Money Market Fund
0.080% (b)(c)(d)		1,185,672	$		1,186
Total Short-Term Instruments (Cost $1,186)					1,186
Total Investments in Affiliates (Cost $1,186)					1,186
Total Investments 100.0% (Cost $73,016)			$		88,968
Other Assets and Liabilities, net 0.0%					10
Net Assets 100.0%			$		88,978

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 $627 were out on loan in exchange for $1,168 of cash collateral as of June 30, 2021. 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
Allied Properties Real Estate Investment Trust		08/28/2020 - 01/26/2021	$	22	$	27		0.03	%
Boralex, Inc.		03/31/2020 - 03/19/2021		28		35		0.04
Cogeco, Inc.		03/31/2020 - 01/26/2021		21		25		0.03
Constellation Software, Inc.		06/27/2018 - 12/18/2019		30		53		0.06
Great-West Lifeco, Inc.		06/27/2018 - 01/26/2021		30		40		0.04
Intact Financial Corp.		08/31/2017 - 09/30/2020		59		79		0.09
Martinrea International, Inc.		08/31/2017 - 09/30/2020		21		26		0.03
Whitecap Resources, Inc.		09/30/2020 - 03/19/2021		28		63		0.07
			$	239	$	348		0.39	%

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 June 30, 2021:

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)
Master Securities Lending Agreement
BCY	$	0	$	0	$	0	$	271	$	271	$	(310	)	$	(39	)
BMO		0		0		0		0		0		(465	)		(465	)
GSC		0		0		0		122		122		(128	)		(6	)
MSC		0		0		0		24		24		(31	)		(7	)
SAL		0		0		0		210		210		(234	)		(24	)
Total Borrowings and Other Financing Transactions	$	0	$	0	$	0	$	627

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2021 43

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

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	$	1,168	$	0	$	0	$	0	$	1,168
Total Borrowings	$	1,168	$	0	$	0	$	0	$	1,168
Payable for securities on loan - cash collateral									$	1,168

⁽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.

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2021:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Realized Gain on Financial Derivative Instruments
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	2	$	0	$	2

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2021 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Investments in Securities, at Value
Common Stocks
Australia
Communication Services	$	0	$	400	$	0	$	400
Consumer Discretionary		0		582		0		582
Consumer Staples		38		351		0		389
Energy		0		204		0		204
Financials		0		693		0		693
Health Care		0		251		0		251
Industrials		0		215		0		215
Information Technology		87		20		0		107
Materials		0		1,680		0		1,680
Real Estate		0		35		0		35
Utilities		0		143		0		143
Austria
Energy		0		90		0		90
Industrials		0		32		0		32
Information Technology		0		27		0		27
Materials		0		87		0		87
Real Estate		0		24		0		24
Belgium
Communication Services		0		34		0		34
Consumer Staples		27		0		0		27
Financials		22		42		0		64
Health Care		0		19		0		19
Industrials		0		26		0		26
Information Technology		0		36		0		36
Materials		0		33		0		33
Canada
Communication Services		456		0		0		456
Consumer Discretionary		987		0		0		987
Consumer Staples		546		0		0		546
Energy		1,115		0		0		1,115
Financials		941		0		0		941
Health Care		19		0		0		19
Industrials		1,023		0		0		1,023

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Information Technology	$	343	$	0	$	0	$	343
Materials		745		0		0		745
Real Estate		105		0		0		105
Utilities		404		0		0		404
Chile
Materials		0		29		0		29
Denmark
Consumer Discretionary		0		51		0		51
Consumer Staples		0		160		0		160
Financials		0		30		0		30
Health Care		0		452		0		452
Industrials		49		747		0		796
Materials		0		71		0		71
Utilities		64		0		0		64
Finland
Communication Services		0		43		0		43
Consumer Staples		0		197		0		197
Energy		0		161		0		161
Financials		0		63		0		63
Industrials		0		193		0		193
Information Technology		0		26		0		26
Materials		0		198		0		198
Utilities		0		47		0		47
France
Communication Services		39		627		0		666
Consumer Discretionary		0		1,303		0		1,303
Consumer Staples		0		716		0		716
Energy		0		335		0		335
Financials		0		786		0		786
Health Care		0		176		0		176
Industrials		0		1,324		0		1,324
Information Technology		0		172		0		172
Materials		0		35		0		35
Real Estate		0		34		0		34
Utilities		0		638		0		638

44 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Germany
Communication Services	$	0	$	355	$	0	$	355
Consumer Discretionary		0		1,614		0		1,614
Consumer Staples		0		74		0		74
Financials		0		703		0		703
Health Care		0		252		0		252
Industrials		0		796		0		796
Information Technology		132		27		0		159
Materials		0		454		0		454
Real Estate		0		299		0		299
Utilities		0		471		0		471
Hong Kong
Communication Services		0		101		0		101
Consumer Discretionary		27		355		0		382
Consumer Staples		0		103		0		103
Financials		0		308		0		308
Industrials		0		518		0		518
Information Technology		0		149		46		195
Real Estate		0		257		0		257
Utilities		0		187		0		187
Ireland
Consumer Discretionary		211		0		0		211
Consumer Staples		0		71		0		71
Health Care		304		0		0		304
Industrials		133		215		0		348
Materials		0		287		0		287
Israel
Communication Services		0		38		0		38
Energy		0		51		0		51
Financials		0		137		0		137
Health Care		33		0		0		33
Information Technology		72		30		0		102
Materials		0		48		0		48
Italy
Communication Services		0		252		0		252
Consumer Discretionary		0		214		0		214
Consumer Staples		0		38		0		38
Energy		0		538		0		538
Financials		0		579		0		579
Health Care		0		201		0		201
Industrials		0		61		0		61
Utilities		0		563		0		563
Japan
Communication Services		0		1,776		0		1,776
Consumer Discretionary		0		4,726		0		4,726
Consumer Staples		0		2,002		0		2,002
Energy		0		728		0		728
Financials		0		1,322		0		1,322
Health Care		0		1,388		0		1,388
Industrials		0		5,034		0		5,034
Information Technology		409		3,044		0		3,453
Materials		217		2,159		0		2,376
Real Estate		0		65		0		65
Utilities		0		780		0		780
Luxembourg
Communication Services		0		39		0		39
Health Care		0		50		0		50
Materials		0		604		0		604
Real Estate		31		77		0		108
Macau
Consumer Discretionary		0		47		0		47
Netherlands
Communication Services		25		94		0		119
Consumer Discretionary		0		501		0		501
Consumer Staples		0		616		0		616
Energy		0		560		0		560
Financials		0		501		0		501
Health Care		27		0		0		27
Industrials		0		512		0		512
Information Technology		222		954		0		1,176
Materials		0		279		0		279

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
New Zealand
Communication Services	$	0	$	55	$	0	$	55
Industrials		0		27		0		27
Materials		0		45		0		45
Real Estate		0		27		0		27
Utilities		0		45		0		45
Norway
Communication Services		0		123		0		123
Consumer Staples		0		175		0		175
Energy		0		342		0		342
Financials		0		67		0		67
Industrials		0		70		0		70
Materials		0		185		0		185
Real Estate		38		0		0		38
Portugal
Consumer Staples		20		0		0		20
Utilities		247		21		0		268
Singapore
Communication Services		0		162		0		162
Consumer Staples		0		183		0		183
Energy		0		28		0		28
Financials		0		201		0		201
Industrials		0		226		0		226
Information Technology		0		32		0		32
South Africa
Energy		2		0		0		2
Health Care		0		18		0		18
Spain
Communication Services		42		312		0		354
Consumer Discretionary		0		128		0		128
Consumer Staples		0		42		0		42
Energy		0		438		0		438
Financials		0		972		0		972
Health Care		0		18		0		18
Industrials		0		203		0		203
Information Technology		0		55		0		55
Materials		0		73		0		73
Utilities		46		656		0		702
Sweden
Communication Services		0		217		0		217
Consumer Discretionary		74		439		0		513
Consumer Staples		0		71		0		71
Financials		0		162		0		162
Industrials		21		867		0		888
Information Technology		40		120		0		160
Materials		0		160		0		160
Switzerland
Communication Services		0		86		0		86
Consumer Discretionary		117		324		0		441
Consumer Staples		64		530		0		594
Financials		0		893		0		893
Health Care		0		632		0		632
Industrials		0		1,168		0		1,168
Information Technology		204		234		0		438
Materials		0		1,272		0		1,272
Real Estate		20		119		0		139
Utilities		0		28		0		28
United Kingdom
Communication Services		65		1,019		0		1,084
Consumer Discretionary		172		1,307		0		1,479
Consumer Staples		190		1,558		0		1,748
Energy		0		797		0		797
Financials		0		1,144		0		1,144
Health Care		62		875		0		937
Industrials		197		1,505		0		1,702
Information Technology		0		199		0		199
Materials		0		1,202		0		1,202
Real Estate		0		46		0		46
Utilities		38		629		0		667
United States
Consumer Discretionary		0		39		0		39
Materials		0		55		0		55

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2021 45

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.) June 30, 2021

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Preferred Stocks
Germany
Industrials	$	32	$	909	$	0	$	941
Real Estate Investment Trusts
Australia
Real Estate		0		168		0		168
Belgium
Real Estate		0		84		0		84
Canada
Real Estate		124		0		0		124
France
Real Estate		0		42		0		42
Germany
Real Estate		0		68		0		68
Hong Kong
Real Estate		0		81		0		81
Japan
Real Estate		48		635		0		683
Netherlands
Real Estate		0		41		0		41

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Singapore
Real Estate	$	0	$	182	$	0	$	182
Spain
Real Estate		0		17		0		17
United Kingdom
Real Estate		33		290		0		323
Rights
Spain
Industrials		2		0		0		2
	$	10,751	$	76,985	$	46	$	87,782
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		1,186		0		0		1,186
Total Investments	$	11,937	$	76,985	$	46	$	88,968

There were no significant transfers into or out of Level 3 during the period ended June 30, 2021.

46 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF June 30, 2021

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.0%
COMMON STOCKS 95.0%
IRELAND 0.7%
INFORMATION TECHNOLOGY 0.7%
Accenture PLC ‘A’		524	$		154
Seagate Technology Holdings PLC		4,910			432
					586
Total Ireland					586
SWITZERLAND 0.1%
FINANCIALS 0.1%
Chubb Ltd.		784			125
Total Switzerland					125
UNITED KINGDOM 0.4%
COMMUNICATION SERVICES 0.0%
Liberty Global PLC (a)		477			13
CONSUMER DISCRETIONARY 0.0%
Capri Holdings Ltd. (a)		64			4
CONSUMER STAPLES 0.1%
Coca-Cola Europacific Partners PLC		409			24
Nomad Foods Ltd. (a)		1,054			30
					54
ENERGY 0.0%
TechnipFMC PLC (a)		2,403			22
FINANCIALS 0.1%
Willis Towers Watson PLC		167			38
INDUSTRIALS 0.2%
IHS Markit Ltd.		600			68
nVent Electric PLC		463			14
Pentair PLC		1,487			100
					182
MATERIALS 0.0%
Amcor PLC		1,684			19
Total United Kingdom					332
UNITED STATES 93.8%
COMMUNICATION SERVICES 6.4%
Activision Blizzard, Inc.		168			16
Alphabet, Inc. ‘A’ (a)		140			342
Altice USA, Inc. ‘A’ (a)		98			3
AMC Entertainment Holdings, Inc. ‘A’ (a)		4,455			253
AMC Networks, Inc. ‘A’ (a)		907			61
AT&T, Inc.		13,676			394
Cable One, Inc.		29			55
Charter Communications, Inc. ‘A’ (a)		267			193
Cinemark Holdings, Inc. (a)		2,088			46
Comcast Corp. ‘A’		10,075			575
Discovery, Inc. ‘A’ (a)		475			15
Electronic Arts, Inc.		365			53
Fox Corp. ‘A’		253			9
iHeartMedia, Inc. ‘A’ (a)		1,221			33

	SHARES			MARKET VALUE (000S)
Interpublic Group of Cos., Inc.		4,296	$		140
John Wiley & Sons, Inc. ‘A’		417			25
Liberty Broadband Corp. ‘C’ (a)		889			154
Liberty Media Corp-Liberty SiriusXM ‘C’ (a)		1,812			84
Live Nation Entertainment, Inc. (a)		403			35
Lumen Technologies, Inc.		15,882			216
Madison Square Garden Sports Corp. (a)		93			16
Meredith Corp. (a)		455			20
New York Times Co. ‘A’		446			19
News Corp. ‘A’		6,331			163
Nexstar Media Group, Inc. ‘A’		114			17
Omnicom Group, Inc.		1,079			86
Pinterest, Inc. ‘A’ (a)		1,503			119
Sinclair Broadcast Group, Inc. ‘A’		912			30
Snap, Inc. (a)		3,110			212
T-Mobile US, Inc. (a)		378			55
Take-Two Interactive Software, Inc. (a)		131			23
TEGNA, Inc.		2,419			45
Telephone & Data Systems, Inc.		1,499			34
TripAdvisor, Inc. (a)		581			23
Twitter, Inc. (a)		336			23
Verizon Communications, Inc.		11,316			634
ViacomCBS, Inc. ‘B’		4,738			214
Walt Disney Co.		4,394			772
Yelp, Inc. (a)		367			15
Zillow Group, Inc. ‘C’ (a)		566			69
Zynga, Inc. ‘A’ (a)		2,649			28
					5,319
CONSUMER DISCRETIONARY 18.3%
Abercrombie & Fitch Co. ‘A’ (a)		2,008			93
Adient PLC (a)		1,249			56
Adtalem Global Education, Inc. (a)		696			25
Advance Auto Parts, Inc.		143			29
American Axle & Manufacturing Holdings, Inc. (a)		2,584			27
American Eagle Outfitters, Inc.		5,302			199
Aramark		298			11
Asbury Automotive Group, Inc. (a)		249			43
AutoNation, Inc. (a)		1,077			102
AutoZone, Inc. (a)		89			133
Bed Bath & Beyond, Inc. (a)		6,288			209
Best Buy Co., Inc.		3,359			386
Big Lots, Inc.		485			32
Bloomin’ Brands, Inc. (a)		2,108			57
Booking Holdings, Inc. (a)		44			96
BorgWarner, Inc.		633			31
Bright Horizons Family Solutions, Inc. (a)		200			29
Brinker International, Inc. (a)		1,301			80
Brunswick Corp.		542			54
Buckle, Inc.		593			30
Burlington Stores, Inc. (a)		137			44
Callaway Golf Co.		504			17
CarMax, Inc. (a)		71			9
Carnival Corp. (a)		5,484			145
Carter’s, Inc.		749			77
Cheesecake Factory, Inc. (a)		1,115			60
Children’s Place, Inc. (a)		254			24
Chipotle Mexican Grill, Inc. (a)		97			150
Churchill Downs, Inc.		387			77
Core-Mark Holding Co., Inc.		292			13

	SHARES			MARKET VALUE (000S)
Cracker Barrel Old Country Store, Inc.		386	$		57
Dana, Inc.		1,748			42
Darden Restaurants, Inc.		284			41
Dave & Buster’s Entertainment, Inc. (a)		360			15
Deckers Outdoor Corp. (a)		412			158
Designer Brands, Inc.’A’ (a)		2,158			36
Dick’s Sporting Goods, Inc.		1,503			151
Dillard’s, Inc. ‘A’		215			39
Dollar General Corp.		1,167			253
Dollar Tree, Inc. (a)		452			45
Domino’s Pizza, Inc.		409			191
Dorman Products, Inc. (a)		177			18
DR Horton, Inc.		146			13
eBay, Inc.		3,907			274
Expedia Group, Inc. (a)		61			10
Five Below, Inc. (a)		154			30
Foot Locker, Inc.		2,332			144
Ford Motor Co. (a)		76,024			1,130
G-III Apparel Group Ltd. (a)		643			21
GameStop Corp. ‘A’ (a)		380			81
Gap, Inc.		7,408			249
General Motors Co. (a)		22,440			1,328
Gentex Corp.		1,948			64
Genuine Parts Co.		279			35
Goodyear Tire & Rubber Co. (a)		5,969			102
Graham Holdings Co. ‘B’		26			17
Grand Canyon Education, Inc. (a)		219			20
Group 1 Automotive, Inc.		216			33
Groupon, Inc. (a)		332			14
Guess?, Inc.		988			26
H&R Block, Inc.		2,925			69
Hanesbrands, Inc.		4,849			91
Harley-Davidson, Inc.		865			40
Hasbro, Inc.		234			22
Helen of Troy Ltd. (a)		108			25
Hilton Grand Vacations, Inc. (a)		527			22
Hilton Worldwide Holdings, Inc. (a)		363			44
Home Depot, Inc.		1,717			548
International Game Technology PLC (a)		2,257			54
Jack in the Box, Inc.		542			60
KB Home		479			20
Kohl’s Corp.		4,150			229
Kontoor Brands, Inc.		687			39
L Brands, Inc.		2,842			205
La-Z-Boy, Inc.		505			19
Las Vegas Sands Corp. (a)		816			43
Lear Corp.		377			66
Leggett & Platt, Inc.		1,299			67
Lennar Corp. ‘A’		123			12
Lithia Motors, Inc. ‘A’		318			109
LKQ Corp. (a)		110			5
Lowe’s Cos., Inc.		1,984			385
Macy’s, Inc. (a)		12,724			241
Marriott International, Inc. ‘A’ (a)		403			55
Marriott Vacations Worldwide Corp. (a)		116			19
Mattel, Inc. (a)		974			20
McDonald’s Corp.		2,107			487
MDC Holdings, Inc.		842			43
Meritage Homes Corp. (a)		456			43
MGM Resorts International		171			7
Mohawk Industries, Inc. (a)		24			5
Murphy USA, Inc.		438			58

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2021 47

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Newell Brands, Inc.		772	$		21
NIKE, Inc. ‘B’		1,847			285
Nordstrom, Inc. (a)		2,645			97
Norwegian Cruise Line Holdings Ltd. (a)		159			5
NVR, Inc. (a)		16			80
O’Reilly Automotive, Inc. (a)		208			118
ODP Corp. (a)		649			31
Penn National Gaming, Inc. (a)		830			64
Penske Automotive Group, Inc.		364			27
Pool Corp.		400			183
PulteGroup, Inc.		1,566			85
PVH Corp. (a)		273			29
Qurate Retail, Inc.		4,737			62
Ralph Lauren Corp.		537			63
Red Rock Resorts, Inc. ‘A’ (a)		542			23
Ross Stores, Inc.		355			44
Royal Caribbean Cruises Ltd. (a)		92			8
Sally Beauty Holdings, Inc. (a)		2,230			49
SeaWorld Entertainment, Inc. (a)		1,299			65
Service Corp. International		732			39
Signet Jewelers Ltd. (a)		1,258			102
Six Flags Entertainment Corp. (a)		1,920			83
Sonic Automotive, Inc. ‘A’		422			19
Starbucks Corp.		3,748			419
Steven Madden Ltd.		834			37
Tapestry, Inc. (a)		120			5
Target Corp.		4,537			1,097
Taylor Morrison Home Corp. ‘A’ (a)		1,042			28
Tempur Sealy International, Inc.		1,415			55
Terminix Global Holdings, Inc. (a)		794			38
Tesla, Inc. (a)		335			228
Texas Roadhouse, Inc.		618			59
Thor Industries, Inc.		584			66
TJX Cos., Inc.		2,362			159
Toll Brothers, Inc.		314			18
TopBuild Corp. (a)		92			18
Tractor Supply Co.		543			101
Travel Leisure Co.		236			14
Ulta Beauty, Inc. (a)		205			71
Under Armour, Inc. ‘A’ (a)		982			21
Urban Outfitters, Inc. (a)		1,542			64
Vail Resorts, Inc.		311			98
VF Corp.		562			46
Vista Outdoor, Inc. (a)		436			20
Visteon Corp. (a)		407			49
Wendy’s Co.		3,995			94
Whirlpool Corp.		873			190
Williams-Sonoma, Inc.		1,668			266
Wyndham Hotels & Resorts, Inc.		220			16
Yum! Brands, Inc.		1,118			129
					15,115
CONSUMER STAPLES 11.2%
Altria Group, Inc.		5,521			263
Archer-Daniels-Midland Co.		3,661			222
B&G Foods, Inc. (c)		1,235			40
Boston Beer Co., Inc. ‘A’ (a)		157			160
Brown-Forman Corp. ‘B’		931			70
Bunge Ltd.		1,847			144
Cal-Maine Foods, Inc.		409			15
Campbell Soup Co.		560			26
Casey’s General Stores, Inc.		293			57
Central Garden & Pet Co. ‘A’ (a)		418			20

	SHARES			MARKET VALUE (000S)
Church & Dwight Co., Inc.		768	$		65
Clorox Co.		289			52
Coca-Cola Co.		10,968			593
Colgate-Palmolive Co.		2,194			178
Conagra Brands, Inc.		1,046			38
Constellation Brands, Inc. ‘A’		301			70
Costco Wholesale Corp.		1,052			416
Coty, Inc. ‘A’ (a)		839			8
Darling Ingredients, Inc. (a)		998			67
Edgewell Personal Care Co.		844			37
Estee Lauder Cos., Inc. ‘A’		435			138
Flowers Foods, Inc.		1,367			33
General Mills, Inc.		1,947			119
Hain Celestial Group, Inc. (a)		894			36
Herbalife Nutrition Ltd. (a)		978			52
Hershey Co.		332			58
Hormel Foods Corp.		589			28
Ingles Markets, Inc. ‘A’		160			9
Ingredion, Inc.		256			23
J&J Snack Foods Corp.		108			19
JM Smucker Co.		385			50
Kellogg Co.		972			63
Keurig Dr Pepper, Inc.		1,045			37
Kimberly-Clark Corp.		801			107
Kraft Heinz Co.		3,995			163
Kroger Co.		13,748			527
Lamb Weston Holdings, Inc.		563			45
Lancaster Colony Corp.		123			24
McCormick & Co., Inc.		901			80
Molson Coors Brewing Co. ‘B’ (a)		297			16
Mondelez International, Inc. ‘A’		1,590			99
Monster Beverage Corp. (a)		369			34
Nu Skin Enterprises, Inc. ‘A’		594			34
PepsiCo, Inc.		4,263			632
Performance Food Group Co. (a)		1,267			61
Philip Morris International, Inc.		6,576			652
Post Holdings, Inc. (a)		300			33
PriceSmart, Inc.		168			15
Procter & Gamble Co.		4,892			660
Rite Aid Corp. (a)		2,935			48
Sanderson Farms, Inc.		243			46
Sprouts Farmers Market, Inc. (a)		3,020			75
Sysco Corp.		2,404			187
TreeHouse Foods, Inc. (a)		801			36
Tyson Foods, Inc. ‘A’		2,668			197
U.S. Foods Holding Corp. (a)		1,452			56
United Natural Foods, Inc. (a)		1,521			56
Universal Corp.		177			10
USANA Health Sciences, Inc. (a)		160			16
Vector Group Ltd.		976			14
Walgreens Boots Alliance, Inc.		7,892			415
Walmart, Inc.		11,932			1,683
					9,227
ENERGY 7.8%
Antero Resources Corp. (a)		3,948			59
Archrock, Inc.		1,244			11
Baker Hughes Co.		9,430			216
Cabot Oil & Gas Corp.		1,401			25
ChampionX Corp. (a)		558			14
Cheniere Energy, Inc. (a)		650			56
Chevron Corp.		12,752			1,336
Cimarex Energy Co.		281			20
CNX Resources Corp. (a)		3,416			47

	SHARES			MARKET VALUE (000S)
ConocoPhillips		5,291	$		322
Delek U.S. Holdings, Inc.		1,216			26
Devon Energy Corp.		3,725			109
Diamondback Energy, Inc.		78			7
Dril-Quip, Inc. (a)		296			10
EOG Resources, Inc.		252			21
EQT Corp. (a)		775			17
Exxon Mobil Corp.		25,370			1,600
Halliburton Co.		357			8
Helmerich & Payne, Inc.		607			20
Hess Corp.		1,167			102
HollyFrontier Corp.		2,909			96
Kinder Morgan, Inc.		3,747			68
Marathon Oil Corp.		11,443			156
Marathon Petroleum Corp.		8,773			530
Murphy Oil Corp.		3,005			70
NOV, Inc. (a)		6,911			106
Oasis Petroleum, Inc.		299			30
Occidental Petroleum Corp.		3,388			106
Oceaneering International, Inc. (a)		1,445			23
ONEOK, Inc.		192			11
Patterson-UTI Energy, Inc.		3,256			32
PBF Energy, Inc. ‘A’ (a)		2,389			37
Phillips 66		3,901			335
Pioneer Natural Resources Co.		105			17
Range Resources Corp. (a)		3,282			55
Renewable Energy Group, Inc. (a)		836			52
Schlumberger NV		603			19
SM Energy Co.		2,918			72
Targa Resources Corp.		924			41
Transocean Ltd. (a)(c)		16,147			73
Valero Energy Corp.		5,581			436
Whiting Petroleum Corp. (a)		462			25
Williams Cos., Inc.		522			14
World Fuel Services Corp.		504			16
					6,446
FINANCIALS 10.8%
Affiliated Managers Group, Inc.		514			79
Aflac, Inc.		846			45
Alleghany Corp. (a)		5			3
Allstate Corp.		2,008			262
Ally Financial, Inc.		5,842			291
American Express Co.		260			43
American Financial Group, Inc.		31			4
American International Group, Inc.		6,470			308
Ameriprise Financial, Inc.		50			13
Arthur J Gallagher & Co.		343			48
Artisan Partners Asset Management, Inc. ‘A’		522			27
Bank of America Corp.		3,264			135
Bank OZK		339			14
Berkshire Hathaway, Inc. ‘B’ (a)		793			220
BlackRock, Inc.		61			53
Blackstone Group, Inc.		908			88
Brighthouse Financial, Inc. (a)		1,148			52
Brown & Brown, Inc.		1,317			70
Capital One Financial Corp.		4,522			700
Capitol Federal Financial, Inc.		731			9
Charles Schwab Corp.		650			47
Cincinnati Financial Corp.		67			8
CIT Group, Inc.		1,179			61
Citigroup, Inc.		11,312			800
Citizens Financial Group, Inc.		184			8

48 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

	SHARES			MARKET VALUE (000S)
CME Group, Inc.		416	$		89
CNO Financial Group, Inc.		1,313			31
Comerica, Inc.		60			4
Discover Financial Services		1,967			233
East West Bancorp, Inc.		394			28
Equitable Holdings, Inc.		183			6
Erie Indemnity Co. ‘A’		88			17
Evercore, Inc. ‘A’		434			61
FactSet Research Systems, Inc.		84			28
Federated Investors, Inc. ‘B’		952			32
Fidelity National Financial, Inc.		809			35
Fifth Third Bancorp		303			12
First American Financial Corp.		1,069			67
First Horizon National Corp.		1,518			26
First Republic Bank		489			92
FirstCash, Inc.		289			22
Franklin Resources, Inc.		4,526			145
Genworth Financial, Inc. ‘A’ (a)		10,007			39
Goldman Sachs Group, Inc.		1,054			400
Hanover Insurance Group, Inc.		301			41
Hartford Financial Services Group, Inc.		153			10
Houlihan Lokey, Inc.		506			41
Huntington Bancshares, Inc.		432			6
Interactive Brokers Group, Inc. ‘A’		296			20
Intercontinental Exchange, Inc.		624			74
Invesco Ltd.		5,803			155
Jefferies Financial Group, Inc.		1,675			57
JPMorgan Chase & Co.		1,296			202
Kemper Corp.		204			15
KeyCorp.		416			9
Lincoln National Corp.		2,099			132
Loews Corp.		1,103			60
LPL Financial Holdings, Inc.		723			98
M&T Bank Corp.		53			8
Markel Corp. (a)		12			14
MarketAxess Holdings, Inc.		84			39
Marsh & McLennan Cos., Inc.		1,161			163
Mercury General Corp.		361			24
MetLife, Inc.		3,960			237
Moelis & Co. ‘A’		417			24
Moody’s Corp.		109			40
Morgan Stanley		633			58
Morningstar, Inc.		191			49
MSCI, Inc.		446			238
Nasdaq, Inc.		60			11
Navient Corp.		2,691			52
New York Community Bancorp, Inc.		1,855			20
Old Republic International Corp.		897			22
PacWest Bancorp		1,394			57
People’s United Financial, Inc.		1,186			20
Pinnacle Financial Partners, Inc.		206			18
PNC Financial Services Group, Inc.		181			35
PRA Group, Inc. (a)		346			13
Principal Financial Group, Inc.		116			7
ProAssurance Corp.		323			7
Progressive Corp.		1,194			117
Prudential Financial, Inc.		2,453			251
Raymond James Financial, Inc.		53			7
Regions Financial Corp.		414			8
Reinsurance Group of America, Inc.		29			3
RLI Corp.		174			18
S&P Global, Inc.		159			65
Santander Consumer USA Holdings, Inc.		1,180			43

	SHARES			MARKET VALUE (000S)
SEI Investments Co.		785	$		49
Signature Bank		158			39
SLM Corp.		894			19
South State Corp.		195			16
Stewart Information Services Corp.		251			14
Stifel Financial Corp.		283			18
SVB Financial Group (a)		152			85
Synchrony Financial		1,981			96
Synovus Financial Corp.		396			17
T Rowe Price Group, Inc.		546			108
Travelers Cos., Inc.		1,910			286
Truist Financial Corp.		578			32
U.S. Bancorp		578			33
Unum Group		3,111			88
Valley National Bancorp		1,111			15
Virtu Financial, Inc. ‘A’		778			22
Voya Financial, Inc.		980			60
Webster Financial Corp.		249			13
Wells Fargo & Co.		10,508			476
Western Alliance Bancorp		267			25
White Mountains Insurance Group Ltd.		33			38
WR Berkley Corp.		178			13
Zions Bancorporation		70			4
					8,909
HEALTH CARE 11.0%
Abbott Laboratories		762			88
AbbVie, Inc.		1,204			136
Acadia Healthcare Co., Inc. (a)		246			15
Agilent Technologies, Inc.		132			19
Alexion Pharmaceuticals, Inc. (a)		92			17
Align Technology, Inc. (a)		269			164
Amedisys, Inc. (a)		120			29
Amgen, Inc.		852			208
AMN Healthcare Services, Inc. (a)		379			37
Anthem, Inc.		921			352
Avantor, Inc. (a)		1,394			49
Baxter International, Inc.		1,360			109
Becton Dickinson and Co.		221			54
Bio-Rad Laboratories, Inc. ‘A’ (a)		98			63
Bio-Techne Corp.		109			49
Biogen, Inc. (a)		231			80
Bristol-Myers Squibb Co.		3,567			238
Brookdale Senior Living, Inc. (a)		2,095			17
Bruker Corp.		344			26
Cardinal Health, Inc.		2,748			157
Catalent, Inc. (a)		745			81
Cerner Corp.		505			39
Change Healthcare, Inc. (a)		642			15
Charles River Laboratories International, Inc. (a)		139			51
Chemed Corp.		128			61
Cooper Cos., Inc.		143			57
CVS Health Corp.		9,199			768
Danaher Corp.		1,100			295
DaVita, Inc. (a)		906			109
Dentsply Sirona, Inc.		617			39
Elanco Animal Health, Inc. (a)		1,320			46
Eli Lilly & Co.		875			201
Encompass Health Corp.		865			67
Envista Holdings Corp. (a)		448			19
Gilead Sciences, Inc.		8,166			562
HCA Healthcare, Inc.		649			134
Henry Schein, Inc. (a)		382			28

	SHARES			MARKET VALUE (000S)
Horizon Therapeutics PLC (a)		621	$		58
Humana, Inc.		322			143
IDEXX Laboratories, Inc. (a)		253			160
Intuitive Surgical, Inc. (a)		51			47
IQVIA Holdings, Inc. (a)		80			19
Johnson & Johnson		5,312			875
Laboratory Corp. of America Holdings (a)		146			40
Magellan Health, Inc. (a)		306			29
Masimo Corp. (a)		200			48
McKesson Corp.		1,339			256
MEDNAX, Inc. (a)		1,249			38
Merck & Co., Inc.		7,511			584
Mettler-Toledo International, Inc. (a)		132			183
Moderna, Inc. (a)		977			230
Molina Healthcare, Inc. (a)		438			111
Myriad Genetics, Inc. (a)		909			28
Organon & Co. (a)		750			23
Owens & Minor, Inc.		1,405			59
Patterson Cos., Inc.		908			28
PerkinElmer, Inc.		311			48
Pfizer, Inc.		17,184			673
PPD, Inc. (a)		322			15
PRA Health Sciences, Inc. (a)		180			30
Premier, Inc. ‘A’		628			22
Quest Diagnostics, Inc.		371			49
ResMed, Inc.		811			200
Select Medical Holdings Corp.		873			37
Steris PLC		325			67
Teleflex, Inc.		126			51
Tenet Healthcare Corp. (a)		1,601			107
Thermo Fisher Scientific, Inc.		170			86
United Therapeutics Corp. (a)		464			83
Universal Health Services, Inc. ‘B’		32			5
Waters Corp. (a)		90			31
West Pharmaceutical Services, Inc.		326			117
Zoetis, Inc.		245			46
					9,105
INDUSTRIALS 10.6%
3M Co.		1,553			309
AAR Corp. (a)		389			15
ABM Industries, Inc.		534			24
Acuity Brands, Inc.		373			70
AECOM (a)		1,188			75
AGCO Corp.		868			113
Alaska Air Group, Inc. (a)		53			3
Allegiant Travel Co. (a)		184			36
Allison Transmission Holdings, Inc.		1,227			49
AMERCO		86			51
American Airlines Group, Inc. (a)		1,753			37
AMETEK, Inc.		99			13
AO Smith Corp.		1,171			84
Apogee Enterprises, Inc.		297			12
Applied Industrial Technologies, Inc.		192			18
ArcBest Corp.		172			10
Arcosa, Inc.		353			21
Armstrong World Industries, Inc.		226			24
ASGN, Inc. (a)		143			14
Atlas Air Worldwide Holdings, Inc. (a)		561			38
Avis Budget Group, Inc. (a)		2,009			157
Boeing Co. (a)		683			164
Builders FirstSource, Inc. (a)		572			24
BWX Technologies, Inc.		496			29

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2021 49

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Carlisle Cos., Inc.		22	$		4
Carrier Global Corp.		376			18
Caterpillar, Inc.		449			98
CH Robinson Worldwide, Inc.		848			79
Cintas Corp.		217			83
Copart, Inc. (a)		1,513			199
CoreCivic, Inc. (a)		3,227			34
Covanta Holding Corp.		1,091			19
Crane Co.		386			36
CSX Corp.		3,903			125
Cummins, Inc.		419			102
Curtiss-Wright Corp.		226			27
Deere & Co.		122			43
Delta Air Lines, Inc. (a)		357			15
Deluxe Corp.		398			19
Donaldson Co., Inc.		668			42
Dover Corp.		61			9
Dycom Industries, Inc. (a)		198			15
Eaton Corp. PLC		171			25
EMCOR Group, Inc.		149			18
Emerson Electric Co.		1,479			142
Encore Wire Corp.		147			11
Equifax, Inc.		499			120
Expeditors International of Washington, Inc.		880			111
Fastenal Co.		680			35
FedEx Corp.		106			32
Fluor Corp. (a)		2,794			49
Fortune Brands Home & Security, Inc.		60			6
Franklin Electric Co., Inc.		171			14
FTI Consulting, Inc. (a)		581			79
GATX Corp.		276			24
Generac Holdings, Inc. (a)		648			269
General Electric Co.		52,565			708
GMS, Inc. (a)		356			17
Graco, Inc.		938			71
Granite Construction, Inc.		486			20
Greenbrier Cos., Inc.		506			22
Hawaiian Holdings, Inc. (a)		1,225			30
Healthcare Services Group, Inc.		705			22
Herman Miller, Inc.		778			37
Hexcel Corp. (a)		547			34
Hillenbrand, Inc.		477			21
HNI Corp.		317			14
Honeywell International, Inc.		299			66
Howmet Aerospace, Inc. (a)		167			6
Hub Group, Inc. ‘A’ (a)		315			21
Hubbell, Inc.		91			17
Huntington Ingalls Industries, Inc.		31			7
Hyster-Yale Materials Handling, Inc.		107			8
IDEX Corp.		409			90
Illinois Tool Works, Inc.		442			99
Insperity, Inc.		190			17
ITT, Inc.		383			35
Jacobs Engineering Group, Inc.		855			114
JB Hunt Transport Services, Inc.		196			32
JetBlue Airways Corp. (a)		4,030			68
Johnson Controls International PLC		308			21
Kansas City Southern		40			11
KAR Auction Services, Inc. (a)		1,275			22
KBR, Inc.		1,374			52
Kennametal, Inc.		364			13
Knight-Swift Transportation Holdings, Inc.		647			29
L3Harris Technologies, Inc.		284			61

	SHARES			MARKET VALUE (000S)
Landstar System, Inc.		379	$		60
Lennox International, Inc.		344			121
Lincoln Electric Holdings, Inc.		315			42
Lockheed Martin Corp.		689			261
Lyft, Inc. (a)		718			43
Macquarie Infrastructure Corp.		1,246			48
ManpowerGroup, Inc.		557			66
Masco Corp.		177			10
Masonite International Corp. (a)		200			22
MasTec, Inc. (a)		161			17
Meritor, Inc. (a)		639			15
Middleby Corp. (a)		215			37
Moog, Inc. ‘A’		137			12
MSC Industrial Direct Co., Inc. ‘A’		570			51
Mueller Industries, Inc.		346			15
Neilsen Holdings PLC		884			22
Nordson Corp.		201			44
Norfolk Southern Corp.		108			29
Northrop Grumman Corp.		409			149
NOW, Inc. (a)		1,168			11
Old Dominion Freight Line, Inc.		437			111
Oshkosh Corp.		517			64
Otis Worldwide Corp.		152			12
Owens Corning		550			54
Parker-Hannifin Corp.		56			17
Pitney Bowes, Inc.		2,007			18
Primoris Services Corp.		604			18
Quanta Services, Inc.		1,513			137
Regal Beloit Corp.		113			15
Republic Services, Inc.		367			40
Resideo Technologies, Inc. (a)		1,131			34
Robert Half International, Inc.		410			37
Rockwell Automation, Inc.		171			49
Rollins, Inc.		1,724			59
Rush Enterprises, Inc. ‘A’		297			13
Ryder System, Inc.		759			56
Saia, Inc. (a)		74			16
Schneider National, Inc. ‘B’		726			16
SkyWest, Inc. (a)		476			21
Snap-on, Inc.		23			5
Southwest Airlines Co. (a)		261			14
Spirit AeroSystems Holdings, Inc. ‘A’		700			33
Stanley Black & Decker, Inc.		69			14
Steelcase, Inc. ‘A’		915			14
Stericycle, Inc. (a)		495			35
Teledyne Technologies, Inc. (a)		145			61
Terex Corp.		914			44
Tetra Tech, Inc.		150			18
Textron, Inc.		97			7
Timken Co.		796			64
Toro Co.		598			66
TransDigm Group, Inc. (a)		34			22
Trinity Industries, Inc.		1,092			29
Uber Technologies, Inc. (a)		548			28
UFP Industries, Inc.		550			41
Union Pacific Corp.		1,233			271
United Airlines Holdings, Inc. (a)		419			22
United Parcel Service, Inc. ‘B’		2,159			449
United Rentals, Inc. (a)		32			10
Valmont Industries, Inc.		114			27
Verisk Analytics, Inc.		628			110
Waste Connections, Inc.		253			30
Waste Management, Inc.		664			93
Watsco, Inc.		261			75
Werner Enterprises, Inc.		784			35

	SHARES			MARKET VALUE (000S)
WESCO International, Inc. (a)		595	$		61
WW Grainger, Inc.		123			54
XPO Logistics, Inc. (a)		43			6
Xylem, Inc.		979			117
					8,794
INFORMATION TECHNOLOGY 12.7%
Alliance Data Systems Corp.		870			91
Amdocs Ltd.		456			35
Amkor Technology, Inc.		1,136			27
Amphenol Corp. ‘A’		257			18
ANSYS, Inc. (a)		206			71
Apple, Inc.		6,885			943
Applied Materials, Inc.		1,993			284
Arista Networks, Inc. (a)		156			56
Arrow Electronics, Inc. (a)		670			76
Aspen Technology, Inc. (a)		141			19
Automatic Data Processing, Inc.		291			58
Avnet, Inc.		1,149			46
Benchmark Electronics, Inc.		295			8
Black Knight, Inc. (a)		401			31
Booz Allen Hamilton Holding Corp.		1,325			113
Broadcom, Inc.		480			229
Broadridge Financial Solutions, Inc.		754			122
Brooks Automation, Inc.		205			20
CACI International, Inc. ‘A’ (a)		173			44
CDK Global, Inc.		830			41
CDW Corp.		81			14
Cirrus Logic, Inc. (a)		290			25
Cisco Systems, Inc.		2,818			149
Citrix Systems, Inc.		377			44
Cognizant Technology Solutions Corp. ‘A’		228			16
Coherent, Inc. (a)		68			18
CommScope Holding Co., Inc. (a)		1,370			29
Conduent, Inc. (a)		2,279			17
Corning, Inc.		6,328			259
Cree, Inc. (a)		959			94
Dell Technologies, Inc. ‘C’ (a)		108			11
Dolby Laboratories, Inc. ‘A’		534			52
DXC Technology Co. (a)		3,479			135
Entegris, Inc.		376			46
EPAM Systems, Inc. (a)		153			78
F5 Networks, Inc. (a)		164			31
Fair Isaac Corp. (a)		90			45
Fidelity National Information Services, Inc.		102			14
First Solar, Inc. (a)		262			24
Fiserv, Inc. (a)		200			21
Flex Ltd. (a)		3,120			56
Gartner, Inc. (a)		325			79
Genpact Ltd.		1,464			66
Hewlett Packard Enterprise Co.		14,308			209
HP, Inc.		4,185			126
Insight Enterprises, Inc. (a)		370			37
International Business Machines Corp.		8,246			1,209
Intuit, Inc.		226			111
J2 Global, Inc. (a)		119			16
Jabil, Inc.		1,275			74
Jack Henry & Associates, Inc.		603			99
Juniper Networks, Inc.		6,016			165
KLA Corp.		329			107
Lam Research Corp.		248			161
Littelfuse, Inc.		68			17
Manhattan Associates, Inc. (a)		392			57

50 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

	SHARES			MARKET VALUE (000S)
ManTech International Corp. ‘A’		232	$		20
Mastercard, Inc. ‘A’		344			126
Maxim Integrated Products, Inc.		483			51
MAXIMUS, Inc.		472			41
Microchip Technology, Inc.		114			17
Micron Technology, Inc. (a)		484			41
Motorola Solutions, Inc.		977			212
NCR Corp. (a)		1,429			65
NetApp, Inc.		435			36
NetScout Systems, Inc. (a)		530			15
NortonLifeLock, Inc.		2,167			59
Nuance Communications, Inc. (a)		792			43
NVIDIA Corp.		323			258
ON Semiconductor Corp. (a)		182			7
Oracle Corp.		6,780			528
Palo Alto Networks, Inc. (a)		265			98
Paychex, Inc.		534			57
PayPal Holdings, Inc. (a)		508			148
Plexus Corp. (a)		183			17
PTC, Inc. (a)		295			42
Qorvo, Inc. (a)		49			10
QUALCOMM, Inc.		4,315			617
Sabre Corp. (a)		3,021			38
Sanmina Corp. (a)		497			19
Skyworks Solutions, Inc.		271			52
Square, Inc. (a)		1,078			263
Synaptics, Inc. (a)		273			42
SYNNEX Corp.		449			55
Teradata Corp. (a)		1,358			68
Teradyne, Inc.		1,030			138
Texas Instruments, Inc.		1,614			310
Trimble, Inc. (a)		700			57
Twilio, Inc. (a)		441			174
Tyler Technologies, Inc. (a)		47			21
VeriSign, Inc. (a)		149			34
Visa, Inc. ‘A’		871			204
Vishay Intertechnology, Inc.		1,561			35
Western Digital Corp. (a)		1,836			131
Western Union Co.		1,417			33
Workday, Inc. ‘A’ (a)		505			121
Xerox Holdings Corp.		1,987			47
Xilinx, Inc.		308			45
Zebra Technologies Corp. ‘A’ (a)		149			79
					10,517
MATERIALS 4.0%
Albemarle Corp.		326			55
Alcoa Corp. (a)		3,333			123
Allegheny Technologies, Inc. (a)		1,155			24
AptarGroup, Inc.		305			43
Arconic Corp. (a)		1,245			44
Avery Dennison Corp.		667			140
Avient Corp.		647			32
Axalta Coating Systems Ltd. (a)		862			26
Ball Corp.		1,820			147
Berry Global Group, Inc. (a)		547			36
Boise Cascade Co.		498			29
Cabot Corp.		434			25
Carpenter Technology Corp.		521			21
Celanese Corp.		293			44
CF Industries Holdings, Inc.		93			5
Chemours Co.		1,562			54
Commercial Metals Co.		1,864			57
Compass Minerals International, Inc.		234			14

	SHARES			MARKET VALUE (000S)
Corteva, Inc.		319	$		14
Crown Holdings, Inc.		1,127			115
Domtar Corp. (a)		1,221			67
Dow, Inc.		322			20
DuPont de Nemours, Inc.		230			18
Eagle Materials, Inc.		207			29
Eastman Chemical Co.		467			55
Ecolab, Inc.		300			62
Freeport-McMoRan, Inc.		3,084			114
Graphic Packaging Holding Co.		2,305			42
Greif, Inc. ‘A’		230			14
Hecla Mining Co.		3,013			22
Huntsman Corp.		206			6
International Flavors & Fragrances, Inc.		190			28
International Paper Co.		168			10
Kaiser Aluminum Corp.		153			19
Louisiana-Pacific Corp.		1,117			67
LyondellBasell Industries NV ‘A’		2,163			223
Martin Marietta Materials, Inc.		26			9
Mosaic Co.		7,095			226
NewMarket Corp.		48			15
Newmont Corp.		695			44
Nucor Corp.		956			92
O-I Glass, Inc. (a)		1,593			26
Olin Corp.		2,065			96
Packaging Corp. of America		41			6
PPG Industries, Inc.		535			91
Reliance Steel & Aluminum Co.		552			83
RPM International, Inc.		764			68
Schweitzer-Mauduit International, Inc.		226			9
Scotts Miracle-Gro Co.		527			101
Sealed Air Corp.		834			49
Sensient Technologies Corp.		357			31
Sherwin-Williams Co.		205			56
Silgan Holdings, Inc.		527			22
Sonoco Products Co.		597			40
Steel Dynamics, Inc.		799			48
Trinseo S.A.		545			33
United States Steel Corp.		3,493			84
Vulcan Materials Co.		57			10
Warrior Met Coal, Inc.		972			17
WestRock Co.		2,966			158
Worthington Industries, Inc.		357			22
WR Grace & Co.		300			21
					3,301
REAL ESTATE 0.1%
CBRE Group, Inc. ‘A’ (a)		138			12
Jones Lang LaSalle, Inc.		22			4
Realogy Holdings Corp. (a)		1,804			33
					49
UTILITIES 0.9%
AES Corp.		8,688			227
Avangrid, Inc.		90			5
Avista Corp.		382			16
CenterPoint Energy, Inc.		248			6
DTE Energy Co.		83			11
Entergy Corp.		314			31
Exelon Corp.		5,941			263
Hawaiian Electric Industries, Inc.		779			33
MDU Resources Group, Inc.		1,097			34

	SHARES			MARKET VALUE (000S)
National Fuel Gas Co.		573	$		30
NRG Energy, Inc.		129			5
UGI Corp.		88			4
Vistra Corp.		3,504			65
					730
Total United States					77,512
Total Common Stocks (Cost $66,663)					78,555
REAL ESTATE INVESTMENT TRUSTS 4.0%
UNITED STATES 4.0%
FINANCIALS 0.5%
AGNC Investment Corp.		1,893			32
Annaly Capital Management, Inc.		4,955			44
Apollo Commercial Real Estate Finance, Inc.		1,263			20
Blackstone Mortgage Trust, Inc. ‘A’		1,156			37
Chimera Investment Corp.		2,735			41
Ladder Capital Corp.		1,367			16
MFA Financial, Inc.		5,394			25
New Residential Investment Corp.		1,265			13
New York Mortgage Trust, Inc.		4,715			21
PennyMac Mortgage Investment Trust		1,146			24
Redwood Trust, Inc.		1,658			20
Starwood Property Trust, Inc.		3,076			81
Two Harbors Investment Corp.		4,901			37
					411
REAL ESTATE 3.5%
Alexander & Baldwin, Inc.		471			9
American Campus Communities, Inc.		928			43
American Homes 4 Rent ‘A’		1,106			43
American Tower Corp.		246			66
Apple Hospitality REIT, Inc.		2,707			41
Brandywine Realty Trust		2,344			32
Brixmor Property Group, Inc.		825			19
Camden Property Trust		546			72
Columbia Property Trust, Inc.		1,147			20
Corporate Office Properties Trust		979			27
Cousins Properties, Inc.		686			25
Crown Castle International Corp.		426			83
CubeSmart		1,464			68
CyrusOne, Inc.		430			31
DiamondRock Hospitality Co. (a)		1,473			14
Digital Realty Trust, Inc.		236			36
DigitalBridge Group, Inc. (a)		4,684			37
Douglas Emmett, Inc.		968			33
Duke Realty Corp.		1,845			87
EastGroup Properties, Inc.		114			19
Empire State Realty Trust, Inc. ‘A’		1,622			19
Equinix, Inc.		67			54
Equity Commonwealth		1,068			28
Equity LifeStyle Properties, Inc.		459			34
Extra Space Storage, Inc.		443			73
Federal Realty Investment Trust		401			47
First Industrial Realty Trust, Inc.		505			26
Gaming and Leisure Properties, Inc.		1,307			61
GEO Group, Inc.		2,469			18
Healthcare Realty Trust, Inc.		796			24
Healthcare Trust of America, Inc. ‘A’		1,414			38
Highwoods Properties, Inc.		968			44
Hudson Pacific Properties, Inc.		880			25
Invitation Homes, Inc.		2,416			90

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2021 51

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Iron Mountain, Inc.		574	$		24
Kilroy Realty Corp.		698			49
Kimco Realty Corp.		1,194			25
Kite Realty Group Trust		746			16
Lamar Advertising Co. ‘A’		627			65
Lexington Realty Trust		2,361			28
Life Storage, Inc.		386			41
Macerich Co.		2,438			45
Mack-Cali Realty Corp.		808			14
Medical Properties Trust, Inc.		1,868			38
National Retail Properties, Inc.		515			24
Omega Healthcare Investors, Inc.		760			28
Outfront Media, Inc. (a)		914			22
Paramount Group, Inc.		2,058			21
Park Hotels & Resorts, Inc. (a)		2,400			49
Physicians Realty Trust		1,249			23
Piedmont Office Realty Trust, Inc. ‘A’		984			18
Prologis, Inc.		597			71
PS Business Parks, Inc.		127			19
Public Storage		341			103
Rayonier, Inc.		969			35

	SHARES			MARKET VALUE (000S)
Regency Centers Corp.		1,106	$		71
Retail Properties of America, Inc. ‘A’		1,761			20
RLJ Lodging Trust		1,610			25
Ryman Hospitality Properties, Inc. (a)		434			34
SBA Communications Corp.		106			34
Service Properties Trust		1,433			18
Simon Property Group, Inc.		569			74
SITE Centers Corp.		2,814			42
SL Green Realty Corp.		260			21
STAG Industrial, Inc.		488			18
STORE Capital Corp.		841			29
Sun Communities, Inc.		318			55
Sunstone Hotel Investors, Inc. (a)		2,712			34
Tanger Factory Outlet Centers, Inc.		1,105			21
UDR, Inc.		1,367			67
Ventas, Inc.		162			9
VICI Properties, Inc.		1,207			37
Washington Real Estate Investment Trust		683			16
Weingarten Realty Investors		1,555			50
Weyerhaeuser Co.		321			11

	SHARES			MARKET VALUE (000S)
WP Carey, Inc.		1,049	$		78
Xenia Hotels & Resorts, Inc. (a)		825			15
					2,923
Total Real Estate Investment Trusts (Cost $2,827)					3,334
Total Investments in Securities (Cost $69,490)					81,889
INVESTMENTS IN AFFILIATES 0.3%
SHORT-TERM INSTRUMENTS 0.3%
MUTUAL FUNDS 0.3%
PIMCO Government Money Market Fund
0.080% (b)(c)(d)		209,240			209
Total Short-Term Instruments (Cost $209)					209
Total Investments in Affiliates (Cost $209)					209
Total Investments 99.3% (Cost $69,699)			$		82,098
Other Assets and Liabilities, net 0.7%					579
Net Assets 100.0%			$		82,677

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 $93 were out on loan in exchange for $95 of cash collateral as of June 30, 2021. 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 SUMMARY

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2021:

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)
Master Securities Lending Agreement
GSC	$	0	$	0	$	0	$	93	$	93	$	(95	)	$	(2	)
Total Borrowings and Other Financing Transactions	$	0	$	0	$	0	$	93

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	$	95	$	0	$	0	$	0	$	95
Total Borrowings	$	95	$	0	$	0	$	0	$	95
Payable for securities on loan - cash collateral									$	95

⁽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.

52 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2021 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Investments in Securities, at Value
Common Stocks
Ireland
Information Technology	$	586	$	0	$	0	$	586
Switzerland
Financials		125		0		0		125
United Kingdom
Communication Services		13		0		0		13
Consumer Discretionary		4		0		0		4
Consumer Staples		54		0		0		54
Energy		22		0		0		22
Financials		38		0		0		38
Industrials		182		0		0		182
Materials		19		0		0		19
United States
Communication Services		5,319		0		0		5,319
Consumer Discretionary		15,115		0		0		15,115
Consumer Staples		9,227		0		0		9,227
Energy		6,446		0		0		6,446
Financials		8,909		0		0		8,909

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Health Care	$	9,105	$	0	$	0	$	9,105
Industrials		8,794		0		0		8,794
Information Technology		10,517		0		0		10,517
Materials		3,301		0		0		3,301
Real Estate		49		0		0		49
Utilities		730		0		0		730
Real Estate Investment Trusts
United States
Financials		411		0		0		411
Real Estate		2,923		0		0		2,923
	$	81,889	$	0	$	0	$	81,889
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		209		0		0		209
Total Investments	$	82,098	$	0	$	0	$	82,098

There were no significant transfers into or out of Level 3 during the period ended June 30, 2021.

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2021 53

Schedule of Investments PIMCO RAFI ESG U.S. Exchange-Traded Fund

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.6%
COMMON STOCKS 97.9%
IRELAND 0.9%
INFORMATION TECHNOLOGY 0.9%
Accenture PLC ‘A’		455	$		134
Seagate Technology Holdings PLC		528			47
					181
Total Ireland					181
SWITZERLAND 0.3%
FINANCIALS 0.3%
Chubb Ltd.		333			53
Total Switzerland					53
UNITED KINGDOM 1.1%
COMMUNICATION SERVICES 0.1%
Liberty Global PLC (a)		906			24
CONSUMER DISCRETIONARY 0.0%
Capri Holdings Ltd. (a)		75			4
CONSUMER STAPLES 0.1%
Coca-Cola Europacific Partners PLC		424			25
MATERIALS 0.9%
Amcor PLC		815			10
Linde PLC		599			173
					183
Total United Kingdom					236
UNITED STATES 95.6%
COMMUNICATION SERVICES 6.4%
AT&T, Inc.		13,414			386
Comcast Corp. ‘A’		2,018			115
Discovery, Inc. ‘A’ (a)		88			3
Electronic Arts, Inc.		90			13
Lumen Technologies, Inc.		4,284			58
News Corp. ‘A’		657			17
Omnicom Group, Inc.		413			33
T-Mobile US, Inc. (a)		55			8
Twitter, Inc. (a)		44			3
Verizon Communications, Inc.		7,828			439
ViacomCBS, Inc. ‘B’		143			6
Walt Disney Co.		1,374			242
					1,323
CONSUMER DISCRETIONARY 12.2%
Adient PLC (a)		95			4
Advance Auto Parts, Inc.		69			14
Amazon.com, Inc. (a)		19			65
Aramark		90			3
Bed Bath & Beyond, Inc. (a)		799			27
Best Buy Co., Inc.		515			59
Booking Holdings, Inc. (a)		8			18
BorgWarner, Inc.		456			22
Carnival Corp. (a)		2,229			59
Darden Restaurants, Inc.		69			10
Dollar General Corp.		117			25
eBay, Inc.		1,293			91

	SHARES			MARKET VALUE (000S)
Foot Locker, Inc.		232	$		14
Ford Motor Co. (a)		19,752			294
Gap, Inc.		844			28
General Motors Co. (a)		5,568			329
Genuine Parts Co.		94			12
Goodyear Tire & Rubber Co. (a)		1,604			28
Hasbro, Inc.		93			9
Hilton Worldwide Holdings, Inc. (a)		218			26
Home Depot, Inc.		783			250
Kohl’s Corp.		1,170			65
L Brands, Inc.		261			19
Lear Corp.		36			6
Lowe’s Cos., Inc.		740			144
Macy’s, Inc. (a)		3,677			70
Marriott International, Inc. ‘A’ (a)		212			29
McDonald’s Corp.		511			118
Newell Brands, Inc.		595			16
NIKE, Inc. ‘B’		555			86
Nordstrom, Inc. (a)		631			23
O’Reilly Automotive, Inc. (a)		37			21
PVH Corp. (a)		224			24
Qurate Retail, Inc.		392			5
Ralph Lauren Corp.		130			15
Ross Stores, Inc.		125			16
Starbucks Corp.		1,037			116
Tapestry, Inc. (a)		250			11
Target Corp.		815			197
Tesla, Inc. (a)		5			3
TJX Cos., Inc.		741			50
Tractor Supply Co.		27			5
VF Corp.		444			36
Whirlpool Corp.		68			15
Yum! Brands, Inc.		280			32
					2,509
CONSUMER STAPLES 8.3%
Archer-Daniels-Midland Co.		1,691			103
Brown-Forman Corp. ‘B’		65			5
Bunge Ltd.		445			35
Campbell Soup Co.		161			7
Clorox Co.		102			18
Coca-Cola Co.		4,230			229
Colgate-Palmolive Co.		866			70
Conagra Brands, Inc.		276			10
Constellation Brands, Inc. ‘A’		20			5
Estee Lauder Cos., Inc. ‘A’		106			34
General Mills, Inc.		926			56
Hershey Co.		114			20
Hormel Foods Corp.		148			7
Ingredion, Inc.		164			15
JM Smucker Co.		178			23
Kellogg Co.		405			26
Keurig Dr Pepper, Inc.		293			10
Kimberly-Clark Corp.		340			46
Kraft Heinz Co.		1,241			51
Kroger Co.		1,419			54
Molson Coors Brewing Co. ‘B’ (a)		613			33
Mondelez International, Inc. ‘A’		1,585			99
PepsiCo, Inc.		1,681			249
Procter & Gamble Co.		2,848			384
Sysco Corp.		379			29
Walgreens Boots Alliance, Inc.		1,693			89
					1,707

	SHARES			MARKET VALUE (000S)
FINANCIALS 21.2%
Aflac, Inc.		1,353	$		73
Allstate Corp.		763			100
American Express Co.		985			163
Ameriprise Financial, Inc.		271			67
Aon PLC ‘A’		40			10
Bank of America Corp.		15,077			622
Bank of New York Mellon Corp.		2,662			136
BlackRock, Inc.		26			23
Capital One Financial Corp.		1,013			157
Charles Schwab Corp.		84			6
Citigroup, Inc.		4,528			320
CME Group, Inc.		49			10
Comerica, Inc.		316			23
Fifth Third Bancorp		1,155			44
Goldman Sachs Group, Inc.		847			322
Hartford Financial Services Group, Inc.		862			53
Huntington Bancshares, Inc.		1,494			21
Intercontinental Exchange, Inc.		82			10
JPMorgan Chase & Co.		1,106			172
KeyCorp.		1,504			31
Lincoln National Corp.		680			43
Marsh & McLennan Cos., Inc.		158			22
MetLife, Inc.		989			59
Moody’s Corp.		78			28
Morgan Stanley		1,877			172
Nasdaq, Inc.		15			3
Northern Trust Corp.		210			24
PNC Financial Services Group, Inc.		962			184
Principal Financial Group, Inc.		558			35
Prudential Financial, Inc.		1,348			138
Regions Financial Corp.		1,691			34
S&P Global, Inc.		119			49
State Street Corp.		160			13
Synchrony Financial		1,271			62
T Rowe Price Group, Inc.		45			9
Travelers Cos., Inc.		463			69
Truist Financial Corp.		403			22
U.S. Bancorp		2,252			128
Voya Financial, Inc.		246			15
Wells Fargo & Co.		19,659			890
					4,362
HEALTH CARE 16.5%
Abbott Laboratories		1,060			123
AbbVie, Inc.		1,885			212
Agilent Technologies, Inc.		194			29
Alexion Pharmaceuticals, Inc. (a)		46			8
AmerisourceBergen Corp.		106			12
Amgen, Inc.		940			229
Anthem, Inc.		446			170
Baxter International, Inc.		626			50
Becton Dickinson and Co.		133			32
Biogen, Inc. (a)		235			81
Boston Scientific Corp. (a)		228			10
Bristol-Myers Squibb Co.		801			54
Cardinal Health, Inc.		1,121			64
Cerner Corp.		71			6
Cigna Corp.		216			51
Danaher Corp.		53			14
DaVita, Inc. (a)		170			21
Dentsply Sirona, Inc.		174			11
Edwards Lifesciences Corp. (a)		102			11

54 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2021

	SHARES			MARKET VALUE (000S)
Eli Lilly & Co.		497	$		114
Gilead Sciences, Inc.		3,631			250
Humana, Inc.		102			45
Illumina, Inc. (a)		20			10
IQVIA Holdings, Inc. (a)		63			15
Johnson & Johnson		3,656			602
Laboratory Corp. of America Holdings (a)		53			15
McKesson Corp.		562			108
Merck & Co., Inc.		4,658			362
Organon & Co. (a)		465			14
Pfizer, Inc.		8,183			320
Quest Diagnostics, Inc.		178			24
Regeneron Pharmaceuticals, Inc. (a)		13			7
Stryker Corp.		39			10
Thermo Fisher Scientific, Inc.		26			13
UnitedHealth Group, Inc.		706			283
Universal Health Services, Inc. ‘B’		38			6
Viatris, Inc.		778			11
Waters Corp. (a)		12			4
Zimmer Biomet Holdings, Inc.		32			5
					3,406
INDUSTRIALS 5.1%
3M Co.		1,054			209
Alaska Air Group, Inc. (a)		162			10
American Airlines Group, Inc. (a)		1,881			40
Cummins, Inc.		86			21
Dover Corp.		95			14
Eaton Corp. PLC		122			18
Emerson Electric Co.		666			64
Expeditors International of Washington, Inc.		47			6
Fastenal Co.		136			7
FedEx Corp.		163			49
Illinois Tool Works, Inc.		341			76
JetBlue Airways Corp. (a)		1,259			21
Johnson Controls International PLC		1,573			108
ManpowerGroup, Inc.		329			39
Neilsen Holdings PLC		1,300			32
Owens Corning		119			12
Parker-Hannifin Corp.		48			15
Republic Services, Inc.		168			19
Rockwell Automation, Inc.		112			32
Southwest Airlines Co. (a)		89			5
Stanley Black & Decker, Inc.		127			26
United Airlines Holdings, Inc. (a)		200			11
United Parcel Service, Inc. ‘B’		483			100
United Rentals, Inc. (a)		41			13
Waste Management, Inc.		459			64
WW Grainger, Inc.		69			30
					1,041
INFORMATION TECHNOLOGY 21.8%
Adobe, Inc. (a)		69			40
Alliance Data Systems Corp.		190			20
Amdocs Ltd.		220			17
Analog Devices, Inc.		190			33
Apple, Inc.		2,032			278

	SHARES			MARKET VALUE (000S)
Applied Materials, Inc.		1,029	$		147
Arrow Electronics, Inc. (a)		47			5
Automatic Data Processing, Inc.		276			55
Avnet, Inc.		612			25
Cadence Design Systems, Inc. (a)		48			7
CDW Corp.		74			13
Cisco Systems, Inc.		9,823			521
Citrix Systems, Inc.		114			13
Cognizant Technology Solutions Corp. ‘A’		537			37
Corning, Inc.		725			30
Dell Technologies, Inc. ‘C’ (a)		103			10
DXC Technology Co. (a)		402			16
F5 Networks, Inc. (a)		16			3
Fidelity National Information Services, Inc.		110			16
Flex Ltd. (a)		1,081			19
Hewlett Packard Enterprise Co.		1,645			24
HP, Inc.		3,175			96
Intel Corp.		10,610			596
Intuit, Inc.		49			24
Jabil, Inc.		75			4
Juniper Networks, Inc.		1,113			30
Lam Research Corp.		88			57
Mastercard, Inc. ‘A’		237			86
Maxim Integrated Products, Inc.		203			21
Micron Technology, Inc. (a)		1,355			115
Microsoft Corp.		3,651			989
Motorola Solutions, Inc.		42			9
NetApp, Inc.		143			12
NortonLifeLock, Inc.		1,279			35
NVIDIA Corp.		66			53
ON Semiconductor Corp. (a)		197			8
Oracle Corp.		3,854			300
Paychex, Inc.		52			6
PayPal Holdings, Inc. (a)		231			67
QUALCOMM, Inc.		1,309			187
Skyworks Solutions, Inc.		38			7
Synopsys, Inc. (a)		14			4
Texas Instruments, Inc.		876			168
Visa, Inc. ‘A’		683			160
Western Digital Corp. (a)		888			63
Western Union Co.		540			12
Xerox Holdings Corp.		1,177			28
Xilinx, Inc.		118			17
					4,483
MATERIALS 2.9%
Air Products & Chemicals, Inc.		185			53
Celanese Corp.		169			26
CF Industries Holdings, Inc.		453			23
Dow, Inc.		609			38
DuPont de Nemours, Inc.		960			74
Eastman Chemical Co.		298			35
Ecolab, Inc.		207			43
Freeport-McMoRan, Inc.		990			37
International Flavors & Fragrances, Inc.		59			9
International Paper Co.		1,111			68
LyondellBasell Industries NV ‘A’		665			68

	SHARES			MARKET VALUE (000S)
Mosaic Co.		411	$		13
Newmont Corp.		264			17
Nucor Corp.		340			33
Packaging Corp. of America		26			3
PPG Industries, Inc.		71			12
Sherwin-Williams Co.		105			29
Vulcan Materials Co.		61			11
WestRock Co.		186			10
					602
REAL ESTATE 0.2%
CBRE Group, Inc. ‘A’ (a)		341			29
Jones Lang LaSalle, Inc.		54			11
					40
UTILITIES 1.0%
American Water Works Co., Inc.		138			21
Consolidated Edison, Inc.		525			38
Edison International		341			20
Eversource Energy		366			29
Exelon Corp.		2,176			96
					204
Total United States					19,677
Total Common Stocks (Cost $17,963)					20,147
REAL ESTATE INVESTMENT TRUSTS 1.7%
UNITED STATES 1.7%
REAL ESTATE 1.7%
American Tower Corp.		26			7
AvalonBay Communities, Inc.		25			5
Digital Realty Trust, Inc.		63			9
Equinix, Inc.		38			31
Equity Residential		336			26
Essex Property Trust, Inc.		12			4
Healthpeak Properties, Inc.		698			23
Host Hotels & Resorts, Inc. (a)		2,773			47
Iron Mountain, Inc.		500			21
Park Hotels & Resorts, Inc. (a)		475			10
Prologis, Inc.		184			22
Simon Property Group, Inc.		265			35
Ventas, Inc.		735			42
Welltower, Inc.		637			53
Weyerhaeuser Co.		708			24
					359
Total Real Estate Investment Trusts (Cost $323)					359
Total Investments in Securities (Cost $18,286)					20,506
Total Investments 99.6% (Cost $18,286)			$		20,506
Other Assets and Liabilities, net 0.4%					78
Net Assets 100.0%			$		20,584

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2021 55

Schedule of Investments PIMCO RAFI ESG U.S. Exchange-Traded Fund (Cont.) June 30, 2021

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 June 30, 2021 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Investments in Securities, at Value
Common Stocks
Ireland
Information Technology	$	181	$	0	$	0	$	181
Switzerland
Financials		53		0		0		53
United Kingdom
Communication Services		24		0		0		24
Consumer Discretionary		4		0		0		4
Consumer Staples		25		0		0		25
Materials		183		0		0		183
United States
Communication Services		1,323		0		0		1,323
Consumer Discretionary		2,509		0		0		2,509

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2021
Consumer Staples	$	1,707	$	0	$	0	$	1,707
Financials		4,362		0		0		4,362
Health Care		3,406		0		0		3,406
Industrials		1,041		0		0		1,041
Information Technology		4,483		0		0		4,483
Materials		602		0		0		602
Real Estate		40		0		0		40
Utilities		204		0		0		204
Real Estate Investment Trusts
United States
Real Estate		359		0		0		359
Total Investments	$	20,506	$	0	$	0	$	20,506

There were no significant transfers into or out of Level 3 during the period ended June 30, 2021.

56 PIMCO EQUITY SERIES See Accompanying Notes

Notes to Financial Statements June 30, 2021

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.

ANNUAL REPORT | JUNE 30, 2021 57

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

differences may include but are not limited to, for certain Funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund’s financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution’s tax character will be provided to shareholders when such information is available.

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

(d) New Accounting Pronouncements and Regulatory Updates  In March 2020, the Financial Accounting Standards Board 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

58 PIMCO EQUITY SERIES

June 30, 2021

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 rule went into effect on January 19, 2021 and funds will have a one-year 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 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 was 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 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 their 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 their 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 PIMCO 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 such data reflecting 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, quotes obtained from a quotation reporting system, established market makers or pricing services. Swap agreements are valued on the basis of market-based prices supplied by Pricing Services or quotes obtained from brokers and dealers. 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

ANNUAL REPORT | JUNE 30, 2021 59

Notes to Financial Statements (Cont.)

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 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

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prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

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

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

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

(c) Valuation Techniques and the Fair Value Hierarchy

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

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

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

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

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

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

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or pricing services. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

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

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Notes to Financial Statements (Cont.)

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 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 June 30, 2021 (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 06/30/2021		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	6,038	$	76,651	$	(74,711	)	$	0	$	0	$	7,978	$	0	$	0
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		0		3,657		(2,471	)		0		0		1,186		0		0
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		39		1,417		(1,247	)		0		0		209		0		0

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

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

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(b) Investments in Securities

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

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.

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

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

Restricted Investments  are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Funds at June 30, 2021, as applicable, are disclosed in the Notes to Schedules of Investments.

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

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

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds 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

ANNUAL REPORT | JUNE 30, 2021 63

Notes to Financial Statements (Cont.)

interest. Repurchase agreements, if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for the receipt of collateral, which may result in interest expense to the Fund.

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

Fund Name

PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF

PIMCO RAFI Dynamic Multi-Factor International Equity ETF

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

PIMCO RAFI ESG U.S. ETF

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

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 Fund’s investment policies and restrictions. The Funds are currently permitted

to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

On March 23, 2020, the SEC issued an exemptive order (the “Temporary Order”) to provide temporary relief to the Funds of the Trust in relation to the Interfund Lending Program, and the Board has authorized the Funds to rely on the Temporary Order. With respect to interfund lending, the Temporary Order permitted, under certain conditions, a lending fund to lend in aggregate up to 25% of its current net assets at the time of the interfund loan and to make interfund loans with term limits of up to the expiration of the Temporary Order, notwithstanding the current limit of seven business days under the Order. The SEC provided notice in April 2021 that the Temporary Order would be terminated on April 30, 2021.

During the period ended June 30, 2021, 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

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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 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.

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Notes to Financial Statements (Cont.)

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

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  isthe 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. Changes in regulation relating to a fund’s use of derivatives and related instruments could potentially limit or impact the Fund’s ability to invest in derivatives, limit a Fund’s ability to employ certain strategies that use derivatives and/ or adversely affect the value of derivatives and a Fund’s performance.

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

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

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

Model Risk  is the risk that a Fund’s investment models used in making investment allocation decisions, including the indexation methodologies used in constructing the Underlying Index, may not adequately take into account certain factors, 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.

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June 30, 2021

(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 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.

ANNUAL REPORT | JUNE 30, 2021 67

Notes to Financial Statements (Cont.)

8. MASTER NETTING ARRANGEMENTS

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

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

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

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

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

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

68 PIMCO EQUITY SERIES

June 30, 2021

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 June 30, 2021 each Fund was permitted to compensate the Distributor at an annual rate of up to 0.25% of a Fund’s average daily net assets (the “12b-1 Plan Fee”). However, the Board of Trustees has determined not to authorize payment of a 12b-1 Plan Fee at this time. The 12b-1 Plan Fee may only be imposed or increased when the Board determines that it is in the best interests of shareholders to do so. Because these fees are paid out of a Fund’s assets on an ongoing basis, to the extent that a fee is authorized, over time it will increase the cost of an investment in the Fund. The 12b-1 Plan Fee may cost an investor more than other types of sales charges.

(c) Fund Expenses  PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of

various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Funds bear other expenses which are not covered under the Management Fee which may vary and affect the total level of expenses paid by shareholders, such as (i) salaries and other compensation of any of the Trust’s executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) securities lending fees and expenses; (vi) fees and expenses of the Trustees who are not “interested persons” of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vii) extraordinary expense, including costs of litigation and indemnification expenses; and (viii) 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, through October 31, 2021, 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 June 30, 2021, 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	$	28	$	34	$	46	$	108
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		2		3		3		8
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		6		8		3		17
PIMCO RAFI ESG U.S. ETF		0		77		1		78

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

ANNUAL REPORT | JUNE 30, 2021 69

Notes to Financial Statements (Cont.)

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.

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2021, 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	$	356,640	$	573,116
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		0		0		31,921		33,291
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		0		0		37,475		37,940
PIMCO RAFI ESG U.S. Exchange-Traded Fund		0		0		4,195		4,056

^†   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).

70 PIMCO EQUITY SERIES

June 30, 2021

14. INVESTMENT TRANSACTIONS

For the period ended June 30, 2021, 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	$	8,622	$	181,501
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		50,006		0
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		64,677		27,565
PIMCO RAFI ESG U.S. ETF		9,939		2,849

^†   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.

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 June 30, 2021, 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.

As of June 30, 2021, the components of distributable taxable earnings are as follows (amounts in thousands^†):

	Undistributed Ordinary Income(1)		Undistributed Long-Term Capital Gains		Net Tax Basis Unrealized Appreciation/ (Depreciation)(2)		Other Book-to-Tax Accounting Differences(3)		Accumulated Capital Losses(4)			Qualified Late- Year Loss Deferral - Capital(5)		Qualified Late- Year Loss Deferral - Ordinary(6)		Total Distributable Earnings
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	10,248	$	0	$	102,368	$	0	$	(8,444	)	$	0	$	0	$	104,172
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		1,191		0		15,631		0		(8,351	)		0		0		8,471
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		164		0		12,351		0		(14,505	)		0		0		(1,990	)
PIMCO RAFI ESG U.S. ETF		71		0		2,089		0		(601	)		0		0		1,559

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

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

⁽²⁾  Adjusted for open wash sale loss deferrals for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on Real Estate Investment Trusts (REITS) and Passive Foreign Investment Companies (PFICs).

⁽³⁾  Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America

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

⁽⁵⁾  Capital losses realized during the period November 1, 2020 through June 30, 2021 which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

⁽⁶⁾  Specified losses realized during the period November 1, 2020 through June 30, 2021 and Ordinary losses realized during the period January 1, 2021 through June 30, 2021, which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

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.

ANNUAL REPORT | JUNE 30, 2021 71

Notes to Financial Statements (Cont.) June 30, 2021

As of June 30, 2021, 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	$	0	$	8,444
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		4,307		4,044
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		10,181		4,324
PIMCO RAFI ESG U.S. ETF		599		2

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

As of June 30, 2021, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands^†):

	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)(7)
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	391,946	$	116,650	$	(14,292	)	$	102,358
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		73,337		16,200		(569	)		15,631
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		69,745		12,475		(123	)		12,352
PIMCO RAFI ESG U.S. ETF		18,418		2,242		(154	)		2,088

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

⁽⁷⁾  Primary differences, if any, between book and tax net unrealized appreciation/(depreciation) are attributable to open wash sale loss deferrals, Real Estate Investment Trusts (REITS), and unrealized gain or loss on Passive Foreign Investment Companies (PFICs).

For the fiscal years ended June 30, 2021 and June 30, 2020, respectively, the Funds made the following tax basis distributions (amounts in thousands^†):

	June 30, 2021						June 30, 2020
	Ordinary Income Distributions(8)		Long-Term Capital Gain Distributions		Return of Capital(9)		Ordinary Income Distributions(8)		Long-Term Capital Gain Distributions		Return of Capital(9)
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	12,004	$	0	$	0	$	13,291	$	0	$	0
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		943		0		0		1,302		0		0
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		868		0		0		2,511		0		0
PIMCO RAFI ESG U.S. ETF		235		0		0		138		0		0

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

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

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

17. SUBSEQUENT EVENTS

On July 23, 2021, PIMCO notified Parametric of PIMCO’s intention to terminate the Sub-Advisory Agreement with respect to each Fund on or after sixty (60) days. At this time, the Termination Effective Date(s) have not been finalized. Subsequent disclosure will be provided regarding the Termination Effective Date(s) of each Fund and each Fund’s new portfolio manager.

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

72 PIMCO EQUITY SERIES

Report of Independent Registered Public Accounting Firm

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (four of the funds constituting PIMCO Equity Series^®, hereafter collectively referred to as the “Funds”) as of June 30, 2021, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2021, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF⁽¹⁾

PIMCO RAFI Dynamic Multi-Factor International Equity ETF⁽¹⁾

PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF⁽¹⁾

PIMCO RAFI ESG U.S. ETF⁽²⁾

⁽¹⁾  Statement of operations for the year ended June 30, 2021, statement of changes in net assets for the years ended June 30, 2021 and 2020 and the financial highlights for each of the periods indicated therein

⁽²⁾  Statement of operations for the year ended June 30, 2021 and statement of changes in net assets and the financial highlights for the year ended June 30, 2021 and for the period December 18, 2019 (inception date) through June 30, 2020

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

August 26, 2021

We have served as the auditor of one or more investment companies in PIMCO Equity Series^® since 2010.

ANNUAL REPORT | JUNE 30, 2021 73

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

Counterparty Abbreviations:
BCY	Barclays Capital, Inc.	GSC	Goldman Sachs & Co. LLC	SAL	Citigroup Global Markets, Inc.
BMO	BMO Capital Markets Corporation	MBC	HSBC Bank Plc	UBS	UBS Securities LLC
FOB	Credit Suisse Securities (USA) LLC	MSC	Morgan Stanley & Co. 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
MSCI	Morgan Stanley Capital International

74 PIMCO EQUITY SERIES

Federal Income Tax Information (Unaudited)

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

Dividend Received Deduction.  Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a Funds’ dividend distribution that qualifies under tax law. The percentage of the following Funds’ Fiscal 2021 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below:

Qualified Dividend Income.  Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended June 30, 2021 was designated as ‘qualified dividend income’ as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2021:

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only).  Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended June 30, 2021 are considered to be derived from “qualified interest income,” as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended June 30, 2021 are considered to be derived from “qualified short-term capital gain,” as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

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

	Dividend Received Deduction %		Qualified Dividend Income %		Qualified Interest Income (000s† )		Qualified Short-Term Capital Gain (000s†)		Foreign Source Income		Foreign Taxes Pass Through
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF		0%		75%	$	0	$	0	$	17,126,099	$	2,284,439
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		0%		100%		0		0		2,180,312		191,311
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		100%		100%		0		0		0		0
PIMCO RAFI ESG U.S. ETF		100%		100%		0		0		0		0

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

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2022, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2021.

Section 163(j) Interest Dividends.  The fund intends to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in Proposed Treasury Section 1.163(j)-1(b). The 163(j) percentage of ordinary income distributions are as follows:

	163 (j) Interest Dividends %
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF		0%
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		0%
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		0%
PIMCO RAFI ESG U.S. ETF		0%

Section 199A Dividends.  Non-corporate fund shareholders of the funds below meeting certain holding period requirements may be able to deduct up to 20 percent of qualified REIT dividends passed through and reported to the shareholders by the fund as Section 199A dividends. The Section 199A percentage of ordinary dividends are as follows:

	199A Dividends %
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF		0%
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		0%
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		6%
PIMCO RAFI ESG U.S. ETF		1%

ANNUAL REPORT | JUNE 30, 2021 75

Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the “Act”), the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended June 30, 2021 calculated as of the end of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year.

See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other  Capital Sources**		Total (per common share)
March 2021	$	0.0300	$	0.0000	$	0.0000	$	0.0300
June 2021	$	0.1900	$	0.0000	$	0.0000	$	0.1900
PIMCO RAFI Dynamic Multi-Factor International Equity ETF	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other  Capital Sources**		Total (per common share)
March 2021	$	0.1000	$	0.0000	$	0.0000	$	0.1000
June 2021	$	0.2400	$	0.0000	$	0.0000	$	0.2400
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other  Capital Sources**		Total (per common share)
March 2021	$	0.1300	$	0.0000	$	0.0000	$	0.1300
June 2021	$	0.1283	$	0.0000	$	0.0017	$	0.1300
PIMCO RAFI ESG U.S. ETF	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other  Capital Sources**		Total (per common share)
March 2021	$	0.0900	$	0.0000	$	0.0000	$	0.0900
June 2021	$	0.1100	$	0.0000	$	0.0000	$	0.1100

* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits.

** Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund’s net income, yield, earnings or investment performance.

76 PIMCO EQUITY SERIES

Approval of Investment Advisory Contract and Other Agreements (Unaudited)

Approval of Interim Sub-Advisory Agreement, Interim Portfolio Implementation Agreement, New Sub-Advisory Agreement and New Portfolio Implementation Agreement

On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. and its subsidiaries (the “Acquisition”), including Parametric Portfolio Associates LLC (“Parametric”), resulting in a change of control of Parametric. The Acquisition constituted an “assignment,” within the meaning of the Investment Company Act of 1940, as amended (the “1940 Act”), resulting in the automatic termination of the following agreements:

(i) the sub-advisory agreement between Pacific Investment Management Company LLC (“PIMCO”) and Parametric on behalf of the PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF, PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF, PIMCO RAFI Dynamic Multi-Factor International Equity ETF and PIMCO RAFI ESG U.S. ETF (collectively, the “RAFI ETFs”);

(ii) the portfolio implementation agreement among PIMCO, Research Affiliates, LLC (“RALLC”) and Parametric on behalf of the 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 (collectively, the “RAE Funds”); and

(iii) the portfolio implementation agreement among PIMCO, RALLC and Parametric with respect to the equity portion of the PIMCO Dividend and Income Fund (together with the RAFI ETFs and the RAE Funds, the “Funds” and each, a “Fund”).

In anticipation of the closing of the Acquisition, at a meeting held on January 15, 2021 (the “Meeting”), 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 1940 Act (the “Independent Trustees”), considered and unanimously approved an interim sub-advisory agreement on behalf of the RAFI ETFs between PIMCO and Parametric (the “Interim Sub-Advisory Agreement”); an interim portfolio implementation agreement on behalf of the RAE Funds among PIMCO, RALLC and Parametric (the “Interim RAE Portfolio Implementation Agreement”); and an interim portfolio implementation agreement on behalf of the PIMCO Dividend and Income Fund among PIMCO, RALLC and Parametric (together with the Interim Sub-Advisory Agreement and Interim RAE Portfolio Implementation Agreement, the “Interim Agreements”).¹ In addition, the Board, including the Independent Trustees, considered and unanimously approved a new sub-advisory agreement on behalf of the RAFI ETFs between PIMCO and Parametric (the “Sub-Advisory

Agreement”); a new portfolio implementation agreement on behalf of the RAE Funds among PIMCO, RALLC and Parametric (the “RAE Portfolio Implementation Agreement”); and a new portfolio implementation agreement on behalf of the PIMCO Dividend and Income Fund among PIMCO, RALLC and Parametric (together with the Sub-Advisory Agreement and the RAE Portfolio Implementation Agreement, the “New Agreements,” and the New Agreements together with the Interim Agreements, the “Agreements”).

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

1. INFORMATION RECEIVED

At the Meeting, the Board reviewed the materials provided by PIMCO, Parametric and counsel to the Trust and the Independent Trustees, which included, among other things, memoranda outlining the legal duties of the Board. The Board reviewed a variety of factors and considered a significant amount of information, including information and materials provided by Parametric prior to the Meeting regarding the Agreements, material changes (if any) since the Board’s August 2020 annual review of the existing agreements between PIMCO and Parametric related to the Funds and anticipated material changes (if any) in connection with the Acquisition, as well as materials Parametric provided in connection with the Board’s annual review in August 2020 of the existing agreements.

It is noted that following the Board’s August 2020 annual review of the existing agreements, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Funds by Parametric supported the renewal of the existing agreements, that the existing sub-advisory and portfolio implementation agreements continued to be fair and reasonable to the Funds and their shareholders, that the Funds’ shareholders received reasonable value in return for the fees paid to Parametric by PIMCO under those existing agreements, and that the renewal of such existing agreements was in the best interests of the Funds and their shareholders.

The approval determinations with respect to the Interim Agreements and the New Agreements were made on the basis of each Trustee’s business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the Interim Agreements, as well as the proposed New Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. In approving

ANNUAL REPORT | JUNE 30, 2021 77

¹   The Meeting was held remotely in reliance on the relief granted by a temporary exemptive order issued by the U.S. Securities and Exchange Commission (the “SEC”) under the 1940 Act 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.

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

the Agreements, the Trustees considered a number of factors discussed below. This discussion is not intended to be all-inclusive.

2. NATURE, EXTENT AND QUALITY OF SERVICES

The Board considered that Parametric currently serves as sub-adviser to the RAFI ETFs and portfolio implementer to the RAE Funds and the equity portion of the PIMCO Dividend and Income Fund and considered the nature, extent and quality of services currently provided by Parametric in these roles. The Board also considered that the terms of each Interim Agreement, except for term and escrow provisions required by applicable law, and each proposed New Agreement are materially identical to those of the corresponding current agreement. Further, the Board considered the depth and quality of Parametric’s sub-advisory and portfolio implementation capabilities, the experience and capabilities of its key personnel, and Parametric’s representations concerning the Acquisition’s potential effects on Parametric’s services to the Funds.

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

3. INVESTMENT PERFORMANCE

As part of the Board’s 2020 annual review of existing agreements between PIMCO and Parametric with respect to the Funds, the Board reviewed information from PIMCO (the “2020 PIMCO Report”), as well as information (the “2020 Broadridge Report”) from Broadridge Financial Solutions, Inc., concerning the Funds’ performance, as available, over short- and long-term periods. 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 2020 PIMCO Report and 2020 Broadridge Report, which were provided in advance of the August 2020 meeting.

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

The Board noted that, as with the current arrangements between each Fund and Parametric, PIMCO will compensate Parametric pursuant to the Interim Agreements and proposed New Agreements, and that no Fund will directly pay for Parametric’s services. The Board also considered that the fees proposed to be paid by PIMCO to Parametric pursuant to the Interim Agreements and New Agreements are the same as the fees paid by PIMCO to Parametric pursuant to the respective existing agreements. As part of the Board’s 2020 annual review of those existing agreements, the Board reviewed the advisory and supervisory and administrative fees, or management fees, as

applicable, 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 fees paid by PIMCO to Parametric with respect to the Funds under the existing agreements.

As part of the Board’s 2020 annual review, 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. The Board also considered as part of the 2020 annual review that the unified fee leads to Fund fees that are fixed over the contract period, rather than variable. As part of that review, 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.

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

The Board considered information on profitability to Parametric derived from its relationship with the Funds, comparative fee information (as described above), and information on the sharing of potential economies of scale with the Funds (as described above as well as in relation to the asset breakpoint thresholds applicable to fee rates payable to Parametric under the existing agreements, Interim Agreements and New Agreements). With respect to potential economies of scale, as part of the 2020 annual review, the Board 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. As part of the 2020 annual review, 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. As part of that review, 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 as part of the 2020 annual review that the

78 PIMCO EQUITY SERIES

(Unaudited)

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 at that review that PIMCO’s investments in these areas are extensive. The Board concluded at the 2020 annual review 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. CONCLUSIONS

Based on their review, including their consideration of each of the factors referred to above, a majority of the Board, including by a separate vote of a majority of the Independent Trustees, approved each Interim Agreement and each proposed New Agreement.

ANNUAL REPORT | JUNE 30, 2021 79

Shareholder Meeting Results (Unaudited)

Special Shareholder Meeting Results

The Funds held a special meeting of shareholders on March 26, 2021 to approve a new sub-advisory agreement on behalf of the Funds between PIMCO and Parametric (the “Proposal”). Shareholders voted on the Proposal as indicated below:

	For(1)		Against(1)		Abstain(1)(2)		Broker Non-Votes(2)
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF		19,997,162		7,243		13,814		0
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		1,518,175		0		58,230		0
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		981,766		1,776		28,246		0
PIMCO RAFI ESG U.S. ETF		232,520		0		2,786		0

⁽¹⁾   Certain of the Funds’ shares may have been held by PIMCO-advised funds or accounts for which PIMCO had discretionary authority to vote proxies. Accordingly, if applicable, PIMCO voted such shares in proportion to the votes of all other Fund shareholders voting on the proposal.

⁽²⁾  Abstentions and broker non-votes (i.e., shares for which a broker returns a proxy but for which (i) the beneficial owner has not voted and (ii) the broker holding the shares does not have discretionary authority to vote on the particular matter) were treated as shares that were present at the meeting for purposes of establishing a quorum, but had the effect of a negative vote on the Proposal.

80 PIMCO EQUITY SERIES

Changes to the Board of Trustees (Unaudited)

Effective February 10, 2021, the Board of Trustees appointed Kimberley G. Stafford to the Board.

ANNUAL REPORT | JUNE 30, 2021 81

Management of the Trust

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

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

Name, Year of Birth and Position Held with Trust*	Term of Office and Length of Time Served†	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee	Other Public Company and Investment Company Directorships Held by Trustee During the Past 5 Years
Interested Trustees1
Peter G. Strelow (1970) Chairman of the Board and Trustee	02/2019 to present	Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President of the Trust, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance Trust and PIMCO ETF Trust, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO.	148	Chairman and Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust.
Kimberley G. Stafford (1978) Trustee	02/2021 to present	Managing Director, Global Head of Product Strategy, PIMCO; and Member of Executive Committee, PIMCO. Formerly, Head of Asia-Pacific, Global Head of Consultant Relations and Head of US Institutional and Alternatives Sales, PIMCO.	148	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust.
Independent Trustees
George E. Borst (1948) Trustee	05/2019 to present	Executive Advisor, McKinsey & Company; Formerly, Executive Advisor, Toyota Financial Services; and CEO, Toyota Financial Services.	148	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust; Director, MarineMax Inc.
Jennifer Holden Dunbar (1963) Trustee	02/2016 to present	Managing Director, Dunbar Partners, LLC (business consulting and investments). Formerly, Partner, Leonard Green & Partners, L.P.	148	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust; Director, PS Business Parks; Director, Big 5 Sporting Goods Corporation.
Kym M. Hubbard (1957) Trustee	05/2019 to present	Formerly, Global Head of Investments, Chief Investment Officer and Treasurer, Ernst & Young.	148	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust; Director, State Auto Financial Corporation.
Gary F. Kennedy (1955) Trustee	05/2019 to present	Formerly, Senior Vice President, General Counsel and Chief Compliance Officer, American Airlines and AMR Corporation (now American Airlines Group).	148	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust.
Peter B. McCarthy (1950) Trustee	09/2011 to present	Formerly, Assistant Secretary and Chief Financial Officer, United States Department of Treasury; Deputy Managing Director, Institute of International Finance.	148	Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust.
Ronald C. Parker (1951) Lead Independent Trustee	02/2016 to present Lead Independent Trustee 05/2019 to present	Director of Roseburg Forest Products Company. Formerly, Chairman of the Board, The Ford Family Foundation; and President, Chief Executive Officer, Hampton Affiliates (forestry products).	148	Lead Independent Trustee, PIMCO Equity Series VIT, PIMCO Funds, PIMCO Variable Insurance and PIMCO ETF Trust.

* Unless otherwise noted, the information for the individuals listed is as of June 30, 2021.

¹  Ms. Stafford is an “interested persons” of the Trust (as that term is defined in the 1940 Act) because of his affiliations with PIMCO.

^†  Trustees serve until their successors are duly elected and qualified.

82 PIMCO EQUITY SERIES

(Unaudited)

Executive Officers

Name, Year of Birth and Position Held with Trust*	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years†
Eric D. Johnson (1970) President	06/2019 to present	Executive Vice President and Head of Funds Business Group Americas, PIMCO. President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
David C. Flattum (1964) Chief Legal Officer	05/2019 to present	Managing Director and General Counsel, PIMCO. Chief Legal Officer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Formerly, Managing Director, Chief Operating Officer and General Counsel, Allianz Asset Management of America L.P.
Keisha Audain-Pressley (1975)** Chief Compliance Officer	01/2020 to present	Executive Vice President and Deputy Chief Compliance Officer, PIMCO. Chief Compliance Officer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Joshua D. Ratner (1976)** Senior Vice President	05/2019 to present	Executive Vice President and Head of Americas Operations, PIMCO. Senior Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Peter G. Strelow (1970) Senior Vice President	06/2019 to present	Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO.
Ryan G. Leshaw (1980) Vice President, Senior Counsel, Secretary	05/2019 to present	Executive Vice President and Senior Counsel, PIMCO. Vice President, Senior Counsel and Secretary, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Chief Legal Officer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Associate, Willkie Farr & Gallagher LLP.
Wu-Kwan Kit (1981) Assistant Secretary	08/2017 to present	Senior Vice President and Senior Counsel, PIMCO. Assistant Secretary, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Vice President, Senior Counsel and Secretary, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Assistant General Counsel, VanEck Associates Corp.
Jeffrey A. Byer (1976) Vice President	02/2020 to present	Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Elizabeth A. Duggan (1964) Vice President	02/2021 to present	Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT.
Brian J. Pittluck (1977) Vice President	01/2020 to present	Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Bijal Y. Parikh (1978) Treasurer	01/2021 to present	Senior Vice President, PIMCO. Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Erik C. Brown (1967)*** Assistant Treasurer	03/2010 to present	Executive Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Brandon T. Evans (1982) Assistant Treasurer	05/2019 to present	Vice President, PIMCO. Assistant Treasurer, Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Colleen D. Miller (1980)** Assistant Treasurer	02/2017 to present	Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series VIT. Deputy Treasurer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Jason J. Nagler (1982)*** Assistant Treasurer	05/2015 to present	Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.

* Unless otherwise noted, the information for the individuals listed is as of August 13, 2021.

^†  The term “PIMCO-Sponsored Closed-End Funds” as used herein includes: PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund Inc., PIMCO Corporate & Income Opportunity Fund, PIMCO Corporate & Income Strategy Fund, PIMCO Dynamic Credit and Mortgage Income Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund, PIMCO Energy and Tactical Credit Opportunities Fund, PIMCO Global StocksPLUS^® & Income Fund, PIMCO High Income Fund, PIMCO Income Opportunity Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II and PIMCO Strategic Income Fund, Inc.; the term “PIMCO-Sponsored Interval Funds” as used herein includes: PIMCO Flexible Credit Income Fund and PIMCO Flexible Municipal Income Fund.

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

*** The address of these officers is Pacific Investment Management Company LLC, 401 Congress Ave., Austin, Texas 78701.

ANNUAL REPORT | JUNE 30, 2021 83

Privacy  Policy¹ (Unaudited)

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

OBTAINING NON-PUBLIC PERSONAL INFORMATION

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

RESPECTING YOUR PRIVACY

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

SHARING INFORMATION WITH THIRD PARTIES

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

SHARING INFORMATION WITH AFFILIATES

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

PROCEDURES TO SAFEGUARD PRIVATE INFORMATION

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

INFORMATION COLLECTED FROM WEBSITES

The Funds or their service providers and partners may collect information from shareholders via websites they maintain. The information collected via websites maintained by the Funds or their service providers includes client non-public personal information.

CHANGES TO THE PRIVACY POLICY

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

¹ Amended as of June 25, 2020.

² PIMCO Investments LLC (“PI”) serves as the Funds’ distributor and does not provide brokerage services or any financial advice to investors in the Funds solely because it distributes the Funds. This Privacy Policy applies to the activities of PI to the extent that PI regularly effects or engages in transactions with or for a shareholder of a series of a Trust who is the record owner of such shares. For purposes of this Privacy Policy, references to “the Funds” shall include PI when acting in this capacity.

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

84 PIMCO EQUITY SERIES

Liquidity Risk Management Program (Unaudited)

In compliance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940, as amended (“1940 Act”), PIMCO Equity Series (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for each series of the Trust (each a “Fund” and collectively, the “Funds”) not regulated as a money market fund under 1940 Act Rule 2a-7, which is reasonably designed to assess and manage the Funds’ liquidity risk. The Trust’s Board of Trustees (the “Board”) previously approved the designation of the PIMCO Liquidity Risk Committee (the “Administrator”) as Program administrator. The PIMCO Liquidity Risk Committee consists of senior members from certain PIMCO business areas, such as Portfolio Risk Management, Americas Operations, Compliance, Account Management and Portfolio Management, and is advised by members of PIMCO Legal.

A Fund’s “liquidity risk” is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually taking into consideration a variety of factors, including, as applicable, the Fund’s investment strategy and liquidity of portfolio investments, cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions. Each Fund portfolio investment is classified into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below) based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without significantly changing the investment’s market value. Each Fund has adopted a “Highly Liquid Investment Minimum” (or “HLIM”), which is a minimum amount of Fund net assets to be invested in highly liquid investments that are assets. As required under the Liquidity Rule, each Fund’s HLIM is periodically reviewed, no less frequently than annually, and the Funds have adopted policies and procedures for responding to a shortfall of a Fund’s highly liquid investments below its HLIM. The Liquidity Rule also limits the Funds’ investments in illiquid investments by prohibiting a Fund from acquiring any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. Certain non-public reporting is generally required if a Fund’s holdings of illiquid investments that are assets were to exceed 15% of Fund net assets.

At a meeting of the Board held on February 9-10, 2021, the Board received a report (the “Report”) from the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from December 1, 2019 through December 31, 2020. The Report reviewed the operation of the Program’s components during such period, noted the March-April 2020 market conditions and associated monitoring by the Administrator, and stated that the Program is operating effectively to assess and manage each Fund’s liquidity risk and that the Program has been and continues to be adequately and effectively implemented to monitor and, as applicable, respond to the Funds’ liquidity developments. This has remained true for the 12-month period ended June 30, 2021.

ANNUAL REPORT | JUNE 30, 2021 85

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.

PES3004AR_063021

Item 2. Code of Ethics.

As of the end of the period covered by this report, the Registrant has adopted a code of ethics (the “Code”) that applies to the Registrant’s principal executive officer and principal financial officer. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the principal executive officer or principal financial officer during the period covered by this report.

A copy of the Code is included as an exhibit to this report.

Item 3. Audit Committee Financial Expert.

The Board of Trustees has determined that Peter B. McCarthy, who serves on the Board’s Audit Committee, qualifies as an “audit committee financial expert” as such term is defined in the instructions to this Item 3. The Board has also determined that Mr. McCarthy is “independent” as such term is interpreted under this Item 3.

Item 4. Principal Accountant Fees and Services.

(a)	Fiscal Year Ended	Audit Fees
	June 30, 2021	$ 669,747
	June 30, 2020	$ 686,860
(b)	Fiscal Year Ended	Audit-Related Fees(1)
	June 30, 2021	$ —
	June 30, 2020	$ —
(c)	Fiscal Year Ended	Tax Fees
	June 30, 2021	$144,025
	June 30, 2020	$ —
(d)	Fiscal Year Ended	All Other Fees(2)
	June 30, 2021	$ —
	June 30, 2020	$ —

“Audit Fees” represents aggregate fees billed for each of the last two fiscal years for professional services rendered for the audit of the PIMCO Equity Series (the “Trust” or “Registrant”) annual financial statements or services that are normally provided by the accountant in connection with statutory or regulatory filings or engagements for those fiscal years.

“Audit-Related Fees” represents aggregate fees billed for each of the last two fiscal years for assurance and related services reasonably related to the performance of the audit of the Trust’s annual financial statements for those years.

“Tax Fees” represents aggregate fees billed for each of the last two fiscal years for professional services related to tax compliance, tax advice and tax planning, including review of federal and state income tax returns, review of excise tax distribution requirements and preparation of excise tax returns.

“All Other Fees” represents aggregate fees, if any, billed for other products and services rendered by the principal accountant to the Trust for the last two fiscal years.

⁽¹⁾ There were no “Audit-Related Fees” for the last two fiscal years.

⁽²⁾ There were no “All Other Fees” for the last two fiscal years.

(e) Pre-approval policies and procedures

(1) The Registrant’s Audit Committee has adopted pre-approval policies and procedures (the “Procedures”) to govern the Audit Committee’s pre-approval of (i) all audit services and permissible non-audit services to be provided to the Registrant by its independent accountant, and (ii) all permissible non-audit services to be provided by such independent accountant to the Registrant’s investment adviser and to any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant (collectively, the “Service Affiliates”) if the services provided directly relate to the Registrant’s operations and financial reporting. In accordance with the Procedures, the Audit Committee is responsible for the engagement of the independent accountant to certify the Registrant’s financial statements for each fiscal year. With respect to the pre-approval of non-audit services provided to the Registrant and its Service Affiliates, the Procedures provide that the Audit Committee may annually pre-approve a list of types or categories of non-audit services that may be provided to the Registrant or its Service Affiliates, or the Audit Committee may pre-approve such services on a project-by-project basis as they arise. Unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee if it is to be provided by the independent accountant. The Procedures also permit the Audit Committee to delegate authority to one or more of its members to pre-approve any proposed non-audit services that have not been previously pre-approved by the Audit Committee, subject to the ratification by the full Audit Committee no later than its next scheduled meeting.

(2) With respect to the services described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g)

	Aggregate Non-Audit Fees Billed to Entity
Entity                            June 30, 2021			June 30, 2020
PIMCO Equity Series Trust	$	144,025	$	—
Pacific Investment Management Company LLC (“PIMCO”)		15,487,493		18,863,643
Totals	$	15,631,518	$	18,863,643

(h) The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant which were not pre-approved (not requiring pre-approval) is compatible with maintaining the principal accountant’s independence.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants.

The Registrant has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The Audit Committee is comprised of:

George E. Borst

Jennifer Holden Dunbar

Kym M. Hubbard

Gary F. Kennedy

Peter B. McCarthy

Ronald C. Parker

Item 6. Schedule of Investments.

The information required by this Item 6 is included as part of the annual report 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 pursuant to Section  406 of the Sarbanes-Oxley Act of 2002.

(a)(2) Exhibit 99.CERT—Certifications pursuant to Section  302 of the Sarbanes-Oxley Act of 2002.

(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:	September 2, 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:	September 2, 2021
By:	/s/  Bijal Y. Parikh
	Bijal Y. Parikh
	Treasurer (Principal Financial & Accounting Officer)
Date:	September 2, 2021