N-CSR

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, 2023

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.

(a) 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 Dividend and Income Fund

☐ PIMCO REALPATH® Blend Income Fund

☐ PIMCO REALPATH® Blend 2025 Fund

☐ PIMCO REALPATH® Blend 2030 Fund

☐ PIMCO REALPATH® Blend 2035 Fund

☐ PIMCO REALPATH® Blend 2040 Fund

☐ PIMCO REALPATH® Blend 2045 Fund

☐ PIMCO REALPATH® Blend 2050 Fund

☐ PIMCO REALPATH® Blend 2055 Fund

☐ PIMCO REALPATH® Blend 2060 Fund

☐ PIMCO REALPATH® Blend 2065 Fund

☐ PIMCO RAE US Fund

☐ PIMCO RAE US Small Fund

☐ PIMCO RAE Emerging Markets Fund

☐ PIMCO RAE International Fund

☐ PIMCO RAE Global ex-US Fund

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

☐ PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF

☐ PIMCO RAFI Dynamic Multi-Factor International Equity ETF

☐ PIMCO RAFI ESG U.S. ETF

(b) Not applicable to the Registrant.

PIMCO EQUITY SERIES^®

Annual Report

June 30, 2023

PIMCO Dividend and Income Fund

Table of Contents

	Page
Market Insights		2
Important Information About the PIMCO Dividend and Income Fund		3
Fund Summary		9
Expense Example		14
Financial Highlights		16
Statement of Assets and Liabilities		18
Statement of Operations		20
Statements of Changes in Net Assets		21
Schedule of Investments		22
Notes to Financial Statements		53
Report of Independent Registered Public Accounting Firm		88
Glossary		89
Federal Income Tax Information		90
Distribution Information		91
Management of the Trust		92
Privacy Policy		95
Liquidity Risk Management Program		97

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.

Market Insights

Dear Shareholder,

This annual report covers the 12-month reporting period ended June 30, 2023 (the “reporting period”). On the subsequent pages, you will find details regarding investment results and a discussion of certain factors that affected performance during the reporting period.

Amid elevated inflation in many countries during the reporting period, the global economy faced challenges from higher interest rates, tighter credit conditions stemming from the turmoil in the banking sector (especially in the United States (“U.S.”)), and geopolitical concerns. While the U.S. economy showed signs of resilience, some European economies experienced slower growth over the reporting period.

Continued central bank efforts to combat inflation

While inflation remained elevated over the reporting period, many central banks raised interest rates to rein in rising prices. The U.S. Federal Reserve (the “Fed”) raised the federal funds rate at 10 consecutive meetings, beginning in March 2022 through May 2023. In June 2023, the Fed then paused from raising rates in order to “assess additional information and its implications for monetary policy.” Meanwhile, the Bank of England and European Central Bank raised interest rates for the 13^th and eighth consecutive time, respectively, as of June 2023. In contrast, the Bank of Japan maintained its accommodative monetary policy stance.

Mixed financial market returns

The yield on the benchmark 10-year U.S. Treasury rose over the reporting period, as did 10-year bond yields in most other developed market countries. The overall global credit bond market delivered positive total returns. Higher-rated global bonds underperformed lower-rated bonds. Global equities rallied, while commodity prices were volatile and produced mixed returns. The U.S. dollar weakened against the euro and the British pound, but appreciated against the Japanese yen.

Amid evolving conditions, we will continue to work diligently to navigate global markets and manage the assets that you have entrusted with us. We encourage you to speak with your financial advisor about your goals, and visit global.pimco.com for our latest insights.

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

Total Returns of Certain Asset Classes for the Period Ended June 30, 2023
Asset Class (as measured by, currency)	12-Month
U.S. large cap equities (S&P 500 Index, USD)	19.59%
Global equities (MSCI World Index, USD)	18.51%
European equities (MSCI Europe Index, EUR)	16.72%
Emerging market equities (MSCI Emerging Markets Index, EUR)	1.75%
Japanese equities (Nikkei 225 Index, JPY)	28.61%
Emerging market local bonds (JPMorgan Government Bond Index-Emerging Markets Global Diversified Index, USD Unhedged)	11.38%
Emerging market external debt (JPMorgan Emerging Markets Bond Index (EMBI) Global, USD Hedged)	6.85%
Below investment grade bonds (ICE BofAML Developed Markets High Yield Constrained Index, USD Hedged)	9.48%
Global investment grade credit bonds (Bloomberg Global Aggregate Credit Index, USD Hedged)	1.36%
Fixed-rate, local currency government debt of investment grade countries (Bloomberg Global Treasury Index, USD Hedged)	0.07%

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.

Statements concerning financial market trends are based on current market conditions, which will fluctuate. There is no guarantee that these investment strategies will work under all market conditions or are appropriate for all investors and each investor should evaluate their ability to invest for the long-term, especially during periods of downturn in the market. Outlook and strategies are subject to change without notice.

2 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.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that have provided material aid to Russia’s aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures have had and may continue to have an adverse effect on the Russian, Belarusian and other securities and economies, which may, in turn, negatively impact a Fund. The extent, duration and impact of Russia’s military action in

ANNUAL REPORT JUNE 30, 2023 3

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

Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European, and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, a Fund may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause a Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that a Fund may no longer seek to hold. PIMCO will continue to actively manage these positions in the best interests of a Fund and its shareholders.

The Fund may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate (“LIBOR”). LIBOR was traditionally 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. Although the transition process away from LIBOR for many instruments has been completed, some LIBOR use is continuing and there are potential effects related to the transition away from LIBOR or continued use of LIBOR on the Fund, or on certain instruments in which the Fund invests, which can be difficult to ascertain, and may vary depending on factors that include, but are not limited to: (i) existing fallback or termination provisions in individual contracts and (ii) whether, how, and when industry participants adopt new reference rates for affected instruments. The transition of investments from LIBOR to a replacement rate as a result of amendment, application of existing fallbacks, statutory requirements or otherwise 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. In addition, an instrument’s transition to a replacement rate could result in variations in the reported yields of the Fund that holds such instrument. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Fund.

U.S. and global markets recently have experienced increased volatility, including as a result of the recent failures of certain U.S. and non-U.S. banks, which could be harmful to the Funds and issuers in which they invest. For example, if a bank at which a Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which a Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Funds invest remain solvent, continued volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Conditions in the banking sector are evolving, and the scope of any potential impacts to the Funds and issuers, both from market conditions and also potential legislative or regulatory responses, are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings, including those of U.S. and non-U.S. banks. Continued market volatility and uncertainty and/or a downturn in market and economic and financial

4 PIMCO EQUITY SERIES

conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

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 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

ANNUAL REPORT JUNE 30, 2023 5

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

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 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.

SEC rules allow 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. 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 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, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Fund to use derivatives and reverse repurchase

6 PIMCO EQUITY SERIES

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. The rule went into effect on February 19, 2021. The compliance date for the new rule and related reporting requirements was August 19, 2022.

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 Investment Company Act of 1940 (the “Act”), and the SEC noted that this definition will apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022.

In May 2022, the SEC proposed amendments to a current rule governing fund naming conventions. In general, the current rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The proposed amendments would expand the scope of the current rule in a number of ways that would result in an expansion of the types of fund names that would require the fund to adopt an 80% investment policy under the rule. Additionally, the proposed amendments would modify the circumstances under which a fund may deviate from its 80% investment policy and address the use and valuation of derivatives instruments for purposes of the rule. The proposal’s impact on the Fund will not be known unless and until any final rulemaking is adopted.

In May 2022, the SEC proposed a framework that would require certain registered portfolios (such as the Fund) to disclose their environmental, social, and governance (“ESG”) investing practices. Among other things, the proposed requirements would mandate that funds meeting three pre-defined classifications (i.e., integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the fund. The proposal’s impact on the Fund will not be known unless and until any final rulemaking is adopted.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund (“ETF”) shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments are effective as of January 24, 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading.

In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to mitigate dilution of shareholders’ interests in a fund by requiring the adjustment of fund net asset value per share to pass on costs stemming from shareholder purchase or redemption activity. In addition the proposed rule would amend the liquidity rule framework. The proposal’s impact on the Fund will not be known unless and until any final rulemaking is adopted.

In November 2022, the SEC adopted amendments to Form N-PX under the Act to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The

ANNUAL REPORT JUNE 30, 2023 7

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

rule amendments will expand the scope of funds’ Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for “Say on Pay” votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N-PX; and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024.

8 PIMCO EQUITY SERIES

PIMCO Dividend and Income Fund

Cumulative Returns Through June 30, 2023

$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, 2023
		1 Year		5 Years		10 Years		Fund Inception (12/14/11)
	PIMCO Dividend and Income Fund Institutional Class		8.81%		4.34%		4.85%		6.10%
	PIMCO Dividend and Income Fund I-2		8.77%		4.24%		4.74%		6.01%
	PIMCO Dividend and Income Fund Class A		8.47%		3.96%		4.47%		5.73%
	PIMCO Dividend and Income Fund Class A (adjusted)		2.49%		2.79%		3.87%		5.22%
	PIMCO Dividend and Income Fund Class C		7.63%		3.20%		3.69%		4.94%
	PIMCO Dividend and Income Fund Class C (adjusted)		6.63%		3.20%		3.69%		4.94%
	MSCI ACWI High Dividend Yield Net USD±ª		7.23%		5.87%		6.20%		7.36%
	50% MSCI ACWI High Dividend Yield Index / 50% Bloomberg US Aggregate Index±±		3.24%		3.57%		4.04%		4.46%¨

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

^¨ Average annual total return since 11/30/2011.

^ª Effective November 1, 2021, the Fund’s primary benchmark is the MSCI ACWI High Dividend Yield Index. The Fund believes that the new primary benchmark better aligns with the Fund’s investment strategy. Prior to November 1, 2021, the Fund’s primary benchmark was the MSCI World Index.

^± MSCI ACWI High Dividend Yield Net USD includes large and mid cap stocks across a group of developed markets and emerging markets countries. The index is designed to include companies with high dividend income and quality characteristics, and that have higher than average dividend yields that are both sustainable and persistent. Securities are screened based on track record of consistent dividend payments with capacity to sustain dividend payouts into the future. Securities are also screened based on certain quality factors such as return on equity, earnings variability, debt to equity, and recent 12-month price performance. Issuer weights are capped at 5%. The index is market cap weighted and rebalanced semi-annually in May and November.

ANNUAL REPORT JUNE 30, 2023 9

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

^±± The MSCI ACWI High Dividend Yield Index includes large and mid cap stocks across a group of developed markets and emerging markets countries. The index is designed to include companies with high dividend income and quality characteristics, and that have higher than average dividend yields that are both sustainable and persistent. Securities are screened based on track record of consistent dividend payments with capacity to sustain dividend payouts into the future. Securities are also screened based on certain quality factors such as return on equity, earnings variability, debt to equity, and recent 12-month price performance. Issuer weights are capped at 5%. The index is market cap weighted and rebalanced semi-annually in May and November. The Bloomberg US Aggregate Index represents securities that are registered with the Securities and Exchange Commission, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis.

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 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, as stated in the Fund’s currently-effective prospectus (as of the date of this report), were 0.70% for Institutional Class shares, 0.80% for I-2 shares, 1.05% for Class A shares and 1.80% for Class C shares. See Financial Highlights for actual expense ratios as of the end of the period covered by this report.

10 PIMCO EQUITY SERIES

PIMCO Dividend and Income Fund (Cont.)

Geographic Breakdown as of June 30, 2023†§
United States	72.2	%
Short-Term Instruments‡	8.9	%
United Kingdom	4.5	%
Japan	4.4	%
Switzerland	3.1	%
France	1.9	%
Other	5.0	%

Sector Breakdown as of June 30, 2023†§
U.S. Government Agencies	19.3	%
Short-Term Instruments‡	8.9	%
Health Care	7.3	%
Non-Agency Mortgage-Backed Securities	7.3	%
Financials	6.9	%
Asset-Backed Securities	6.2	%
Industrials	5.7	%
Consumer Staples	5.5	%
Information Technology	5.1	%
U.S. Treasury Inflation Protected Securities	5.0	%
Real Estate	4.3	%
Materials	3.9	%
U.S. Treasury Notes	2.6	%
Consumer Discretionary	2.5	%
Energy	2.4	%
Banking & Finance	2.1	%
Utilities	1.5	%
Communication Services	1.1	%
Loan Participations and Assignments	1.0	%
Other	1.4	%

^†  % 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, 2023 11

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

Investment Objective and Strategy Overview

PIMCO Dividend and Income Fund seeks to provide current income, 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 35-65% of its assets in equity and equity-related securities (such portion of the Fund’s portfolio, the “Equity Sleeve”) selected in accordance with PIMCO’s systematic equity income strategy. Equity-related securities include securities having an equity component (e.g., hybrids, bank capital, certain real estate investment trusts (“REITs”) and business development companies (“BDCs”)) 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 securities for the Equity Sleeve are selected by PIMCO from a broad universe of global equities. The Fund will also typically invest 35-65% of its assets in “Fixed Income Instruments” of varying maturities selected primarily based on their ability to deliver consistent income, subject to prudent risk management. 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.

Fund Insights

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

Equity Portfolio:

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

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

» Overweight exposure to and security selection within the information technology sector contributed to relative returns, as the sector outperformed the benchmark and the Fund’s holdings within the information technology sector outperformed the benchmark’s holdings within the information technology sector.

» Security selection within the health care sector detracted from relative returns, as the Fund’s holdings within the health care sector underperformed the benchmark’s holdings within the health care sector.

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

» There were no other material detractors for this Fund.

Tactical Portfolio:

» Exposure to the real estate sector detracted from returns, as the sector delivered negative returns.

» There were no material contributors for this Fund.

12 PIMCO EQUITY SERIES

PIMCO Dividend and Income Fund (Cont.)

Fixed Income Portfolio:

» Holdings of high yield corporate credit contributed to performance, as United States (“U.S.”) corporate high yield spreads tightened.

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

» Exposure to a basket of emerging market currencies, including the Mexican peso and Brazilian real, contributed to performance as these currencies appreciated versus the U.S. dollar.

» Exposure to U.S. duration detracted from performance, as interest rates rose across all tenors of the U.S. sovereign curve.

» Holdings of agency mortgage-backed securities (“MBS”) detracted from performance, as the sector posted negative total returns.

» Select holdings of non-agency MBS detracted from performance, as select securities posted negative total returns.

ANNUAL REPORT JUNE 30, 2023 13

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, 2023 to June 30, 2023 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 (01/01/23)		Ending Account Value (06/30/23)		Expenses Paid During Period*		Beginning Account Value (01/01/23)		Ending Account Value (06/30/23)		Expenses Paid During Period*		Net Annualized Expense Ratio**
Institutional Class	$	1,000.00	$	1,046.50	$	4.01	$	1,000.00	$	1,020.88	$	3.96		0.79	%
I-2		1,000.00		1,046.00		4.51		1,000.00		1,020.38		4.46		0.89
Class A		1,000.00		1,044.10		5.78		1,000.00		1,019.14		5.71		1.14
Class C		1,000.00		1,040.50		9.56		1,000.00		1,015.42		9.44		1.89

* 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 181/365 (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.

14 PIMCO EQUITY SERIES

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ANNUAL REPORT JUNE 30, 2023 15

Financial Highlights PIMCO Dividend and Income Fund

				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			Total
Institutional Class
06/30/2023		$	11.35		$	0.46		$	0.51			$	0.97			$	(0.75	)		$	0.00		$	(0.75	)
06/30/2022			12.72			0.47			(1.42	)			(0.95	)			(0.42	)			0.00			(0.42	)
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	)
I-2
06/30/2023			11.37			0.45			0.50				0.95				(0.73	)			0.00			(0.73	)
06/30/2022			12.74			0.48			(1.44	)			(0.96	)			(0.41	)			0.00			(0.41	)
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	)
Class A
06/30/2023			11.33			0.42			0.50				0.92				(0.71	)			0.00			(0.71	)
06/30/2022			12.71			0.43			(1.42	)			(0.99	)			(0.39	)			0.00			(0.39	)
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	)
Class C
06/30/2023			11.32			0.33			0.51				0.84				(0.63	)			0.00			(0.63	)
06/30/2022			12.72			0.34			(1.43	)			(1.09	)			(0.31	)			0.00			(0.31	)
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	)

^ 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.

^(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)  Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund. Additionally, excludes initial sales charges and contingent deferred sales charges.

^(e)  Effective November 1, 2021, the Fund’s Investment advisory fee was decreased by 0.01% to an annual rate of 0.44%.

^(f)  Effective November 1, 2021, the Class’s Supervisory and Administrative fees was decreased by 0.05% to an annual rate of 0.25%.

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

^(h)  Effective November 1, 2021, the Class’s Supervisory and Administrative fees was decreased by 0.05% to an annual rate of 0.35%.

16 PIMCO EQUITY SERIES See Accompanying Notes

						Ratios/Supplemental Data
									Ratios to Average Net Assets
Net Asset Value End of Year(a)			Total Return(d)			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
	$	11.57		8.81	%		$	18,032		0.75	%		0.76	%		0.69	%		0.70	%		4.05	%		344	%
		11.35		(7.76	)			12,660		0.71	(e)(f)		0.72	(e)(f)		0.71	(e)(f)		0.72	(e)(f)		3.80			254
		12.72		36.27				32,512		0.79	(g)		0.80	(g)		0.77	(g)		0.78	(g)		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
		11.59		8.68				15,876		0.85			0.86			0.79			0.80			3.88			344
		11.37		(7.78	)			17,950		0.81	(e)(h)		0.82	(e)(h)		0.81	(e)(h)		0.82	(e)(h)		3.83			254
		12.74		36.19				19,919		0.89	(g)		0.90	(g)		0.87	(g)		0.88	(g)		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
		11.54		8.37				122,269		1.10			1.11			1.04			1.05			3.65			344
		11.33		(8.08	)			120,215		1.06	(e)(h)		1.07	(e)(h)		1.06	(e)(h)		1.07	(e)(h)		3.47			254
		12.71		35.89				136,346		1.14	(g)		1.15	(g)		1.12	(g)		1.13	(g)		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		7.63				13,403		1.85			1.86			1.79			1.80			2.88			344
		11.32		(8.76	)			15,021		1.81	(e)(h)		1.82	(e)(h)		1.81	(e)(h)		1.82	(e)(h)		2.73			254
		12.72		34.82				18,882		1.89	(g)		1.90	(g)		1.87	(g)		1.88	(g)		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

ANNUAL REPORT JUNE 30, 2023 17

Statement of Asset and Liabilities PIMCO Dividend and Income Fund

(Amounts in thousands†, except per share amounts)
Assets:
Investments, at value
Investments in securities*	$	191,535
Investments in Affiliates		13,363
Financial Derivative Instruments
Exchange-traded or centrally cleared		188
Over the counter		407
Cash		56
Deposits with counterparty		1,970
Foreign currency, at value		365
Receivable for investments sold		912
Receivable for investments sold on a delayed-delivery basis		17
Receivable for TBA investments sold		59,062
Receivable for Fund shares sold		254
Interest and/or dividends receivable		1,360
Dividends receivable from Affiliates		59
Reimbursement receivable from PIMCO		1
Total Assets		269,549
Liabilities:
Financial Derivative Instruments
Exchange-traded or centrally cleared	$	197
Over the counter		449
Payable for investments purchased		119
Payable for investments in Affiliates purchased		59
Payable for TBA investments purchased		98,620
Payable for Fund shares redeemed		372
Accrued investment advisory fees		64
Accrued supervisory and administrative fees		50
Accrued distribution fees		9
Accrued servicing fees		29
Accrued reimbursement to PIMCO		1
Total Liabilities		99,969
Net Assets	$	169,580
Net Assets Consist of:
Paid in capital	$	259,612
Distributable earnings (accumulated loss)		(90,032	)
Net Assets	$	169,580
Cost of investments in securities	$	191,929
Cost of investments in Affiliates	$	13,347
Cost of foreign currency held	$	370
Cost or premiums of financial derivative instruments, net	$	(720	)
* Includes repurchase agreements of:	$	1,383

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

18 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

Net Assets:
Institutional Class	$	18,032
I-2		15,876
Class A		122,269
Class C		13,403
Shares Issued and Outstanding:
Institutional Class		1,559
I-2		1,370
Class A		10,594
Class C		1,163
Net Asset Value Per Share Outstanding(a):
Institutional Class	$	11.57
I-2		11.59
Class A		11.54
Class C		11.53

^(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, 2023 19

Statement of Operations PIMCO Dividend and Income Fund

Year Ended June 30, 2023
(Amounts in thousands†)
Investment Income:
Interest	$	3,080
Dividends, net of foreign taxes*		4,235
Dividends from Investments in Affiliates		549
Miscellaneous income		7
Total Income		7,871
Expenses:
Investment advisory fees		727
Supervisory and administrative fees		565
Distribution and/or servicing fees - Class A		301
Distribution and/or servicing fees - Class C		147
Trustee fees		13
Interest expense		100
Miscellaneous expense		11
Total Expenses		1,864
Waiver and/or Reimbursement by PIMCO		(10	)
Net Expenses		1,854
Net Investment Income (Loss)		6,017
Net Realized Gain (Loss):
Investments in securities		(6,475	)
Investments in Affiliates		3
Exchange-traded or centrally cleared financial derivative instruments		1,655
Over the counter financial derivative instruments		835
Foreign currency		(56	)
Net Realized Gain (Loss)		(4,038	)
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		10,702
Investments in Affiliates		23
Exchange-traded or centrally cleared financial derivative instruments		293
Over the counter financial derivative instruments		221
Foreign currency assets and liabilities		24
Net Change in Unrealized Appreciation (Depreciation)		11,263
Net Increase (Decrease) in Net Assets Resulting from Operations	$	13,242
* Foreign tax withholdings - Dividends	$	235

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

20 PIMCO EQUITY SERIES See Accompanying Notes

Statements of Changes in Net Assets PIMCO Dividend and Income Fund

(Amounts in thousands†)	Year Ended June 30, 2023			Year Ended June 30, 2022
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	6,017		$	6,725
Net realized gain (loss)		(4,038	)		19,233
Net change in unrealized appreciation (depreciation)		11,263			(41,207	)
Net Increase (Decrease) in Net Assets Resulting from Operations		13,242			(15,249	)
Distributions to Shareholders:
From net investment income and/or net realized capital gains
Institutional Class		(909	)		(894	)
I-2		(1,004	)		(566	)
Class A		(7,378	)		(4,051	)
Class C		(820	)		(414	)
Total Distributions(a)		(10,111	)		(5,925	)
Fund Share Transactions:
Net increase (decrease) resulting from Fund share transactions*		603			(20,639	)
Total Increase (Decrease) in Net Assets		3,734			(41,813	)
Net Assets:
Beginning of year		165,846			207,659
End of year	$	169,580		$	165,846

^† 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.

ANNUAL REPORT JUNE 30, 2023 21

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 112.9%
ASSET-BACKED SECURITIES 7.4%
CAYMAN ISLANDS 0.1%
TruPS Financials Note Securitization Ltd.
7.080% due 09/20/2039 •	$		225	$		215
Total Cayman Islands						215
UNITED STATES 7.3%
Bear Stearns Asset-Backed Securities Trust
5.240% due 12/25/2034 •			889			861
Citigroup Mortgage Loan Trust
5.780% due 02/25/2035 •			994			908
Credit Suisse First Boston Mortgage Securities Corp.
4.599% due 01/25/2032 •			450			429
EMC Mortgage Loan Trust
6.450% due 02/25/2041 «•			21			20
FBR Securitization Trust
5.855% due 11/25/2035 •			764			744
Home Equity Asset Trust
5.855% due 01/25/2036 •			126			120
LCCM Trust
6.711% due 11/15/2038 •			1,000			989
Morgan Stanley Home Equity Loan Trust
5.250% due 12/25/2036 •			1,359			659
Navient Student Loan Trust
6.200% due 12/27/2066 •			386			382
Option One Mortgage Loan Trust
5.370% due 04/25/2037 •			1,909			1,361
Pagaya AI Debt Selection Trust
7.600% due 12/16/2030			396			397
Residential Asset Mortgage Products Trust
6.215% due 05/25/2035 •			1,000			936
Residential Asset Securities Corp. Trust
5.609% due 01/25/2034 •			284			282
SLM Private Credit Student Loan Trust
5.882% due 06/15/2039 •			826			794
SMB Private Education Loan Trust
6.517% due 02/16/2055 •			729			723
Soundview Home Loan Trust
5.555% due 12/25/2036 •			931			904
6.150% due 09/25/2037 •			1,873			1,273
Structured Asset Investment Loan Trust
5.300% due 09/25/2036 •			401			387
Upstart Securitization Trust
1.310% due 11/20/2031			249			243
Total United States						12,412
Total Asset-Backed Securities (Cost $13,607)						12,627

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
LOAN PARTICIPATIONS AND ASSIGNMENTS 1.2%
LUXEMBOURG 0.0%
Intelsat Jackson Holdings SA
9.443% due 02/01/2029	$		51	$		52
Total Luxembourg						52
PANAMA 0.3%
Carnival Corp.
8.217% due 06/30/2025			393			393
Total Panama						393
UNITED KINGDOM 0.2%
Softbank Vision Fund
5.000% due 12/21/2025 «			371			347
Total United Kingdom						347
UNITED STATES 0.7%
AmSurg LLC
0.500% - 11.000% (PRIME + 2.750%) due 07/20/2026 «~			108			108
Emerald TopCo, Inc.
8.584% due 07/24/2026			3			3
Envision Healthcare Corp.
16.070% due 04/29/2027			370			441
16.695% due 04/28/2028 «			151			112
Lealand Finance Co. BV
8.217% due 06/28/2024			1			1
Lealand Finance Co. BV (6.193% Cash and 3.000% PIK)
9.193% (LIBOR01M + 1.000%) due 06/30/2025 ~(a)			3			2
PUG LLC
8.717% (LIBOR01M + 3.500%) due 02/12/2027 ~			4			4
Sotera Health Holdings LLC
8.023% (LIBOR03M + 2.750%) due 12/11/2026 ~			525			518
Syniverse Holdings, Inc.
12.242% due 05/13/2027			8			7
U.S. Renal Care, Inc.
10.193% (LIBOR01M + 5.000%) due 06/26/2026 ~			16			7
Westmoreland Mining Holdings LLC
8.000% due 03/15/2029			5			3
Total United States						1,206
Total Loan Participations and Assignments (Cost $2,100)						1,998

22 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

	SHARES			MARKET VALUE (000S)
COMMON STOCKS 46.9%
AUSTRALIA 2.2%
CONSUMER STAPLES 0.1%
Coles Group Ltd.		10,502	$		129
MATERIALS 2.1%
BHP Group Ltd.		77,890			2,341
Fortescue Metals Group Ltd.		42,400			629
Rio Tinto Ltd.		9,294			712
					3,682
Total Australia					3,811
AUSTRIA 0.2%
FINANCIALS 0.2%
Erste Group Bank AG		8,598			302
Total Austria					302
BELGIUM 0.1%
FINANCIALS 0.1%
Ageas SA		5,217			212
Total Belgium					212
BRAZIL 1.1%
CONSUMER STAPLES 0.2%
Ambev SA		117,700			379
ENERGY 0.4%
Petroleo Brasileiro SA		93,100			644
FINANCIALS 0.2%
Banco do Brasil SA		21,300			220
BB Seguridade Participacoes SA		17,300			111
					331
MATERIALS 0.3%
Vale SA		36,200			485
Total Brazil					1,839

	SHARES			MARKET VALUE (000S)
CANADA 0.2%
FINANCIALS 0.2%
Manulife Financial Corp.		17,897	$		338
Total Canada					338
CHILE 0.1%
FINANCIALS 0.1%
Banco de Chile		1,137,357			119
Total Chile					119
CHINA 1.6%
ENERGY 0.2%
China Shenhua Energy Co. Ltd. ‘H’		83,000			254
Yankuang Energy Group Co. Ltd. ‘H’		38,000			109
					363
FINANCIALS 1.1%
China Construction Bank Corp. ‘H’		2,404,000			1,556
China Pacific Insurance Group Co. Ltd. ‘A’		66,000			171
PICC Property & Casualty Co. Ltd. ‘H’		172,000			192
					1,919
INDUSTRIALS 0.2%
CITIC Ltd.		144,000			173
COSCO SHIPPING Holdings Co. Ltd. ‘H’		81,000			73
					246
INFORMATION TECHNOLOGY 0.1%
Lenovo Group Ltd.		182,000			191
Total China					2,719
CZECH REPUBLIC 0.1%
UTILITIES 0.1%
CEZ AS		4,426			183
Total Czech Republic					183

See Accompanying Notes ANNUAL REPORT JUNE 30, 2023 23

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

	SHARES			MARKET VALUE (000S)
DENMARK 0.1%
INDUSTRIALS 0.1%
AP Moller - Maersk AS		77	$		134
Total Denmark					134
FRANCE 1.8%
FINANCIALS 0.9%
Amundi SA		1,733			102
AXA SA		45,876			1,356
					1,458
INDUSTRIALS 0.7%
Eiffage SA		1,838			192
Thales SA		2,628			394
Vinci SA		5,424			630
					1,216
UTILITIES 0.2%
Engie SA		21,217			353
Total France					3,027
GERMANY 0.4%
INDUSTRIALS 0.2%
GEA Group AG		3,777			158
Siemens AG		757			126
					284
MATERIALS 0.2%
BASF SE		2,198			107
HeidelbergCement AG		3,621			298
					405
Total Germany					689
GREECE 0.1%
CONSUMER DISCRETIONARY 0.1%
OPAP SA		6,554			114
Total Greece					114

	SHARES			MARKET VALUE (000S)
INDONESIA 0.4%
COMMUNICATION SERVICES 0.2%
Telkom Indonesia Persero Tbk PT		1,158,000	$		309
FINANCIALS 0.1%
Bank Mandiri Persero Tbk PT		334,300			116
INDUSTRIALS 0.1%
Astra International Tbk PT		500,300			226
Total Indonesia					651
IRELAND 0.6%
MATERIALS 0.6%
CRH PLC		18,295			1,009
Total Ireland					1,009
ITALY 1.1%
FINANCIALS 0.6%
Assicurazioni Generali SpA		25,345			515
Intesa Sanpaolo SpA		74,434			195
Mediobanca SpA		13,804			165
Poste Italiane SpA		12,422			135
					1,010
UTILITIES 0.5%
Enel SpA		66,253			447
Snam SpA		49,677			259
Terna - Rete Elettrica Nazionale		17,898			153
					859
Total Italy					1,869
JAPAN 2.8%
COMMUNICATION SERVICES 0.3%
Nintendo Co. Ltd.		12,900			588
CONSUMER DISCRETIONARY 0.5%
Honda Motor Co. Ltd.		23,000			697
Mazda Motor Corp.		13,500			130
					827

24 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

	SHARES			MARKET VALUE (000S)
CONSUMER STAPLES 0.6%
Japan Tobacco, Inc.		30,000	$		657
Kao Corp.		2,900			105
MEIJI Holdings Co. Ltd.		5,500			123
Suntory Beverage & Food Ltd.		3,400			124
					1,009
HEALTH CARE 0.5%
Astellas Pharma, Inc.		29,100			434
Chugai Pharmaceutical Co. Ltd.		13,100			373
					807
INDUSTRIALS 0.9%
Fuji Electric Co. Ltd.		3,100			136
ITOCHU Corp.		14,700			584
Mitsubishi Corp.		14,000			677
Mitsui & Co. Ltd.		4,100			155
					1,552
Total Japan					4,783
LUXEMBOURG 0.1%
FINANCIALS 0.1%
Intelsat Emergence SA «(c)(h)		2,886			67
INDUSTRIALS 0.0%
Drillco Holding Lux SA «(c)		2,200			42
Total Luxembourg					109
MEXICO 0.1%
CONSUMER DISCRETIONARY 0.0%
Desarrolladora Homex SAB de CV (c)		41,996			0
CONSUMER STAPLES 0.1%
Arca Continental SAB de CV		13,100			135
MATERIALS 0.0%
Grupo Mexico SAB de CV		24,700			119
Total Mexico					254

	SHARES			MARKET VALUE (000S)
NETHERLANDS 1.0%
CONSUMER DISCRETIONARY 0.6%
Stellantis NV		56,250	$		989
FINANCIALS 0.1%
NN Group NV		6,270			232
INFORMATION TECHNOLOGY 0.3%
NXP Semiconductors NV		2,494			511
Total Netherlands					1,732
NORWAY 0.3%
ENERGY 0.2%
Equinor ASA		12,944			377
MATERIALS 0.1%
Yara International ASA		4,096			145
Total Norway					522
POLAND 0.1%
FINANCIALS 0.1%
Powszechny Zaklad Ubezpieczen SA		14,344			139
Total Poland					139
PORTUGAL 0.1%
CONSUMER STAPLES 0.1%
Jeronimo Martins SGPS SA		6,903			190
Total Portugal					190
SOUTH AFRICA 0.4%
FINANCIALS 0.3%
Absa Group Ltd.		21,210			189
FirstRand Ltd.		125,816			459
					648
MATERIALS 0.1%
Sibanye Stillwater Ltd.		69,278			107
Total South Africa					755

See Accompanying Notes ANNUAL REPORT JUNE 30, 2023 25

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

	SHARES			MARKET VALUE (000S)
SOUTH KOREA 0.3%
CONSUMER DISCRETIONARY 0.2%
Kia Corp.		6,590	$		444
FINANCIALS 0.1%
Samsung Fire & Marine Insurance Co. Ltd.		769			134
Total South Korea					578
SPAIN 1.4%
CONSUMER DISCRETIONARY 0.5%
Industria de Diseno Textil SA		24,883			965
FINANCIALS 0.7%
Banco Bilbao Vizcaya Argentaria SA		150,792			1,159
UTILITIES 0.2%
Enagas SA		6,093			120
Redeia Corp. SA		10,140			170
					290
Total Spain					2,414
SWEDEN 0.2%
INDUSTRIALS 0.2%
SKF AB ‘B’		6,409			112
Volvo AB ‘B’		7,810			161
					273
Total Sweden					273
SWITZERLAND 3.1%
CONSUMER DISCRETIONARY 0.1%
Garmin Ltd.		1,871			195
CONSUMER STAPLES 0.1%
Coca-Cola HBC AG		5,092			152
HEALTH CARE 2.3%
Novartis AG		18,747			1,890
Roche Holding AG		6,428			1,964
					3,854

	SHARES			MARKET VALUE (000S)
INFORMATION TECHNOLOGY 0.0%
STMicroelectronics NV		1,105	$		55
MATERIALS 0.6%
Holcim AG		13,863			934
Total Switzerland					5,190
TAIWAN 1.4%
INFORMATION TECHNOLOGY 1.4%
ASE Technology Holding Co. Ltd.		76,000			270
Largan Precision Co. Ltd.		2,000			137
Lite-On Technology Corp.		49,000			163
MediaTek, Inc.		38,000			841
Novatek Microelectronics Corp.		14,000			192
Realtek Semiconductor Corp.		11,000			137
Unimicron Technology Corp.		23,000			131
United Microelectronics Corp.		281,000			442
					2,313
Total Taiwan					2,313
TURKEY 0.1%
CONSUMER STAPLES 0.0%
BIM Birlesik Magazalar AS		14,039			92
ENERGY 0.1%
Turkiye Petrol Rafinerileri AS		34,151			104
Total Turkey					196
UNITED KINGDOM 2.5%
CONSUMER STAPLES 0.6%
British American Tobacco PLC		3,291			109
Unilever PLC		18,696			974
					1,083
FINANCIALS 0.4%
3i Group PLC		24,324			603
HEALTH CARE 0.5%
GSK PLC		43,015			762

26 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 0.5%
BAE Systems PLC		76,309	$		900
MATERIALS 0.5%
Rio Tinto PLC		14,004			890
Total United Kingdom					4,238
UNITED STATES 22.9%
COMMUNICATION SERVICES 0.8%
AT&T, Inc.		14,762			235
Clear Channel Outdoor Holdings, Inc. (c)		29,821			41
Electronic Arts, Inc.		3,196			415
iHeartMedia, Inc. ‘A’ (c)		6,979			25
iHeartMedia, Inc. ‘B’ «(c)		5,486			18
Verizon Communications, Inc.		15,751			586
					1,320
CONSUMER DISCRETIONARY 0.8%
Advance Auto Parts, Inc.		1,148			81
Best Buy Co., Inc.		1,319			108
Darden Restaurants, Inc.		3,024			505
eBay, Inc.		2,523			113
Genuine Parts Co.		763			129
LKQ Corp.		6,392			372
					1,308
CONSUMER STAPLES 4.8%
Altria Group, Inc.		44,661			2,023
Coca-Cola Co.		39,670			2,389
Kimberly-Clark Corp.		8,438			1,165
PepsiCo, Inc.		1,070			198
Philip Morris International, Inc.		7,202			703
Procter & Gamble Co.		11,199			1,700
					8,178
ENERGY 1.6%
Exxon Mobil Corp.		1,545			166
HF Sinclair Corp.		3,713			166
Marathon Petroleum Corp.		11,042			1,287
Valero Energy Corp.		9,198			1,079
					2,698

	SHARES			MARKET VALUE (000S)
FINANCIALS 3.0%
Aflac, Inc.		14,530	$		1,014
American Financial Group, Inc.		1,810			215
American International Group, Inc.		18,345			1,056
Ameriprise Financial, Inc.		2,629			873
Hartford Financial Services Group, Inc.		7,811			562
KeyCorp		23,125			214
MetLife, Inc.		2,015			114
PNC Financial Services Group, Inc.		751			95
Principal Financial Group, Inc.		6,075			461
State Street Corp.		1,688			123
Synchrony Financial		10,713			363
					5,090
HEALTH CARE 5.7%
AbbVie, Inc.		12,769			1,721
Amgen, Inc.		6,995			1,553
Bristol-Myers Squibb Co.		1,676			107
Gilead Sciences, Inc.		7,909			610
Johnson & Johnson		17,709			2,931
Merck & Co., Inc.		8,995			1,038
Pfizer, Inc.		44,720			1,640
					9,600
INDUSTRIALS 1.9%
3M Co.		12,044			1,206
Caterpillar, Inc.		543			134
General Dynamics Corp.		559			120
Lockheed Martin Corp.		1,189			547
Neiman Marcus Group Ltd. LLC «(c)(h)		1,124			171
PACCAR, Inc.		13,066			1,093
Textron, Inc.		306			21
Westmoreland Mining Holdings «(h)		52			0
Westmoreland Mining Holdings «		53			0
					3,292
INFORMATION TECHNOLOGY 4.3%
Apple, Inc.		4,187			812
Broadcom, Inc.		2,785			2,416

See Accompanying Notes ANNUAL REPORT JUNE 30, 2023 27

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

		SHARES			MARKET VALUE (000S)
Cisco Systems, Inc.			51,338	$		2,656
Microchip Technology, Inc.			7,208			646
Microsoft Corp.			1,948			663
NetApp, Inc.			2,267			173
						7,366
Total United States						38,852
Total Common Stocks (Cost $74,314)						79,554
		PRINCIPAL AMOUNT (000S)
CORPORATE BONDS & NOTES 5.5%
BERMUDA 0.0%
INDUSTRIALS 0.0%
Valaris Ltd.
8.375% due 04/30/2030	$		2			2
Total Bermuda						2
BRAZIL 0.0%
INDUSTRIALS 0.0%
Odebrecht Oil & Gas Finance Ltd.
0.000% due 07/31/2023 (e)(g)			46			0
Total Brazil						0
CAYMAN ISLANDS 0.0%
BANKING & FINANCE 0.0%
Park Aerospace Holdings Ltd.
5.500% due 02/15/2024			3			3
Total Cayman Islands						3
FRANCE 0.5%
BANKING & FINANCE 0.5%
Societe Generale SA
6.446% due 01/10/2029 •			400			401
6.691% due 01/10/2034 •			400			408
						809
Total France						809
GERMANY 0.1%
BANKING & FINANCE 0.1%
Deutsche Bank AG
3.547% due 09/18/2031 •			200			166
Total Germany						166

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
IRELAND 0.2%
INDUSTRIALS 0.2%
Russian Railways Via RZD Capital PLC
7.487% due 03/25/2031 ^(b)	GBP		300	$		296
Total Ireland						296
ITALY 0.2%
BANKING & FINANCE 0.2%
UniCredit SpA
7.830% due 12/04/2023	$		370			372
Total Italy						372
JAPAN 0.4%
INDUSTRIALS 0.4%
Nissan Motor Co. Ltd.
4.810% due 09/17/2030			868			762
Total Japan						762
LUXEMBOURG 0.1%
BANKING & FINANCE 0.0%
FORESEA Holding SA
7.500% due 06/15/2030 «			27			24
INDUSTRIALS 0.1%
Intelsat Jackson Holdings SA
6.500% due 03/15/2030			208			190
Total Luxembourg						214
PERU 0.0%
BANKING & FINANCE 0.0%
Banco de Credito del Peru SA
4.650% due 09/17/2024	PEN		100			27
Total Peru						27
SWITZERLAND 0.7%
BANKING & FINANCE 0.7%
UBS Group AG
5.959% due 01/12/2034 •	$		637			634
3.091% due 05/14/2032 •			673			545
						1,179
Total Switzerland						1,179

28 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
UNITED KINGDOM 1.1%
BANKING & FINANCE 0.9%
Barclays PLC
7.437% due 11/02/2033 •	$		700	$		758
HSBC Holdings PLC
5.402% due 08/11/2033 •			800			782
						1,540
INDUSTRIALS 0.2%
Market Bidco Finco PLC
4.750% due 11/04/2027	EUR		100			88
Marston’s Issuer PLC
7.135% (SONIO/N + 2.669%) due 07/16/2035 ~	GBP		200			189
Mitchells & Butlers Finance PLC
5.451% (BP0003M + 0.450%) due 12/15/2030 ~			78			92
						369
Total United Kingdom						1,909
UNITED STATES 2.2%
BANKING & FINANCE 0.2%
Credit Suisse AG AT1 Claim ^	$		365			14
EPR Properties
4.950% due 04/15/2028			2			2
4.750% due 12/15/2026			2			2
GLP Capital LP
5.250% due 06/01/2025			3			3
5.300% due 01/15/2029			19			18
VICI Properties LP
4.625% due 06/15/2025			237			229
						268
INDUSTRIALS 1.2%
American Airlines Pass-Through Trust
3.350% due 04/15/2031			7			7
Carvana Co.
5.500% due 04/15/2027			230			154
10.250% due 05/01/2030			200			158
Community Health Systems, Inc.
8.000% due 03/15/2026			184			179
CVS Pass-Through Trust
8.353% due 07/10/2031			368			396
DISH DBS Corp.
5.250% due 12/01/2026			490			394
Energy Transfer LP
4.950% due 05/15/2028			4			4

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
Exela Intermediate LLC
11.500% due 07/15/2026	$		12	$		1
Prime Healthcare Services, Inc.
7.250% due 11/01/2025			408			387
RegionalCare Hospital Partners Holdings, Inc.
9.750% due 12/01/2026			230			193
Topaz Solar Farms LLC
5.750% due 09/30/2039			66			65
4.875% due 09/30/2039			9			8
U.S. Renal Care, Inc.
10.625% due 07/15/2027			6			2
						1,948
UTILITIES 0.8%
Pacific Gas & Electric Co.
3.750% due 08/15/2042			2			1
4.500% due 12/15/2041			2			2
3.400% due 08/15/2024			35			34
4.000% due 12/01/2046			2			1
3.300% due 03/15/2027			20			18
4.250% due 03/15/2046			4			3
3.750% due 07/01/2028			110			99
4.950% due 07/01/2050			805			633
3.250% due 06/01/2031			559			455
4.200% due 03/01/2029			200			180
Sprint LLC
7.625% due 03/01/2026			7			7
						1,433
Total United States						3,649
VENEZUELA 0.0%
INDUSTRIALS 0.0%
Petroleos de Venezuela SA
6.000% due 11/15/2026 ^(b)			300			10
6.000% due 05/16/2024 ^(b)			20			1
9.750% due 05/17/2035 ^(b)			20			1
						12
Total Venezuela						12
Total Corporate Bonds & Notes (Cost $10,597)						9,400
NON-AGENCY MORTGAGE-BACKED SECURITIES 8.8%
IRELAND 0.4%
Kinbane DAC
4.263% due 09/25/2062 ~	EUR		594			643
Total Ireland						643

See Accompanying Notes ANNUAL REPORT JUNE 30, 2023 29

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
UNITED KINGDOM 1.5%
Bridgepoint CLO DAC
6.716% due 10/16/2062 •	GBP		1,330	$		1,687
Eurosail PLC
5.690% due 09/13/2045 •			289			362
5.940% due 06/13/2045 •			336			422
Grifonas Finance PLC
3.513% due 08/28/2039 •	EUR		177			184
Total United Kingdom						2,655
UNITED STATES 6.9%
Banc of America Alternative Loan Trust
6.000% due 07/25/2046 ^	$		41			35
Banc of America Funding Trust
3.969% due 05/20/2036 ^«~			5			5
Banc of America Mortgage Trust
3.610% due 11/20/2046 ^~			3			3
6.000% due 10/25/2036 ^«			9			7
Bear Stearns Mortgage Funding Trust
7.500% due 08/25/2036 þ			9			9
Benchmark Mortgage Trust
3.626% due 09/15/2048 ~			865			726
Chase Mortgage Finance Trust
3.500% due 06/25/2062			1,689			1,516
3.801% due 09/25/2036 ^«~			19			16
CIM Trust
5.000% due 05/25/2062			1,569			1,520
Countrywide Alternative Loan Trust
6.000% due 06/25/2036 ^«			80			44
6.000% due 02/25/2037 ^			49			20
6.250% due 12/25/2036 ^•			20			9
Countrywide Home Loan Mortgage Pass-Through Trust
5.650% due 07/25/2037 ^«•			14			4
Credit Suisse First Boston Mortgage Securities Corp.
6.000% due 01/25/2036 ^			28			18
Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates
6.000% due 11/25/2035 ^			309			90
Credit Suisse Mortgage Capital Certificates
2.796% due 12/29/2037 ~			106			59
Credit Suisse Mortgage Capital Trust
3.904% due 04/25/2062			1,531			1,407
DBGS Mortgage Trust
7.844% due 10/15/2036 •			900			748
First Horizon Alternative Mortgage Securities Trust
5.549% due 06/25/2036 ^~			117			92
HSI Asset Loan Obligation Trust
6.000% due 06/25/2037 ^			2			2

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
JP Morgan Alternative Loan Trust
5.843% due 05/26/2037 ~	$		39	$		29
JP Morgan Chase Commercial Mortgage Securities Trust
7.709% due 11/15/2038 •			967			941
JP Morgan Mortgage Trust
6.500% due 07/25/2036 ^			76			31
Legacy Mortgage Asset Trust
6.928% due 01/28/2070 •			148			148
Merrill Lynch Mortgage Investors Trust
3.738% due 03/25/2036 ^~			9			5
MFA Trust
4.400% due 03/25/2068			1,591			1,503
Morgan Stanley Capital Trust
7.143% due 07/15/2035 •			977			954
OBX Trust
6.000% due 04/25/2048 •			18			18
Residential Accredit Loans, Inc. Trust
5.500% due 03/25/2037 ^			213			164
5.950% due 10/25/2045 •			45			38
6.250% due 03/25/2037 ^			19			14
Structured Adjustable Rate Mortgage Loan Trust
4.082% due 10/25/2036 ^~			1,192			692
Wells Fargo Alternative Loan Trust
5.134% due 07/25/2037 ^~			414			374
Wells Fargo Commercial Mortgage Trust
3.412% due 09/15/2058			455			443
Total United States						11,684
Total Non-Agency Mortgage-Backed Securities (Cost $15,701)						14,982
MUNICIPAL BONDS & NOTES 0.0%
ILLINOIS 0.0%
Illinois State General Obligation Bonds, (BABs), Series 2010
6.630% due 02/01/2035			14			14
State of Illinois
7.350% due 07/01/2035			5			5
Total Illinois						19
PUERTO RICO 0.0%
Commonwealth of Puerto Rico Bonds, Series 2022
0.000% due 11/01/2043			42			21
Puerto Rico Electric Power Authority Revenue Bonds, (BABs), Series 2010
6.125% due 07/01/2040 ^(b)			100			38
Total Puerto Rico						59
Total Municipal Bonds & Notes (Cost $74)						78

30 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

	SHARES			MARKET VALUE (000S)
PREFERRED STOCKS 0.8%
BRAZIL 0.4%
ENERGY 0.4%
Petroleo Brasileiro SA		119,100	$		735
Total Brazil					735
CHILE 0.2%
MATERIALS 0.2%
Sociedad Quimica y Minera de Chile SA		3,568			260
Total Chile					260
GERMANY 0.1%
CONSUMER DISCRETIONARY 0.1%
Bayerische Motoren Werke AG		1,485			169
Total Germany					169
UNITED KINGDOM 0.1%
FINANCIALS 0.1%
Nationwide Building Society
10.250% ~		1,130			165
Total United Kingdom					165
Total Preferred Stocks (Cost $1,343)					1,329
REAL ESTATE INVESTMENT TRUSTS 5.2%
UNITED STATES 5.2%
REAL ESTATE 5.2%
Apartment Income REIT Corp.		12,575			454
Apple Hospitality REIT, Inc.		32,517			491
Boston Properties, Inc.		6,117			352
CareTrust REIT, Inc.		10,527			209
CBL & Associates Properties, Inc.		39			1
Cousins Properties, Inc.		9,712			222
Digital Realty Trust, Inc.		4,353			496
EPR Properties		9,193			430
Equity Residential		3,795			250
Gaming & Leisure Properties, Inc.		13,502			654
Healthcare Realty Trust, Inc.		21,278			401
Healthpeak Properties, Inc.		16,178			325
Highwoods Properties, Inc.		11,132			266

		SHARES			MARKET VALUE (000S)
Kilroy Realty Corp.			8,386	$		252
Macerich Co.			18,561			209
National Storage Affiliates Trust			12,780			445
Park Hotels & Resorts, Inc.			36,305			466
Physicians Realty Trust			11,666			163
Simon Property Group, Inc.			6,476			748
Spirit Realty Capital, Inc.			9,407			371
Uniti Group, Inc.			28			0
VICI Properties, Inc.			36,355			1,143
WP Carey, Inc.			5,916			400
						8,748
Total Real Estate Investment Trusts (Cost $9,098)						8,748
RIGHTS 0.0%
LUXEMBOURG 0.0%
FINANCIALS 0.0%
Intelsat Jackson Holdings SA «(c)			348			2
Total Rights (Cost $0)						2
		PRINCIPAL AMOUNT (000S)
SOVEREIGN ISSUES 0.8%
ARGENTINA 0.3%
Argentina Government International Bond
0.500% due 07/09/2030 þ	$		299			93
1.000% due 07/09/2029			31			10
1.500% due 07/09/2035 þ			373			109
3.500% due 07/09/2041 þ			196			63
3.875% due 01/09/2038 þ			269			95
15.500% due 10/17/2026	ARS		1,226			1
Autonomous City of Buenos Aires
95.317% (BADLARPP + 3.250%) due 03/29/2024 ~			3,481			7
Provincia de Buenos Aires
88.734% due 04/12/2025			389			1
Total Argentina						379
PERU 0.0%
Peru Government International Bond
6.150% due 08/12/2032	PEN		4			1
6.900% due 08/12/2037			5			1
6.950% due 08/12/2031			2			1
Total Peru						3

See Accompanying Notes ANNUAL REPORT JUNE 30, 2023 31

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

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
SOUTH AFRICA 0.3%
South Africa Government International Bond
10.500% due 12/21/2026	ZAR		9,600	$		530
Total South Africa						530
TURKEY 0.2%
Turkey Government International Bond
4.250% due 03/13/2025	$		200			187
5.250% due 03/13/2030			200			165
Total Turkey						352
VENEZUELA 0.0%
Venezuela Government International Bond
7.000% due 03/31/2038 ^(b)			2			0
7.650% due 04/21/2025 ^(b)			3			0
9.250% due 09/15/2027 ^(b)			44			4
Total Venezuela						4
Total Sovereign Issues (Cost $1,800)						1,268
U.S. GOVERNMENT AGENCIES 23.3%
UNITED STATES 23.3%
Fannie Mae
3.000% due 05/01/2052			114			101
4.000% due 10/01/2042			1			1
Fannie Mae, TBA
5.500% due 09/01/2053			3,300			3,284
6.000% due 08/01/2053			6,400			6,455
6.500% due 07/01/2053 - 08/01/2053			3,900			3,981
Freddie Mac
3.000% due 05/01/2052			185			163
4.000% due 08/01/2042 - 09/01/2042			69			65
Ginnie Mae, TBA
3.500% due 08/01/2053			100			92
4.500% due 08/01/2053			300			290
5.000% due 07/01/2053			300			295
Uniform Mortgage-Backed Security
3.000% due 11/01/2029 - 03/01/2050			50			45
3.500% due 02/01/2050			30			28
4.000% due 08/01/2042 - 09/01/2042			34			33
Uniform Mortgage-Backed Security, TBA
3.000% due 08/01/2053			5,100			4,496
3.500% due 08/01/2053			4,000			3,649
4.000% due 08/01/2053			8,500			7,984
4.500% due 08/01/2053			5,100			4,906
5.000% due 09/01/2053			3,600			3,530

		PRINCIPAL AMOUNT (000S)			MARKET VALUE (000S)
5.500% due 08/01/2053	$		100	$		99
Total U.S. Government Agencies (Cost $39,649)						39,497
U.S. TREASURY OBLIGATIONS 10.1%
UNITED STATES 10.1%
U.S. Treasury Bonds
2.875% due 11/15/2046			600			495
3.000% due 02/15/2049			1,133			959
U.S. Treasury Inflation Protected Securities (f)
0.125% due 07/15/2024			2,019			1,958
0.125% due 10/15/2024 (k)			1,514			1,460
0.125% due 04/15/2025			264			251
0.125% due 07/15/2030			331			297
0.125% due 07/15/2031			2,411			2,139
0.125% due 02/15/2051			350			233
0.250% due 01/15/2025			352			338
0.250% due 07/15/2029 (k)			852			778
0.375% due 01/15/2027			40			38
0.375% due 07/15/2027			12			12
0.500% due 04/15/2024			974			951
0.625% due 01/15/2024			468			460
0.625% due 07/15/2032			627			576
0.750% due 07/15/2028			254			241
0.875% due 01/15/2029			417			395
1.000% due 02/15/2048			123			106
1.000% due 02/15/2049			121			104
U.S. Treasury Notes
0.500% due 10/31/2027			100			85
0.625% due 11/30/2027			550			471
0.625% due 12/31/2027			220			188
0.750% due 01/31/2028			110			94
2.375% due 03/31/2029			2,800			2,557
2.750% due 08/15/2032			1,100			1,009
2.875% due 05/15/2032			100			93
4.000% due 10/31/2029			800			798
Total U.S. Treasury Obligations (Cost $18,518)						17,086
		SHARES
WARRANTS 0.0%
LUXEMBOURG 0.0%
FINANCIALS 0.0%
Intelsat Emergence SA - Exp. 02/17/2027 «			132			0
Intelsat Jackson Holdings SA - Exp. 12/05/2025 «			296			2
						2
Total Luxembourg						2

32 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

		SHARES			MARKET VALUE (000S)
UNITED STATES 0.0%
INFORMATION TECHNOLOGY 0.0%
Windstream Holdings LLC - Exp. 9/21/2055 «			40	$		1
Total United States						1
Total Warrants (Cost $53)						3
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 2.9%
REPURCHASE AGREEMENTS (i) 0.8%
						1,383
ARGENTINA TREASURY BILLS 0.0%
(17.081)% due 10/18/2023 - 11/23/2023 (d)(e)	ARS		20,050			45
JAPAN TREASURY BILLS 2.1%
(0.187)% due 07/18/2023 - 09/25/2023 (d)(e)	JPY		510,000			3,535
Total Short-Term Instruments (Cost $5,075)						4,963
Total Investments in Securities (Cost $191,929)						191,535

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 7.9%
SHORT-TERM INSTRUMENTS 7.9%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.9%
PIMCO Short-Term Floating NAV Portfolio III		1,374,404	$		13,363
Total Short-Term Instruments (Cost $13,347)					13,363
Total Investments in Affiliates (Cost $13,347)					13,363
Total Investments 120.8% (Cost $205,276)			$		204,898
Financial Derivative Instruments (j)(l) (0.0)% (Cost or Premiums, net $(720))					(51	)
Other Assets and Liabilities, net (20.8)%					(35,267	)
Net Assets 100.0%			$		169,580

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.

(a) Payment in-kind security.

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

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

(d) Coupon represents a yield to maturity.

(e) Zero coupon security.

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

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

See Accompanying Notes ANNUAL REPORT JUNE 30, 2023 33

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

(h)  RESTRICTED SECURITIES:

Issuer Description	Acquisition Date		Cost		Market Value		Market Value as Percentage of Net Assets
Intelsat Emergence SA		06/19/2017 - 02/23/2022	$	208	$	67		0.04	%
Neiman Marcus Group Ltd. LLC		09/25/2020		36		171		0.10
Westmoreland Mining Holdings		03/26/2019		0		0		0.00
			$	244	$	238		0.14	%

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(i)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received(1)
FICC		2.400	%		06/30/2023		07/03/2023	$	1,383	U.S. Treasury Notes 4.625% due 06/30/2025	$	(1,411	)	$	1,383	$	1,383
Total Repurchase Agreements											$	(1,411	)	$	1,383	$	1,383

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, 2023:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/ (Received)			Net Exposure(2)
Global/Master Repurchase Agreement
FICC	$	1,383	$	0	$	0	$	1,383	$	(1,411	)	$	(28	)
Total Borrowings and Other Financing Transactions	$	1,383	$	0	$	0

⁽¹⁾ Includes accrued interest.

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

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

WRITTEN OPTIONS:

OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

Description	Strike Price		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Put - CBOT U.S. Treasury 10-Year Note August 2023 Futures	$	111.500		07/21/2023		1	$	1	$	0		$	0
Call - CBOT U.S. Treasury 10-Year Note August 2023 Futures		115.500		07/21/2023		1		1		0			0
Call - CME 3-Month SOFR Active Contract December 2023 Futures		96.063		12/15/2023		2		5		(4	)		(1	)

34 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

Description	Strike Price		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Put - CME 3-Month SOFR Active Contract December 2023 Futures	$	96.063		12/15/2023		2	$	5	$	(4	)	$	(7	)
Call - CME 3-Month SOFR Active Contract December 2023 Futures		96.125		12/15/2023		2		5		(4	)		0
Put - CME 3-Month SOFR Active Contract December 2023 Futures		96.125		12/15/2023		2		5		(4	)		(8	)
Call - CME 3-Month SOFR Active Contract December 2023 Futures		96.375		12/15/2023		3		8		(6	)		(1	)
Put - CME 3-Month SOFR Active Contract December 2023 Futures		96.375		12/15/2023		3		8		(6	)		(13	)
Put - CME 3-Month SOFR Active Contract December 2023 Futures		96.500		12/15/2023		2		5		(2	)		(10	)
Call - CME 3-Month SOFR Active Contract December 2023 Futures		98.000		12/15/2023		2		5		(2	)		0
Call - CME 3-Month SOFR Active Contract September 2023 Futures		96.000		09/15/2023		2		5		(3	)		0
Put - CME 3-Month SOFR Active Contract September 2023 Futures		96.000		09/15/2023		2		5		(4	)		(7	)
Call - CME 3-Month SOFR Active Contract September 2023 Futures		96.188		09/15/2023		3		8		(6	)		0
Put - CME 3-Month SOFR Active Contract September 2023 Futures		96.188		09/15/2023		3		8		(6	)		(12	)
Total Written Options									$	(51	)	$	(59	)

FUTURES CONTRACTS:

LONG FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount		Unrealized Appreciation/ (Depreciation)			Variation Margin
										Asset		Liability
U.S. Treasury 2-Year Note September Futures		09/2023		1	$	203	$	(3	)	$	0	$	0
U.S. Treasury 5-Year Note September Futures		09/2023		4		428		(9	)		0		0
U.S. Treasury 10-Year Note September Futures		09/2023		117		13,135		(201	)		17		0
							$	(213	)	$	17	$	0

SHORT FUTURES CONTRACTS

Description	Expiration Month		# of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)			Variation Margin
											Asset		Liability
3-Month SOFR Active Contract December Futures		03/2024		5	$	(1,183	)	$	34		$	0	$	(1	)
3-Month SOFR Active Contract December Futures		03/2025		1		(240	)		5			0		0
3-Month SOFR Active Contract December Futures		03/2026		1		(241	)		3			0		0
3-Month SOFR Active Contract June Futures		09/2024		2		(476	)		12			0		0
3-Month SOFR Active Contract June Futures		09/2025		2		(482	)		7			0		0
3-Month SOFR Active Contract March Futures		06/2024		3		(712	)		19			0		0
3-Month SOFR Active Contract March Futures		06/2025		1		(241	)		4			0		0
3-Month SOFR Active Contract March Futures		06/2026		1		(241	)		3			0		0
3-Month SOFR Active Contract September Futures		12/2024		2		(478	)		10			0		0
3-Month SOFR Active Contract September Futures		12/2025		1		(241	)		4			0		0
Australia Government 10-Year Bond September Futures		09/2023		18		(1,393	)		7			17		0
U.S. Treasury Long-Term Bond September Futures		09/2023		9		(1,142	)		1			0		(7	)
U.S. Treasury Ultra 10-Year Note September Futures		09/2023		24		(2,843	)		35			0		(7	)
U.S. Treasury Ultra Long-Term Bond September Futures		09/2023		4		(545	)		(5	)		0		(5	)
								$	139		$	17	$	(20	)
Total Futures Contracts								$	(74	)	$	34	$	(20	)

See Accompanying Notes ANNUAL REPORT JUNE 30, 2023 35

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

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, 2023(2)			Notional Amount(3)		Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)			Market Value(4)		Variation Margin
																			Asset		Liability
Boeing Co.		1.000	%	Quarterly		12/20/2023		0.378	%	$	200	$	2	$	(1	)	$	1	$	0	$	0
Ford Motor Co.		5.000		Quarterly		06/20/2027		2.375			200		24		(6	)		18		0		0
Ford Motor Credit Co. LLC		5.000		Quarterly		06/20/2026		1.729			600		52		2			54		0		0
Verizon Communications, Inc.		1.000		Quarterly		06/20/2026		0.740			500		11		(7	)		4		1		0
												$	89	$	(12	)	$	77	$	1	$	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-36 5-Year Index		1.000	%	Quarterly		12/20/2026	$	736	$	(29	)	$	11	$	(18	)	$	2	$	0
CDX.EM-39 5-Year Index		1.000		Quarterly		06/20/2028		400		(29	)		10		(19	)		1		0
CDX.IG-40 5-Year Index		1.000		Quarterly		06/20/2028		2,300		20			15		35			3		0
CDX.HY-40 5-Year Index		5.000		Quarterly		06/20/2028		8,600		14			242		256			64		0
									$	(24	)	$	278	$	254		$	70	$	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		3.500	%	Annual		09/20/2033	GBP	1,200	$	10		$	87		$	97		$	10	$	0
Pay	1-Day JPY-MUTKCALM Compounded-OIS		0.176		Annual		04/27/2027	JPY	30,000		0			0			0			0		0
Receive	1-Day JPY-MUTKCALM Compounded-OIS		0.020		Semi-Annual		09/20/2028		210,000		4			22			26			1		0
Receive	1-Day JPY-MUTKCALM Compounded-OIS		0.000		Semi-Annual		03/15/2029		641,000		46			44			90			3		0
Receive	1-Day JPY-MUTKCALM Compounded-OIS		0.400		Annual		06/15/2032		150,000		2			10			12			1		0
Receive	1-Day JPY-MUTKCALM Compounded-OIS		0.500		Annual		03/15/2042		90,000		26			21			47			2		0
Receive	1-Day JPY-MUTKCALM Compounded-OIS		0.711		Annual		04/27/2042		10,000		0			3			3			0		0
Receive	1-Day USD-SOFR Compounded-OIS		0.000		Quarterly		07/04/2023	$	100		0			1			1			0		0
Receive	1-Day USD-SOFR Compounded-OIS		0.000		Quarterly		07/18/2023		100		0			1			1			0		0
Receive	1-Day USD-SOFR Compounded-OIS		0.000		Quarterly		08/02/2023		100		0			1			1			0		0
Receive	1-Day USD-SOFR Compounded-OIS		0.000		Quarterly		08/04/2023		10,300		0			145			145			5		0
Receive	1-Day USD-SOFR Compounded-OIS		0.000		Quarterly		09/06/2023		400		0			6			6			0		0
Pay	1-Day USD-SOFR Compounded-OIS		0.000		Quarterly		09/16/2023		3,700		0			(54	)		(54	)		0		(2	)
Pay	1-Day USD-SOFR Compounded-OIS		0.000		Quarterly		09/20/2023		4,900		0			(70	)		(70	)		0		(2	)
Pay	1-Day USD-SOFR Compounded-OIS		1.270		Semi-Annual		11/04/2023		10,300		(26	)		(201	)		(227	)		0		(3	)
Pay(5)	1-Day USD-SOFR Compounded-OIS		1.088		Maturity		02/03/2024		200		0			(5	)		(5	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		1.700		Semi-Annual		03/06/2024		400		0			(10	)		(10	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		5.100		Annual		05/22/2024		27,940		(44	)		(31	)		(75	)		8		0
Pay	1-Day USD-SOFR Compounded-OIS		5.400		Annual		06/06/2024		16,380		(10	)		15			5			5		0
Pay	1-Day USD-SOFR Compounded-OIS		3.950		Annual		06/20/2024		600		(3	)		(5	)		(8	)		0		0

36 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

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-Day USD-SOFR Compounded-OIS		4.040	%	Annual		06/20/2024	$	300	$	(2	)	$	(2	)	$	(4	)	$	0	$	0
Pay	1-Day USD-SOFR Compounded-OIS		4.060		Annual		06/20/2024		1,400		(7	)		(11	)		(18	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		4.140		Annual		06/22/2024		800		(4	)		(6	)		(10	)		0		0
Receive(5)	1-Day USD-SOFR Compounded-OIS		2.500		Semi-Annual		12/18/2024		3,100		(113	)		217			104			0		(1	)
Receive(5)	1-Day USD-SOFR Compounded-OIS		2.450		Annual		12/20/2024		3,200		0			76			76			0		(1	)
Receive(5)	1-Day USD-SOFR Compounded-OIS		2.350		Annual		01/17/2025		1,600		0			38			38			0		(1	)
Pay	1-Day USD-SOFR Compounded-OIS		4.500		Annual		05/22/2025		14,420		(42	)		(62	)		(104	)		3		0
Pay	1-Day USD-SOFR Compounded-OIS		4.900		Annual		06/06/2025		8,480		12			(4	)		8			2		0
Receive(5)	1-Day USD-SOFR Compounded-OIS		1.600		Annual		01/16/2026		1,200		15			44			59			0		0
Receive(5)	1-Day USD-SOFR Compounded-OIS		2.300		Annual		01/17/2026		1,000		0			37			37			0		0
Receive(5)	1-Day USD-SOFR Compounded-OIS		0.928		Semi-Annual		05/06/2026		100		0			9			9			0		0
Receive(5)	1-Day USD-SOFR Compounded-OIS		0.940		Semi-Annual		06/08/2026		100		0			9			9			0		0
Receive	1-Day USD-SOFR Compounded-OIS		0.500		Semi-Annual		06/16/2026		1,000		9			107			116			1		0
Receive(5)	1-Day USD-SOFR Compounded-OIS		3.000		Semi-Annual		06/19/2026		2,300		(188	)		279			91			0		(1	)
Receive	1-Day USD-SOFR Compounded-OIS		3.500		Annual		06/21/2026		170		1			3			4			0		0
Receive(5)	1-Day USD-SOFR Compounded-OIS		1.250		Semi-Annual		12/15/2026		100		(2	)		11			9			0		0
Receive	1-Day USD-SOFR Compounded-OIS		1.740		Semi-Annual		12/16/2026		100		(5	)		14			9			0		0
Pay	1-Day USD-SOFR Compounded-OIS		1.380		Semi-Annual		01/04/2027		100		0			(11	)		(11	)		0		0
Pay(5)	1-Day USD-SOFR Compounded-OIS		1.570		Semi-Annual		01/11/2027		200		0			(19	)		(19	)		0		0
Pay(5)	1-Day USD-SOFR Compounded-OIS		1.425		Semi-Annual		01/18/2027		100		0			(10	)		(10	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		1.443		Semi-Annual		01/18/2027		100		0			(10	)		(10	)		0		0
Receive(5)	1-Day USD-SOFR Compounded-OIS		1.350		Semi-Annual		01/20/2027		500		0			50			50			0		0
Pay(5)	1-Day USD-SOFR Compounded-OIS		1.550		Semi-Annual		01/20/2027		2,400		(6	)		(218	)		(224	)		1		0
Pay(5)	1-Day USD-SOFR Compounded-OIS		1.580		Semi-Annual		02/16/2027		200		0			(18	)		(18	)		0		0
Receive(5)	1-Day USD-SOFR Compounded-OIS		1.450		Semi-Annual		02/17/2027		1,200		0			113			113			0		(1	)
Pay(5)	1-Day USD-SOFR Compounded-OIS		1.700		Semi-Annual		02/17/2027		4,900		(13	)		(411	)		(424	)		3		0
Pay	1-Day USD-SOFR Compounded-OIS		1.928		Annual		03/25/2027		200		0			(17	)		(17	)		0		0
Receive	1-Day USD-SOFR Compounded-OIS		1.000		Annual		06/15/2027		200		8			15			23			0		0
Pay	1-Day USD-SOFR Compounded-OIS		2.850		Annual		08/30/2027		200		(1	)		(10	)		(11	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		2.900		Annual		10/04/2027		900		(7	)		(43	)		(50	)		0		0
Receive	1-Day USD-SOFR Compounded-OIS		2.000		Annual		12/21/2027		200		14			5			19			0		0
Pay	1-Day USD-SOFR Compounded-OIS		3.800		Annual		03/10/2028		100		0			(1	)		(1	)		0		0
Pay(5)	1-Day USD-SOFR Compounded-OIS		1.280		Semi-Annual		03/24/2028		400		0			(46	)		(46	)		0		0
Receive(5)	1-Day USD-SOFR Compounded-OIS		1.235		Semi-Annual		05/12/2028		100		0			12			12			0		0
Pay(5)	1-Day USD-SOFR Compounded-OIS		0.500		Semi-Annual		06/16/2028		1,610		(67	)		(179	)		(246	)		1		0
Receive	1-Day USD-SOFR Compounded-OIS		2.250		Semi-Annual		06/20/2028		4,900		(419	)		848			429			0		(1	)
Receive	1-Day USD-SOFR Compounded-OIS		3.250		Annual		06/21/2028		2,110		2			62			64			0		(1	)
Pay(5)	1-Day USD-SOFR Compounded-OIS		1.265		Semi-Annual		09/28/2028		100		0			(12	)		(12	)		0		0
Pay(5)	1-Day USD-SOFR Compounded-OIS		1.500		Semi-Annual		12/15/2028		422		9			(59	)		(50	)		0		0
Receive(5)	1-Day USD-SOFR Compounded-OIS		1.379		Semi-Annual		12/22/2028		100		0			12			12			0		0
Receive(5)	1-Day USD-SOFR Compounded-OIS		1.500		Semi-Annual		01/12/2029		55		0			7			7			0		0
Pay(5)	1-Day USD-SOFR Compounded-OIS		1.700		Semi-Annual		01/12/2029		200		(1	)		(22	)		(23	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		1.000		Annual		06/15/2029		220		(9	)		(24	)		(33	)		0		0
Receive	1-Day USD-SOFR Compounded-OIS		1.000		Annual		06/15/2029		310		18			28			46			0		0
Receive	1-Day USD-SOFR Compounded-OIS		1.750		Annual		06/15/2029		282		16			15			31			0		0
Receive(5)	1-Day USD-SOFR Compounded-OIS		2.000		Semi-Annual		12/10/2029		100		(9	)		20			11			0		0
Receive(5)	1-Day USD-SOFR Compounded-OIS		1.500		Semi-Annual		12/18/2029		200		(11	)		38			27			0		0
Receive	1-Day USD-SOFR Compounded-OIS		2.000		Annual		12/21/2029		1,370		120			35			155			0		(1	)
Receive(5)	1-Day USD-SOFR Compounded-OIS		1.750		Semi-Annual		01/15/2030		300		(22	)		60			38			0		0
Receive(5)	1-Day USD-SOFR Compounded-OIS		2.000		Semi-Annual		02/12/2030		200		(18	)		40			22			0		0
Pay	1-Day USD-SOFR Compounded-OIS		3.470		Annual		02/22/2030		100		0			(2	)		(2	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		3.340		Annual		02/23/2030		200		(1	)		(5	)		(6	)		0		0
Receive(5)	1-Day USD-SOFR Compounded-OIS		2.000		Semi-Annual		03/10/2030		100		(9	)		20			11			0		0
Receive(5)	1-Day USD-SOFR Compounded-OIS		1.250		Semi-Annual		06/17/2030		2,400		(96	)		468			372			0		(3	)
Receive	1-Day USD-SOFR Compounded-OIS		3.000		Annual		06/21/2030		2,460		35			71			106			0		(3	)
Pay	1-Day USD-SOFR Compounded-OIS		3.500		Annual		06/22/2030		200		(1	)		(2	)		(3	)		0		0
Receive(5)	1-Day USD-SOFR Compounded-OIS		1.000		Semi-Annual		12/16/2030		127		0			23			23			0		0
Receive	1-Day USD-SOFR Compounded-OIS		0.750		Semi-Annual		06/16/2031		2,600		174			390			564			0		(3	)
Pay(5)	1-Day USD-SOFR Compounded-OIS		0.750		Semi-Annual		06/16/2031		663		(49	)		(86	)		(135	)		1		0
Receive(5)	1-Day USD-SOFR Compounded-OIS		1.450		Semi-Annual		07/16/2031		100		0			17			17			0		0
Receive(5)	1-Day USD-SOFR Compounded-OIS		1.370		Semi-Annual		07/19/2031		100		0			17			17			0		0
Receive(5)	1-Day USD-SOFR Compounded-OIS		1.360		Semi-Annual		07/20/2031		100		0			17			17			0		0

See Accompanying Notes ANNUAL REPORT JUNE 30, 2023 37

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
Receive(5)	1-Day USD-SOFR Compounded-OIS		1.405	%	Semi-Annual		09/07/2031	$	100	$	0		$	17		$	17		$	0	$	0
Pay(5)	1-Day USD-SOFR Compounded-OIS		1.500		Semi-Annual		10/05/2031		100		0			(17	)		(17	)		0		0
Pay(5)	1-Day USD-SOFR Compounded-OIS		1.535		Semi-Annual		10/15/2031		100		0			(16	)		(16	)		0		0
Pay(5)	1-Day USD-SOFR Compounded-OIS		1.545		Semi-Annual		10/26/2031		100		0			(16	)		(16	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		1.768		Semi-Annual		02/02/2032		100		0			(16	)		(16	)		0		0
Pay(5)	1-Day USD-SOFR Compounded-OIS		2.000		Semi-Annual		02/18/2032		200		(1	)		(25	)		(26	)		1		0
Pay	1-Day USD-SOFR Compounded-OIS		1.817		Annual		04/05/2032		400		(2	)		(54	)		(56	)		1		0
Pay	1-Day USD-SOFR Compounded-OIS		1.872		Annual		04/06/2032		200		(1	)		(26	)		(27	)		1		0
Pay	1-Day USD-SOFR Compounded-OIS		1.250		Annual		06/15/2032		210		(21	)		(16	)		(37	)		1		0
Pay	1-Day USD-SOFR Compounded-OIS		1.750		Annual		06/15/2032		280		(23	)		(16	)		(39	)		1		0
Receive	1-Day USD-SOFR Compounded-OIS		1.750		Annual		06/15/2032		399		35			21			56			0		(1	)
Receive	1-Day USD-SOFR Compounded-OIS		2.000		Annual		12/21/2032		2,100		246			46			292			0		(4	)
Pay	1-Day USD-SOFR Compounded-OIS		3.430		Annual		02/27/2033		100		0			(2	)		(2	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		3.370		Annual		03/01/2033		100		0			(2	)		(2	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		3.405		Annual		03/01/2033		100		0			(2	)		(2	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		3.425		Annual		03/01/2033		100		0			(2	)		(2	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		3.300		Annual		03/06/2033		100		0			(3	)		(3	)		0		0
Pay	1-Day USD-SOFR Compounded-OIS		3.450		Annual		03/07/2033		100		0			(1	)		(1	)		0		0
Receive	1-Day USD-SOFR Compounded-OIS		3.500		Annual		05/22/2033		6,420		63			(19	)		44			0		(17	)
Receive	1-Day USD-SOFR Compounded-OIS		3.700		Annual		06/06/2033		3,870		(31	)		(10	)		(41	)		0		(10	)
Pay	1-Day USD-SOFR Compounded-OIS		3.300		Annual		06/14/2033		200		(1	)		(3	)		(4	)		1		0
Receive	1-Day USD-SOFR Compounded-OIS		3.000		Annual		06/21/2033		725		10			24			34			0		(2	)
Pay	1-Day USD-SOFR Compounded-OIS		3.500		Annual		06/21/2033		100		0			(1	)		(1	)		0		0
Receive(5)	1-Day USD-SOFR Compounded-OIS		1.910		Semi-Annual		10/17/2049		100		(22	)		50			28			0		(1	)
Receive(5)	1-Day USD-SOFR Compounded-OIS		1.895		Semi-Annual		10/18/2049		100		(21	)		49			28			0		(1	)
Receive(5)	1-Day USD-SOFR Compounded-OIS		2.250		Semi-Annual		12/11/2049		900		(269	)		463			194			0		(7	)
Receive(5)	1-Day USD-SOFR Compounded-OIS		2.000		Semi-Annual		01/15/2050		100		(24	)		50			26			0		(1	)
Receive(5)	1-Day USD-SOFR Compounded-OIS		1.625		Semi-Annual		01/16/2050		100		(15	)		48			33			0		(1	)
Receive(5)	1-Day USD-SOFR Compounded-OIS		1.750		Semi-Annual		01/22/2050		500		(89	)		242			153			0		(4	)
Receive(5)	1-Day USD-SOFR Compounded-OIS		1.625		Semi-Annual		02/03/2050		300		(44	)		142			98			0		(2	)
Receive(5)	1-Day USD-SOFR Compounded-OIS		2.250		Semi-Annual		03/12/2050		600		(183	)		313			130			0		(5	)
Receive(5)	1-Day USD-SOFR Compounded-OIS		1.250		Semi-Annual		12/16/2050		400		38			118			156			0		(3	)
Pay(5)	1-Day USD-SOFR Compounded-OIS		1.491		Semi-Annual		01/21/2051		100		(1	)		(35	)		(36	)		1		0
Pay(5)	1-Day USD-SOFR Compounded-OIS		1.590		Semi-Annual		02/09/2051		900		(7	)		(296	)		(303	)		7		0
Receive(5)	1-Day USD-SOFR Compounded-OIS		1.785		Semi-Annual		08/12/2051		100		(1	)		31			30			0		(1	)
Pay	1-Year BRL-CDI		11.140		Maturity		01/02/2025	BRL	100		0			0			0			0		0
Pay	1-Year BRL-CDI		11.160		Maturity		01/02/2025		100		0			0			0			0		0
Pay	1-Year BRL-CDI		11.350		Maturity		01/02/2025		100		0			0			0			0		0
Pay	1-Year BRL-CDI		12.000		Maturity		01/02/2025		200		0			0			0			0		0
Pay	1-Year BRL-CDI		12.080		Maturity		01/02/2025		300		0			0			0			0		0
Pay	1-Year BRL-CDI		12.140		Maturity		01/02/2025		200		0			0			0			0		0
Pay	1-Year BRL-CDI		12.145		Maturity		01/02/2025		200		0			0			0			0		0
Pay	1-Year BRL-CDI		12.160		Maturity		01/02/2025		300		0			0			0			0		0
Pay	1-Year BRL-CDI		11.220		Maturity		01/04/2027		100		0			0			0			0		0
Pay	1-Year BRL-CDI		11.260		Maturity		01/04/2027		100		0			0			0			0		0
Pay	1-Year BRL-CDI		11.715		Maturity		01/04/2027		100		0			1			1			0		0
Pay	1-Year BRL-CDI		11.870		Maturity		01/04/2027		300		0			2			2			0		0
Pay	3-Month USD-LIBOR		0.000		Quarterly		07/04/2023	$	100		0			(1	)		(1	)		0		0
Pay	3-Month USD-LIBOR		1.500		Maturity		07/05/2023		100		0			(1	)		(1	)		1		0
Pay	3-Month USD-LIBOR		1.570		Semi-Annual		07/11/2023		200		0			(1	)		(1	)		0		0
Receive	3-Month USD-LIBOR		1.500		Semi-Annual		07/12/2023		55		0			0			0			0		0
Pay	3-Month USD-LIBOR		1.700		Semi-Annual		07/12/2023		200		0			(1	)		(1	)		0		0
Pay	3-Month USD-LIBOR		1.535		Maturity		07/15/2023		100		0			(1	)		(1	)		1		0
Receive	3-Month USD-LIBOR		1.750		Semi-Annual		07/15/2023		300		0			1			1			0		0
Receive	3-Month USD-LIBOR		2.000		Semi-Annual		07/15/2023		100		0			0			0			0		0
Receive	3-Month USD-LIBOR		1.450		Semi-Annual		07/16/2023		100		0			1			1			0		0
Receive	3-Month USD-LIBOR		1.625		Semi-Annual		07/16/2023		100		0			1			1			0		0
Receive	3-Month USD-LIBOR		1.910		Maturity		07/17/2023		100		0			1			1			0		(1	)
Pay	3-Month USD-LIBOR		0.000		Quarterly		07/18/2023		100		0			(1	)		(1	)		0		0
Pay	3-Month USD-LIBOR		1.425		Semi-Annual		07/18/2023		100		0			(1	)		(1	)		0		0
Receive	3-Month USD-LIBOR		1.895		Maturity		07/18/2023		100		0			1			1			0		(1	)
Receive	3-Month USD-LIBOR		1.370		Semi-Annual		07/19/2023		100		0			1			1			0		0
Receive	3-Month USD-LIBOR		1.350		Semi-Annual		07/20/2023		500		0			3			3			0		0

38 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

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	3-Month USD-LIBOR		1.360	%	Semi-Annual		07/20/2023	$	100	$	0		$	1		$	1		$	0	$	0
Pay	3-Month USD-LIBOR		1.550		Semi-Annual		07/20/2023		2,400		0			(14	)		(14	)		0		(1	)
Pay	3-Month USD-LIBOR		1.491		Semi-Annual		07/21/2023		100		0			(1	)		(1	)		0		0
Receive	3-Month USD-LIBOR		1.750		Semi-Annual		07/22/2023		500		0			2			2			0		0
Pay	3-Month USD-LIBOR		1.545		Semi-Annual		07/26/2023		100		0			(1	)		(1	)		0		0
Pay	3-Month USD-LIBOR		0.000		Quarterly		08/02/2023		100		0			(1	)		(1	)		0		0
Pay	3-Month USD-LIBOR		1.088		Semi-Annual		08/03/2023		200		0			(2	)		(2	)		0		0
Receive	3-Month USD-LIBOR		1.625		Semi-Annual		08/03/2023		300		0			2			2			0		0
Pay	3-Month USD-LIBOR		0.000		Quarterly		08/04/2023		10,300		0			(144	)		(144	)		0		(5	)
Receive	3-Month USD-LIBOR		0.928		Semi-Annual		08/06/2023		100		0			1			1			0		0
Pay	3-Month USD-LIBOR		1.590		Semi-Annual		08/09/2023		900		0			(5	)		(5	)		0		0
Receive	3-Month USD-LIBOR		1.235		Semi-Annual		08/12/2023		100		0			1			1			0		0
Receive	3-Month USD-LIBOR		1.785		Semi-Annual		08/12/2023		100		0			1			1			0		0
Receive	3-Month USD-LIBOR		2.000		Semi-Annual		08/12/2023		200		0			1			1			0		0
Pay	3-Month USD-LIBOR		1.580		Semi-Annual		08/16/2023		200		0			(1	)		(1	)		0		0
Receive	3-Month USD-LIBOR		1.450		Semi-Annual		08/17/2023		1,200		0			8			8			1		0
Pay	3-Month USD-LIBOR		1.700		Semi-Annual		08/17/2023		4,900		0			(26	)		(26	)		0		(2	)
Pay	3-Month USD-LIBOR		2.000		Semi-Annual		08/18/2023		200		0			(1	)		(1	)		0		0
Pay	3-Month USD-LIBOR		0.000		Quarterly		09/06/2023		400		0			(6	)		(6	)		0		0
Receive	3-Month USD-LIBOR		1.405		Semi-Annual		09/07/2023		100		0			1			1			0		0
Receive	3-Month USD-LIBOR		0.940		Semi-Annual		09/08/2023		100		0			1			1			0		0
Receive	3-Month USD-LIBOR		2.000		Semi-Annual		09/10/2023		200		0			1			1			0		0
Receive	3-Month USD-LIBOR		2.250		Semi-Annual		09/11/2023		900		0			8			8			0		0
Receive	3-Month USD-LIBOR		2.250		Semi-Annual		09/12/2023		600		0			2			2			0		0
Receive	3-Month USD-LIBOR		1.250		Semi-Annual		09/15/2023		100		0			1			1			0		0
Pay	3-Month USD-LIBOR		1.500		Semi-Annual		09/15/2023		422		0			(4	)		(4	)		0		0
Receive	3-Month USD-LIBOR		0.000		Quarterly		09/16/2023		3,700		0			54			54			2		0
Pay	3-Month USD-LIBOR		0.500		Semi-Annual		09/16/2023		1,610		0			(21	)		(21	)		0		(1	)
Pay	3-Month USD-LIBOR		0.750		Semi-Annual		09/16/2023		663		0			(8	)		(8	)		0		0
Receive	3-Month USD-LIBOR		1.000		Semi-Annual		09/16/2023		127		0			2			2			0		0
Receive	3-Month USD-LIBOR		1.250		Semi-Annual		09/16/2023		400		0			5			5			0		0
Receive	3-Month USD-LIBOR		1.250		Semi-Annual		09/17/2023		2,400		0			26			26			1		0
Receive	3-Month USD-LIBOR		1.500		Semi-Annual		09/18/2023		200		0			2			2			0		0
Receive	3-Month USD-LIBOR		2.500		Semi-Annual		09/18/2023		3,100		0			24			24			1		0
Receive	3-Month USD-LIBOR		3.000		Semi-Annual		09/19/2023		2,300		0			15			15			1		0
Receive	3-Month USD-LIBOR		0.000		Quarterly		09/20/2023		4,900		0			70			70			2		0
Receive	3-Month USD-LIBOR		1.379		Semi-Annual		09/22/2023		100		0			1			1			0		0
Pay	3-Month USD-LIBOR		1.280		Semi-Annual		09/24/2023		400		0			(3	)		(3	)		0		0
Pay	3-Month USD-LIBOR		1.265		Semi-Annual		09/28/2023		100		0			(1	)		(1	)		0		0
Pay	6-Month AUD-BBR-BBSW		2.750		Semi-Annual		06/17/2026	AUD	5,080		483			(648	)		(165	)		0		(16	)
Receive	6-Month AUD-BBR-BBSW		3.000		Semi-Annual		03/21/2027		80		(9	)		12			3			0		0
Pay	6-Month EUR-EURIBOR		2.100		Annual		04/05/2024	EUR	800		(2	)		(12	)		(14	)		0		0
Pay	6-Month EUR-EURIBOR		2.100		Annual		04/06/2024		400		(1	)		(6	)		(7	)		0		0
Pay	6-Month EUR-EURIBOR		2.100		Annual		04/11/2024		300		(1	)		(4	)		(5	)		0		0
Pay	6-Month EUR-EURIBOR		2.100		Annual		04/13/2024		600		(1	)		(10	)		(11	)		0		0
Pay	6-Month EUR-EURIBOR		2.250		Annual		04/26/2024		300		(1	)		(4	)		(5	)		0		0
Pay	6-Month EUR-EURIBOR		2.250		Annual		04/28/2024		300		(1	)		(4	)		(5	)		0		0
Pay	6-Month EUR-EURIBOR		2.250		Annual		05/03/2024		300		(1	)		(4	)		(5	)		0		0
Pay	6-Month EUR-EURIBOR		2.100		Annual		05/16/2024		400		(1	)		(6	)		(7	)		0		0
Pay	6-Month EUR-EURIBOR		2.100		Annual		05/17/2024		300		(1	)		(5	)		(6	)		0		0
Receive	6-Month EUR-EURIBOR		0.150		Annual		03/18/2030		800		(2	)		179			177			4		0
Pay	6-Month EUR-EURIBOR		2.000		Annual		09/21/2032		680		8			(62	)		(54	)		0		(4	)
Receive(5)	6-Month EUR-EURIBOR		3.000		Annual		09/20/2033		1,000		10			(12	)		(2	)		7		0
Receive(5)	6-Month EUR-EURIBOR		0.830		Annual		12/09/2052		1,500		9			73			82			0		0
Receive	28-Day MXN-TIIE		8.675		Lunar		04/03/2024	MXN	8,800		0			10			10			0		0
Receive	28-Day MXN-TIIE		8.660		Lunar		04/04/2024		3,700		0			4			4			0		0
Receive	28-Day MXN-TIIE		8.750		Lunar		04/05/2024		3,600		0			4			4			0		0
Pay	28-Day MXN-TIIE		5.990		Lunar		01/30/2026		4,300		9			(28	)		(19	)		0		0
Pay	28-Day MXN-TIIE		6.080		Lunar		03/10/2026		15,500		35			(105	)		(70	)		0		(1	)
Pay	28-Day MXN-TIIE		6.490		Lunar		09/08/2026		30,000		97			(215	)		(118	)		0		(2	)
Receive	28-Day MXN-TIIE		8.410		Lunar		03/31/2027		1,000		0			0			0			0		0
Receive	28-Day MXN-TIIE		8.730		Lunar		04/06/2027		1,500		0			0			0			0		0

See Accompanying Notes ANNUAL REPORT JUNE 30, 2023 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
Receive	28-Day MXN-TIIE		7.984	%	Lunar		12/10/2027	MXN	2,900	$	(22	)	$	25		$	3		$	0	$	0
Receive	28-Day MXN-TIIE		8.005		Lunar		12/21/2027		11,400		(86	)		98			12			1		0
Receive	28-Day MXN-TIIE		7.800		Lunar		12/28/2027		1,200		(8	)		10			2			0		0
Receive	28-Day MXN-TIIE		7.910		Lunar		12/30/2027		700		(5	)		6			1			0		0
Receive	28-Day MXN-TIIE		8.030		Lunar		01/31/2028		2,000		(15	)		17			2			0		0
Receive	28-Day MXN-TIIE		8.050		Lunar		01/31/2028		1,900		(15	)		17			2			0		0
Receive	28-Day MXN-TIIE		7.495		Lunar		01/14/2032		700		3			(1	)		2			0		0
Receive	28-Day MXN-TIIE		7.498		Lunar		01/15/2032		2,900		12			(6	)		6			0		0
Receive	28-Day MXN-TIIE		8.732		Lunar		03/30/2032		700		0			(2	)		(2	)		0		0
Receive	28-Day MXN-TIIE		8.701		Lunar		03/31/2032		1,700		0			(4	)		(4	)		0		0
Pay	28-Day MXN-TIIE		7.165		Lunar		09/06/2032		400		2			(3	)		(1	)		0		0
Pay	28-Day MXN-TIIE		7.380		Lunar		08/14/2037		100		1			(1	)		0			0		0
Pay	28-Day MXN-TIIE		7.360		Lunar		08/21/2037		100		1			(1	)		0			0		0
Receive	28-Day MXN-TIIE		8.103		Lunar		01/04/2038		900		(9	)		10			1			0		0
Pay	UKRPI		4.000		Maturity		09/15/2031	GBP	100		0			(19	)		(19	)		0		0
Pay	UKRPI		4.140		Maturity		10/15/2031		100		0			(17	)		(17	)		0		0
Pay	UKRPI		4.250		Maturity		11/15/2031		100		0			(15	)		(15	)		0		0
										$	(539	)	$	2,220		$	1,681		$	83	$	(118	)
Total Swap Agreements										$	(474	)	$	2,486		$	2,012		$	154	$	(118	)

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, 2023:

	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset						Market Value			Variation Margin Liability
	Purchased Options		Futures		Swap Agreements		Total		Written Options			Futures			Swap Agreements			Total
Total Exchange-Traded or Centrally Cleared	$	0	$	34	$	154	$	188	$	(59	)	$	(20	)	$	(118	)	$	(197	)

(k) Securities with an aggregate market value of $875 and cash of $1,970 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2023. 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 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.

40 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

⁽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.

(l) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

FORWARD FOREIGN CURRENCY CONTRACTS:

Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
									Asset		Liability
AZD		07/2023		AUD	284	$		188	$	0	$	(1	)
		07/2023	$		184		AUD	281		3		0
		08/2023			188			284		1		0
BOA		07/2023		KRW	26,144	$		20		0		0
		07/2023	$		499		AUD	767		12		0
		07/2023			43		EUR	40		1		0
		07/2023			520		MXN	9,570		38		0
		08/2023		JPY	109,192	$		792		29		0
		08/2023	$		292		NZD	460		0		(10	)
		09/2023		JPY	114,000	$		814		14		0
		09/2023		TWD	2,893			95		2		0
		09/2023	$		164		KRW	207,387		0		(6	)
BPS		07/2023		AUD	418	$		277		0		(2	)
		07/2023		EUR	1,870			2,010		0		(30	)
		07/2023		GBP	26			32		0		(1	)
		07/2023		KRW	3,921			3		0		0
		07/2023	$		2,026		EUR	1,850		0		(8	)
		07/2023			1,378		JPY	191,480		0		(51	)
		08/2023		CNH	91	$		13		1		0
		08/2023		EUR	1,640			1,799		7		0
		08/2023		KRW	262,258			200		1		0
		08/2023		TWD	1,448			47		1		0
		08/2023	$		277		AUD	418		2		0
		08/2023			92		INR	7,559		0		0
		08/2023			872		JPY	125,457		1		0
		08/2023		ZAR	1,367	$		73		1		0
		09/2023	$		86		IDR	1,297,054		0		0
		10/2023		ZAR	4,516	$		243		5		0
BRC		07/2023		JPY	21,000			162		17		0
		07/2023		KRW	26,136			20		0		0
		08/2023		ZAR	1,654			90		2		0
		09/2023		IDR	2,320			0		0		0
		09/2023		JPY	37,000			270		11		0
CBK		07/2023		PEN	147			38		0		(3	)
		07/2023	$		83		GBP	65		0		0
		07/2023			40		PEN	147		0		0
		08/2023		CAD	12	$		9		0		0
		08/2023		CNH	52			7		0		0
		08/2023		JPY	60,808			441		16		0
		08/2023		TWD	1,394			46		1		0
		08/2023	$		435		CLP	357,898		9		0
		08/2023			138		NOK	1,434		0		(4	)
		09/2023		KRW	26,606	$		21		0		0
CLY		08/2023	$		155		NOK	1,627		0		(3	)
DUB		07/2023		MXN	45	$		3		0		0
		07/2023		PEN	294			81		0		0
		07/2023	$		40		PEN	147		0		0
GLM		07/2023		KRW	10,457	$		8		0		0
		08/2023			126,262			96		0		0
		08/2023	$		141		INR	11,583		0		0
		08/2023			60		NOK	641		0		(1	)

See Accompanying Notes ANNUAL REPORT JUNE 30, 2023 41

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

Counterparty	Settlement Month		Currency to be Delivered			Currency to be Received			Unrealized Appreciation/ (Depreciation)
									Asset		Liability
		09/2023		TWD	2,691	$		88	$	2	$	$0
JPM		07/2023		JPY	65,208			456		4		0
		07/2023		MXN	52			3		0		0
		07/2023	$		260		AUD	398		5		0
		07/2023			3,233		GBP	2,557		14		0
		08/2023		CAD	20	$		15		0		0
		08/2023		GBP	2,557			3,234		0		(14	)
		08/2023		KRW	277,798			211		0		0
		08/2023	$		456		JPY	64,931		0		(4	)
		08/2023			22		NOK	237		0		0
		09/2023		KRW	74,123	$		57		1		0
		09/2023	$		1		IDR	7,713		0		0
		09/2023			302		PEN	1,111		3		0
		10/2023			498		MXN	8,741		3		0
		12/2023			105		INR	8,665		0		0
MBC		07/2023		EUR	20	$		21		0		0
		07/2023		GBP	2,596			3,214		0		(83	)
		07/2023		JPY	20,000			153		14		0
		08/2023		NZD	620			378		0		(3	)
		08/2023	$		66		INR	5,420		0		0
		09/2023		JPY	139,000	$		1,013		39		0
		09/2023	$		301		KRW	384,435		0		(9	)
MYI		07/2023		IDR	77,864	$		5		0		0
		07/2023		MXN	52			3		0		0
		07/2023	$		5		IDR	77,864		0		0
		08/2023		TWD	1,565	$		52		1		0
		09/2023		IDR	77,931			5		0		0
		09/2023		KRW	142,862			110		1		0
		09/2023	$		48		IDR	713,660		0		0
		09/2023			338		KRW	432,044		0		(8	)
NGF		08/2023		CNH	53	$		8		0		0
		08/2023	$		33		INR	2,710		0		0
		12/2023			339			27,977		0		0
RBC		07/2023		MXN	37	$		2		0		0
		08/2023			3,537			204		0		(1	)
SCX		07/2023		AUD	417			277		0		(1	)
		07/2023	$		368		AUD	562		7		0
		08/2023			277			417		1		0
		08/2023			102		NZD	163		0		(2	)
		09/2023		KRW	25,852	$		20		0		0
		09/2023		TWD	2,417			79		2		0
		09/2023	$		661		IDR	9,841,783		0		(7	)
		09/2023		ZAR	1,326	$		76		6		0
SSB		07/2023		JPY	9,000			68		6		0
		07/2023		KRW	19,609			15		0		0
		07/2023	$		40		PEN	147		0		0
		08/2023		PEN	147	$		40		0		0
		09/2023	$		2,254		BRL	11,427		106		0
		12/2023			18		INR	1,486		0		0
UAG		07/2023		AUD	1,114	$		742		3		(3	)
		07/2023	$		147		AUD	225		3		0
		08/2023			743			1,114		3		(3	)
		08/2023		ZAR	1,602	$		83		0		(1	)
Total Forward Foreign Currency Contracts									$	399	$	(259	)

42 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

WRITTEN OPTIONS:

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 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.150	%		12/01/2023		200	$	(1	)	$	0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.650			12/01/2023		200		(1	)		(3	)
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.380			07/31/2023		100		0			(1	)
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.780			07/31/2023		100		0			0
	Call - OTC 30-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.070			07/10/2023		100		(1	)		0
	Put - OTC 30-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.370			07/10/2023		100		(1	)		0
	Call - OTC 30-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.060			07/14/2023		100		(1	)		(1	)
	Put - OTC 30-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.360			07/14/2023		100		(1	)		0
BPS	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.200			07/06/2023		100		1			0
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.650			07/06/2023		100		1			0
BRC	Call - OTC 7-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.350			07/27/2023		100		1			0
	Put - OTC 7-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.850			07/27/2023		100		1			0
CBK	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.690			04/02/2024		100		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.690			04/02/2024		100		(1	)		(2	)
DUB	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.920			10/13/2023		200		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.920			10/13/2023		200		(1	)		(4	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.790			04/08/2024		100		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.790			04/08/2024		100		(1	)		(2	)
FAR	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.688			04/02/2024		100		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.688			04/02/2024		100		(1	)		(2	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.781			04/05/2024		200		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.781			04/05/2024		200		(1	)		(4	)
	Call - OTC 5-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.100			08/31/2023		200		(1	)		0
	Put - OTC 5-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.800			08/31/2023		200		(1	)		(2	)
GLM	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.920			10/13/2023		100		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.920			10/13/2023		100		(1	)		(2	)

See Accompanying Notes ANNUAL REPORT JUNE 30, 2023 43

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

Counterparty	Description	Floating Rate Index	Pay/ Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount(1)		Premiums (Received)			Market Value
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.018	%		10/20/2023		100	$	(1	)	$	0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.018			10/20/2023		100		(1	)		(2	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.140			10/23/2023		100		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.140			10/23/2023		100		(1	)		(2	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.190			10/23/2023		100		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.190			10/23/2023		100		(1	)		(2	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.225			10/23/2023		100		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.225			10/23/2023		100		(1	)		(2	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.973			10/25/2023		100		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.973			10/25/2023		100		(1	)		(2	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.841			10/27/2023		100		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.841			10/27/2023		100		(1	)		(2	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.088			11/03/2023		100		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.088			11/03/2023		100		(1	)		(2	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.910			11/10/2023		100		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.910			11/10/2023		100		(1	)		(2	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.250			11/17/2023		200		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.750			11/17/2023		200		(1	)		(3	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.150			11/20/2023		200		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.650			11/20/2023		200		(1	)		(3	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.250			12/07/2023		200		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.750			12/07/2023		200		(1	)		(3	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.697			04/02/2024		200		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.697			04/02/2024		200		(1	)		(4	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.721			04/08/2024		100		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.721			04/08/2024		100		(1	)		(2	)
JPM	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.250			07/20/2023		100		0			0
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.650			07/20/2023		100		0			0

44 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

Counterparty	Description	Floating Rate Index	Pay/ Receive Floating Rate	Exercise Rate			Expiration Date		Notional Amount(1)		Premiums (Received)			Market Value
MYC	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.993	%		10/11/2023		100	$	(1	)	$	0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.993			10/11/2023		100		(1	)		(2	)
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.300			07/10/2023		100		0			0
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.750			07/10/2023		100		0			0
NGF	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.020			11/06/2023		200		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.020			11/06/2023		200		(1	)		(4	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.845			11/13/2023		200		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.845			11/13/2023		200		(1	)		(4	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.785			04/08/2024		100		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.785			04/08/2024		100		(1	)		(2	)
	Call - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		2.835			04/08/2024		100		(1	)		0
	Put - OTC 1-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		2.835			04/08/2024		100		(1	)		(2	)
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.270			07/24/2023		100		0			0
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.670			07/24/2023		100		0			0
	Call - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Receive		3.260			07/26/2023		100		0			0
	Put - OTC 10-Year Interest Rate Swap	3-Month USD-LIBOR	Pay		3.660			07/26/2023		100		0			(1	)
											$	(52	)	$	(69	)

OPTIONS ON SECURITIES

Counterparty	Description	Strike Price		Expiration Date		Notional Amount(1)		Premiums (Received)			Market Value
SAL	Put - OTC Uniform Mortgage-Backed Security, TBA 4.500% due 08/01/2053	$	95.875		08/07/2023		500	$	(3	)	$	(3	)
	Call - OTC Uniform Mortgage-Backed Security, TBA 4.500% due 08/01/2053		97.875		08/07/2023		500		(3	)		(1	)
								$	(6	)	$	(4	)
Total Written Options								$	(58	)	$	(73	)

See Accompanying Notes ANNUAL REPORT JUNE 30, 2023 45

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

SWAP AGREEMENTS:

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

Counterparty	Reference Entity	Fixed Receive Rate			Payment Frequency	Maturity Date		Implied Credit Spread at June 30, 2023(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		0.189	%	$	40	$	(1	)	$	1	$	0	$	0
CBK	Brazil Government International Bond		1.000		Quarterly		12/20/2024		0.401			300		(5	)		8		3		0
GST	Brazil Government International Bond		1.000		Quarterly		12/20/2024		0.401			200		(3	)		5		2		0
	Colombia Government International Bond		1.000		Quarterly		12/20/2027		2.132			100		(9	)		4		0		(5	)
	Mexico Government International Bond		1.000		Quarterly		12/20/2024		0.280			100		(1	)		2		1		0
	Turkey Government International Bond		1.000		Quarterly		12/20/2024		3.826			100		(11	)		7		0		(4	)
MYC	Mexico Government International Bond		1.000		Quarterly		12/20/2024		0.280			100		(1	)		2		1		0
	Mexico Government International Bond		1.000		Quarterly		06/20/2027		0.769			100		0			1		1		0
	Mexico Government International Bond		1.000		Quarterly		06/20/2028		1.029			400		(9	)		9		0		0
	South Africa Government International Bond		1.000		Quarterly		12/20/2026		2.143			200		(9	)		2		0		(7	)
													$	(49	)	$	41	$	8	$	(16	)

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	$	(86	)	$	70		$	0	$	(16	)
MYC	CMBX.NA.AAA.13 Index		0.500		Monthly		12/16/2072		5,700		(2	)		(83	)		0		(85	)
										$	(88	)	$	(13	)	$	0	$	(101	)
Total Swap Agreements										$	(137	)	$	28		$	8	$	(117	)

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, 2023:

Counterparty	Financial Derivative Assets								Financial Derivative Liabilities
	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options			Swap Agreements		Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure(6)
AZD	$	4	$	0	$	0	$	4	$	(1	)	$	0		$	0	$	(1	)	$	3		$	0	$	3
BOA		96		0		0		96		(16	)		(5	)		0		(21	)		75			0		75
BPS		19		0		0		19		(92	)		0			0		(92	)		(73	)		0		(73	)
BRC		30		0		0		30		0			0			0		0			30			0		30
CBK		26		0		3		29		(7	)		(2	)		0		(9	)		20			0		20
CLY		0		0		0		0		(3	)		0			0		(3	)		(3	)		0		(3	)
DUB		0		0		0		0		0			(6	)		0		(6	)		(6	)		0		(6	)

46 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

Counterparty	Financial Derivative Assets								Financial Derivative Liabilities
	Forward Foreign Currency Contracts		Purchased Options		Swap Agreements		Total Over the Counter		Forward Foreign Currency Contracts			Written Options			Swap Agreements			Total Over the Counter			Net Market Value of OTC Derivatives			Collateral Pledged/ (Received)		Net Exposure(6)
FAR	$	0	$	0	$	0	$	0	$	0		$	(8	)	$	0		$	(8	)	$	(8	)	$	0	$	(8	)
GLM		2		0		0		2		(1	)		(33	)		0			(34	)		(32	)		0		(32	)
GST		0		0		3		3		0			0			(25	)		(25	)		(22	)		0		(22	)
JPM		30		0		0		30		(18	)		0			0			(18	)		12			0		12
MBC		53		0		0		53		(95	)		0			0			(95	)		(42	)		0		(42	)
MYC		0		0		2		2		0			(2	)		(92	)		(94	)		(92	)		0		(92	)
MYI		2		0		0		2		(8	)		0			0			(8	)		(6	)		0		(6	)
NGF		0		0		0		0		0			(13	)		0			(13	)		(13	)		0		(13	)
RBC		0		0		0		0		(1	)		0			0			(1	)		(1	)		0		(1	)
SAL		0		0		0		0		0			(4	)		0			(4	)		(4	)		0		(4	)
SCX		16		0		0		16		(10	)		0			0			(10	)		6			0		6
SSB		112		0		0		112		0			0			0			0			112			0		112
UAG		9		0		0		9		(7	)		0			0			(7	)		2			0		2
Total Over the Counter	$	399	$	0	$	8	$	407	$	(259	)	$	(73	)	$	(117	)	$	(449	)

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

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

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

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

See Accompanying Notes ANNUAL REPORT JUNE 30, 2023 47

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

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal 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, 2023:

	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		71		0		0		83		154
	$	0	$	71	$	0	$	0	$	117	$	188
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	399	$	0	$	399
Swap Agreements		0		8		0		0		0		8
	$	0	$	8	$	0	$	399	$	0	$	407
	$	0	$	79	$	0	$	399	$	117	$	595
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	0	$	0	$	59	$	59
Futures		0		0		0		0		20		20
Swap Agreements		0		0		0		0		118		118
	$	0	$	0	$	0	$	0	$	197	$	197
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	259	$	0	$	259
Written Options		0		0		0		0		73		73
Swap Agreements		0		117		0		0		0		117
	$	0	$	117	$	0	$	259	$	73	$	449
	$	0	$	117	$	0	$	259	$	270	$	646

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended June 30, 2023:

	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
Written Options	$	0	$	0	$	0	$	0	$	12		$	12
Futures		0		0		0		0		(628	)		(628	)
Swap Agreements		0		599		0		0		1,672			2,271
	$	0	$	599	$	0	$	0	$	1,056		$	1,655
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	612	$	0		$	612
Written Options		0		4		0		0		117			121
Swap Agreements		0		101		1		0		0			102
	$	0	$	105	$	1	$	612	$	117		$	835
	$	0	$	704	$	1	$	612	$	1,173		$	2,490

48 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts			Equity Contracts		Foreign Exchange Contracts			Interest Rate Contracts			Total
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Written Options	$	0	$	0		$	0	$	0		$	(8	)	$	(8	)
Futures		0		0			0		0			23			23
Swap Agreements		0		969			0		0			(691	)		278
	$	0	$	969		$	0	$	0		$	(676	)	$	293
Over the counter
Forward Foreign Currency Contracts	$	0	$	0		$	0	$	(5	)	$	0		$	(5	)
Written Options		0		(1	)		0		0			149			148
Swap Agreements		0		65			5		0			8			78
	$	0	$	64		$	5	$	(5	)	$	157		$	221
	$	0	$	1,033		$	5	$	(5	)	$	(519	)	$	514

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Investments in Securities, at Value
Asset-Backed Securities
Cayman Islands	$	0	$	215	$	0	$	215
United States		0		12,392		20		12,412
Loan Participations and Assignments
Luxembourg		0		52		0		52
Panama		0		393		0		393
United Kingdom		0		0		347		347
United States		0		986		220		1,206
Common Stocks
Australia
Consumer Staples		0		129		0		129
Materials		0		3,682		0		3,682
Austria
Financials		0		302		0		302
Belgium
Financials		0		212		0		212
Brazil
Consumer Staples		379		0		0		379
Energy		644		0		0		644
Financials		331		0		0		331
Materials		485		0		0		485
Canada
Financials		338		0		0		338
Chile
Financials		119		0		0		119
China
Energy		0		363		0		363
Financials		0		1,919		0		1,919
Industrials		0		246		0		246
Information Technology		0		191		0		191
Czech Republic
Utilities		183		0		0		183

See Accompanying Notes ANNUAL REPORT JUNE 30, 2023 49

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

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Denmark
Industrials	$	0	$	134	$	0	$	134
France
Financials		0		1,458		0		1,458
Industrials		0		1,216		0		1,216
Utilities		0		353		0		353
Germany
Industrials		0		284		0		284
Materials		0		405		0		405
Greece
Consumer Discretionary		0		114		0		114
Indonesia
Communication Services		0		309		0		309
Financials		0		116		0		116
Industrials		0		226		0		226
Ireland
Materials		0		1,009		0		1,009
Italy
Financials		0		1,010		0		1,010
Utilities		0		859		0		859
Japan
Communication Services		0		588		0		588
Consumer Discretionary		0		827		0		827
Consumer Staples		0		1,009		0		1,009
Health Care		0		807		0		807
Industrials		0		1,552		0		1,552
Luxembourg
Financials		0		0		67		67
Industrials		0		0		42		42
Mexico
Consumer Staples		135		0		0		135
Materials		119		0		0		119
Netherlands
Consumer Discretionary		0		989		0		989
Financials		0		232		0		232
Information Technology		511		0		0		511
Norway
Energy		0		377		0		377
Materials		0		145		0		145
Poland
Financials		0		139		0		139
Portugal
Consumer Staples		0		190		0		190
South Africa
Financials		0		648		0		648
Materials		0		107		0		107
South Korea
Consumer Discretionary		0		444		0		444
Financials		0		134		0		134
Spain
Consumer Discretionary		0		965		0		965
Financials		0		1,159		0		1,159
Utilities		0		290		0		290
Sweden
Industrials		0		273		0		273
Switzerland
Consumer Discretionary		195		0		0		195
Consumer Staples		0		152		0		152
Health Care		0		3,854		0		3,854

50 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Information Technology	$	0	$	55	$	0	$	55
Materials		0		934		0		934
Taiwan
Information Technology		0		2,313		0		2,313
Turkey
Consumer Staples		0		92		0		92
Energy		0		104		0		104
United Kingdom
Consumer Staples		0		1,083		0		1,083
Financials		0		603		0		603
Health Care		0		762		0		762
Industrials		0		900		0		900
Materials		0		890		0		890
United States
Communication Services		1,302		0		18		1,320
Consumer Discretionary		1,308		0		0		1,308
Consumer Staples		8,178		0		0		8,178
Energy		2,698		0		0		2,698
Financials		5,090		0		0		5,090
Health Care		9,600		0		0		9,600
Industrials		3,121		0		171		3,292
Information Technology		7,366		0		0		7,366
Corporate Bonds & Notes
Bermuda
Industrials		0		2		0		2
Cayman Islands
Banking & Finance		0		3		0		3
France
Banking & Finance		0		809		0		809
Germany
Banking & Finance		0		166		0		166
Ireland
Industrials		0		296		0		296
Italy
Banking & Finance		0		372		0		372
Japan
Industrials		0		762		0		762
Luxembourg
Banking & Finance		0		0		24		24
Industrials		0		190		0		190
Peru
Banking & Finance		0		27		0		27
Switzerland
Banking & Finance		0		1,179		0		1,179
United Kingdom
Banking & Finance		0		1,540		0		1,540
Industrials		0		369		0		369
United States
Banking & Finance		0		268		0		268
Industrials		0		1,948		0		1,948
Utilities		0		1,433		0		1,433
Venezuela
Industrials		0		12		0		12
Non-Agency Mortgage-Backed Securities
Ireland		0		643		0		643
United Kingdom		0		2,655		0		2,655
United States		0		11,608		76		11,684
Municipal Bonds & Notes
Illinois		0		19		0		19
Puerto Rico		0		59		0		59

See Accompanying Notes ANNUAL REPORT JUNE 30, 2023 51

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

June 30, 2023

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2023
Preferred Stocks
Brazil
Energy	$	735	$	0		$	0	$	735
Chile
Materials		260		0			0		260
Germany
Consumer Discretionary		0		169			0		169
United Kingdom
Financials		0		165			0		165
Real Estate Investment Trusts
United States
Real Estate		8,748		0			0		8,748
Rights
Luxembourg
Financials		0		0			2		2
Sovereign Issues
Argentina		0		379			0		379
Peru		0		3			0		3
South Africa		0		530			0		530
Turkey		0		352			0		352
Venezuela		0		4			0		4
U.S. Government Agencies
United States		0		39,497			0		39,497
U.S. Treasury Obligations
United States		0		17,086			0		17,086
Warrants
Luxembourg
Financials		0		0			2		2
United States
Information Technology		0		0			1		1
Short-Term Instruments
Repurchase Agreements		0		1,383			0		1,383
Japan Treasury Bills		0		3,535			0		3,535
Argentina Treasury Bills		0		45			0		45
	$	51,845	$	138,700		$	990	$	191,535
Investments in Affiliates, at Value
Short-Term Instruments
Central Funds Used for Cash Management Purposes	$	13,363	$	0		$	0	$	13,363
Total Investments	$	65,208	$	138,700		$	990	$	204,898
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared		17		171			0		188
Over the counter		0		407			0		407
	$	17	$	578		$	0	$	595
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(197	)		0		(197	)
Over the counter		0		(449	)		0		(449	)
	$	0	$	(646	)	$	0	$	(646	)
Total Financial Derivative Instruments	$	17	$	(68	)	$	0	$	(51	)
Totals	$	65,225	$	138,632		$	990	$	204,847

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

52 PIMCO EQUITY SERIES See Accompanying Notes

Notes to Financial Statements

June 30, 2023

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.

The Fund may invest in the least expensive class of shares of any actively managed or smart beta funds (including mutual funds or exchange-traded funds) of the Trust, or PIMCO ETF Trust or PIMCO Funds, each an affiliated open-end investment company, except funds of funds and PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund (“Underlying PIMCO Funds”), and may also invest in other unaffiliated funds and exchange-traded funds (collectively, “Acquired Funds”).

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the “Board.”

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

ANNUAL REPORT JUNE 30, 2023 53

Notes to Financial Statements (Cont.)

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 Taxes  The Fund may be subject to foreign taxes on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of June 30, 2023, if any, are disclosed in the Statement of Assets and Liabilities.

(c) 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.

(d) 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,

54 PIMCO EQUITY SERIES

June 30, 2023

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.

(e) 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. The Fund may revise its distribution policy or postpone the payment of distributions at any time.

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.

ANNUAL REPORT JUNE 30, 2023 55

Notes to Financial Statements (Cont.)

(f) New Accounting Pronouncements and Regulatory Updates  In March 2020, the Financial Accounting Standards Board (“FASB”) 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. ASU 2020-04 is effective for certain reference rate-related contract modifications that occurred during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. In December 2022, FASB issued ASU 2022-06, which includes amendments to extend the duration of the LIBOR transition relief to December 31, 2024, after which entities will no longer be permitted to apply the reference rate reform relief. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Fund’s investments and has determined that it is unlikely the ASU’s adoption will have a material impact on the Fund’s 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 that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. The compliance date for the new rule and the related reporting requirements was August 19, 2022. Management has implemented changes in connection with the rule and has determined that there is no material impact to the Fund’s 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 compliance date for the new rule and the related reporting requirements was September 8, 2022. Management has implemented changes in connection with the rule and has determined that there is no material impact to the Fund’s financial statements.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2022, the SEC adopted changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will

56 PIMCO EQUITY SERIES

June 30, 2023

change the disclosures provided to shareholders. The rule is effective as of January 24, 2023, but the SEC is providing an 18-month compliance period after the effective date other than for rule amendments addressing fee and expense information in advertisements that might be materially misleading. At this time, management is evaluating the implications of these changes on the financial statements.

The SEC made a final ruling on February 15, 2023 to adopt proposed amendments to the Settlement Cycle Rule (Rule 15c6-1) and other related rules under the Securities Exchange Act of 1934, as amended, to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date (T+2) to one business days after the trade date (T+1). The effective date was May 5, 2023, and the compliance date for the amendments is May 28, 2024. 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, or each of its share classes as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange (“NYSE”) is open, the Fund’s 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 may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Fund may calculate its NAV as of the NYSE Close for such day or such other time that the Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. 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. 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. If market value pricing is used, 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.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value

ANNUAL REPORT JUNE 30, 2023 57

Notes to Financial Statements (Cont.)

of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee (“Valuation Designee”) for the Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee’s policies and procedures govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, “Pricing Sources”).

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 Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Fund’s assets that are invested in one or more open-end management investment companies (other than ETFs), the Fund’s NAV will be calculated based on 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. 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 Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) 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, unless otherwise determined by the Valuation Designee, 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.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by the Fund

58 PIMCO EQUITY SERIES

June 30, 2023

normally will be taken into account in calculating the NAV. The Fund’s whole loan investments, including those originated by the Fund or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. 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.

Fair valuation may require subjective determinations about the value of a security. While the Trust’s and Valuation Designee’s policies and procedures are 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 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.

Under certain circumstances, the per share 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.

(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 (unadjusted) 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 Valuation Designee that are used in determining the fair value of investments.

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Notes to Financial Statements (Cont.)

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, Level 2 and Level 3 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, Level 2 and Level 3 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.

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

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

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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 Sources 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.

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 Sources 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 Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts 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 Sources (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 Sources 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 Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources 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, LIBOR forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt

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Notes to Financial Statements (Cont.)

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.

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

The Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III (“Central Funds”) to the extent permitted by the Act and rules thereunder. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Fund. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC’s website at www.sec.gov. A copy of each affiliate fund’s shareholder report is also available at the SEC’s website at www.sec.gov, on the Fund’s website at www.pimco.com, or upon request, as applicable. The table below shows the Fund’s transactions in and earnings from investments in the affiliated Fund for the period ended June 30, 2023 (amounts in thousands^†):

Investment in PIMCO Short-Term Floating NAV Portfolio III

Market Value 06/30/2022		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 06/30/2023		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
$	11,603	$	38,849	$	(37,115)	$	3	$	23	$	13,363	$	549	$	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.

Delayed-Delivery Transactions  involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Fund will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and

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risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When the Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains (losses) with respect to the security.

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

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

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

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In

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Notes to Financial Statements (Cont.)

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 unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and each Fund’s prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to, (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) the risk that a Fund may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Collateralized Mortgage Obligations  (“CMOs”) are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs

64 PIMCO EQUITY SERIES

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are structured into multiple classes, often referred to as “tranches,” with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

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

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

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

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

Restricted Investments  are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Fund as of June 30, 2023, as applicable, are disclosed in the Notes to Schedule of Investments.

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Notes to Financial Statements (Cont.)

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 long-term 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.

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

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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.

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 (in the case of tri-party repurchase agreements) and in certain instances will remain in custody with the counterparty. Traditionally, the Fund has used bilateral repurchase agreements wherein the underlying securities will be held by the Fund’s custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statement of Operations. In periods of increased demand for collateral, the Fund may pay a fee for the receipt of collateral, which may result in interest expense to the Fund.

(b) 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

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Notes to Financial Statements (Cont.)

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

During the period ended June 30, 2023, the Fund did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

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

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

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

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

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

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Notes to Financial Statements (Cont.)

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

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

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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 fail to perform or meet an obligation or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

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

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

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 or underlying

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Notes to Financial Statements (Cont.)

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

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

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

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

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, the 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, the 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 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.

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Notes to Financial Statements (Cont.)

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

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, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

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

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

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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 fluctuate in value because of a change 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 or may not realize the full anticipated earnings from the 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, the counterparty to a derivative contract, or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

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

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

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

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

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Notes to Financial Statements (Cont.)

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, 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 and the individual portfolio managers 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 forwards, futures, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks and valuation complexity. Changes in the value of a derivative or other similar investment 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. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for the Fund. The Fund’s use of derivatives or other similar investments may result in losses to the Fund, a reduction in the Fund’s returns and/or increased volatility. Over- the-counter (“OTC”) derivatives or other similar investments 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 or other similar investments. 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 registered 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 or other similar investments and/or adversely affect the value of derivatives or other similar investments 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, may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data inputs, any of which may result in a decline in the value of an investment in the Fund.

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.

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Short Exposure Risk  is the risk of entering into short sales or other short positions, 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 or other short position will not fulfill its contractual obligations, causing a loss to the Fund.

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 the Fund invested in the exchange-traded fund.

Tracking Error Risk  is the risk that the portfolio of a Fund that seeks to track the investment results of an underlying index may not closely track the underlying index for a number of reasons. The Fund incurs operating expenses, which are not applicable to the underlying index, and the costs of buying and selling securities, especially when rebalancing the Fund’s portfolio to reflect changes in the composition of the underlying index. Performance of the Fund and the underlying index may vary due to asset valuation differences and differences between the Fund’s portfolio and the underlying index due to legal restrictions, cost or liquidity restraints. The risk that performance of the 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 the Fund to be less correlated to the return of the underlying index than if the Fund held all of the securities in the underlying index.

Indexing Risk  is the risk that an Underlying PIMCO Fund that seeks to track the investment results of an underlying index is negatively affected by general declines in the asset classes represented by the underlying index.

LIBOR Transition Risk  is the risk related to the anticipated discontinuation and replacement of the London Interbank Offered Rate (“LIBOR”). Certain instruments held by the Fund rely or relied in some fashion upon LIBOR.

Although the transition process away from LIBOR for most instruments has been completed, some LIBOR use is continuing and there are potential effects related to the transition away from LIBOR or the continued use of LIBOR on the Fund, or on certain instruments in which the Fund invests, which can be difficult to ascertain and could result in losses to 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 cyber security 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 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

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Notes to Financial Statements (Cont.)

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 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.

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

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value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third party claims in litigation; 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.

There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.

8. MASTER NETTING ARRANGEMENTS

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

ANNUAL REPORT JUNE 30, 2023 79

Notes to Financial Statements (Cont.)

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

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

80 PIMCO EQUITY SERIES

June 30, 2023

9. FEES AND EXPENSES

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

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
0.44%	0.25%	0.35%	0.45%*(1)	0.35%	0.35%

⁽¹⁾  PIMCO has contractually agreed, through October 31, 2023, 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 was not operational during the fiscal year ended June 30, 2023.

(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

ANNUAL REPORT JUNE 30, 2023 81

Notes to Financial Statements (Cont.)

upon certain redemptions of Class A and Class C shares. For the period ended June 30, 2023, the Distributor retained $23,380 representing commissions (sales charges) and contingent deferred sales charges, net of any commission adjustments payable by the Distributor to broker dealers, 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) 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 expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Fund, and any other expenses which are capitalized in accordance with generally accepted accounting principles; 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, 2023, 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. The waiver, if any, 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 the Fund of any portion of the supervisory and administrative fee waived or reimbursed as set forth above (the “Reimbursement Amount”) within thirty-six months of the time 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

82 PIMCO EQUITY SERIES

June 30, 2023

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 As of June 30, 2023, were as follows (amounts in thousands^†):

Expiring within
12 months		13-24 months		25-36 months		Total
	13		14		10		37

^†  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, 2023, 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.

Pursuant to the Expense Limitation Agreement and I-3 Fee Waiver Agreement, waiver amounts are reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended June 30, 2023, the amount was $10,098.

(f) Acquired Fund Fees and Expenses  Acquired Fund expenses incurred by the Fund, if any, will vary with changes in the expenses of the Acquired Funds, as well as the allocation of the Fund’s assets.

The expenses associated with investing in a fund of funds are generally higher than those for mutual funds that do not invest in other mutual funds. The cost of investing in a fund of funds will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. By investing in a fund of funds, an investor will indirectly bear fees and expenses charged by Acquired Funds in addition to the 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, 2023, to waive, first, the Investment Advisory Fee and, second, to the extent necessary, the Supervisory and Administrative Fee it receives from the 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.

The waivers are reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended June 30, 2023 there were no waived amounts.

ANNUAL REPORT JUNE 30, 2023 83

Notes to Financial Statements (Cont.)

10. RELATED PARTY TRANSACTIONS

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

The Fund is permitted to purchase or sell securities from or to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or 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 applicable SEC rules and interpretations 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 applicable SEC rules and interpretations under the Act for the period ended June 30, 2023, were as follows (amounts in thousands^†):

Purchases		Sales		Realized Gain/(Loss)
$	0	$	155	$	(18	)

^†  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(s), 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.

84 PIMCO EQUITY SERIES

June 30, 2023

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2023, were as follows (amounts in thousands^†):

U.S. Government/Agency				All Other
Purchases		Sales		Purchases		Sales
$	520,513	$	491,747	$	89,327	$	96,614

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

13. SHARES OF BENEFICIAL INTEREST

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

	Year Ended 06/30/2023						Year Ended 06/30/2022
	Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		662		$	7,569			705		$	8,804
I-2		257			2,921			868			10,873
Class A		1,360			15,469			1,504			18,602
Class C		330			3,756			375			4,638
Issued as reinvestment of distributions
Institutional Class		80			905			71			892
I-2		69			777			35			436
Class A		552			6,221			272			3,395
Class C		67			755			32			395
Cost of shares redeemed
Institutional Class		(299	)		(3,403	)		(2,216	)		(27,101	)
I-2		(535	)		(6,112	)		(887	)		(11,108	)
Class A		(1,933	)		(21,881	)		(1,892	)		(23,450	)
Class C		(561	)		(6,374	)		(564	)		(7,015	)
Net increase (decrease) resulting from Fund share transactions		49		$	603			(1,697	)	$	(20,639	)

^† 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.

ANNUAL REPORT JUNE 30, 2023 85

Notes to Financial Statements (Cont.)

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, 2023, 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, 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, 2023, 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 Components of Distributable Earnings
PIMCO Dividend and Income Fund	$	1,419	$	0	$	1,190	$	(10	)	$	(92,631	)	$	0	$	0	$	(90,032	)

^†  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 futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, straddle loss deferrals, passive foreign investment companies (PFICs), interest accrued on defaulted securities, and short positions.

⁽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 as shown below.

⁽⁵⁾  Capital losses realized during the period November 1, 2022 through June 30, 2023 which the Fund elected to defer to the following taxable year pursuant to income tax regulations.

⁽⁶⁾  Specified losses realized during the period November 1, 2022 through June 30, 2023 and Ordinary losses realized during the period January 1, 2023 through June 30, 2023 which the Fund 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.

As of June 30, 2023, the Funds had the following post-effective capital losses with no expiration (amounts in thousands^†):

	Short-Term		Long-Term
PIMCO Dividend and Income Fund	$	69,382	$	23,249

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

86 PIMCO EQUITY SERIES

June 30, 2023

As of June 30, 2023, 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	$	205,566	$	15,750	$	(14,580	)	$	1,170

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

⁽⁷⁾  Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on hyperinflationary investments, swap contracts, straddle loss deferrals, passive foreign investment companies (PFICs), interest accrued on defaulted securities, and short positions.

For the fiscal years ended June 30, 2023 and June 30, 2022, respectively, the Fund made the following tax basis distributions (amounts in thousands^†):

	June 30, 2023						June 30, 2022
	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	$	10,111	$	0	$	0	$	5,925	$	0	$	0

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

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

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

ANNUAL REPORT JUNE 30, 2023 87

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, 2023, the related statement of operations for the year ended June 30, 2023, the statement of changes in net assets for each of the two years in the period ended June 30, 2023, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2023 (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, 2023, 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, 2023 and the financial highlights for each of the five years in the period ended June 30, 2023 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, 2023 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 25, 2023

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

88 PIMCO EQUITY SERIES

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

(Unaudited)

Counterparty Abbreviations:
AZD	Australia and New Zealand Banking Group	GST	Goldman Sachs International
BOA	Bank of America N.A.	JPM	JP Morgan Chase Bank N.A.
BPS	BNP Paribas S.A.	MBC	HSBC Bank Plc
BRC	Barclays Bank PLC	MYC	Morgan Stanley Capital Services LLC
CBK	Citibank N.A.	MYI	Morgan Stanley & Co. International PLC
CDI	Natixis Singapore	NGF	Nomura Global Financial Products, Inc.
CLY	Crédit Agricole Corporate and Investment Bank	RBC	Royal Bank of Canada
DUB	Deutsche Bank AG	SAL	Citigroup Global Markets, Inc.
FAR	Wells Fargo Bank National Association	SCX	Standard Chartered Bank, London
FICC	Fixed Income Clearing Corporation	SSB	State Street Bank and Trust Co.
GLM	Goldman Sachs Bank USA	UAG	UBS AG Stamford
Currency Abbreviations:
ARS	Argentine Peso	JPY	Japanese Yen
AUD	Australian Dollar	KRW	South Korean Won
BRL	Brazilian Real	MXN	Mexican Peso
CAD	Canadian Dollar	NOK	Norwegian Krone
CLP	Chilean Peso	NZD	New Zealand Dollar
CNH	Chinese Renminbi (Offshore)	PEN	Peruvian New Sol
EUR	Euro	TWD	Taiwanese Dollar
GBP	British Pound	USD (or $)	United States Dollar
IDR	Indonesian Rupiah	ZAR	South African Rand
INR	Indian Rupee
Exchange Abbreviations:
CBOT	Chicago Board of Trade	OTC	Over the Counter
CME	Chicago Mercantile Exchange
Index/Spread Abbreviations:
BADLARPP	Argentina Badlar Floating Rate Notes	LIBOR03M	3 Month USD-LIBOR
BP0003M	3 Month GBP-LIBOR	MUTKCALM	Tokyo Overnight Average Rate
CDX.EM	Credit Derivatives Index - Emerging Markets	PRIME	Daily US Prime Rate
CDX.HY	Credit Derivatives Index - High Yield	SOFR	Secured Overnight Financing Rate
CDX.IG	Credit Derivatives Index - Investment Grade	SONIO	Sterling Overnight Interbank Average Rate
CMBX	Commercial Mortgage-Backed Index	UKRPI	United Kingdom Retail Prices Index
LIBOR01M	1 Month USD-LIBOR
Other Abbreviations:
BABs	Build America Bonds	LIBOR	London Interbank Offered Rate
BBR	Bank Bill Rate	Lunar	Monthly payment based on 28-day periods. One year consists of 13 periods.
BBSW	Bank Bill Swap Reference Rate	OIS	Overnight Index Swap
BRL-CDI	Brazil Interbank Deposit Rate	PIK	Payment-in-Kind
CLO	Collateralized Loan Obligation	REIT	Real Estate Investment Trust
DAC	Designated Activity Company	TBA	To-Be-Announced
EURIBOR	Euro Interbank Offered Rate	TIIE	Tasa de Interés Interbancaria de Equilibrio “Equilibrium Interbank Interest Rate”

ANNUAL REPORT JUNE 30, 2023 89

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 Fund’s fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction.  Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a Fund’s dividend distribution that qualifies under tax law. The percentage of the following Fund’s fiscal 2023 ordinary income dividend that qualifies for the corporate dividend 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, 2023 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 2023:

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, 2023 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, 2023 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.

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

	Dividend Received Deduction %			Qualified Dividend Income %			Qualified Interest Income (000s)†		Qualified Short-Term Capital Gains (000s)†		163(j) Interest Dividends (000s)†
PIMCO Dividend and Income Fund		23.15	%		60.55	%	$	10,111	$	0	$	2,606

^†  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 2024, 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 2023.

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 funds as IRC section 199A dividends. The IRC section 199A percentage of ordinary dividends are as follows:

	199A Dividends
PIMCO Dividend and Income Fund		3.51%

90 PIMCO EQUITY SERIES

Distribution Information

(Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the “Act”), the Fund 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, 2023 calculated as 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 2023	$	0.0974	$	0.0000	$	0.0000	$	0.0974
June 2023	$	0.1007	$	0.0000	$	0.0000	$	0.1007
I-2	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2023	$	0.0948	$	0.0000	$	0.0000	$	0.0948
June 2023	$	0.0979	$	0.0000	$	0.0000	$	0.0979
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2023	$	0.0891	$	0.0000	$	0.0000	$	0.0891
June 2023	$	0.0908	$	0.0000	$	0.0000	$	0.0908
Class C	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2023	$	0.0720	$	0.0000	$	0.0000	$	0.0720
June 2023	$	0.0685	$	0.0000	$	0.0000	$	0.0685

* 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.

ANNUAL REPORT JUNE 30, 2023 91

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.	161	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.	161	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.	161	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	Formerly, Managing Director, Dunbar Partners, LLC (business consulting and investments) (05/05-05/21); and Partner, Leonard Green & Partners, L.P.	161	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.	161	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).	161	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.	161	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).	161	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, 2023.

⁽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.

92 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, PIMCO Sponsored Closed-End Funds and PIMCO Flexible Real Estate Income Fund.
Ryan G. Leshaw (1980)  Chief Legal Officer and Secretary	08/2021 to present	Executive Vice President and Senior Counsel, PIMCO. Chief Legal Officer 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, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp. Formerly, Associate, Willkie Farr & Gallagher LLP.
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, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp.
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.
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, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp. Formerly, Assistant General Counsel, VanEck Associates Corp.
Douglas B. Burrill (1980)** Vice President	08/2022 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, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp.
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, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp.
Jason R. Duran (1977) Vice President	02/2023 to present	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.
Mark A. Jelic (1981)  Vice President	08/2021 to present	Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp.
Kenneth W. Lee (1972) Vice President	08/2022 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, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp.

ANNUAL REPORT JUNE 30, 2023 93

Management of the Trust (Cont.)

(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†
Greg J. Mason (1980)*** Vice President	05/2023 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 and PIMCO Flexible Real Estate Income Fund.
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, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp.
Keith A. Werber (1973) Vice President	05/2022 to present	Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp.
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 and PIMCO Flexible Real Estate Income Fund.
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, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp.
Brandon T. Evans (1982)  Assistant Treasurer	05/2019 to present	Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT and PIMCO Flexible Real Estate Income Fund. Deputy Treasurer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO Flexible Real Estate Income Fund and PIMCO-Sponsored Closed-End Funds.
Maria M. Golota (1983)** Assistant Treasurer	02/2023 to present	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 and PIMCO Flexible Real Estate Income Fund.

(*) Unless otherwise noted, the information for the individuals listed is as of June 30, 2023.

^(†) 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 Access Income Fund, PIMCO Corporate & Income Opportunity Fund, PIMCO Corporate & Income Strategy 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 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, PIMCO Flexible Municipal Income Fund, PIMCO California Flexible Municipal Income Fund and PIMCO Flexible Emerging Markets 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.

94 PIMCO EQUITY SERIES

Privacy Policy¹

(Unaudited)

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

Obtaining 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

ANNUAL REPORT JUNE 30, 2023 95

Privacy Policy¹ (Cont.)

(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”).

96 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 7-8, 2023 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 12-month period ended December 31, 2022. The Report reviewed the operation of the Program’s components during such period 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, 2023.

ANNUAL REPORT JUNE 30, 2023 97

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

1100 Main Street, Suite 400

Kansas City, MO 64105

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

Institutional Class, I-2, I-3, Administrative Class

430 W 7th Street STE 219024

Kansas City, MO 64105-1407

SS&C Global Investor & Distribution 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_063023

PIMCO EQUITY SERIES^®

Annual Report

June 30, 2023

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 2065 Fund

PIMCO REALPATH^® Blend Income Fund

Table of Contents

			Page
Market Insights				2
Important Information About the Funds				3
Expense Examples				28
Financial Highlights				30
Statements of Assets and Liabilities				38
Statements of Operations				42
Statements of Changes in Net Assets				44
Notes to Financial Statements				76
Report of Independent Registered Public Accounting Firm				99
Glossary				100
Federal Income Tax Information				101
Distribution Information				102
Management of the Trust				106
Privacy Policy				109
Liquidity Risk Management Program				110
Fund	Fund Summary		Schedule of Investments
PIMCO REALPATH® Blend 2025 Fund		8		46
PIMCO REALPATH® Blend 2030 Fund		10		50
PIMCO REALPATH® Blend 2035 Fund		12		54
PIMCO REALPATH® Blend 2040 Fund		14		57
PIMCO REALPATH® Blend 2045 Fund		16		60
PIMCO REALPATH® Blend 2050 Fund		18		63
PIMCO REALPATH® Blend 2055 Fund		20		66
PIMCO REALPATH® Blend 2060 Fund		22		69
PIMCO REALPATH® Blend 2065 Fund		24		71
PIMCO REALPATH® Blend Income Fund		26		73

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.

Market Insights

Dear Shareholder,

This annual report covers the 12-month reporting period ended June 30, 2023 (the “reporting period”). On the subsequent pages, you will find details regarding investment results and a discussion of certain factors that affected performance during the reporting period.

Amid elevated inflation in many countries during the reporting period, the global economy faced challenges from higher interest rates, tighter credit conditions stemming from the turmoil in the banking sector (especially in the United States (“U.S.”)), and geopolitical concerns. While the U.S. economy showed signs of resilience, some European economies experienced slower growth over the reporting period.

Continued central bank efforts to combat inflation

While inflation remained elevated over the reporting period, many central banks raised interest rates to rein in rising prices. The U.S. Federal Reserve (the “Fed”) raised the federal funds rate at 10 consecutive meetings, beginning in March 2022 through May 2023. In June 2023, the Fed then paused from raising rates in order to “assess additional information and its implications for monetary policy.” Meanwhile, the Bank of England and European Central Bank raised interest rates for the 13^th and eighth consecutive time, respectively, as of June 2023. In contrast, the Bank of Japan maintained its accommodative monetary policy stance.

Mixed financial market returns

The yield on the benchmark 10-year U.S. Treasury rose over the reporting period, as did 10-year bond yields in most other developed market countries. The overall global credit bond market delivered positive total returns. Higher-rated global bonds underperformed lower-rated bonds. Global equities rallied, while commodity prices were volatile and produced mixed returns. The U.S. dollar weakened against the euro and the British pound, but appreciated against the Japanese yen.

Amid evolving conditions, we will continue to work diligently to navigate global markets and manage the assets that you have entrusted with us. We encourage you to speak with your financial advisor about your goals, and visit global.pimco.com for our latest insights.

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

Total Returns of Certain Asset Classes for the Period Ended June 30, 2023
Asset Class (as measured by, currency)	12-Month
U.S. large cap equities (S&P 500 Index, USD)	19.59%
Global equities (MSCI World Index, USD)	18.51%
European equities (MSCI Europe Index, EUR)	16.72%
Emerging market equities (MSCI Emerging Markets Index, EUR)	1.75%
Japanese equities (Nikkei 225 Index, JPY)	28.61%
Emerging market local bonds (JPMorgan Government Bond Index-Emerging Markets Global Diversified Index, USD Unhedged)	11.38%
Emerging market external debt (JPMorgan Emerging Markets Bond Index (EMBI) Global, USD Hedged)	6.85%
Below investment grade bonds (ICE BofAML Developed Markets High Yield Constrained Index, USD Hedged)	9.48%
Global investment grade credit bonds (Bloomberg Global Aggregate Credit Index, USD Hedged)	1.36%
Fixed-rate, local currency government debt of investment grade countries (Bloomberg Global Treasury Index, USD Hedged)	0.07%

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.

Statements concerning financial market trends are based on current market conditions, which will fluctuate. There is no guarantee that these investment strategies will work under all market conditions or are appropriate for all investors and each investor should evaluate their ability to invest for the long-term, especially during periods of downturn in the market. Outlook and strategies are subject to change without notice.

2 PIMCO EQUITY SERIES

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, PIMCO REALPATH^® Blend 2065 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 PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund (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 continue to increase. In efforts to combat inflation, the U.S. Federal Reserve raised interest rates multiple times in 2022 and 2023. 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.

ANNUAL REPORT | JUNE 30, 2023 3

Important Information About the Funds (Cont.)

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.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that have provided material aid to Russia’s aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures have had and may continue to have an adverse effect on the Russian, Belarusian and other securities and economies, which may, in turn, negatively impact a Fund. The extent, duration and impact of Russia’s military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European, and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, a Fund may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause a Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that a Fund may no longer seek to hold. PIMCO will continue to actively manage these positions in the best interests of a Fund and its shareholders.

A Fund may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate (“LIBOR”). LIBOR was traditionally 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. Although the transition process away from LIBOR for many instruments has been completed, some LIBOR use is continuing and there are potential effects related to the transition away from LIBOR or continued use of LIBOR on the Fund, or on certain instruments in which the Fund invests, which can be difficult to ascertain, and may vary depending on factors that include, but are not limited to: (i) existing fallback or termination provisions in individual contracts and (ii) whether, how, and when industry participants adopt new reference rates for affected instruments. The transition of investments from LIBOR to a replacement rate as a result of amendment, application of existing fallbacks, statutory requirements or otherwise 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. In addition, an instrument’s transition to a replacement rate could result in variations in the reported yields of the Fund that holds such instrument. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the 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.

U.S. and global markets recently have experienced increased volatility, including as a result of the recent failures of certain U.S. and non-U.S. banks, which could be harmful to the Funds and issuers in which they invest. For example, if a bank at which a Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other

4 PIMCO EQUITY SERIES

services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which a Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Funds invest remain solvent, continued volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Conditions in the banking sector are evolving, and the scope of any potential impacts to the Funds and issuers, both from market conditions and also potential legislative or regulatory responses, are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings, including those of U.S. and non-U.S. banks. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

On each 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, except that the minimum initial investment may be modified for certain financial firms that submit orders on behalf of their customers. 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 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

N/A

Diversified

PIMCO REALPATH® Blend 2065 Fund

12/30/22

12/30/22

12/30/22

12/30/22

N/A

Diversified

PIMCO REALPATH® Blend Income Fund

12/31/14

12/31/14

12/31/14

12/31/14

—

Diversified

ANNUAL REPORT | JUNE 30, 2023 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 schedules 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.

SEC rules allow the Funds to fulfill their obligation to deliver shareholder reports to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. 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 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, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and a 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. The rule went into effect on February 19, 2021. The compliance date for the new rule and related reporting requirements was August 19, 2022.

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 Investment Company Act of 1940 (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 effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022.

In May 2022, the SEC proposed amendments to a current rule governing fund naming conventions. In general, the current rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The proposed amendments would expand the scope of the current rule in a number of ways that would result in an expansion of the types of fund names that would require the fund to adopt an 80%

6 PIMCO EQUITY SERIES

investment policy under the rule. Additionally, the proposed amendments would modify the circumstances under which a fund may deviate from its 80% investment policy and address the use and valuation of derivatives instruments for purposes of the rule. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.

In May 2022, the SEC proposed a framework that would require certain registered funds (such as the Funds) to disclose their environmental, social, and governance (“ESG”) investing practices. Among other things, the proposed requirements would mandate that funds meeting three pre-defined classifications (i.e., integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the fund. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund (“ETF”) shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments are effective as of January 24, 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading.

In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to mitigate dilution of shareholders’ interests in a fund by requiring the adjustment of fund net asset value per share to pass on costs stemming from shareholder purchase or redemption activity. In addition the proposed rule would amend the liquidity rule framework. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.

In November 2022, the SEC adopted amendments to Form N-PX under the Act to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand the scope of funds’ Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for “Say on Pay” votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N-PX; and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024

ANNUAL REPORT | JUNE 30, 2023 7

PIMCO REALPATH^® Blend 2025 Fund

Cumulative Returns Through June 30, 2023

$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, 2023
		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2025 Fund Institutional Class		7.05%		5.23%		5.37%
	PIMCO REALPATH® Blend 2025 Fund Administrative Class		6.74%		4.96%		5.10%
	PIMCO REALPATH® Blend 2025 Fund Class A		6.51%		4.74%		4.87%
	PIMCO REALPATH® Blend 2025 Fund Class A (adjusted)		0.69%		3.55%		4.17%
	S&P Target Date 2025 Index±		8.95%		5.17%		5.61%

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, as stated in the Fund’s currently-effective prospectus (as of the date of this report), which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) were 0.32% for the Institutional Class shares, 0.57% for the Administrative Class shares, and 0.77% for the Class A shares. See Financial Highlights for actual expense ratios as of the end of the period covered by this report.

8 PIMCO EQUITY SERIES

Institutional Class - PPZRX Administrative Class - PPZDX Class A -  PPZAX

Top 10 Holdings as of June 30, 2023^†§

Vanguard Institutional Index Fund ‘Institutional’	18.8%
Vanguard Developed Markets Index Fund ‘Institutional’	15.5%
PIMCO Income Fund	13.3%
PIMCO Total Return Fund	11.3%
PIMCO Long-Term Real Return Fund	10.1%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	6.9%
PIMCO Long-Term U.S. Government Fund	5.3%
PIMCO Real Return Fund	4.0%
PIMCO Emerging Markets Local Currency and Bond Fund	3.0%
PIMCO International Bond Fund (U.S. Dollar-Hedged)	2.5%

^† % of Investments, at value.

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

Fund Insights

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

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

» Exposure to global equities contributed to absolute performance, as global equities posted positive returns.

» Exposure to emerging market bonds contributed to absolute performance, as emerging market bonds posted positive returns.

» Exposure to high yield bonds contributed to absolute performance, as high yield bonds posted positive returns.

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

» Exposure to long-term Treasury Inflation Protected Securities (“TIPS”) detracted from absolute performance, as long-term TIPS posted negative returns.

» Exposure to U.S. core bonds detracted from absolute performance, as U.S. core bonds posted negative returns.

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

ANNUAL REPORT | JUNE 30, 2023 9

PIMCO REALPATH^® Blend 2030 Fund

Cumulative Returns Through June 30, 2023

$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, 2023
		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2030 Fund Institutional Class		8.80%		5.76%		5.96%
	PIMCO REALPATH® Blend 2030 Fund Administrative Class		8.56%		5.49%		5.70%
	PIMCO REALPATH® Blend 2030 Fund Class A		8.30%		5.24%		5.45%
	PIMCO REALPATH® Blend 2030 Fund Class A (adjusted)		2.31%		4.06%		4.75%
	S&P Target Date 2030 Index±		10.63%		5.80%		6.23%

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, as stated in the Fund’s currently-effective prospectus (as of the date of this report), which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) were 0.26% for the Institutional Class shares, 0.51% for the Administrative Class shares, and 0.71% for the Class A shares. See Financial Highlights for actual expense ratios as of the end of the period covered by this report.

10 PIMCO EQUITY SERIES

Institutional Class - PBPNX Administrative Class - PBPRX Class A - PBPAX

Top 10 Holdings as of June 30, 2023^†§

Vanguard Institutional Index Fund ‘Institutional’	27.1%
Vanguard Developed Markets Index Fund ‘Institutional’	18.0%
PIMCO Income Fund	9.0%
PIMCO Long-Term Real Return Fund	8.7%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	8.5%
PIMCO Total Return Fund	7.4%
PIMCO Long-Term U.S. Government Fund	5.2%
PIMCO Real Return Fund	3.1%
PIMCO Emerging Markets Local Currency and Bond Fund	2.4%
Vanguard Small-Cap Index Fund ‘Institutional’	2.0%

^† % 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 cap equities contributed to absolute performance, as U.S. large cap equities posted positive returns.

» Exposure to global equities contributed to absolute performance, as global equities posted positive returns.

» Exposure to emerging market bonds contributed to absolute performance, as emerging market bonds posted positive returns.

» Exposure to U.S. small cap equities contributed to absolute performance, as U.S. small cap equities posted positive returns.

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

» Exposure to long-term Treasury Inflation Protected Securities (“TIPS”) detracted from absolute performance, as long-term TIPS posted negative returns.

» Exposure to U.S. core bonds detracted from absolute performance, as U.S. core bonds posted negative returns.

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

ANNUAL REPORT | JUNE 30, 2023 11

PIMCO REALPATH^® Blend 2035 Fund

Cumulative Returns Through June 30, 2023

$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, 2023
		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2035 Fund Institutional Class		11.26%		6.48%		6.52%
	PIMCO REALPATH® Blend 2035 Fund Administrative Class		11.04%		6.22%		6.24%
	PIMCO REALPATH® Blend 2035 Fund Class A		10.79%		5.96%		6.00%
	PIMCO REALPATH® Blend 2035 Fund Class A (adjusted)		4.72%		4.76%		5.29%
	S&P Target Date 2035 Index±		12.37%		6.48%		6.86%

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, as stated in the Fund’s currently-effective prospectus (as of the date of this report), 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 0.68% for the Class A shares. See Financial Highlights for actual expense ratios as of the end of the period covered by this report.

12 PIMCO EQUITY SERIES

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

Top 10 Holdings as of June 30, 2023^†§

Vanguard Institutional Index Fund ‘Institutional’	33.2%
Vanguard Developed Markets Index Fund ‘Institutional’	21.1%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	9.3%
PIMCO Income Fund	6.7%
PIMCO Long-Term Real Return Fund	6.5%
PIMCO Total Return Fund	5.6%
PIMCO Long-Term U.S. Government Fund	3.7%
Vanguard Small-Cap Index Fund ‘Institutional’	2.8%
PIMCO Real Return Fund	2.1%
PIMCO Emerging Markets Local Currency and Bond Fund	1.9%

^† % 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 cap equities contributed to absolute performance, as U.S. large cap equities posted positive returns.

» Exposure to global equities contributed to absolute performance, as global equities posted positive returns.

» Exposure to U.S. small cap equities contributed to absolute performance, as U.S. small cap equities posted positive returns.

» Exposure to emerging market bonds contributed to absolute performance, as emerging market bonds posted positive returns.

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

» Exposure to long-term Treasury Inflation Protected Securities (“TIPS”) detracted from absolute performance, as long-term TIPS posted negative returns.

» Exposure to U.S. core bonds detracted from absolute performance, as U.S. core bonds posted negative returns.

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

ANNUAL REPORT | JUNE 30, 2023 13

PIMCO REALPATH^® Blend 2040 Fund

Cumulative Returns Through June 30, 2023

$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, 2023
		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2040 Fund Institutional Class		12.55%		6.96%		6.93%
	PIMCO REALPATH® Blend 2040 Fund Administrative Class		12.25%		6.69%		6.66%
	PIMCO REALPATH® Blend 2040 Fund Class A		12.08%		6.46%		6.41%
	PIMCO REALPATH® Blend 2040 Fund Class A (adjusted)		5.90%		5.26%		5.71%
	S&P Target Date 2040 Index±		13.92%		7.00%		7.34%

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, as stated in the Fund’s currently-effective prospectus (as of the date of this report), which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) were 0.20% for the Institutional Class shares, 0.45% for the Administrative Class shares, and 0.65% for the Class A shares. See Financial Highlights for actual expense ratios as of the end of the period covered by this report.

14 PIMCO EQUITY SERIES

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

Top 10 Holdings as of June 30, 2023^†§

Vanguard Institutional Index Fund ‘Institutional’	38.1%
Vanguard Developed Markets Index Fund ‘Institutional’	24.4%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	9.8%
PIMCO Income Fund	4.8%
PIMCO Total Return Fund	4.3%
PIMCO Long-Term Real Return Fund	4.2%
Vanguard Small-Cap Index Fund ‘Institutional’	3.0%
PIMCO Long-Term U.S. Government Fund	2.3%
PIMCO Emerging Markets Local Currency and Bond Fund	1.6%
PIMCO Real Return Fund	1.2%

^† % 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 cap equities contributed to absolute performance, as U.S. large cap equities posted positive returns.

» Exposure to global equities contributed to absolute performance, as global equities posted positive returns.

» Exposure to U.S. small cap equities contributed to absolute performance, as U.S. small cap equities posted positive returns.

» Exposure to emerging market bonds contributed to absolute performance, as emerging market bonds posted positive returns.

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

» Exposure to long-term Treasury Inflation Protected Securities (“TIPS”) detracted from absolute performance, as long-term TIPS posted negative returns.

» Exposure to U.S. core bonds detracted from absolute performance, as U.S. core bonds posted negative returns.

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

ANNUAL REPORT | JUNE 30, 2023 15

PIMCO REALPATH^® Blend 2045 Fund

Cumulative Returns Through June 30, 2023

$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, 2023
		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2045 Fund Institutional Class		13.48%		7.35%		7.17%
	PIMCO REALPATH® Blend 2045 Fund Administrative Class		13.25%		7.08%		6.90%
	PIMCO REALPATH® Blend 2045 Fund Class A		12.97%		6.81%		6.63%
	PIMCO REALPATH® Blend 2045 Fund Class A (adjusted)		6.71%		5.60%		5.93%
	S&P Target Date 2045 Index±		15.04%		7.33%		7.64%

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, as stated in the Fund’s currently-effective prospectus (as of the date of this report), 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 0.61% for the Class A shares. See Financial Highlights for actual expense ratios as of the end of the period covered by this report.

16 PIMCO EQUITY SERIES

Institutional Class - PVQNX Administrative Class - PVQDX Class A -  PVQAX

Top 10 Holdings as of June 30, 2023^†§

Vanguard Institutional Index Fund ‘Institutional’	41.6%
Vanguard Developed Markets Index Fund ‘Institutional’	27.7%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	9.9%
Vanguard Small-Cap Index Fund ‘Institutional’	3.3%
PIMCO Income Fund	2.7%
PIMCO Total Return Fund	2.7%
PIMCO Long-Term Real Return Fund	2.0%
PIMCO Long-Term U.S. Government Fund	1.8%
PIMCO Emerging Markets Local Currency and Bond Fund	1.1%
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 cap equities contributed to absolute performance, as U.S. large cap equities posted positive returns.

» Exposure to global equities contributed to absolute performance, as global equities posted positive returns.

» Exposure to U.S. small cap equities contributed to absolute performance, as U.S. small cap equities posted positive returns.

» Exposure to emerging market bonds contributed to absolute performance, as emerging market bonds posted positive returns.

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

» Exposure to long-term Treasury Inflation Protected Securities (“TIPS”) detracted from absolute performance, as long-term TIPS posted negative returns.

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

» Exposure to U.S. core bonds detracted from absolute performance, as U.S. core bonds posted negative returns.

ANNUAL REPORT | JUNE 30, 2023 17

PIMCO REALPATH^® Blend 2050 Fund

Cumulative Returns Through June 30, 2023

$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, 2023
		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2050 Fund Institutional Class		14.23%		7.57%		7.36%
	PIMCO REALPATH® Blend 2050 Fund Administrative Class		13.93%		7.28%		7.08%
	PIMCO REALPATH® Blend 2050 Fund Class A		13.78%		7.05%		6.83%
	PIMCO REALPATH® Blend 2050 Fund Class A (adjusted)		7.51%		5.84%		6.12%
	S&P Target Date 2050 Index±		15.51%		7.47%		7.82%

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, as stated in the Fund’s currently-effective prospectus (as of the date of this report), which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) were 0.14% for the Institutional Class shares, 0.39% for the Administrative Class shares, and 0.59% for the Class A shares. See Financial Highlights for actual expense ratios as of the end of the period covered by this report.

18 PIMCO EQUITY SERIES

Institutional Class - PPQZX Administrative Class - PPQDX Class A -  PPQAX

Top 10 Holdings as of June 30, 2023^†§

Vanguard Institutional Index Fund ‘Institutional’	44.2%
Vanguard Developed Markets Index Fund ‘Institutional’	29.8%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	9.9%
Vanguard Small-Cap Index Fund ‘Institutional’	3.8%
PIMCO Income Fund	1.9%
PIMCO Total Return Fund	1.9%
PIMCO Long-Term Real Return Fund	1.3%
PIMCO Long-Term U.S. Government Fund	1.2%
PIMCO Emerging Markets Local Currency and Bond Fund	0.4%
PIMCO Real Return 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 cap equities contributed to absolute performance, as U.S. large cap equities posted positive returns.

» Exposure to global equities contributed to absolute performance, as global equities posted positive returns.

» Exposure to U.S. small cap equities contributed to absolute performance, as U.S. small cap equities posted positive returns.

» Exposure to emerging market equities contributed to absolute performance, as emerging market equities posted positive returns.

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

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

» Exposure to long-term Treasury Inflation Protected Securities (“TIPS”) detracted from absolute performance, as long-term TIPS posted negative returns.

» Exposure to U.S. core bonds detracted from absolute performance, as U.S. core bonds posted negative returns.

ANNUAL REPORT | JUNE 30, 2023 19

PIMCO REALPATH^® Blend 2055 Fund

Cumulative Returns Through June 30, 2023

$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, 2023
		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend 2055 Fund Institutional Class		14.69%		7.60%		7.35%
	PIMCO REALPATH® Blend 2055 Fund Administrative Class		14.45%		7.33%		7.09%
	PIMCO REALPATH® Blend 2055 Fund Class A		14.14%		7.08%		6.81%
	PIMCO REALPATH® Blend 2055 Fund Class A (adjusted)		7.83%		5.87%		6.10%
	S&P Target Date 2055 Index±		15.64%		7.52%		7.89%

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, as stated in the Fund’s currently-effective prospectus (as of the date of this report), which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) were 0.13% for the Institutional Class shares, 0.38% for the Administrative Class shares, and 0.58% for the Class A shares. See Financial Highlights for actual expense ratios as of the end of the period covered by this report.

20 PIMCO EQUITY SERIES

Institutional Class - PRQZX Administrative Class - PRQDX Class A -  PRQAX

Top 10 Holdings as of June 30, 2023^†§

Vanguard Institutional Index Fund ‘Institutional’	45.2%
Vanguard Developed Markets Index Fund ‘Institutional’	30.1%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	9.8%
Vanguard Small-Cap Index Fund ‘Institutional’	4.2%
PIMCO Income Fund	1.4%
PIMCO Total Return Fund	1.4%
PIMCO Long-Term Real Return Fund	0.9%
PIMCO Long-Term U.S. Government Fund	0.8%
PIMCO Real Return Fund	0.3%
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 cap equities contributed to absolute performance, as U.S. large cap equities posted positive returns.

» Exposure to global equities contributed to absolute performance, as global equities posted positive returns.

» Exposure to U.S. small cap equities contributed to absolute performance, as U.S. small cap equities posted positive returns.

» Exposure to emerging market equities contributed to absolute performance, as emerging market equities posted positive returns.

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

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

» Exposure to long-term Treasury Inflation Protected Securities (“TIPS”) detracted from absolute performance, as long-term TIPS posted negative returns.

» Exposure to U.S. core bonds detracted from absolute performance, as U.S. core bonds posted negative returns.

ANNUAL REPORT | JUNE 30, 2023 21

PIMCO REALPATH^® Blend 2060 Fund

Cumulative Returns Through June 30, 2023

$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, 2023
		1 Year		Fund Inception (12/31/19)
	PIMCO REALPATH® Blend 2060 Fund Institutional Class		14.69%		6.75%
	PIMCO REALPATH® Blend 2060 Fund Administrative Class		14.53%		6.51%
	PIMCO REALPATH® Blend 2060 Fund Class A		14.09%		6.25%
	PIMCO REALPATH® Blend 2060 Fund Class A (adjusted)		7.80%		4.55%
	S&P Target Date 2060+ Index±		15.73%		6.95%

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

^± 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, as stated in the Fund’s currently-effective prospectus (as of the date of this report), which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) were 0.14% for the Institutional Class shares, 0.39% for the Administrative Class shares, and 0.59% for the Class A shares. See Financial Highlights for actual expense ratios as of the end of the period covered by this report.

22 PIMCO EQUITY SERIES

Institutional Class - PRBMX Administrative Class - PRBEX Class A -  PRBAX

Top 10 Holdings as of June 30, 2023^†§

Vanguard Institutional Index Fund ‘Institutional’	46.8%
Vanguard Developed Markets Index Fund ‘Institutional’	30.4%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	10.0%
Vanguard Small-Cap Index Fund ‘Admiral’	4.5%
PIMCO Income Fund	1.0%
PIMCO Total Return Fund	1.0%
PIMCO Long-Term Real Return Fund	0.7%
PIMCO Long-Term U.S. Government Fund	0.7%
PIMCO Real Return Fund	0.4%
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 cap equities contributed to absolute performance, as U.S. large cap equities posted positive returns.

» Exposure to global equities contributed to absolute performance, as global equities posted positive returns.

» Exposure to U.S. small cap equities contributed to absolute performance, as U.S. small cap equities posted positive returns.

» Exposure to emerging market equities contributed to absolute performance, as emerging market equities posted positive returns.

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

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

» Exposure to long-term Treasury Inflation Protected Securities (“TIPS”) detracted from absolute performance, as long-term TIPS posted negative returns.

» Exposure to U.S. core bonds detracted from absolute performance, as U.S. core bonds posted negative returns.

ANNUAL REPORT | JUNE 30, 2023 23

PIMCO REALPATH^® Blend 2065 Fund

Cumulative Returns Through June 30, 2023

$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 2065 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, 2023
		Fund Inception (12/30/22)*
	PIMCO REALPATH® Blend 2065 Fund Institutional Class		12.29%
	PIMCO REALPATH® Blend 2065 Fund Administrative Class		12.14%
	PIMCO REALPATH® Blend 2065 Fund Class A		11.99%
	PIMCO REALPATH® Blend 2065 Fund Class A (adjusted)		5.85%
	S&P Target Date 2065 Index±		11.92%

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

* Cumulative return.

^± 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, as stated in the Fund’s currently-effective prospectus (as of the date of this report), which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) were 0.35% for the Institutional Class shares, 0.60% for the Administrative Class shares, and 0.80% for the Class A shares. See Financial Highlights for actual expense ratios as of the end of the period covered by this report.

24 PIMCO EQUITY SERIES

Institutional Class - PBLIX Administrative Class - PBLMX Class A -  PBLLX

Top 10 Holdings as of June 30, 2023^†§

Vanguard Institutional Index Fund ‘Institutional’	47.7%
Vanguard Developed Markets Index Fund ‘Admiral’	31.4%
Vanguard Emerging Markets Stock Index Fund ‘Admiral’	10.2%
Vanguard Small-Cap Index Fund ‘Admiral’	4.6%
PIMCO Total Return Fund	0.8%
PIMCO Income Fund	0.8%
PIMCO Long-Term Real Return Fund	0.8%
PIMCO Long-Term U.S. Government Fund	0.7%
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 cap equities contributed to absolute performance, as U.S. large cap equities posted positive returns.

» Exposure to global equities contributed to absolute performance, as global equities posted positive returns.

» Exposure to U.S. small cap equities contributed to absolute performance, as U.S. small cap equities posted positive returns.

» Exposure to emerging market equities contributed to absolute performance, as emerging market equities posted positive returns.

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

» There were no other material detractors for this Fund.

ANNUAL REPORT | JUNE 30, 2023 25

PIMCO REALPATH^® Blend Income Fund

Cumulative Returns Through June 30, 2023

$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 PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund (“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, 2023
		1 Year		5 Years		Fund Inception (12/31/14)
	PIMCO REALPATH® Blend Income Fund Institutional Class		6.10%		4.54%		4.73%
	PIMCO REALPATH® Blend Income Fund Administrative Class		5.86%		4.29%		4.48%
	PIMCO REALPATH® Blend Income Fund Class A		5.59%		4.04%		4.22%
	PIMCO REALPATH® Blend Income Fund Class A (adjusted)		(0.18)%		2.88%		3.54%
	S&P Target Date Retirement Income Index±		5.87%		3.46%		3.57%

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, as stated in the Fund’s currently-effective prospectus (as of the date of this report), which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) were 0.36% for the Institutional Class shares, 0.61% for the Administrative Class shares, and 0.81% for the Class A shares. See Financial Highlights for actual expense ratios as of the end of the period covered by this report.

26 PIMCO EQUITY SERIES

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

Top 10 Holdings as of June 30, 2023^†§

PIMCO Income Fund	15.7%
Vanguard Institutional Index Fund ‘Institutional’	15.2%
Vanguard Developed Markets Index Fund ‘Institutional’	14.8%
PIMCO Total Return Fund	13.4%
PIMCO Long-Term Real Return Fund	10.5%
Vanguard Emerging Markets Stock Index Fund ‘Institutional’	6.2%
PIMCO Long-Term U.S. Government Fund	5.2%
PIMCO Real Return Fund	4.6%
PIMCO Emerging Markets Local Currency and Bond Fund	3.3%
PIMCO International Bond Fund (U.S. Dollar-Hedged)	2.9%

^† % 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 cap equities contributed to absolute performance, as U.S. large cap equities posted positive returns.

» Exposure to global equities contributed to absolute performance, as global equities posted positive returns.

» Exposure to emerging market bonds contributed to absolute performance, as emerging market bonds posted positive returns.

» Exposure to high yield bonds contributed to absolute performance, as high yield bonds posted positive returns.

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

» Exposure to long-term Treasury Inflation Protected Securities (“TIPS”) detracted from absolute performance, as long-term TIPS posted negative returns.

» Exposure to U.S. core bonds detracted from absolute performance, as U.S. core bonds posted negative returns.

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

ANNUAL REPORT | JUNE 30, 2023 27

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, 2023 to June 30, 2023 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 (01/01/23)		Ending Account Value (06/30/23)		Expenses Paid During Period*		Beginning Account Value (01/01/23)		Ending Account Value (06/30/23)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO REALPATH® Blend 2025 Fund
Institutional Class	$	1,000.00	$	1,073.00	$	0.21	$	1,000.00	$	1,024.60	$	0.20		0.04	%
Administrative Class		1,000.00		1,071.10		1.49		1,000.00		1,023.36		1.45		0.29
Class A		1,000.00		1,071.10		2.52		1,000.00		1,022.36		2.46		0.49
PIMCO REALPATH® Blend 2030 Fund
Institutional Class	$	1,000.00	$	1,086.50	$	0.21	$	1,000.00	$	1,024.60	$	0.20		0.04	%
Administrative Class		1,000.00		1,084.50		1.50		1,000.00		1,023.36		1.45		0.29
Class A		1,000.00		1,083.00		2.53		1,000.00		1,022.36		2.46		0.49
PIMCO REALPATH® Blend 2035 Fund
Institutional Class	$	1,000.00	$	1,099.50	$	0.26	$	1,000.00	$	1,024.55	$	0.25		0.05	%
Administrative Class		1,000.00		1,098.70		1.56		1,000.00		1,023.31		1.51		0.30
Class A		1,000.00		1,096.40		2.60		1,000.00		1,022.32		2.51		0.50
PIMCO REALPATH® Blend 2040 Fund
Institutional Class	$	1,000.00	$	1,108.20	$	0.31	$	1,000.00	$	1,024.50	$	0.30		0.06	%
Administrative Class		1,000.00		1,106.50		1.62		1,000.00		1,023.26		1.56		0.31
Class A		1,000.00		1,105.80		2.66		1,000.00		1,022.27		2.56		0.51

28 PIMCO EQUITY SERIES

			Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (01/01/23)		Ending Account Value (06/30/23)		Expenses Paid During Period*		Beginning Account Value (01/01/23)		Ending Account Value (06/30/23)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO REALPATH® Blend 2045 Fund
Institutional Class	$	1,000.00	$	1,115.30	$	0.31	$	1,000.00	$	1,024.50	$	0.30		0.06	%
Administrative Class		1,000.00		1,114.30		1.63		1,000.00		1,023.26		1.56		0.31
Class A		1,000.00		1,112.50		2.67		1,000.00		1,022.27		2.56		0.51
PIMCO REALPATH® Blend 2050 Fund
Institutional Class	$	1,000.00	$	1,120.00	$	0.32	$	1,000.00	$	1,024.50	$	0.30		0.06	%
Administrative Class		1,000.00		1,118.20		1.63		1,000.00		1,023.26		1.56		0.31
Class A		1,000.00		1,116.90		2.68		1,000.00		1,022.27		2.56		0.51
PIMCO REALPATH® Blend 2055 Fund
Institutional Class	$	1,000.00	$	1,121.60	$	0.32	$	1,000.00	$	1,024.50	$	0.30		0.06	%
Administrative Class		1,000.00		1,120.50		1.63		1,000.00		1,023.26		1.56		0.31
Class A		1,000.00		1,119.30		2.68		1,000.00		1,022.27		2.56		0.51
PIMCO REALPATH® Blend 2060 Fund
Institutional Class	$	1,000.00	$	1,122.20	$	0.32	$	1,000.00	$	1,024.50	$	0.30		0.06	%
Administrative Class		1,000.00		1,121.80		1.63		1,000.00		1,023.26		1.56		0.31
Class A		1,000.00		1,119.70		2.68		1,000.00		1,022.27		2.56		0.51
PIMCO REALPATH® Blend 2065 Fund
Institutional Class	$	1,000.00	$	1,122.90	$	0.26	$	1,000.00	$	1,024.55	$	0.25		0.05	%
Administrative Class		1,000.00		1,121.40		1.58		1,000.00		1,023.31		1.51		0.30
Class A		1,000.00		1,119.90		2.63		1,000.00		1,022.32		2.51		0.50
PIMCO REALPATH® Blend Income Fund
Institutional Class	$	1,000.00	$	1,065.70	$	0.20	$	1,000.00	$	1,024.60	$	0.20		0.04	%
Administrative Class		1,000.00		1,064.60		1.48		1,000.00		1,023.36		1.45		0.29
Class A		1,000.00		1,063.10		2.51		1,000.00		1,022.36		2.46		0.49

* 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 181/365 (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, 2023 29

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 REALPATH® Blend 2025 Fund
Institutional Class
06/30/2023	$	11.29	$	0.44	$	0.31		$	0.75		$	(0.31	)	$	(0.19	)	$	(0.50	)
06/30/2022		13.50		0.44		(2.16	)		(1.72	)		(0.37	)		(0.12	)		(0.49	)
06/30/2021		11.71		0.36		2.25			2.61			(0.65	)		(0.17	)		(0.82	)
06/30/2020		11.33		0.36		0.36			0.72			(0.34	)		0.00			(0.34	)
06/30/2019		11.15		0.36		0.32			0.68			(0.32	)		(0.18	)		(0.50	)
Administrative Class
06/30/2023		11.25		0.42		0.32			0.74			(0.29	)		(0.19	)		(0.48	)
06/30/2022		13.47		0.41		(2.17	)		(1.76	)		(0.34	)		(0.12	)		(0.46	)
06/30/2021		11.69		0.32		2.25			2.57			(0.62	)		(0.17	)		(0.79	)
06/30/2020		11.31		0.34		0.36			0.70			(0.32	)		0.00			(0.32	)
06/30/2019		11.13		0.32		0.34			0.66			(0.30	)		(0.18	)		(0.48	)
Class A
06/30/2023		11.25		0.38		0.32			0.70			(0.26	)		(0.19	)		(0.45	)
06/30/2022		13.46		0.37		(2.15	)		(1.78	)		(0.31	)		(0.12	)		(0.43	)
06/30/2021		11.68		0.28		2.27			2.55			(0.60	)		(0.17	)		(0.77	)
06/30/2020		11.31		0.31		0.35			0.66			(0.29	)		0.00			(0.29	)
06/30/2019		11.13		0.29		0.34			0.63			(0.27	)		(0.18	)		(0.45	)
PIMCO REALPATH® Blend 2030 Fund
Institutional Class
06/30/2023	$	11.69	$	0.41	$	0.58		$	0.99		$	(0.28	)	$	(0.18	)	$	(0.46	)
06/30/2022		14.09		0.41		(2.30	)		(1.89	)		(0.34	)		(0.17	)		(0.51	)
06/30/2021		11.76		0.34		2.69			3.03			(0.55	)		(0.15	)		(0.70	)
06/30/2020		11.54		0.35		0.22			0.57			(0.33	)		(0.02	)		(0.35	)
06/30/2019		11.39		0.34		0.39			0.73			(0.32	)		(0.26	)		(0.58	)
Administrative Class
06/30/2023		11.66		0.38		0.58			0.96			(0.25	)		(0.18	)		(0.43	)
06/30/2022		14.06		0.38		(2.30	)		(1.92	)		(0.31	)		(0.17	)		(0.48	)
06/30/2021		11.75		0.30		2.68			2.98			(0.52	)		(0.15	)		(0.67	)
06/30/2020		11.52		0.33		0.22			0.55			(0.30	)		(0.02	)		(0.32	)
06/30/2019		11.38		0.30		0.39			0.69			(0.29	)		(0.26	)		(0.55	)
Class A
06/30/2023		11.62		0.36		0.58			0.94			(0.23	)		(0.18	)		(0.41	)
06/30/2022		14.02		0.35		(2.30	)		(1.95	)		(0.28	)		(0.17	)		(0.45	)
06/30/2021		11.71		0.27		2.68			2.95			(0.49	)		(0.15	)		(0.64	)
06/30/2020		11.50		0.29		0.22			0.51			(0.28	)		(0.02	)		(0.30	)
06/30/2019		11.36		0.28		0.39			0.67			(0.27	)		(0.26	)		(0.53	)
PIMCO REALPATH® Blend 2035 Fund
Institutional Class
06/30/2023	$	12.08	$	0.39	$	0.94		$	1.33		$	(0.25	)	$	(0.16	)	$	(0.41	)
06/30/2022		14.54		0.39		(2.34	)		(1.95	)		(0.34	)		(0.17	)		(0.51	)
06/30/2021		11.65		0.31		3.11			3.42			(0.44	)		(0.09	)		(0.53	)
06/30/2020		11.58		0.33		0.08			0.41			(0.32	)		(0.02	)		(0.34	)
06/30/2019		11.58		0.33		0.38			0.71			(0.32	)		(0.39	)		(0.71	)
Administrative Class
06/30/2023		12.05		0.36		0.94			1.30			(0.22	)		(0.16	)		(0.38	)
06/30/2022		14.51		0.35		(2.33	)		(1.98	)		(0.31	)		(0.17	)		(0.48	)
06/30/2021		11.63		0.27		3.11			3.38			(0.41	)		(0.09	)		(0.50	)
06/30/2020		11.57		0.31		0.06			0.37			(0.29	)		(0.02	)		(0.31	)
06/30/2019		11.57		0.29		0.39			0.68			(0.29	)		(0.39	)		(0.68	)
Class A
06/30/2023		12.08		0.33		0.95			1.28			(0.20	)		(0.16	)		(0.36	)
06/30/2022		14.55		0.32		(2.34	)		(2.02	)		(0.28	)		(0.17	)		(0.45	)
06/30/2021		11.67		0.24		3.11			3.35			(0.38	)		(0.09	)		(0.47	)
06/30/2020		11.61		0.27		0.08			0.35			(0.27	)		(0.02	)		(0.29	)
06/30/2019		11.61		0.26		0.39			0.65			(0.26	)		(0.39	)		(0.65	)

30 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(e)
Net Assets Value End of Year or Period(a)		Total Return(d)			Net Assets End of Year or Period (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expense			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
$	11.54		6.87	%	$	403,689		0.03	%		0.03	%		0.03	%		0.03	%		3.89	%		23	%
	11.29		(13.29	)		211,435		0.04			0.04			0.04			0.04			3.35			21
	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
	11.51		6.74			28,348		0.28			0.28			0.28			0.28			3.71			23
	11.25		(13.60	)		25,795		0.29			0.29			0.29			0.29			3.11			21
	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
	11.50		6.41			5,844		0.48			0.48			0.48			0.48			3.40			23
	11.25		(13.73	)		6,905		0.51	(f)		0.51	(f)		0.51	(f)		0.51	(f)		2.85			21
	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
$	12.22		8.71	%	$	510,421		0.03	%		0.03	%		0.03	%		0.03	%		3.46	%		18	%
	11.69		(13.97	)		239,698		0.04			0.04			0.04			0.04			3.04			22
	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
	12.19		8.47			25,901		0.28			0.28			0.28			0.28			3.22			18
	11.66		(14.20	)		30,094		0.29			0.29			0.29			0.29			2.77			22
	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
	12.15		8.30			8,479		0.48			0.48			0.48			0.48			3.02			18
	11.62		(14.42	)		7,847		0.51	(f)		0.51	(f)		0.51	(f)		0.51	(f)		2.56			22
	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
$	13.00		11.26	%	$	488,420		0.04	%		0.04	%		0.04	%		0.04	%		3.16	%		18	%
	12.08		(14.03	)		215,450		0.05			0.05			0.05			0.05			2.78			17
	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
	12.97		11.04			33,173		0.29			0.29			0.29			0.29			2.94			18
	12.05		(14.26	)		25,937		0.30			0.30			0.30			0.30			2.52			17
	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
	13.00		10.79			8,308		0.49			0.49			0.49			0.49			2.69			18
	12.08		(14.46	)		6,983		0.52	(f)		0.52	(f)		0.52	(f)		0.52	(f)		2.29			17
	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

ANNUAL REPORT | JUNE 30, 2023 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			Total
PIMCO REALPATH® Blend 2040 Fund
Institutional Class
06/30/2023	$	12.40	$	0.37	$	1.15		$	1.52		$	(0.22	)	$	(0.16	)	$	(0.38	)
06/30/2022		14.96		0.38		(2.42	)		(2.04	)		(0.35	)		(0.17	)		(0.52	)
06/30/2021		11.68		0.30		3.46			3.76			(0.41	)		(0.07	)		(0.48	)
06/30/2020		11.71		0.31		0.02			0.33			(0.34	)		(0.02	)		(0.36	)
06/30/2019		11.71		0.32		0.38			0.70			(0.31	)		(0.39	)		(0.70	)
Administrative Class
06/30/2023		12.37		0.33		1.15			1.48			(0.20	)		(0.16	)		(0.36	)
06/30/2022		14.92		0.34		(2.40	)		(2.06	)		(0.32	)		(0.17	)		(0.49	)
06/30/2021		11.65		0.26		3.46			3.72			(0.38	)		(0.07	)		(0.45	)
06/30/2020		11.69		0.29		0.01			0.30			(0.32	)		(0.02	)		(0.34	)
06/30/2019		11.69		0.28		0.39			0.67			(0.28	)		(0.39	)		(0.67	)
Class A
06/30/2023		12.32		0.31		1.14			1.45			(0.17	)		(0.16	)		(0.33	)
06/30/2022		14.88		0.30		(2.39	)		(2.09	)		(0.30	)		(0.17	)		(0.47	)
06/30/2021		11.62		0.22		3.45			3.67			(0.34	)		(0.07	)		(0.41	)
06/30/2020		11.67		0.26		0.00			0.26			(0.29	)		(0.02	)		(0.31	)
06/30/2019		11.67		0.26		0.38			0.64			(0.25	)		(0.39	)		(0.64	)
PIMCO REALPATH® Blend 2045 Fund
Institutional Class
06/30/2023	$	12.54	$	0.35	$	1.31		$	1.66		$	(0.20	)	$	(0.16	)	$	(0.36	)
06/30/2022		15.11		0.36		(2.42	)		(2.06	)		(0.32	)		(0.19	)		(0.51	)
06/30/2021		11.58		0.29		3.69			3.98			(0.38	)		(0.07	)		(0.45	)
06/30/2020		11.67		0.30		(0.04	)		0.26			(0.33	)		(0.02	)		(0.35	)
06/30/2019		11.79		0.31		0.37			0.68			(0.32	)		(0.48	)		(0.80	)
Administrative Class
06/30/2023		12.49		0.32		1.30			1.62			(0.18	)		(0.16	)		(0.34	)
06/30/2022		15.06		0.32		(2.41	)		(2.09	)		(0.29	)		(0.19	)		(0.48	)
06/30/2021		11.55		0.25		3.68			3.93			(0.35	)		(0.07	)		(0.42	)
06/30/2020		11.65		0.28		(0.06	)		0.22			(0.30	)		(0.02	)		(0.32	)
06/30/2019		11.77		0.27		0.39			0.66			(0.30	)		(0.48	)		(0.78	)
Class A
06/30/2023		12.46		0.28		1.31			1.59			(0.16	)		(0.16	)		(0.32	)
06/30/2022		15.05		0.29		(2.42	)		(2.13	)		(0.27	)		(0.19	)		(0.46	)
06/30/2021		11.54		0.21		3.69			3.90			(0.32	)		(0.07	)		(0.39	)
06/30/2020		11.64		0.24		(0.04	)		0.20			(0.28	)		(0.02	)		(0.30	)
06/30/2019		11.77		0.25		0.37			0.62			(0.27	)		(0.48	)		(0.75	)
PIMCO REALPATH® Blend 2050 Fund
Institutional Class
06/30/2023	$	12.65	$	0.34	$	1.43		$	1.77		$	(0.19	)	$	(0.16	)	$	(0.35	)
06/30/2022		15.28		0.36		(2.44	)		(2.08	)		(0.34	)		(0.21	)		(0.55	)
06/30/2021		11.59		0.29		3.83			4.12			(0.36	)		(0.07	)		(0.43	)
06/30/2020		11.74		0.29		(0.08	)		0.21			(0.34	)		(0.02	)		(0.36	)
06/30/2019		11.86		0.30		0.39			0.69			(0.31	)		(0.50	)		(0.81	)
Administrative Class
06/30/2023		12.59		0.29		1.43			1.72			(0.16	)		(0.16	)		(0.32	)
06/30/2022		15.23		0.32		(2.43	)		(2.11	)		(0.32	)		(0.21	)		(0.53	)
06/30/2021		11.56		0.24		3.83			4.07			(0.33	)		(0.07	)		(0.40	)
06/30/2020		11.71		0.27		(0.09	)		0.18			(0.31	)		(0.02	)		(0.33	)
06/30/2019		11.84		0.27		0.39			0.66			(0.29	)		(0.50	)		(0.79	)
Class A
06/30/2023		12.51		0.27		1.43			1.70			(0.15	)		(0.16	)		(0.31	)
06/30/2022		15.16		0.29		(2.43	)		(2.14	)		(0.30	)		(0.21	)		(0.51	)
06/30/2021		11.51		0.21		3.81			4.02			(0.30	)		(0.07	)		(0.37	)
06/30/2020		11.67		0.23		(0.08	)		0.15			(0.29	)		(0.02	)		(0.31	)
06/30/2019		11.80		0.24		0.39			0.63			(0.26	)		(0.50	)		(0.76	)

32 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(e)
Net Assets Value End of Year or Period(a)		Total Return(d)			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
$	13.54		12.55	%	$	452,132		0.05	%		0.05	%		0.05	%		0.05	%		2.89	%		16	%
	12.40		(14.20	)		224,639		0.06			0.06			0.06			0.06			2.59			17
	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
	13.49		12.16			20,516		0.30			0.30			0.30			0.30			2.61			16
	12.37		(14.33	)		19,014		0.31			0.31			0.31			0.31			2.32			17
	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
	13.44		12.00			8,655		0.50			0.50			0.50			0.50			2.40			16
	12.32		(14.58	)		7,441		0.53	(f)		0.53	(f)		0.53	(f)		0.53	(f)		2.08			17
	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
$	13.84		13.48	%	$	426,393		0.05	%		0.05	%		0.05	%		0.05	%		2.68	%		11	%
	12.54		(14.23	)		207,869		0.06			0.06			0.06			0.06			2.47			13
	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
	13.77		13.17			25,901		0.30			0.30			0.30			0.30			2.47			11
	12.49		(14.45	)		18,702		0.31			0.31			0.31			0.31			2.21			13
	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
	13.73		12.97			4,749		0.50			0.50			0.50			0.50			2.19			11
	12.46		(14.69	)		3,967		0.53	(f)		0.53	(f)		0.53	(f)		0.53	(f)		1.97			13
	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
$	14.07		14.23	%	$	397,754		0.05	%		0.05	%		0.05	%		0.05	%		2.55	%		9	%
	12.65		(14.29	)		206,038		0.06			0.06			0.06			0.06			2.43			9
	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
	13.99		13.93			18,106		0.30			0.30			0.30			0.30			2.25			9
	12.59		(14.50	)		19,530		0.31			0.31			0.31			0.31			2.15			9
	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
	13.90		13.78			4,854		0.50			0.50			0.50			0.50			2.08			9
	12.51		(14.73	)		3,704		0.53	(f)		0.53	(f)		0.53	(f)		0.53	(f)		1.93			9
	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

ANNUAL REPORT | JUNE 30, 2023 33

Financial Highlights (Cont.)

			Investment Operations								Less Distributions(c)
Selected Per Share Data for the Year or Period Ended^:	Net Asset Value Beginning of Year or Period(a)		Net Investment Income (Loss)(b)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Net Realized Capital Gains			Total
PIMCO REALPATH® Blend 2055 Fund
Institutional Class
06/30/2023	$	12.75	$	0.34	$	1.50		$	1.84		$	(0.19	)	$	(0.13	)	$	(0.32	)
06/30/2022		15.33		0.37		(2.48	)		(2.11	)		(0.30	)		(0.17	)		(0.47	)
06/30/2021		11.59		0.29		3.87			4.16			(0.38	)		(0.04	)		(0.42	)
06/30/2020		11.79		0.29		(0.12	)		0.17			(0.36	)		(0.01	)		(0.37	)
06/30/2019		11.74		0.31		0.37			0.68			(0.21	)		(0.42	)		(0.63	)
Administrative Class
06/30/2023		12.71		0.31		1.49			1.80			(0.16	)		(0.13	)		(0.29	)
06/30/2022		15.31		0.33		(2.48	)		(2.15	)		(0.28	)		(0.17	)		(0.45	)
06/30/2021		11.58		0.25		3.87			4.12			(0.35	)		(0.04	)		(0.39	)
06/30/2020		11.78		0.28		(0.13	)		0.15			(0.34	)		(0.01	)		(0.35	)
06/30/2019		11.75		0.29		0.35			0.64			(0.19	)		(0.42	)		(0.61	)
Class A
06/30/2023		12.64		0.26		1.50			1.76			(0.15	)		(0.13	)		(0.28	)
06/30/2022		15.24		0.29		(2.45	)		(2.16	)		(0.27	)		(0.17	)		(0.44	)
06/30/2021		11.53		0.21		3.86			4.07			(0.32	)		(0.04	)		(0.36	)
06/30/2020		11.73		0.23		(0.12	)		0.11			(0.30	)		(0.01	)		(0.31	)
06/30/2019		11.69		0.24		0.38			0.62			(0.16	)		(0.42	)		(0.58	)
PIMCO REALPATH® Blend 2060 Fund
Institutional Class
06/30/2023	$	9.84	$	0.26	$	1.16		$	1.42		$	(0.12	)	$	(0.06	)	$	(0.18	)
06/30/2022		12.47		0.30		(1.85	)		(1.55	)		(0.27	)		(0.81	)		(1.08	)
06/30/2021		9.35		0.24		3.12			3.36			(0.24	)		0.00			(0.24	)
12/31/2019 - 06/30/2020		10.00		0.09		(0.74	)		(0.65	)		0.00			0.00			0.00
Administrative Class
06/30/2023		9.80		0.24		1.16			1.40			(0.10	)		(0.06	)		(0.16	)
06/30/2022		12.45		0.29		(1.87	)		(1.58	)		(0.26	)		(0.81	)		(1.07	)
06/30/2021		9.33		0.24		3.10			3.34			(0.22	)		0.00			(0.22	)
12/31/2019 - 06/30/2020		10.00		0.08		(0.75	)		(0.67	)		0.00			0.00			0.00
Class A
06/30/2023		9.78		0.20		1.16			1.36			(0.09	)		(0.06	)		(0.15	)
06/30/2022		12.43		0.24		(1.84	)		(1.60	)		(0.24	)		(0.81	)		(1.05	)
06/30/2021		9.32		0.20		3.11			3.31			(0.20	)		0.00			(0.20	)
12/31/2019 - 06/30/2020		10.00		0.08		(0.76	)		(0.68	)		0.00			0.00			0.00
PIMCO REALPATH® Blend 2065 Fund
Institutional Class
12/30/2022 - 06/30/2023	$	10.00	$	0.12	$	1.11		$	1.23		$	(0.02	)	$	0.00		$	(0.02	)
Administrative Class
12/30/2022 - 06/30/2023		10.00		0.09		1.12			1.21			(0.01	)		0.00			(0.01	)
Class A
12/30/2022 - 06/30/2023		10.00		0.08		1.12			1.20			(0.01	)		0.00			(0.01	)
PIMCO REALPATH® Blend Income Fund
Institutional Class
06/30/2023	$	10.81	$	0.45	$	0.18		$	0.63		$	(0.34	)	$	(0.10	)	$	(0.44	)
06/30/2022		12.92		0.43		(2.04	)		(1.61	)		(0.37	)		(0.13	)		(0.50	)
06/30/2021		11.58		0.36		1.84			2.20			(0.68	)		(0.18	)		(0.86	)
06/30/2020		11.28		0.35		0.34			0.69			(0.39	)		0.00			(0.39	)
06/30/2019		10.92		0.37		0.34			0.71			(0.35	)		0.00			(0.35	)
Administrative Class
06/30/2023		10.81		0.43		0.17			0.60			(0.31	)		(0.10	)		(0.41	)
06/30/2022		12.93		0.40		(2.05	)		(1.65	)		(0.34	)		(0.13	)		(0.47	)
06/30/2021		11.59		0.33		1.84			2.17			(0.65	)		(0.18	)		(0.83	)
06/30/2020		11.28		0.33		0.34			0.67			(0.36	)		0.00			(0.36	)
06/30/2019		10.92		0.33		0.35			0.68			(0.32	)		0.00			(0.32	)

34 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(e)
Net Assets Value End of Year or Period(a)		Total Return(d)			Net Assets End of Year or Period (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expenses			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
$	14.27		14.69	%	$	289,834		0.05	%		0.05	%		0.05	%		0.05	%		2.51	%		8	%
	12.75		(14.32	)		145,097		0.06			0.06			0.06			0.06			2.47			9
	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
	14.22		14.45			15,324		0.30			0.30			0.30			0.30			2.32			8
	12.71		(14.57	)		8,409		0.31			0.31			0.31			0.31			2.21			9
	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
	14.12		14.14			3,320		0.50			0.50			0.50			0.50			1.99			8
	12.64		(14.73	)		2,622		0.53	(f)		0.53	(f)		0.53	(f)		0.53	(f)		1.92			9
	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
$	11.08		14.69	%	$	84,966		0.05	%		0.05	%		0.05	%		0.05	%		2.52	%		11	%
	9.84		(13.93	)		22,421		0.06			0.06			0.06			0.06			2.60			50
	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
	11.04		14.53			1,209		0.30			0.30			0.30			0.30			2.31			11
	9.80		(14.19	)		364		0.31			0.31			0.31			0.31			2.60			50
	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
	10.99		14.09			802		0.50			0.50			0.50			0.50			1.99			11
	9.78		(14.32	)		536		0.53	(f)		0.53	(f)		0.53	(f)		0.53	(f)		2.05			50
	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
$	11.21		12.29	%	$	4,889		0.05	%*		3.49	%*		0.05	%*		3.49	%*		2.21	%*		8	%
	11.20		12.14			112		0.30	*		3.74	%*		0.30	*		3.74	%*		1.68	*		8
	11.19		11.99			112		0.50	*		3.94	%*		0.50	*		3.94	%*		1.48	*		8
$	11.00		6.01	%	$	297,254		0.03	%		0.03	%		0.03	%		0.03	%		4.14	%		29	%
	10.81		(12.98	)		170,997		0.03			0.04			0.03			0.04			3.49			18
	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
	11.00		5.76			27,488		0.28			0.28			0.28			0.28			3.97			29
	10.81		(13.25	)		25,098		0.28			0.29			0.28			0.29			3.23			18
	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

ANNUAL REPORT | JUNE 30, 2023 35

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			Total
PIMCO REALPATH® Blend Income Fund (Cont.)
Class A
06/30/2023	$	10.73	$	0.40	$	0.18		$	0.58		$	(0.29	)	$	(0.10	)	$	(0.39	)
06/30/2022		12.84		0.37		(2.03	)		(1.66	)		(0.32	)		(0.13	)		(0.45	)
06/30/2021		11.53		0.30		1.82			2.12			(0.63	)		(0.18	)		(0.81	)
06/30/2020		11.24		0.32		0.32			0.64			(0.35	)		0.00			(0.35	)
06/30/2019		10.88		0.32		0.34			0.66			(0.30	)		0.00			(0.30	)

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

* Annualized, except for organizational 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)  Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds. Additionally, excludes initial sales charges and contingent deferred sales charges.

^(e)  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.

^(f)  Effective November 1, 2021, the Class’s Supervisory and Administrative fees was decreased by 0.05% to an annual rate of 0.22%.

36 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(e)
Net Assets Value End of Year or Period(a)		Total Return(d)			Net Assets End of Year or Period (000s)		Expenses			Expenses Excluding Waivers			Expenses Excluding Interest Expenses			Expenses Excluding Interest Expense and Waivers			Net Investment Income (Loss)			Portfolio Turnover Rate
$	10.92		5.59	%	$	21,344		0.48	%		0.48	%		0.48	%		0.48	%		3.70	%		29	%
	10.73		(13.41	)		28,738		0.50	(f)		0.51	(f)		0.50	(f)		0.51	(f)		3.03			18
	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

ANNUAL REPORT | JUNE 30, 2023 37

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*	$	189,761		$	306,177	$	353,108	$	362,814
Investments in Affiliates		253,681			240,979		175,847		117,460
Financial Derivative Instruments
Exchange-traded or centrally cleared		756			927		0		0
Cash		1			1		0		0
Receivable for investments sold		2,548			6,993		7,156		7,015
Receivable for investments in Affiliates sold		0			0		0		0
Receivable for Fund shares sold		298			543		1,080		379
Interest and/or dividends receivable		0			0		0		0
Dividends receivable from Affiliates		1,092			1,032		766		520
Reimbursement receivable from PIMCO		0			0		0		0
Total Assets		448,137			556,652		537,957		488,188
Liabilities:
Financial Derivative Instruments
Exchange-traded or centrally cleared	$	80		$	95	$	0	$	0
Over the counter		231			261		244		219
Payable for investments purchased		542			675		0		490
Payable for investments in Affiliates purchased		8,665			9,603		6,542		4,140
Deposits from counterparty		340			680		620		570
Payable for Fund shares redeemed		376			511		619		1,435
Accrued investment advisory fees		4			5		9		12
Accrued supervisory and administrative fees		9			11		11		10
Accrued distribution fees		6			6		7		5
Accrued servicing fees		1			2		2		2
Accrued reimbursement to PIMCO		2			2		2		2
Total Liabilities		10,256			11,851		8,056		6,885
Net Assets	$	437,881		$	544,801	$	529,901	$	481,303
Net Assets Consist of:
Paid in capital	$	445,516		$	537,290	$	508,378	$	450,799
Distributable earnings (accumulated loss)		(7,635	)		7,511		21,523		30,504
Net Assets	$	437,881		$	544,801	$	529,901	$	481,303
Cost of investments in securities	$	165,653		$	268,780	$	314,933	$	320,456
Cost of investments in Affiliates	$	278,513		$	263,903	$	189,451	$	126,637
Cost or premiums of financial derivative instruments, net	$	1,721		$	2,070	$	0	$	0
* Includes repurchase agreements of:	$	1,006		$	604	$	806	$	525

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

38 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

PIMCO REALPATH® Blend 2045 Fund		PIMCO REALPATH® Blend 2050 Fund		PIMCO REALPATH® Blend 2055 Fund		PIMCO REALPATH® Blend 2060 Fund		PIMCO REALPATH® Blend 2065 Fund		PIMCO REALPATH® Blend Income Fund
$	377,949	$	370,142	$	275,188	$	78,593	$	4,622	$	129,305
	77,515		49,574		31,139		7,162		297		217,020
	0		0		0		0		0		603
	0		1		0		655		100		64
	2,289		1,627		2,221		151		118		3,428
	0		0		0		0		0		175
	421		506		543		468		54		214
	0		0		0		0		0		1
	337		226		131		33		1		948
	0		0		0		0		2		0
	458,511		422,076		309,222		87,062		5,194		351,758
$	0	$	0	$	0	$	0	$	0	$	66
	202		172		119		31		2		189
	0		0		0		0		67		853
	358		238		138		35		12		4,119
	651		350		280		0		0		0
	228		576		188		15		0		421
	12		11		8		2		0		3
	9		8		6		2		0		10
	5		4		3		0		0		6
	1		1		1		0		0		4
	2		2		1		0		0		1
	1,468		1,362		744		85		81		5,672
$	457,043	$	420,714	$	308,478	$	86,977	$	5,113	$	346,086
$	420,893	$	378,472	$	284,213	$	82,620	$	4,691	$	358,146
	36,150		42,242		24,265		4,357		422		(12,060	)
$	457,043	$	420,714	$	308,478	$	86,977	$	5,113	$	346,086
$	336,187	$	325,582	$	250,628	$	74,213	$	4,257	$	109,253
$	83,273	$	53,515	$	33,118	$	7,361	$	295	$	241,317
$	0	$	0	$	0	$	0	$	0	$	1,410
$	1,132	$	1,058	$	1,260	$	0	$	0	$	0

ANNUAL REPORT | JUNE 30, 2023 39

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	$	403,689	$	510,421	$	488,420	$	452,132
Administrative Class		28,348		25,901		33,173		20,516
Class A		5,844		8,479		8,308		8,655
Shares Issued and Outstanding:
Institutional Class		34,971		41,758		37,583		33,392
Administrative Class		2,464		2,125		2,558		1,521
Class A		508		698		639		644
Net Asset Value Per Share Outstanding(a):
Institutional Class	$	11.54	$	12.22	$	13.00	$	13.54
Administrative Class		11.51		12.19		12.97		13.49
Class A		11.50		12.15		13.00		13.44

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

40 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

PIMCO REALPATH® Blend 2045 Fund		PIMCO REALPATH® Blend 2050 Fund		PIMCO REALPATH® Blend 2055 Fund		PIMCO REALPATH® Blend 2060 Fund		PIMCO REALPATH® Blend 2065 Fund		PIMCO REALPATH® Blend Income Fund
$	426,393	$	397,754	$	289,834	$	84,966	$	4,889	$	297,254
	25,901		18,106		15,324		1,209		112		27,488
	4,749		4,854		3,320		802		112		21,344
	30,817		28,274		20,310		7,665		436		27,012
	1,880		1,294		1,078		110		10		2,498
	346		349		235		73		10		1,955
$	13.84	$	14.07	$	14.27	$	11.08	$	11.21	$	11.00
	13.77		13.99		14.22		11.04		11.20		11.00
	13.73		13.90		14.12		10.99		11.19		10.92

ANNUAL REPORT | JUNE 30, 2023 41

Statements of Operations

Year Ended June 30, 2023
(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:
Interest	$	41		$	49		$	42		$	42
Dividends		3,534			5,303			5,905			6,209
Dividends from Investments in Affiliates		9,480			8,495			6,122			4,169
Total Income		13,055			13,847			12,069			10,420
Expenses:
Investment advisory fees		33			39			75			106
Supervisory and administrative fees		79			96			91			87
Distribution and/or servicing fees - Administrative Class		67			74			70			49
Distribution and/or servicing fees - Class A		15			20			19			20
Trustee fees		21			25			23			23
Interest expense		5			6			5			5
Organizational expense		0			0			0			0
Miscellaneous expense		0			0			0			0
Total Expenses		220			260			283			290
Waiver and/or Reimbursement by PIMCO		(5	)		(5	)		(4	)		(5	)
Net Expenses		215			255			279			285
Net Investment Income (Loss)		12,840			13,592			11,790			10,135
Net Realized Gain (Loss):
Investments in securities		(3,362	)		(4,540	)		(4,607	)		(4,187	)
Investments in Affiliates		(3,261	)		(2,013	)		(2,033	)		(1,400	)
Net capital gain distributions received from investments		982			1,533			1,728			1,817
Net capital gain distributions received from Affiliate investments		190			154			102			55
Exchange-traded or centrally cleared financial derivative instruments		(1,304	)		(1,469	)		0			0
Over the counter financial derivative instruments		(453	)		(471	)		(402	)		(399	)
Net Realized Gain (Loss)		(7,208	)		(6,806	)		(5,212	)		(4,114	)
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities		21,737			34,021			38,278			39,843
Investments in Affiliates		(2,562	)		(3,248	)		(1,279	)		(592	)
Exchange-traded or centrally cleared financial derivative instruments		(1,090	)		(1,295	)		0			0
Over the counter financial derivative instruments		(220	)		(250	)		(233	)		(208	)
Net Change in Unrealized Appreciation (Depreciation)		17,865			29,228			36,766			39,043
Net Increase (Decrease) in Net Assets Resulting from Operations	$	23,497		$	36,014		$	43,344		$	45,064

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

^(a) Inception date of the Fund was December 30, 2022.

42 PIMCO EQUITY SERIES See Accompanying Notes

PIMCO REALPATH® Blend 2045 Fund			PIMCO REALPATH® Blend 2050 Fund			PIMCO REALPATH® Blend 2055 Fund			PIMCO REALPATH® Blend 2060 Fund			PIMCO REALPATH® Blend 2065 Fund(a)			PIMCO REALPATH® Blend Income Fund
$	41		$	39		$	30		$	0		$	0		$	28
	6,338			6,370			4,574			1,085			36			2,533
	2,674			1,836			1,102			230			5			9,077
	9,053			8,245			5,706			1,315			41			11,638
	99			95			67			15			1			28
	75			72			50			11			0			105
	50			51			27			2			0			62
	11			10			8			2			0			61
	21			20			14			3			3			19
	5			5			3			0			0			4
	0			0			0			0			120			0
	0			0			0			0			0			13
	261			253			169			33			124			292
	(4	)		(5	)		(3	)		(0	)		(123	)		(19	)
	257			248			166			33			1			273
	8,796			7,997			5,540			1,282			40			11,365
	(3,037	)		(2,630	)		(1,428	)		(489	)		11			(2,016	)
	(634	)		(405	)		(394	)		(133	)		1			(3,829	)
	1,815			1,819			1,299			300			6			640
	24			20			12			3			0			206
	0			0			0			0			0			(1,260	)
	(384	)		(377	)		(228	)		(45	)		5			(425	)
	(2,216	)		(1,573	)		(739	)		(364	)		23			(6,684	)
	39,760			39,573			28,580			7,195			365			14,834
	(557	)		(455	)		(123	)		20			1			(1,933	)
	0			0			0			0			0			(923	)
	(191	)		(161	)		(112	)		(29	)		(2	)		(174	)
	39,012			38,957			28,345			7,186			364			11,804
$	45,592		$	45,381		$	33,146		$	8,104		$	427		$	16,485

ANNUAL REPORT | JUNE 30, 2023 43

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, 2023			Year Ended June 30, 2022			Year Ended June 30, 2023			Year Ended June 30, 2022			Year Ended June 30, 2023			Year Ended June 30, 2022			Year Ended June 30, 2023			Year Ended June 30, 2022
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	12,840		$	8,649		$	13,592		$	8,757		$	11,790		$	6,797		$	10,135		$	6,638
Net realized gain (loss)		(7,208	)		1,367			(6,806	)		514			(5,212	)		1,422			(4,114	)		915
Net change in unrealized appreciation (depreciation)		17,865			(47,434	)		29,228			(54,334	)		36,766			(48,747	)		39,043			(49,469	)
Net Increase (Decrease) in Net Assets Resulting from Operations		23,497			(37,418	)		36,014			(45,063	)		43,344			(40,528	)		45,064			(41,916	)
Distributions to Shareholders:
From net investment income and/or net realized capital gains
Institutional Class		(12,215	)		(8,018	)		(12,793	)		(9,001	)		(10,255	)		(7,076	)		(9,073	)		(7,842	)
Administrative Class		(1,131	)		(1,020	)		(1,130	)		(1,183	)		(873	)		(965	)		(546	)		(733	)
Class A		(230	)		(313	)		(287	)		(316	)		(222	)		(245	)		(211	)		(300	)
Total Distributions(b)		(13,576	)		(9,351	)		(14,210	)		(10,500	)		(11,350	)		(8,286	)		(9,830	)		(8,875	)
Fund Share Transactions:
Net increase (decrease) resulting from Fund share transactions*		183,825			30,933			245,358			50,972			249,537			67,622			194,975			58,837
Total Increase (Decrease) in Net Assets		193,746			(15,836	)		267,162			(4,591	)		281,531			18,808			230,209			8,046
Net Assets:
Beginning of year or period		244,135			259,971			277,639			282,230			248,370			229,562			251,094			243,048
End of year or period	$	437,881		$	244,135		$	544,801		$	277,639		$	529,901		$	248,370		$	481,303		$	251,094

^† 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 30, 2022.

^(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.

44 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 2065 Fund			PIMCO REALPATH® Blend Income Fund
Year Ended June 30, 2023			Year Ended June 30, 2022			Year Ended June 30, 2023			Year Ended June 30, 2022			Year Ended June 30, 2023			Year Ended June 30, 2022			Year Ended June 30, 2023			Year Ended June 30, 2022			Inception date through June 30, 2023(a)			Year Ended June 30, 2023			Year Ended June 30, 2022
$	8,796		$	5,811		$	7,997		$	5,747		$	5,540		$	3,706		$	1,282		$	439		$	40		$	11,365		$	8,641
	(2,216	)		1,638			(1,573	)		2,550			(739	)		1,214			(364	)		934			23			(6,684	)		(593	)
	39,012			(45,708	)		38,957			(46,034	)		28,345			(30,394	)		7,186			(4,633	)		364			11,804			(42,887	)
	45,592			(38,259	)		45,381			(37,737	)		33,146			(25,474	)		8,104			(3,260	)		427			16,485			(34,839	)
	(7,723	)		(6,960	)		(7,070	)		(7,450	)		(4,594	)		(4,157	)		(783	)		(1,260	)		(5	)		(8,780	)		(7,604	)
	(518	)		(675	)		(534	)		(792	)		(230	)		(261	)		(12	)		(14	)		0			(936	)		(1,147	)
	(109	)		(141	)		(97	)		(173	)		(67	)		(91	)		(10	)		(90	)		0			(874	)		(1,174	)
	(8,350	)		(7,776	)		(7,701	)		(8,415	)		(4,891	)		(4,509	)		(805	)		(1,364	)		(5	)		(10,590	)		(9,925	)
	189,263			51,628			153,762			47,223			124,095			52,480			56,357			15,598			4,691			115,358			15,827
	226,505			5,593			191,442			1,071			152,350			22,497			63,656			10,974			5,113			121,253			(28,937	)
	230,538			224,945			229,272			228,201			156,128			133,631			23,321			12,347			0			224,833			253,770
$	457,043		$	230,538		$	420,714		$	229,272		$	308,478		$	156,128		$	86,977		$	23,321		$	5,113		$	346,086		$	224,833

ANNUAL REPORT | JUNE 30, 2023 45

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 43.4%
MUTUAL FUNDS 42.9%
Vanguard Developed Markets Index Fund ‘Institutional’			4,641,428	$		68,925
Vanguard Emerging Markets Stock Index Fund ‘Institutional’			1,193,334			30,621
Vanguard Institutional Index Fund ‘Institutional’			223,943			83,181
Vanguard Small-Cap Index Fund ‘Institutional’			51,854			4,942
Total Mutual Funds (Cost $163,561)						187,669
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.5%
REPURCHASE AGREEMENTS (d) 0.2%
						1,006
U.S. TREASURY BILLS 0.3%
5.180% due 08/10/2023 - 09/14/2023 (a)(b)(e)(h)	$		1,092			1,086
Total Short-Term Instruments (Cost $2,092)						2,092
Total Investments in Securities (Cost $165,653)						189,761

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 57.9%
MUTUAL FUNDS (c) 52.1%
PIMCO Emerging Markets Local Currency and Bond Fund		2,256,550	$		13,201
PIMCO High Yield Fund		1,174,444			9,008
PIMCO Income Fund		5,666,945			58,993
PIMCO International Bond Fund (U.S. Dollar-Hedged)		1,176,148			11,162
PIMCO Long-Term Real Return Fund		3,325,729			44,631
PIMCO Long-Term U.S. Government Fund		1,524,363			23,399
PIMCO Real Return Fund		1,799,204			17,956
PIMCO Total Return Fund		5,880,755			49,927
Total Mutual Funds (Cost $253,118)					228,277

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 5.8%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.8%
PIMCO Short-Term Floating NAV Portfolio III		2,612,768	$		25,404
Total Short-Term Instruments (Cost $25,395)					25,404
Total Investments in Affiliates (Cost $278,513)					253,681
Total Investments 101.3% (Cost $444,166)			$		443,442
Financial Derivative Instruments (f)(g) 0.1% (Cost or Premiums, net $1,721)					445
Other Assets and Liabilities, net (1.4)%					(6,006	)
Net Assets 100.0%			$		437,881

NOTES TO SCHEDULE OF INVESTMENTS:    

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

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

(b) Zero coupon security.

(c) Institutional Class Shares of each Fund.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(d)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to  be Received(1)
FICC		2.400	%		06/30/2023		07/03/2023	$	1,006	U.S. Treasury Notes 4.625% due 06/30/2025	$	(1,026	)	$	1,006	$	1,006
Total Repurchase Agreements											$	(1,026	)	$	1,006	$	1,006

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, 2023:

Counterparty	Repurchase Agreement Proceeds to  be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/ (Received)			Net Exposure(2)
Global/Master Repurchase Agreement
FICC	$	1,006	$	0	$	0	$	1,006	$	(1,026	)	$	(20	)
Total Borrowings and Other Financing Transactions	$	1,006	$	0	$	0

(e) Securities with an aggregate market value of $203 have been pledged as collateral as of June 30, 2023 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.

⁽¹⁾ Includes accrued interest.

⁽²⁾ 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.

46 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

(f)  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		3,075.000		09/15/2023		41	$	4	$	497	$	10
Put - CBOE S&P 500		2,900.000		12/15/2023		13		1		108		10
Put - CBOE S&P 500		3,150.000		12/15/2023		33		3		395		38
Put - CBOE S&P 500		3,150.000		03/15/2024		78		8		780		165
Put - CBOE S&P 500		3,600.000		06/28/2024		85		9		542		533
Total Purchased Options									$	2,322	$	756

WRITTEN OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Put - CBOE S&P 500		2,350.000		09/15/2023		41	$	4	$	(178	)	$	(2	)
Put - CBOE S&P 500		2,500.000		12/15/2023		33		3		(150	)		(15	)
Put - CBOE S&P 500		2,400.000		03/15/2024		78		8		(273	)		(63	)
Total Written Options									$	(601	)	$	(80	)

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, 2023:

	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	$	756	$	0	$	0	$	756	$	(80)	$	0	$	0	$	(80)

(g)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
															Asset		Liability
GST	Receive	BCOMTR Index		36,684	5.310% (3-Month U.S. Treasury Bill rate plus a specified spread)	Monthly	02/15/2024	$	8,466	$	0	$	(169	)	$	0	$	(169	)
JPM	Receive	FNRETR Index		187	5.450% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/23/2023		3,958		0		(18	)		0		(18	)
	Receive	FNRETR Index		135	5.380% (1-Month USD-LIBOR plus a specified spread)	Monthly	10/18/2023		2,858		0		(13	)		0		(13	)
MYI	Receive	FNRETR Index		343	5.270% (1-Month USD-LIBOR plus a specified spread)	Monthly	09/20/2023		7,261		0		(31	)		0		(31	)
Total Swap Agreements										$	0	$	(231	)	$	0	$	(231	)

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, 2023:

	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)
GST	$	0	$	0	$	0	$	0	$	0	$	0	$	(169	)	$	(169	)	$	(169	)	$	271		$	102
JPM		0		0		0		0		0		0		(31	)		(31	)		(31	)		(270	)		(301	)
MYI		0		0		0		0		0		0		(31	)		(31	)		(31	)		(70	)		(101	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(231	)	$	(231	)

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 47

Schedule of Investments PIMCO REALPATH^® Blend 2025  Fund (Cont.)

(h) Securities with an aggregate market value of $271 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2023.

⁽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, 2023:

	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	$	756	$	0	$	0	$	756
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	80	$	0	$	0	$	80
Over the counter
Swap Agreements	$	169	$	0	$	62	$	0	$	0	$	231
	$	169	$	0	$	142	$	0	$	0	$	311

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2023:

	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	$	(1,839	)	$	0	$	0	$	(1,839	)
Written Options		0			0		535			0		0		535
	$	0		$	0	$	(1,304	)	$	0	$	0	$	(1,304	)
Over the counter
Swap Agreements	$	(183	)	$	0	$	(270	)	$	0	$	0	$	(453	)
	$	(183	)	$	0	$	(1,574	)	$	0	$	0	$	(1,757	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0		$	0	$	(1,471	)	$	0	$	0	$	(1,471	)
Written Options		0			0		381			0		0		381
	$	0		$	0	$	(1,090	)	$	0	$	0	$	(1,090	)
Over the counter
Swap Agreements	$	(169	)	$	0	$	(51	)	$	0	$	0	$	(220	)
	$	(169	)	$	0	$	(1,141	)	$	0	$	0	$	(1,310	)

48 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Investments in Securities, at Value
Mutual Funds	$	187,669	$	0	$	0	$	187,669
Short-Term Instruments
Repurchase Agreements		0		1,006		0		1,006
U.S. Treasury Bills		0		1,086		0		1,086
	$	187,669	$	2,092	$	0	$	189,761
Investments in Affiliates, at Value
Mutual Funds		228,277		0		0		228,277
Short-Term Instruments
Central Funds Used for Cash Management Purposes		25,404		0		0		25,404
	$	253,681	$	0	$	0	$	253,681
Total Investments	$	441,350	$	2,092	$	0	$	443,442

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2023
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	756		$	0	$	756
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(80	)		0		(80	)
Over the counter		0		(231	)		0		(231	)
	$	0	$	(311	)	$	0	$	(311	)
Total Financial Derivative Instruments	$	0	$	445		$	0	$	445
Totals	$	441,350	$	2,537		$	0	$	443,887

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 49

Schedule of Investments PIMCO REALPATH^® Blend 2030  Fund

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

		SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 56.2%
MUTUAL FUNDS 55.9%
Vanguard Developed Markets Index Fund ‘Institutional’			6,644,388	$		98,669
Vanguard Emerging Markets Stock Index Fund ‘Institutional’			1,816,320			46,607
Vanguard Institutional Index Fund ‘Institutional’			398,605			148,054
Vanguard Small-Cap Index Fund ‘Institutional’			115,994			11,055
Total Mutual Funds (Cost $266,987)						304,385
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.3%
REPURCHASE AGREEMENTS (d) 0.1%
						604
U.S. TREASURY BILLS 0.2%
5.164% due 08/10/2023 - 09/12/2023 (a)(b)(e)(h)	$		1,196			1,188
Total Short-Term Instruments (Cost $1,793)						1,792
Total Investments in Securities (Cost $268,780)						306,177

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 44.2%
MUTUAL FUNDS (c) 39.1%
PIMCO Emerging Markets Local Currency and Bond Fund		2,236,353	$		13,083
PIMCO High Yield Fund		1,118,733			8,581
PIMCO Income Fund		4,717,325			49,107
PIMCO International Bond Fund (U.S. Dollar-Hedged)		963,921			9,148
PIMCO Long-Term Real Return Fund		3,546,471			47,594
PIMCO Long-Term U.S. Government Fund		1,846,812			28,348
PIMCO Real Return Fund		1,684,938			16,816
PIMCO Total Return Fund		4,768,317			40,483
Total Mutual Funds (Cost $236,095)					213,160

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 5.1%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.1%
PIMCO Short-Term Floating NAV Portfolio III		2,861,183	$		27,819
Total Short-Term Instruments (Cost $27,808)					27,819
Total Investments in Affiliates (Cost $263,903)					240,979
Total Investments 100.4% (Cost $532,683)			$		547,156
Financial Derivative Instruments (f)(g) 0.1% (Cost or Premiums, net $2,070)					571
Other Assets and Liabilities, net (0.5)%					(2,926	)
Net Assets 100.0%			$		544,801

NOTES TO SCHEDULE OF INVESTMENTS:

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

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

(b) Zero coupon security.

(c) Institutional Class Shares of each Fund.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(d)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to  be Received(1)
FICC		2.400	%		06/30/2023		07/03/2023	$	604	U.S. Treasury Bonds 4.625% due 06/30/2025	$	(616	)	$	604	$	604
Total Repurchase Agreements											$	(616	)	$	604	$	604

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, 2023:

Counterparty	Repurchase Agreement Proceeds to  be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(2)
Global/Master Repurchase Agreement
FICC	$	604	$	0	$	0	$	604	$	(616	)	$	(12	)
Total Borrowings and Other Financing Transactions	$	604	$	0	$	0

(e) Securities with an aggregate market value of $203 have been pledged as collateral as of June 30, 2023 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.

⁽¹⁾ Includes accrued interest.

⁽²⁾ 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.

50 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

(f)  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		3,075.000		09/15/2023		48	$	5	$	582	$	12
Put - CBOE S&P 500		2,900.000		12/15/2023		16		2		133		13
Put - CBOE S&P 500		3,150.000		12/15/2023		40		4		479		46
Put - CBOE S&P 500		3,150.000		03/15/2024		91		9		909		192
Put - CBOE S&P 500		3,600.000		06/28/2024		106		11		676		664
Total Purchased Options									$	2,779	$	927

WRITTEN OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Put - CBOE S&P 500		2,350.000		09/15/2023		48	$	5	$	(209	)	$	(3	)
Put - CBOE S&P 500		2,500.000		12/15/2023		40		4		(182	)		(18	)
Put - CBOE S&P 500		2,400.000		03/15/2024		91		9		(318	)		(74	)
Total Written Options									$	(709	)	$	(95	)

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, 2023:

	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	$	927	$	0	$	0	$	927	$	(95)	$	0	$	0	$	(95)

(g)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
															Asset		Liability
GST	Receive	BCOMTR Index		37,534	5.310% (3-Month U.S. Treasury Bill rate plus a specified spread)	Monthly	02/15/2024	$	8,662	$	0	$	(173	)	$	0	$	(173	)
JPM	Receive	FNRETR Index		254	5.450% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/23/2023		5,377		0		(24	)		0		(24	)
	Receive	FNRETR Index		118	5.380% (1-Month USD-LIBOR plus a specified spread)	Monthly	10/18/2023		2,498		0		(11	)		0		(11	)
	Receive	BCOMTR Index		2,269	5.300% (3-Month U.S. Treasury Bill rate plus a specified spread)	Monthly	02/15/2024		523		0		(10	)		0		(10	)
MYI	Receive	FNRETR Index		466	5.270% (1-Month USD-LIBOR plus a specified spread)	Monthly	09/20/2023		9,864		0		(43	)		0		(43	)
Total Swap Agreements										$	0	$	(261	)	$	0	$	(261	)

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 51

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

FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 2023:

	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)
GST	$	0	$	0	$	0	$	0	$	0	$	0	$	(173	)	$	(173	)	$	(173	)	$	270		$	97
JPM		0		0		0		0		0		0		(45	)		(45	)		(45	)		(290	)		(335	)
MYI		0		0		0		0		0		0		(43	)		(43	)		(43	)		(390	)		(433	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(261	)	$	(261	)

(h) Securities with an aggregate market value of $270 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2023.

⁽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, 2023:

	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	$	927	$	0	$	0	$	927
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	95	$	0	$	0	$	95
Over the counter
Swap Agreements	$	183	$	0	$	78	$	0	$	0	$	261
	$	183	$	0	$	173	$	0	$	0	$	356

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2023:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts			Credit Contracts		Equity Contracts			Foreign Exchange Contracts		Interest Rate Contracts		Total
Net Realized Gain (Loss) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0		$	0	$	(2,071	)	$	0	$	0	$	(2,071	)
Written Options		0			0		602			0		0		602
	$	0		$	0	$	(1,469	)	$	0	$	0	$	(1,469	)
Over the counter
Swap Agreements	$	(196	)	$	0	$	(275	)	$	0	$	0	$	(471	)
	$	(196	)	$	0	$	(1,744	)	$	0	$	0	$	(1,940	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0		$	0	$	(1,754	)	$	0	$	0	$	(1,754	)
Written Options		0			0		459			0		0		459
	$	0		$	0	$	(1,295	)	$	0	$	0	$	(1,295	)
Over the counter
Swap Agreements	$	(184	)	$	0	$	(66	)	$	0	$	0	$	(250	)
	$	(184	)	$	0	$	(1,361	)	$	0	$	0	$	(1,545	)

52 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Investments in Securities, at Value
Mutual Funds	$	304,385	$	0	$	0	$	304,385
Short-Term Instruments
Repurchase Agreements		0		604		0		604
U.S. Treasury Bills		0		1,188		0		1,188
	$	304,385	$	1,792	$	0	$	306,177
Investments in Affiliates, at Value
Mutual Funds		213,160		0		0		213,160
Short-Term Instruments
Central Funds Used for Cash Management Purposes		27,819		0		0		27,819
	$	240,979	$	0	$	0	$	240,979
Total Investments	$	545,364	$	1,792	$	0	$	547,156

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2023
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	927		$	0	$	927
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(95	)		0		(95	)
Over the counter		0		(261	)		0		(261	)
	$	0	$	(356	)	$	0	$	(356	)
Total Financial Derivative Instruments	$	0	$	571		$	0	$	571
Totals	$	545,364	$	2,363		$	0	$	547,727

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 53

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 66.7%
MUTUAL FUNDS 66.3%
Vanguard Developed Markets Index Fund ‘Institutional’			7,510,247	$		111,527
Vanguard Emerging Markets Stock Index Fund ‘Institutional’			1,925,131			49,399
Vanguard Institutional Index Fund ‘Institutional’			472,748			175,593
Vanguard Small-Cap Index Fund ‘Institutional’			155,345			14,806
Total Mutual Funds (Cost $313,150)						351,325
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.4%
REPURCHASE AGREEMENTS (d) 0.2%
						806
U.S. TREASURY BILLS 0.2%
5.167% due 08/10/2023 - 09/12/2023 (a)(b)(f)	$		984			977
Total Short-Term Instruments (Cost $1,783)						1,783
Total Investments in Securities (Cost $314,933)						353,108

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 33.1%
MUTUAL FUNDS (c) 28.7%
PIMCO Emerging Markets Local Currency and Bond Fund		1,718,160	$		10,051
PIMCO High Yield Fund		737,943			5,660
PIMCO Income Fund		3,390,409			35,294
PIMCO International Bond Fund (U.S. Dollar-Hedged)		697,096			6,615
PIMCO Long-Term Real Return Fund		2,551,927			34,247
PIMCO Long-Term U.S. Government Fund		1,280,721			19,659
PIMCO Real Return Fund		1,121,447			11,192
PIMCO Total Return Fund		3,486,405			29,600
Total Mutual Funds (Cost $165,938)					152,318

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 4.4%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.4%
PIMCO Short-Term Floating NAV Portfolio III		2,419,893	$		23,529
Total Short-Term Instruments (Cost $23,513)					23,529
Total Investments in Affiliates (Cost $189,451)					175,847
Total Investments 99.8% (Cost $504,384)			$		528,955
Financial Derivative Instruments (e) (0.0)% (Cost or Premiums, net $0)					(244	)
Other Assets and Liabilities, net 0.2%					1,190
Net Assets 100.0%			$		529,901

NOTES TO SCHEDULE OF INVESTMENTS:    

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

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

(b) Zero coupon security.

(c) Institutional Class Shares of each Fund.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(d)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to  be Received(1)
FICC		2.400	%		06/30/2023		07/03/2023	$	806	U.S. Treasury Notes 4.625% due 06/30/2025	$	(822	)	$	806	$	806
Total Repurchase Agreements											$	(822	)	$	806	$	806

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, 2023:

Counterparty	Repurchase Agreement Proceeds to  be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(2)
Global/Master Repurchase Agreement
FICC	$	806	$	0	$	0	$	806	$	(822	)	$	(16	)
Total Borrowings and Other Financing Transactions	$	806	$	0	$	0

⁽¹⁾ Includes accrued interest.

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

54 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

(e)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
															Asset		Liability
GST	Receive	BCOMTR Index		35,860	5.310% (3-Month U.S. Treasury Bill rate plus a specified spread)	Monthly	02/15/2024	$	8,276	$	0	$	(165	)	$	0	$	(165	)
JPM	Receive	FNRETR Index		191	5.450% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/23/2023		4,043		0		(18	)		0		(18	)
	Receive	FNRETR Index		144	5.380% (1-Month USD-LIBOR plus a specified spread)	Monthly	10/18/2023		3,048		0		(14	)		0		(14	)
MYI	Receive	FNRETR Index		507	5.270% (1-Month USD-LIBOR plus a specified spread)	Monthly	09/20/2023		10,732		0		(47	)		0		(47	)
Total Swap Agreements										$	0	$	(244	)	$	0	$	(244	)

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, 2023:

	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)
GST	$	0	$	0	$	0	$	0	$	0	$	0	$	(165	)	$	(165	)	$	(165	)	$	260		$	95
JPM		0		0		0		0		0		0		(32	)		(32	)		(32	)		(280	)		(312	)
MYI		0		0		0		0		0		0		(47	)		(47	)		(47	)		(340	)		(387	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(244	)	$	(244	)

(f) Securities with an aggregate market value of $260 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2023.

⁽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, 2023:

	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	$	165	$	0	$	79	$	0	$	0	$	244

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2023:

	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
Over the counter
Swap Agreements	$	(160	)	$	0	$	(242	)	$	0	$	0	$	(402	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	(166	)	$	0	$	(67	)	$	0	$	0	$	(233	)

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 55

Schedule of Investments PIMCO REALPATH^® Blend 2035  Fund (Cont.) June 30, 2023

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Investments in Securities, at Value
Mutual Funds	$	351,325	$	0	$	0	$	351,325
Short-Term Instruments
Repurchase Agreements		0		806		0		806
U.S. Treasury Bills		0		977		0		977
	$	351,325	$	1,783	$	0	$	353,108
Investments in Affiliates, at Value
Mutual Funds		152,318		0		0		152,318
Short-Term Instruments
Central Funds Used for Cash Management Purposes		23,529		0		0		23,529
	$	175,847	$	0	$	0	$	175,847
Total Investments	$	527,172	$	1,783	$	0	$	528,955

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2023
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(244	)	$	0	$	(244	)
Total Financial Derivative Instruments	$	0	$	(244	)	$	0	$	(244	)
Totals	$	527,172	$	1,539		$	0	$	528,711

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

56 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO REALPATH^® Blend 2040  Fund June 30, 2023

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

		SHARES		MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 75.4%
MUTUAL FUNDS 75.1%
Vanguard Developed Markets Index Fund ‘Institutional’		5,058,959	$		117,419
Vanguard Emerging Markets Stock Index Fund ‘Institutional’		1,824,971			46,829
Vanguard Institutional Index Fund ‘Institutional’		492,169			182,806
Vanguard Small-Cap Index Fund ‘Institutional’		149,804			14,278
Total Mutual Funds (Cost $318,974)					361,332
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.3%
REPURCHASE AGREEMENTS (d) 0.1%
					525
U.S. TREASURY BILLS 0.2%
5.173% due 08/10/2023 - 09/12/2023 (a)(b)	$	964			957
Total Short-Term Instruments (Cost $1,482)					1,482
Total Investments in Securities (Cost $320,456)					362,814

	SHARES		MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 24.4%
MUTUAL FUNDS (c) 19.9%
PIMCO Emerging Markets Local Currency and Bond Fund	1,286,597	$		7,526
PIMCO High Yield Fund	297,490			2,282
PIMCO Income Fund	2,214,980			23,058
PIMCO International Bond Fund (U.S. Dollar-Hedged)	507,234			4,814
PIMCO Long-Term Real Return Fund	1,509,577			20,258
PIMCO Long-Term U.S. Government Fund	732,419			11,243
PIMCO Real Return Fund	590,079			5,889
PIMCO Total Return Fund	2,443,920			20,749
Total Mutual Funds (Cost $105,006)				95,819

	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	2,225,791	$		21,641
Total Short-Term Instruments (Cost $21,631)				21,641
Total Investments in Affiliates (Cost $126,637)				117,460
Total Investments 99.8% (Cost $447,093)		$		480,274
Financial Derivative Instruments (e) (0.0)% (Cost or Premiums, net $0)				(219	)
Other Assets and Liabilities, net 0.2%				1,248
Net Assets 100.0%		$		481,303

NOTES TO SCHEDULE OF INVESTMENTS:

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

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

(b) Zero coupon security.

(c) Institutional Class Shares of each Fund.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(d)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received(1)
FICC		2.400	%		06/30/2023		07/03/2023	$	525	U.S. Treasury Bonds 4.625% due 06/30/2025	$	(536	)	$	525	$	525
Total Repurchase Agreements											$	(536	)	$	525	$	525

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, 2023:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(2)
Global/Master Repurchase Agreement
FICC	$	525	$	0	$	0	$	525	$	(536	)	$	(11	)
Total Borrowings and Other Financing Transactions	$	525	$	0	$	0

⁽¹⁾  Includes accrued interest.

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

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 57

Schedule of Investments PIMCO REALPATH^® Blend 2040  Fund (Cont.)

(e)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
															Asset		Liability
GST	Receive	BCOMTR Index		30,391	5.310% (3-Month U.S. Treasury Bill rate plus a specified spread)	Monthly	02/15/2024	$	7,013	$	0	$	(140	)	$	0	$	(140	)
JPM	Receive	FNRETR Index		264	5.450% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/23/2023		5,588		0		(25	)		0		(25	)
	Receive	FNRETR Index		129	5.380% (1-Month USD-LIBOR plus a specified spread)	Monthly	10/18/2023		2,731		0		(12	)		0		(12	)
MYI	Receive	FNRETR Index		456	5.270% (1-Month USD-LIBOR plus a specified spread)	Monthly	09/20/2023		9,653		0		(42	)		0		(42	)
Total Swap Agreements										$	0	$	(219	)	$	0	$	(219	)

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, 2023:

	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)
GST	$	0	$	0	$	0	$	0	$	0	$	0	$	(140	)	$	(140	)	$	(140	)	$	0		$	(140	)
JPM		0		0		0		0		0		0		(37	)		(37	)		(37	)		(260	)		(297	)
MYI		0		0		0		0		0		0		(42	)		(42	)		(42	)		(310	)		(352	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(219	)	$	(219	)

⁽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, 2023:

	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	$	140	$	0	$	79	$	0	$	0	$	219

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2023:

	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
Over the counter
Swap Agreements	$	(131	)	$	0	$	(268	)	$	0	$	0	$	(399	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	(140	)	$	0	$	(68	)	$	0	$	0	$	(208	)

58 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Investments in Securities, at Value
Mutual Funds	$	361,332	$	0	$	0	$	361,332
Short-Term Instruments
Repurchase Agreements		0		525		0		525
U.S. Treasury Bills		0		957		0		957
	$	361,332	$	1,482	$	0	$	362,814
Investments in Affiliates, at Value
Mutual Funds		95,819		0		0		95,819
Short-Term Instruments
Central Funds Used for Cash Management Purposes		21,641		0		0		21,641
	$	117,460	$	0	$	0	$	117,460
Total Investments	$	478,792	$	1,482	$	0	$	480,274

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2023
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(219	)	$	0	$	(219	)
Total Financial Derivative Instruments	$	0	$	(219	)	$	0	$	(219	)
Totals	$	478,792	$	1,263		$	0	$	480,055

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 59

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 82.7%
MUTUAL FUNDS 82.2%
Vanguard Developed Markets Index Fund ‘Institutional’			5,429,817	$		126,026
Vanguard Emerging Markets Stock Index Fund ‘Institutional’			1,760,115			45,165
Vanguard Institutional Index Fund ‘Institutional’			510,655			189,673
Vanguard Small-Cap Index Fund ‘Institutional’			157,145			14,977
Total Mutual Funds (Cost $334,078)						375,841
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.5%
REPURCHASE AGREEMENTS (e) 0.3%
						1,132
U.S. TREASURY BILLS 0.2%
5.174% due 08/10/2023 - 09/12/2023 (a)(b)(c)	$		983			976
Total Short-Term Instruments (Cost $2,109)						2,108
Total Investments in Securities (Cost $336,187)						377,949

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 16.9%
MUTUAL FUNDS (d) 11.6%
PIMCO Emerging Markets Local Currency and Bond Fund		819,230	$		4,793
PIMCO High Yield Fund		18,043			138
PIMCO Income Fund		1,200,418			12,496
PIMCO International Bond Fund (U.S. Dollar-Hedged)		312,797			2,969
PIMCO Long-Term Real Return Fund		665,902			8,937
PIMCO Long-Term U.S. Government Fund		547,102			8,398
PIMCO Real Return Fund		354,629			3,539
PIMCO Total Return Fund		1,423,452			12,085
Total Mutual Funds (Cost $59,128)					53,355

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 5.3%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.3%
PIMCO Short-Term Floating NAV Portfolio III		2,484,866	$		24,160
Total Short-Term Instruments (Cost $24,145)					24,160
Total Investments in Affiliates (Cost $83,273)					77,515
Total Investments 99.6% (Cost $419,460)			$		455,464
Financial Derivative Instruments (f) (0.0)% (Cost or Premiums, net $0)					(202	)
Other Assets and Liabilities, net 0.4%					1,781
Net Assets 100.0%			$		457,043

NOTES TO SCHEDULE OF INVESTMENTS:

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

(a) When-issued security.

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

(c) Zero coupon security.

(d) Institutional Class Shares of each Fund.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(e)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to  be Received(1)
FICC		2.400	%		06/30/2023		07/03/2023	$	1,132	U.S. Treasury Notes 4.625% due 06/30/2025	$	(1,155	)	$	1,132	$	1,132
Total Repurchase Agreements											$	(1,155	)	$	1,132	$	1,132

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, 2023:

Counterparty	Repurchase Agreement Proceeds to  be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(2)
Global/Master Repurchase Agreement
FICC	$	1,132	$	0	$	0	$	1,132	$	(1,155	)	$	(23	)
Total Borrowings and Other Financing Transactions	$	1,132	$	0	$	0

⁽¹⁾  Includes accrued interest.

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

60 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

(f)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
															Asset		Liability
GST	Receive	BCOMTR Index		26,655	5.310% (3-Month U.S. Treasury Bill rate plus a specified spread)	Monthly	02/15/2024	$	6,151	$	0	$	(123	)	$	0	$	(123	)
JPM	Receive	FNRETR Index		254	5.450% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/23/2023		5,377		0		(24	)		0		(24	)
	Receive	FNRETR Index		143	5.380% (1-Month USD-LIBOR plus a specified spread)	Monthly	10/18/2023		3,027		0		(14	)		0		(14	)
MYI	Receive	FNRETR Index		449	5.270% (1-Month USD-LIBOR plus a specified spread)	Monthly	09/20/2023		9,504		0		(41	)		0		(41	)
Total Swap Agreements										$	0	$	(202	)	$	0	$	(202	)

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, 2023:

	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)
GST	$	0	$	0	$	0	$	0	$	0	$	0	$	(123	)	$	(123	)	$	(123	)	$	0		$	(123	)
JPM		0		0		0		0		0		0		(38	)		(38	)		(38	)		(270	)		(308	)
MYI		0		0		0		0		0		0		(41	)		(41	)		(41	)		(380	)		(421	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(202	)	$	(202	)

⁽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, 2023:

	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	$	123	$	0	$	79	$	0	$	0	$	202

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2023:

	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
Over the counter
Swap Agreements	$	(117	)	$	0	$	(267	)	$	0	$	0	$	(384	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	(123	)	$	0	$	(68	)	$	0	$	0	$	(191	)

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 61

Schedule of Investments PIMCO REALPATH^® Blend 2045  Fund (Cont.) June 30, 2023

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Investments in Securities, at Value
Mutual Funds	$	375,841	$	0	$	0	$	375,841
Short-Term Instruments
Repurchase Agreements		0		1,132		0		1,132
U.S. Treasury Bills		0		976		0		976
	$	375,841	$	2,108	$	0	$	377,949
Investments in Affiliates, at Value
Mutual Funds		53,355		0		0		53,355
Short-Term Instruments
Central Funds Used for Cash Management Purposes		24,160		0		0		24,160
	$	77,515	$	0	$	0	$	77,515
Total Investments	$	453,356	$	2,108	$	0	$	455,464

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2023
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(202	)	$	0	$	(202	)
Total Financial Derivative Instruments	$	0	$	(202	)	$	0	$	(202	)
Totals	$	453,356	$	1,906		$	0	$	455,262

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

62 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO REALPATH^® Blend 2050  Fund June 30, 2023

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

		SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 88%
MUTUAL FUNDS 87.5%
Vanguard Developed Markets Index Fund ‘Institutional’			5,385,077	$		124,988
Vanguard Emerging Markets Stock Index Fund ‘Institutional’			1,623,211			41,651
Vanguard Institutional Index Fund ‘Institutional’			499,130			185,392
Vanguard Small-Cap Index Fund ‘Institutional’			168,444			16,054
Total Mutual Funds (Cost $323,525)						368,085
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.5%
REPURCHASE AGREEMENTS (e) 0.3%
						1,058
U.S. TREASURY BILLS 0.2%
5.237% due 08/10/2023 - 09/12/2023 (a)(b)(c)	$		1,006			999
Total Short-Term Instruments (Cost $2,057)						2,057
Total Investments in Securities (Cost $325,582)						370,142

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 11.8%
MUTUAL FUNDS (d) 7.5%
PIMCO Emerging Markets Local Currency and Bond Fund		312,050	$		1,826
PIMCO Income Fund		771,490			8,031
PIMCO International Bond Fund (U.S. Dollar-Hedged)		170,195			1,615
PIMCO Long-Term Real Return Fund		389,883			5,232
PIMCO Long-Term U.S. Government Fund		333,723			5,123
PIMCO Real Return Fund		167,693			1,674
PIMCO Total Return Fund		933,367			7,924
Total Mutual Funds (Cost $35,379)					31,425

	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		1,866,623	$		18,149
Total Short-Term Instruments (Cost $18,136)					18,149
Total Investments in Affiliates (Cost $53,515)					49,574
Total Investments 99.8% (Cost $379,097)			$		419,716
Financial Derivative Instruments (f) (0.0)% (Cost or Premiums, net $0)					(172	)
Other Assets and Liabilities, net 0.2%					1,170
Net Assets 100.0%			$		420,714

NOTES TO SCHEDULE OF INVESTMENTS:

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

(a) When-issued security.

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

(c) Zero coupon security.

(d) Institutional Class Shares of each Fund.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(e)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to  be Received(1)
FICC		2.400	%		06/30/2023		07/03/2023	$	1,058	U.S. Treasury Notes 4.625% due 06/30/2025	$	(1,079	)	$	1,058	$	1,058
Total Repurchase Agreements											$	(1,079	)	$	1,058	$	1,058

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, 2023:

Counterparty	Repurchase Agreement Proceeds to  be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(2)
Global/Master Repurchase Agreement
FICC	$	1,058	$	0	$	0	$	1,058	$	(1,079	)	$	(21	)
Total Borrowings and Other Financing Transactions	$	1,058	$	0	$	0

⁽¹⁾ Includes accrued interest.

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

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 63

Schedule of Investments PIMCO REALPATH^® Blend 2050  Fund (Cont.)

(f)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
															Asset		Liability
GST	Receive	BCOMTR Index		22,836	5.310% (3-Month U.S. Treasury Bill rate plus a specified spread)	Monthly	02/15/2024	$	5,270	$	0	$	(105	)	$	0	$	(105	)
JPM	Receive	FNRETR Index		166	5.450% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/23/2023		3,514		0		(16	)		0		(16	)
	Receive	FNRETR Index		149	5.380% (1-Month USD-LIBOR plus a specified spread)	Monthly	10/18/2023		3,154		0		(14	)		0		(14	)
MYI	Receive	FNRETR Index		405	5.270% (1-Month USD-LIBOR plus a specified spread)	Monthly	09/20/2023		8,573		0		(37	)		0		(37	)
Total Swap Agreements										$	0	$	(172	)	$	0	$	(172	)

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, 2023:

	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)
GST	$	0	$	0	$	0	$	0	$	0	$	0	$	(105	)	$	(105	)	$	(105	)	$	0		$	(105	)
JPM		0		0		0		0		0		0		(30	)		(30	)		(30	)		(260	)		(290	)
MYI		0		0		0		0		0		0		(37	)		(37	)		(37	)		(90	)		(127	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(172	)	$	(172	)

⁽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, 2023:

	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	$	105	$	0	$	67	$	0	$	0	$	172

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2023:

	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
Over the counter
Swap Agreements	$	(98	)	$	0	$	(279	)	$	0	$	0	$	(377	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	(105	)	$	0	$	(56	)	$	0	$	0	$	(161	)

64 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Investments in Securities, at Value
Mutual Funds	$	368,085	$	0	$	0	$	368,085
Short-Term Instruments
Repurchase Agreements		0		1,058		0		1,058
U.S. Treasury Bills		0		999		0		999
	$	368,085	$	2,057	$	0	$	370,142
Investments in Affiliates, at Value
Mutual Funds		31,425		0		0		31,425
Short-Term Instruments
Central Funds Used for Cash Management Purposes		18,149		0		0		18,149
	$	49,574	$	0	$	0	$	49,574
Total Investments	$	417,659	$	2,057	$	0	$	419,716

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2023
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(172	)	$	0	$	(172	)
Total Financial Derivative Instruments	$	0	$	(172	)	$	0	$	(172	)
Totals	$	417,659	$	1,885		$	0	$	419,544

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 65

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 89.2%
MUTUAL FUNDS 88.7%
Vanguard Developed Markets Index Fund ‘Institutional’			6,203,253	$		92,118
Vanguard Emerging Markets Stock Index Fund ‘Institutional’			1,175,308			30,159
Vanguard Institutional Index Fund ‘Institutional’			372,555			138,378
Vanguard Small-Cap Index Fund ‘Institutional’			135,255			12,891
Total Mutual Funds (Cost $248,986)						273,546
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.5%
REPURCHASE AGREEMENTS (d) 0.4%
						1,260
U.S. TREASURY BILLS 0.1%
5.321% due 08/24/2023 - 09/12/2023 (a)(b)	$		385			382
Total Short-Term Instruments (Cost $1,642)						1,642
Total Investments in Securities (Cost $250,628)						275,188

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 10.1%
MUTUAL FUNDS (c) 5.2%
PIMCO Emerging Markets Local Currency and Bond Fund		141,311	$		827
PIMCO Income Fund		417,127			4,342
PIMCO International Bond Fund (U.S. Dollar-Hedged)		62,913			597
PIMCO Long-Term Real Return Fund		198,308			2,661
PIMCO Long-Term U.S. Government Fund		157,805			2,423
PIMCO Real Return Fund		106,371			1,062
PIMCO Total Return Fund		492,966			4,185
Total Mutual Funds (Cost $18,087)					16,097

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 4.9%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.9%
PIMCO Short-Term Floating NAV Portfolio III		1,547,076	$		15,042
Total Short-Term Instruments (Cost $15,031)					15,042
Total Investments in Affiliates (Cost $33,118)					31,139
Total Investments 99.3% (Cost $283,746)			$		306,327
Financial Derivative Instruments (e) (0.0)% (Cost or Premiums, net $0)					(119	)
Other Assets and Liabilities, net 0.7%					2,270
Net Assets 100.0%			$		308,478

NOTES TO SCHEDULE OF INVESTMENTS:

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

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

(b) Zero coupon security.

(c) Institutional Class Shares of each Fund.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(d)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to be Received(1)
FICC		2.400	%		06/30/2023		07/03/2023	$	1,260	U.S. Treasury Notes 4.625% due 06/30/2025	$	(1,285	)	$	1,260	$	1,260
Total Repurchase Agreements											$	(1,285	)	$	1,260	$	1,260

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, 2023:

Counterparty	Repurchase Agreement Proceeds to be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(2)
Global/Master Repurchase Agreement
FICC	$	1,260	$	0	$	0	$	1,260	$	(1,285	)	$	(25	)
Total Borrowings and Other Financing Transactions	$	1,260	$	0	$	0

⁽¹⁾ Includes accrued interest.

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

66 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

(e)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
															Asset		Liability
GST	Receive	BCOMTR Index		15,233	5.310% (3-Month U.S. Treasury Bill rate plus a specified spread)	Monthly	02/15/2024	$	3,515	$	0	$	(70	)	$	0	$	(70	)
JPM	Receive	FNRETR Index		98	5.450% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/23/2023		2,075		0		(10	)		0		(10	)
	Receive	FNRETR Index		99	5.380% (1-Month USD-LIBOR plus a specified spread)	Monthly	10/18/2023		2,096		0		(9	)		0		(9	)
MYI	Receive	FNRETR Index		330	5.270% (1-Month USD-LIBOR plus a specified spread)	Monthly	09/20/2023		6,985		0		(30	)		0		(30	)
Total Swap Agreements										$	0	$	(119	)	$	0	$	(119	)

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, 2023:

	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)
GST	$	0	$	0	$	0	$	0	$	0	$	0	$	(70	)	$	(70	)	$	(70	)	$	0		$	(70	)
JPM		0		0		0		0		0		0		(19	)		(19	)		(19	)		0			(19	)
MYI		0		0		0		0		0		0		(30	)		(30	)		(30	)		(280	)		(310	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(119	)	$	(119	)

⁽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, 2023:

	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	$	70	$	0	$	49	$	0	$	0	$	119

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2023:

	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
Over the counter
Swap Agreements	$	(71	)	$	0	$	(157	)	$	0	$	0	$	(228	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	(70	)	$	0	$	(42	)	$	0	$	0	$	(112	)

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 67

Schedule of Investments PIMCO REALPATH^® Blend 2055  Fund (Cont.) June 30, 2023

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Investments in Securities, at Value
Mutual Funds	$	273,546	$	0	$	0	$	273,546
Short-Term Instruments
Repurchase Agreements		0		1,260		0		1,260
U.S. Treasury Bills		0		382		0		382
	$	273,546	$	1,642	$	0	$	275,188
Investments in Affiliates, at Value
Mutual Funds		16,097		0		0		16,097
Short-Term Instruments
Central Funds Used for Cash Management Purposes		15,042		0		0		15,042
	$	31,139	$	0	$	0	$	31,139
Total Investments	$	304,685	$	1,642	$	0	$	306,327

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2023
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(119	)	$	0	$	(119	)
Total Financial Derivative Instruments	$	0	$	(119	)	$	0	$	(119	)
Totals	$	304,685	$	1,523		$	0	$	306,208

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

68 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO REALPATH^® Blend 2060  Fund June 30, 2023

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 90.4%
MUTUAL FUNDS 90.4%
Vanguard Developed Markets Index Fund ‘Institutional’		1,756,208	$		26,080
Vanguard Emerging Markets Stock Index Fund ‘Institutional’		332,722			8,538
Vanguard Institutional Index Fund ‘Institutional’		107,968			40,104
Vanguard Small-Cap Index Fund ‘Admiral’		40,615			3,871
Total Mutual Funds (Cost $74,213)					78,593
Total Investments in Securities (Cost $74,213)					78,593

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 8.2%
MUTUAL FUNDS (a) 4.1%
PIMCO Emerging Markets Local Currency and Bond Fund		43,753	$		256
PIMCO Income Fund		80,678			840
PIMCO International Bond Fund (U.S. Dollar-Hedged)		10,370			98
PIMCO Long-Term Real Return Fund		44,527			597
PIMCO Long-Term U.S. Government Fund		37,982			583
PIMCO Real Return Fund		35,995			359
PIMCO Total Return Fund		97,609			829
Total Mutual Funds (Cost $3,762)					3,562

	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		370,223	$		3,600
Total Short-Term Instruments (Cost $3,599)					3,600
Total Investments in Affiliates (Cost $7,361)					7,162
Total Investments 98.6% (Cost $81,574)			$		85,755
Financial Derivative Instruments (b) (0.0)% (Cost or Premiums, net $0)					(31	)
Other Assets and Liabilities, net 1.4%					1,253
Net Assets 100.0%			$		86,977

NOTES TO SCHEDULE OF INVESTMENTS:

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

(a) Institutional Class Shares of each Fund.

(b)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
															Asset		Liability
GST	Receive	BCOMTR Index		3,820	5.310% (3-Month U.S. Treasury Bill rate plus a specified spread)	Monthly	02/15/2024	$	882	$	0	$	(18	)	$	0	$	(18	)
JPM	Receive	FNRETR Index		19	5.450% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/23/2023		402		0		(2	)		0		(2	)
	Receive	FNRETR Index		47	5.380% (1-Month USD-LIBOR plus a specified spread)	Monthly	10/18/2023		995		0		(4	)		0		(4	)
MYI	Receive	FNRETR Index		81	5.270% (1-Month USD-LIBOR plus a specified spread)	Monthly	09/20/2023		1,715		0		(7	)		0		(7	)
Total Swap Agreements										$	0	$	(31	)	$	0	$	(31	)

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, 2023:

	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)
GST	$	0	$	0	$	0	$	0	$	0	$	0	$	(18	)	$	(18	)	$	(18	)	$	0	$	(18	)
JPM		0		0		0		0		0		0		(6	)		(6	)		(6	)		0		(6	)
MYI		0		0		0		0		0		0		(7	)		(7	)		(7	)		0		(7	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(31	)	$	(31	)

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

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

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 69

Schedule of Investments PIMCO REALPATH^® Blend 2060  Fund (Cont.) June 30, 2023

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, 2023:

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Liabilities
Over the counter
Swap Agreements	$	18	$	0	$	13	$	0	$	0	$	31

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2023:

	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
Over the counter
Swap Agreements	$	(15	)	$	0	$	(30	)	$	0	$	0	$	(45	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	(17	)	$	0	$	(12	)	$	0	$	0	$	(29	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Investments in Securities, at Value
Mutual Funds	$	78,593	$	0	$	0	$	78,593
	$	78,593	$	0	$	0	$	78,593
Investments in Affiliates, at Value
Mutual Funds		3,562		0		0		3,562
Short-Term Instruments
Central Funds Used for Cash Management Purposes		3,600		0		0		3,600
	$	7,162	$	0	$	0	$	7,162
Total Investments	$	85,755	$	0	$	0	$	85,755

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2023
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(31	)	$	0	$	(31	)
Total Financial Derivative Instruments	$	0	$	(31	)	$	0	$	(31	)
Totals	$	85,755	$	(31	)	$	0	$	85,724

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

70 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO REALPATH^® Blend 2065  Fund June 30, 2023

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 90.4%
MUTUAL FUNDS 90.4%
Vanguard Developed Markets Index Fund ‘Admiral’		104,102	$		1,544
Vanguard Emerging Markets Stock Index Fund ‘Admiral’		14,920			504
Vanguard Institutional Index Fund ‘Institutional’		6,322			2,348
Vanguard Small-Cap Index Fund ‘Admiral’		2,376			226
Total Mutual Funds (Cost $4,257)					4,622
Total Investments in Securities (Cost $4,257)					4,622

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 5.8%
MUTUAL FUNDS (a) 3.8%
PIMCO Emerging Markets Local Currency and Bond Fund		2,583	$		15
PIMCO Income Fund		3,896			41
PIMCO International Bond Fund (U.S. Dollar-Hedged)		451			4
PIMCO Long-Term Real Return Fund		2,847			38
PIMCO Long-Term U.S. Government Fund		2,225			34
PIMCO Real Return Fund		2,200			22
PIMCO Total Return Fund		4,771			41
Total Mutual Funds (Cost $193)					195

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 2.0%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.0%
PIMCO Short-Term Floating NAV Portfolio III		10,463	$		102
Total Short-Term Instruments (Cost $102)					102
Total Investments in Affiliates (Cost $295)					297
Total Investments 96.2% (Cost $4,552)			$		4,919
Financial Derivative Instruments (b) (0.0)% (Cost or Premiums, net $0)					(2	)
Other Assets and Liabilities, net 3.8%					196
Net Assets 100.0%			$		5,113

NOTES TO SCHEDULE OF INVESTMENTS:

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

(a) Institutional Class Shares of each Fund.

(b)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)		Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
															Asset		Liability
GST	Receive	BCOMTR Index		214	5.310% (3-Month U.S. Treasury Bill rate plus a specified spread)	Monthly	02/15/2024	$	50	$	0	$	(1	)	$	0	$	(1	)
JPM	Receive	FNRETR Index		8	5.380% (1-Month USD-LIBOR plus a specified spread)	Monthly	10/18/2023		169		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, 2023:

	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)
GST	$	0	$	0	$	0	$	0	$	0	$	0	$	(1	)	$	(1	)	$	(1	)	$	0	$	(1	)
JPM		0		0		0		0		0		0		(1	)		(1	)		(1	)		0		(1	)
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.

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 71

Schedule of Investments PIMCO REALPATH^® Blend 2065  Fund (Cont.) June 30, 2023

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, 2023:

	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	$	1	$	0	$	1	$	0	$	0	$	2

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2023:

	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
Over the counter
Swap Agreements	$	(1	)	$	0	$	6		$	0	$	0	$	5
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Over the counter
Swap Agreements	$	(1	)	$	0	$	(1	)	$	0	$	0	$	(2	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Investments in Securities, at Value
Mutual Funds	$	4,622	$	0	$	0	$	4,622
	$	4,622	$	0	$	0	$	4,622
Investments in Affiliates, at Value
Mutual Funds		195		0		0		195
Short-Term Instruments
Central Funds Used for Cash Management Purposes		102		0		0		102
	$	297	$	0	$	0	$	297
Total Investments	$	4,919	$	0	$	0	$	4,919

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2023
Financial Derivative Instruments - Liabilities
Over the counter	$	0	$	(2	)	$	0	$	(2	)
Total Financial Derivative Instruments	$	0	$	(2	)	$	0	$	(2	)
Totals	$	4,919	$	(2	)	$	0	$	4,917

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

72 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO REALPATH^® Blend Income  Fund June 30, 2023

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

		SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 37.4%
MUTUAL FUNDS 37.2%
Vanguard Developed Markets Index Fund ‘Institutional’			3,458,429	$		51,358
Vanguard Emerging Markets Stock Index Fund ‘Institutional’			836,843			21,473
Vanguard Institutional Index Fund ‘Institutional’			142,295			52,854
Vanguard Small-Cap Index Fund ‘Admiral’			30,952			2,950
Total Mutual Funds (Cost $108,583)						128,635
		PRINCIPAL AMOUNT (000S)
SHORT-TERM INSTRUMENTS 0.2%
U.S. TREASURY BILLS 0.2%
5.277% due 08/24/2023 - 09/12/2023 (a)(b)(d)	$		676			670
Total Short-Term Instruments (Cost $670)						670
Total Investments in Securities (Cost $109,253)						129,305

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 62.7%
MUTUAL FUNDS (c) 57.8%
PIMCO Emerging Markets Local Currency and Bond Fund		1,941,295	$		11,357
PIMCO High Yield Fund		1,009,333			7,742
PIMCO Income Fund		5,212,799			54,265
PIMCO International Bond Fund (U.S. Dollar-Hedged)		1,067,488			10,130
PIMCO Long-Term Real Return Fund		2,709,093			36,356
PIMCO Long-Term U.S. Government Fund		1,164,646			17,877
PIMCO Real Return Fund		1,586,984			15,838
PIMCO Total Return Fund		5,468,897			46,431
Total Mutual Funds (Cost $224,301)					199,996

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 4.9%
CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.9%
PIMCO Short-Term Floating NAV Portfolio III		1,750,843	$		17,024
Total Short-Term Instruments (Cost $17,016)					17,024
Total Investments in Affiliates (Cost $241,317)					217,020
Total Investments 100.1% (Cost $350,570)			$		346,325
Financial Derivative Instruments (e)(f) 0.1% (Cost or Premiums, net $1,410)					348
Other Assets and Liabilities, net (0.2)%					(587	)
Net Assets 100.0%			$		346,086

NOTES TO SCHEDULE OF INVESTMENTS:

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

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

(b) Zero coupon security.

(c) Institutional Class Shares of each Fund.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(d) Securities with an aggregate market value of $114 have been pledged as collateral as of June 30, 2023 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.

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

PURCHASED OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Cost		Market Value
Put - CBOE S&P 500		3,075.000		09/15/2023		36	$	4	$	437	$	9
Put - CBOE S&P 500		2,900.000		12/15/2023		11		1		91		9
Put - CBOE S&P 500		3,150.000		12/15/2023		28		3		335		32
Put - CBOE S&P 500		3,150.000		03/15/2024		63		6		630		133
Put - CBOE S&P 500		3,600.000		06/28/2024		67		7		427		420
Total Purchased Options									$	1,920	$	603

WRITTEN OPTIONS:

OPTIONS ON INDICES

Description	Strike Value		Expiration Date		# of Contracts		Notional Amount		Premiums (Received)			Market Value
Put - CBOE S&P 500		2,350.000		09/15/2023		36	$	4	$	(156	)	$	(2	)
Put - CBOE S&P 500		2,500.000		12/15/2023		28		3		(127	)		(13	)
Put - CBOE S&P 500		2,400.000		03/15/2024		63		6		(221	)		(51	)
Total Written Options									$	(504	)	$	(66	)

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 73

Schedule of Investments PIMCO REALPATH^® Blend Income  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, 2023:

	Financial Derivative Assets								Financial Derivative Liabilities
	Market Value		Variation Margin Asset				Total		Market Value		Variation Margin Liability
	Purchased Options		Futures		Swap Agreements				Written Options		Futures		Swap Agreements		Total
Total Exchange-Traded or Centrally Cleared	$	603	$	0	$	0	$	603	$	(66)	$	0	$	0	$	(66)

(f)  FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

SWAP AGREEMENTS:

TOTAL RETURN SWAPS ON COMMODITY AND EQUITY INDICES

Counterparty	Pay/Receive(1)	Underlying Reference	# of Units		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)			Swap Agreements, at Value
																Asset		Liability
GST	Receive	BCOMTR Index		30,607	5.310% (3-Month U.S. Treasury Bill rate plus a specified spread)	Monthly	02/15/2024	$	7,063	$	(6	)	$	(135	)	$	0	$	(141	)
JPM	Receive	FNRETR Index		166	5.450% (1-Month USD-LIBOR plus a specified spread)	Monthly	08/23/2023		3,514		0			(16	)		0		(16	)
	Receive	FNRETR Index		96	5.380% (1-Month USD-LIBOR plus a specified spread)	Monthly	10/18/2023		2,032		0			(9	)		0		(9	)
MYI	Receive	FNRETR Index		249	5.270% (1-Month USD-LIBOR plus a specified spread)	Monthly	09/20/2023		5,271		0			(23	)		0		(23	)
Total Swap Agreements										$	(6	)	$	(183	)	$	0	$	(189	)

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, 2023:

	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)
GST	$	0	$	0	$	0	$	0	$	0	$	0	$	(141	)	$	(141	)	$	(141	)	$	0	$	(141	)
JPM		0		0		0		0		0		0		(25	)		(25	)		(25	)		0		(25	)
MYI		0		0		0		0		0		0		(23	)		(23	)		(23	)		0		(23	)
Total Over the Counter	$	0	$	0	$	0	$	0	$	0	$	0	$	(189	)	$	(189	)

⁽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, 2023:

	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	$	603	$	0	$	0	$	603

74 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

	Derivatives not accounted for as hedging instruments
	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Exchange Contracts		Interest Rate Contracts		Total
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared
Written Options	$	0	$	0	$	66	$	0	$	0	$	66
Over the counter
Swap Agreements	$	141	$	0	$	48	$	0	$	0	$	189
	$	141	$	0	$	114	$	0	$	0	$	255

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2023:

	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	$	(1,773	)	$	0	$	0	$	(1,773	)
Written Options		0			0		513			0		0		513
	$	0		$	0	$	(1,260	)	$	0	$	0	$	(1,260	)
Over the counter
Swap Agreements	$	(164	)	$	0	$	(261	)	$	0	$	0	$	(425	)
	$	(164	)	$	0	$	(1,521	)	$	0	$	0	$	(1,685	)
Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments
Exchange-traded or centrally cleared
Purchased Options	$	0		$	0	$	(1,226	)	$	0	$	0	$	(1,226	)
Written Options		0			0		303			0		0		303
	$	0		$	0	$	(923	)	$	0	$	0	$	(923	)
Over the counter
Swap Agreements	$	(136	)	$	0	$	(38	)	$	0	$	0	$	(174	)
	$	(136	)	$	0	$	(961	)	$	0	$	0	$	(1,097	)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Investments in Securities, at Value
Mutual Funds	$	128,635	$	0	$	0	$	128,635
Short-Term Instruments
U.S. Treasury Bills		0		670		0		670
	$	128,635	$	670	$	0	$	129,305
Investments in Affiliates, at Value
Mutual Funds		199,996		0		0		199,996
Short-Term Instruments
Central Funds Used for Cash Management Purposes		17,024		0		0		17,024
	$	217,020	$	0	$	0	$	217,020
Total Investments	$	345,655	$	670	$	0	$	346,325

Category and Subcategory	Level 1		Level 2			Level 3		Fair Value at 06/30/2023
Financial Derivative Instruments - Assets
Exchange-traded or centrally cleared	$	0	$	603		$	0	$	603
Financial Derivative Instruments - Liabilities
Exchange-traded or centrally cleared		0		(66	)		0		(66	)
Over the counter		0		(189	)		0		(189	)
	$	0	$	(255	)	$	0	$	(255	)
Total Financial Derivative Instruments	$	0	$	348		$	0	$	348
Totals	$	345,655	$	1,018		$	0	$	346,673

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 75

Notes to Financial Statements

1. ORGANIZATION

PIMCO Equity Series (the “Trust”) was established as a Delaware statutory trust on March 30, 2010. The Trust is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, Administrative Class, and Class A shares of the funds (each a “Fund” and collectively the “Funds”) indicated on the cover of this report. Pacific Investment Management Company LLC (“PIMCO”) serves as the investment adviser (the “Adviser”) for the Funds. Each Fund may invest substantially all of its assets in Institutional Class or Class M shares of any funds of the Trust and PIMCO Funds, and in other affiliated funds, including funds of PIMCO ETF Trust, except funds of funds and PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund (“Underlying PIMCO Funds”), and unaffiliated funds that are registered under the Act (collectively, “Acquired Funds”).

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the “Board.”

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 2065 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. A Fund may revise its distribution policy or postpone the payment of distributions at any time.

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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 (“FASB”) 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. ASU 2020-04 is effective for certain reference rate-related contract modifications that occurred during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. In December 2022, FASB issued ASU 2022-06, which includes amendments to extend the duration of the LIBOR transition relief to December 31, 2024, after which entities will no longer be permitted to apply the reference rate reform relief. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds’ investments and has determined that it is unlikely the ASU’s adoption will have a material impact on the Funds’ 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 that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. The compliance date for the new rule and the related reporting requirements was August 19, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Funds’ 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 compliance date for the new rule and the related reporting requirements was September 8, 2022. Management has implemented changes in connection with the rule and has determined that there is no material impact to the Funds’ financial statements.

ANNUAL REPORT | JUNE 30, 2023 77

Notes to Financial Statements (Cont.)

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2022, the SEC adopted changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will change the disclosures provided to shareholders. The rule is effective as of January 24, 2023, but the SEC is providing an 18-month compliance period after the effective date other than for rule amendments addressing fee and expense information in advertisements that might be materially misleading. At this time, management is evaluating the implications of these changes on the financial statements.

The SEC made a final ruling on February 15, 2023 to adopt proposed amendments to the Settlement Cycle Rule (Rule 15c6-1) and other related rules under the Securities Exchange Act of 1934, as amended, to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date (T+2) to one business days after the trade date (T+1). The effective date was May 5, 2023, and the compliance date for the amendments is May 28, 2024. 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 a Fund’s shares, or each of their respective share classes as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange (“NYSE”) is open, the Funds’ 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 may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that each Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, 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.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee (“Valuation Designee”) for each Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee’s policies and procedures govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, “Pricing Sources”).

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 Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or

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estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Fund’s assets that are invested in one or more open-end management investment companies (other than ETFs), a Fund’s NAV will be calculated based on 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. 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 Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) 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, unless otherwise determined by the Valuation Designee, 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.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. 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 each Fund’s next calculated NAV.

Fair valuation may require subjective determinations about the value of a security. While the Trust’s and Valuation Designee’s policies and procedures are 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 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.

Under certain circumstances, the per share NAV of a class of each 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.

(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 (unadjusted) 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 Valuation Designee 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.

ANNUAL REPORT | JUNE 30, 2023 79

Notes to Financial Statements (Cont.)

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, Level 2 and Level 3 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, Level 2 and Level 3 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 Sources (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 Sources 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 Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources 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, LIBOR forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost 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.

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

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

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on Form N-PORT and is available at the SEC’s website at www.sec.gov. A copy of each Acquired Fund’s shareholder report is also available at the SEC’s website at www.sec.gov, and a copy of each affiliate fund’s shareholder report is available on the Funds’ website at www.pimco.com, or upon request, as applicable. The tables below show the Funds’ transactions in and earnings from investments in the affiliated Funds for the period ended June 30, 2023 (amounts in thousands^†):

PIMCO REALPATH® Blend 2025 Fund
Underlying PIMCO Funds	Market Value 06/30/2022		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 06/30/2023		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	11,974	$	9,412	$	(9,641	)	$	(446	)	$	1,902		$	13,201	$	474	$	0
PIMCO High Yield Fund		5,381		4,814		(1,199	)		(168	)		180			9,008		429		86
PIMCO Income Fund		29,051		32,999		(2,162	)		(225	)		(670	)		58,993		2,939		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		5,250		6,221		(176	)		(21	)		(112	)		11,162		226		104
PIMCO Long-Term Real Return Fund		13,527		35,064		(1,804	)		(510	)		(1,646	)		44,631		2,077		0
PIMCO Long-Term U.S. Government Fund		16,688		15,339		(6,894	)		(1,595	)		(139	)		23,399		556		0
PIMCO Real Return Fund		7,170		11,814		(389	)		(27	)		(612	)		17,956		593		0
PIMCO Short-Term Floating NAV Portfolio III		5,644		104,141		(84,400	)		8			11			25,404		541		0
PIMCO Total Return Fund		23,699		29,868		(1,887	)		(277	)		(1,476	)		49,927		1,645		0
Totals	$	118,384	$	249,672	$	(108,552	)	$	(3,261	)	$	(2,562	)	$	253,681	$	9,480	$	190
PIMCO REALPATH® Blend 2030 Fund
Underlying PIMCO Funds	Market Value 06/30/2022		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 06/30/2023		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	12,034	$	9,114	$	(9,562	)	$	(558	)	$	2,055		$	13,083	$	482	$	0
PIMCO High Yield Fund		4,820		4,712		(974	)		(130	)		153			8,581		393		81
PIMCO Income Fund		20,991		29,771		(1,016	)		(96	)		(543	)		49,107		2,246		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		3,514		5,903		(192	)		(21	)		(56	)		9,148		165		73
PIMCO Long-Term Real Return Fund		13,618		36,222		0			0			(2,246	)		47,594		2,153		0
PIMCO Long-Term U.S. Government Fund		19,664		20,122		(9,349	)		(1,072	)		(1,017	)		28,348		678		0
PIMCO Real Return Fund		5,322		12,007		0			0			(513	)		16,816		488		0
PIMCO Short-Term Floating NAV Portfolio III		7,912		109,386		(89,500	)		8			13			27,819		686		0
PIMCO Total Return Fund		16,201		26,239		(719	)		(144	)		(1,094	)		40,483		1,204		0
Totals	$	104,076	$	253,476	$	(111,312	)	$	(2,013	)	$	(3,248	)	$	240,979	$	8,495	$	154
PIMCO REALPATH® Blend 2035 Fund
Underlying PIMCO Funds	Market Value 06/30/2022		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 06/30/2023		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	9,580	$	9,079	$	(9,822	)	$	(790	)	$	2,004		$	10,051	$	390	$	0
PIMCO High Yield Fund		3,092		3,720		(1,152	)		(152	)		152			5,660		261		55
PIMCO Income Fund		13,006		23,687		(987	)		(76	)		(336	)		35,294		1,528		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		2,105		4,557		0			0			(47	)		6,615		111		47
PIMCO Long-Term Real Return Fund		8,614		27,433		(320	)		(116	)		(1,364	)		34,247		1,485		0
PIMCO Long-Term U.S. Government Fund		13,213		16,524		(8,616	)		(827	)		(635	)		19,659		480		0
PIMCO Real Return Fund		3,574		7,972		0			0			(354	)		11,192		332		0
PIMCO Short-Term Floating NAV Portfolio III		9,094		122,411		(108,000	)		5			19			23,529		711		0
PIMCO Total Return Fund		10,005		20,950		(550	)		(87	)		(718	)		29,600		824		0
Totals	$	72,283	$	236,333	$	(129,447	)	$	(2,043	)	$	(1,279	)	$	175,847	$	6,122	$	102

ANNUAL REPORT | JUNE 30, 2023 81

Notes to Financial Statements (Cont.)

PIMCO REALPATH® Blend 2040 Fund
Underlying PIMCO Funds	Market Value 06/30/2022		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 06/30/2023		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	8,184	$	6,045	$	(7,558	)	$	(634	)	$	1,489		$	7,526	$	311	$	0
PIMCO High Yield Fund		1,414		1,754		(896	)		(120	)		130			2,282		115		25
PIMCO Income Fund		8,323		15,370		(394	)		(24	)		(217	)		23,058		961		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		1,474		3,359		0			0			(19	)		4,814		77		30
PIMCO Long-Term Real Return Fund		6,160		15,250		(160	)		(82	)		(910	)		20,258		951		0
PIMCO Long-Term U.S. Government Fund		9,423		9,075		(6,260	)		(635	)		(360	)		11,243		304		0
PIMCO Real Return Fund		2,653		3,468		0			0			(232	)		5,889		206		0
PIMCO Short-Term Floating NAV Portfolio III		9,930		106,091		(94,400	)		8			12			21,641		691		0
PIMCO Total Return Fund		6,858		14,477		(188	)		87			(485	)		20,749		553		0
Totals	$	54,419	$	174,889	$	(109,856	)	$	(1,400	)	$	(592	)	$	117,460	$	4,169	$	55
PIMCO REALPATH® Blend 2045 Fund
Underlying PIMCO Funds	Market Value 06/30/2022		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 06/30/2023		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	5,343	$	4,322	$	(5,501	)	$	(207	)	$	836		$	4,793	$	201	$	0
PIMCO High Yield Fund		272		294		(432	)		(35	)		39			138		17		4
PIMCO Income Fund		4,420		8,393		(201	)		(10	)		(106	)		12,496		516		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		1,007		1,977		0			0			(15	)		2,969		51		20
PIMCO Long-Term Real Return Fund		4,001		5,578		0			0			(642	)		8,937		547		0
PIMCO Long-Term U.S. Government Fund		6,351		6,088		(3,406	)		(358	)		(277	)		8,398		213		0
PIMCO Real Return Fund		1,587		2,089		0			0			(137	)		3,539		128		0
PIMCO Short-Term Floating NAV Portfolio III		9,168		86,169		(71,200	)		5			18			24,160		669		0
PIMCO Total Return Fund		4,085		8,586		(284	)		(29	)		(273	)		12,085		332		0
Totals	$	36,234	$	123,496	$	(81,024	)	$	(634	)	$	(557	)	$	77,515	$	2,674	$	24
PIMCO REALPATH® Blend 2050 Fund
Underlying PIMCO Funds	Market Value 06/30/2022		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 06/30/2023		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	3,620	$	2,174	$	(4,237	)	$	(230	)	$	499		$	1,826	$	116	$	0
PIMCO Income Fund		2,573		5,523		0			0			(65	)		8,031		315		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		920		724		0			0			(29	)		1,615		35		20
PIMCO Long-Term Real Return Fund		2,820		2,845		0			0			(433	)		5,232		349		0
PIMCO Long-Term U.S. Government Fund		4,488		3,395		(2,334	)		(236	)		(190	)		5,123		138		0
PIMCO Real Return Fund		1,062		697		0			0			(85	)		1,674		75		0
PIMCO Short-Term Floating NAV Portfolio III		6,832		75,997		(64,700	)		3			17			18,149		597		0
PIMCO Total Return Fund		2,705		5,503		(173	)		58			(169	)		7,924		211		0
Totals	$	25,020	$	96,858	$	(71,444	)	$	(405	)	$	(455	)	$	49,574	$	1,836	$	20

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June 30, 2023

PIMCO REALPATH® Blend 2055 Fund
Underlying PIMCO Funds	Market Value 06/30/2022		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 06/30/2023		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	2,056	$	1,200	$	(2,581	)	$	(156	)	$	308		$	827	$	64	$	0
PIMCO Income Fund		1,384		2,996		0			0			(38	)		4,342		169		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		592		444		(416	)		(45	)		22			597		20		12
PIMCO Long-Term Real Return Fund		1,611		1,295		0			0			(245	)		2,661		197		0
PIMCO Long-Term U.S. Government Fund		2,565		1,734		(1,628	)		(225	)		(23	)		2,423		75		0
PIMCO Real Return Fund		576		541		0			0			(55	)		1,062		43		0
PIMCO Short-Term Floating NAV Portfolio III		6,009		67,020		(58,000	)		0			13			15,042		420		0
PIMCO Total Return Fund		1,433		2,825		0			32			(105	)		4,185		114		0
Totals	$	16,226	$	78,055	$	(62,625	)	$	(394	)	$	(123	)	$	31,139	$	1,102	$	12
PIMCO REALPATH® Blend 2060 Fund
Underlying PIMCO Funds	Market Value 06/30/2022		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 06/30/2023		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	312	$	534	$	(628	)	$	(14	)	$	52		$	256	$	13	$	0
PIMCO Income Fund		210		639		0			0			(9	)		840		33		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		91		159		(147	)		(9	)		4			98		4		3
PIMCO Long-Term Real Return Fund		237		556		(145	)		(35	)		(16	)		597		38		0
PIMCO Long-Term U.S. Government Fund		370		742		(473	)		(77	)		21			583		16		0
PIMCO Real Return Fund		91		279		0			0			(11	)		359		10		0
PIMCO Short-Term Floating NAV Portfolio III		902		21,995		(19,300	)		2			1			3,600		94		0
PIMCO Total Return Fund		212		639		0			0			(22	)		829		22		0
Totals	$	2,425	$	25,543	$	(20,693	)	$	(133	)	$	20		$	7,162	$	230	$	3
PIMCO REALPATH® Blend 2065 Fund
Underlying PIMCO Funds	Market Value 06/30/2022		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 06/30/2023		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	0	$	44	$	(30	)	$	0		$	1		$	15	$	1	$	0
PIMCO Income Fund		0		41		0			0			0			41		1		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		0		12		(8	)		0			0			4		0		0
PIMCO Long-Term Real Return Fund		0		45		(7	)		0			0			38		1		0
PIMCO Long-Term U.S. Government Fund		0		57		(24	)		1			0			34		0		0
PIMCO Real Return Fund		0		22		0			0			0			22		0		0
PIMCO Short-Term Floating NAV Portfolio III		0		602		(500	)		0			0			102		1		0
PIMCO Total Return Fund		0		41		0			0			0			41		1		0
Totals	$	0	$	864	$	(569	)	$	1		$	1		$	297	$	5	$	0

ANNUAL REPORT | JUNE 30, 2023 83

Notes to Financial Statements (Cont.)

PIMCO REALPATH® Blend Income Fund
Underlying PIMCO Funds	Market Value 06/30/2022		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Market Value 06/30/2023		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO Emerging Markets Local Currency and Bond Fund	$	11,863	$	7,533	$	(9,335	)	$	(861	)	$	2,157		$	11,357	$	438	$	0
PIMCO High Yield Fund		5,613		3,597		(1,491	)		(186	)		209			7,742		400		83
PIMCO Income Fund		35,725		26,382		(6,815	)		(327	)		(700	)		54,265		3,059		0
PIMCO International Bond Fund (U.S. Dollar-Hedged)		6,681		4,555		(910	)		(91	)		(105	)		10,130		236		123
PIMCO Long-Term Real Return Fund		12,072		28,785		(2,710	)		(983	)		(808	)		36,356		1,734		0
PIMCO Long-Term U.S. Government Fund		12,614		10,091		(3,579	)		(893	)		(356	)		17,877		414		0
PIMCO Real Return Fund		8,748		8,747		(935	)		(49	)		(673	)		15,838		622		0
PIMCO Short-Term Floating NAV Portfolio III		3,303		99,113		(85,400	)		2			6			17,024		413		0
PIMCO Total Return Fund		30,158		23,013		(4,636	)		(441	)		(1,663	)		46,431		1,761		0
Totals	$	126,777	$	211,816	$	(115,811	)	$	(3,829	)	$	(1,933	)	$	217,020	$	9,077	$	206

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

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

(b) Investments in Securities

The Funds (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may utilize the investments and strategies described below to the extent permitted by each Fund’s respective investment policies.

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

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 a Fund to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The 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

84 PIMCO EQUITY SERIES

June 30, 2023

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 (in the case of tri-party repurchase agreements) and in certain instances will remain in custody with the counterparty. Traditionally, a Fund has used bilateral repurchase agreements wherein the underlying securities will be held by a Fund’s custodian. 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.

During the period ended June 30, 2023, 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.

ANNUAL REPORT | JUNE 30, 2023 85

Notes to Financial Statements (Cont.)

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

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

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

For purposes of applying certain of a Fund’s investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by a Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of a Fund’s investment policies and restrictions, the Funds will value the credit

default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of a Fund’s other investment policies and restrictions. 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 fail to perform or meet an obligation 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

86 PIMCO EQUITY SERIES

June 30, 2023

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 2065 Fund	PIMCO REALPATH® Blend Income Fund
Allocation	X	X	X	X	X	X	X	X	X	X
Acquired Fund	X	X	X	X	X	X	X	X	X	X
Small Fund	—	—	—	—	—	—	—	X	—	—
Equity	X	X	X	X	X	X	X	X	X	X
Value Investing	X	X	X	X	X	X	X	X	X	X
Interest Rate	X	X	X	X	X	X	X	X	X	X
Call	X	X	X	X	X	X	X	X	X	X
Credit	X	X	X	X	X	X	X	X	X	X
High Yield and Distressed Company	X	X	X	X	X	X	X	X	X	X
Market	X	X	X	X	X	X	X	X	X	X
Issuer	X	X	X	X	X	X	X	X	X	X
Liquidity	X	X	X	X	X	X	X	X	X	X
Derivatives	X	X	X	X	X	X	X	X	X	X
Commodity	X	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	X
Foreign (Non-U.S.) Investment	X	X	X	X	X	X	X	X	X	X
Real Estate	X	X	X	X	X	X	X	X	X	X
Emerging Markets	X	X	X	X	X	X	X	X	X	X
Sovereign Debt	X	X	X	X	X	X	X	X	X	X
Currency	X	X	X	X	X	X	X	X	X	X
Leveraging	X	X	X	X	X	X	X	X	X	X
Small-Cap and Mid-Cap Company	X	X	X	X	X	X	X	X	X	X
Management	X	X	X	X	X	X	X	X	X	X
Short Exposure	X	X	X	X	X	X	X	X	X	X
Tax	X	X	X	X	X	X	X	X	X	X
Subsidiary	X	X	X	X	X	X	X	X	X	X
Convertible Securities	X	X	X	X	X	X	X	X	X	X
Exchange-Traded Fund	X	X	X	X	X	X	X	X	X	X
LIBOR Transition	X	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. In addition, a Fund’s performance will be reduced by the Fund’s proportionate amount of the expenses of any Acquired Funds in which it invests.

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.

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Notes to Financial Statements (Cont.)

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 fluctuate in value because of a change 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 or may not realize the full anticipated earnings from the 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, the counterparty to a derivative contract, or the issuer or guarantor of collateral, 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, major litigation, investigations or other controversies, changes in financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives, financial leverage, or 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 forwards, futures, swaps and structured securities) and other similar instruments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative and other similar investment 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. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for the Fund. A Fund’s use of derivatives or other similar investments may result in losses to the Fund, a reduction in a Fund’s returns and/or increased volatility. Over-the-counter (“OTC”) derivatives or other similar investments 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 or other similar investments. The primary credit risk on derivatives or other similar investments 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 or other similar investments and/or adversely affect the value of derivatives or other similar investments and a Fund’s performance.

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Commodity Risk  is the risk that investing in commodity-linked derivative instruments may subject the Funds to greater volatility 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, foreign currency exchange rates, commodity index volatility, changes in interest rates, or supply and demand factors affecting a particular industry or commodity market, such as drought, floods, weather, livestock disease, pandemics and public health emergencies, embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, changes in storage costs, availability of transportation systems and international economic, political and regulatory developments.

Mortgage-Related and Other Asset-Backed Securities Risk  is the risks 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, diplomatic developments or the imposition of sanctions and other similar measures. 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 managers 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 or other short positions, 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 or other short position will not fulfill its contractual obligations, causing a loss to a Fund.

Tax Risk  is the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect whether income from such investments is “qualifying income” under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of a Fund’s taxable income or gains and distributions.

Subsidiary Risk  is the risk that, by investing in certain Underlying PIMCO Funds that invest in a subsidiary (each a “Subsidiary”), a Fund is indirectly exposed to the risks associated with a Subsidiary’s investments. The Subsidiaries are not registered under the Act and may not be subject to all the investor protections of the Act. There is no guarantee that the investment objective of a Subsidiary will be achieved.

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Notes to Financial Statements (Cont.)

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

Exchange-Traded Fund Risk  is the risk that an exchange-traded fund may not track the performance of the index it is designed to track, among other reasons, because of exchange rules, market prices of shares of an exchange-traded fund may fluctuate rapidly and materially, or shares of an exchange-traded fund may trade significantly above or below net asset value, any of which may cause losses to a Fund invested in the exchange-traded fund.

LIBOR Transition Risk  is the risk related to the anticipated discontinuation and replacement of the London Interbank Offered Rate (“LIBOR”). Certain instruments held by a Fund rely or relied in some fashion upon LIBOR. Although the transition process away from LIBOR for most instruments has been completed, some LIBOR use is continuing and there are potential effects related to the transition away from LIBOR or the continued use of LIBOR on a Fund, or on certain instruments in which the Fund invests, which can be difficult to ascertain and could result in losses to 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 cyber security 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 that may impact a 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 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.

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

90 PIMCO EQUITY SERIES

June 30, 2023

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; third party claims in litigation; 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. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.

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

ANNUAL REPORT | JUNE 30, 2023 91

Notes to Financial Statements (Cont.)

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 LLC (“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%		0.22%		0.27%	*
PIMCO REALPATH® Blend 2030 Fund		0.01%		0.02%		0.02%		0.22%		0.27%	*
PIMCO REALPATH® Blend 2035 Fund		0.02%		0.02%		0.02%		0.22%		0.27%	*
PIMCO REALPATH® Blend 2040 Fund		0.03%		0.02%		0.02%		0.22%		0.27%	*
PIMCO REALPATH® Blend 2045 Fund		0.03%		0.02%		0.02%		0.22%		0.27%	*
PIMCO REALPATH® Blend 2050 Fund		0.03%		0.02%		0.02%		0.22%		0.27%	*
PIMCO REALPATH® Blend 2055 Fund		0.03%		0.02%		0.02%		0.22%		0.27%	*
PIMCO REALPATH® Blend 2060 Fund		0.03%		0.02%		0.02%		0.22%		N/A
PIMCO REALPATH® Blend 2065 Fund		0.03%		0.02%		0.02%		0.22%		N/A
PIMCO REALPATH® Blend Income Fund		0.01%		0.02%		0.02%		0.22%		0.27%	*

* This particular share class has been registered with the SEC, but was not operational during the fiscal year ended June 30, 2023.    

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

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

The Trust has adopted a Distribution and Servicing Plan with respect to the Administrative Class shares of each Fund pursuant to Rule 12b-1 under the Act (the “Administrative Class Plan”). Under the terms of the

Administrative Class Plan, a Fund may compensate the Distributor for providing, or procuring through financial intermediaries, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Administrative Class shares. The Administrative Class Plan permits a Fund to make total payments at an annual rate of up to 0.25% of the average daily net assets attributable to the Administrative Class shares.

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

	Distribution Fee			Servicing Fee
Administrative Class		0.25%			—
Class A		—			0.25%
Class R		0.25%	*		0.25%	*

* This particular share class has been registered with the SEC, but was not operational during the fiscal year ended June 30, 2023.

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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, 2023, the Distributor retained $23,380 representing commissions (sales charges) and contingent deferred sales charges, net of any commission adjustments payable by the Distributor to broker dealers, 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) 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 expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Funds, and any other expenses which are capitalized in accordance with generally accepted accounting principles; 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, 2023 (for all Funds except PIMCO REALPATH^® Blend 2065 Fund) or October 31, 2024 (for PIMCO REALPATH^® Blend 2065 Fund), 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, if any, 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”) within thirty-six months of the time 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 as of June 30, 2023, 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	$	17	$	17
PIMCO RealPath® Blend 2030 Fund		0		0		19		19
PIMCO RealPath® Blend 2035 Fund		0		0		16		16
PIMCO RealPath® Blend 2040 Fund		0		0		18		18
PIMCO RealPath® Blend 2045 Fund		0		0		18		18
PIMCO RealPath® Blend 2050 Fund		0		1		20		21
PIMCO RealPath® Blend 2055 Fund		0		0		9		9
PIMCO RealPath® Blend 2060 Fund		0		0		2		2
PIMCO RealPath® Blend 2065 Fund		0		0		123		123
PIMCO RealPath® Blend Income Fund		0		0		17		17

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

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Notes to Financial Statements (Cont.)

(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(s), 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, 2023, 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	$	245,263	$	75,154
PIMCO REALPATH® Blend 2030 Fund		0		0		296,813		69,925
PIMCO REALPATH® Blend 2035 Fund		0		0		302,450		65,948
PIMCO REALPATH® Blend 2040 Fund		0		0		236,551		53,309
PIMCO REALPATH® Blend 2045 Fund		0		0		209,055		34,715
PIMCO REALPATH® Blend 2050 Fund		0		0		170,822		28,161
PIMCO REALPATH® Blend 2055 Fund		0		0		130,771		16,542
PIMCO REALPATH® Blend 2060 Fund		0		0		58,866		5,384
PIMCO REALPATH® Blend 2065 Fund		0		0		4,677		239
PIMCO REALPATH® Blend Income Fund		0		0		183,749		78,045

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

94 PIMCO EQUITY SERIES

June 30, 2023

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 06/30/2023						Year Ended 06/30/2022						Year Ended 06/30/2023						Year Ended 06/30/2022
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		22,163		$	250,170			6,242		$	80,925			24,745		$	291,897			7,130		$	96,460
Administrative Class		844			9,574			272			3,509			435			5,142			303			4,107
Class A		75			847			141			1,844			58			674			137			1,873
Issued as reinvestment of distributions
Institutional Class		1,074			11,972			585			7,804			1,065			12,424			620			8,658
Administrative Class		102			1,131			76			1,020			97			1,130			84			1,183
Class A		20			225			23			310			25			286			22			315
Cost of shares redeemed
Institutional Class		(7,002	)		(79,208	)		(4,395	)		(57,184	)		(4,561	)		(53,971	)		(4,210	)		(56,697	)
Administrative Class		(774	)		(8,664	)		(263	)		(3,432	)		(988	)		(11,522	)		(220	)		(3,006	)
Class A		(201	)		(2,222	)		(301	)		(3,863	)		(60	)		(702	)		(143	)		(1,921	)
Net increase (decrease) resulting from Fund share transactions		16,301		$	183,825			2,380		$	30,933			20,816		$	245,358			3,723		$	50,972

	PIMCO REALPATH® Blend 2035 Fund												PIMCO REALPATH® Blend 2040 Fund
	Year Ended 06/30/2023						Year Ended 06/30/2022						Year Ended 06/30/2023						Year Ended 06/30/2022
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		22,896		$	283,165			7,204		$	100,911			18,042		$	230,160			6,180		$	88,871
Administrative Class		1,219			15,318			331			4,715			443			5,695			208			2,931
Class A		76			943			89			1,272			83			1,052			75			1,090
Issued as reinvestment of distributions
Institutional Class		810			9,879			459			6,682			692			8,703			489			7,393
Administrative Class		72			873			66			965			44			546			48			733
Class A		18			222			17			245			17			211			20			300
Cost of shares redeemed
Institutional Class		(3,965	)		(49,596	)		(3,103	)		(43,060	)		(3,451	)		(44,280	)		(2,773	)		(38,905	)
Administrative Class		(885	)		(10,856	)		(215	)		(3,063	)		(504	)		(6,357	)		(156	)		(2,207	)
Class A		(33	)		(411	)		(72	)		(1,045	)		(60	)		(755	)		(98	)		(1,369	)
Net increase (decrease) resulting from Fund share transactions		20,208		$	249,537			4,776		$	67,622			15,306		$	194,975			3,993		$	58,837

	PIMCO REALPATH® Blend 2045 Fund												PIMCO REALPATH® Blend 2050 Fund
	Year Ended 06/30/2023						Year Ended 06/30/2022						Year Ended 06/30/2023						Year Ended 06/30/2022
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		16,833		$	217,904			5,303		$	77,193			14,375		$	188,230			4,764		$	69,813
Administrative Class		997			13,135			234			3,405			283			3,665			176			2,585
Class A		44			559			45			659			62			821			64			951
Issued as reinvestment of distributions
Institutional Class		582			7,411			428			6,584			535			6,882			462			7,211
Administrative Class		41			518			44			675			42			534			51			792
Class A		9			109			9			141			8			97			11			173
Cost of shares redeemed
Institutional Class		(3,178	)		(41,625	)		(2,397	)		(34,648	)		(2,930	)		(38,678	)		(2,080	)		(30,553	)
Administrative Class		(655	)		(8,436	)		(120	)		(1,763	)		(582	)		(7,562	)		(150	)		(2,242	)
Class A		(25	)		(312	)		(41	)		(618	)		(17	)		(227	)		(102	)		(1,507	)
Net increase (decrease) resulting from Fund share transactions		14,648		$	189,263			3,505		$	51,628			11,776		$	153,762			3,196		$	47,223

ANNUAL REPORT | JUNE 30, 2023 95

Notes to Financial Statements (Cont.)

	PIMCO REALPATH® Blend 2055 Fund												PIMCO REALPATH® Blend 2060 Fund
	Year Ended 06/30/2023						Year Ended 06/30/2022						Year Ended 06/30/2023						Year Ended 06/30/2022
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		11,019		$	146,157			4,887		$	72,104			6,324		$	65,135			1,709		$	19,212
Administrative Class		667			8,974			230			3,411			90			911			33			376
Class A		79			1,023			47			684			31			298			35			416
Issued as reinvestment of distributions
Institutional Class		346			4,502			258			4,051			73			735			94			1,140
Administrative Class		18			230			17			261			1			12			1			14
Class A		5			65			6			88			1			10			7			90
Cost of shares redeemed
Institutional Class		(2,436	)		(32,546	)		(1,763	)		(25,902	)		(1,010	)		(10,421	)		(443	)		(5,001	)
Administrative Class		(269	)		(3,551	)		(98	)		(1,456	)		(18	)		(183	)		(2	)		(22	)
Class A		(57	)		(759	)		(52	)		(761	)		(14	)		(140	)		(54	)		(627	)
Net increase (decrease) resulting from Fund share transactions		9,372		$	124,095			3,532		$	52,480			5,478		$	56,357			1,380		$	15,598

	PIMCO  REALPATH® Blend 2065 Fund						PIMCO REALPATH® Blend Income Fund
	Inception date through June 30, 2023(a)						Year Ended 06/30/2023						Year Ended 06/30/2022
	Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		440		$	4,527			17,590		$	190,509			5,321		$	66,789
Administrative Class		10			100			524			5,695			221			2,789
Class A		10			100			160			1,688			1,004			12,546
Issued as reinvestment of distributions
Institutional Class		0			5			811			8,643			583			7,420
Administrative Class		0			0			88			936			90			1,147
Class A		0			0			82			866			91			1,150
Cost of shares redeemed
Institutional Class		(4	)		(41	)		(7,213	)		(77,996	)		(4,928	)		(61,063	)
Administrative Class		0			0			(436	)		(4,645	)		(402	)		(4,987	)
Class A		0			0			(966	)		(10,338	)		(807	)		(9,964	)
Net increase (decrease) resulting from Fund share transactions		456		$	4,691			10,640		$	115,358			1,173		$	15,827

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

^(a)  Inception date of the Fund was December 30, 2022.

The following table discloses the number of shareholders that owned 10% or more of the outstanding shares of a Fund along with their respective percent ownership, if any, as of June 30, 2023. 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
REALPATH® Blend 2025 Fund		1		0		12		0
REALPATH® Blend 2030 Fund		1		0		11		0
REALPATH® Blend 2035 Fund		1		0		11		0
REALPATH® Blend 2040 Fund		1		0		12		0
REALPATH® Blend 2045 Fund		1		0		12		0
REALPATH® Blend 2050 Fund		1		0		11		0
REALPATH® Blend 2055 Fund		2		0		24		0
REALPATH® Blend 2060 Fund		2		0		36		0
REALPATH® Blend 2065 Fund		1		1		21		67

96 PIMCO EQUITY SERIES

June 30, 2023

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, 2023, 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, 2023, 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 Components of Distributable Earnings
PIMCO REALPATH® Blend 2025 Fund	$	4,140	$	0	$	(7,164	)	$	0	$	(4,611	)	$	0	$	0	$	(7,635	)
PIMCO REALPATH® Blend 2030 Fund		4,800		0		9,493			0		(6,782	)		0		0		7,511
PIMCO REALPATH® Blend 2035 Fund		4,735		0		19,696			0		(2,908	)		0		0		21,523
PIMCO REALPATH® Blend 2040 Fund		4,296		0		29,239			0		(3,031	)		0		0		30,504
PIMCO REALPATH® Blend 2045 Fund		4,093		0		33,122			0		(1,065	)		0		0		36,150
PIMCO REALPATH® Blend 2050 Fund		3,840		0		39,303			0		(901	)		0		0		42,242
PIMCO REALPATH® Blend 2055 Fund		2,901		581		20,783			0		0			0		0		24,265
PIMCO REALPATH® Blend 2060 Fund		703		0		3,915			0		(261	)		0		0		4,357
PIMCO REALPATH® Blend 2065 Fund		50		6		366			0		0			0		0		422
PIMCO REALPATH® Blend Income Fund		3,320		0		(11,449	)		0		(3,931	)		0		0		(12,060	)

^†  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 futures, options, and/or forward 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 due to organizational expenditures.

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

⁽⁵⁾  Capital losses realized during the period November 1, 2022 through June 30, 2023 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, 2022 through June 30, 2023 and Ordinary losses realized during the period January 1, 2023 through June 30, 2023 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, 2023 97

Notes to Financial Statements (Cont.) June 30, 2023

As of June 30, 2023, the Funds had the following post-effective capital losses with no expiration (amounts in thousands^†):

	Short-Term		Long-Term
PIMCO REALPATH® Blend 2025 Fund	$	3,053	$	1,558
PIMCO REALPATH® Blend 2030 Fund		4,978		1,804
PIMCO REALPATH® Blend 2035 Fund		2,908		0
PIMCO REALPATH® Blend 2040 Fund		3,031		0
PIMCO REALPATH® Blend 2045 Fund		1,065		0
PIMCO REALPATH® Blend 2050 Fund		901		0
PIMCO REALPATH® Blend 2055 Fund		0		0
PIMCO REALPATH® Blend 2060 Fund		127		134
PIMCO REALPATH® Blend 2065 Fund		0		0
PIMCO REALPATH® Blend Income Fund		2,763		1,168

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

As of June 30, 2023, 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	$	451,051	$	24,743	$	(31,908	)	$	(7,165	)
PIMCO REALPATH® Blend 2030 Fund		538,233		34,718		(25,225	)		9,493
PIMCO REALPATH® Blend 2035 Fund		509,016		34,026		(14,330	)		19,696
PIMCO REALPATH® Blend 2040 Fund		450,814		39,167		(9,926	)		29,241
PIMCO REALPATH® Blend 2045 Fund		422,141		39,760		(6,639	)		33,121
PIMCO REALPATH® Blend 2050 Fund		380,241		43,916		(4,613	)		39,303
PIMCO REALPATH® Blend 2055 Fund		285,425		23,469		(2,686	)		20,783
PIMCO REALPATH® Blend 2060 Fund		81,809		4,176		(262	)		3,914
PIMCO REALPATH® Blend 2065 Fund		4,550		369		(2	)		367
PIMCO REALPATH® Blend Income Fund		358,227		20,498		(32,052	)		(11,554	)

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

⁽⁷⁾  Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts.

For the fiscal years ended June 30, 2023 and June 30, 2022, respectively, the Funds made the following tax basis distributions (amounts in thousands^†):

	June 30, 2023						June 30, 2022
	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	$	9,103	$	4,473	$	0	$	7,101	$	2,250	$	0
PIMCO REALPATH® Blend 2030 Fund		9,225		4,985		0		7,000		3,500		0
PIMCO REALPATH® Blend 2035 Fund		7,353		3,997		0		5,736		2,550		0
PIMCO REALPATH® Blend 2040 Fund		6,000		3,830		0		6,200		2,675		0
PIMCO REALPATH® Blend 2045 Fund		4,880		3,470		0		5,201		2,575		0
PIMCO REALPATH® Blend 2050 Fund		4,351		3,350		0		5,515		2,900		0
PIMCO REALPATH® Blend 2055 Fund		2,921		1,970		0		3,059		1,450		0
PIMCO REALPATH® Blend 2060 Fund		573		232		0		764		600		0
PIMCO REALPATH® Blend 2065 Fund		5		0		0		0		0		0
PIMCO REALPATH® Blend Income Fund		8,406		2,184		0		7,350		2,575		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.

98 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, PIMCO REALPATH^® Blend 2065 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 (ten of the funds constituting PIMCO Equity Series^®, hereafter collectively referred to as the “Funds”) as of June 30, 2023, 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, 2023, 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 2065 Fund⁽³⁾

PIMCO REALPATH^® Blend Income Fund⁽¹⁾

⁽¹⁾  Statement of assets and liabilities, including the schedule of investments, as of June 30, 2023, and the related statement of operations for the year ended June 30, 2023, statement of changes in net assets for each of the two years in the period ended June 30, 2023 and the financial highlights for each of the five years in the period ended June 30, 2023

⁽²⁾  Statement of assets and liabilities, including the schedule of investments, as of June 30, 2023, and the related statement of operations for the year ended June 30, 2023, statement of changes in net assets for each of the two years in the period ended June 30, 2023 and the financial highlights for the years ended June 30, 2023, 2022, 2021 and the period from December 31, 2019 (inception date) through June 30, 2020

⁽³⁾  Statement of assets and liabilities, including the schedule of investments, as of June 30, 2023, and the related statements of operations and changes in net assets and the financial highlights for the period December 30, 2022 (inception date) through June 30, 2023

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, 2023, by correspondence with the custodian, transfer agents and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

August 25, 2023

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

ANNUAL REPORT | JUNE 30, 2023 99

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

Counterparty Abbreviations:
FICC	Fixed Income Clearing Corporation	JPM	JP Morgan Chase Bank N.A.	MYI	Morgan Stanley & Co. International PLC
GST	Goldman Sachs International
Currency Abbreviations:
USD (or $)	United States Dollar
Exchange Abbreviations:
CBOE	Chicago Board Options Exchange	OTC	Over the Counter
Index/Spread Abbreviations:
BCOMTR	Bloomberg Commodity Index Total Return	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

100 PIMCO EQUITY SERIES

Federal Income Tax Information (Unaudited)

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

Dividend Received Deduction.  Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a Fund’s dividend distribution that qualifies under tax law. The percentage of the following Funds’ fiscal 2023 ordinary income dividend that qualifies for the corporate dividend 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, 2023 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 2023:

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, 2023 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, 2023 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.

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

	Dividend Received Deduction %		Qualified Dividend Income %		Qualified Interest Income (000s)†		Qualified Short-Term Capital Gains (000s)†		163(j) Interest Dividends (000s)†
PIMCO REALPATH® Blend 2025 Fund		0.00%		0.00%	$	7	$	0	$	0
PIMCO REALPATH® Blend 2030 Fund		0.00%		0.00%		9		0		0
PIMCO REALPATH® Blend 2035 Fund		0.00%		0.00%		12		0		0
PIMCO REALPATH® Blend 2040 Fund		0.00%		0.00%		10		0		0
PIMCO REALPATH® Blend 2045 Fund		0.00%		0.00%		15		0		0
PIMCO REALPATH® Blend 2050 Fund		0.00%		0.00%		20		0		0
PIMCO REALPATH® Blend 2055 Fund		0.00%		0.00%		21		0		0
PIMCO REALPATH® Blend 2060 Fund		0.00%		0.00%		0		0		0
PIMCO REALPATH® Blend 2065 Fund		0.00%		0.00%		0		0		0
PIMCO REALPATH® Blend Income Fund		0.00%		0.00%		6		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 2024, 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 2023.

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 funds as IRC section 199A dividends. The IRC section 199A percentage of ordinary dividends are as follows:

	199A Dividends
PIMCO REALPATH® Blend 2025 Fund		0.00%
PIMCO REALPATH® Blend 2030 Fund		0.00%
PIMCO REALPATH® Blend 2035 Fund		0.00%
PIMCO REALPATH® Blend 2040 Fund		0.00%
PIMCO REALPATH® Blend 2045 Fund		0.00%
PIMCO REALPATH® Blend 2050 Fund		0.00%
PIMCO REALPATH® Blend 2055 Fund		0.00%
PIMCO REALPATH® Blend 2060 Fund		0.00%
PIMCO REALPATH® Blend 2065 Fund		0.00%
PIMCO REALPATH® Blend Income Fund		0.00%

ANNUAL REPORT | JUNE 30, 2023 101

Distribution Information

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, 2023 calculated as 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 2023	$	0.0686	$	0.0000	$	0.0000	$	0.0686
June 2023	$	0.0407	$	0.0000	$	0.0000	$	0.0407
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2023	$	0.0632	$	0.0000	$	0.0000	$	0.0632
June 2023	$	0.0343	$	0.0000	$	0.0000	$	0.0343
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2023	$	0.0590	$	0.0000	$	0.0000	$	0.0590
June 2023	$	0.0280	$	0.0000	$	0.0000	$	0.0280
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 2023	$	0.0619	$	0.0000	$	0.0000	$	0.0619
June 2023	$	0.0349	$	0.0000	$	0.0000	$	0.0349
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2023	$	0.0563	$	0.0000	$	0.0000	$	0.0563
June 2023	$	0.0270	$	0.0000	$	0.0000	$	0.0270
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2023	$	0.0517	$	0.0000	$	0.0000	$	0.0517
June 2023	$	0.0215	$	0.0000	$	0.0000	$	0.0215
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 2023	$	0.0342	$	0.0000	$	0.0000	$	0.0342
June 2023	$	0.0254	$	0.0000	$	0.0000	$	0.0254
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2023	$	0.0283	$	0.0000	$	0.0000	$	0.0283
June 2023	$	0.0188	$	0.0000	$	0.0000	$	0.0188
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2023	$	0.0233	$	0.0000	$	0.0000	$	0.0233
June 2023	$	0.0115	$	0.0000	$	0.0000	$	0.0115

102 PIMCO EQUITY SERIES

(Unaudited)

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 2023	$	0.0390	$	0.0000	$	0.0000	$	0.0390
June 2023	$	0.0149	$	0.0000	$	0.0000	$	0.0149
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2023	$	0.0328	$	0.0000	$	0.0000	$	0.0328
June 2023	$	0.0070	$	0.0000	$	0.0000	$	0.0070
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2023	$	0.0278	$	0.0000	$	0.0000	$	0.0278
June 2023	$	0.0004	$	0.0000	$	0.0000	$	0.0004
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 2023	$	0.0404	$	0.0000	$	0.0000	$	0.0404
June 2023	$	0.0017	$	0.0000	$	0.0000	$	0.0017
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2023	$	0.0342	$	0.0000	$	0.0000	$	0.0342
June 2023	$	0.0000	$	0.0000	$	0.0000	$	0.0000
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2023	$	0.0292	$	0.0000	$	0.0000	$	0.0292
June 2023	$	0.0000	$	0.0000	$	0.0000	$	0.0000
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 2023	$	0.0364	$	0.0000	$	0.0000	$	0.0364
June 2023	$	0.0018	$	0.0000	$	0.0000	$	0.0018
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2023	$	0.0301	$	0.0000	$	0.0000	$	0.0301
June 2023	$	0.0000	$	0.0000	$	0.0000	$	0.0000
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2023	$	0.0252	$	0.0000	$	0.0000	$	0.0252
June 2023	$	0.0000	$	0.0000	$	0.0000	$	0.0000

ANNUAL REPORT | JUNE 30, 2023 103

Distribution Information (Cont.)

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 2023	$	0.0264	$	0.0000	$	0.0000	$	0.0264
June 2023	$	0.0010	$	0.0000	$	0.0000	$	0.0010
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2023	$	0.0201	$	0.0000	$	0.0000	$	0.0201
June 2023	$	0.0000	$	0.0000	$	0.0000	$	0.0000
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2023	$	0.0149	$	0.0000	$	0.0000	$	0.0149
June 2023	$	0.0000	$	0.0000	$	0.0000	$	0.0000
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 2023	$	0.0234	$	0.0000	$	0.0000	$	0.0234
June 2023	$	0.0041	$	0.0000	$	0.0000	$	0.0041
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2023	$	0.0189	$	0.0000	$	0.0000	$	0.0189
June 2023	$	0.0000	$	0.0000	$	0.0000	$	0.0000
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2023	$	0.0149	$	0.0000	$	0.0000	$	0.0149
June 2023	$	0.0000	$	0.0000	$	0.0000	$	0.0000
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 2023	$	0.0826	$	0.0000	$	0.0000	$	0.0826
June 2023	$	0.0396	$	0.0000	$	0.0000	$	0.0396
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2023	$	0.0774	$	0.0000	$	0.0000	$	0.0774
June 2023	$	0.0336	$	0.0000	$	0.0000	$	0.0336
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2023	$	0.0732	$	0.0000	$	0.0000	$	0.0732
June 2023	$	0.0273	$	0.0000	$	0.0000	$	0.0273

104 PIMCO EQUITY SERIES

(Unaudited)

PIMCO REALPATH® Blend 2065 Fund
Institutional Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2023	$	0.0171	$	0.0000	$	0.0000	$	0.0171
June 2023	$	0.0000	$	0.0000	$	0.0000	$	0.0000
Administrative Class	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2023	$	0.0124	$	0.0000	$	0.0000	$	0.0124
June 2023	$	0.0000	$	0.0000	$	0.0000	$	0.0000
Class A	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
March 2023	$	0.0087	$	0.0000	$	0.0000	$	0.0087
June 2023	$	0.0000	$	0.0000	$	0.0000	$	0.0000

* 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.

ANNUAL REPORT | JUNE 30, 2023 105

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.	161	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.	161	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.	161	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	Formerly, Managing Director, Dunbar Partners, LLC (business consulting and investments) (05/05-05/21); and Partner, Leonard Green & Partners, L.P.	161	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.	161	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).	161	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.	161	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).	161	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, 2023.

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.

106 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, PIMCO Sponsored Closed-End Funds and PIMCO Flexible Real Estate Income Fund.
Ryan G. Leshaw (1980) Chief Legal Officer and Secretary	08/2021 to present	Executive Vice President and Senior Counsel, PIMCO. Chief Legal Officer 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, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp. Formerly, Associate, Willkie Farr & Gallagher LLP.
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, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp.
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.
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, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp. Formerly, Assistant General Counsel, VanEck Associates Corp.
Douglas B. Burrill (1980)** Vice President	08/2022 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, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp.
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, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp.
Jason R. Duran (1977) Vice President	02/2023 to present	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.
Mark A. Jelic (1981) Vice President	08/2021 to present	Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp.
Kenneth W. Lee (1972) Vice President	08/2022 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, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp.
Greg J. Mason (1980)*** Vice President	05/2023 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, PIMCO-Sponsored Closed-End Funds and PIMCO Flexible Real Estate Income Fund.
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, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp.
Keith A. Werber (1973) Vice President	05/2022 to present	Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp.
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, PIMCO-Sponsored Closed-End Funds and PIMCO Flexible Real Estate Income Fund.
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, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp.

ANNUAL REPORT | JUNE 30, 2023 107

Management of the Trust (Cont.) (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†
Brandon T. Evans (1982) Assistant Treasurer	05/2019 to present	Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT and PIMCO Flexible Real Estate Income Fund. Deputy Treasurer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Maria M. Golota (1983)** Assistant Treasurer	02/2023 to present	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, PIMCO-Sponsored Closed-End Funds and PIMCO Flexible Real Estate Income Fund.

* Unless otherwise noted, the information for the individuals listed is as of June 30, 2023.

^†  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 Access Income Fund, PIMCO Corporate & Income Opportunity Fund, PIMCO Corporate & Income Strategy 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 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, PIMCO Flexible Municipal Income Fund, PIMCO California Flexible Municipal Income Fund and PIMCO Flexible Emerging Markets 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.

108 PIMCO EQUITY SERIES

Privacy Policy¹ (Unaudited)

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

OBTAINING 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”).

ANNUAL REPORT | JUNE 30, 2023 109

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 7-8, 2023 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 12-month period ended December 31, 2022. The Report reviewed the operation of the Program’s components during such period 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, 2023.

110 PIMCO EQUITY SERIES

General Information

Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank and Trust Company

1100 Main Street, Suite 400

Kansas City, MO 64105

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

Institutional Class, I-2, I-3, Administrative Class

430 W 7th Street STE 219024

Kansas City, MO 64105-1407

SS&C Global Investor & Distribution 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_063023

PIMCO EQUITY SERIES^®

Annual Report

June 30, 2023

PIMCO RAE Emerging Markets Fund

PIMCO RAE Global ex-US Fund

PIMCO RAE International Fund

PIMCO RAE US Fund

PIMCO RAE US Small Fund

Table of Contents

			Page
Market Insights				2
Important Information About the Funds				3
Expense Examples				18
Financial Highlights				20
Statements of Assets and Liabilities				24
Statements of Operations				26
Statements of Changes in Net Assets				28
Notes to Financial Statements				51
Report of Independent Registered Public Accounting Firm				69
Glossary				70
Federal Income Tax Information				71
Management of the Trust				72
Privacy Policy				75
Liquidity Risk Management Program				76
Fund	Fund Summary		Schedule of Investments
PIMCO RAE Emerging Markets Fund		8		30
PIMCO RAE Global ex-US Fund		10		38
PIMCO RAE International Fund		12		39
PIMCO RAE US Fund		14		46
PIMCO RAE US Small Fund		16		48

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.

Market Insights

Dear Shareholder,

This annual report covers the 12-month reporting period ended June 30, 2023 (the “reporting period”). On the subsequent pages, you will find details regarding investment results and a discussion of certain factors that affected performance during the reporting period.

Amid elevated inflation in many countries during the reporting period, the global economy faced challenges from higher interest rates, tighter credit conditions stemming from the turmoil in the banking sector (especially in the United States (“U.S.”)), and geopolitical concerns. While the U.S. economy showed signs of resilience, some European economies experienced slower growth over the reporting period.

Continued central bank efforts to combat inflation

While inflation remained elevated over the reporting period, many central banks raised interest rates to rein in rising prices. The U.S. Federal Reserve (the “Fed”) raised the federal funds rate at 10 consecutive meetings, beginning in March 2022 through May 2023. In June 2023, the Fed then paused from raising rates in order to “assess additional information and its implications for monetary policy.” Meanwhile, the Bank of England and European Central Bank raised interest rates for the 13^th and eighth consecutive time, respectively, as of June 2023. In contrast, the Bank of Japan maintained its accommodative monetary policy stance.

Mixed financial market returns

The yield on the benchmark 10-year U.S. Treasury rose over the reporting period, as did 10-year bond yields in most other developed market countries. The overall global credit bond market delivered positive total returns. Higher-rated global bonds underperformed lower-rated bonds. Global equities rallied, while commodity prices were volatile and produced mixed returns. The U.S. dollar weakened against the euro and the British pound, but appreciated against the Japanese yen.

Amid evolving conditions, we will continue to work diligently to navigate global markets and manage the assets that you have entrusted with us. We encourage you to speak with your financial advisor about your goals, and visit global.pimco.com for our latest insights.

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

Total Returns of Certain Asset Classes for the Period Ended June 30, 2023
Asset Class (as measured by, currency)	12-Month
U.S. large cap equities (S&P 500 Index, USD)	19.59%
Global equities (MSCI World Index, USD)	18.51%
European equities (MSCI Europe Index, EUR)	16.72%
Emerging market equities (MSCI Emerging Markets Index, EUR)	1.75%
Japanese equities (Nikkei 225 Index, JPY)	28.61%
Emerging market local bonds (JPMorgan Government Bond Index-Emerging Markets Global Diversified Index, USD Unhedged)	11.38%
Emerging market external debt (JPMorgan Emerging Markets Bond Index (EMBI) Global, USD Hedged)	6.85%
Below investment grade bonds (ICE BofAML Developed Markets High Yield Constrained Index, USD Hedged)	9.48%
Global investment grade credit bonds (Bloomberg Global Aggregate Credit Index, USD Hedged)	1.36%
Fixed-rate, local currency government debt of investment grade countries (Bloomberg Global Treasury Index, USD Hedged)	0.07%

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.

Statements concerning financial market trends are based on current market conditions, which will fluctuate. There is no guarantee that these investment strategies will work under all market conditions or are appropriate for all investors and each investor should evaluate their ability to invest for the long-term, especially during periods of downturn in the market. Outlook and strategies are subject to change without notice.

2 PIMCO EQUITY SERIES

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 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.

PIMCO RAE Global ex-US Fund is a “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 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 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.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that have provided material aid to Russia’s aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures have had and may continue to have an adverse effect on the Russian, Belarusian and other securities and economies, which may, in turn, negatively impact a Fund. The extent, duration and impact of Russia’s military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European, and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, a Fund may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause a Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that a Fund may no longer seek to hold. PIMCO will continue to actively manage these positions in the best interests of a Fund and its shareholders.

ANNUAL REPORT | JUNE 30, 2023 3

Important Information About the Funds (Cont.)

A Fund may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate (“LIBOR”). LIBOR was traditionally 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. Although the transition process away from LIBOR for many instruments has been completed, some LIBOR use is continuing and there are potential effects related to the transition away from LIBOR or continued use of LIBOR on the Fund, or on certain instruments in which the Fund invests, which can be difficult to ascertain, and may vary depending on factors that include, but are not limited to: (i) existing fallback or termination provisions in individual contracts and (ii) whether, how, and when industry participants adopt new reference rates for affected instruments. The transition of investments from LIBOR to a replacement rate as a result of amendment, application of existing fallbacks, statutory requirements or otherwise 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. In addition, an instrument’s transition to a replacement rate could result in variations in the reported yields of the Fund that holds such instrument. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Fund.

A Fund may have investments in securities and instruments that are economically tied to Russia. Investments in Russia are subject to various risks such as, but not limited to political, economic, legal, market and currency risks. The risks include uncertain political and economic policies, short-term market volatility, poor accounting standards, corruption and crime, an inadequate regulatory system, regional armed conflict and unpredictable taxation. Investments in Russia are particularly subject to the risk that further economic sanctions, export and import controls and other similar measures may be imposed by the United States and/or other countries. Other similar measures may include, but are not limited to, banning or expanding bans on Russia or certain persons or entities associated with Russia from global payment systems that facilitate cross-border payments, restricting the settlement of securities transactions by certain investors, and freezing Russian assets or those of particular countries, entities or persons with ties to Russia (e.g. Belarus). Such sanctions and other similar measures — which may impact companies in many sectors, including energy, financial services, technology, accounting, quantum computing, shipping, aviation, metals and mining, and defense, among others — and Russia’s countermeasures may negatively impact a Fund’s performance and/or ability to achieve its investment objective. For example, certain investments may be prohibited and/or existing investments may become illiquid (e.g., in the event that transacting in certain existing investments is prohibited, securities markets close, or market participants cease transacting in certain investments in light of geopolitical events, sanctions or related considerations), which could

render any such securities held by a Fund unmarketable for an indefinite period of time and/or cause the Fund to sell other portfolio holdings at a disadvantageous time or price in order to meet shareholder redemptions. In addition, such sanctions or other similar measures, and the Russian government’s response, could result in a downgrade of Russia’s credit rating or of securities of issuers located in or economically tied to Russia, devaluation of Russia’s currency and/or increased volatility with respect to Russian securities and the ruble. Moreover, disruptions caused by Russian military action or other actions (including cyberattacks, espionage or other asymmetric measures) or resulting actual or threatened responses to such activity may impact Russia’s economy and Russian and other issuers of securities in which a Fund is invested. Such resulting actual or threatened responses may include, but are not limited to, purchasing and financing restrictions, withdrawal of financial intermediaries, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs export and import controls, or cyberattacks on the Russian government, Russian companies or Russian individuals, including politicians. Any actions by Russia made in response to such sanctions or retaliatory measures could further impair the value and liquidity of Fund investments. Sanctions and other similar measures have resulted in defaults on debt obligations by certain corporate issuers and the Russian Federation that could lead to cross-defaults or cross-accelerations on other obligations of these issuers. The Russian securities market is characterized by limited volume of trading, resulting in difficulty in obtaining accurate prices and trading. These issues can be magnified as a result of sanctions and other similar measures that may be imposed and the Russian government’s response. 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. Prior to the implementation of the National Settlement Depository (“NSD”), a recognized central securities depository, there was no central registration system for equity share registration in Russia, and registration was carried out by either the issuers themselves or by registrars located throughout Russia. Title to Russian equities held through the NSD is now based on the records of the NSD and not the registrars. Although the implementation of the NSD has enhanced the efficiency and transparency of the Russian securities market, issues resulting in loss can still occur. In addition, sanctions or Russian countermeasures may prohibit or limit a Fund’s ability to participate in corporate actions, and therefore require the Fund to forego voting on or receiving funds that would otherwise be beneficial to the Fund. Ownership of securities issued by Russian companies that are not held through depositories such as the NSD may be recorded by companies themselves and by registrars. In such cases, the risk is increased that a Fund could lose ownership rights through fraud, negligence or oversight. While applicable Russian regulations impose liability on registrars for losses resulting from their errors, it may be difficult for a Fund to enforce

4 PIMCO EQUITY SERIES

any rights it may have against the registrar or issuer of the securities in the event of loss of share registration. In addition, issuers and registrars are still prominent in the validation and approval of documentation requirements for corporate action processing in Russia. Because the documentation requirements and approval criteria vary between registrars and issuers, there remain unclear and inconsistent market standards in the Russian market with respect to the completion and submission of corporate action elections. In addition, sanctions or Russian countermeasures may prohibit or limit a Fund’s ability to participate in corporate actions, and therefore require the Fund to forego voting on or receiving funds that would otherwise be beneficial to the Fund. To the extent that a Fund suffers a loss relating to title or corporate actions relating to its portfolio securities, it may be difficult for the Fund to enforce its rights or otherwise remedy the loss. 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. 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, minerals, and timber account for a significant portion of Russia’s exports, leaving the country vulnerable to swings in world prices, and to sanctions or other actions that may be directed at the Russian economy as a whole or at Russian oil, natural gas, metals, minerals or timber industries.

Russia has attempted, and may attempt in the future, to assert its influence in the region through economic or military measures. For example, in February 2022, Russia launched a large-scale invasion of Ukraine. Such measures may have an adverse effect on the Russian economy, which may, in turn, negatively impact a Fund. Foreign investors also face a high degree of currency risk when investing in Russian securities and a lack of available currency hedging instruments. In addition, there is the risk that the Russian government may impose capital controls on foreign portfolio investments in the event of extremefinancial or political crisis. Such capital controls may prevent the sale of a portfolio of foreign assets and the repatriation of investment income and capital.

Foreign investors also face a high degree of currency risk when investing in Russian securities and a lack of available currency hedging instruments. In addition, there is the risk that the Russian government may impose capital controls on foreign portfolio investments in the event of extreme financial or political crisis. Such capital controls may prevent the sale of a portfolio of foreign assets and the repatriation of investment income and capital.

U.S. and global markets recently have experienced increased volatility, including as a result of the recent failures of certain U.S. and non-U.S. banks, which could be harmful to the Funds and issuers in which they invest. For example, if a bank at which a Fund or issuer has an account

fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which a Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Funds invest remain solvent, continued volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Conditions in the banking sector are evolving, and the scope of any potential impacts to the Funds and issuers, both from market conditions and also potential legislative or regulatory responses, are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings, including those of U.S. and non-U.S. banks. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

On each 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, as applicable, 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

ANNUAL REPORT | JUNE 30, 2023 5

Important Information About the Funds (Cont.)

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 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

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 schedules 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.

SEC rules allow the Funds to fulfill their obligation to deliver shareholder reports to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Investors may elect to receive all future reports in paper free of charge by contacting their financial intermediary or, if

6 PIMCO EQUITY SERIES

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 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, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and 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. The rule went into effect on February 19, 2021. The compliance date for the new rule and related reporting requirements was August 19, 2022.

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 Investment Company Act of 1940 (the “Act”), and the SEC noted that this definition will apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022.

In May 2022, the SEC proposed amendments to a current rule governing fund naming conventions. In general, the current rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The proposed amendments would expand the scope of the current rule in a number of ways that would result in an expansion of the types of fund names that would require the fund to adopt an 80% investment policy under the rule. Additionally, the proposed amendments would modify the circumstances under which a fund may deviate from its 80% investment policy and address the use and valuation of derivatives instruments for purposes of the rule. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.

In May 2022, the SEC proposed a framework that would require certain registered funds (such as the Funds) to disclose their environmental, social, and governance (“ESG”) investing practices. Among other things, the proposed requirements would mandate that funds meeting three pre-defined classifications (i.e., integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the fund. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund (“ETF”) shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments are effective as of January 24, 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading.

In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to mitigate dilution of shareholders’ interests in a fund by requiring the adjustment of fund net asset value per share to pass on costs stemming from shareholder purchase or redemption activity. In addition the proposed rule would amend the liquidity rule framework. The proposal’s impact on the Fund will not be known unless and until any final rulemaking is adopted.

In November 2022, the SEC adopted amendments to Form N-PX under the Act to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand the scope of funds’ Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for “Say on Pay” votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N-PX; and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024.

ANNUAL REPORT | JUNE 30, 2023 7

PIMCO RAE Emerging Markets Fund

Cumulative Returns Through June 30, 2023

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

Investment Objective and Strategy Overview

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

Average Annual Total Return for the period ended June 30, 2023*
		1 Year		5 Years		10 Years		Fund Inception (05/31/06)
	PIMCO RAE Emerging Markets Fund Institutional Class		18.81%		4.33%		5.01%		5.83%
	PIMCO RAE Emerging Markets Fund I-2		18.62%		4.21%		4.90%		5.77%
	PIMCO RAE Emerging Markets Fund Class A		18.47%		3.99%		4.73%		5.67%
	PIMCO RAE Emerging Markets Fund Class A (adjusted)		14.02%		3.19%		4.33%		5.44%
	MSCI Emerging Markets Value Index±		4.13%		1.22%		1.99%		3.69%
	MSCI Emerging Markets Index±±ª		1.75%		0.93%		2.95%		4.08%

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, as stated in the Fund’s currently-effective prospectus (as of the date of this report), were 0.77% for Institutional Class shares, 0.87% for I-2 shares and 1.12% for Class A shares. See Financial Highlights for actual expense ratios as of the end of the period covered by this report.

8 PIMCO EQUITY SERIES

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

Geographic Breakdown as of June 30, 2023^†§

China	25.9%
India	15.2%
South Korea	12.3%
Taiwan	11.0%
Thailand	5.2%
Brazil	5.0%
South Africa	4.8%
Mexico	3.8%
Indonesia	3.6%
Turkey	3.6%
Short-Term Instruments	2.6%
Hong Kong	1.8%
Malaysia	1.5%
Other	3.7%

^† % of Investments, at value.

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

instruments, if any.

Fund Insights

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

» Overweight exposure to, and security selection in, the financials sector contributed to relative returns, as the sector and the Fund’s holdings outperformed the MSCI Emerging Markets Value Index (the “benchmark index”).

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

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

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

» There were no other material detractors for this Fund.

ANNUAL REPORT | JUNE 30, 2023 9

PIMCO RAE Global ex-US Fund

Cumulative Returns Through June 30, 2023

$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, LLC, from a broad universe of companies which satisfy certain liquidity and capacity requirements. Fund strategies may change from time to time. Please refer to the Fund’s current prospectus for more information regarding the Fund’s strategy.

Average Annual Total Return for the period ended June 30, 2023
		1 Year		5 Years		Fund Inception (06/05/15)
	PIMCO RAE Global ex-US Fund Institutional Class		15.90%		3.56%		4.03%
	PIMCO RAE Global ex-US Fund I-2		15.82%		3.52%		3.95%
	PIMCO RAE Global ex-US Fund Class A		15.57%		3.20%		3.68%
	PIMCO RAE Global ex-US Fund Class A (adjusted)		11.18%		2.42%		3.19%
	MSCI All Country World ex US Value Index±		12.19%		2.65%		2.77%
	MSCI All Country World ex US Index±±ª		12.72%		3.52%		3.91%

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, as stated in the Fund’s currently-effective prospectus (as of the date of this report), which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) were 1.13% for Institutional Class shares, 1.23% for I-2 shares and 1.48% for Class A shares. See Financial Highlights for actual expense ratios as of the end of the period covered by this report.

10 PIMCO EQUITY SERIES

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

Top Holdings as of June 30, 2023^†§

PIMCO RAE International Fund	76.7%
PIMCO RAE Emerging Markets Fund	23.1%

^† % of Investments, at value.

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

Fund Insights

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

» Security selection in the consumer discretionary sector contributed to relative returns, as the Fund’s holdings outperformed the MSCI All Country World ex-U.S. Value Index (the “benchmark index”).

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

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

» The total currency effect in the energy sector detracted from relative returns, as the Fund’s currency exposures in the energy sector underperformed the benchmark index.

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

ANNUAL REPORT | JUNE 30, 2023 11

PIMCO RAE International Fund

Cumulative Returns Through June 30, 2023

$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, 2023
		1 Year		5 Years		Fund Inception (06/05/15)
	PIMCO RAE International Fund Institutional Class		14.91%		3.35%		3.76%
	PIMCO RAE International Fund I-2		14.78%		3.25%		3.67%
	PIMCO RAE International Fund Class A		14.42%		2.98%		3.39%
	PIMCO RAE International Fund Class A (adjusted)		10.10%		2.20%		2.90%
	MSCI EAFE Value Index±		17.40%		2.93%		2.85%
	MSCI EAFE Index±±ª		18.77%		4.39%		4.39%

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, as stated in the Fund’s currently-effective prospectus (as of the date of this report), were 0.52% for Institutional Class shares, 0.62% for I-2 shares and 0.87% for Class A shares. See Financial Highlights for actual expense ratios as of the end of the period covered by this report.

12 PIMCO EQUITY SERIES

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

Geographic Breakdown as of June 30, 2023^†§

Japan	26.3%
United Kingdom	10.0%
Spain	8.9%
Canada	6.6%
Netherlands	6.5%
Switzerland	6.4%
France	5.0%
Short-Term Instruments	4.9%
Australia	4.8%
Sweden	4.0%
Germany	3.1%
Italy	2.9%
Hong Kong	2.8%
Finland	2.2%
Israel	1.5%
Denmark	1.0%
Other	3.1%

^† % of Investments, at value.

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

Fund Insights

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

» Security selection in the utilities sector contributed to relative returns, as the Fund’s holdings outperformed the MSCI EAFE Value Index (the “benchmark index”).

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

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

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

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

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

ANNUAL REPORT | JUNE 30, 2023 13

PIMCO RAE US Fund

Cumulative Returns Through June 30, 2023

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

Investment Objective and Strategy Overview

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

Average Annual Total Return for the period ended June 30, 2023*
		1 Year		5 Years		10 Years		Fund Inception (12/22/04)
	PIMCO RAE US Fund Institutional Class		15.73%		9.03%		10.23%		8.54%
	PIMCO RAE US Fund I-2		15.63%		8.93%		10.14%		8.49%
	PIMCO RAE US Fund Class A		15.23%		8.59%		9.86%		8.35%
	PIMCO RAE US Fund Class A (adjusted)		10.90%		7.76%		9.44%		8.13%
	Russell 1000® Value Index±		11.54%		8.11%		9.22%		7.43%¨
	S&P 500 Index±±ª		19.59%		12.31%		12.86%		9.44%¨

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 mid-capitalization 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, as stated in the Fund’s currently-effective prospectus (as of the date of this report), were 0.41% for Institutional Class shares, 0.51% for I-2 shares and 0.81% for Class A shares. See Financial Highlights for actual expense ratios as of the end of the period covered by this report.

14 PIMCO EQUITY SERIES

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

Sector Breakdown as of June 30, 2023^†§

Health Care	21.6%
Information Technology	21.5%
Energy	15.4%
Consumer Staples	9.2%
Financials	8.1%
Consumer Discretionary	7.4%
Communication Services	6.7%
Utilities	5.0%
Industrials	3.6%
Short-Term Instruments	0.2%
Other	1.3%

^† % of Investments, at value.

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

Fund Insights

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

» Overweight exposure to, and security selection in, the information technology sector contributed to relative returns, as the sector and the Fund’s holdings outperformed the Russell 1000^® Value Index (the “benchmark index”).

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

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

» Underweight exposure to, and security selection in, the industrials 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, 2023 15

PIMCO RAE US Small Fund

Cumulative Returns Through June 30, 2023

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

Investment Objective and Strategy Overview

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

Average Annual Total Return for the period ended June 30, 2023*
		1 Year		5 Years		10 Years		Fund Inception (09/29/05)
	PIMCO RAE US Small Fund Institutional Class		13.36%		8.50%		10.11%		8.87%
	PIMCO RAE US Small Fund I-2		13.22%		8.40%		10.02%		8.81%
	PIMCO RAE US Small Fund Class A		12.95%		8.09%		9.76%		8.66%
	PIMCO RAE US Small Fund Class A (adjusted)		8.74%		7.26%		9.33%		8.43%
	Russell 2000® Value Index±		6.01%		3.54%		7.29%		6.57%
	Russell 2000® Index±±ª		12.31%		4.21%		8.26%		7.47%¨

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, as stated in the Fund’s currently-effective prospectus (as of the date of this report), which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) were 0.51% for Institutional Class shares, 0.61% for I-2 shares and 0.91% for Class A shares. See Financial Highlights for actual expense ratios as of the end of the period covered by this report.

16 PIMCO EQUITY SERIES

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

Sector Breakdown as of June 30, 2023^†§

Consumer Discretionary	22.8%
Energy	14.1%
Industrials	13.9%
Financials	9.9%
Information Technology	9.4%
Real Estate	7.9%
Health Care	6.3%
Materials	5.4%
Consumer Staples	4.9%
Utilities	2.0%
Affiliated Investments	1.6%
Communication Services	1.4%
Short-Term Instruments	0.4%

^† % of Investments, at value.

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

Fund Insights

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

» Underweight exposure to, and security selection in, the financials sector contributed to relative returns, as the sector underperformed the Russell 2000^® Value Index (the “benchmark index”) and the Fund’s holdings outperformed the benchmark index.

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

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

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

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

ANNUAL REPORT | JUNE 30, 2023 17

Expense Examples

Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and exchange fees and (2) ongoing costs, including 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, 2023 to June 30, 2023 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 (01/01/23)		Ending Account Value (06/30/23)		Expenses Paid During Period*		Beginning Account Value (01/01/23)		Ending Account Value (06/30/23)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO RAE Emerging Markets Fund
Institutional Class	$	1,000.00	$	1,105.50	$	3.97	$	1,000.00	$	1,021.03	$	3.81		0.76	%
I-2		1,000.00		1,103.80		4.49		1,000.00		1,020.53		4.31		0.86
Class A		1,000.00		1,103.90		5.79		1,000.00		1,019.29		5.56		1.11
PIMCO RAE Global ex-US Fund
Institutional Class	$	1,000.00	$	1,101.30	$	0.05	$	1,000.00	$	1,024.74	$	0.05		0.01	%
I-2		1,000.00		1,101.10		0.57		1,000.00		1,024.25		0.55		0.11
Class A		1,000.00		1,099.80		1.87		1,000.00		1,023.01		1.81		0.36
PIMCO RAE International Fund
Institutional Class	$	1,000.00	$	1,099.20	$	2.65	$	1,000.00	$	1,022.27	$	2.56		0.51	%
I-2		1,000.00		1,098.40		3.17		1,000.00		1,021.77		3.06		0.61
Class A		1,000.00		1,097.20		4.47		1,000.00		1,020.53		4.31		0.86
PIMCO RAE US Fund
Institutional Class	$	1,000.00	$	1,046.30	$	2.08	$	1,000.00	$	1,022.76	$	2.06		0.41	%
I-2		1,000.00		1,045.80		2.59		1,000.00		1,022.27		2.56		0.51
Class A		1,000.00		1,044.20		4.11		1,000.00		1,020.78		4.06		0.81

18 PIMCO EQUITY SERIES

	Actual						Hypothetical (5% return before expenses)
	Beginning Account Value (01/01/23)		Ending Account Value (06/30/23)		Expenses Paid During Period*		Beginning Account Value (01/01/23)		Ending Account Value (06/30/23)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO RAE US Small Fund
Institutional Class	$	1,000.00	$	1,050.40	$	2.54	$	1,000.00	$	1,022.32	$	2.51		0.50	%
I-2		1,000.00		1,049.80		3.05		1,000.00		1,021.82		3.01		0.60
Class A		1,000.00		1,049.70		4.57		1,000.00		1,020.33		4.51		0.90

* 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 181/365 (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, 2023 19

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
06/30/2023	$	8.85	$	0.42	$	1.13		$	1.55		$	(0.05	)	$	(0.92	)	$	0.00	$	(0.97	)
06/30/2022		12.02		0.55		(2.76	)		(2.21	)		(0.96	)		0.00			0.00		(0.96	)
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	)
I-2
06/30/2023		8.80		0.41		1.11			1.52			(0.04	)		(0.92	)		0.00		(0.96	)
06/30/2022		11.97		0.50		(2.71	)		(2.21	)		(0.96	)		0.00			0.00		(0.96	)
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	)
Class A
06/30/2023		8.70		0.41		1.07			1.48			(0.03	)		(0.92	)		0.00		(0.95	)
06/30/2022		11.86		0.47		(2.68	)		(2.21	)		(0.95	)		0.00			0.00		(0.95	)
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	)
PIMCO RAE Global ex-US Fund
Institutional Class
06/30/2023	$	8.78	$	0.17	$	1.15		$	1.32		$	(0.15	)	$	(0.60	)	$	0.00	$	(0.75	)
06/30/2022		11.65		1.15		(2.80	)		(1.65	)		(1.22	)		0.00			0.00		(1.22	)
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	)
I-2
06/30/2023		8.80		0.16		1.16			1.32			(0.15	)		(0.60	)		0.00		(0.75	)
06/30/2022		11.67		1.39		(3.04	)		(1.65	)		(1.22	)		0.00			0.00		(1.22	)
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	)
Class A
06/30/2023		8.62		0.15		1.12			1.27			(0.14	)		(0.60	)		0.00		(0.74	)
06/30/2022		11.48		1.08		(2.74	)		(1.66	)		(1.20	)		0.00			0.00		(1.20	)
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	)
PIMCO RAE International Fund
Institutional Class
06/30/2023	$	7.55	$	0.25	$	0.82		$	1.07		$	(0.17	)	$	(0.36	)	$	0.00	$	(0.53	)
06/30/2022		11.23		0.36		(1.69	)		(1.33	)		(0.46	)		(1.89	)		0.00		(2.35	)
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	)
I-2
06/30/2023		7.51		0.26		0.80			1.06			(0.17	)		(0.36	)		0.00		(0.53	)
06/30/2022		11.17		0.35		(1.69	)		(1.34	)		(0.43	)		(1.89	)		0.00		(2.32	)
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	)
Class A
06/30/2023		7.39		0.19		0.82			1.01			(0.14	)		(0.36	)		0.00		(0.50	)
06/30/2022		11.06		0.32		(1.66	)		(1.34	)		(0.44	)		(1.89	)		0.00		(2.33	)
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	)

20 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(e)
Net Assets Value End of Year(a)		Total Return(d)			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
$	9.43		18.81	%	$	1,262,012		0.76	%		0.77	%		0.75	%		0.76	%		4.72	%		65	%
	8.85		(19.72	)		1,247,735		0.76			0.77			0.75			0.76			5.13			109
	12.02		56.09			1,716,375		0.79	(f)		0.85	(f)		0.78	(f)		0.84	(f)		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
	9.36		18.62			95,565		0.86			0.87			0.85			0.86			4.55			65
	8.80		(19.78	)		69,156		0.86			0.87			0.85			0.86			4.73			109
	11.97		55.95			59,609		0.89	(g)		0.95	(g)		0.88	(g)		0.94	(g)		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
	9.23		18.35			25,955		1.11			1.12			1.10			1.11			4.63			65
	8.70		(19.97	)		12,611		1.11			1.12			1.10			1.11			4.43			109
	11.86		55.42			15,798		1.14	(g)		1.20	(g)		1.13	(g)		1.19	(g)		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
$	9.35		15.90	%	$	76,470		0.00	%		0.56	%		0.00	%		0.56	%		1.86	%		14	%
	8.78		(15.58	)		69,094		0.00			0.56			0.00			0.56			10.87			7
	11.65		44.96			80,502		0.02	(h)		0.63	(h)		0.02	(h)		0.63	(h)		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
	9.37		15.82			117		0.10			0.66			0.10			0.66			1.76			14
	8.80		(15.57	)		307		0.10			0.66			0.10			0.66			13.36			7
	11.67		44.90			154		0.12	(f)		0.73	(f)		0.12	(f)		0.73	(f)		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
	9.15		15.57			15,625		0.35			0.91			0.35			0.91			1.72			14
	8.62		(15.87	)		9,334		0.35			0.91			0.35			0.91			10.37			7
	11.48		44.43			11,523		0.37	(f)		0.98	(f)		0.37	(f)		0.98	(f)		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
$	8.09		14.91	%	$	561,420		0.51	%		0.52	%		0.50	%		0.51	%		3.29	%		94	%
	7.55		(14.14	)		503,685		0.51			0.52			0.50			0.51			3.77			58
	11.23		41.64			1,025,896		0.51	(i)		0.55	(i)		0.51	(i)		0.55	(i)		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
	8.04		14.78			10,660		0.61			0.62			0.60			0.61			3.36			94
	7.51		(14.25	)		11,264		0.61			0.62			0.60			0.61			3.44			58
	11.17		41.51			25,494		0.61	(j)		0.65	(j)		0.61	(j)		0.65	(j)		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
	7.90		14.42			5,285		0.86			0.87			0.85			0.86			2.51			94
	7.39		(14.41	)		21,550		0.86			0.87			0.85			0.86			3.49			58
	11.06		41.10			25,298		0.86	(j)		0.90	(j)		0.86	(j)		0.90	(j)		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

ANNUAL REPORT | JUNE 30, 2023 21

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 Fund
Institutional Class
06/30/2023	$	11.81	$	0.29		$	1.53		$	1.82		$	(0.14	)	$	(0.83	)	$	0.00	$	(0.97	)
06/30/2022		14.03		0.26			(1.13	)		(0.87	)		(0.17	)		(1.18	)		0.00		(1.35	)
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	)
I-2
06/30/2023		11.72		0.28			1.52			1.80			(0.14	)		(0.83	)		0.00		(0.97	)
06/30/2022		13.94		0.25			(1.13	)		(0.88	)		(0.16	)		(1.18	)		0.00		(1.34	)
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	)
Class A
06/30/2023		11.52		0.23			1.49			1.72			(0.12	)		(0.83	)		0.00		(0.95	)
06/30/2022		13.75		0.21			(1.11	)		(0.90	)		(0.15	)		(1.18	)		0.00		(1.33	)
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	)
PIMCO RAE US Small Fund
Institutional Class
06/30/2023	$	8.27	$	0.17		$	0.91		$	1.08		$	(0.11	)	$	(0.69	)	$	0.00	$	(0.80	)
06/30/2022		15.90		0.15			(1.62	)		(1.47	)		(0.20	)		(5.96	)		0.00		(6.16	)
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	)
I-2
06/30/2023		8.18		0.14			0.92			1.06			(0.11	)		(0.69	)		0.00		(0.80	)
06/30/2022		15.80		0.15			(1.61	)		(1.46	)		(0.20	)		(5.96	)		0.00		(6.16	)
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	)
Class A
06/30/2023		8.00		0.13			0.89			1.02			(0.10	)		(0.69	)		0.00		(0.79	)
06/30/2022		15.62		0.12			(1.60	)		(1.48	)		(0.18	)		(5.96	)		0.00		(6.14	)
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	)

^ 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)  Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds. Additionally, excludes initial sales charges and contingent deferred sales charges.

^(e)  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.

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

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

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

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

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

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

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

22 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
							Ratios to Average Net Assets(e)
Net Assets Value End of Year(a)		Total Return(d)			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
$	12.66		15.73	%	$	1,091,632		0.40	%		0.41	%		0.40	%		0.41	%		2.33	%		77	%
	11.81		(7.16	)		778,671		0.40			0.41			0.40			0.41			1.94			69
	14.03		48.99			915,231		0.40	(k)		0.44	(k)		0.40	(k)		0.44	(k)		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
	12.55		15.63			56,292		0.50			0.51			0.50			0.51			2.23			77
	11.72		(7.25	)		44,350		0.50			0.51			0.50			0.51			1.87			69
	13.94		48.77			39,056		0.50	(l)		0.54	(l)		0.50	(l)		0.54	(l)		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
	12.29		15.23			19,529		0.80			0.81			0.80			0.81			1.92			77
	11.52		(7.54	)		15,623		0.80			0.81			0.80			0.81			1.57			69
	13.75		48.44			12,212		0.80	(j)		0.84	(j)		0.80	(j)		0.84	(j)		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
$	8.55		13.36	%	$	440,423		0.50	%		0.51	%		0.50	%		0.51	%		1.95	%		92	%
	8.27		(13.65	)		274,652		0.50			0.51			0.50			0.51			1.33			131
	15.90		97.65			331,165		0.53	(k)		0.56	(k)		0.51	(k)		0.54	(k)		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
	8.44		13.22			87,529		0.60			0.61			0.60			0.61			1.72			92
	8.18		(13.68	)		47,933		0.60			0.61			0.60			0.61			1.39			131
	15.80		97.30			6,427		0.63	(l)		0.66	(l)		0.61	(l)		0.64	(l)		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
	8.23		12.95			83,456		0.90			0.91			0.90			0.91			1.53			92
	8.00		(13.98	)		73,766		0.90			0.91			0.90			0.91			1.11			131
	15.62		96.82			46,113		0.93	(j)		0.96	(j)		0.91	(j)		0.94	(j)		(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

ANNUAL REPORT | JUNE 30, 2023 23

Statements of Assets and Liabilities

(Amounts in thousands†, except per share amounts)	PIMCO RAE Emerging Markets 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*^	$	1,378,655		$	135		$	572,699	$	1,163,393	$	609,932
Investments in Affiliates		26,933			92,067			27,723		0		9,797
Cash		1			0			0		0		1
Foreign currency, at value		1,211			0			219		0		0
Receivable for investments sold		51			0			0		3,445		1
Receivable for Fund shares sold		490			15			14		191		1,617
Interest and/or dividends receivable		9,542			0			4,873		1,246		688
Reimbursement receivable from PIMCO		0			44			0		0		0
Other assets		2			0			16		0		0
Total Assets		1,416,885			92,261			605,544		1,168,275		622,036
Liabilities:
Payable for investments purchased	$	1,423		$	0		$	1	$	0	$	0
Payable upon return of securities loaned		26,921			0			27,723		0		9,611
Payable for Fund shares redeemed		1,763			0			203		409		525
Accrued investment advisory fees		591			32			148		248		188
Accrued supervisory and administrative fees		305			13			100		156		98
Accrued servicing fees		5			4			1		4		18
Accrued taxes payable		2,327			0			0		0		0
Accrued reimbursement to PIMCO		6			0			3		5		3
Other liabilities		12			0			0		0		185
Total Liabilities		33,353			49			28,179		822		10,628
Net Assets	$	1,383,532		$	92,212		$	577,365	$	1,167,453	$	611,408
Net Assets Consist of:
Paid in capital	$	1,575,113		$	98,330		$	513,204	$	918,798	$	570,667
Distributable earnings (accumulated loss)		(191,581	)		(6,118	)		64,161		248,655		40,741
Net Assets	$	1,383,532		$	92,212		$	577,365	$	1,167,453	$	611,408
Cost of investments in securities	$	1,263,303		$	135		$	470,669	$	922,347	$	513,600
Cost of investments in Affiliates	$	26,933		$	96,920		$	27,723	$	0	$	9,797
Cost of foreign currency held	$	1,231		$	0		$	219	$	0	$	0
* Includes repurchase agreements of:	$	10,117		$	135		$	1,973	$	2,205	$	2,564
^ Includes securities on loan of:	$	25,290		$	0		$	26,153	$	0	$	9,412

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

24 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

	PIMCO RAE Emerging Markets Fund		PIMCO RAE Global ex-US Fund		PIMCO RAE International Fund		PIMCO RAE US Fund		PIMCO RAE US Small Fund
Net Assets:
Institutional Class	$	1,262,012	$	76,470	$	561,420	$	1,091,632	$	440,423
I-2		95,565		117		10,660		56,292		87,529
Class A		25,955		15,625		5,285		19,529		83,456
Shares Issued and Outstanding:
Institutional Class		133,895		8,176		69,440		86,241		51,494
I-2		10,210		12		1,325		4,485		10,371
Class A		2,811		1,708		669		1,589		10,146
Net Asset Value Per Share Outstanding(a):
Institutional Class	$	9.43	$	9.35	$	8.09	$	12.66	$	8.55
I-2		9.36		9.37		8.04		12.55		8.44
Class A		9.23		9.15		7.90		12.29		8.23

^(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, 2023 25

Statements of Operations

Year Ended June 30, 2023
(Amounts in thousands†)	PIMCO RAE Emerging Markets Fund			PIMCO RAE Global ex-US Fund			PIMCO RAE International Fund			PIMCO RAE US Fund			PIMCO RAE US Small Fund
Investment Income:
Interest	$	76		$	1		$	45		$	112		$	92
Dividends, net of foreign taxes*		68,107			0			24,270			29,326			14,937
Dividends from Investments in Affiliates		0			1,671			0			0			0
Securities lending income		328			0			313			258			217
Total Income		68,511			1,672			24,628			29,696			15,246
Expenses:
Investment advisory fees		6,247			352			1,942			2,709			2,188
Supervisory and administrative fees		3,215			147			1,312			1,706			1,126
Distribution and/or servicing fees - Class A		32			38			17			46			201
Trustee fees		98			6			48			79			41
Interest expense		166			1			42			0			3
Miscellaneous expense		61			4			32			53			30
Total Expenses		9,819			548			3,393			4,593			3,589
Waiver and/or Reimbursement by PIMCO		(98	)		(492	)		(49	)		(79	)		(41	)
Net Expenses		9,721			56			3,344			4,514			3,548
Net Investment Income (Loss)		58,790			1,616			21,284			25,182			11,698
Net Realized Gain (Loss):
Investments in securities, net of foreign capital gains tax**		(40,271	)		0			44,786			16,390			1,697
Investments in Affiliates		0			(3,155	)		0			0			0
Net capital gain distributions received from Affiliate investments		0			5,126			0			0			0
Over the counter financial derivative instruments		21			0			25			0			0
Foreign currency		(3,152	)		0			(757	)		0			0
Net Realized Gain (Loss)		(43,402	)		1,971			44,054			16,390			1,697
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities, net of foreign capital gains tax***		191,731			0			47,885			91,761			59,198
Investments in Affiliates		0			9,580			0			0			0
Foreign currency assets and liabilities		39			0			183			0			0
Net Change in Unrealized Appreciation (Depreciation)		191,770			9,580			48,068			91,761			59,198
Net Increase (Decrease) in Net Assets Resulting from Operations	$	207,158		$	13,167		$	113,406		$	133,333		$	72,593
* Foreign tax withholdings - Dividends	$	11,384		$	0		$	2,752		$	0		$	0
** Foreign capital gains tax	$	1,741		$	0		$	0		$	0		$	0
*** Foreign capital gains tax	$	(2,327	)	$	0		$	0		$	0		$	0

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

26 PIMCO EQUITY SERIES See Accompanying Notes

(THIS PAGE INTENTIONALLY LEFT BLANK)

ANNUAL REPORT | JUNE 30, 2023 27

Statements of Changes in Net Assets

	PIMCO RAE Emerging Markets Fund						PIMCO RAE Global ex-US Fund						PIMCO RAE International Fund
(Amounts in thousands†)	Year Ended June 30, 2023			Year Ended June 30, 2022			Year Ended June 30, 2023			Year Ended June 30, 2022			Year Ended June 30, 2023			Year Ended June 30, 2022
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	58,790		$	64,592		$	1,616		$	9,887		$	21,284		$	30,379
Net realized gain (loss)		(43,402	)		311,732			1,971			6,060			44,054			140,409
Net change in unrealized appreciation (depreciation)		191,770			(680,361	)		9,580			(30,683	)		48,068			(278,293	)
Net Increase (Decrease) in Net Assets Resulting from Operations		207,158			(304,037	)		13,167			(14,736	)		113,406			(107,505	)
Distributions to Shareholders:
From net investment income and/or net realized capital gains
Institutional Class		(110,130	)		(65,718	)		(5,937	)		(8,675	)		(50,236	)		(159,212	)
I-2		(6,797	)		(5,877	)		(24	)		(42	)		(745	)		(3,032	)
Class A		(1,104	)		(1,405	)		(1,373	)		(1,283	)		(330	)		(5,107	)
Total Distributions(a)		(118,031	)		(73,000	)		(7,334	)		(10,000	)		(51,311	)		(167,351	)
Fund Share Transactions:
Net increase (decrease) resulting from Fund share transactions*		(35,097	)		(85,243	)		7,644			11,292			(21,229	)		(265,333	)
Total Increase (Decrease) in Net Assets		54,030			(462,280	)		13,477			(13,444	)		40,866			(540,189	)
Net Assets:
Beginning of year		1,329,502			1,791,782			78,735			92,179			536,499			1,076,688
End of year	$	1,383,532		$	1,329,502		$	92,212		$	78,735		$	577,365		$	536,499

^†  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.

28 PIMCO EQUITY SERIES See Accompanying Notes

PIMCO RAE US Fund						PIMCO RAE US Small Fund
Year Ended June 30, 2023			Year Ended June 30, 2022			Year Ended June 30, 2023			Year Ended June 30, 2022
$	25,182		$	21,650		$	11,698		$	4,670
	16,390			82,856			1,697			96,742
	91,761			(167,813	)		59,198			(165,626	)
	133,333			(63,307	)		72,593			(64,214	)
	(73,075	)		(114,851	)		(47,913	)		(91,057	)
	(3,996	)		(3,541	)		(4,583	)		(10,276	)
	(1,379	)		(1,233	)		(7,395	)		(30,767	)
	(78,450	)		(119,625	)		(59,891	)		(132,100	)
	273,926			55,077			202,355			208,960
	328,809			(127,855	)		215,057			12,646
	838,644			966,499			396,351			383,705
$	1,167,453		$	838,644		$	611,408		$	396,351

ANNUAL REPORT | JUNE 30, 2023 29

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 99.6%
COMMON STOCKS 97.8%
BRAZIL 4.3%
COMMUNICATION SERVICES 0.1%
Telefonica Brasil SA		88,345	$		798
CONSUMER DISCRETIONARY 0.3%
Cogna Educacao SA (b)		4,069,600			2,771
Vibra Energia SA		487,737			1,839
					4,610
CONSUMER STAPLES 0.3%
Natura & Co. Holding SA (b)		1,235,600			4,320
ENERGY 0.3%
Ultrapar Participacoes SA		1,233,065			4,865
FINANCIALS 2.8%
Banco do Brasil SA		1,809,940			18,673
Cielo SA		20,543,345			19,693
					38,366
INDUSTRIALS 0.5%
CCR SA		700,200			2,054
Embraer SA (b)		1,350,885			5,231
					7,285
Total Brazil					60,244
CHILE 0.8%
COMMUNICATION SERVICES 0.0%
Empresa Nacional de Telecomunicaciones SA		66,893			269
CONSUMER STAPLES 0.4%
Cencosud SA		2,150,309			4,168
Cia Cervecerias Unidas SA		116,492			939
					5,107
UTILITIES 0.4%
Colbun SA		3,912,785			620
Enel Americas SA		4,723,333			630
Enel Chile SA		63,635,440			4,135
					5,385
Total Chile					10,761
CHINA 26.3%
COMMUNICATION SERVICES 0.6%
China Tower Corp. Ltd. ‘H’		8,356,000			931
China United Network Communications Ltd. ‘A’		6,151,200			4,068
Tencent Music Entertainment Group ADR (b)		402,135			2,968
					7,967
CONSUMER DISCRETIONARY 2.3%
BAIC Motor Corp. Ltd.		8,321,000			2,027
Dongfeng Motor Group Co. Ltd.		292,000			134
SAIC Motor Corp. Ltd. ‘A’ (b)		199,000			389
Topsports International Holdings Ltd.		3,387,000			2,947

	SHARES			MARKET VALUE (000S)
Vipshop Holdings Ltd. (b)		1,561,182	$		25,759
Wuchan Zhongda Group Co. Ltd. ‘A’		696,700			474
					31,730
CONSUMER STAPLES 0.1%
Hengan International Group Co. Ltd.		76,000			321
Tingyi Cayman Islands Holding Corp.		406,000			632
Uni-President China Holdings Ltd.		221,000			186
					1,139
ENERGY 6.0%
China Petroleum & Chemical Corp. ‘H’		76,828,400			45,171
China Shenhua Energy Co. Ltd. ‘H’		3,329,000			10,202
PetroChina Co. Ltd. ‘H’		39,146,000			27,181
					82,554
FINANCIALS 12.7%
Agricultural Bank of China Ltd.		14,086,000			5,547
Bank of Beijing Co. Ltd.		749,300			478
Bank of China Ltd.		109,086,000			43,797
Bank of Communications Co. Ltd. ‘H’		3,629,000			2,408
China Cinda Asset Management Co. Ltd. ‘H’		27,305,000			2,729
China CITIC Bank Corp. Ltd. ‘H’		2,462,000			1,158
China Construction Bank Corp. ‘H’		90,399,000			58,526
China Everbright Bank Co. Ltd. ‘H’		1,838,000			529
China Minsheng Banking Corp. Ltd. ‘H’		2,114,000			783
China Pacific Insurance Group Co. Ltd. ‘A’		1,294,000			3,359
Industrial & Commercial Bank of China Ltd. ‘H’		61,633,000			32,937
New China Life Insurance Co. Ltd. ‘H’		243,300			643
People’s Insurance Co. Group of China Ltd. ‘H’		4,077,000			1,481
PICC Property & Casualty Co. Ltd. ‘H’		5,436,000			6,053
Ping An Insurance Group Co. of China Ltd. ‘H’		2,439,000			15,578
Shanghai Pudong Development Bank Co. Ltd. ‘A’ (b)		318,000			317
					176,323
HEALTH CARE 1.2%
China Resources Pharmaceutical Group Ltd.		5,767,500			5,034
CSPC Pharmaceutical Group Ltd.		2,540,000			2,211
Shanghai Pharmaceuticals Holding Co. Ltd. ‘H’		416,000			826
Sinopharm Group Co. Ltd. ‘H’		3,005,600			9,409
					17,480

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 1.5%
China Communications Services Corp. Ltd. ‘H’		5,884,000	$		2,905
China State Construction Engineering Corp. Ltd. ‘A’		2,214,600			1,751
CITIC Ltd.		4,337,000			5,193
CRRC Corp. Ltd. ‘H’		8,779,000			4,812
Daqin Railway Co. Ltd. ‘A’ (b)		400,100			410
Fosun International Ltd.		193,000			133
Guangshen Railway Co. Ltd. ‘H’		1,458,000			462
Sinopec Engineering Group Co. Ltd. ‘H’		2,246,000			1,003
Sinotrans Ltd. ‘H’		1,144,000			408
Sinotruk Hong Kong Ltd.		1,167,500			2,273
Weichai Power Co. Ltd. ‘H’		919,000			1,352
Xiamen ITG Group Corp. Ltd. ‘A’		351,300			375
					21,077
INFORMATION TECHNOLOGY 1.5%
AAC Technologies Holdings, Inc.		733,500			1,734
BYD Electronic International Co. Ltd.		329,500			1,002
FIH Mobile Ltd. (b)		9,167,000			926
Lenovo Group Ltd.		15,978,000			16,743
					20,405
MATERIALS 0.3%
Angang Steel Co. Ltd.		5,690,000			1,493
China National Building Material Co. Ltd. ‘H’		1,041,400			644
Sinopec Shanghai Petrochemical Co. Ltd. ‘H’		10,934,000			1,719
					3,856
REAL ESTATE 0.1%
Agile Group Holdings Ltd.		1,870,000			297
China Evergrande Group «(b)		1,601,000			168
Guangzhou R&F Properties Co. Ltd. ‘H’ (d)		1,615,000			259
Shui On Land Ltd.		6,309,000			717
Sino-Ocean Group Holding Ltd.		6,618,000			374
					1,815
Total China					364,346
GREECE 0.9%
COMMUNICATION SERVICES 0.1%
Hellenic Telecommunications Organization SA		111,425			1,910
CONSUMER DISCRETIONARY 0.0%
JUMBO SA		6,822			187
ENERGY 0.1%
Motor Oil Hellas Corinth Refineries SA		70,149			1,776
FINANCIALS 0.6%
Alpha Services & Holdings SA (b)		1,983,839			3,250

30 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

	SHARES			MARKET VALUE (000S)
National Bank of Greece SA (b)		496,461	$		3,227
Piraeus Financial Holdings SA (b)		636,014			2,088
					8,565
INDUSTRIALS 0.1%
Mytilineos SA		18,373			649
Total Greece					13,087
HONG KONG 1.8%
CONSUMER DISCRETIONARY 0.1%
Geely Automobile Holdings Ltd.		1,035,000			1,271
CONSUMER STAPLES 0.1%
Want Want China Holdings Ltd.		2,987,000			1,987
FINANCIALS 0.1%
China Taiping Insurance Holdings Co. Ltd.		671,600			700
INDUSTRIALS 0.1%
Orient Overseas International Ltd.		72,000			967
Shanghai Industrial Holdings Ltd.		667,000			969
Shenzhen International Holdings Ltd.		157,500			139
					2,075
REAL ESTATE 0.2%
Poly Property Group Co. Ltd.		2,038,000			456
Shenzhen Investment Ltd.		1,950,000			349
Yuexiu Property Co. Ltd.		1,306,000			1,522
					2,327
UTILITIES 1.2%
Beijing Enterprises Holdings Ltd.		105,500			383
China Resources Power Holdings Co. Ltd.		3,884,000			8,797
Kunlun Energy Co. Ltd.		9,220,000			7,263
					16,443
Total Hong Kong					24,803
INDIA 15.5%
COMMUNICATION SERVICES 0.1%
Indus Towers Ltd.		127,406			256
Zee Entertainment Enterprises Ltd.		777,343			1,685
					1,941
CONSUMER DISCRETIONARY 1.4%
Apollo Tyres Ltd.		473,058			2,349
Bajaj Auto Ltd.		23,341			1,337
Bosch Ltd.		2,710			630
Hero MotoCorp Ltd.		121,577			4,322
Mahindra & Mahindra Ltd.		482,708			8,576
Maruti Suzuki India Ltd.		9,370			1,121
Rajesh Exports Ltd.		208,366			1,393
					19,728
CONSUMER STAPLES 1.3%
ITC Ltd.		3,341,186			18,423

	SHARES			MARKET VALUE (000S)
ENERGY 3.2%
Bharat Petroleum Corp. Ltd.		576,947	$		2,567
Coal India Ltd.		2,372,847			6,694
Hindustan Petroleum Corp. Ltd.		1,347,814			4,506
Indian Oil Corp. Ltd.		10,357,814			11,544
Oil & Natural Gas Corp. Ltd.		6,983,475			13,669
Oil India Ltd.		968,990			2,900
Petronet LNG Ltd.		872,632			2,374
					44,254
FINANCIALS 2.8%
Bank of Baroda		1,665,767			3,879
Bank of India		1,930,516			1,738
Canara Bank		497,213			1,836
General Insurance Corp. of India		353,035			788
Housing & Urban Development Corp. Ltd.		592,774			413
IIFL Finance Ltd.		51,202			316
Indiabulls Housing Finance Ltd. ‘L’ (b)		5,605,499			8,462
Indian Bank		50,559			181
Jammu & Kashmir Bank Ltd. (b)		190,000			141
Power Finance Corp. Ltd.		2,634,576			6,951
Punjab National Bank		3,438,698			2,171
RBL Bank Ltd. (b)		1,303,167			2,899
REC Ltd.		2,393,052			4,813
State Bank of India		412,574			2,890
Union Bank of India		552,870			489
					37,967
HEALTH CARE 0.5%
Aurobindo Pharma Ltd.		135,817			1,206
Glenmark Pharmaceuticals Ltd.		253,577			2,093
Lupin Ltd.		120,355			1,326
Sun Pharmaceutical Industries Ltd.		152,642			1,958
					6,583
INDUSTRIALS 0.7%
Bharat Electronics Ltd.		354,846			545
Bharat Heavy Electricals Ltd.		5,715,938			6,124
Cummins India Ltd.		17,189			408
Hindustan Aeronautics Ltd.		55,322			2,562
					9,639
INFORMATION TECHNOLOGY 0.2%
Oracle Financial Services Software Ltd.		17,695			834
Redington Ltd.		911,799			2,074
					2,908
MATERIALS 4.0%
Ambuja Cements Ltd.		359,177			1,870
Chambal Fertilisers & Chemicals Ltd.		218,975			729
EID Parry India Ltd.		82,544			466
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		232,652			1,703
Jindal Saw Ltd.		299,517			936
Jindal Steel & Power Ltd.		844,327			6,001
National Aluminium Co. Ltd.		8,203,705			8,239
NMDC Ltd.		483,858			619
Rain Industries Ltd.		76,216			152

	SHARES			MARKET VALUE (000S)
Steel Authority of India Ltd.		4,292,259	$		4,487
Tata Steel Ltd.		5,696,058			7,804
Vedanta Ltd.		6,408,134			21,826
					54,832
UTILITIES 1.3%
GAIL India Ltd.		2,363,513			3,032
Jaiprakash Power Ventures Ltd. (b)		14,991,191			1,127
NHPC Ltd.		2,387,633			1,340
NTPC Ltd.		3,266,481			7,544
PTC India Ltd.		1,070,430			1,503
Reliance Infrastructure Ltd. (b)		1,099,237			1,858
Reliance Power Ltd. (b)		9,899,893			1,700
					18,104
Total India					214,379
INDONESIA 3.6%
COMMUNICATION SERVICES 0.3%
Telkom Indonesia Persero Tbk PT		15,930,800			4,250
CONSUMER STAPLES 0.2%
Gudang Garam Tbk PT		330,500			609
Hanjaya Mandala Sampoerna Tbk PT		11,625,600			733
Japfa Comfeed Indonesia Tbk PT		2,012,500			180
Sumber Alfaria Trijaya Tbk PT		595,300			102
Unilever Indonesia Tbk PT		3,158,900			898
					2,522
ENERGY 0.9%
Adaro Energy Indonesia Tbk PT		29,261,900			4,352
AKR Corporindo Tbk PT		10,395,600			985
Bukit Asam Tbk PT		7,176,200			1,283
Indo Tambangraya Megah Tbk PT		2,606,500			4,194
United Tractors Tbk PT		1,585,300			2,461
					13,275
FINANCIALS 1.3%
Bank Mandiri Persero Tbk PT		31,338,800			10,870
Bank Negara Indonesia Persero Tbk PT		4,283,700			2,614
Bank Pan Indonesia Tbk PT		1,175,900			85
Bank Rakyat Indonesia Persero Tbk PT		11,422,700			4,133
					17,702
HEALTH CARE 0.1%
Kalbe Farma Tbk PT		10,584,700			1,447
INDUSTRIALS 0.5%
Astra International Tbk PT		14,852,600			6,712
MATERIALS 0.1%
Indah Kiat Pulp & Paper Tbk PT		189,400			107
Indocement Tunggal Prakarsa Tbk PT		1,914,200			1,267

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 31

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

	SHARES			MARKET VALUE (000S)
Semen Indonesia Persero Tbk PT		2,096,478	$		850
					2,224
UTILITIES 0.2%
Perusahaan Gas Negara Tbk PT		27,445,100			2,389
Total Indonesia					50,521
MALAYSIA 1.6%
COMMUNICATION SERVICES 0.1%
Astro Malaysia Holdings Bhd		1,147,500			148
Telekom Malaysia Bhd		1,251,400			1,318
					1,466
CONSUMER DISCRETIONARY 0.1%
Genting Bhd		1,816,800			1,583
ENERGY 0.0%
Petronas Dagangan Bhd		110,300			525
FINANCIALS 0.7%
Alliance Bank Malaysia Bhd		424,800			303
AMMB Holdings Bhd		1,716,900			1,334
Hong Leong Financial Group Bhd		60,000			227
Malayan Banking Bhd		3,080,300			5,699
Public Bank Bhd		1,283,400			1,060
RHB Bank Bhd		674,600			785
					9,408
HEALTH CARE 0.1%
Hartalega Holdings Bhd		725,400			294
Kossan Rubber Industries Bhd		490,200			136
Supermax Corp. Bhd		1,104,800			190
Top Glove Corp. Bhd (b)		4,757,800			828
					1,448
INDUSTRIALS 0.3%
CAPITAL A BHD (b)		11,021,800			1,915
IJM Corp. Bhd		1,884,600			603
MISC Bhd		592,300			909
Sime Darby Bhd		341,500			150
					3,577
UTILITIES 0.3%
Petronas Gas Bhd		126,500			453
Tenaga Nasional Bhd		1,370,200			2,658
YTL Power International Bhd		1,594,096			444
					3,555
Total Malaysia					21,562
MEXICO 3.8%
COMMUNICATION SERVICES 0.3%
America Movil SAB. de CV		3,247,458			3,529
Controladora AXTEL SAB de CV (b)		5,513,739			71
					3,600
CONSUMER DISCRETIONARY 0.0%
Nemak SAB de CV (b)		2,432,000			581

	SHARES			MARKET VALUE (000S)
CONSUMER STAPLES 0.3%
Gruma SAB de CV ‘B’		52,571	$		844
Grupo Bimbo SAB de CV ‘A’		504,075			2,699
Kimberly-Clark de Mexico SAB de CV		295,800			658
					4,201
FINANCIALS 0.2%
Grupo Financiero Inbursa SAB de CV (b)		1,339,298			3,181
INDUSTRIALS 0.3%
Alfa SAB de CV		5,624,741			3,500
MATERIALS 2.7%
Alpek SAB de CV		982,500			978
Cemex SAB de CV (b)		48,270,370			34,122
Orbia Advance Corp. SAB de CV		941,600			2,029
					37,129
Total Mexico					52,192
NETHERLANDS 0.1%
REAL ESTATE 0.1%
NEPI Rockcastle NV		136,441			801
Total Netherlands					801
PHILIPPINES 0.4%
COMMUNICATION SERVICES 0.2%
PLDT, Inc.		91,550			2,169
ENERGY 0.1%
Semirara Mining & Power Corp.		2,062,900			1,048
INDUSTRIALS 0.1%
Alliance Global Group, Inc.		4,099,000			996
DMCI Holdings, Inc.		6,187,400			1,018
					2,014
UTILITIES 0.0%
Aboitiz Power Corp.		383,000			267
Total Philippines					5,498
POLAND 1.0%
COMMUNICATION SERVICES 0.0%
Orange Polska SA		122,738			211
FINANCIALS 0.8%
Bank Polska Kasa Opieki SA		85,453			2,331
Powszechna Kasa Oszczednosci Bank Polski SA		166,896			1,485
Powszechny Zaklad Ubezpieczen SA		522,337			5,067
Santander Bank Polska SA		23,320			2,233
					11,116
UTILITIES 0.2%
PGE Polska Grupa Energetyczna SA (b)		1,256,238			2,243
Total Poland					13,570

	SHARES			MARKET VALUE (000S)
QATAR 0.0%
COMMUNICATION SERVICES 0.0%
Ooredoo QPSC		67,621	$		203
Total Qatar					203
RUSSIA 0.0%
COMMUNICATION SERVICES 0.0%
Mobile TeleSystems PJSC «(d)		290,070			0
Rostelecom PJSC «(d)		341,490			0
Sistema PJSFC «		1,963,160			0
					0
CONSUMER STAPLES 0.0%
Magnit PJSC «		82,104			0
Magnit PJSC «(b)		11,659			0
					0
ENERGY 0.0%
Gazprom PJSC «		3,725,600			0
Lukoil PJSC «		254,140			0
					0
FINANCIALS 0.0%
Sberbank of Russia PJSC «		4,916,745			0
VTB Bank PJSC «(b)		23,863,615,853			26
					26
MATERIALS 0.0%
Alrosa PJSC «		2,122,120			0
Magnitogorsk Iron & Steel Works PJSC «		6,974,129			0
MMC Norilsk Nickel PJSC «		3,797			0
Novolipetsk Steel PJSC «		3,113,725			0
Severstal PAO ^«(a)		339,609			0
					0
UTILITIES 0.0%
Federal Grid Co. - Rosseti PJSC «(b)		591,291,707			1
Inter RAO UES PJSC «		15,264,000			0
Unipro PJSC «		3,938,000			0
					1
Total Russia					27
SAUDI ARABIA 0.4%
COMMUNICATION SERVICES 0.4%
Saudi Telecom Co.		455,261			5,280
CONSUMER DISCRETIONARY 0.0%
Jarir Marketing Co.		89,471			394
UTILITIES 0.0%
Saudi Electricity Co.		39,255			236
Total Saudi Arabia					5,910
SOUTH AFRICA 4.8%
COMMUNICATION SERVICES 0.9%
MTN Group Ltd.		981,632			7,212
MultiChoice Group		170,483			865

32 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

	SHARES			MARKET VALUE (000S)
Telkom SA SOC Ltd. (b)		1,251,189	$		2,105
Vodacom Group Ltd. (d)		434,279			2,706
					12,888
CONSUMER DISCRETIONARY 0.4%
Motus Holdings Ltd.		245,852			1,309
Truworths International Ltd.		707,904			2,129
Woolworths Holdings Ltd.		491,192			1,862
					5,300
CONSUMER STAPLES 0.7%
AVI Ltd.		333,825			1,205
Bid Corp. Ltd.		50,692			1,113
Shoprite Holdings Ltd.		385,828			4,628
SPAR Group Ltd.		69,159			386
Tiger Brands Ltd.		250,601			2,218
					9,550
FINANCIALS 1.8%
Absa Group Ltd.		674,876			6,024
Momentum Metropolitan Holdings		2,071,052			1,987
Nedbank Group Ltd.		494,726			6,008
Old Mutual Ltd.		3,083,793			1,986
Standard Bank Group Ltd.		913,114			8,621
					24,626
HEALTH CARE 0.2%
Life Healthcare Group Holdings Ltd.		675,735			738
Netcare Ltd.		2,292,226			1,755
					2,493
INDUSTRIALS 0.1%
Barloworld Ltd.		268,961			1,222
Bidvest Group Ltd.		49,294			685
					1,907
MATERIALS 0.7%
Gold Fields Ltd.		322,537			4,484
Kumba Iron Ore Ltd.		23,101			543
Sappi Ltd.		607,397			1,259
Sasol Ltd.		76,262			945
Sibanye Stillwater Ltd.		1,494,659			2,305
					9,536
Total South Africa					66,300
SOUTH KOREA 12.5%
COMMUNICATION SERVICES 1.5%
KT Corp.		843,868			19,103
LG Uplus Corp.		197,200			1,609
					20,712
CONSUMER DISCRETIONARY 3.3%
Hankook Tire & Technology Co. Ltd.		105,647			2,772
Hyundai Mobis Co. Ltd.		27,863			4,933
Kia Corp.		205,374			13,834
LG Electronics, Inc.		224,599			21,739
LOTTE Himart Co. Ltd.		6,695			51
Lotte Shopping Co. Ltd.		33,887			1,768

	SHARES			MARKET VALUE (000S)
Shinsegae, Inc.		2,609	$		354
					45,451
CONSUMER STAPLES 0.5%
Amorepacific Group		31,452			630
KT&G Corp. (d)		108,529			6,818
					7,448
FINANCIALS 1.1%
DB Insurance Co. Ltd.		80,561			4,576
Hanwha Life Insurance Co. Ltd.		1,365,870			2,683
Hyundai Marine & Fire Insurance Co. Ltd.		191,425			4,516
Samsung Card Co. Ltd.		70,682			1,593
Samsung Fire & Marine Insurance Co. Ltd.		4,090			714
Samsung Life Insurance Co. Ltd.		24,808			1,269
					15,351
INDUSTRIALS 3.0%
CJ Corp.		16,913			878
Daewoo Engineering & Construction Co. Ltd. (b)		202,501			628
DL E&C Co. Ltd.		12,588			334
Doosan Bobcat, Inc.		11,065			495
Doosan Co. Ltd.		7,840			542
GS Holdings Corp.		40,844			1,138
Hanwha Aerospace Co. Ltd.		26,717			2,588
Hanwha Corp.		238,190			5,437
HDC Hyundai Development Co-Engineering & Construction		15,960			139
Hyundai Engineering & Construction Co. Ltd.		286,093			8,316
Hyundai Glovis Co. Ltd.		12,968			1,952
LS Corp.		38,381			2,720
LX International Corp.		165,492			4,553
Posco International Corp. (d)		345,577			10,518
SK Networks Co. Ltd.		232,746			901
					41,139
INFORMATION TECHNOLOGY 0.7%
LG Display Co. Ltd.		708,647			8,517
Samsung SDS Co. Ltd.		4,641			435
					8,952
MATERIALS 1.3%
Dongkuk CM Co. Ltd. (b)		31,917			267
Dongkuk Holdings Co. Ltd.		17,001			226
Dongkuk Steel Mill Co. Ltd. (b)		52,957			435
Kolon Industries, Inc.		51,390			1,958
Lotte Chemical Corp.		9,114			1,073
POSCO Holdings, Inc. (d)		49,201			14,561
					18,520
UTILITIES 1.1%
Korea Electric Power Corp.		872,619			13,657
Korea Gas Corp.		61,027			1,192
					14,849
Total South Korea					172,422

	SHARES			MARKET VALUE (000S)
TAIWAN 11.2%
COMMUNICATION SERVICES 0.1%
Chunghwa Telecom Co. Ltd.		322,000	$		1,206
CONSUMER DISCRETIONARY 0.5%
Cheng Shin Rubber Industry Co. Ltd.		1,764,000			2,279
China Motor Corp.		839,000			2,512
Formosa Taffeta Co. Ltd.		330,000			297
Pou Chen Corp.		1,314,000			1,332
					6,420
CONSUMER STAPLES 0.4%
President Chain Store Corp.		142,308			1,293
Uni-President Enterprises Corp.		2,019,000			4,950
					6,243
FINANCIALS 0.0%
Shanghai Commercial & Savings Bank Ltd.		450,552			657
INFORMATION TECHNOLOGY 10.1%
Acer, Inc.		3,676,000			3,709
Asustek Computer, Inc.		508,337			5,146
AUO Corp.		2,237,000			1,342
Catcher Technology Co. Ltd.		1,036,000			5,845
Cheng Uei Precision Industry Co. Ltd.		110,000			149
Chicony Electronics Co. Ltd.		630,771			1,987
Compal Electronics, Inc.		11,628,000			10,937
Compeq Manufacturing Co. Ltd.		597,000			854
Delta Electronics, Inc.		558,000			6,184
General Interface Solution Holding Ltd.		444,871			1,044
Hon Hai Precision Industry Co. Ltd.		6,395,316			23,252
Inventec Corp.		6,218,000			8,644
Largan Precision Co. Ltd.		77,750			5,333
Lite-On Technology Corp.		2,386,419			7,947
Micro-Star International Co. Ltd.		148,000			842
Nanya Technology Corp.		650,000			1,482
Pegatron Corp.		5,040,000			12,134
Powertech Technology, Inc.		567,000			1,916
Primax Electronics Ltd.		1,254,000			2,655
Qisda Corp. (b)		416,000			614
Quanta Computer, Inc.		2,019,000			9,861
Radiant Opto-Electronics Corp.		352,000			1,246
Supreme Electronics Co. Ltd.		960,000			1,495
TPK Holding Co. Ltd.		107,000			153
Tripod Technology Corp.		168,000			667
Wistron Corp.		7,090,515			20,688
Wistron NeWeb Corp.		331,000			1,017
WPG Holdings Ltd.		1,371,320			2,413
					139,556
MATERIALS 0.1%
Asia Cement Corp.		377,000			538
Formosa Chemicals & Fibre Corp.		120,000			259
					797
Total Taiwan					154,879

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 33

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

	SHARES			MARKET VALUE (000S)
THAILAND 5.2%
COMMUNICATION SERVICES 0.0%
Jasmine International PCL (b)		3,221,200	$		126
ENERGY 0.3%
IRPC PCL		16,871,000			1,087
Star Petroleum Refining PCL		16,304,300			3,711
					4,798
FINANCIALS 4.5%
Kasikornbank PCL (d)		4,026,000			14,735
Kiatnakin Phatra Bank PCL (d)		633,600			1,070
Krung Thai Bank PCL		15,003,975			8,223
SCB PCL		8,107,500			24,411
Thanachart Capital PCL (d)		6,206,004			8,719
Tisco Financial Group PCL (d)		1,493,800			4,091
TMBThanachart Bank PCL		18,862,000			826
					62,075
HEALTH CARE 0.2%
Bangkok Dusit Medical Services PCL		2,720,400			2,133
INFORMATION TECHNOLOGY 0.0%
Cal-Comp Electronics Thailand PCL ‘F’ (d)		5,206,707			283
MATERIALS 0.0%
Siam City Cement PCL		72,500			285
REAL ESTATE 0.2%
Jasmine Broadband Internet Infrastructure Fund		2,134,600			424
Land & Houses PCL		3,083,900			736
Pruksa Holding PCL		767,800			273
Sansiri PCL		27,546,100			1,494
					2,927
Total Thailand					72,627
TURKEY 3.5%
COMMUNICATION SERVICES 0.1%
Turkcell Iletisim Hizmetleri AS		1,291,975			1,803
CONSUMER DISCRETIONARY 0.1%
Tofas Turk Otomobil Fabrikasi AS		69,635			676
CONSUMER STAPLES 0.2%
Anadolu Efes Biracilik Ve Malt Sanayii AS		410,962			1,048
BIM Birlesik Magazalar AS		333,431			2,185
					3,233
ENERGY 0.0%
Turkiye Petrol Rafinerileri AS		1			0

	SHARES			MARKET VALUE (000S)
FINANCIALS 2.9%
Akbank TAS		7,075,931	$		5,494
Haci Omer Sabanci Holding AS		8,529,285			15,088
Is Yatirim Menkul Degerler AS		1,613,558			3,873
Turkiye Halk Bankasi AS (b)		1,374,051			659
Turkiye Is Bankasi AS ‘C’		26,897,140			14,536
					39,650
INDUSTRIALS 0.1%
AG Anadolu Grubu Holding AS		443,193			1,874
UTILITIES 0.1%
Enerjisa Enerji AS		857,179			1,153
					1,153
Total Turkey					48,389
UNITED ARAB EMIRATES 0.1%
FINANCIALS 0.1%
Dubai Islamic Bank PJSC		278,951			416
Emirates NBD Bank PJSC		126,163			510
					926
Total United Arab Emirates					926
Total Common Stocks (Cost $1,239,145)					1,353,447
PREFERRED STOCKS 0.9%
BRAZIL 0.8%
FINANCIALS 0.4%
Banco do Estado do Rio Grande do Sul SA		1,593,600			4,992
MATERIALS 0.1%
Braskem SA		170,095			990
Metalurgica Gerdau SA		455,700			1,125
					2,115
UTILITIES 0.3%
Cia Energetica de Minas Gerais		1,342,308			3,605
Total Brazil					10,712
CHILE 0.1%
CONSUMER STAPLES 0.1%
Embotelladora Andina SA		506,446			1,327
Total Chile					1,327
RUSSIA 0.0%
ENERGY 0.0%
Bashneft PJSC «		31,237			0
Transneft PJSC «		810			0
					0
Total Russia					0
Total Preferred Stocks (Cost $9,632)					12,039

	SHARES			MARKET VALUE (000S)
REAL ESTATE INVESTMENT TRUSTS 0.2%
HONG KONG 0.0%
REAL ESTATE 0.0%
Yuexiu Real Estate Investment Trust (d)		80,972	$		17
Total Hong Kong					17
MEXICO 0.0%
REAL ESTATE 0.0%
Fibra Uno Administracion SA de CV		374,990			548
Total Mexico					548
SOUTH AFRICA 0.1%
REAL ESTATE 0.1%
Growthpoint Properties Ltd.		435,379			270
Redefine Properties Ltd.		3,894,988			680
					950
Total South Africa					950
TURKEY 0.1%
REAL ESTATE 0.1%
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		5,404,282			1,537
Total Turkey					1,537
Total Real Estate Investment Trusts (Cost $4,409)					3,052
SHORT-TERM INSTRUMENTS 0.7%
REPURCHASE AGREEMENTS (f) 0.7%
					10,117
Total Short-Term Instruments (Cost $10,117)					10,117
Total Investments in Securities (Cost $1,263,303)					1,378,655
INVESTMENTS IN AFFILIATES 2.0%
SHORT-TERM INSTRUMENTS 2.0%
MUTUAL FUNDS 2.0%
PIMCO Government Money Market Fund
5.210% (c)(d)(e)		26,933,412			26,933
Total Short-Term Instruments (Cost $26,933)					26,933
Total Investments in Affiliates (Cost $26,933)					26,933
Total Investments 101.6% (Cost $1,290,236)			$		1,405,588
Other Assets and Liabilities, net (1.6)%					(22,056	)
Net Assets 100.0%			$		1,383,532

34 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

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).

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

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

(c) Institutional Class Shares of each Fund.

(d) Securities with an aggregate market value of $25,290 were out on loan in exchange for $26,921 of cash collateral as of June 30, 2023. The collateral was invested in a cash collateral reinvestment vehicle as described in Note 5 in the Notes to Financial Statements.

(e) Coupon represents a 7-Day Yield.

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(1)
FICC		2.400	%		06/30/2023		07/03/2023	$	10,117	U.S. Treasury Notes 4.625% due 06/30/2025	$	(10,319	)	$	10,117	$	10,118
Total Repurchase Agreements											$	(10,319	)	$	10,117	$	10,118

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, 2023:

Counterparty	Repurchase Agreement Proceeds to  be Received(1)		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(2)
Global/Master Repurchase Agreement
FICC	$	10,118	$	0	$	0	$	0	$	10,118	$	(10,319	)	$	(201	)
Master Securities Lending Agreement
BCY		0		0		0		4,255		4,255		(4,511	)		(256	)
BMO		0		0		0		223		223		(238	)		(15	)
GSC		0		0		0		12,875		12,875		(13,519	)		(644	)
MSC		0		0		0		5,714		5,714		(6,127	)		(413	)
SAL		0		0		0		928		928		(983	)		(55	)
UBS		0		0		0		1,295		1,295		(1,543	)		(248	)
Total Borrowings and Other Financing Transactions	$	10,118	$	0	$	0	$	25,290

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(3)
Common Stocks	$	26,906	$	0	$	0	$	0	$	26,906
Real Estate Investment Trusts		15		0		0		0		15
Total Borrowings	$	26,921	$	0	$	0	$	0	$	26,921
Payable for securities on loan - cash collateral									$	26,921

⁽¹⁾ Includes accrued interest.

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

⁽³⁾ Includes cash collateral as described in Note 5 in the Notes to Financial Statements.

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 35

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

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal 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, 2023:

	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
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	21	$	0	$	21

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Investments in Securities, at Value
Common Stocks
Brazil
Communication Services	$	798	$	0	$	0	$	798
Consumer Discretionary		4,610		0		0		4,610
Consumer Staples		4,320		0		0		4,320
Energy		4,865		0		0		4,865
Financials		38,366		0		0		38,366
Industrials		7,285		0		0		7,285
Chile
Communication Services		269		0		0		269
Consumer Staples		5,107		0		0		5,107
Utilities		5,385		0		0		5,385
China
Communication Services		2,968		4,999		0		7,967
Consumer Discretionary		25,759		5,971		0		31,730
Consumer Staples		0		1,139		0		1,139
Energy		0		82,554		0		82,554
Financials		0		176,323		0		176,323
Health Care		0		17,480		0		17,480
Industrials		0		21,077		0		21,077
Information Technology		0		20,405		0		20,405
Materials		0		3,856		0		3,856
Real Estate		0		1,647		168		1,815
Greece
Communication Services		0		1,910		0		1,910
Consumer Discretionary		187		0		0		187
Energy		0		1,776		0		1,776
Financials		0		8,565		0		8,565
Industrials		0		649		0		649
Hong Kong
Consumer Discretionary		0		1,271		0		1,271
Consumer Staples		0		1,987		0		1,987
Financials		0		700		0		700
Industrials		0		2,075		0		2,075
Real Estate		0		2,327		0		2,327
Utilities		0		16,443		0		16,443
India
Communication Services		0		1,941		0		1,941
Consumer Discretionary		0		19,728		0		19,728
Consumer Staples		0		18,423		0		18,423
Energy		0		44,254		0		44,254
Financials		0		37,967		0		37,967
Health Care		0		6,583		0		6,583
Industrials		0		9,639		0		9,639
Information Technology		0		2,908		0		2,908
Materials		0		54,832		0		54,832
Utilities		1,503		16,601		0		18,104

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Indonesia
Communication Services	$	0	$	4,250	$	0	$	4,250
Consumer Staples		1,342		1,180		0		2,522
Energy		4,194		9,081		0		13,275
Financials		85		17,617		0		17,702
Health Care		0		1,447		0		1,447
Industrials		0		6,712		0		6,712
Materials		0		2,224		0		2,224
Utilities		0		2,389		0		2,389
Malaysia
Communication Services		0		1,466		0		1,466
Consumer Discretionary		0		1,583		0		1,583
Energy		525		0		0		525
Financials		227		9,181		0		9,408
Health Care		0		1,448		0		1,448
Industrials		0		3,577		0		3,577
Utilities		453		3,102		0		3,555
Mexico
Communication Services		3,600		0		0		3,600
Consumer Discretionary		581		0		0		581
Consumer Staples		4,201		0		0		4,201
Financials		3,181		0		0		3,181
Industrials		3,500		0		0		3,500
Materials		37,129		0		0		37,129
Netherlands
Real Estate		801		0		0		801
Philippines
Communication Services		0		2,169		0		2,169
Energy		0		1,048		0		1,048
Industrials		996		1,018		0		2,014
Utilities		0		267		0		267
Poland
Communication Services		0		211		0		211
Financials		0		11,116		0		11,116
Utilities		0		2,243		0		2,243
Qatar
Communication Services		203		0		0		203
Russia
Financials		0		0		26		26
Utilities		0		0		1		1
Saudi Arabia
Communication Services		0		5,280		0		5,280
Consumer Discretionary		0		394		0		394
Utilities		0		236		0		236
South Africa
Communication Services		865		12,023		0		12,888
Consumer Discretionary		5,300		0		0		5,300
Consumer Staples		1,499		8,051		0		9,550
Financials		9,981		14,645		0		24,626

36 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Health Care	$	2,493	$	0	$	0	$	2,493
Industrials		1,907		0		0		1,907
Materials		1,802		7,734		0		9,536
South Korea
Communication Services		0		20,712		0		20,712
Consumer Discretionary		0		45,451		0		45,451
Consumer Staples		0		7,448		0		7,448
Financials		0		15,351		0		15,351
Industrials		0		41,139		0		41,139
Information Technology		0		8,952		0		8,952
Materials		702		17,818		0		18,520
Utilities		0		14,849		0		14,849
Taiwan
Communication Services		0		1,206		0		1,206
Consumer Discretionary		0		6,420		0		6,420
Consumer Staples		0		6,243		0		6,243
Financials		0		657		0		657
Information Technology		0		139,556		0		139,556
Materials		0		797		0		797
Thailand
Communication Services		0		126		0		126
Energy		0		4,798		0		4,798
Financials		0		62,075		0		62,075
Health Care		0		2,133		0		2,133
Information Technology		0		283		0		283
Materials		0		285		0		285
Real Estate		0		2,927		0		2,927
Turkey
Communication Services		1,803		0		0		1,803
Consumer Discretionary		0		676		0		676
Consumer Staples		0		3,233		0		3,233
Financials		3,873		35,777		0		39,650

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Industrials	$	0	$	1,874	$	0	$	1,874
Utilities		0		1,153		0		1,153
United Arab Emirates
Financials		0		926		0		926
Preferred Stocks
Brazil
Financials		4,992		0		0		4,992
Materials		2,115		0		0		2,115
Utilities		3,605		0		0		3,605
Chile
Consumer Staples		1,327		0		0		1,327
Real Estate Investment Trusts
Hong Kong
Real Estate		0		17		0		17
Mexico
Real Estate		548		0		0		548
South Africa
Real Estate		270		680		0		950
Turkey
Real Estate		0		1,537		0		1,537
Short-Term Instruments
Repurchase Agreements		0		10,117		0		10,117
	$	205,522	$	1,172,938	$	195	$	1,378,655
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		26,933		0		0		26,933
Total Investments	$	232,455	$	1,172,938	$	195	$	1,405,588

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 37

Schedule of Investments PIMCO RAE Global ex-US Fund June 30, 2023

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

		MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 0.2%
SHORT-TERM INSTRUMENTS 0.2%
REPURCHASE AGREEMENTS (b) 0.2%
	$		135
Total Short-Term Instruments (Cost $135)			135
Total Investments in Securities (Cost $135)			135

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 99.8%
MUTUAL FUNDS (a) 99.8%
UNITED STATES 99.8%
PIMCO RAE Emerging Markets Fund		2,262,326	$		21,334
PIMCO RAE International Fund		8,743,263			70,733
Total Mutual Funds (Cost $96,920)					92,067
Total Investments in Affiliates (Cost $96,920)					92,067
Total Investments 100.0% (Cost $97,055)			$		92,202
Other Assets and Liabilities, net 0.0%					10
Net Assets 100.0%			$		92,212

NOTES TO SCHEDULE OF INVESTMENTS:

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

(a) Institutional Class Shares of each Fund.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(b)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to  be Received(1)
FICC		2.400	%		06/30/2023		07/03/2023	$	135	U.S. Treasury Bonds 4.625% due 06/30/2025	$	(138	)	$	135	$	135
Total Repurchase Agreements											$	(138	)	$	135	$	135

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, 2023:

Counterparty	Repurchase Agreement Proceeds to  be Received(1)		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(2)
Global/Master Repurchase Agreement
FICC	$	135	$	0	$	0	$	0	$	135	$	(138	)	$	(3	)
Total Borrowings and Other Financing Transactions	$	135	$	0	$	0	$	0

⁽¹⁾ Includes accrued interest.

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

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Investments in Securities, at Value
Short-Term Instruments
Repurchase Agreements	$	0	$	135	$	0	$	135
	$	0	$	135	$	0	$	135
Investments in Affiliates, at Value
Mutual Funds
United States		92,067		0		0		92,067
Total Investments	$	92,067	$	135	$	0	$	92,202

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

38 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAE International Fund June 30, 2023

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.2%
COMMON STOCKS 97.9%
AUSTRALIA 4.4%
CONSUMER STAPLES 0.1%
Metcash Ltd.		294,839	$		740
ENERGY 0.5%
Ampol Ltd.		90,258			1,803
Viva Energy Group Ltd.		426,308			857
					2,660
FINANCIALS 1.0%
AMP Ltd.		819,321			619
Medibank Pvt Ltd.		519,256			1,220
Suncorp Group Ltd.		467,837			4,203
					6,042
INDUSTRIALS 0.4%
Aurizon Holdings Ltd.		414,893			1,085
Brambles Ltd.		101,063			972
Downer EDI Ltd.		25,788			71
					2,128
MATERIALS 1.0%
BlueScope Steel Ltd.		70,751			974
Rio Tinto Ltd.		66,568			5,098
					6,072
UTILITIES 1.4%
AGL Energy Ltd.		1,117,436			8,070
Total Australia					25,712
AUSTRIA 0.4%
FINANCIALS 0.0%
Vienna Insurance Group AG Wiener Versicherung Gruppe		8,886			232
INDUSTRIALS 0.0%
Strabag SE		2,287			93
MATERIALS 0.4%
voestalpine AG		58,389			2,098
Total Austria					2,423
BELGIUM 0.5%
COMMUNICATION SERVICES 0.1%
Proximus SADP		46,785			349
CONSUMER STAPLES 0.0%
Etablissements Franz Colruyt NV		5,584			208
ENERGY 0.2%
Euronav NV		78,730			1,195
HEALTH CARE 0.1%
UCB SA		10,190			903

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 0.1%
bpost SA		80,993	$		356
Total Belgium					3,011
CANADA 6.6%
CONSUMER DISCRETIONARY 3.0%
Canadian Tire Corp. Ltd. ‘A’		4,951			677
Gildan Activewear, Inc.		25,991			838
Linamar Corp.		6,900			363
Magna International, Inc.		269,867			15,235
					17,113
CONSUMER STAPLES 0.4%
George Weston Ltd.		7,561			894
Loblaw Cos., Ltd.		17,800			1,629
					2,523
ENERGY 1.3%
Suncor Energy, Inc.		258,541			7,584
FINANCIALS 0.3%
CI Financial Corp. (c)		58,051			659
Onex Corp.		4,710			260
Sun Life Financial, Inc.		13,453			701
					1,620
HEALTH CARE 0.2%
Bausch Health Cos., Inc. (a)		158,300			1,267
INDUSTRIALS 0.3%
Finning International, Inc.		53,500			1,646
SNC-Lavalin Group, Inc. (e)		4,900			128
					1,774
INFORMATION TECHNOLOGY 0.5%
Celestica, Inc. (a)		99,842			1,449
CGI, Inc. (a)		12,900			1,361
					2,810
MATERIALS 0.3%
Kinross Gold Corp.		229,300			1,094
Lundin Mining Corp.		57,000			447
					1,541
UTILITIES 0.3%
Atco Ltd.		52,181			1,554
Canadian Utilities Ltd. ‘A		14,381			372
					1,926
Total Canada					38,158
DENMARK 1.0%
CONSUMER DISCRETIONARY 0.1%
Pandora AS		7,204			644
CONSUMER STAPLES 0.3%
Carlsberg AS ‘B’		7,799			1,249
Schouw & Co. AS		2,344			185
					1,434

	SHARES			MARKET VALUE (000S)
HEALTH CARE 0.1%
H Lundbeck AS		166,664	$		793
H Lundbeck AS ‘A’		315			2
					795
INDUSTRIALS 0.5%
ISS AS		142,182			3,008
Total Denmark					5,881
FINLAND 2.3%
CONSUMER DISCRETIONARY 0.1%
Nokian Renkaat OYJ		53,957			471
CONSUMER STAPLES 0.1%
Kesko OYJ		22,997			433
FINANCIALS 0.7%
Nordea Bank Abp		404,753			4,409
HEALTH CARE 0.1%
Orion OYJ ‘B’		8,430			350
INDUSTRIALS 0.2%
Wartsila OYJ Abp		110,605			1,247
INFORMATION TECHNOLOGY 1.1%
Nokia OYJ		1,476,975			6,188
Total Finland					13,098
FRANCE 5.2%
COMMUNICATION SERVICES 0.3%
Orange SA		129,892			1,518
CONSUMER DISCRETIONARY 0.9%
Renault SA		87,747			3,702
Valeo SA		71,424			1,535
					5,237
CONSUMER STAPLES 2.2%
Carrefour SA (c)		272,577			5,165
L’Oreal SA		16,654			7,769
					12,934
FINANCIALS 0.4%
Amundi SA		5,779			342
AXA SA		59,030			1,744
					2,086
HEALTH CARE 0.9%
Sanofi		47,904			5,157
INDUSTRIALS 0.5%
Cie de Saint-Gobain		47,013			2,863
Total France					29,795
GERMANY 3.0%
COMMUNICATION SERVICES 0.2%
Telefonica Deutschland Holding AG		356,560			1,003

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 39

Schedule of Investments PIMCO RAE International Fund (Cont.)

	SHARES			MARKET VALUE (000S)
CONSUMER DISCRETIONARY 0.5%
Bayerische Motoren Werke AG		20,067	$		2,468
Continental AG		7,709			583
					3,051
CONSUMER STAPLES 0.4%
Metro AG (a)		242,087			1,967
FINANCIALS 0.8%
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen		10,913			4,097
Talanx AG		9,297			534
					4,631
HEALTH CARE 0.8%
Fresenius Medical Care AG & Co. KGaA		38,959			1,862
Fresenius SE & Co. KGaA		105,984			2,939
					4,801
MATERIALS 0.3%
Aurubis AG		2,458			211
HeidelbergCement AG		20,426			1,680
					1,891
Total Germany					17,344
HONG KONG 2.9%
COMMUNICATION SERVICES 0.0%
PCCW Ltd.		236,000			122
CONSUMER DISCRETIONARY 0.9%
Melco Resorts & Entertainment Ltd. (a)		310,864			3,796
Skyworth Group Ltd.		1,764,215			781
Yue Yuen Industrial Holdings Ltd.		358,000			469
					5,046
CONSUMER STAPLES 0.2%
First Pacific Co. Ltd.		322,000			112
Sun Art Retail Group Ltd.		158,000			41
WH Group Ltd.		1,643,000			875
					1,028
INDUSTRIALS 0.1%
Hutchison Port Holdings Trust		2,805,700			542
Jardine Matheson Holdings Ltd.		4,000			203
					745
INFORMATION TECHNOLOGY 0.2%
Kingboard Holdings Ltd.		265,500			726
Kingboard Laminates Holdings Ltd.		399,000			376
					1,102
MATERIALS 0.0%
Nine Dragons Paper Holdings Ltd.		322,000			199

	SHARES			MARKET VALUE (000S)
REAL ESTATE 1.5%
CK Asset Holdings Ltd.		438,500	$		2,437
Kerry Properties Ltd.		288,000			599
Sun Hung Kai Properties Ltd.		135,000			1,706
Swire Pacific Ltd. ‘A’		334,000			2,566
Wharf Holdings Ltd.		412,000			979
					8,287
Total Hong Kong					16,529
ISRAEL 1.5%
COMMUNICATION SERVICES 0.3%
Bezeq The Israeli Telecommunication Corp. Ltd.		1,315,284			1,606
ENERGY 0.2%
Delek Group Ltd.		2,627			298
Oil Refineries Ltd.		2,206,948			630
Paz Oil Co. Ltd. (a)		2,651			285
					1,213
FINANCIALS 0.0%
Plus500 Ltd.		12,952			241
HEALTH CARE 0.8%
Teva Pharmaceutical Industries Ltd. SP - ADR (a)		599,620			4,515
INFORMATION TECHNOLOGY 0.2%
Check Point Software Technologies Ltd. (a)		6,628			833
MATERIALS 0.0%
Israel Corp. Ltd.		745			195
REAL ESTATE 0.0%
G City Ltd.		38,061			125
Total Israel					8,728
ITALY 3.1%
ENERGY 1.2%
Eni SpA		491,328			7,073
FINANCIALS 0.1%
Unipol Gruppo SpA		65,075			348
UnipolSai Assicurazioni SpA		32,159			80
					428
INDUSTRIALS 0.1%
Leonardo SpA		30,644			348
UTILITIES 1.7%
Enel SpA		1,459,412			9,840
Total Italy					17,689
JAPAN 27.3%
COMMUNICATION SERVICES 1.7%
KDDI Corp.		13,900			429
Nippon Telegraph & Telephone Corp.		6,122,500			7,245

	SHARES			MARKET VALUE (000S)
SoftBank Group Corp.		40,700	$		1,919
Square Enix Holdings Co. Ltd.		9,100			424
					10,017
CONSUMER DISCRETIONARY 7.3%
Bridgestone Corp. (c)		100,100			4,112
Casio Computer Co. Ltd.		30,200			249
DCM Holdings Co. Ltd.		6,500			55
EDION Corp.		101,300			1,023
Iida Group Holdings Co. Ltd.		15,300			259
Isuzu Motors Ltd.		263,100			3,192
Izumi Co. Ltd.		5,600			134
JTEKT Corp.		22,900			209
K’s Holdings Corp.		47,200			411
Mazda Motor Corp.		497,500			4,808
NHK Spring Co. Ltd.		10,200			75
Nissan Motor Co. Ltd.		1,592,000			6,534
Paltac Corp.		7,900			263
Panasonic Holdings Corp.		748,500			9,178
Sega Sammy Holdings, Inc.		59,200			1,268
Sekisui House Ltd.		128,100			2,588
Shimamura Co. Ltd.		8,000			756
Subaru Corp.		268,000			5,047
Sumitomo Rubber Industries Ltd.		45,000			437
Tokai Rika Co. Ltd.		11,800			175
Yamada Holdings Co. Ltd.		450,600			1,326
					42,099
CONSUMER STAPLES 1.7%
Arcs Co. Ltd.		5,600			96
Coca-Cola Bottlers Japan Holdings, Inc.		5,200			55
H2O Retailing Corp.		82,000			838
Itoham Yonekyu Holdings, Inc.		82,800			417
Japan Tobacco, Inc. (c)		258,956			5,673
Kao Corp. (c)		25,500			925
Kewpie Corp.		3,600			59
Kose Corp.		2,500			240
Mitsubishi Shokuhin Co. Ltd.		6,500			168
Morinaga Milk Industry Co. Ltd.		1,800			59
Pola Orbis Holdings, Inc. (c)		34,500			503
Sugi Holdings Co. Ltd.		1,600			71
Sundrug Co. Ltd.		7,300			217
Tsuruha Holdings, Inc.		2,200			164
United Super Markets Holdings, Inc.		35,100			271
					9,756
ENERGY 0.2%
Cosmo Energy Holdings Co. Ltd.		35,600			973
FINANCIALS 4.2%
Japan Post Holdings Co. Ltd.		2,416,800			17,370
Japan Post Insurance Co. Ltd.		16,400			246
MS&AD Insurance Group Holdings, Inc.		168,100			5,953
Sompo Holdings, Inc.		18,300			821
					24,390
HEALTH CARE 1.2%
Alfresa Holdings Corp.		55,300			827
Astellas Pharma, Inc.		159,200			2,371
Medipal Holdings Corp.		112,200			1,835

40 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

	SHARES			MARKET VALUE (000S)
Otsuka Holdings Co. Ltd. (c)		15,700	$		576
Suzuken Co. Ltd.		35,800			974
Toho Holdings Co. Ltd.		11,100			204
					6,787
INDUSTRIALS 3.8%
Amada Co. Ltd.		109,500			1,080
Dai Nippon Printing Co. Ltd.		94,300			2,679
Ebara Corp. (c)		22,500			1,079
Fujikura Ltd.		46,100			387
Furukawa Electric Co. Ltd.		21,600			382
Hanwa Co. Ltd.		8,200			259
Hino Motors Ltd.		283,200			1,204
Inabata & Co. Ltd.		33,000			742
Kajima Corp.		38,900			587
Kamigumi Co. Ltd.		2,900			66
Kandenko Co. Ltd.		24,900			200
Mitsubishi Electric Corp.		203,500			2,877
Mitsubishi Heavy Industries Ltd.		18,800			878
Nabtesco Corp.		16,800			371
Nagase & Co. Ltd.		11,100			185
Nippon Express Holdings, Inc.		5,100			288
Nisshinbo Holdings, Inc. (c)		33,100			274
Persol Holdings Co. Ltd.		70,500			1,276
Sankyu, Inc.		1,600			53
Secom Co. Ltd.		21,600			1,462
Seino Holdings Co. Ltd.		5,000			71
Sumitomo Heavy Industries Ltd. (c)		12,500			299
Taisei Corp.		55,400			1,936
Toppan, Inc.		12,400			268
Yamato Holdings Co. Ltd.		176,700			3,203
					22,106
INFORMATION TECHNOLOGY 3.0%
Alps Alpine Co. Ltd.		110,800			973
Brother Industries Ltd.		24,700			362
Canon Marketing Japan, Inc. (c)		13,300			331
Canon, Inc. (c)		258,250			6,788
Fujitsu Ltd.		39,600			5,127
Konica Minolta, Inc.		231,700			805
Otsuka Corp.		7,900			308
Ricoh Co. Ltd.		214,200			1,825
Seiko Epson Corp.		25,000			390
Yokogawa Electric Corp.		19,700			365
					17,274
MATERIALS 1.8%
Daicel Corp.		120,200			1,076
DIC Corp. (c)		48,900			890
JFE Holdings, Inc.		28,600			409
Kaneka Corp.		16,900			474
Kuraray Co. Ltd. (c)		14,100			137
Mitsui Chemicals, Inc.		39,500			1,164
Mitsui Mining & Smelting Co. Ltd.		3,600			83
Nippon Light Metal Holdings Co. Ltd.		17,900			181
Nitto Denko Corp.		46,800			3,474
Taiheiyo Cement Corp.		47,200			933
Teijin Ltd.		17,300			173
Toyo Seikan Group Holdings Ltd.		108,400			1,597
UBE Corp.		3,500			60
					10,651

	SHARES			MARKET VALUE (000S)
REAL ESTATE 1.0%
Daito Trust Construction Co. Ltd.		56,700	$		5,744
Nomura Real Estate Holdings, Inc.		3,500			83
					5,827
UTILITIES 1.4%
Chubu Electric Power Co., Inc.		344,700			4,205
Electric Power Development Co. Ltd. ‘C’		113,900			1,677
Tohoku Electric Power Co., Inc.		317,200			1,961
					7,843
Total Japan					157,723
LUXEMBOURG 0.1%
COMMUNICATION SERVICES 0.1%
Millicom International Cellular SA (a)		18,339			281
RTL Group SA		5,097			204
					485
Total Luxembourg					485
NETHERLANDS 6.8%
COMMUNICATION SERVICES 0.0%
VEON Ltd. ADR «(a)		57,744			0
CONSUMER STAPLES 4.1%
Koninklijke Ahold Delhaize NV		696,780			23,755
FINANCIALS 0.3%
NN Group NV		45,139			1,671
HEALTH CARE 1.0%
Koninklijke Philips NV		263,992			5,720
INDUSTRIALS 0.6%
Randstad NV		68,234			3,599
MATERIALS 0.8%
Akzo Nobel NV		55,266			4,518
Total Netherlands					39,263
NEW ZEALAND 0.3%
COMMUNICATION SERVICES 0.1%
Spark New Zealand Ltd.		140,685			440
INDUSTRIALS 0.1%
Air New Zealand Ltd. (a)		379,957			183
Fletcher Building Ltd.		181,609			605
					788
UTILITIES 0.1%
Contact Energy Ltd.		57,483			286
Total New Zealand					1,514
NORWAY 0.6%
COMMUNICATION SERVICES 0.2%
Telenor ASA		91,255			925

	SHARES			MARKET VALUE (000S)
FINANCIALS 0.2%
DNB Bank ASA		59,443	$		1,112
INFORMATION TECHNOLOGY 0.0%
Atea ASA		17,327			252
MATERIALS 0.2%
Yara International ASA		31,555			1,115
Total Norway					3,404
PORTUGAL 0.8%
CONSUMER STAPLES 0.1%
Jeronimo Martins SGPS SA		10,528			290
Sonae SGPS SA		451,606			444
					734
ENERGY 0.3%
Galp Energia SGPS SA		134,109			1,567
MATERIALS 0.1%
Navigator Co. SA		170,340			577
UTILITIES 0.3%
EDP - Energias de Portugal SA		340,957			1,667
Total Portugal					4,545
SINGAPORE 0.7%
COMMUNICATION SERVICES 0.2%
JOYY, Inc.		31,808			977
Singapore Telecommunications Ltd.		209,600			388
					1,365
CONSUMER STAPLES 0.0%
Golden Agri-Resources Ltd.		802,500			146
INDUSTRIALS 0.4%
ComfortDelGro Corp. Ltd.		896,600			771
Jardine Cycle & Carriage Ltd.		46,000			1,186
					1,957
INFORMATION TECHNOLOGY 0.1%
Venture Corp. Ltd.		40,900			446
Total Singapore					3,914
SPAIN 9.2%
COMMUNICATION SERVICES 2.5%
Telefonica SA		3,581,969			14,543
ENERGY 0.7%
Repsol SA		281,219			4,090
FINANCIALS 4.7%
Banco Bilbao Vizcaya Argentaria SA		1,323,571			10,169
Banco de Sabadell SA		730,144			842
Banco Santander SA		3,802,004			14,075
Mapfre SA (c)		920,294			1,829
					26,915

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 41

Schedule of Investments PIMCO RAE International Fund (Cont.)

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 0.4%
ACS Actividades de Construccion y Servicios SA		68,032	$		2,392
UTILITIES 0.9%
Endesa SA (c)		69,190			1,487
Naturgy Energy Group SA		134,320			4,004
					5,491
Total Spain					53,431
SWEDEN 4.1%
COMMUNICATION SERVICES 0.0%
Telia Co. AB		76,878			169
CONSUMER DISCRETIONARY 0.5%
Electrolux AB ‘B’		72,029			984
H & M Hennes & Mauritz AB ‘B’		116,562			2,005
					2,989
FINANCIALS 0.4%
Swedbank AB ‘A’		141,178			2,382
HEALTH CARE 0.1%
Getinge AB ‘B’		14,068			247
INDUSTRIALS 2.2%
Husqvarna AB ‘B’		102,561			931
Intrum AB (c)		40,491			263
Loomis AB		9,213			269
Peab AB ‘B’		12,581			50
Securitas AB		208,475			1,712
Skanska AB ‘B’		41,691			585
SKF AB ‘B’		69,414			1,209
Volvo AB ‘B’		379,107			7,846
					12,865
INFORMATION TECHNOLOGY 0.8%
Telefonaktiebolaget LM Ericsson ‘B’		849,862			4,617
MATERIALS 0.1%
Hexpol AB		48,770			518
Total Sweden					23,787
SWITZERLAND 6.7%
CONSUMER DISCRETIONARY 0.8%
Swatch Group AG		14,982			4,380
CONSUMER STAPLES 0.2%
Coca-Cola HBC AG		29,726			887
FINANCIALS 0.8%
Swiss Life Holding AG		574			336
Swiss Re AG		29,521			2,975
Zurich Insurance Group AG		2,920			1,389
					4,700
HEALTH CARE 2.1%
Roche Holding AG		40,458			12,358

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 1.7%
ABB Ltd.		117,475	$		4,622
Adecco Group AG		112,003			3,668
Kuehne & Nagel International AG		4,230			1,253
					9,543
MATERIALS 1.1%
Holcim AG		98,205			6,620
Total Switzerland					38,488
UNITED KINGDOM 10.4%
COMMUNICATION SERVICES 0.3%
WPP PLC		187,473			1,965
CONSUMER DISCRETIONARY 1.2%
Barratt Developments PLC		81,866			430
Berkeley Group Holdings PLC		6,082			303
Currys PLC		413,075			275
Inchcape PLC		247,425			2,449
Kingfisher PLC		322,405			950
Pearson PLC		125,094			1,311
Persimmon PLC		81,934			1,068
					6,786
CONSUMER STAPLES 1.0%
Imperial Brands PLC		190,049			4,207
Marks & Spencer Group PLC (a)		704,856			1,728
					5,935
ENERGY 0.4%
Shell PLC		45,343			1,353
Subsea 7 SA		76,555			953
					2,306
FINANCIALS 1.6%
abrdn PLC		666,589			1,851
Direct Line Insurance Group PLC		718,780			1,243
M&G PLC		2,439,766			5,938
					9,032
HEALTH CARE 1.6%
GSK PLC		537,798			9,531
INDUSTRIALS 1.2%
Ferguson PLC		25,437			4,018
International Distributions Services PLC		862,117			2,423
Travis Perkins PLC		57,752			598
					7,039
MATERIALS 0.2%
Evraz PLC «(a)		238,175			0
Johnson Matthey PLC		40,637			902
					902
UTILITIES 2.9%
Centrica PLC		8,695,734			13,711
SSE PLC		118,864			2,787
					16,498
Total United Kingdom					59,994
Total Common Stocks (Cost $463,287)					564,916

	SHARES			MARKET VALUE (000S)
PREFERRED STOCKS 0.2%
GERMANY 0.2%
CONSUMER DISCRETIONARY 0.1%
Schaeffler AG		149,952	$		925
CONSUMER STAPLES 0.1%
Henkel AG & Co. KGaA		3,988			319
Total Preferred Stocks (Cost $1,121)					1,244
REAL ESTATE INVESTMENT TRUSTS 0.8%
AUSTRALIA 0.5%
REAL ESTATE 0.5%
Scentre Group		788,404			1,394
Stockland		489,024			1,315
Vicinity Ltd.		286,661			353
					3,062
Total Australia					3,062
CANADA 0.3%
REAL ESTATE 0.3%
H&R Real Estate Investment Trust		128,986			998
RioCan Real Estate Investment Trust		34,742			506
					1,504
Total Canada					1,504
Total Real Estate Investment Trusts (Cost $4,288)					4,566
WARRANTS 0.0%
SPAIN 0.0%
INDUSTRIALS 0.0%
Abengoa SA ‘B’ - Exp. 03/31/2025 «		226,011			0
Total Warrants (Cost $0)					0
SHORT-TERM INSTRUMENTS 0.3%
REPURCHASE AGREEMENTS (f) 0.3%
					1,973
Total Short-Term Instruments (Cost $1,973)					1,973
Total Investments in Securities (Cost $470,669)					572,699
INVESTMENTS IN AFFILIATES 4.8%
SHORT-TERM INSTRUMENTS 4.8%
MUTUAL FUNDS 4.8%
PIMCO Government Money Market Fund
5.210% (b)(c)(d)		27,723,146			27,723
Total Short-Term Instruments (Cost $27,723)					27,723
Total Investments in Affiliates (Cost $27,723)					27,723
Total Investments 104.0% (Cost $498,392)			$		600,422
Other Assets and Liabilities, net (4.0)%					(23,057	)
Net Assets 100.0%			$		577,365

42 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

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 $26,153 were out on loan in exchange for $27,723 of cash collateral as of June 30, 2023. 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
SNC-Lavalin Group, Inc.	05/31/2023	$	114	$	128		0.02%

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(1)
FICC		2.400	%		06/30/2023		07/03/2023	$	1,973	U.S. Treasury Notes 4.625% due 06/30/2025	$	(2,013	)	$	1,973	$	1,973
Total Repurchase Agreements											$	(2,013	)	$	1,973	$	1,973

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, 2023:

Counterparty	Repurchase Agreement Proceeds to  be Received(1)		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(2)
Global/Master Repurchase Agreement
FICC	$	1,973	$	0	$	0	$	0	$	1,973	$	(2,013	)	$	(40	)
Master Securities Lending Agreement
BCY		0		0		0		4,427		4,427		(4,807	)		(380	)
BOS		0		0		0		2,228		2,228		(2,340	)		(112	)
BSN		0		0		0		397		397		(417	)		(20	)
GSC		0		0		0		4,542		4,542		(4,770	)		(228	)
MSC		0		0		0		1,479		1,479		(1,555	)		(76	)
SAL		0		0		0		13,080		13,080		(13,835	)		(755	)
Total Borrowings and Other Financing Transactions	$	1,973	$	0	$	0	$	26,153

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(3)
Common Stocks	$	27,723	$	0	$	0	$	0	$	27,723
Total Borrowings	$	27,723	$	0	$	0	$	0	$	27,723
Payable for securities on loan - cash collateral									$	27,723

⁽¹⁾ Includes accrued interest.

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

⁽³⁾ Includes cash as described in Note 5 in the Notes to Financial Statements.

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 43

Schedule of Investments PIMCO RAE International Fund (Cont.)

FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS

The following is a summary of the fair valuation of the Fund’s derivative instruments categorized by risk exposure. See Note 7, Principal 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, 2023:

	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
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	25	$	0	$	25

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Investments in Securities, at Value
Common Stocks
Australia
Consumer Staples	$	0	$	740	$	0	$	740
Energy		0		2,660		0		2,660
Financials		0		6,042		0		6,042
Industrials		0		2,128		0		2,128
Materials		0		6,072		0		6,072
Utilities		0		8,070		0		8,070
Austria
Financials		0		232		0		232
Industrials		93		0		0		93
Materials		0		2,098		0		2,098
Belgium
Communication Services		0		349		0		349
Consumer Staples		0		208		0		208
Energy		0		1,195		0		1,195
Health Care		0		903		0		903
Industrials		0		356		0		356
Canada
Consumer Discretionary		17,113		0		0		17,113
Consumer Staples		2,523		0		0		2,523
Energy		7,584		0		0		7,584
Financials		1,620		0		0		1,620
Health Care		1,267		0		0		1,267
Industrials		1,774		0		0		1,774
Information Technology		2,810		0		0		2,810
Materials		1,541		0		0		1,541
Utilities		1,926		0		0		1,926
Denmark
Consumer Discretionary		0		644		0		644
Consumer Staples		0		1,434		0		1,434
Health Care		0		795		0		795
Industrials		0		3,008		0		3,008
Finland
Consumer Discretionary		0		471		0		471
Consumer Staples		0		433		0		433
Financials		0		4,409		0		4,409
Health Care		0		350		0		350
Industrials		0		1,247		0		1,247
Information Technology		0		6,188		0		6,188
France
Communication Services		0		1,518		0		1,518
Consumer Discretionary		0		5,237		0		5,237
Consumer Staples		0		12,934		0		12,934
Financials		0		2,086		0		2,086
Health Care		0		5,157		0		5,157
Industrials		0		2,863		0		2,863
Germany
Communication Services		0		1,003		0		1,003

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Consumer Discretionary	$	0	$	3,051	$	0	$	3,051
Consumer Staples		0		1,967		0		1,967
Financials		0		4,631		0		4,631
Health Care		0		4,801		0		4,801
Materials		0		1,891		0		1,891
Hong Kong
Communication Services		0		122		0		122
Consumer Discretionary		3,796		1,250		0		5,046
Consumer Staples		0		1,028		0		1,028
Industrials		0		745		0		745
Information Technology		0		1,102		0		1,102
Materials		0		199		0		199
Real Estate		0		8,287		0		8,287
Israel
Communication Services		0		1,606		0		1,606
Energy		0		1,213		0		1,213
Financials		241		0		0		241
Health Care		4,515		0		0		4,515
Information Technology		833		0		0		833
Materials		0		195		0		195
Real Estate		0		125		0		125
Italy
Energy		0		7,073		0		7,073
Financials		0		428		0		428
Industrials		0		348		0		348
Utilities		0		9,840		0		9,840
Japan
Communication Services		0		10,017		0		10,017
Consumer Discretionary		0		42,099		0		42,099
Consumer Staples		0		9,756		0		9,756
Energy		0		973		0		973
Financials		0		24,390		0		24,390
Health Care		0		6,787		0		6,787
Industrials		0		22,106		0		22,106
Information Technology		0		17,274		0		17,274
Materials		0		10,651		0		10,651
Real Estate		0		5,827		0		5,827
Utilities		0		7,843		0		7,843
Luxembourg
Communication Services		0		485		0		485
Netherlands
Consumer Staples		0		23,755		0		23,755
Financials		0		1,671		0		1,671
Health Care		0		5,720		0		5,720
Industrials		0		3,599		0		3,599
Materials		0		4,518		0		4,518
New Zealand
Communication Services		0		440		0		440
Industrials		0		788		0		788
Utilities		0		286		0		286

44 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Norway
Communication Services	$	0	$	925	$	0	$	925
Financials		0		1,112		0		1,112
Information Technology		252		0		0		252
Materials		0		1,115		0		1,115
Portugal
Consumer Staples		0		734		0		734
Energy		0		1,567		0		1,567
Materials		0		577		0		577
Utilities		0		1,667		0		1,667
Singapore
Communication Services		977		388		0		1,365
Consumer Staples		0		146		0		146
Industrials		0		1,957		0		1,957
Information Technology		0		446		0		446
Spain
Communication Services		0		14,543		0		14,543
Energy		0		4,090		0		4,090
Financials		0		26,915		0		26,915
Industrials		0		2,392		0		2,392
Utilities		0		5,491		0		5,491
Sweden
Communication Services		0		169		0		169
Consumer Discretionary		0		2,989		0		2,989
Financials		0		2,382		0		2,382
Health Care		0		247		0		247
Industrials		0		12,865		0		12,865
Information Technology		0		4,617		0		4,617
Materials		0		518		0		518
Switzerland
Consumer Discretionary		0		4,380		0		4,380
Consumer Staples		0		887		0		887
Financials		0		4,700		0		4,700

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Health Care	$	0	$	12,358	$	0	$	12,358
Industrials		0		9,543		0		9,543
Materials		0		6,620		0		6,620
United Kingdom
Communication Services		0		1,965		0		1,965
Consumer Discretionary		275		6,511		0		6,786
Consumer Staples		0		5,935		0		5,935
Energy		0		2,306		0		2,306
Financials		0		9,032		0		9,032
Health Care		0		9,531		0		9,531
Industrials		0		7,039		0		7,039
Materials		0		902		0		902
Utilities		0		16,498		0		16,498
Preferred Stocks
Germany
Consumer Discretionary		0		925		0		925
Consumer Staples		0		319		0		319
Real Estate Investment Trusts
Australia
Real Estate		0		3,062		0		3,062
Canada
Real Estate		1,504		0		0		1,504
Short-Term Instruments
Repurchase Agreements		0		1,973		0		1,973
	$	50,644	$	522,055	$	0	$	572,699
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		27,723		0		0		27,723
Total Investments	$	78,367	$	522,055	$	0	$	600,422

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 45

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 98.8%
UNITED STATES 98.8%
COMMUNICATION SERVICES 6.7%
Altice USA, Inc. (a)		243,103	$		734
AT&T, Inc.		959,323			15,301
Liberty Media Corp.-Liberty SiriusXM (a)		30,236			990
Lumen Technologies, Inc.		472,139			1,067
Meta Platforms, Inc. ‘A’ (a)		211,527			60,704
					78,796
CONSUMER DISCRETIONARY 7.4%
AutoNation, Inc. (a)		7,590			1,249
Best Buy Co., Inc.		103,904			8,515
Dick’s Sporting Goods,		27,139			3,588
eBay, Inc.		215,200			9,617
Foot Locker, Inc.		148,082			4,015
Gap, Inc.		357,910			3,196
Goodyear Tire & Rubber Co. (a)		140,792			1,926
Kohl’s Corp.		555,757			12,810
Las Vegas Sands Corp. (a)		72,555			4,208
Lennar Corp. ‘A’		32,885			4,121
Macy’s, Inc.		277,669			4,457
NVR, Inc. (a)		286			1,816
O’Reilly Automotive, Inc. (a)		4,535			4,332
PulteGroup, Inc.		74,949			5,822
PVH Corp.		10,536			895
Qurate Retail, Inc. (a)		858,392			850
Starbucks Corp.		79,636			7,889
Tapestry, Inc.		38,196			1,635
Toll Brothers, Inc.		39,927			3,157
Whirlpool Corp.		9,859			1,467
Yum! Brands, Inc.		3,060			424
					85,989
CONSUMER STAPLES 9.2%
Altria Group, Inc.		306,139			13,868
Dollar General Corp.		45,625			7,746
Kroger Co.		428,356			20,133
Walgreens Boots Alliance, Inc.		435,991			12,421
Walmart, Inc.		336,722			52,926
					107,094
ENERGY 15.4%
Baker Hughes Co.		25,380			802
ConocoPhillips		21,890			2,268
Exxon Mobil Corp.		429,501			46,064
Marathon Petroleum Corp.		391,058			45,597
PBF Energy, Inc. ‘A’		92,276			3,778
Phillips 66		369,956			35,287
Valero Energy Corp.		378,490			44,397
World Kinect Corp.		63,945			1,322
					179,515
FINANCIALS 8.1%
Allstate Corp.		18,362			2,002
Ally Financial, Inc.		166,923			4,509
American Express Co.		10,447			1,820
Ameriprise Financial, Inc.		14,183			4,711
Aon PLC		10,301			3,556

	SHARES			MARKET VALUE (000S)
Bank of New York Mellon Corp.		34,856	$		1,552
Discover Financial Services		93,344			10,907
Franklin Resources, Inc.		186,238			4,975
Genworth Financial, Inc. ‘A’ (a)		488,966			2,445
Navient Corp.		290,495			5,397
PayPal Holdings, Inc. (a)		155,220			10,358
Synchrony Financial		502,423			17,042
Travelers Cos., Inc.		37,959			6,592
Unum Group		26,391			1,259
Wells Fargo & Co.		399,986			17,071
					94,196
HEALTH CARE 21.5%
Amgen, Inc.		153,684			34,121
Biogen, Inc. (a)		103,646			29,524
Cardinal Health, Inc.		349,507			33,053
Cigna Corp.		27,847			7,814
DaVita, Inc. (a)		47,873			4,810
Elevance Health, Inc.		23,453			10,420
Gilead Sciences, Inc.		449,898			34,674
Humana, Inc.		40,401			18,064
Johnson & Johnson		56,918			9,421
McKesson Corp.		90,292			38,583
Merck & Co., Inc.		195,479			22,556
Organon & Co.		125,961			2,621
Quest Diagnostics, Inc.		13,897			1,953
Universal Health Services, Inc. ‘B’		23,497			3,707
					251,321
INDUSTRIALS 3.6%
AECOM		27,261			2,309
Boeing Co. (a)		78,376			16,550
CH Robinson Worldwide, Inc.		11,462			1,081
Cummins, Inc.		16,824			4,125
Eaton Corp. PLC		16,105			3,239
Honeywell International, Inc.		2,631			546
ManpowerGroup, Inc.		62,887			4,993
Quanta Services, Inc.		16,565			3,254
Robert Half International, Inc.		19,440			1,462
Union Pacific Corp.		18,178			3,720
WW Grainger, Inc.		793			625
					41,904
INFORMATION TECHNOLOGY 21.4%
Amdocs Ltd.		8,526			843
Apple, Inc.		222,204			43,101
Arrow Electronics, Inc. (a)		50,863			7,285
Avnet, Inc.		109,660			5,532
Cisco Systems, Inc.		1,075,734			55,658
DXC Technology Co. (a)		17,740			474
Gen Digital, Inc.		209,187			3,880
Hewlett Packard Enterprise Co.		100,690			1,692
HP, Inc.		118,569			3,641
Intel Corp.		1,333,064			44,578
Jabil, Inc.		66,056			7,129
Juniper Networks, Inc.		272,738			8,545
Kyndryl Holdings, Inc. (a)		82,596			1,097
Lam Research Corp.		9,702			6,237
NetApp, Inc.		142,491			10,886
Oracle Corp.		245,349			29,219
Qorvo, Inc. (a)		48,928			4,992
Seagate Technology Holdings PLC		143,703			8,891

	SHARES			MARKET VALUE (000S)
Teradyne, Inc.		20,988	$		2,337
Western Digital Corp. (a)		27,096			1,028
Xerox Holdings Corp.		172,209			2,564
					249,609
MATERIALS 0.5%
Reliance Steel & Aluminium Co.		24,088			6,542
REAL ESTATE 0.0%
Jones Lang LaSalle, Inc. (a)		1,913			298
UTILITIES 5.0%
AES Corp.		263,002			5,452
Evergy, Inc.		164,654			9,619
Exelon Corp.		344,308			14,027
NRG Energy, Inc.		59,804			2,236
PPL Corp.		166,484			4,405
Southern Co.		84,787			5,957
Vistra Corp.		619,058			16,250
					57,946
Total Common Stocks (Cost $912,994)					1,153,210
REAL ESTATE INVESTMENT TRUSTS 0.7%
UNITED STATES 0.7%
REAL ESTATE 0.7%
Host Hotels & Resorts, Inc.		183,925			3,095
Iron Mountain, Inc.		26,086			1,482
Weyerhaeuser Co.		101,485			3,401
					7,978
Total Real Estate Investment Trusts (Cost $7,148)					7,978
SHORT-TERM INSTRUMENTS 0.2%
REPURCHASE AGREEMENTS (b) 0.2%
					2,205
Total Short-Term Instruments (Cost $2,205)					2,205
Total Investments in Securities (Cost $922,347)					1,163,393
Total Investments 99.7% (Cost $922,347)			$		1,163,393
Other Assets and Liabilities, net 0.3%					4,060
Net Assets 100.0%			$		1,167,453

46 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

NOTES TO SCHEDULE OF INVESTMENTS:

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

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

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(b)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to  be Received(1)
FICC		2.400	%		06/30/2023		07/03/2023	$	2,205	U.S. Treasury Notes 4.625% due 06/30/2025	$	(2,249	)	$	2,205	$	2,205
Total Repurchase Agreements											$	(2,249	)	$	2,205	$	2,205

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, 2023:

Counterparty	Repurchase Agreement Proceeds to  be Received(1)		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(2)
Global/Master Repurchase Agreement
FICC	$	2,205	$	0	$	0	$	0	$	2,205	$	(2,249	)	$	(44	)
Total Borrowings and Other Financing Transactions	$	2,205	$	0	$	0	$	0

⁽¹⁾ Includes accrued interest.

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

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Investments in Securities, at Value
Common Stocks
United States
Communication Services	$	78,796	$	0	$	0	$	78,796
Consumer Discretionary		85,989		0		0		85,989
Consumer Staples		107,094		0		0		107,094
Energy		179,515		0		0		179,515
Financials		94,196		0		0		94,196
Health Care		251,321		0		0		251,321
Industrials		41,904		0		0		41,904
Information Technology		249,609		0		0		249,609

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Materials	$	6,542	$	0	$	0	$	6,542
Real Estate		298		0		0		298
Utilities		57,946		0		0		57,946
Real Estate Investment Trusts
United States
Real Estate		7,978		0		0		7,978
Short-Term Instruments
Repurchase Agreements		0		2,205		0		2,205
Total Investments	$	1,161,188	$	2,205	$	0	$	1,163,393

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 47

Schedule of Investments PIMCO RAE US Small Fund

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.8%
COMMON STOCKS 91.3%
UNITED KINGDOM 4.1%
ENERGY 2.9%
TechnipFMC PLC (a)		1,051,748	$		17,480
FINANCIALS 1.2%
Janus Henderson Group PLC		256,337			6,985
Paysafe Ltd. (a)		68,530			692
					7,677
Total United Kingdom					25,157
UNITED STATES 87.2%
COMMUNICATION SERVICES 1.4%
Cinemark Holdings, Inc. (a)		8,937			147
EchoStar Corp. ‘A’ (a)		3,968			69
Liberty Latin America Ltd. ‘C’ (a)		76,690			661
NII Holdings, Inc. (a)		22,836			55
Scholastic Corp.		37,041			1,441
Sinclair, Inc.		38,541			533
Yelp, Inc. (a)		159,090			5,792
					8,698
CONSUMER DISCRETIONARY 23.1%
Abercrombie & Fitch Co. (a)		509,120			19,184
Academy Sports & Outdoors, Inc.		82,157			4,441
Acushnet Holdings Corp.		19,524			1,068
Adtalem Global Education, Inc. (a)		174,203			5,982
American Eagle Outfitters, Inc.		21,146			249
Buckle, Inc.		56,658			1,960
Caleres, Inc.		41,912			1,003
Carter’s, Inc.		40,207			2,919
Cracker Barrel Old Country Store, Inc.		24,883			2,319
Crocs, Inc. (a)		44,877			5,046
Deckers Outdoor Corp. (a)		12,612			6,655
Dillard’s, Inc. ‘A’ (c)		73,376			23,941
GameStop Corp. ‘A’ (a)(c)		76,106			1,846
Grand Canyon Education, Inc. (a)		10,237			1,057
Group 1 Automotive, Inc.		1,650			426
Guess?, Inc.		104,119			2,025
H&R Block, Inc.		169,406			5,399
Hanesbrands, Inc.		574,628			2,609
Hibbett, Inc.		15,863			576
International Game Technology PLC		67,745			2,160
iRobot Corp. (a)		81,971			3,709
Jack in the Box, Inc.		19,324			1,885
La-Z-Boy, Inc.		12,473			357
Laureate Education, Inc.		32,047			387
Murphy USA, Inc.		56,497			17,577
ODP Corp. (a)		158,452			7,419
Sabre Corp. (a)		462,453			1,475
Signet Jewelers Ltd.		10,454			682
Steven Madden Ltd.		18,090			591
Taylor Morrison Home Corp. (a)		9,646			470
Texas Roadhouse, Inc.		21,369			2,399
Tri Pointe Homes, Inc. (a)		108,478			3,565
Urban Outfitters, Inc. (a)		94,308			3,124
Visteon Corp. (a)		43,771			6,286
Wolverine World Wide, Inc.		22,255			327
					141,118

	SHARES			MARKET VALUE (000S)
CONSUMER STAPLES 4.9%
Fresh Del Monte Produce, Inc.		97,876	$		2,516
Fresh Market, Inc. (a)		3,535			2
Ingles Markets, Inc. ‘A’		46,928			3,879
National Beverage Corp. (a)		5,778			279
Nu Skin Enterprises, Inc. ‘A’		133,160			4,421
SpartanNash Co.		122,865			2,766
Sprouts Farmers Market, Inc. (a)		284,547			10,451
United Natural Foods, Inc. (a)		23,216			454
Universal Corp.		29,357			1,466
USANA Health Sciences, Inc. (a)		11,930			752
Weis Markets, Inc.		49,013			3,147
					30,133
ENERGY 11.4%
Arch Resources, Inc.		2,380			268
Archrock, Inc.		53,480			548
CNX Resources Corp. (a)		429,484			7,611
CVR Energy, Inc.		239,625			7,179
Delek U.S. Holdings, Inc.		472,526			11,317
Equitrans Midstream Corp.		301,192			2,879
Helmerich & Payne, Inc.		333,114			11,809
Murphy Oil Corp.		60,358			2,312
Nabors Industries Ltd. (a)		34,239			3,185
Oceaneering International, Inc. (a)		539,479			10,088
Patterson-UTI Energy, Inc.		551,048			6,596
RPC, Inc.		119,153			852
Transocean Ltd. (a)		760,711			5,333
					69,977
FINANCIALS 7.1%
Affiliated Managers Group, Inc.		43,799			6,565
American Equity Investment Life Holding Co.		26,157			1,363
Associated Banc-Corp.		38,841			630
BankUnited, Inc.		18,778			405
BGC Partners, Inc. ‘A’		429,435			1,902
Brightsphere Investment Group, Inc.		140,821			2,950
Capitol Federal Financial, Inc.		53,970			333
Cathay General Bancorp		9,882			318
CNO Financial Group, Inc.		46,802			1,108
Federated Hermes, Inc.		63,534			2,278
First Hawaiian, Inc.		24,933			449
Hilltop Holdings, Inc.		19,205			604
Mercury General Corp.		7,148			216
MGIC Investment Corp.		155,668			2,458
Nelnet, Inc. ‘A’		4,167			402
Old National Bancorp		9,266			129
PennyMac Financial Services, Inc.		21,803			1,533
PRA Group, Inc. (a)		5,507			126
ProAssurance Corp.		91,750			1,385
PROG Holdings, Inc. (a)		190,609			6,122
Radian Group, Inc.		83,495			2,111
SEI Investments Co.		28,080			1,674
SLM Corp.		177,459			2,896
Trustmark Corp.		14,176			299
Washington Federal, Inc.		62,310			1,653
White Mountains Insurance Group Ltd.		2,609			3,624
					43,533
HEALTH CARE 6.4%
Acadia Healthcare Co., Inc. (a)		35,534			2,830

	SHARES			MARKET VALUE (000S)
Embecta Corp.		30,756	$		664
Ionis Pharmaceuticals, Inc. (a)		21,178			869
Novavax, Inc. (a)(c)		366,239			2,721
OPKO Health, Inc. (a)		136,450			296
Owens & Minor, Inc. (a)		193,609			3,686
Patterson Cos., Inc.		331,605			11,029
Pediatrix Medical Group, Inc. (a)		402,938			5,726
Sage Therapeutics, Inc. (a)		59,074			2,778
Teladoc Health, Inc. (a)		226,092			5,725
Veradigm, Inc. (a)		209,555			2,640
					38,964
INDUSTRIALS 14.2%
AAR Corp. (a)		53,375			3,083
Acuity Brands, Inc.		23,040			3,757
Aerojet Rocketdyne Holdings, Inc. (a)		46,323			2,542
Allison Transmission Holdings, Inc.		261,014			14,737
Apogee Enterprises, Inc.		56,437			2,679
Applied Industrial Technologies, Inc.		3,114			451
Barnes Group, Inc.		10,511			443
Boise Cascade Co.		4,644			420
Brady Corp. ‘A’		3,342			159
Conduent, Inc. (a)		853,847			2,903
CoreCivic, Inc. (a)		515,579			4,852
CSG Systems International, Inc.		30,117			1,588
Deluxe Corp.		84,680			1,480
Dycom Industries, Inc. (a)		16,409			1,865
EMCOR Group, Inc.		26,393			4,877
EnerSys		6,945			754
FTI Consulting, Inc. (a)		23,186			4,410
GEO Group, Inc. (a)		116,292			833
GrafTech International Ltd.		354,689			1,788
Healthcare Services Group, Inc.		216,085			3,226
HNI Corp.		11,479			323
JetBlue Airways Corp. (a)		501,247			4,441
Landstar System, Inc.		6,526			1,256
Lincoln Electric Holdings, Inc.		2,135			424
Lyft, Inc. (a)		215,321			2,065
Moog, Inc. ‘A’		6,361			690
NOW, Inc. (a)		351,192			3,638
Rush Enterprises, Inc.		3,902			237
Ryder System, Inc.		62,114			5,267
Schneider National, Inc. ‘B’		131,386			3,773
SkyWest, Inc. (a)		35,918			1,463
Steelcase, Inc. ‘A’		126,014			972
Terex Corp.		9,347			559
Veritiv Corp.		25,704			3,229
Watsco, Inc.		1,974			753
Werner Enterprises, Inc.		12,910			570
					86,507
INFORMATION TECHNOLOGY 9.6%
Benchmark Electronics, Inc.		115,069			2,972
Cerence, Inc. (a)		47,870			1,400
Cirrus Logic, Inc. (a)		23,111			1,872
CommScope Holding Co., Inc. (a)		529,785			2,983
Insight Enterprises, Inc. (a)		16,934			2,478
InterDigital, Inc.		6,589			636
LiveRamp Holdings, Inc. (a)		37,558			1,073
National Instruments Corp.		46,882			2,691
NetScout Systems, Inc. (a)		215,804			6,679
PC Connection, Inc.		13,856			625

48 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

	SHARES			MARKET VALUE (000S)
Plexus Corp. (a)		4,888	$		480
Sanmina Corp. (a)		267,829			16,142
Teradata Corp. (a)		212,021			11,324
TTM Technologies, Inc. (a)		58,542			814
Vishay Intertechnology, Inc.		218,204			6,415
					58,584
MATERIALS 5.5%
Louisiana-Pacific Corp.		6,944			521
NewMarket Corp.		8,716			3,505
O-I Glass, Inc. (a)		201,078			4,289
Sensient Technologies Corp.		10,761			765
Sylvamo Corp.		118,441			4,791
Trinseo PLC		50,075			634
Warrior Met Coal, Inc.		487,133			18,974
					33,479
REAL ESTATE 1.6%
Anywhere Real Estate, Inc. (a)		1,347,436			9,001
DigitalBridge Group, Inc.		43,076			634
New York REIT, Inc. «(a)		4,082			24
					9,659
UTILITIES 2.0%
Hawaiian Electric Industries, Inc.		8,526			308
IDACORP, Inc.		14,753			1,514
NorthWestern Corp.		18,116			1,028
OGE Energy Corp.		229,400			8,238
Portland General Electric Co.		23,359			1,094
					12,182
Total United States					532,834
Total Common Stocks (Cost $462,633)					557,991

	SHARES			MARKET VALUE (000S)
REAL ESTATE INVESTMENT TRUSTS 8.1%
UNITED STATES 8.1%
FINANCIALS 1.7%
Chimera Investment Corp.		1,229,830	$		7,096
Ladder Capital Corp.		1			0
MFA Financial, Inc.		272,280			3,061
					10,157
REAL ESTATE 6.4%
Alexander & Baldwin, Inc.		52,788			981
Apple Hospitality REIT, Inc.		310,917			4,698
Brandywine Realty Trust		65,119			303
DiamondRock Hospitality Co.		39,762			318
InvenTrust Properties Corp.		75,475			1,746
Macerich Co.		258,127			2,909
Outfront Media, Inc.		27,714			436
Paramount Group, Inc.		352,290			1,561
Park Hotels & Resorts, Inc.		189,156			2,425
RLJ Lodging Trust		608,422			6,249
Service Properties Trust		634,204			5,511
SL Green Realty Corp. (c)		90,198			2,710
Sunstone Hotel Investors, Inc.		278,897			2,822
Tanger Factory Outlet Centers, Inc.		157,126			3,468
Uniti Group, Inc.		172,857			799
Xenia Hotels & Resorts, Inc.		185,536			2,284
					39,220
Total Real Estate Investment Trusts (Cost $48,403)					49,377

	SHARES			MARKET VALUE (000S)
SHORT-TERM INSTRUMENTS 0.4%
REPURCHASE AGREEMENTS (e) 0.4%
			$		2,564
Total Short-Term Instruments (Cost $2,564)					2,564
Total Investments in Securities (Cost $513,600)					609,932
INVESTMENTS IN AFFILIATES 1.6%
SHORT-TERM INSTRUMENTS 1.6%
MUTUAL FUNDS 1.6%
PIMCO Government Money Market Fund
5.210% (b)(c)(d)		9,796,931			9,797
Total Short-Term Instruments (Cost $9,797)					9,797
Total Investments in Affiliates (Cost $9,797)					9,797
Total Investments 101.4% (Cost $523,397)			$		619,729
Other Assets and Liabilities, net (1.4)%					(8,321	)
Net Assets 100.0%			$		611,408

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 $9,412 were out on loan in exchange for $9,611 of cash collateral as of June 30, 2023. The collateral was invested in a cash collateral reinvestment vehicle as described in Note 5 in the Notes to Financial Statements.

(d) Coupon represents a 7-Day Yield.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(e)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to  be Received(1)
FICC		2.400	%		06/30/2023		07/03/2023	$	2,564	U.S. Treasury Notes 4.625% due 06/30/2025	$	(2,615	)	$	2,564	$	2,564
Total Repurchase Agreements											$	(2,615	)	$	2,564	$	2,564

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 49

Schedule of Investments PIMCO RAE US Small Fund (Cont.) June 30, 2023

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, 2023:

Counterparty	Repurchase Agreement Proceeds to  be Received(1)		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(2)
Global/Master Repurchase Agreement
FICC	$	2,564	$	0	$	0	$	0	$	2,564	$	(2,615	)	$	(51	)
Master Securities Lending Agreement
BMO		0		0		0		276		276		(282	)		(6	)
BOS		0		0		0		717		717		(732	)		(15	)
BSN		0		0		0		520		520		(531	)		(11	)
GSC		0		0		0		1,139		1,139		(1,162	)		(23	)
MZF		0		0		0		3,379		3,379		(3,451	)		(72	)
MSC		0		0		0		3,381		3,381		(3,453	)		(72	)
Total Borrowings and Other Financing Transactions	$	2,564	$	0	$	0	$	9,412

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(3)
Common Stocks	$	6,954	$	0	$	0	$	0	$	6,954
Real Estate		2,657		0		0		0		2,657
Total Borrowings	$	9,611	$	0	$	0	$	0	$	9,611
Payable for securities on loan - cash collateral									$	9,611

⁽¹⁾ Includes accrued interest.

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

⁽³⁾ 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, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Investments in Securities, at Value
Common Stocks
United Kingdom
Energy	$	17,480	$	0	$	0	$	17,480
Financials		7,677		0		0		7,677
United States
Communication Services		8,643		55		0		8,698
Consumer Discretionary		141,118		0		0		141,118
Consumer Staples		30,131		2		0		30,133
Energy		69,977		0		0		69,977
Financials		43,533		0		0		43,533
Health Care		38,964		0		0		38,964
Industrials		86,507		0		0		86,507
Information Technology		58,584		0		0		58,584
Materials		33,479		0		0		33,479
Real Estate		9,635		0		24		9,659
Utilities		12,182		0		0		12,182

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Real Estate Investment Trusts
United States
Financials	$	10,157	$	0	$	0	$	10,157
Real Estate		39,220		0		0		39,220
Short-Term Instruments
Repurchase Agreements		0		2,564		0		2,564
	$	607,287	$	2,621	$	24	$	609,932
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		9,797		0		0		9,797
Total Investments	$	617,084	$	2,621	$	24	$	619,729

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

50 PIMCO EQUITY SERIES See Accompanying Notes

Notes to Financial Statements June 30, 2023

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. 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 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”).

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the “Board.”

2. SIGNIFICANT ACCOUNTING POLICIES

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

(a) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and

amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

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

(b) Foreign Taxes  A Fund may be subject to foreign taxes on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by a Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of June 30, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

(c) 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

ANNUAL REPORT | JUNE 30, 2023 51

Notes to Financial Statements (Cont.)

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 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.

(d) 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.

(e) 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 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. The Funds may revise its distribution policy or postpone the payment of distributions at any time.

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.

52 PIMCO EQUITY SERIES

June 30, 2023

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.

(f) New Accounting Pronouncements and Regulatory Updates  In March 2020, the Financial Accounting Standards Board (“FASB”) 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. ASU 2020-04 is effective for certain reference rate-related contract modifications that occurred during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. In December 2022, FASB issued ASU 2022-06, which includes amendments to extend the duration of the LIBOR transition relief to December 31, 2024, after which entities will no longer be permitted to apply the reference rate reform relief. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds’ investments and has determined that it is unlikely the ASU’s adoption will have a material impact on the Funds’ 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 that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. The compliance date for the new rule and the related reporting requirements was August 19, 2022. Management has implemented changes in connection with the rule and has determined that there is no material impact to the Funds’ 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 compliance date for the new rule and the related reporting requirements was September 8, 2022. Management has implemented changes in connection with the rule and has determined that there is no material impact to the Funds’ financial statements.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2022, the SEC adopted changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will change the disclosures provided to shareholders. The rule is effective as of January 24, 2023, but the SEC is providing an 18-month compliance period after the effective date other than for rule amendments addressing fee and expense information in advertisements that might be materially misleading. At this time, management is evaluating the implications of these changes on the financial statements.

The SEC made a final ruling on February 15, 2023 to adopt proposed amendments to the Settlement Cycle Rule (Rule 15c6-1) and other related rules under the Securities Exchange Act of 1934, as amended, to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date (T+2) to one business days after the trade date (T+1). The effective date was May 5, 2023, and the compliance date for the amendments is May 28, 2024. 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 a Fund’s shares, or each of their respective share classes as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange (“NYSE”) is open, the Funds’ shares are ordinarily valued as of the close of regular trading

ANNUAL REPORT | JUNE 30, 2023 53

Notes to Financial Statements (Cont.)

(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 may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that each Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, 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.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee (“Valuation Designee”) for each Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee’s policies and procedures govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, “Pricing Sources”).

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 Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Fund’s assets that are invested in one or more open-end management investment companies (other than ETFs), a Fund’s NAV will be calculated based on 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. 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 Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) 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, unless otherwise determined by the Valuation Designee, 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 a Fund 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.

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

54 PIMCO EQUITY SERIES

June 30, 2023

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 each Fund’s next calculated NAV.

Fair valuation may require subjective determinations about the value of a security. While the Trust’s and Valuation Designee’s policies and procedures are 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 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.

Under certain circumstances, the per share NAV of a class of a 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.

(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 (unadjusted) 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 Valuation Designee 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, Level 2 and Level 3 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, Level 2 and Level 3 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.

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 Sources that consider

ANNUAL REPORT | JUNE 30, 2023 55

Notes to Financial Statements (Cont.)

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 Sources. 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.

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.

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

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, 2023 (amounts in thousands^†):

Investments in PIMCO Government Money Market Fund

Fund Name	Market Value 06/30/2022		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 06/30/2023		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO RAE Emerging Markets Fund	$	40,679	$	168,753	$	(182,499	)	$	0	$	0	$	26,933	$	522	$	0
PIMCO RAE International Fund		28,070		336,718		(337,065	)		0		0		27,723		824		0
PIMCO RAE US Fund		1,291		34,784		(36,075	)		0		0		0		57		0
PIMCO RAE US Small Fund		24,394		139,068		(153,665	)		0		0		9,797		267		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.

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 ex-US Fund.

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

56 PIMCO EQUITY SERIES

June 30, 2023

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, 2023 (amounts in thousands^†):

PIMCO RAE Global ex-US Fund

Underlying PIMCO Funds	Market Value 06/30/2022		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Market Value 06/30/2023		Dividend Income(1)		Realized Net Capital  Gain Distributions(1)
PIMCO RAE Emerging Markets Fund	$	18,530	$	5,348	$	(4,002	)	$	(533	)	$	1,991	$	21,334	$	107	$	1,963
PIMCO RAE International Fund		60,097		14,124		(8,455	)		(2,622	)		7,589		70,733		1,564		3,163
Totals	$	78,627	$	19,472	$	(12,457	)	$	(3,155	)	$	9,580	$	92,067	$	1,671	$	5,126

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

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

(b) Investments in Securities

The Funds (and where applicable, certain Acquired Funds and Underlying Funds) may utilize the investments and strategies described below to the extent permitted by each Fund’s respective investment policies.

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

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 as of June 30, 2023, 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 (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.

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Notes to Financial Statements (Cont.)

(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 (in the case of tri-party repurchase agreements) and in certain instances will remain in custody with the counterparty. Traditionally, a Fund has used bilateral repurchase agreements wherein the underlying securities will be held by a Fund’s custodian. 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.

During the period ended June 30, 2023, 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

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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 ex-US Fund	PIMCO RAE International Fund	PIMCO RAE US Fund	PIMCO RAE US Small Fund
Small Fund	—	X	—	—	—
Allocation	—	X	—	—	—
Acquired Fund	—	X	—	—	—
Equity	X	X	X	X	X
Value Investing	X	X	X	X	X
Foreign (Non-U.S.) Investment	X	X	X	—	—
Emerging Markets	X	X	X	—	—
Market	X	X	X	X	X
Issuer	X	X	X	X	X
Credit	X	X	X	X	X
Distressed Company	—	X	—	—	X
Currency	X	X	X	—	—
Real Estate	X	X	X	X	X
Liquidity	X	X	X	X	X
Leveraging	X	X	X	X	X
Management	X	X	X	X	X
Small Company	—	X	—	—	X
Derivatives	X	X	X	X	X
Model	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. In addition, a Fund’s performance will be reduced by the Fund’s proportionate amount of the expenses of any Acquired Funds in which it invests.

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

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Notes to Financial Statements (Cont.)

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, diplomatic developments or the imposition of sanctions and other similar measures.

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, major litigation, investigations or other controversies, changes in financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives, financial leverage, reputation or 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, or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

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

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

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

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

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

Management Risk  is the risk that the investment techniques and risk analyses applied by the Sub-Adviser, including the use of quantitative models or methods, will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to the Sub-Adviser and the individual portfolio managers 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 forwards, futures, swaps and structured securities) and other similar

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June 30, 2023

investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks and valuation complexity. Changes in the value of a derivative or other similar investments 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. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for a Fund. A Fund’s use of derivatives or other similar investments may result in losses to a Fund, a reduction in a Fund’s returns and/or increased volatility. Over-the-counter (“OTC”) derivatives or other similar investments 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 or other similar investments. The primary credit risk on derivatives or other similar investments 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 registered 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 or other similar investments and/or adversely affect the value of derivatives or other similar investments 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, may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data inputs, 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 cyber security 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 that may impact a 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 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. Additionally, to the extent a Fund invests in securities and instruments economically tied to Russia, the recent Russian invasion of Ukraine may adversely affect the Fund’s investments. Please see the Important Information section for additional discussion of the Russian invasion of Ukraine.

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.

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Notes to Financial Statements (Cont.)

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; third party claims in litigation; 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. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.

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

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

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

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

	Investment Advisory Fee		Supervisory and Administrative Fee
Fund Name	All Classes		Institutional Class		I-2		I-3			Class A
PIMCO RAE Emerging Markets Fund		0.50%		0.25%		0.35%		N/A			0.35%
PIMCO RAE Global ex-US Fund		0.40%		0.15%		0.25%		N/A			0.25%
PIMCO RAE International Fund		0.30%		0.20%		0.30%		N/A			0.30%
PIMCO RAE US Fund		0.25%		0.15%		0.25%		0.35%	*(1)		0.30%
PIMCO RAE US Small Fund		0.35%		0.15%		0.25%		N/A			0.30%

⁽¹⁾  PIMCO has contractually agreed, through October 31, 2023, 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 was not operational during the fiscal year ended June 30, 2023.

(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, 2023, the

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Notes to Financial Statements (Cont.)

Distributor retained $23,380 representing commissions (sales charges) and contingent deferred sales charges, net of any commission adjustments payable by the Distributor to broker dealers, 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) 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 expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Funds, and any other expenses which are capitalized in accordance with generally accepted accounting principles; 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, 2023, 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”) within thirty-six months of the time 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) as of June 30, 2023, were as follows (amounts in thousands^†):

	Expiring within
Fund Name	12 months		13-24 months		25-36 months		Total
PIMCO RAE Emerging Markets Fund	$	889	$	91	$	98	$	1,078
PIMCO RAE Global ex-US Fund		51		7		6		64
PIMCO RAE International Fund		389		62		49		500
PIMCO RAE US Fund		288		73		79		440
PIMCO RAE US Small Fund		158		24		41		223

^†  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, 2023, 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.

64 PIMCO EQUITY SERIES

June 30, 2023

Pursuant to the Expense Limitation Agreement and I-3 Fee Waiver Agreement, waiver amounts are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended June 30, 2023, the amounts were (in thousands^†):

Fund Name	Waived Fees
PIMCO RAE Emerging Markets Fund	$	98
PIMCO RAE Global ex-US Fund		6
PIMCO RAE International Fund		49
PIMCO RAE US Fund		79
PIMCO RAE US Small Fund		41

^†  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, 2023, 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, 2023, the amounts were (in thousands^†):

Fund Name	Waived Fees
PIMCO RAE Emerging Markets Fund	$	0
PIMCO RAE Global ex-US Fund		486
PIMCO RAE International Fund		0
PIMCO RAE US Fund		0
PIMCO RAE US Small Fund		0

^†  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(s), 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.

ANNUAL REPORT | JUNE 30, 2023 65

Notes to Financial Statements (Cont.)

Purchases and sales of securities (excluding short-term investments) for the period ended June 30, 2023, 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	$	799,225	$	897,494
PIMCO RAE Global ex-US Fund		0		0		19,471		12,457
PIMCO RAE International Fund		0		0		593,711		644,302
PIMCO RAE US Fund		0		0		1,039,525		819,376
PIMCO RAE US Small Fund		0		0		719,195		562,157

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

13. SHARES OF BENEFICIAL INTEREST

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

	PIMCO RAE Emerging Markets Fund												PIMCO RAE Global ex-US Fund												PIMCO RAE International Fund
	Year Ended 06/30/2023						Year Ended 06/30/2022						Year Ended 06/30/2023						Year Ended 06/30/2022						Year Ended 06/30/2023						Year Ended 06/30/2022
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		43,144		$	387,287			97,422		$	1,018,219			466		$	4,103			508		$	5,555			52,136		$	376,626			18,328		$	171,420
I-2		5,444			47,894			5,146			56,049			0			0			34			371			704			5,272			2,501			25,826
Class A		3,608			32,922			466			5,028			989			8,646			379			3,979			91			690			616			5,603
Issued as reinvestment of distributions
Institutional Class		12,425			104,542			6,017			64,018			693			5,937			855			8,675			6,573			49,026			17,771			157,094
I-2		711			5,939			507			5,364			2			24			4			42			64			475			286			2,514
Class A		122			1,007			128			1,341			164			1,373			129			1,283			44			320			586			5,075
Cost of shares redeemed
Institutional Class		(62,649	)		(559,064	)		(105,271	)		(1,201,372	)		(850	)		(7,574	)		(408	)		(4,128	)		(56,007	)		(428,649	)		(60,704	)		(591,702	)
I-2		(3,804	)		(33,994	)		(2,774	)		(29,044	)		(25	)		(231	)		(16	)		(169	)		(942	)		(7,092	)		(3,571	)		(35,682	)
Class A		(2,368	)		(21,630	)		(476	)		(4,846	)		(527	)		(4,634	)		(430	)		(4,316	)		(2,383	)		(17,897	)		(571	)		(5,481	)
Net increase (decrease) resulting from Fund share transactions		(3,367	)	$	(35,097	)		1,165		$	(85,243	)		912		$	7,644			1,055		$	11,292			280		$	(21,229	)		(24,758	)	$	(265,333	)
	PIMCO RAE US Fund												PIMCO RAE US Small Fund
	Year Ended 06/30/2023						Year Ended 06/30/2022						Year Ended 06/30/2023						Year Ended 06/30/2022
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Receipts for shares sold
Institutional Class		52,443		$	657,879			39,919		$	555,289			53,865		$	458,626			32,219		$	359,498
I-2		2,124			26,363			1,836			24,431			9,471			78,725			6,453			69,295
Class A		397			4,773			616			7,999			4,130			34,078			9,590			115,946
Issued as reinvestment of distributions
Institutional Class		5,753			71,427			8,452			112,599			5,605			47,413			9,290			88,386
I-2		323			3,977			268			3,540			526			4,385			1,092			10,276
Class A		114			1,378			95			1,231			877			7,147			3,337			30,755
Cost of shares redeemed
Institutional Class		(37,913	)		(466,662	)		(47,655	)		(631,820	)		(41,178	)		(347,805	)		(29,132	)		(368,627	)
I-2		(1,747	)		(21,814	)		(1,120	)		(14,972	)		(5,487	)		(46,846	)		(2,091	)		(21,259	)
Class A		(279	)		(3,395	)		(242	)		(3,220	)		(4,083	)		(33,368	)		(6,657	)		(75,310	)
Net increase (decrease) resulting from Fund share transactions		21,215		$	273,926			2,169		$	55,077			23,726		$	202,355			24,101		$	208,960

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

66 PIMCO EQUITY SERIES

June 30, 2023

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, 2023. 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
RAE Emerging Markets Fund		0		1		0		25
RAE Global ex-US Fund		3		0		85		0
RAE International Fund		1		1		12		39
RAE US Fund		0		1		0		14

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, 2023, 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, 2023, 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 Components of Distributable Earnings
PIMCO RAE Emerging Markets Fund	$	62,717	$	0	$	40,683		$	(9	)	$	(294,972	)	$	0		$	0	$	(191,581	)
PIMCO RAE Global ex-US Fund		395		3,728		(10,240	)		(1	)		0			0			0		(6,118	)
PIMCO RAE International Fund		19,939		14,819		64,569			(4	)		(35,162	)		0			0		64,161
PIMCO RAE US Fund		23,872		20,113		204,679			(9	)		0			0			0		248,655
PIMCO RAE US Small Fund		0		0		66,952			(2	)		(20,653	)		(5,556	)		0		40,741

^†  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 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 due to organizational expenditures.

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

⁽⁵⁾ Capital losses realized during the period November 1, 2022 through June 30, 2023 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, 2022 through June 30, 2023 and Ordinary losses realized during the period January 1, 2023 through June 30, 2023 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, 2023 67

Notes to Financial Statements (Cont.) June 30, 2023

As of June 30, 2023, the Funds had the following post-effective capital losses with no expiration (amounts in thousands^†):

	Short-Term		Long-Term
PIMCO RAE Emerging Markets Fund*	$	176,952	$	118,020
PIMCO RAE Global ex-US Fund		0		0
PIMCO RAE International Fund*		17,374		17,788
PIMCO RAE US Fund		0		0
PIMCO RAE US Small Fund*		14,427		6,226

^†  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.

As of June 30, 2023, 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	$	1,362,626	$	176,277	$	(133,315	)	$	42,962
PIMCO RAE Global ex-US Fund		102,442		1,183		(11,423	)		(10,240	)
PIMCO RAE International Fund		535,799		74,747		(10,123	)		64,624
PIMCO RAE US Fund		958,713		230,185		(25,505	)		204,680
PIMCO RAE US Small Fund		552,777		83,536		(16,584	)		66,952

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

⁽⁷⁾  Adjusted for open wash sale loss deferrals. Also adjusted for differences between book and tax realized and unrealized gain (loss) on passive foreign investment companies (PFICs).

For the fiscal years ended June 30, 2023 and June 30, 2022, respectively, the Funds made the following tax basis distributions (amounts in thousands^†):

	June 30, 2023						June 30, 2022
	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	$	6,007	$	112,024	$	0	$	73,000	$	0	$	0
PIMCO RAE Global ex-US Fund		1,525		5,809		0		10,000		0		0
PIMCO RAE International Fund		16,275		35,036		0		85,901		81,450		0
PIMCO RAE US Fund		12,100		66,350		0		23,950		95,675		0
PIMCO RAE US Small Fund		11,711		48,180		0		43,760		88,340		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.

68 PIMCO EQUITY SERIES

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 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 ex-US Fund, PIMCO RAE International Fund, PIMCO RAE US Fund and PIMCO RAE US Small Fund (five of the funds constituting PIMCO Equity Series^®, hereafter collectively referred to as the “Funds”) as of June 30, 2023, the related statements of operations for the year ended June 30, 2023, the statements of changes in net assets for each of the two years in the period ended June 30, 2023, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2023 (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, 2023, 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, 2023 and each of the financial highlights for each of the five years in the period ended June 30, 2023 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, 2023 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 25, 2023

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

ANNUAL REPORT | JUNE 30, 2023 69

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

Counterparty Abbreviations:
BCY	Barclays Capital, Inc.	FICC	Fixed Income Clearing Corporation	MZF	Mizuho Securities USA LLC
BMO	BMO Capital Markets Corporation	GSC	Goldman Sachs & Co. LLC	SAL	Citigroup Global Markets, Inc.
BOS	BofA Securities, Inc.	MSC	Morgan Stanley & Co. LLC.	UBS	UBS Securities LLC
BSN	The Bank of Nova Scotia - Toronto
Currency Abbreviations:
USD (or $)	United States Dollar
Other Abbreviations:
ADR	American Depositary Receipt	SP - ADR	Sponsored American Depositary Receipt	TBA	To-Be-Announced

70 PIMCO EQUITY SERIES

Federal Income Tax Information (Unaudited)

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

Dividend Received Deduction.  Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a Fund’s dividend distribution that qualifies under tax law. The percentage of the following Funds’ fiscal 2023 ordinary income dividend that qualifies for the corporate dividend 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, 2023 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 2023:

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, 2023 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, 2023 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.

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

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 Gains (000s)†		163(j) Interest Dividends (000s)†		Foreign Source Income (000s)†		Foreign Taxes Pass Through (000s)†
PIMCO RAE Emerging Markets Fund		0.00%		100.00%	$	0	$	0	$	0	$	80,062	$	11,495
PIMCO RAE Global ex-US Fund		0.00%		54.79%		0		0		0		1,667		395
PIMCO RAE International Fund		0.00%		100.00%		0		0		0		26,959		2,773
PIMCO RAE US Fund		100.00%		100.00%		0		0		32		0		0
PIMCO RAE US Small Fund		100.00%		100.00%		0		0		30		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 2024, 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 2023.

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 funds as IRC section 199A dividends. The IRC section 199A percentage of ordinary dividends are as follows:

	199A Dividends
PIMCO RAE Emerging Markets Fund		0.00%
PIMCO RAE Global ex-US Fund		0.00%
PIMCO RAE International Fund		0.00%
PIMCO RAE US Fund		0.00%
PIMCO RAE US Small Fund		0.00%

ANNUAL REPORT | JUNE 30, 2023 71

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.	161	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.	161	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.	161	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	Formerly, Managing Director, Dunbar Partners, LLC (business consulting and investments) (05/05-05/21); and Partner, Leonard Green & Partners, L.P.	161	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.	161	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).	161	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.	161	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).	161	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, 2023.

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.

72 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, PIMCO Sponsored Closed-End Funds and PIMCO Flexible Real Estate Income Fund.
Ryan G. Leshaw (1980) Chief Legal Officer and Secretary	08/2021 to present	Executive Vice President and Senior Counsel, PIMCO. Chief Legal Officer 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, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp. Formerly, Associate, Willkie Farr & Gallagher LLP.
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, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp.
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.
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, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp. Formerly, Assistant General Counsel, VanEck Associates Corp.
Douglas B. Burrill (1980)** Vice President	08/2022 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, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp.
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, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp.
Jason R. Duran (1977) Vice President	02/2023 to present	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.
Mark A. Jelic (1981) Vice President	08/2021 to present	Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp.
Kenneth W. Lee (1972) Vice President	08/2022 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, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp.
Greg J. Mason (1980)*** Vice President	05/2023 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 and PIMCO Flexible Real Estate Income Fund.
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, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp.
Keith A. Werber (1973) Vice President	05/2022 to present	Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp.
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, PIMCO-Sponsored Closed-End Funds and PIMCO Flexible Real Estate Income Fund.

ANNUAL REPORT | JUNE 30, 2023 73

Management of the Trust (Cont.) (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†
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, PIMCO-Sponsored Closed-End Funds, PIMCO Flexible Real Estate Income Fund and PIMCO Capital Solutions BDC Corp.
Brandon T. Evans (1982) Assistant Treasurer	05/2019 to present	Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT and PIMCO Flexible Real Estate Income Fund. Deputy Treasurer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds.
Maria M. Golota (1983)** Assistant Treasurer	02/2023 to present	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, PIMCO-Sponsored Closed-End Funds and PIMCO Flexible Real Estate Income Fund.

* Unless otherwise noted, the information for the individuals listed is as of June 30, 2023.

^† 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 Access Income Fund, PIMCO Corporate & Income Opportunity Fund, PIMCO Corporate & Income Strategy 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 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, PIMCO Flexible Municipal Income Fund, PIMCO California Flexible Municipal Income Fund and PIMCO Flexible Emerging Markets 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.

74 PIMCO EQUITY SERIES

Privacy Policy¹ (Unaudited)

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

OBTAINING 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”).

ANNUAL REPORT | JUNE 30, 2023 75

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 7-8, 2023 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 12-month period ended December 31, 2022. The Report reviewed the operation of the Program’s components during such period 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, 2023.

76 PIMCO EQUITY SERIES

General Information

Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Investment Sub-Adviser

Research Affiliates, LLC

620 Newport Center Drive, Suite 900

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank and Trust Company

1100 Main Street, Suite 400

Kansas City, MO 64105

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

Institutional Class, I-2, I-3, Administrative Class

430 W 7th Street STE 219024

Kansas City, MO 64105-1407

SS&C Global Investor & Distribution 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_063023

PIMCO EQUITY SERIES^®

Annual Report

June 30, 2023

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

Table of Contents

			Page
Market Insights				2
Important Information About the Funds				3
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				56
Report of Independent Registered Public Accounting Firm				72
Glossary				73
Federal Income Tax Information				74
Distribution Information				75
Management of the Trust				76
Privacy Policy				79
Liquidity Risk Management Program				80
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		34
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		12		48
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.

Market Insights

Dear Shareholder,

This annual report covers the 12-month reporting period ended June 30, 2023 (the “reporting period”). On the subsequent pages, you will find details regarding investment results and a discussion of certain factors that affected performance during the reporting period.

Amid elevated inflation in many countries during the reporting period, the global economy faced challenges from higher interest rates, tighter credit conditions stemming from the turmoil in the banking sector (especially in the United States (“U.S.”)), and geopolitical concerns. While the U.S. economy showed signs of resilience, some European economies experienced slower growth over the reporting period.

Continued central bank efforts to combat inflation

While inflation remained elevated over the reporting period, many central banks raised interest rates to rein in rising prices. The U.S. Federal Reserve (the “Fed”) raised the federal funds rate at 10 consecutive meetings, beginning in March 2022 through May 2023. In June 2023, the Fed then paused from raising rates in order to “assess additional information and its implications for monetary policy.” Meanwhile, the Bank of England and European Central Bank raised interest rates for the 13th and eighth consecutive time, respectively, as of June 2023. In contrast, the Bank of Japan maintained its accommodative monetary policy stance.

Mixed financial market returns

The yield on the benchmark 10-year U.S. Treasury rose over the reporting period, as did 10-year bond yields in most other developed market countries. The overall global credit bond market delivered positive total returns. Higher-rated global bonds underperformed lower-rated bonds. Global equities rallied, while commodity prices were volatile and produced mixed returns. The U.S. dollar weakened against the euro and the British pound, but appreciated against the Japanese yen.

Amid evolving conditions, we will continue to work diligently to navigate global markets and manage the assets that you have entrusted with us. We encourage you to speak with your financial advisor about your goals, and visit global.pimco.com for our latest insights.

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

Total Returns of Certain Asset Classes for the Period Ended June 30, 2023
Asset Class (as measured by, currency)	12-Month
U.S. large cap equities (S&P 500 Index, USD)	19.59%
Global equities (MSCI World Index, USD)	18.51%
European equities (MSCI Europe Index, EUR)	16.72%
Emerging market equities (MSCI Emerging Markets Index, EUR)	1.75%
Japanese equities (Nikkei 225 Index, JPY)	28.61%
Emerging market local bonds (JPMorgan Government Bond Index-Emerging Markets Global Diversified Index, USD Unhedged)	11.38%
Emerging market external debt (JPMorgan Emerging Markets Bond Index (EMBI) Global, USD Hedged)	6.85%
Below investment grade bonds (ICE BofAML Developed Markets High Yield Constrained Index, USD Hedged)	9.48%
Global investment grade credit bonds (Bloomberg Global Aggregate Credit Index, USD Hedged)	1.36%
Fixed-rate, local currency government debt of investment grade countries (Bloomberg Global Treasury Index, USD Hedged)	0.07%

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.

Statements concerning financial market trends are based on current market conditions, which will fluctuate. There is no guarantee that these investment strategies will work under all market conditions or are appropriate for all investors and each investor should evaluate their ability to invest for the long-term, especially during periods of downturn in the market. Outlook and strategies are subject to change without notice.

2 PIMCO EQUITY SERIES

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.

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that have provided material aid to Russia’s aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures have had and may continue to have an adverse effect on the Russian, Belarusian and other securities and economies, which may, in turn, negatively impact a Fund. The extent, duration and impact of Russia’s military action in Ukraine, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional, European, and global economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. Further, a Fund may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause a Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that a Fund may no longer seek to hold. PIMCO will continue to actively manage these positions in the best interests of a Fund and its shareholders.

ANNUAL REPORT | JUNE 30, 2023 3

Important Information About the Funds (Cont.)

A Fund may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate (“LIBOR”). LIBOR was traditionally 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. Although the transition process away from LIBOR for many instruments has been completed, some LIBOR use is continuing and there are potential effects related to the transition away from LIBOR or continued use of LIBOR on the Fund, or on certain instruments in which the Fund invests, which can be difficult to ascertain, and may vary depending on factors that include, but are not limited to: (i) existing fallback or termination provisions in individual contracts and (ii) whether, how, and when industry participants adopt new reference rates for affected instruments. The transition of investments from LIBOR to a replacement rate as a result of amendment, application of existing fallbacks, statutory requirements or otherwise 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. In addition, an instrument’s transition to a replacement rate could result in variations in the reported yields of the Fund that holds such instrument. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Fund.

A Fund may have investments in securities and instruments that are economically tied to Russia. Investments in Russia are subject to various risks such as, but not limited to political, economic, legal, market and currency risks. The risks include uncertain political and economic policies, short-term market volatility, poor accounting standards, corruption and crime, an inadequate regulatory system, regional armed conflict and unpredictable taxation. Investments in Russia are particularly subject to the risk that further economic sanctions, export and import controls and other similar measures may be imposed by the United States and/or other countries. Other similar measures may include, but are not limited to, banning or expanding bans on Russia or certain persons or entities associated with Russia from global payment systems that facilitate cross-border payments, restricting the settlement of securities transactions by certain investors, and freezing Russian assets or those of particular countries, entities or persons with ties to Russia (e.g. Belarus). Such sanctions and other similar measures — which may impact companies in many sectors, including energy, financial services, technology, accounting, quantum computing, shipping, aviation, metals and mining, and defense, among others — and Russia’s countermeasures may negatively impact a Fund’s performance and/or ability to achieve its investment objective. For example, certain investments may be prohibited and/or existing investments may become illiquid (e.g., in the event that transacting in certain existing investments is prohibited, securities markets close, or market participants cease transacting in certain

investments in light of geopolitical events, sanctions or related considerations), which could render any such securities held by a Fund unmarketable for an indefinite period of time and/or cause the Fund to sell other portfolio holdings at a disadvantageous time or price in order to meet shareholder redemptions. In addition, such sanctions or other similar measures, and the Russian government’s response, could result in a downgrade of Russia’s credit rating or of securities of issuers located in or economically tied to Russia, devaluation of Russia’s currency and/or increased volatility with respect to Russian securities and the ruble. Moreover, disruptions caused by Russian military action or other actions (including cyberattacks, espionage or other asymmetric measures) or resulting actual or threatened responses to such activity may impact Russia’s economy and Russian and other issuers of securities in which a Fund is invested. Such resulting actual or threatened responses may include, but are not limited to, purchasing and financing restrictions, withdrawal of financial intermediaries, boycotts or changes in consumer or purchaser preferences, sanctions, export and import controls, tariffs or cyberattacks on the Russian government, Russian companies or Russian individuals, including politicians. Any actions by Russia made in response to such sanctions or retaliatory measures could further impair the value and liquidity of Fund investments. Sanctions and other similar measures have resulted in defaults on debt obligations by certain corporate issuers and the Russian Federation that could lead to cross-defaults or cross-accelerations on other obligations of these issuers. The Russian securities market is characterized by limited volume of trading, resulting in difficulty in obtaining accurate prices and trading. These issues can be magnified as a result of sanctions and other similar measures that may be imposed and the Russian government’s response. 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. Prior to the implementation of the National Settlement Depository (“NSD”), a recognized central securities depository, there was no central registration system for equity share registration in Russia, and registration was carried out by either the issuers themselves or by registrars located throughout Russia. Title to Russian equities held through the NSD is now based on the records of the NSD and not the registrars. Although the implementation of the NSD has enhanced the efficiency and transparency of the Russian securities market, issues resulting in loss can still occur. In addition, sanctions or Russian countermeasures may prohibit or limit a Fund’s ability to participate in corporate actions, and therefore require the Portfolio to forego voting on or receiving funds that would otherwise be beneficial to the Fund. Ownership of securities issued by Russian companies that are not held through depositories such as the NSD may be recorded by companies themselves and by registrars. In such cases, the risk is increased that a Fund could lose ownership rights through fraud, negligence or oversight.

4 PIMCO EQUITY SERIES

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. In addition, issuers and registrars are still prominent in the validation and approval of documentation requirements for corporate action processing in Russia. Because the documentation requirements and approval criteria vary between registrars and issuers, there remain unclear and inconsistent market standards in the Russian market with respect to the completion and submission of corporate action elections. In addition, sanctions or Russian countermeasures may prohibit or limit a Fund’s ability to participate in corporate actions, and therefore require the Portfolio to forego voting on or receiving funds that would otherwise be beneficial to the Fund. To the extent that a Fund suffers a loss relating to title or corporate actions relating to its portfolio securities, it may be difficult for the Fund to enforce its rights or otherwise remedy the loss. 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. 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, minerals, and timber account for a significant portion of Russia’s exports, leaving the country vulnerable to swings in world prices, and to sanctions or other actions that may be directed at the Russian economy as a whole or at Russian oil, natural gas, metals, minerals or timber industries.

Russia has attempted, and may attempt in the future, to assert its influence in the region through economic or military measures. For example, in February 2022, Russia launched a large-scale invasion of Ukraine. Such measures may have an adverse effect on the Russian economy, which may, in turn, negatively impact a Fund. Foreign investors also face a high degree of currency risk when investing in Russian securities and a lack of available currency hedging instruments. In addition, there is the risk that the Russian government may impose capital controls on foreign portfolio investments in the event of extreme financial or political crisis. Such capital controls may prevent the sale of a portfolio of foreign assets and the repatriation of investment income and capital.

Foreign investors also face a high degree of currency risk when investing in Russian securities and a lack of available currency hedging instruments. In addition, there is the risk that the Russian government may impose capital controls on foreign portfolio investments in the event of extreme financial or political crisis. Such capital controls may prevent the sale of a portfolio of foreign assets and the repatriation of investment income and capital.

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.

U.S. and global markets recently have experienced increased volatility, including as a result of the recent failures of certain U.S. and non-U.S. banks, which could be harmful to the Funds and issuers in which they invest. For example, if a bank at which a Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which a Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Funds invest remain solvent, continued volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Conditions in the banking sector are evolving, and the scope of any potential impacts to the Funds and issuers, both from market conditions and also potential legislative or regulatory responses, are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings, including those of U.S. and non-U.S. banks. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

On each Fund Summary page in this Shareholder Report, the Average Annual Total Return table and the Cumulative Returns chart measure

ANNUAL REPORT | JUNE 30, 2023 5

Important Information About the Funds (Cont.)

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 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 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.

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.

SEC rules allow the Funds to fulfill their obligation to deliver shareholder reports to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. 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.

6 PIMCO EQUITY SERIES

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, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and a 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. The rule went into effect on February 19, 2021. The compliance date for the new rule and related reporting requirements was August 19, 2022.

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 Investment Company Act of 1940 (the “Act”), and the SEC noted that this definition will apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022.

In May 2022, the SEC proposed amendments to a current rule governing fund naming conventions. In general, the current rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The proposed amendments would expand the scope of the current rule in a number of ways that would result in an expansion of the types of fund names that would require the fund to adopt an 80% investment policy under the rule. Additionally, the proposed amendments would modify the circumstances under which a fund may deviate from its 80% investment policy and address the use and valuation of derivatives instruments for purposes of the rule. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.

In May 2022, the SEC proposed a framework that would require certain registered funds (such as the Funds) to disclose their environmental, social, and governance (“ESG”) investing practices. Among other things, the proposed requirements would mandate that funds meeting three pre-defined classifications (i.e., integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the fund. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund (“ETF”) shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments are effective as of January 24, 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading.

In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to mitigate dilution of shareholders’ interests in a fund by requiring the adjustment of fund net asset value per share to pass on costs stemming from shareholder purchase or redemption activity. In addition the proposed rule would amend the liquidity rule framework. The proposal’s impact on the Funds will not be known unless and until any final rulemaking is adopted.

In November 2022, the SEC adopted amendments to Form N-PX under the Act to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand the scope of funds’ Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for “Say on Pay” votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N-PX; and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024.

ANNUAL REPORT | JUNE 30, 2023 7

PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF

Cumulative Returns Through June 30, 2023

$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 PIMCO 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, 2023
		1 Year		5 Years		Fund Inception (08/31/17)
	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Based on Net Asset Value)		8.11%		3.06%		1.91%
	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (At Market Price)(1)(2)		8.28%		3.15%		2.02%
	RAFI Dynamic Multi-Factor Emerging Markets Index±		8.48%		3.72%		2.56%
	MSCI Emerging Markets Index±±		1.75%		0.93%		0.78%

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 Markets 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. It is not possible to invest directly in the index.

^±± 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, as stated in the Fund’s currently-effective prospectus (as of the date of this report), was 0.52%. See Financial Highlights for actual expense ratios as of the end of the period covered by this report.

8 PIMCO EQUITY SERIES

Ticker symbol - MFEM

Top 10 Holdings as of June 30, 2023^†§

Petroleo Brasileiro SA	2.7%
POSCO Holdings, Inc.	1.3%
Hyundai Motor Co.	1.3%
Hon Hai Precision Industry Co. Ltd.	1.2%
Samsung Electronics Co. Ltd.	1.1%
Wistron Corp.	1.1%
HDFC Bank Ltd.	1.0%
Vale SA	0.9%
ITC Ltd.	0.9%
Quanta Computer, Inc.	0.9%

Geographic Breakdown as of June 30, 2023^†**

China	23.1%
India	15.5%
Taiwan	15.3%
South Korea	13.7%
Brazil	9.0%
Thailand	3.8%
South Africa	3.5%
Saudi Arabia	2.8%
Mexico	2.6%
Hong Kong	1.7%
Indonesia	1.7%
Malaysia	1.7%
Turkey	1.1%
Short-Term Instruments	0.0%
Other	4.5%

^† % 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 at NAV

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

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

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

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

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

» Underweight exposure to the information technology sector detracted from relative returns compared to the Fund’s secondary benchmark, as the sector outperformed the secondary benchmark index.

ANNUAL REPORT | JUNE 30, 2023 9

PIMCO RAFI Dynamic Multi-Factor International Equity ETF

Cumulative Returns Through June 30, 2023

$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 PIMCO 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, 2023
		1 Year		5 Years		Fund Inception (08/31/17)
	PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Based on Net Asset Value)		15.22%		4.55%		4.64%
	PIMCO RAFI Dynamic Multi-Factor International Equity ETF (At Market Price)(1)(2)		15.26%		4.58%		4.59%
	RAFI Dynamic Multi-Factor Developed Ex-U.S. Index±		14.96%		4.63%		4.84%
	MSCI EAFE Index±±		18.77%		4.39%		4.43%

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

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-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. It is not possible to invest directly in the index.

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

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

Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares. Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or (888) 400-4ETF.

The Fund’s total annual operating expense ratio, as stated in the Fund’s currently-effective prospectus (as of the date of this report), was 0.40%. See Financial Highlights for actual expense ratios as of the end of the period coverd by this report.

10 PIMCO EQUITY SERIES

Ticker symbol - MFDX

Top 10 Holdings as of June 30, 2023^†§

Novo Nordisk AS ‘B’	1.3%
Unilever PLC	1.2%
Bayerische Motoren Werke AG	0.9%
Banco Santander SA	0.9%
AstraZeneca PLC	0.9%
BP PLC	0.8%
Orange SA	0.7%
Koninklijke Ahold Delhaize NV	0.7%
Nestle SA	0.7%
SAP SE	0.6%

Geographic Breakdown as of June 30, 2023^†**

Japan	26.1%
United Kingdom	13.0%
France	8.2%
Canada	7.5%
Germany	7.5%
Switzerland	6.0%
Australia	5.3%
Spain	4.3%
Netherlands	4.2%
Italy	2.8%
Denmark	2.5%
Sweden	2.4%
Hong Kong	2.0%
Singapore	1.7%
Ireland	1.2%
Finland	1.0%
Short-Term Instruments	0.6%
Other	3.7%

^† % 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 at NAV

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

» Underweight exposure to the health care sector contributed to relative returns compared to the Fund’s secondary benchmark, the MSCI EAFE Index, as the sector underperformed the secondary benchmark index.

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

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

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

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

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

ANNUAL REPORT | JUNE 30, 2023 11

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

Cumulative Returns Through June 30, 2023

$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 PIMCO 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, 2023
		1 Year		5 Years		Fund Inception (08/31/17)
	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Based on Net Asset Value)		11.20%		9.00%		10.19%
	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (At Market Price)(1)(2)		11.50%		9.03%		10.20%
	RAFI Dynamic Multi-Factor U.S. Index±		11.46%		9.36%		10.56%
	S&P 500 Index±±		19.59%		12.31%		12.58%

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

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, as stated in the Fund’s currently-effective prospectus (as of the date of this report), was 0.30%. See Financial Highlights for actual expense ratios as of the end of the period coverd by this report.

12 PIMCO EQUITY SERIES

Ticker symbol - MFUS

Top 10 Holdings as of June 30, 2023^†§

Apple, Inc.	2.3%
Walmart, Inc.	2.0%
Exxon Mobil Corp.	1.8%
Merck & Co., Inc.	1.7%
Oracle Corp.	1.4%
NVIDIA Corp.	1.4%
International Business Machines Corp.	1.3%
Eli Lilly & Co.	1.3%
PepsiCo, Inc.	1.2%
Meta Platforms, Inc. ‘A’	1.2%

Sector Breakdown as of June 30, 2023^†**

Information Technology	15.7%
Health Care	14.0%
Industrials	13.4%
Financials	12.8%
Consumer Discretionary	12.2%
Consumer Staples	12.0%
Energy	7.6%
Communication Services	4.5%
Materials	3.6%
Real Estate	2.3%
Utilities	1.3%
Short-Term Instruments	0.6%

^† % 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 at NAV

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

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

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

» Security selection in the communication services sector detracted from relative returns compared to the Fund’s secondary benchmark, as 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, as the sector underperformed the secondary benchmark index.

ANNUAL REPORT | JUNE 30, 2023 13

PIMCO RAFI ESG U.S. ETF

Cumulative Returns Through June 30, 2023

$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 PIMCO 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, 2023
		1 Year		Fund Inception (12/18/19)
	PIMCO RAFI ESG U.S. ETF (Based on Net Asset Value)		12.69%		7.84%
	PIMCO RAFI ESG U.S. ETF (At Market Price)(1)(2)		13.05%		7.75%
	RAFI ESG US Index±		13.02%		8.18%
	S&P 500 Index±±		19.59%		11.68%

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

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. It is not possible to invest directly in the index.

^±± 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, as stated in the Fund’s currently-effective prospectus (as of the date of this report), was 0.30%. See Financial Highlights for actual expense ratios as of the end of the period coverd by this report.

14 PIMCO EQUITY SERIES

Ticker symbol - RAFE

Top 10 Holdings as of June 30, 2023^†§

Microsoft Corp.	6.0%
Apple, Inc.	5.8%
Meta Platforms, Inc. ‘A’	3.6%
Intel Corp.	3.5%
Johnson & Johnson	3.0%
JPMorgan Chase & Co.	2.8%
Cisco Systems, Inc.	2.6%
Citigroup, Inc.	2.3%
Procter & Gamble Co.	2.2%
Wells Fargo & Co.	2.1%

Sector Breakdown as of June 30, 2023^†**

Information Technology	31.7%
Health Care	18.4%
Financials	15.6%
Communication Services	9.4%
Consumer Discretionary	7.3%
Consumer Staples	6.9%
Industrials	5.0%
Materials	3.5%
Real Estate	1.9%
Utilities	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 at NAV

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

» 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.

» Underweight exposure to the real estate sector contributed to relative returns compared to the Fund’s secondary benchmark, as the sector underperformed the secondary benchmark index.

» Security selection in the information technology sector detracted from relative returns compared to the Fund’s secondary benchmark, as the Fund’s holdings underperformed the secondary benchmark index.

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

» Security selection in the communication services sector detracted from relative returns compared to the Fund’s secondary benchmark, as the Fund’s holdings underperformed the secondary benchmark index.

ANNUAL REPORT | JUNE 30, 2023 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. You may also pay brokerage commissions on your purchases and sales of Fund shares, which are not reflected in the Example. 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, 2023 to June 30, 2023 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 (01/01/23)		Ending Account Value (06/30/23)		Expenses Paid During Period*		Beginning Account Value (01/01/23)		Ending Account Value (06/30/23)		Expenses Paid During Period*		Net Annualized Expense Ratio**
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	1,000.00	$	1,063.10	$	2.56	$	1,000.00	$	1,022.32	$	2.51		0.50	%
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		1,000.00		1,101.00		2.08		1,000.00		1,022.81		2.01		0.40
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		1,000.00		1,039.20		1.47		1,000.00		1,023.36		1.45		0.29
PIMCO RAFI ESG U.S. ETF		1,000.00		1,093.00		1.51		1,000.00		1,023.36		1.45		0.29

* 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 181/365 (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.

16 PIMCO EQUITY SERIES

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ANNUAL REPORT | JUNE 30, 2023 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			Net assets End of Year or Period(a)
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF
06/30/2023	$	18.33	$	0.75	$	0.61		$	1.36		$	(0.64	)	$	(0.59	)	$	(1.23	)	$	18.46
06/30/2022		31.06		1.21		(6.94	)		(5.73	)		(2.46	)		(4.54	)		(7.00	)		18.33
06/30/2021		20.84		0.50		10.14			10.64			(0.42	)		0.00			(0.42	)		31.06
06/30/2020		24.24		0.59		(3.41	)		(2.82	)		(0.58	)		0.00			(0.58	)		20.84
06/30/2019		23.94		0.64		0.39			1.03			(0.73	)		0.00			(0.73	)		24.24
PIMCO RAFI Dynamic Multi-Factor International Equity ETF
06/30/2023	$	25.16	$	0.95	$	2.78		$	3.73		$	(0.81	)	$	0.00		$	(0.81	)	$	28.08
06/30/2022		29.66		0.95		(4.57	)		(3.62	)		(0.88	)		0.00			(0.88	)		25.16
06/30/2021		22.86		0.69		6.53			7.22			(0.42	)		0.00			(0.42	)		29.66
06/30/2020		24.94		0.53		(1.84	)		(1.31	)		(0.77	)		0.00			(0.77	)		22.86
06/30/2019		25.87		0.72		(0.89	)		(0.17	)		(0.76	)		0.00			(0.76	)		24.94
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF
06/30/2023	$	36.24	$	0.87	$	3.13		$	4.00		$	(0.82	)	$	0.00		$	(0.82	)	$	39.42
06/30/2022		39.00		0.75		(2.90	)		(2.15	)		(0.61	)		0.00			(0.61	)		36.24
06/30/2021		27.74		0.52		11.28			11.80			(0.54	)		0.00			(0.54	)		39.00
06/30/2020		29.21		0.62		(1.44	)		(0.82	)		(0.65	)		0.00			(0.65	)		27.74
06/30/2019		28.30		0.59		0.91			1.50			(0.59	)		0.00			(0.59	)		29.21
PIMCO RAFI ESG U.S. ETF
06/30/2023	$	27.58	$	0.64	$	2.79		$	3.43		$	(0.63	)	$	0.00		$	(0.63	)	$	30.38
06/30/2022		30.72		0.60		(3.22	)		(2.62	)		(0.52	)		0.00			(0.52	)		27.58
06/30/2021		21.40		0.51		9.32			9.83			(0.51	)		0.00			(0.51	)		30.72
12/18/2019 - 06/30/2020		25.00		0.33		(3.72	)		(3.39	)		(0.21	)		0.00			(0.21	)		21.40

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

* Annualized, except for organizational 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)  Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds. Additionally, excludes initial sales charges and contingent deferred sales charges.

18 PIMCO EQUITY SERIES See Accompanying Notes

					Ratios/Supplemental Data
								Ratios to Average Net Assets
Total Return(d)			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
	7.99	%	$	90,844		0.50	%		0.51	%		0.49	%		0.50	%		4.15	%		74	%
	(23.00	)		75,517		0.49			0.50			0.49			0.50			4.50			54
	51.62			494,452		0.50			0.51			0.50			0.51			1.91			58
	(11.86	)		619,324		0.49			0.50			0.49			0.50			2.66			59
	4.53			477,943		0.49			0.50			0.49			0.50			2.75			43
	15.22	%	$	146,028		0.39	%		0.40	%		0.39	%		0.40	%		3.60	%		27	%
	(12.60	)		85,539		0.39			0.40			0.39			0.40			3.30			39
	31.87			88,978		0.40			0.40			0.40			0.40			2.54			48
	(5.37	)		24,231		0.40			0.41			0.40			0.41			2.21			35
	(0.59	)		42,888		0.39			0.40			0.39			0.40			2.96			24
	11.20	%	$	126,948		0.29	%		0.30	%		0.29	%		0.30	%		2.27	%		45	%
	(5.66	)		94,954		0.29			0.30			0.29			0.30			1.88			43
	43.02			82,677		0.29			0.30			0.29			0.30			1.53			63
	(2.80	)		25,525		0.30			0.31			0.30			0.31			2.12			36
	5.50			96,980		0.29			0.30			0.29			0.30			2.08			40
	12.69	%	$	33,419		0.29	%		0.30	%		0.29	%		0.30	%		2.25	%		17	%
	(8.73	)		28,615		0.29			0.30			0.29			0.30			1.94			26
	46.63			20,584		0.30			0.31			0.30			0.31			1.91			32
	(13.42	)		8,988		0.30	*		0.86	*		0.30	*		0.86	*		2.75	*		12

ANNUAL REPORT | JUNE 30, 2023 19

Statements of Assets and Liabilities June 30, 2023

(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*^	$	89,261		$	145,254		$	126,842		$	33,216
Investments in Affiliates		8			0			0			0
Cash		2,829			0			0			185
Foreign currency, at value		671			246			0			0
Receivable for Fund shares sold		500			0			0			0
Interest and/or dividends receivable		783			578			138			26
Total Assets		94,052			146,078			126,980			33,427
Liabilities:
Payable for investments purchased	$	3,063		$	0		$	0		$	0
Payable upon return of securities loaned		7			0			0			0
Accrued management fees		38			49			31			8
Accrued taxes payable		100			0			0			0
Accrued reimbursement to PIMCO		0			1			1			0
Total Liabilities		3,208			50			32			8
Net Assets	$	90,844		$	146,028		$	126,948		$	33,419
Net Assets Consist of:
Paid in capital	$	94,909		$	146,242		$	131,088		$	34,782
Distributable earnings (accumulated loss)		(4,065	)		(214	)		(4,140	)		(1,363	)
Net Assets	$	90,844		$	146,028		$	126,948		$	33,419
Shares Issued and Outstanding		4,920			5,200			3,220			1,100
Net Asset Value Per Share Outstanding(a):	$	18.46		$	28.08		$	39.42		$	30.38
Cost of investments in securities	$	88,315		$	132,840		$	110,122		$	32,224
Cost of investments in Affiliates	$	8		$	0		$	0		$	0
Cost of foreign currency held	$	696		$	247		$	0		$	0
* Includes repurchase agreements of:	$	0		$	870		$	765		$	0
^ Includes securities on loan of:	$	6		$	0		$	0		$	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, 2023
(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:
Interest	$	5		$	8		$	9		$	0
Dividends, net of foreign taxes*		3,801			4,630			2,940			754
Securities lending income		2			2			1			0
Total Income		3,808			4,640			2,950			754
Expenses:
Management fees		401			453			334			86
Trustee fees		6			7			8			2
Interest expense		4			1			0			0
Miscellaneous expense		4			5			6			1
Total Expenses		415			466			348			89
Waiver and/or Reimbursement by PIMCO		(6	)		(7	)		(8	)		(2	)
Net Expenses		409			459			340			87
Net Investment Income (Loss)		3,399			4,181			2,610			667
Net Realized Gain (Loss):
Investments in securities, net of foreign capital gains tax**		(2,271	)		(1,240	)		(4,372	)		(973	)
In-kind redemptions		457			0			1,007			723
Over the counter financial derivative instruments		0			3			0			0
Foreign currency		(85	)		(43	)		0			0
Net Realized Gain (Loss)		(1,899	)		(1,280	)		(3,365	)		(250	)
Net Change in Unrealized Appreciation (Depreciation):
Investments in securities, net of foreign capital gains tax***		4,133			13,978			12,671			3,022
Foreign currency assets and liabilities		(57	)		11			0			0
Net Change in Unrealized Appreciation (Depreciation)		4,076			13,989			12,671			3,022
Net Increase (Decrease) in Net Assets Resulting from Operations	$	5,576		$	16,890		$	11,916		$	3,439
* Foreign tax withholdings - Dividends	$	525		$	551		$	0		$	0
** Foreign capital gains tax	$	0			0			0			0
*** Foreign capital gains tax	$	(100	)		0			0			0

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

ANNUAL REPORT | JUNE 30, 2023 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, 2023			Year Ended June 30, 2022			Year Ended June 30, 2023			Year Ended June 30, 2022			Year Ended June 30, 2023			Year Ended June 30, 2022			Year Ended June 30, 2023			Year Ended June 30, 2022
Increase (Decrease) in Net Assets from:
Operations:
Net investment income (loss)	$	3,399		$	8,155		$	4,181		$	3,110		$	2,610		$	1,638		$	667		$	499
Net realized gain (loss)		(1,899	)		82,414			(1,280	)		1,573			(3,365	)		938			(250	)		412
Net change in unrealized appreciation (depreciation)		4,076			(124,916	)		13,989			(17,528	)		12,671			(8,348	)		3,022			(4,250	)
Net Increase (Decrease) in Net Assets Resulting from Operations		5,576			(34,347	)		16,890			(12,845	)		11,916			(5,772	)		3,439			(3,339	)
Distributions to Shareholders:
From net investment income and/or net realized capital gains		(5,242	)		(35,613	)		(3,254	)		(2,872	)		(2,406	)		(1,311	)		(651	)		(411	)
Total Distributions(a)		(5,242	)		(35,613	)		(3,254	)		(2,872	)		(2,406	)		(1,311	)		(651	)		(411	)
Fund Share Transactions:
Receipts for shares sold		32,852			19,206			46,853			36,080			26,243			31,146			8,732			17,482
Cost of shares redeemed		(17,859	)		(368,181	)		0			(23,802	)		(3,759	)		(11,786	)		(6,716	)		(5,701	)
Net increase (decrease) resulting from Fund share transactions		14,993			(348,975	)		46,853			12,278			22,484			19,360			2,016			11,781
Total Increase (Decrease) in Net Assets		15,327			(418,935	)		60,489			(3,439	)		31,994			12,277			4,804			8,031
Net Assets:
Beginning of year		75,517			494,452			85,539			88,978			94,954			82,677			28,615			20,584
End of year	$	90,844		$	75,517		$	146,028		$	85,539		$	126,948		$	94,954		$	33,419		$	28,615
Shares of Beneficial Interest:
Shares sold		1,800			800			1,800			1,200			700			800			300			550
Shares redeemed		(1,000	)		(12,600	)		0			(800	)		(100	)		(300	)		(238	)		(182	)
Net increase (decrease) in shares outstanding		800			(11,800	)		1,800			400			600			500			62			368

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

^(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.

22 PIMCO EQUITY SERIES See Accompanying Notes

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity  ETF June 30, 2023

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 98.3%
COMMON STOCKS 94.0%
BRAZIL 4.7%
COMMUNICATION SERVICES 0.3%
Telefonica Brasil SA		18,773	$		170
TIM SA		26,600			81
					251
CONSUMER DISCRETIONARY 0.5%
Cogna Educacao SA (b)		126,300			86
Magazine Luiza SA (b)		38,400			27
Vibra Energia SA		86,832			327
					440
CONSUMER STAPLES 0.9%
Ambev SA		22,900			74
Atacadao SA		20,500			48
BRF SA (b)		37,458			70
JBS SA		94,160			343
Marfrig Global Foods SA		58,700			89
Natura & Co. Holding SA (b)		5,700			20
Raia Drogasil SA		25,359			157
					801
ENERGY 0.2%
Ultrapar Participacoes SA		58,088			229
FINANCIALS 0.7%
B3 SA - Brasil Bolsa Balcao		104,902			320
Banco BTG Pactual SA		6,400			42
Banco do Brasil SA		14,277			147
Banco Santander Brasil SA		12,400			79
BB Seguridade Participacoes SA		10,697			69
Porto Seguro SA		2,300			14
					671
INDUSTRIALS 0.3%
Embraer SA (b)		7,500			29
Rumo SA		14,900			69
WEG SA		22,081			174
					272
MATERIALS 1.3%
Cia Siderurgica Nacional SA		25,577			65
Klabin SA		33,390			152
Suzano SA		21,592			200
Vale SA		59,300			795
					1,212
UTILITIES 0.5%
Cia de Saneamento Basico do Estado de Sao Paulo		5,255			62
Cia Paranaense de Energia		15,589			136
CPFL Energia SA		3,600			26
EDP - Energias do Brasil SA		7,600			38
Energisa SA		7,000			73
Engie Brasil Energia SA		3,135			30
Equatorial Energia SA		4,500			30
Neoenergia SA		4,100			18
					413
Total Brazil					4,289

	SHARES			MARKET VALUE (000S)
CHILE 0.8%
CONSUMER STAPLES 0.2%
Cencosud SA		53,437	$		103
Cia Cervecerias Unidas SA		10,138			82
					185
ENERGY 0.1%
Empresas Copec SA		6,030			45
FINANCIALS 0.3%
Banco de Chile		1,334,417			139
Banco de Credito e Inversiones SA		998			31
Banco Itau Chile SA (b)		865			9
Banco Santander Chile		1,320,243			63
					242
MATERIALS 0.0%
Empresas CMPC SA		17,456			33
UTILITIES 0.2%
Colbun SA		383,504			61
Enel Americas SA		753,474			100
Enel Chile SA		672,048			44
					205
Total Chile					710
CHINA 22.7%
COMMUNICATION SERVICES 1.4%
China United Network Communications Ltd. ‘A’		365,500			242
Focus Media Information Technology Co. Ltd. ‘A’		53,000			50
NetEase, Inc.		4,674			452
Tencent Holdings Ltd.		8,200			347
Tencent Music Entertainment Group ADR (b)		24,658			182
					1,273
CONSUMER DISCRETIONARY 1.2%
ANTA Sports Products Ltd.		23,600			243
BAIC Motor Corp. Ltd.		118,000			29
China Tourism Group Duty Free Corp. Ltd. ‘H’		2,400			33
China Yongda Automobiles Services Holdings Ltd.		47,500			24
Dongfeng Motor Group Co. Ltd.		120,000			55
Huayu Automotive Systems Co. Ltd. ‘A’ (b)		24,700			63
SAIC Motor Corp. Ltd. ‘A’ (b)		47,800			93
Shanghai Yuyuan Tourist Mart Group Co. Ltd. ‘A’		31,100			29
Topsports International Holdings Ltd.		74,000			64
Trip.com Group Ltd. (b)		2,816			99
Vipshop Holdings Ltd. (b)		3,656			60
Wuchan Zhongda Group Co. Ltd. ‘A’		191,200			130
Yum China Holdings, Inc.		2,370			134
					1,056
CONSUMER STAPLES 1.4%
China Feihe Ltd.		121,000			68
Dali Foods Group Co. Ltd.		59,000			27

	SHARES			MARKET VALUE (000S)
Foshan Haitian Flavouring & Food Co. Ltd. ‘A’		3,100	$		20
Guangdong Haid Group Co. Ltd. ‘A’		4,300			28
Henan Shuanghui Investment & Development Co. Ltd.		24,500			83
Hengan International Group Co. Ltd.		24,500			103
Kweichow Moutai Co. Ltd. ‘A’		700			163
Luzhou Laojiao Co. Ltd. ‘A’ (b)		1,500			43
Muyuan Foods Co. Ltd. ‘A’ (b)		10,500			61
New Hope Liuhe Co. Ltd. ‘A’		25,500			41
Nongfu Spring Co. Ltd. ‘H’		25,000			138
Tingyi Cayman Islands Holding Corp.		90,000			140
Tsingtao Brewery Co. Ltd. ‘H’		6,000			55
Uni-President China Holdings Ltd.		43,000			36
Wens Foodstuffs Group Co. Ltd. ‘A’		51,300			130
Wuliangye Yibin Co. Ltd. ‘A’		4,800			108
					1,244
ENERGY 2.2%
China Petroleum & Chemical Corp. ‘H’		1,142,000			671
China Shenhua Energy Co. Ltd. ‘H’		152,000			466
PetroChina Co. Ltd. ‘H’		930,000			646
Shaanxi Coal Industry Co. Ltd. ‘A’ (b)		23,100			58
Shanxi Coking Coal Energy Group Co. Ltd. ‘A’		7,600			9
Yankuang Energy Group Co. Ltd. ‘H’		70,000			201
					2,051
FINANCIALS 5.8%
Agricultural Bank of China Ltd.		1,638,000			645
Bank of Beijing Co. Ltd.		204,000			130
Bank of Changsha Co. Ltd. (b)		42,400			45
Bank of China Ltd.		1,721,000			691
Bank of Chongqing Co. Ltd. ‘H’		35,000			18
Bank of Communications Co. Ltd. ‘H’		594,000			394
Bank of Guiyang Co. Ltd. ‘A’		76,500			55
Bank of Hangzhou Co. Ltd. ‘A’ (b)		40,900			66
Bank of Jiangsu Co. Ltd. ‘A’		67,200			74
Bank of Jiangsu Co. Ltd. ‘A’ (b)		227,300			230
Bank of Shanghai Co. Ltd. ‘A’		107,700			85
China Cinda Asset Management Co. Ltd. ‘H’		353,000			35
China CITIC Bank Corp. Ltd. ‘H’		596,000			280
China Construction Bank Corp. ‘H’		390,000			253
China Everbright Bank Co. Ltd. ‘H’		538,000			155
China Galaxy Securities Co. Ltd. ‘H’		26,000			14
China International Capital Corp. Ltd. ‘H’		10,000			18
China Life Insurance Co. Ltd. ‘H’		76,000			127
China Minsheng Banking Corp. Ltd. ‘H’		453,500			168
China Pacific Insurance Group Co. Ltd. ‘A’		13,400			35
China Zheshang Bank Co. Ltd. ‘H’		118,000			39
Chongqing Rural Commercial Bank Co. Ltd. ‘H’		221,000			78
CITIC Securities Co. Ltd. ‘H’		20,000			36
GF Securities Co. Ltd. ‘H’		8,000			11

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 23

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Guosen Securities Co. Ltd. ‘A’		37,700	$		45
Guotai Junan Securities Co. Ltd. ‘H’		11,400			13
Haitong Securities Co. Ltd. ‘H’		35,600			22
Huaxia Bank Co. Ltd. ‘A’		113,500			85
Industrial & Commercial Bank of China Ltd. ‘H’		1,278,000			683
Lufax Holding Ltd. ADR		46,622			67
New China Life Insurance Co. Ltd. ‘H’		4,200			11
People’s Insurance Co. Group of China Ltd. ‘H’		46,000			17
PICC Property & Casualty Co. Ltd. ‘H’		42,000			47
Ping An Insurance Group Co. of China Ltd. ‘H’		74,000			473
Shanghai Pudong Development Bank Co. Ltd. ‘A’ (b)		102,500			102
					5,247
HEALTH CARE 1.1%
China Resources Pharmaceutical Group Ltd.		136,000			119
CSPC Pharmaceutical Group Ltd.		283,680			247
Jiangsu Hengrui Pharmaceuticals Co. Ltd. ‘A’		3,100			21
Jointown Pharmaceutical Group Co. Ltd. ‘A’		30,396			43
Shandong Buchang Pharmaceuticals Co. Ltd. ‘A’ (b)		10,000			28
Shanghai Pharmaceuticals Holding Co. Ltd. ‘H’		9,300			18
Shenzhen Mindray Bio-Medical Electronics Co. Ltd.		2,100			87
Sinopharm Group Co. Ltd. ‘H’		127,200			398
Yunnan Baiyao Group Co. Ltd. ‘A’		10,300			75
					1,036
INDUSTRIALS 3.7%
AECC Aviation Power Co. Ltd.		8,700			51
China Communications Services Corp. Ltd. ‘H’		108,000			53
China CSSC Holdings Ltd. ‘A’ (b)		19,500			89
China International Marine Containers Group Co. Ltd. ‘H’		21,600			13
China National Chemical Engineering Co. Ltd. ‘A’		66,500			76
China Railway Group Ltd. ‘H’		613,000			406
China State Construction Engineering Corp. Ltd. ‘A’		945,000			747
CITIC Ltd.		141,000			169
CNPC Capital Co. Ltd. ‘A’ (b)		26,000			26
COSCO SHIPPING Holdings Co. Ltd. ‘H’		21,500			19
CRRC Corp. Ltd. ‘H’		43,000			24
Daqin Railway Co. Ltd. ‘A’ (b)		96,200			98
Fosun International Ltd.		45,000			31
Jiangsu Expressway Co. Ltd. ‘H’		86,000			79
Jiangsu Zhongtian Technology Co. Ltd. ‘A’ (b)		36,500			80
Metallurgical Corp. of China Ltd. ‘H’		459,000			113
NARI Technology Co. Ltd. ‘A’		20,000			64
Power Construction Corp. of China Ltd. ‘A’ (b)		144,100			114
Qingdao Port International Co. Ltd.		28,000			15
Sany Heavy Industry Co. Ltd. ‘A’		48,400			111

	SHARES			MARKET VALUE (000S)
Shanghai Construction Group Co. Ltd. ‘A’ (b)		120,600	$		45
Shanghai International Port Group Co. Ltd. ‘A’ (b)		23,200			17
Shanghai Tunnel Engineering Co. Ltd. ‘A’ (b)		83,500			69
Sichuan Road and Bridge Group Co. Ltd. ‘A’		14,180			19
Sinopec Engineering Group Co. Ltd. ‘H’		66,500			30
Sinotrans Ltd. ‘H’		118,000			42
Sinotruk Hong Kong Ltd.		69,500			135
TBEA Co. Ltd. ‘A’ (b)		39,300			121
Weichai Power Co. Ltd. ‘H’		13,000			19
Xiamen C & D, Inc. ‘A’		64,300			97
Xiamen ITG Group Corp. Ltd. ‘A’		64,800			69
Xiamen Xiangyu Co. Ltd. ‘A’		32,700			39
Zhejiang Chint Electrics Co. Ltd. ‘A’ (b)		4,000			15
Zhejiang Expressway Co. Ltd. ‘H’		44,000			33
ZTO Express Cayman, Inc.		9,431			237
					3,365
INFORMATION TECHNOLOGY 1.4%
360 Security Technology, Inc.		28,400			49
AAC Technologies Holdings, Inc.		19,000			45
Avary Holding Shenzhen Co. Ltd.		14,500			49
China Railway Signal & Communication Corp. Ltd. ‘H’		115,000			44
Foxconn Industrial Internet Co. Ltd. ‘A’ (b)		83,200			289
Lenovo Group Ltd.		396,000			415
Sunny Optical Technology Group Co. Ltd.		16,800			168
Tianma Microelectronics Co. Ltd. ‘A’		44,700			56
Xiaomi Corp. ‘B’ (b)		50,200			69
ZTE Corp.		14,000			56
					1,240
MATERIALS 2.0%
Aluminum Corp. of China Ltd.		436,000			189
Angang Steel Co. Ltd.		142,000			37
Anhui Conch Cement Co. Ltd.		118,000			314
Baoshan Iron & Steel Co. Ltd. ‘A’		162,600			126
China Hongqiao Group Ltd.		216,500			177
China National Building Material Co. Ltd. ‘H’		330,000			204
CMOC Group Ltd. ‘H’		60,000			32
Hengli Petrochemical Co. Ltd. ‘A’		17,300			34
Hesteel Co. Ltd. ‘A’ (b)		140,800			44
Huaxin Cement Co. Ltd. ‘H’		20,600			18
Hunan Valin Steel Co. Ltd. ‘A’		72,500			48
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd.		19,900			11
Jiangxi Copper Co. Ltd. ‘H’		121,000			187
Luxi Chemical Group Co. Ltd. ‘A’ (b)		16,200			24
Maanshan Iron & Steel Co. Ltd. ‘H’		80,000			14
Nanjing Iron & Steel Co. Ltd. ‘A’		69,500			32
Ningxia Baofeng Energy Group Co. Ltd. ‘A’		23,900			42
Shandong Chenming Paper Holdings Ltd. ‘H’		27,500			9
Shandong Gold Mining Co. Ltd. ‘H’		8,250			15
Shanxi Taigang Stainless Steel Co. Ltd. ‘A’		69,900			37
Sinopec Shanghai Petrochemical Co. Ltd. ‘H’		180,000			28
Tangshan Jidong Cement Co. Ltd. ‘A’		23,800			24

	SHARES			MARKET VALUE (000S)
Tongling Nonferrous Metals Group Co. Ltd. ‘A’		95,800	$		38
Wanhua Chemical Group Co. Ltd. ‘A’		1,700			20
Xinxing Ductile Iron Pipes Co. Ltd. ‘A’ (b)		140,200			79
Xinyu Iron & Steel Co. Ltd. ‘A’		56,500			29
Zijin Mining Group Co. Ltd. ‘H’		38,000			56
					1,868
REAL ESTATE 1.4%
Agile Group Holdings Ltd.		252,000			40
China Evergrande Group «(b)		116,000			12
China Vanke Co. Ltd. ‘H’		277,300			374
CIFI Holdings Group Co. Ltd. «(b)		2,752,000			94
Country Garden Holdings Co. Ltd.		2,401,000			490
Financial Street Holdings Co. Ltd. ‘A’ (b)		48,800			30
Guangzhou R&F Properties Co. Ltd. ‘H’		82,800			13
Jinke Properties Group Co. Ltd. ‘A’		182,800			28
KE Holdings, Inc. (b)		1,286			19
KWG Group Holdings Ltd.		181,000			23
Logan Group Co. Ltd.		95,000			10
Powerlong Real Estate Holdings Ltd.		108,000			13
Seazen Group Ltd.		342,000			67
Seazen Holdings Co. Ltd. ‘A’		12,100			24
Sino-Ocean Group Holding Ltd.		70,000			4
Youngor Group Co. Ltd.		26,500			23
					1,264
UTILITIES 1.1%
CGN Power Co. Ltd.		673,000			163
China National Nuclear Power Co. Ltd. ‘A’ (b)		144,000			140
China Yangtze Power Co. Ltd. ‘A’ (b)		104,600			318
ENN Energy Holdings Ltd.		20,500			256
GD Power Development Co. Ltd. ‘A’		168,400			89
Huaneng Lancang River Hydropower, Inc. ‘A’		33,000			32
Huaneng Power International, Inc. ‘H’		22,000			14
					1,012
Total China					20,656
GREECE 0.6%
COMMUNICATION SERVICES 0.1%
Hellenic Telecommunications Organization SA		6,006			103
CONSUMER DISCRETIONARY 0.2%
JUMBO SA		1,888			52
OPAP SA		4,533			79
					131
ENERGY 0.0%
Motor Oil Hellas Corinth Refineries SA		708			18

24 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

	SHARES			MARKET VALUE (000S)
FINANCIALS 0.2%
Alpha Services & Holdings SA (b)		33,166	$		54
Eurobank Ergasias Services & Holdings SA ‘A’ (b)		40,353			67
National Bank of Greece SA (b)		10,260			67
Piraeus Financial Holdings SA (b)		4,378			14
					202
INDUSTRIALS 0.0%
Mytilineos SA		412			14
Star Bulk Carriers Corp.		1,063			19
					33
UTILITIES 0.1%
Public Power Corp. SA (b)		3,651			42
Total Greece					529
HONG KONG 1.7%
CONSUMER STAPLES 0.1%
China Resources Beer Holdings Co. Ltd.		10,000			66
FINANCIALS 0.6%
BOC Hong Kong Holdings Ltd.		142,000			435
China Taiping Insurance Holdings Co. Ltd.		81,800			85
Far East Horizon Ltd.		65,000			52
					572
INDUSTRIALS 0.2%
China Everbright Environment Group Ltd.		153,000			60
China State Construction International Holdings Ltd.		12,000			14
China Zhongwang Holdings Ltd. «(b)		338,800			0
Shanghai Industrial Holdings Ltd.		22,000			32
Shenzhen International Holdings Ltd.		57,500			51
					157
MATERIALS 0.0%
China Resources Cement Holdings Ltd.		60,000			25
REAL ESTATE 0.1%
China Jinmao Holdings Group Ltd.		232,000			34
China Resources Land Ltd.		8,000			34
Poly Property Group Co. Ltd.		41,000			9
Yuexiu Property Co. Ltd.		19,400			23
					100
UTILITIES 0.7%
Beijing Enterprises Holdings Ltd.		27,000			98
China Resources Gas Group Ltd.		55,900			192
China Resources Power Holdings Co. Ltd.		10,000			22
Guangdong Investment Ltd.		92,000			79
Kunlun Energy Co. Ltd.		298,000			235
					626
Total Hong Kong					1,546

	SHARES			MARKET VALUE (000S)
INDIA 15.2%
COMMUNICATION SERVICES 0.3%
Bharti Airtel Ltd.		16,206	$		174
Indus Towers Ltd.		31,042			62
					236
CONSUMER DISCRETIONARY 1.2%
Apollo Tyres Ltd.		4,256			21
Bajaj Auto Ltd.		2,727			156
Bharat Forge Ltd.		3,152			32
Eicher Motors Ltd.		1,565			69
Hero MotoCorp Ltd.		3,225			115
Mahindra & Mahindra Ltd.		9,854			175
Maruti Suzuki India Ltd.		1,332			159
MRF Ltd.		31			38
Rajesh Exports Ltd.		5,176			35
Samvardhana Motherson International Ltd.		25,078			26
Tata Motors Ltd.		16,828			123
Titan Co. Ltd.		3,092			115
TVS Motor Co. Ltd.		2,396			39
Vardhman Textiles Ltd. (b)		2,281			10
					1,113
CONSUMER STAPLES 1.9%
Britannia Industries Ltd.		1,809			111
Colgate-Palmolive India Ltd.		1,453			30
Dabur India Ltd.		5,915			41
Godrej Consumer Products Ltd. (b)		5,608			74
Hindustan Unilever Ltd.		15,196			497
ITC Ltd.		143,261			790
Marico Ltd.		6,478			42
Nestle India Ltd.		524			147
					1,732
ENERGY 1.1%
Bharat Petroleum Corp. Ltd.		34,670			154
Coal India Ltd.		55,373			156
Hindustan Petroleum Corp. Ltd.		47,331			158
Indian Oil Corp. Ltd.		144,946			162
Oil & Natural Gas Corp. Ltd.		140,680			275
Oil India Ltd.		14,235			43
Petronet LNG Ltd.		19,412			53
					1,001
FINANCIALS 4.8%
Aditya Birla Capital Ltd. (b)		10,605			25
Axis Bank Ltd.		26,901			325
Bajaj Finance Ltd.		2,216			194
Bajaj Finserv Ltd.		3,918			73
Bajaj Holdings & Investment Ltd.		424			36
Bank of Baroda		22,450			52
Canara Bank		5,760			21
Cholamandalam Financial Holdings Ltd.		856			9
Cholamandalam Investment & Finance Co. Ltd.		5,308			74
Federal Bank Ltd.		30,436			47
HDFC Bank Ltd.		41,368			858
Housing Development Finance Corp. Ltd.		16,126			556
ICICI Bank Ltd.		65,689			752
IDFC First Bank Ltd. (b)		49,074			48

	SHARES			MARKET VALUE (000S)
IIFL Finance Ltd.		2,048	$		13
Indiabulls Housing Finance Ltd. ‘L’ (b)		70,758			107
IndusInd Bank Ltd.		7,200			121
Kotak Mahindra Bank Ltd.		10,667			241
LIC Housing Finance Ltd. (b)		4,989			24
Mahindra & Mahindra Financial Services Ltd.		6,002			25
Muthoot Finance Ltd.		1,091			17
Power Finance Corp. Ltd.		108,657			287
Punjab National Bank		26,808			17
REC Ltd.		47,346			95
Shriram Finance Ltd.		2,766			59
State Bank of India		35,295			247
					4,323
HEALTH CARE 0.6%
Apollo Hospitals Enterprise Ltd.		882			55
Aurobindo Pharma Ltd.		1,532			14
Cipla Ltd.		4,319			53
Divi’s Laboratories Ltd.		1,213			53
Dr Reddy’s Laboratories Ltd.		2,126			134
Lupin Ltd.		5,947			65
Sun Pharmaceutical Industries Ltd.		9,202			118
Torrent Pharmaceuticals Ltd.		1,755			41
Zydus Lifesciences Ltd.		3,372			24
					557
INDUSTRIALS 0.6%
Bharat Electronics Ltd.		52,096			80
Cummins India Ltd.		2,060			49
Havells India Ltd.		2,640			42
Hindustan Aeronautics Ltd.		1,410			65
InterGlobe Aviation Ltd. (b)		1,115			36
Larsen & Toubro Ltd.		6,650			201
Polycab India Ltd.		469			20
Siemens Ltd.		1,019			47
WNS Holdings Ltd. (b)		517			38
					578
INFORMATION TECHNOLOGY 1.9%
HCL Technologies Ltd.		14,090			205
Infosys Ltd.		32,096			523
LTIMindtree Ltd.		638			41
Mphasis Ltd.		1,621			38
Oracle Financial Services Software Ltd.		364			17
Redington Ltd.		18,568			42
Tata Consultancy Services Ltd.		15,745			636
Tech Mahindra Ltd.		8,611			119
Wipro Ltd.		21,545			102
					1,723
MATERIALS 1.9%
Asian Paints Ltd.		6,521			268
Berger Paints India Ltd.		1,129			9
Coromandel International Ltd.		1,615			19
Dalmia Bharat Ltd.		773			20
Grasim Industries Ltd.		2,262			48
Gujarat State Fertilizers & Chemicals Ltd.		8,284			17
Jindal Saw Ltd.		10,561			33
Jindal Stainless Ltd. (b)		2,281			9
Jindal Steel & Power Ltd.		13,597			97

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 25

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
JSW Steel Ltd.		7,795	$		75
National Aluminium Co. Ltd.		63,113			63
NMDC Ltd.		25,325			32
Pidilite Industries Ltd.		1,405			44
Shree Cement Ltd.		178			52
Steel Authority of India Ltd.		133,104			139
Supreme Industries Ltd.		739			29
Tata Steel Ltd.		299,923			411
UltraTech Cement Ltd. (b)		1,934			196
Vedanta Ltd.		33,406			114
					1,675
REAL ESTATE 0.0%
DLF Ltd.		4,586			28
UTILITIES 0.9%
GAIL India Ltd.		17,219			22
Gujarat State Petronet Ltd. (b)		4,471			16
Indraprastha Gas Ltd.		3,249			19
Jaiprakash Power Ventures Ltd. (b)		436,978			33
NHPC Ltd.		52,768			30
NTPC Ltd.		139,837			323
Power Grid Corp. of India Ltd.		105,928			330
PTC India Ltd.		8,191			11
Reliance Infrastructure Ltd. (b)		13,711			23
Reliance Power Ltd. (b)		118,357			20
					827
Total India					13,793
INDONESIA 1.7%
COMMUNICATION SERVICES 0.4%
Elang Mahkota Teknologi Tbk PT		168,800			8
Indosat Tbk PT		24,300			14
Telkom Indonesia Persero Tbk PT		1,277,200			341
					363
CONSUMER STAPLES 0.2%
Gudang Garam Tbk PT		20,100			37
Indofood CBP Sukses Makmur Tbk PT		42,800			33
Indofood Sukses Makmur Tbk PT		27,100			13
Sumber Alfaria Trijaya Tbk PT		290,700			50
Unilever Indonesia Tbk PT		129,900			37
					170
ENERGY 0.1%
Adaro Energy Indonesia Tbk PT		614,100			91
Indika Energy Tbk PT		84,700			11
Indo Tambangraya Megah Tbk PT		21,600			35
					137
FINANCIALS 0.9%
Bank Central Asia Tbk PT		731,900			447
Bank Mandiri Persero Tbk PT		312,700			108
Bank Rakyat Indonesia Persero Tbk PT		658,100			238
					793
HEALTH CARE 0.1%
Kalbe Farma Tbk PT		390,300			53

	SHARES			MARKET VALUE (000S)
MATERIALS 0.0%
Indocement Tunggal Prakarsa Tbk PT		44,300	$		29
Total Indonesia					1,545
IRELAND 0.2%
CONSUMER DISCRETIONARY 0.2%
Pinduoduo, Inc. (b)		2,534			175
Total Ireland					175
KUWAIT 0.4%
COMMUNICATION SERVICES 0.1%
Kuwait Telecommunications Co.		3,535			7
Mobile Telecommunications Co. KSCP		44,173			74
					81
CONSUMER DISCRETIONARY 0.0%
Humansoft Holding Co. KSC		302			3
FINANCIALS 0.2%
Al Ahli Bank of Kuwait KSCP		3,781			3
Boubyan Bank KSCP		5,764			12
Gulf Bank KSCP		6,421			6
Kuwait Finance House KSCP		85,925			208
					229
INDUSTRIALS 0.1%
Agility Public Warehousing Co. KSC		28,106			57
National Industries Group Holding SAK		5,584			4
					61
REAL ESTATE 0.0%
Commercial Real Estate Co. KSC		35,666			12
Mabanee Co. KPSC		733			2
					14
Total Kuwait					388
MALAYSIA 1.7%
COMMUNICATION SERVICES 0.2%
Astro Malaysia Holdings Bhd		58,200			8
Axiata Group Bhd		44,100			25
CelecomDigi BHD		26,200			23
Maxis Bhd		48,400			43
Telekom Malaysia Bhd		44,100			46
					145
CONSUMER DISCRETIONARY 0.1%
Genting Bhd		46,100			40
Genting Malaysia Bhd		96,600			51
					91
CONSUMER STAPLES 0.1%
IOI Corp. Bhd		27,700			22
Kuala Lumpur Kepong Bhd		7,000			33
PPB Group Bhd		9,400			32
Sime Darby Plantation Bhd		40,800			36
					123

	SHARES			MARKET VALUE (000S)
ENERGY 0.0%
Petronas Dagangan Bhd		3,500	$		17
FINANCIALS 0.7%
Alliance Bank Malaysia Bhd		54,000			38
AMMB Holdings Bhd		34,300			27
CIMB Group Holdings Bhd		122,800			133
Hong Leong Bank Bhd		17,200			70
Malayan Banking Bhd		87,000			161
Public Bank Bhd		180,100			149
RHB Bank Bhd		50,000			58
					636
HEALTH CARE 0.2%
Hartalega Holdings Bhd		136,900			56
IHH Healthcare Bhd		6,600			8
Kossan Rubber Industries Bhd		33,700			9
Supermax Corp. Bhd		66,800			12
Top Glove Corp. Bhd (b)		622,700			108
					193
INDUSTRIALS 0.2%
CAPITAL A BHD (b)		193,400			33
Gamuda Bhd (b)		20,000			19
Malaysia Airports Holdings Bhd		25,600			38
MISC Bhd		19,600			30
Sime Darby Bhd		60,600			27
					147
MATERIALS 0.1%
Petronas Chemicals Group Bhd		65,400			84
Press Metal Aluminium Holdings Bhd		9,900			10
					94
UTILITIES 0.1%
Petronas Gas Bhd		5,000			18
Tenaga Nasional Bhd		35,900			70
					88
Total Malaysia					1,534
MEXICO 2.6%
COMMUNICATION SERVICES 0.1%
Controladora AXTEL SAB de CV (b)		95,924			1
Grupo Televisa SAB		92,863			96
Megacable Holdings SAB de CV		12,334			28
					125
CONSUMER STAPLES 1.4%
Arca Continental SAB de CV		16,255			167
Coca-Cola Femsa SAB de CV		25,545			214
Gruma SAB de CV ‘B’		7,926			127
Grupo Bimbo SAB de CV ‘A’		21,123			113
Kimberly-Clark de Mexico SAB de CV		53,492			119
Wal-Mart de Mexico SAB de CV		130,672			517
					1,257
FINANCIALS 0.3%
Grupo Elektra SAB de CV		696			47
Grupo Financiero Banorte SAB de CV		26,600			220
					267

26 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 0.2%
Alfa SAB de CV		95,924	$		60
Grupo Aeroportuario del Pacifico SAB de CV		2,715			49
Grupo Aeroportuario del Sureste SAB de CV		2,055			57
					166
MATERIALS 0.6%
Alpek SAB de CV		16,954			17
Cemex SAB de CV (b)		126,231			89
Grupo Mexico SAB de CV		70,871			341
Industrias Penoles SAB de CV (b)		625			9
Orbia Advance Corp. SAB de CV		32,997			71
					527
Total Mexico					2,342
NETHERLANDS 0.0%
REAL ESTATE 0.0%
NEPI Rockcastle NV		4,050			24
Total Netherlands					24
PHILIPPINES 0.4%
COMMUNICATION SERVICES 0.1%
Globe Telecom, Inc.		878			27
PLDT, Inc.		2,770			66
					93
CONSUMER DISCRETIONARY 0.0%
Jollibee Foods Corp.		2,410			10
CONSUMER STAPLES 0.0%
Universal Robina Corp.		13,310			33
ENERGY 0.0%
Semirara Mining & Power Corp.		27,200			14
FINANCIALS 0.1%
Bank of the Philippine Islands		17,534			35
BDO Unibank, Inc.		19,800			49
Metropolitan Bank & Trust Co.		38,252			39
					123
INDUSTRIALS 0.1%
DMCI Holdings, Inc.		47,900			8
International Container Terminal Services, Inc.		13,910			52
SM Investments Corp.		2,040			34
					94
UTILITIES 0.1%
ACEN Corp. (b)		3,420			0
Manila Electric Co.		6,560			40
					40
Total Philippines					407
POLAND 0.6%
COMMUNICATION SERVICES 0.1%
Cyfrowy Polsat SA		7,583			31

	SHARES			MARKET VALUE (000S)
Orange Polska SA		26,277	$		45
					76
FINANCIALS 0.4%
Bank Polska Kasa Opieki SA		1,348			37
mBank SA (b)		96			10
Powszechna Kasa Oszczednosci Bank Polski SA		5,213			46
Powszechny Zaklad Ubezpieczen SA		22,073			214
Santander Bank Polska SA		211			20
					327
INFORMATION TECHNOLOGY 0.0%
Asseco Poland SA		462			9
MATERIALS 0.0%
Jastrzebska Spolka Weglowa SA (b)		2,764			27
UTILITIES 0.1%
Enea SA (b)		6,199			10
PGE Polska Grupa Energetyczna SA (b)		30,993			55
Tauron Polska Energia SA (b)		67,054			46
					111
Total Poland					550
QATAR 0.6%
COMMUNICATION SERVICES 0.1%
Ooredoo QPSC		14,541			44
ENERGY 0.0%
Qatar Fuel QSC		2,172			10
Qatar Gas Transport Co. Ltd.		22,471			25
					35
FINANCIALS 0.3%
Commercial Bank PSQC		3,410			5
Doha Bank QPSC		46,674			20
Masraf Al Rayan QSC		66,665			47
Qatar Islamic Bank SAQ		10,082			49
Qatar National Bank QPSC		43,747			185
					306
INDUSTRIALS 0.2%
Industries Qatar QSC		40,257			124
Qatar Navigation QSC		1,339			4
					128
REAL ESTATE 0.0%
Barwa Real Estate Co.		39,359			28
UTILITIES 0.0%
Qatar Electricity & Water Co. QSC		4,099			20
Total Qatar					561
RUSSIA 0.0%
CONSUMER STAPLES 0.0%
Magnit PJSC «		2,673			0

	SHARES			MARKET VALUE (000S)
ENERGY 0.0%
Gazprom Neft PJSC «		13,620	$		0
Gazprom PJSC «		635,130			0
Lukoil PJSC «		15,703			0
Novatek PJSC «		21,924			0
Rosneft Oil Co. PJSC «		66,050			0
Surgutneftegas PJSC «		701,700			0
Tatneft PJSC «		19,086			0
					0
FINANCIALS 0.0%
Sberbank of Russia PJSC «		117,340			0
VTB Bank PJSC «(b)		598,992,500			1
					1
MATERIALS 0.0%
Magnitogorsk Iron & Steel Works PJSC «		160,600			0
MMC Norilsk Nickel PJSC «		1,269			0
Novolipetsk Steel PJSC «		88,470			0
Severstal PAO ^«(a)		17,344			0
					0
UTILITIES 0.0%
Federal Grid Co. - Rosseti PJSC «(b)		22,174,692			0
Inter RAO UES PJSC «		1,587,500			0
					0
Total Russia					1
SAUDI ARABIA 2.8%
COMMUNICATION SERVICES 0.7%
Etihad Etisalat Co.		827			11
Mobile Telecommunications Co. Saudi Arabia		17,581			66
Saudi Telecom Co.		44,474			516
					593
CONSUMER DISCRETIONARY 0.1%
Jarir Marketing Co.		16,140			71
CONSUMER STAPLES 0.2%
Abdullah Al Othaim Markets Co.		9,410			35
Almarai Co. JSC		4,022			65
Nahdi Medical Co.		722			33
Savola Group		3,251			36
					169
ENERGY 0.7%
Saudi Arabian Oil Co.		68,858			592
FINANCIALS 0.1%
Bupa Arabia for Cooperative Insurance Co.		1,047			52
Saudi Investment Bank		5,745			26
					78
HEALTH CARE 0.1%
Dr Sulaiman Al Habib Medical Services Group Co.		1,226			94

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 27

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
INFORMATION TECHNOLOGY 0.0%
Arabian Internet & Communications Services Co.		408	$		35
MATERIALS 0.8%
Advanced Petrochemical Co.		3,062			36
SABIC Agri-Nutrients Co.		1,733			60
Sahara International Petrochemical Co.		4,951			49
Saudi Basic Industries Corp.		17,122			403
Saudi Cement Co.		920			15
Saudi Industrial Investment Group		5,847			41
Saudi Kayan Petrochemical Co. (b)		14,210			52
Yanbu National Petrochemical Co.		8,880			112
					768
REAL ESTATE 0.0%
Arabian Centres Co. Ltd.		2,279			13
UTILITIES 0.1%
ACWA Power Co.		1,254			55
Saudi Electricity Co.		8,284			50
					105
Total Saudi Arabia					2,518
SOUTH AFRICA 3.5%
COMMUNICATION SERVICES 0.5%
MTN Group Ltd.		40,071			295
MultiChoice Group		9,595			49
Telkom SA SOC Ltd. (b)		23,829			40
Vodacom Group Ltd.		12,738			79
					463
CONSUMER DISCRETIONARY 0.6%
Motus Holdings Ltd.		5,706			30
Mr Price Group Ltd.		5,888			45
Naspers Ltd. ‘N’		1,992			360
Truworths International Ltd.		15,768			48
Woolworths Holdings Ltd.		23,796			90
					573
CONSUMER STAPLES 0.5%
AVI Ltd.		7,555			27
Bid Corp. Ltd.		7,431			163
Pick n Pay Stores Ltd.		10,750			22
Shoprite Holdings Ltd.		12,364			149
SPAR Group Ltd.		12,331			69
Tiger Brands Ltd.		3,278			29
					459
ENERGY 0.1%
Exxaro Resources Ltd.		10,173			89
FINANCIALS 0.3%
FirstRand Ltd.		72,794			265
HEALTH CARE 0.1%
Aspen Pharmacare Holdings Ltd.		8,265			81
Life Healthcare Group Holdings Ltd.		24,215			26
					107

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 0.2%
Barloworld Ltd.		4,746	$		21
Bidvest Group Ltd.		7,956			111
					132
MATERIALS 1.2%
African Rainbow Minerals Ltd.		1,484			16
Anglo American Platinum Ltd.		1,017			46
AngloGold Ashanti Ltd.		9,541			202
Gold Fields Ltd.		18,616			259
Harmony Gold Mining Co. Ltd.		4,446			19
Impala Platinum Holdings Ltd.		18,646			124
Kumba Iron Ore Ltd.		2,143			50
Sappi Ltd.		26,018			54
Sasol Ltd.		15,613			193
Sibanye Stillwater Ltd.		54,666			84
					1,047
Total South Africa					3,135
SOUTH KOREA 13.4%
COMMUNICATION SERVICES 0.7%
KT Corp.		14,668			332
LG Uplus Corp.		11,350			93
NCSoft Corp.		130			29
SK Telecom Co. Ltd.		6,576			233
					687
CONSUMER DISCRETIONARY 3.6%
Coway Co. Ltd.		1,879			63
Hankook Tire & Technology Co. Ltd.		3,160			83
HL Mando Co. Ltd.		1,309			54
Hyundai Department Store Co. Ltd.		771			29
Hyundai Mobis Co. Ltd.		2,404			426
Hyundai Motor Co.		7,563			1,189
Hyundai Wia Corp.		1,026			52
Kia Corp.		10,238			690
LG Electronics, Inc.		6,713			650
Lotte Shopping Co. Ltd.		763			40
Shinsegae, Inc.		306			41
					3,317
CONSUMER STAPLES 0.6%
Amorepacific Group		967			19
CJ CheilJedang Corp.		515			105
E-MART, Inc.		1,363			80
GS Retail Co. Ltd.		851			15
KT&G Corp.		3,650			229
LG H&H Co. Ltd.		254			89
					537
ENERGY 0.4%
HD Hyundai Co. Ltd.		1,974			90
S-Oil Corp.		224			12
SK Innovation Co. Ltd. (b)		2,163			262
					364
FINANCIALS 1.6%
BNK Financial Group, Inc.		14,756			78
DB Insurance Co. Ltd.		2,072			118
DGB Financial Group, Inc.		7,971			44
Hana Financial Group, Inc.		3,126			93

	SHARES			MARKET VALUE (000S)
Hanwha Life Insurance Co. Ltd.		13,409	$		26
Hyundai Marine & Fire Insurance Co. Ltd.		3,977			94
Industrial Bank of Korea		14,688			116
KB Financial Group, Inc.		3,097			112
Meritz Financial Group, Inc.		884			28
NH Investment & Securities Co. Ltd.		1,208			9
Samsung Card Co. Ltd.		666			15
Samsung Fire & Marine Insurance Co. Ltd.		1,059			185
Samsung Life Insurance Co. Ltd.		2,684			137
Shinhan Financial Group Co. Ltd.		5,549			143
Woori Financial Group, Inc.		25,218			227
					1,425
HEALTH CARE 0.1%
Celltrion, Inc.		885			103
INDUSTRIALS 1.9%
CJ Corp.		1,097			57
CJ Logistics Corp.		770			45
Daewoo Engineering & Construction Co. Ltd. (b)		9,576			30
DL E&C Co. Ltd.		2,083			55
Doosan Bobcat, Inc.		204			9
Doosan Co. Ltd.		1,352			93
GS Engineering & Construction Corp.		4,808			68
GS Holdings Corp.		1,946			54
Hanwha Aerospace Co. Ltd.		340			33
Hanwha Corp.		2,790			64
HDC Hyundai Development Co-Engineering & Construction		1,674			15
Hyundai Engineering & Construction Co. Ltd.		4,483			130
Hyundai Glovis Co. Ltd.		816			123
Korea Shipbuilding & Offshore Engineering Co. Ltd. (b)		647			57
LG Corp.		2,658			178
LG Energy Solution Ltd. (b)		247			104
Lotte Corp.		855			16
LS Corp.		1,244			88
LX International Corp.		2,855			79
Posco International Corp.		5,576			170
SK Networks Co. Ltd.		5,929			23
SK, Inc.		1,830			208
					1,699
INFORMATION TECHNOLOGY 1.9%
LG Display Co. Ltd.		20,467			246
Samsung Electro-Mechanics Co. Ltd.		1,572			173
Samsung Electronics Co. Ltd.		18,498			1,019
Samsung SDI Co. Ltd.		524			268
					1,706
MATERIALS 2.2%
Dongkuk CM Co. Ltd. (b)		1,780			15
Dongkuk Holdings Co. Ltd.		949			13
Dongkuk Steel Mill Co. Ltd. (b)		2,953			24
Hyundai Steel Co.		5,759			148
KCC Corp.		211			32
Kolon Industries, Inc.		946			36
Korea Zinc Co. Ltd.		342			127
Kumho Petrochemical Co. Ltd.		104			11
LG Chem Ltd.		472			240

28 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

	SHARES			MARKET VALUE (000S)
Lotte Chemical Corp.		998	$		117
POSCO Holdings, Inc.		4,065			1,203
Young Poong Corp.		39			17
					1,983
UTILITIES 0.4%
Korea Electric Power Corp.		19,586			307
Korea Gas Corp.		4,049			79
					386
Total South Korea					12,207
TAIWAN 15.0%
COMMUNICATION SERVICES 0.7%
Chunghwa Telecom Co. Ltd.		119,000			446
Far EasTone Telecommunications Co. Ltd.		53,000			134
Taiwan Mobile Co. Ltd.		33,000			101
					681
CONSUMER DISCRETIONARY 0.6%
Cheng Shin Rubber Industry Co. Ltd.		34,000			44
China Motor Corp.		33,000			99
Eclat Textile Co. Ltd.		4,000			64
Feng TAY Enterprise Co. Ltd.		13,000			82
Giant Manufacturing Co. Ltd.		6,000			45
Hotai Motor Co. Ltd.		2,000			52
Kinpo Electronics		59,000			28
Nien Made Enterprise Co. Ltd.		2,000			22
Pou Chen Corp.		69,000			70
Ruentex Industries Ltd.		17,800			34
Yulon Motor Co. Ltd.		16,377			44
					584
CONSUMER STAPLES 0.4%
Great Wall Enterprise Co. Ltd.		15,008			26
President Chain Store Corp.		15,000			136
Uni-President Enterprises Corp.		73,000			179
					341
ENERGY 0.1%
Formosa Petrochemical Corp.		18,000			49
FINANCIALS 2.8%
Cathay Financial Holding Co. Ltd.		263,200			365
Chang Hwa Commercial Bank Ltd.		139,600			84
China Development Financial Holding Corp.		415,096			165
CTBC Financial Holding Co. Ltd.		382,000			305
E.Sun Financial Holding Co. Ltd.		171,735			144
First Financial Holding Co. Ltd.		193,699			172
Fubon Financial Holding Co. Ltd.		149,437			293
Hua Nan Financial Holdings Co. Ltd. ‘C’		134,503			96
Mega Financial Holding Co. Ltd.		177,500			218
Shanghai Commercial & Savings Bank Ltd.		47,712			70
Shin Kong Financial Holding Co. Ltd.		256,307			73
SinoPac Financial Holdings Co. Ltd.		218,104			122
Taishin Financial Holding Co. Ltd.		234,656			143
Taiwan Business Bank		156,143			72

	SHARES			MARKET VALUE (000S)
Taiwan Cooperative Financial Holding Co. Ltd.		127,996	$		115
Yuanta Financial Holding Co. Ltd.		124,000			92
					2,529
INDUSTRIALS 0.2%
Far Eastern New Century Corp.		93,000			100
Taiwan Glass Industry Corp.		13,000			8
Taiwan High Speed Rail Corp.		29,000			30
Teco Electric & Machinery Co. Ltd.		46,000			79
					217
INFORMATION TECHNOLOGY 8.8%
Accton Technology Corp.		8,000			90
Acer, Inc.		137,000			138
Advantech Co. Ltd.		8,291			109
ASE Technology Holding Co. Ltd.		127,000			452
Asustek Computer, Inc.		27,000			273
AUO Corp.		437,600			263
Catcher Technology Co. Ltd.		11,000			62
Cheng Uei Precision Industry Co. Ltd.		7,000			9
Chicony Electronics Co. Ltd.		16,000			50
Compal Electronics, Inc.		217,000			204
Delta Electronics, Inc.		44,000			488
Foxconn Technology Co. Ltd.		26,000			47
General Interface Solution Holding Ltd.		17,000			40
Gigabyte Technology Co. Ltd.		3,000			24
Hon Hai Precision Industry Co. Ltd.		283,600			1,031
Innolux Corp.		697,455			343
Inventec Corp.		164,000			228
King Yuan Electronics Co. Ltd.		6,000			11
Largan Precision Co. Ltd.		2,290			157
Lite-On Technology Corp.		80,000			266
Macronix International Co. Ltd.		51,000			54
MediaTek, Inc.		23,000			509
Micro-Star International Co. Ltd.		29,000			165
Mitac Holdings Corp.		30,000			34
Nan Ya Printed Circuit Board Corp.		2,000			17
Nanya Technology Corp.		4,000			9
Novatek Microelectronics Corp.		7,000			96
Pegatron Corp.		53,000			128
Powertech Technology, Inc.		30,000			101
Primax Electronics Ltd.		17,000			36
Qisda Corp. (b)		67,000			99
Quanta Computer, Inc.		161,000			786
Radiant Opto-Electronics Corp.		16,000			57
Realtek Semiconductor Corp.		9,000			112
Silicon Motion Technology Corp.		677			49
Supreme Electronics Co. Ltd.		26,593			41
Synnex Technology International Corp.		50,000			93
TPK Holding Co. Ltd.		13,000			19
Tripod Technology Corp.		8,000			32
Wistron Corp.		335,347			978
WPG Holdings Ltd.		50,560			89
WT Microelectronics Co. Ltd.		19,000			42
Yageo Corp.		3,000			48
Zhen Ding Technology Holding Ltd.		24,000			81
					7,960

	SHARES			MARKET VALUE (000S)
MATERIALS 1.3%
Asia Cement Corp.		44,000	$		63
Cheng Loong Corp.		11,000			12
China Steel Corp.		289,000			273
Eternal Materials Co. Ltd.		34,300			36
Formosa Chemicals & Fibre Corp.		40,000			86
Formosa Plastics Corp.		79,000			218
Nan Ya Plastics Corp.		65,000			152
TA Chen Stainless Pipe		10,000			15
Taiwan Cement Corp.		198,553			243
Taiwan Fertilizer Co. Ltd.		10,000			19
Tung Ho Steel Enterprise Corp.		20,020			38
YFY, Inc.		40,000			48
					1,203
REAL ESTATE 0.1%
Farglory Land Development Co. Ltd.		10,000			19
Highwealth Construction Corp.		24,906			34
Ruentex Development Co. Ltd.		28,200			33
					86
Total Taiwan					13,650
THAILAND 3.7%
COMMUNICATION SERVICES 0.3%
Advanced Info Service PCL		30,000			181
Digital Telecommunications Infrastructure Fund ‘F’		190,000			60
Jasmine International PCL (b)		381,200			15
					256
CONSUMER DISCRETIONARY 0.1%
Central Retail Corp. PCL		37,300			41
Home Product Center PCL		80,800			32
Sri Trang Agro-Industry PCL		36,400			17
					90
CONSUMER STAPLES 0.5%
Berli Jucker PCL		22,700			22
Charoen Pokphand Foods PCL		200,800			112
CP ALL PCL		94,900			167
Thai Beverage PCL		234,500			101
Thai Union Group PCL		182,100			66
					468
ENERGY 0.9%
Bangchak Corp. PCL		75,700			78
Esso Thailand PCL		86,000			21
IRPC PCL		1,001,700			65
PTT PCL		583,000			552
Star Petroleum Refining PCL		148,500			34
Thai Oil PCL		59,400			74
					824
FINANCIALS 0.4%
Bangkok Bank PCL		19,200			87
Krung Thai Bank PCL		63,700			35
Thanachart Capital PCL		68,600			96
Tisco Financial Group PCL		24,800			68
TMBThanachart Bank PCL		1,238,400			54
					340

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 29

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
HEALTH CARE 0.4%
Bangkok Dusit Medical Services PCL		299,600	$		235
Bumrungrad Hospital PCL		16,400			105
Sri Trang Gloves Thailand PCL		73,700			15
					355
INDUSTRIALS 0.2%
Airports of Thailand PCL (b)		44,400			90
Bangkok Expressway & Metro PCL		33,400			8
Delta Electronics Thailand PCL		47,000			123
					221
INFORMATION TECHNOLOGY 0.1%
Fabrinet (b)		314			41
MATERIALS 0.4%
PTT Global Chemical PCL		119,200			125
Siam Cement PCL		28,000			255
					380
REAL ESTATE 0.3%
Central Pattana PCL		32,900			61
Jasmine Broadband Internet Infrastructure Fund		275,000			54
Land & Houses PCL		544,100			130
Supalai PCL		64,900			37
					282
UTILITIES 0.1%
Electricity Generating PCL		8,900			33
Gulf Energy Development PCL		30,500			40
Ratch Group PCL		24,550			25
					98
Total Thailand					3,355
TURKEY 1.1%
COMMUNICATION SERVICES 0.1%
Turk Telekomunikasyon AS (b)		17,286			14
Turkcell Iletisim Hizmetleri AS		55,407			77
					91
CONSUMER DISCRETIONARY 0.2%
Arcelik AS		6,280			31
Ford Otomotiv Sanayi AS		2,167			64
Tofas Turk Otomobil Fabrikasi AS		3,918			38
Vestel Elektronik Sanayi ve Ticaret AS (b)		14,237			31
					164
CONSUMER STAPLES 0.3%
Anadolu Efes Biracilik Ve Malt Sanayii AS		20,485			52
BIM Birlesik Magazalar AS		27,951			183
Coca-Cola Icecek AS		2,035			21
					256
ENERGY 0.0%
Turkiye Petrol Rafinerileri AS		4,965			15

	SHARES			MARKET VALUE (000S)
FINANCIALS 0.2%
Akbank TAS		30,134	$		24
Haci Omer Sabanci Holding AS		11,421			20
Is Yatirim Menkul Degerler AS		22,099			53
Turkiye Halk Bankasi AS (b)		22,371			11
Turkiye Is Bankasi AS ‘C’		31,597			17
Yapi ve Kredi Bankasi AS		26,718			13
					138
INDUSTRIALS 0.3%
AG Anadolu Grubu Holding AS		6,100			26
Aselsan Elektronik Sanayi Ve Ticaret AS		10,212			21
Enka Insaat ve Sanayi AS		51,621			58
KOC Holding AS		10,607			42
Tekfen Holding AS		25,300			38
Turk Hava Yollari AO (b)		5,521			41
Turkiye Sise ve Cam Fabrikalari AS		38,552			66
					292
MATERIALS 0.0%
Eregli Demir ve Celik Fabrikalari TAS (b)		13,248			19
Petkim Petrokimya Holding AS (b)		26,659			15
					34
UTILITIES 0.0%
Aygaz AS		1			0
Enerjisa Enerji AS		11,718			16
					16
Total Turkey					1,006
UNITED ARAB EMIRATES 0.6%
COMMUNICATION SERVICES 0.1%
Emirates Telecommunications Group Co. PJSC		13,197			80
CONSUMER DISCRETIONARY 0.1%
Abu Dhabi National Oil Co. for Distribution PJSC		60,536			64
ENERGY 0.0%
ADNOC Drilling Co. PJSC		28,461			28
FINANCIALS 0.2%
Abu Dhabi Islamic Bank PJSC		13,364			39
Dubai Islamic Bank PJSC		40,034			60
Emirates NBD Bank PJSC		4,467			18
First Abu Dhabi Bank PJSC		31,824			118
					235
MATERIALS 0.0%
Borouge PLC		23,828			17
REAL ESTATE 0.1%
Emaar Development PJSC		29,222			46

	SHARES			MARKET VALUE (000S)
UTILITIES 0.1%
Abu Dhabi National Energy Co. PJSC		47,914	$		46
Total United Arab Emirates					516
Total Common Stocks (Cost $85,465)					85,437
PREFERRED STOCKS 4.2%
BRAZIL 4.2%
ENERGY 2.7%
Petroleo Brasileiro SA		391,098			2,412
FINANCIALS 0.3%
Banco do Estado do Rio Grande do Sul SA		22,248			70
Itau Unibanco Holding SA		36,800			218
					288
MATERIALS 0.8%
Braskem SA		21,590			126
Gerdau SA		44,679			234
Metalurgica Gerdau SA		92,592			228
Usinas Siderurgicas de Minas Gerais SA		82,500			122
					710
UTILITIES 0.4%
Cia Energetica de Minas Gerais		92,190			248
CTEEP-Cia de Transmissao de Energia Eletrica Paulista		17,621			93
					341
Total Brazil					3,751
CHILE 0.0%
CONSUMER STAPLES 0.0%
Embotelladora Andina SA		8,013			21
Total Chile					21
RUSSIA 0.0%
ENERGY 0.0%
Bashneft PJSC «		2,929			0
Transneft PJSC «(d)		22			0
					0
Total Russia					0
Total Preferred Stocks (Cost $2,792)					3,772
REAL ESTATE INVESTMENT TRUSTS 0.1%
HONG KONG 0.0%
REAL ESTATE 0.0%
Yuexiu Real Estate Investment Trust		1,140			0
Total Hong Kong					0
MEXICO 0.0%
REAL ESTATE 0.0%
Fibra Uno Administracion SA de CV		10,945			16
Total Mexico					16

30 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

	SHARES			MARKET VALUE (000S)
SOUTH AFRICA 0.0%
REAL ESTATE 0.0%
Growthpoint Properties Ltd.		24,962	$		15
Total South Africa					15
TURKEY 0.1%
REAL ESTATE 0.1%
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		69,266			20
Total Turkey					20
Total Real Estate Investment Trusts (Cost $58)					51

	SHARES			MARKET VALUE (000S)
RIGHTS 0.0%
HONG KONG 0.0%
FINANCIALS 0.0%
China Zheshang Bank Co. Ltd. ‘H’ (b)		33,900	$		1
Total Rights (Cost $0)					1
Total Investments in Securities (Cost $88,315)					89,261

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN AFFILIATES 0.0%
SHORT-TERM INSTRUMENTS 0.0%
MUTUAL FUNDS 0.0%
PIMCO Government Money Market Fund
5.210% (c)(d)(e)		7,605	$		8
Total Short-Term Instruments (Cost $8)					8
Total Investments in Affiliates (Cost $8)					8
Total Investments 98.3% (Cost $88,323)			$		89,269
Other Assets and Liabilities, net 1.7%					1,575
Net Assets 100.0%			$		90,844

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).

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

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

(c) Institutional Class Shares of each Fund.

(d) Securities with an aggregate market value of $6 were out on loan in exchange for $7 of cash collateral as of June 30, 2023. The collateral was invested in a cash collateral reinvestment vehicle as described in Note 5 in the Notes to Financial Statements.

(e) Coupon represents a 7-Day Yield.

BORROWINGS AND OTHER FINANCING TRANSACTIONS

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, 2023:

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
UBS	$	0	$	0	$	0	$	6	$	6	$	(7	)	$	(1	)
Total Borrowings and Other Financing Transactions	$	0	$	0	$	0	$	6

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	$	7	$	0	$	0	$	0	$	7
Total Borrowings	$	7	$	0	$	0	$	0	$	7
Payable for securities on loan - cash collateral									$	7

⁽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, 2023 31

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Investments in Securities, at Value
Common Stocks
Brazil
Communication Services	$	251	$	0	$	0	$	251
Consumer Discretionary		440		0		0		440
Consumer Staples		801		0		0		801
Energy		229		0		0		229
Financials		671		0		0		671
Industrials		272		0		0		272
Materials		1,212		0		0		1,212
Utilities		413		0		0		413
Chile
Consumer Staples		185		0		0		185
Energy		45		0		0		45
Financials		242		0		0		242
Materials		33		0		0		33
Utilities		205		0		0		205
China
Communication Services		634		639		0		1,273
Consumer Discretionary		293		763		0		1,056
Consumer Staples		0		1,244		0		1,244
Energy		0		2,051		0		2,051
Financials		67		5,180		0		5,247
Health Care		0		1,036		0		1,036
Industrials		237		3,128		0		3,365
Information Technology		0		1,240		0		1,240
Materials		0		1,868		0		1,868
Real Estate		47		1,111		106		1,264
Utilities		0		1,012		0		1,012
Greece
Communication Services		0		103		0		103
Consumer Discretionary		52		79		0		131
Energy		0		18		0		18
Financials		0		202		0		202
Industrials		19		14		0		33
Utilities		0		42		0		42
Hong Kong
Consumer Staples		0		66		0		66
Financials		0		572		0		572
Industrials		0		157		0		157
Materials		0		25		0		25
Real Estate		0		100		0		100
Utilities		0		626		0		626
India
Communication Services		0		236		0		236
Consumer Discretionary		0		1,113		0		1,113
Consumer Staples		0		1,732		0		1,732
Energy		0		1,001		0		1,001
Financials		0		4,323		0		4,323
Health Care		0		557		0		557
Industrials		38		540		0		578
Information Technology		0		1,723		0		1,723
Materials		0		1,675		0		1,675
Real Estate		0		28		0		28
Utilities		11		816		0		827
Indonesia
Communication Services		0		363		0		363
Consumer Staples		70		100		0		170
Energy		35		102		0		137
Financials		0		793		0		793
Health Care		0		53		0		53
Materials		0		29		0		29
Ireland
Consumer Discretionary		175		0		0		175
Kuwait
Communication Services		0		81		0		81
Consumer Discretionary		0		3		0		3

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Financials	$	3	$	226	$	0	$	229
Industrials		0		61		0		61
Real Estate		0		14		0		14
Malaysia
Communication Services		0		145		0		145
Consumer Discretionary		0		91		0		91
Consumer Staples		32		91		0		123
Energy		17		0		0		17
Financials		0		636		0		636
Health Care		0		193		0		193
Industrials		0		147		0		147
Materials		0		94		0		94
Utilities		18		70		0		88
Mexico
Communication Services		125		0		0		125
Consumer Staples		1,257		0		0		1,257
Financials		267		0		0		267
Industrials		166		0		0		166
Materials		527		0		0		527
Netherlands
Real Estate		24		0		0		24
Philippines
Communication Services		0		93		0		93
Consumer Discretionary		0		10		0		10
Consumer Staples		0		33		0		33
Energy		0		14		0		14
Financials		0		123		0		123
Industrials		0		94		0		94
Utilities		0		40		0		40
Poland
Communication Services		0		76		0		76
Financials		0		327		0		327
Information Technology		0		9		0		9
Materials		0		27		0		27
Utilities		0		111		0		111
Qatar
Communication Services		44		0		0		44
Energy		0		35		0		35
Financials		0		306		0		306
Industrials		0		128		0		128
Real Estate		0		28		0		28
Utilities		20		0		0		20
Russia
Financials		0		0		1		1
Saudi Arabia
Communication Services		66		527		0		593
Consumer Discretionary		0		71		0		71
Consumer Staples		0		169		0		169
Energy		0		592		0		592
Financials		52		26		0		78
Health Care		0		94		0		94
Information Technology		0		35		0		35
Materials		15		753		0		768
Real Estate		13		0		0		13
Utilities		0		105		0		105
South Africa
Communication Services		49		414		0		463
Consumer Discretionary		168		405		0		573
Consumer Staples		254		205		0		459
Energy		89		0		0		89
Financials		0		265		0		265
Health Care		107		0		0		107
Industrials		132		0		0		132
Materials		104		943		0		1,047
South Korea
Communication Services		0		687		0		687
Consumer Discretionary		0		3,317		0		3,317

32 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Consumer Staples	$	0	$	537	$	0	$	537
Energy		0		364		0		364
Financials		0		1,425		0		1,425
Health Care		0		103		0		103
Industrials		0		1,699		0		1,699
Information Technology		0		1,706		0		1,706
Materials		39		1,944		0		1,983
Utilities		0		386		0		386
Taiwan
Communication Services		0		681		0		681
Consumer Discretionary		0		584		0		584
Consumer Staples		0		341		0		341
Energy		0		49		0		49
Financials		0		2,529		0		2,529
Industrials		0		217		0		217
Information Technology		49		7,911		0		7,960
Materials		0		1,203		0		1,203
Real Estate		0		86		0		86
Thailand
Communication Services		0		256		0		256
Consumer Discretionary		0		90		0		90
Consumer Staples		0		468		0		468
Energy		0		824		0		824
Financials		0		340		0		340
Health Care		0		355		0		355
Industrials		0		221		0		221
Information Technology		41		0		0		41
Materials		0		380		0		380
Real Estate		0		282		0		282
Utilities		0		98		0		98
Turkey
Communication Services		77		14		0		91
Consumer Discretionary		64		100		0		164
Consumer Staples		0		256		0		256
Energy		0		15		0		15
Financials		53		85		0		138
Industrials		38		254		0		292

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Materials	$	0	$	34	$	0	$	34
Utilities		0		16		0		16
United Arab Emirates
Communication Services		0		80		0		80
Consumer Discretionary		64		0		0		64
Energy		28		0		0		28
Financials		39		196		0		235
Materials		17		0		0		17
Real Estate		0		46		0		46
Utilities		46		0		0		46
Preferred Stocks
Brazil
Energy		2,412		0		0		2,412
Financials		288		0		0		288
Materials		710		0		0		710
Utilities		341		0		0		341
Chile
Consumer Staples		21		0		0		21
Real Estate Investment Trusts
Mexico
Real Estate		16		0		0		16
South Africa
Real Estate		15		0		0		15
Turkey
Real Estate		0		20		0		20
Rights
Hong Kong
Financials		0		1		0		1
	$	14,584	$	74,570	$	107	$	89,261
Investments in Affiliates, at Value
Short-Term Instruments
Mutual Funds		8		0		0		8
Total Investments	$	14,592	$	74,570	$	107	$	89,269

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 33

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity  ETF

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.5%
COMMON STOCKS 96.7%
AUSTRALIA 5.2%
COMMUNICATION SERVICES 0.1%
carsales.com Ltd.		3,300	$		53
Nine Entertainment Co. Holdings Ltd.		7,355			10
REA Group Ltd.		892			86
SEEK Ltd.		2,783			40
					189
CONSUMER DISCRETIONARY 0.6%
Aristocrat Leisure Ltd.		3,766			97
Breville Group Ltd.		3,216			43
Domino’s Pizza Enterprises Ltd.		1,399			43
Flight Centre Travel Group Ltd. (a)		2,823			36
Harvey Norman Holdings Ltd.		13,133			31
JB Hi-Fi Ltd.		1,518			44
Premier Investments Ltd.		1,050			14
Super Retail Group Ltd.		5,845			45
Tabcorp Holdings Ltd.		11,491			9
Wesfarmers Ltd.		13,584			448
					810
CONSUMER STAPLES 0.5%
Blackmores Ltd.		514			32
Coles Group Ltd.		13,991			172
GrainCorp Ltd. ‘A’		11,182			59
Metcash Ltd.		29,974			75
Woolworths Group Ltd.		14,496			384
					722
ENERGY 0.3%
Ampol Ltd.		4,921			98
New Hope Corp. Ltd.		3,273			11
Santos Ltd.		3,925			20
Viva Energy Group Ltd.		24,995			50
Whitehaven Coal Ltd.		14,981			67
Woodside Energy Group Ltd.		5,840			135
					381
FINANCIALS 0.8%
AMP Ltd.		77,172			58
ASX Ltd.		1,637			69
Australia & New Zealand Banking Group Ltd.		2,223			35
Bank of Queensland Ltd.		7,859			29
Bendigo & Adelaide Bank Ltd.		7,203			41
Insurance Australia Group Ltd.		13,004			49
Medibank Pvt Ltd.		54,916			129
National Australia Bank Ltd.		8,592			151
NIB Holdings Ltd.		7,044			40
Perpetual Ltd.		3,038			53
QBE Insurance Group Ltd.		12,221			128
Suncorp Group Ltd.		30,651			275
Westpac Banking Corp.		8,232			117
					1,174
HEALTH CARE 0.5%
Ansell Ltd.		2,955			53
Cochlear Ltd.		793			122
CSL Ltd.		2,523			467
Sonic Healthcare Ltd.		3,832			91
					733

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 0.6%
ALS Ltd.		4,751	$		36
Aurizon Holdings Ltd.		45,502			119
Brambles Ltd.		28,433			273
Computershare Ltd.		3,918			61
Downer EDI Ltd.		11,650			32
McMillan Shakespeare Ltd.		1,462			18
Monadelphous Group Ltd.		3,243			25
Qantas Airways Ltd. (a)		11,772			49
Reece Ltd.		4,051			51
Seven Group Holdings Ltd.		1,579			26
Transurban Group		16,793			160
Worley Ltd.		6,767			71
					921
INFORMATION TECHNOLOGY 0.1%
WiseTech Global Ltd.		2,190			117
MATERIALS 1.4%
BHP Group Ltd.		12,543			377
BlueScope Steel Ltd.		7,977			110
Brickworks Ltd.		810			14
Champion Iron Ltd.		2,936			12
CSR Ltd.		13,831			48
Fortescue Metals Group Ltd.		30,802			457
IGO Ltd.		7,699			79
Iluka Resources Ltd.		7,648			57
Incitec Pivot Ltd.		38,636			71
Mineral Resources Ltd.		1,176			56
Newcrest Mining Ltd.		9,114			163
Northern Star Resources Ltd.		12,530			102
Nufarm Ltd.		3,202			11
Orica Ltd.		5,273			52
Rio Tinto Ltd.		4,686			359
Sims Ltd.		6,469			68
					2,036
REAL ESTATE 0.0%
Lendlease Corp. Ltd.		8,403			43
UTILITIES 0.3%
AGL Energy Ltd.		23,759			172
APA Group		7,853			51
Origin Energy Ltd.		45,066			253
					476
Total Australia					7,602
AUSTRIA 0.3%
ENERGY 0.1%
OMV AG		1,432			61
FINANCIALS 0.0%
UNIQA Insurance Group AG		5,486			44
INDUSTRIALS 0.1%
Andritz AG		911			51
MATERIALS 0.1%
Mayr Melnhof Karton AG		226			33
voestalpine AG		2,694			97
					130

	SHARES			MARKET VALUE (000S)
REAL ESTATE 0.0%
CA Immobilien Anlagen AG		1,722	$		50
UTILITIES 0.0%
Verbund AG		440			35
Total Austria					371
BELGIUM 0.5%
COMMUNICATION SERVICES 0.1%
Proximus SADP		4,349			32
Telenet Group Holding NV		1,638			37
					69
CONSUMER STAPLES 0.2%
Anheuser-Busch InBev SA		1,562			89
Etablissements Franz Colruyt NV		2,123			79
Lotus Bakeries NV		5			40
					208
ENERGY 0.0%
Euronav NV		1,319			20
FINANCIALS 0.1%
Ageas SA		1,027			42
Gimv NV		604			29
KBC Group NV		997			69
					140
HEALTH CARE 0.1%
UCB SA		928			82
INDUSTRIALS 0.0%
Ackermans & Van Haaren NV		243			40
INFORMATION TECHNOLOGY 0.0%
Barco NV		2,078			52
MATERIALS 0.0%
Solvay SA		414			46
Total Belgium					657
CANADA 7.4%
COMMUNICATION SERVICES 0.5%
BCE, Inc.		7,610			347
Cineplex, Inc. (a)		4,427			30
Cogeco Communications, Inc.		540			29
Quebecor, Inc. ‘B’		2,072			51
Rogers Communications, Inc. ‘B’		2,525			115
TELUS Corp.		6,138			119
					691
CONSUMER DISCRETIONARY 1.1%
BRP, Inc.		520			44
Canada Goose Holdings, Inc. (a)		1,200			21
Canadian Tire Corp. Ltd. ‘A’		1,301			178
Dollarama, Inc.		2,661			180
Gildan Activewear, Inc.		2,909			94
Linamar Corp.		624			33
Lululemon Athletica, Inc. (a)		637			241

34 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

	SHARES			MARKET VALUE (000S)
Magna International, Inc.		9,688	$		547
Restaurant Brands International, Inc.		3,041			236
Uni-Select, Inc. (a)		620			22
					1,596
CONSUMER STAPLES 0.7%
Alimentation Couche-Tard, Inc.		4,160			213
Empire Co. Ltd. ‘A’		4,910			139
George Weston Ltd.		1,293			153
Lassonde Industries, Inc. ‘A’		400			32
Loblaw Cos., Ltd.		2,400			220
Maple Leaf Foods, Inc.		1,335			26
Metro, Inc.		2,623			148
North West Co., Inc.		1,386			33
Premium Brands Holdings Corp.		518			41
Saputo, Inc.		3,115			70
					1,075
ENERGY 0.8%
ARC Resources Ltd.		9,262			123
Birchcliff Energy Ltd.		5,919			35
Cenovus Energy, Inc.		3,532			60
Crescent Point Energy Corp.		35,178			237
Enerplus Corp.		4,324			63
Gibson Energy, Inc.		3,632			57
Imperial Oil Ltd.		4,218			216
MEG Energy Corp. (a)		3,916			62
Peyto Exploration & Development Corp.		5,883			49
Precision Drilling Corp. (a)		620			30
Suncor Energy, Inc.		4,918			144
Teekay Tankers Ltd. ‘A’		490			19
Whitecap Resources, Inc.		12,483			87
					1,182
FINANCIALS 0.8%
Canadian Imperial Bank of Commerce		1,595			68
CI Financial Corp.		5,779			66
Element Fleet Management Corp.		2,960			45
Fairfax Financial Holdings Ltd.		390			292
Great-West Lifeco, Inc.		1,890			55
Home Capital Group, Inc.		1,489			48
IA Financial Corp., Inc.		728			49
IGM Financial, Inc.		1,359			41
Intact Financial Corp.		1,196			185
Manulife Financial Corp.		5,928			112
Onex Corp.		724			40
Power Corp. of Canada		4,374			118
TMX Group Ltd.		520			12
					1,131
INDUSTRIALS 1.4%
Aecon Group, Inc.		3,512			33
Air Canada (a)		2,340			44
Bombardier, Inc. ‘B’ (a)		624			31
Boyd Group Services, Inc.		416			79
Canadian National Railway Co.		4,230			512
Canadian Pacific Kansas City Ltd.		4,894			395
Finning International, Inc.		2,940			90
GFL Environmental, Inc.		2,344			91
RB Global, Inc.		1,231			74
Russel Metals, Inc.		1,744			48

	SHARES			MARKET VALUE (000S)
Stantec, Inc.		800	$		52
TFI International, Inc.		1,084			124
Thomson Reuters Corp.		2,297			310
Toromont Industries Ltd.		1,250			103
Waste Connections, Inc.		522			75
Westshore Terminals Investment Corp.		2,786			66
					2,127
INFORMATION TECHNOLOGY 0.7%
Canadian Solar, Inc. (a)		526			20
Celestica, Inc. (a)		5,696			83
CGI, Inc. (a)		4,270			450
Constellation Software, Inc.		58			120
Descartes Systems Group, Inc. (a)		200			16
Lightspeed Commerce, Inc. (a)		1,768			30
Open Text Corp.		2,135			89
Shopify, Inc. ‘A’ (a)		4,044			261
					1,069
MATERIALS 0.9%
Agnico Eagle Mines Ltd.		2,800			140
Alamos Gold, Inc.’A’		1,200			14
Barrick Gold Corp.		900			15
CCL Industries, Inc. ‘B’		400			20
Eldorado Gold Corp. (a)		7,038			71
First Quantum Minerals Ltd.		4,412			104
Franco-Nevada Corp.		1,303			186
Interfor Corp. (a)		1,928			36
Methanex Corp.		2,006			83
Osisko Gold Royalties Ltd.		1,500			23
Stelco Holdings, Inc.		1,630			53
Stella-Jones, Inc.		400			21
Teck Resources Ltd. ‘B’		5,898			248
Transcontinental, Inc. ‘A’		2,773			31
West Fraser Timber Co. Ltd.		1,228			106
Wheaton Precious Metals Corp.		3,285			142
					1,293
REAL ESTATE 0.1%
Colliers International Group, Inc.		397			39
FirstService Corp.		459			71
					110
UTILITIES 0.4%
Algonquin Power & Utilities Corp.		2,255			19
Atco Ltd.		2,193			65
Canadian Utilities Ltd. ‘A		1,490			39
Emera, Inc.		2,347			97
Fortis, Inc.		2,733			118
Hydro One Ltd.		3,787			108
Northland Power, Inc.		2,036			42
Superior Plus Corp.		4,264			30
TransAlta Renewables, Inc.		2,865			25
					543
Total Canada					10,817
CHILE 0.1%
MATERIALS 0.1%
Antofagasta PLC		3,845			71
Total Chile					71

	SHARES			MARKET VALUE (000S)
DENMARK 2.5%
CONSUMER DISCRETIONARY 0.1%
GN Store Nord AS		1,087	$		27
Pandora AS		890			80
					107
CONSUMER STAPLES 0.1%
Carlsberg AS ‘B’		857			137
Royal Unibrew AS		623			56
Scandinavian Tobacco Group AS ‘A’		2,528			42
					235
FINANCIALS 0.1%
Danske Bank AS		1,702			41
Jyske Bank AS (a)		200			15
Sydbank AS		1,460			68
Topdanmark AS		997			49
Tryg AS		1,927			42
					215
HEALTH CARE 1.5%
Coloplast AS ‘B’		565			71
Demant A/S (a)		1,543			65
Genmab AS (a)		173			65
Novo Nordisk AS ‘B’		12,076			1,951
					2,152
INDUSTRIALS 0.5%
AP Moller - Maersk AS		131			230
DS Norden AS		1,516			76
DSV AS		1,089			229
ISS AS		2,477			52
NKT AS (a)		245			15
Solar AS ‘B’		360			27
Vestas Wind Systems AS		4,163			111
					740
INFORMATION TECHNOLOGY 0.0%
SimCorp AS		192			20
MATERIALS 0.1%
CHR Hansen Holding AS		574			40
Novozymes AS ‘B’		1,993			93
					133
UTILITIES 0.1%
Orsted AS		832			79
Total Denmark					3,681
FINLAND 1.0%
COMMUNICATION SERVICES 0.1%
Elisa Oyj		1,658			88
CONSUMER STAPLES 0.1%
Kesko Oyj		3,912			74
ENERGY 0.1%
Neste Oyj		2,303			89

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 35

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
FINANCIALS 0.2%
Nordea Bank Abp		9,275	$		101
Sampo Oyj ‘A’		5,335			239
					340
HEALTH CARE 0.1%
Orion Oyj ‘B’		1,816			75
INDUSTRIALS 0.2%
Cargotec Oyj ‘B’		776			43
Kone Oyj ‘B’		3,228			169
Metso Oyj		4,564			55
Wartsila Oyj Abp		5,266			59
					326
INFORMATION TECHNOLOGY 0.1%
TietoEVRY Oyj		3,796			105
MATERIALS 0.1%
Kemira Oyj		2,881			46
Outokumpu Oyj		10,617			57
Stora Enso Oyj ‘R’		5,509			64
UPM-Kymmene Oyj		3,327			99
					266
REAL ESTATE 0.0%
Citycon Oyj		5,957			38
Kojamo Oyj		2,648			25
					63
UTILITIES 0.0%
Fortum Oyj		3,446			46
Total Finland					1,472
FRANCE 8.1%
COMMUNICATION SERVICES 0.9%
Eutelsat Communications SA		8,405			55
Metropole Television SA		2,358			34
Orange SA		88,221			1,031
Publicis Groupe SA		2,096			168
Television Francaise 1		3,349			23
Ubisoft Entertainment SA (a)		470			13
					1,324
CONSUMER DISCRETIONARY 1.9%
Accor SA		913			34
Cie Generale des Etablissements Michelin SCA		3,698			109
Forvia		3,116			73
Hermes International		236			513
Kering SA		260			144
LVMH Moet Hennessy Louis Vuitton SE		946			892
Renault SA		17,633			744
SEB SA		503			52
Sodexo SA		771			85
Valeo SA		4,834			104
					2,750
CONSUMER STAPLES 0.9%
Carrefour SA		24,620			467
Casino Guichard Perrachon SA (a)		2,593			11

	SHARES			MARKET VALUE (000S)
Danone SA		3,664	$		225
L’Oreal SA		886			413
Pernod Ricard SA		580			128
Remy Cointreau SA		156			25
					1,269
ENERGY 0.3%
TotalEnergies SE		7,287			419
FINANCIALS 0.9%
AXA SA		5,929			175
BNP Paribas SA		3,138			198
Edenred		1,182			79
SCOR SE		1,765			52
Societe Generale SA		28,720			747
Worldline SA (a)		1,421			52
					1,303
HEALTH CARE 0.5%
BioMerieux		444			47
EssilorLuxottica SA		843			159
Sanofi		4,436			477
Sartorius Stedim Biotech		156			39
					722
INDUSTRIALS 2.0%
Airbus SE		3,236			468
Alstom SA		3,117			93
Bouygues SA		6,781			228
Bureau Veritas SA		4,726			130
Cie de Saint-Gobain		2,786			170
Dassault Aviation SA		450			90
Elis SA		2,880			56
Legrand SA		658			65
Nexans SA		824			71
Rexel SA		9,641			238
Safran SA		2,609			409
Societe BIC SA		835			48
Thales SA		1,351			202
Vinci SA		5,237			609
					2,877
INFORMATION TECHNOLOGY 0.1%
Alten SA		357			56
Sopra Steria Group SACA		454			91
					147
MATERIALS 0.0%
Eramet SA		192			18
Vicat SA		1,203			38
					56
UTILITIES 0.6%
Engie SA		46,385			772
Veolia Environnement SA		4,797			152
					924
Total France					11,791
GERMANY 6.7%
COMMUNICATION SERVICES 0.3%
CTS Eventim AG & Co. KGaA		683			43
Deutsche Telekom AG		9,588			209

	SHARES			MARKET VALUE (000S)
Freenet AG		3,587	$		90
ProSiebenSat.1 Media SE		3,970			37
Scout24 SE		710			45
Telefonica Deutschland Holding AG		24,068			68
					492
CONSUMER DISCRETIONARY 2.1%
Adidas AG		1,006			195
Bayerische Motoren Werke AG		10,675			1,313
Continental AG		4,837			366
Delivery Hero SE (a)		1,120			50
Fielmann AG		777			41
Hornbach Holding AG & Co. KGaA		626			49
Hugo Boss AG		1,663			130
Mercedes-Benz Group AG		8,548			688
Puma SE		790			48
Vitesco Technologies Group AG (a)		1,227			101
Zalando SE (a)		1,180			34
					3,015
CONSUMER STAPLES 0.1%
Beiersdorf AG		801			106
Metro AG (a)		6,704			54
Suedzucker AG		2,784			50
					210
FINANCIALS 1.2%
Allianz SE		1,390			324
Commerzbank AG		48,076			533
Deutsche Bank AG		19,246			202
Deutsche Boerse AG		1,489			275
Deutsche Pfandbriefbank AG		6,477			47
Hannover Rueck SE		463			98
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		513			193
Talanx AG		1,148			66
					1,738
HEALTH CARE 0.3%
Carl Zeiss Meditec AG		364			39
Fresenius Medical Care AG & Co. KGaA		1,070			51
Fresenius SE & Co. KGaA		1,178			33
Gerresheimer AG		513			58
Merck KGaA		622			103
Siemens Healthineers AG		1,386			78
					362
INDUSTRIALS 1.2%
Bilfinger SE		1,380			54
Deutsche Lufthansa AG		30,306			311
Deutsche Post AG		6,858			335
Duerr AG		426			14
GEA Group AG		560			23
Hapag-Lloyd AG		268			54
Hochtief AG		169			15
Kloeckner & Co. SE		3,832			41
Knorr-Bremse AG		632			48
Krones AG		698			85
MTU Aero Engines AG		355			92
Nordex SE (a)		1,239			15
Rational AG		44			32
Rheinmetall AG		179			49

36 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

	SHARES			MARKET VALUE (000S)
Siemens AG		3,914	$		652
					1,820
INFORMATION TECHNOLOGY 0.7%
Infineon Technologies AG		3,931			162
SAP SE		6,790			928
					1,090
MATERIALS 0.5%
BASF SE		3,656			178
Covestro AG		3,372			175
HeidelbergCement AG		591			49
K&S AG		7,253			126
Salzgitter AG		2,366			86
Symrise AG		394			41
					655
REAL ESTATE 0.1%
LEG Immobilien SE		1,228			71
TAG Immobilien AG		1,737			16
Vonovia SE		1,771			35
					122
UTILITIES 0.2%
E.ON SE		12,822			164
RWE AG		3,458			151
					315
Total Germany					9,819
HONG KONG 1.9%
COMMUNICATION SERVICES 0.1%
HKBN Ltd.		41,000			22
HKT Trust & HKT Ltd.		58,000			67
PCCW Ltd.		155,295			81
					170
CONSUMER DISCRETIONARY 0.2%
Bosideng International Holdings Ltd.		104,000			44
China Education Group Holdings Ltd.		14,000			11
Chow Tai Fook Jewellery Group Ltd.		31,600			57
Galaxy Entertainment Group Ltd. (a)		7,000			44
Man Wah Holdings Ltd.		20,800			14
Melco Resorts & Entertainment Ltd. (a)		1,569			19
SJM Holdings Ltd. (a)		25,000			11
Skyworth Group Ltd.		88,000			39
					239
CONSUMER STAPLES 0.0%
Alibaba Health Information Technology Ltd. (a)		20,000			12
WH Group Ltd.		79,000			42
					54
FINANCIALS 0.5%
AIA Group Ltd.		24,200			246
Futu Holdings Ltd. (a)		803			32
Hong Kong Exchanges & Clearing Ltd.		5,900			223
Prudential PLC		13,284			188
					689

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 0.4%
Cathay Pacific Airways Ltd. (a)		58,000	$		59
CK Hutchison Holdings Ltd.		27,000			165
Hutchison Port Holdings Trust		233,900			45
Jardine Matheson Holdings Ltd.		2,200			112
MTR Corp. Ltd.		25,000			115
NWS Holdings Ltd.		49,000			56
Pacific Basin Shipping Ltd.		85,000			26
Xinyi Glass Holdings Ltd.		20,000			31
					609
INFORMATION TECHNOLOGY 0.1%
Cowell e Holdings, Inc. (a)		15,000			28
Kingboard Holdings Ltd.		12,700			35
Kingboard Laminates Holdings Ltd.		28,000			26
Truly International Holdings Ltd.		146,000			17
					106
REAL ESTATE 0.5%
CK Asset Holdings Ltd.		26,000			145
Hongkong Land Holdings Ltd.		18,400			72
Hopson Development Holdings Ltd.		40,285			29
New World Development Co. Ltd.		24,000			59
Sino Land Co. Ltd.		10,000			12
Sun Hung Kai Properties Ltd.		17,000			215
Swire Pacific Ltd. ‘A’		10,500			81
Wharf Holdings Ltd.		17,000			40
Wharf Real Estate Investment Co. Ltd.		3,000			15
					668
UTILITIES 0.1%
China Gas Holdings Ltd.		10,200			12
CLP Holdings Ltd.		14,600			114
HK Electric Investments & HK Electric Investments Ltd.		35,500			21
Hong Kong & China Gas Co. Ltd.		43,972			38
Power Assets Holdings Ltd.		8,500			45
					230
Total Hong Kong					2,765
IRELAND 1.2%
CONSUMER DISCRETIONARY 0.1%
Flutter Entertainment PLC (a)		696			140
CONSUMER STAPLES 0.1%
Glanbia PLC		4,942			74
Kerry Group PLC ‘A’		1,100			107
					181
FINANCIALS 0.1%
Bank of Ireland Group PLC		8,248			79
HEALTH CARE 0.4%
Alkermes PLC (a)		855			27
ICON PLC (a)		567			142
Medtronic PLC		4,666			411
					580

	SHARES			MARKET VALUE (000S)
INDUSTRIALS 0.4%
Allegion PLC		558	$		67
Experian PLC		4,549			174
Grafton Group PLC		3,723			37
Kingspan Group PLC		746			50
Ryanair Holdings PLC (a)		835			16
Trane Technologies PLC		1,140			218
					562
MATERIALS 0.1%
CRH PLC		285			15
James Hardie Industries PLC		5,543			148
Smurfit Kappa Group PLC		1,099			37
					200
Total Ireland					1,742
ISRAEL 0.8%
COMMUNICATION SERVICES 0.1%
Bezeq The Israeli Telecommunication Corp. Ltd.		60,194			74
CONSUMER STAPLES 0.0%
Strauss Group Ltd. (a)		1,403			32
ENERGY 0.1%
Oil Refineries Ltd.		200,254			57
Paz Oil Co. Ltd. (a)		269			29
					86
FINANCIALS 0.2%
Bank Hapoalim BM		13,072			107
Bank Leumi Le-Israel BM		15,685			117
Harel Insurance Investments & Financial Services Ltd.		4,059			32
Israel Discount Bank Ltd. ‘A’		11,983			59
Mizrahi Tefahot Bank Ltd.		1,603			53
Plus500 Ltd.		1,562			29
					397
HEALTH CARE 0.0%
Teva Pharmaceutical Industries Ltd. SP - ADR (a)		8,524			64
INDUSTRIALS 0.1%
Danel Adir Yeoshua Ltd.		203			14
Elbit Systems Ltd.		255			53
Electra Ltd.		32			13
Scope Metals Group Ltd. (a)		623			23
					103
INFORMATION TECHNOLOGY 0.1%
Check Point Software Technologies Ltd. (a)		851			107
Monday.com Ltd. (a)		219			37
Nice Ltd. (a)		209			43
SolarEdge Technologies, Inc. (a)		97			26
					213
MATERIALS 0.1%
ICL Group Ltd.		18,772			102

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 37

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
REAL ESTATE 0.1%
Africa Israel Residences Ltd.		425	$		20
Azrieli Group Ltd.		206			12
G City Ltd.		6,681			22
YH Dimri Construction & Development Ltd.		448			28
					82
Total Israel					1,153
ITALY 2.8%
COMMUNICATION SERVICES 0.3%
Infrastrutture Wireless Italiane SpA		4,369			58
MFE-MediaForEurope NV ‘A’		38,162			21
MFE-MediaForEurope NV ‘B’		13,391			10
Telecom Italia SpA (a)		937,197			264
					353
CONSUMER DISCRETIONARY 0.3%
Brembo SpA		3,868			57
Ferrari NV		691			226
Moncler SpA		2,021			140
					423
ENERGY 0.6%
Eni SpA		54,879			790
Saipem SpA		12,282			17
Saras SpA		30,140			38
					845
FINANCIALS 0.8%
Anima Holding SpA		9,458			35
Azimut Holding SpA		3,296			71
Banca Generali SpA		1,039			36
Banca IFIS SpA		3,612			58
Banca Mediolanum SpA		3,489			32
Banca Popolare di Sondrio SpA		12,787			53
Banco BPM SpA		26,652			124
BPER Banca		22,585			69
FinecoBank Banca Fineco SpA		4,384			59
Intesa Sanpaolo SpA		55,217			145
UniCredit SpA		16,947			394
Unipol Gruppo SpA		18,791			100
					1,176
HEALTH CARE 0.1%
Amplifon SpA		1,378			50
DiaSorin SpA		443			46
Recordati Industria Chimica e Farmaceutica SpA		1,561			75
					171
INDUSTRIALS 0.2%
Enav SpA		7,497			32
Interpump Group SpA		311			17
Iveco Group NV (a)		4,221			38
Leonardo SpA		16,536			188
Prysmian SpA		1,030			43
					318
UTILITIES 0.5%
Enel SpA		74,746			504
ERG SpA		1,795			53

	SHARES			MARKET VALUE (000S)
Iren SpA		15,567	$		29
Snam SpA		18,897			99
Terna - Rete Elettrica Nazionale		12,207			104
					789
Total Italy					4,075
JAPAN 25.2%
COMMUNICATION SERVICES 1.9%
Avex, Inc.		3,300			35
Capcom Co. Ltd.		5,500			218
CyberAgent, Inc.		1,800			13
Fuji Media Holdings, Inc.		5,300			56
GungHo Online Entertainment, Inc.		1,400			28
Internet Initiative Japan, Inc.		2,700			51
Kadokawa Corp.		3,100			74
KDDI Corp.		23,200			717
Koei Tecmo Holdings Co. Ltd.		700			12
Konami Group Corp.		400			21
Nexon Co. Ltd.		2,300			44
Nintendo Co. Ltd.		8,400			383
Nippon Telegraph & Telephone Corp.		520,000			615
Nippon Television Holdings, Inc.		5,700			54
Softbank Corp.		41,000			438
Square Enix Holdings Co. Ltd.		600			28
Toho Co. Ltd.		900			34
					2,821
CONSUMER DISCRETIONARY 4.6%
Adastria Co. Ltd.		1,500			32
Aisin Corp.		4,900			151
Arata Corp.		100			3
Asics Corp.		2,200			68
ASKUL Corp.		1,100			15
Bandai Namco Holdings, Inc.		6,600			153
Bridgestone Corp.		7,900			325
Casio Computer Co. Ltd.		4,300			35
DCM Holdings Co. Ltd.		7,500			64
EDION Corp.		4,800			48
Exedy Corp.		3,300			56
Fast Retailing Co. Ltd.		900			231
Food & Life Cos., Ltd.		2,800			55
Fujitsu General Ltd.		1,100			24
Geo Holdings Corp.		700			9
Goldwin, Inc.		500			43
Haseko Corp.		3,100			38
Heiwa Corp.		700			12
HIS Co. Ltd. (a)		1,900			27
Honda Motor Co. Ltd.		20,900			633
Iida Group Holdings Co. Ltd.		3,100			52
Isetan Mitsukoshi Holdings Ltd.		16,100			164
Isuzu Motors Ltd.		18,400			223
J Front Retailing Co. Ltd.		6,000			58
JTEKT Corp.		8,400			77
K’s Holdings Corp.		6,900			60
Kohnan Shoji Co. Ltd.		2,500			61
Koito Manufacturing Co. Ltd.		1,700			31
Mazda Motor Corp.		31,500			304
McDonald’s Holdings Co. Japan Ltd.		2,900			113
Mitsubishi Motors Corp.		26,400			92
NHK Spring Co. Ltd.		5,000			37
Nikon Corp.		6,900			90
Nishimatsuya Chain Co. Ltd.		3,400			40
Nissan Motor Co. Ltd.		95,100			390

	SHARES			MARKET VALUE (000S)
Nitori Holdings Co. Ltd.		1,000	$		112
NOK Corp.		4,800			70
Oriental Land Co. Ltd.		5,600			218
PAL GROUP Holdings Co. Ltd. (a)		1,200			32
Paltac Corp.		100			3
Pan Pacific International Holdings Corp.		4,900			88
Panasonic Holdings Corp.		3,500			43
Resorttrust, Inc.		900			13
Rinnai Corp.		300			7
Ryohin Keikaku Co. Ltd.		1,700			17
Saizeriya Co. Ltd.		2,100			53
Sangetsu Corp.		900			16
Sankyo Co. Ltd.		2,000			81
Sega Sammy Holdings, Inc.		3,200			69
Sekisui Chemical Co. Ltd.		3,500			51
Sekisui House Ltd.		4,900			99
Shimamura Co. Ltd.		800			76
Shimano, Inc.		500			84
Skylark Holdings Co. Ltd.		2,500			31
Stanley Electric Co. Ltd.		2,400			49
Subaru Corp.		4,400			83
Sumitomo Electric Industries Ltd.		16,200			198
Sumitomo Forestry Co. Ltd.		4,300			104
Sumitomo Rubber Industries Ltd.		7,400			72
Suzuki Motor Corp.		4,500			163
Takashimaya Co. Ltd.		4,500			63
Tokai Rika Co. Ltd.		2,600			39
Tomy Co. Ltd.		3,300			42
Toyo Tire Corp.		3,400			45
Toyoda Gosei Co. Ltd.		3,000			57
Toyota Boshoku Corp.		4,800			86
Toyota Motor Corp.		14,700			236
TS Tech Co. Ltd.		3,200			40
USS Co. Ltd.		3,200			53
Wacoal Holdings Corp.		700			14
Yamada Holdings Co. Ltd.		43,500			128
Yamaha Corp.		700			27
Yamaha Motor Co. Ltd.		2,800			80
Yokohama Rubber Co. Ltd.		700			15
Yoshinoya Holdings Co. Ltd.		2,100			37
Zensho Holdings Co. Ltd.		2,000			89
ZOZO, Inc.		1,100			23
					6,720
CONSUMER STAPLES 2.9%
Aeon Co. Ltd.		5,900			121
Ain Holdings, Inc.		100			3
Ajinomoto Co., Inc.		10,600			422
Asahi Group Holdings Ltd.		500			19
Axial Retailing, Inc.		900			23
Belc Co. Ltd.		1,000			45
Calbee, Inc.		2,200			42
Cawachi Ltd.		2,400			37
Earth Corp.		100			3
Fuji Oil Holdings, Inc.		5,400			75
H2O Retailing Corp.		1,700			17
House Foods Group, Inc.		2,100			47
Itoham Yonekyu Holdings, Inc.		8,400			42
Japan Tobacco, Inc.		30,600			670
Kagome Co. Ltd.		1,900			41
Kameda Seika Co. Ltd.		1,600			48
Kao Corp.		7,000			254
Kewpie Corp.		2,500			41
Kikkoman Corp.		700			40

38 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

	SHARES			MARKET VALUE (000S)
Kirin Holdings Co. Ltd.		13,000	$		190
Kobe Bussan Co. Ltd.		1,800			47
Kose Corp.		100			10
Lawson, Inc.		800			35
Maruha Nichiro Corp.		2,300			39
MatsukiyoCocokara & Co.		600			34
MEIJI Holdings Co. Ltd.		5,200			116
Mitsubishi Shokuhin Co. Ltd.		2,100			54
Mitsui DM Sugar Holdings Co. Ltd.		2,900			55
Morinaga & Co. Ltd.		1,900			59
Morinaga Milk Industry Co. Ltd.		800			26
NH Foods Ltd.		3,200			87
Nichirei Corp.		700			15
Nippn Corp.		3,400			43
Nisshin Oillio Group Ltd.		1,900			45
Nisshin Seifun Group, Inc.		3,400			42
Nissin Foods Holdings Co. Ltd.		600			50
Pigeon Corp.		1,200			17
Pola Orbis Holdings, Inc.		3,400			50
Rohto Pharmaceutical Co. Ltd.		2,800			63
Sakata Seed Corp.		200			6
Seven & i Holdings Co. Ltd.		11,100			479
Shiseido Co. Ltd.		1,800			82
Sugi Holdings Co. Ltd.		200			9
Sundrug Co. Ltd.		2,200			65
Suntory Beverage & Food Ltd.		2,400			87
Toyo Suisan Kaisha Ltd.		700			32
Tsuruha Holdings, Inc.		600			45
Unicharm Corp.		3,200			119
United Super Markets Holdings, Inc.		5,200			40
Yakult Honsha Co. Ltd.		800			51
Yamazaki Baking Co. Ltd.		3,300			45
Yokorei Co. Ltd.		7,000			57
					4,184
ENERGY 0.5%
Cosmo Energy Holdings Co. Ltd.		3,300			90
ENEOS Holdings, Inc.		83,200			286
Idemitsu Kosan Co. Ltd.		6,112			123
Inpex Corp.		16,100			177
Iwatani Corp.		700			37
Japan Petroleum Exploration Co. Ltd.		600			18
					731
FINANCIALS 1.6%
Aozora Bank Ltd.		2,600			48
Daiwa Securities Group, Inc.		12,500			64
Hokuhoku Financial Group, Inc.		7,100			57
Hyakujushi Bank Ltd.		3,500			45
JAFCO Group Co. Ltd.		900			12
Japan Exchange Group, Inc.		800			14
Japan Post Bank Co. Ltd.		11,300			88
Japan Post Holdings Co. Ltd.		52,600			378
Japan Post Insurance Co. Ltd.		2,800			42
Mebuki Financial Group, Inc.		24,300			58
Mitsubishi UFJ Financial Group, Inc.		35,600			262
Mizuho Financial Group, Inc.		21,300			326
MS&AD Insurance Group Holdings, Inc.		7,000			248
Nanto Bank Ltd.		3,400			58
Nishi-Nippon Financial Holdings, Inc.		13,600			121
Resona Holdings, Inc.		13,000			62
Senshu Ikeda Holdings, Inc.		36,700			59
Seven Bank Ltd.		25,100			49

	SHARES			MARKET VALUE (000S)
Sumitomo Mitsui Financial Group, Inc.		3,400	$		146
Sumitomo Mitsui Trust Holdings, Inc.		3,000			106
T&D Holdings, Inc.		1,000			15
Tokyo Century Corp.		1,000			36
Zenkoku Hosho Co. Ltd.		200			7
					2,301
HEALTH CARE 1.7%
Alfresa Holdings Corp.		3,500			52
Asahi Intecc Co. Ltd.		1,700			34
Astellas Pharma, Inc.		24,000			357
Chugai Pharmaceutical Co. Ltd.		1,900			54
Daiichi Sankyo Co. Ltd.		7,300			232
Eisai Co. Ltd.		2,500			170
Fukuda Denshi Co. Ltd.		800			26
H.U. Group Holdings, Inc.		2,100			40
Hoya Corp.		700			84
Kaken Pharmaceutical Co. Ltd.		1,800			45
M3, Inc.		800			18
Medipal Holdings Corp.		4,700			77
Nihon Kohden Corp.		800			21
Olympus Corp.		7,100			112
Ono Pharmaceutical Co. Ltd.		2,200			40
Otsuka Holdings Co. Ltd.		2,400			88
Shionogi & Co. Ltd.		900			38
Suzuken Co. Ltd.		2,000			54
Sysmex Corp.		400			27
Taisho Pharmaceutical Holdings Co. Ltd.		600			23
Takeda Pharmaceutical Co. Ltd.		23,341			733
Terumo Corp.		2,400			77
Toho Holdings Co. Ltd.		3,000			55
Tsumura & Co.		1,900			35
					2,492
INDUSTRIALS 6.4%
AGC, Inc.		3,500			126
ANA Holdings, Inc. (a)		7,300			174
Central Glass Co. Ltd.		2,200			47
COMSYS Holdings Corp.		2,400			48
Dai Nippon Printing Co. Ltd.		5,100			145
Daikin Industries Ltd.		1,100			225
DMG Mori Co. Ltd.		3,800			66
East Japan Railway Co.		5,600			311
EXEO Group, Inc.		2,600			52
FANUC Corp.		7,100			249
Fuji Electric Co. Ltd.		500			22
Fujikura Ltd.		10,600			89
Fujitec Co. Ltd.		2,200			56
Fukushima Galilei Co. Ltd. (a)		2,000			75
Furukawa Electric Co. Ltd.		800			14
Glory Ltd.		1,200			24
Hankyu Hanshin Holdings, Inc.		2,100			69
Hanwa Co. Ltd.		1,900			60
Harmonic Drive Systems, Inc.		500			16
Hazama Ando Corp.		4,500			34
Hikari Tsushin, Inc.		200			29
Hino Motors Ltd.		11,100			47
Hitachi Ltd.		12,400			771
Hitachi Zosen Corp.		8,700			58
Hoshizaki Corp.		200			7
IHI Corp.		2,400			65
ITOCHU Corp.		4,900			195

	SHARES			MARKET VALUE (000S)
Japan Airlines Co. Ltd.		8,600	$		186
Japan Pulp & Paper Co. Ltd.		1,900			64
Kajima Corp.		4,400			66
Kamigumi Co. Ltd.		2,200			50
Kandenko Co. Ltd.		7,000			56
Kawasaki Heavy Industries Ltd.		5,800			148
Keihan Holdings Co. Ltd. (a)		600			16
Keio Corp.		700			22
Keisei Electric Railway Co. Ltd.		400			17
Kinden Corp.		3,400			46
Kintetsu Group Holdings Co. Ltd.		2,000			69
Kubota Corp.		2,500			37
Kurita Water Industries Ltd.		800			31
Kyushu Railway Co.		2,500			54
LIXIL Corp.		2,500			32
Marubeni Corp.		46,100			786
Meitec Corp.		1,800			31
Minebea Mitsumi, Inc.		3,100			59
MIRAIT ONE Corp.		2,900			37
Mitsubishi Corp.		4,700			227
Mitsubishi Electric Corp.		6,400			90
Mitsubishi Heavy Industries Ltd.		10,000			467
Mitsui & Co. Ltd.		5,300			201
Mitsui OSK Lines Ltd.		9,500			229
Miura Co. Ltd.		600			16
Nagase & Co. Ltd.		3,100			52
Nagoya Railroad Co. Ltd.		2,500			40
Nankai Electric Railway Co. Ltd.		2,300			51
Nippon Yusen KK		14,100			313
Nisshinbo Holdings, Inc.		7,300			61
NSK Ltd.		17,800			114
NTN Corp.		20,600			44
Obayashi Corp.		8,600			74
Outsourcing, Inc.		1,500			14
Park24 Co. Ltd. (a)		1,700			23
Penta-Ocean Construction Co. Ltd. (a)		2,800			15
Persol Holdings Co. Ltd.		2,400			43
Recruit Holdings Co. Ltd.		2,200			70
Relia, Inc.		1,400			14
Sakai Moving Service Co. Ltd.		1,400			49
Sanwa Holdings Corp.		1,100			14
Secom Co. Ltd.		1,900			129
Seino Holdings Co. Ltd.		1,000			14
Senko Group Holdings Co. Ltd.		6,000			43
SG Holdings Co. Ltd.		2,200			31
Shibaura Machine Co. Ltd.		2,100			71
Shinmaywa Industries Ltd.		4,900			46
SHO-BOND Holdings Co. Ltd.		200			8
SMC Corp.		100			56
Sohgo Security Services Co. Ltd.		9,500			54
Sojitz Corp.		6,940			154
Sotetsu Holdings, Inc.		2,400			42
Sumitomo Corp.		3,200			68
Taikisha Ltd.		2,000			57
Taisei Corp.		5,000			175
Takeuchi Manufacturing Co. Ltd.		2,300			71
TechnoPro Holdings, Inc.		1,700			37
Tobu Railway Co. Ltd.		2,700			72
Tokyu Corp.		7,400			89
Toppan, Inc.		6,800			147
Toshiba Corp.		7,600			238
TOTO Ltd.		900			27
Toyota Tsusho Corp.		4,700			235
Trancom Co. Ltd.		800			37
West Japan Railway Co.		4,400			183

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 39

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Yamato Holdings Co. Ltd.		1,500	$		27
Yaskawa Electric Corp.		2,100			97
Yuasa Trading Co. Ltd.		1,900			58
					9,368
INFORMATION TECHNOLOGY 2.6%
Advantest Corp.		1,100			148
Alps Alpine Co. Ltd.		5,000			44
Azbil Corp.		700			22
BIPROGY, Inc.		1,800			44
Brother Industries Ltd.		2,400			35
Canon Marketing Japan, Inc.		2,400			60
Canon, Inc.		15,800			415
Citizen Watch Co. Ltd.		11,200			67
Daiwabo Holdings Co. Ltd.		3,000			58
Dexerials Corp.		800			18
Disco Corp.		600			95
DTS Corp.		2,300			54
FUJIFILM Holdings Corp.		3,300			197
Fujitsu Ltd.		700			91
Hamamatsu Photonics KK		1,900			93
Horiba Ltd.		100			6
Hosiden Corp.		3,500			44
Ibiden Co. Ltd.		500			28
Keyence Corp.		600			285
Konica Minolta, Inc.		17,900			62
Macnica Holdings, Inc.		2,200			91
Maxell Ltd.		3,400			38
Murata Manufacturing Co. Ltd.		2,600			149
NEC Corp.		6,100			296
NET One Systems Co. Ltd.		800			18
Nippon Electric Glass Co. Ltd.		3,500			62
Nomura Research Institute Ltd.		2,900			80
Obic Co. Ltd.		300			48
Omron Corp.		1,800			111
Otsuka Corp.		400			16
Renesas Electronics Corp. (a)		6,300			119
Ricoh Co. Ltd.		17,900			153
Sanken Electric Co. Ltd.		500			47
SCSK Corp.		1,200			19
Seiko Epson Corp.		3,200			50
Shinko Electric Industries Co. Ltd.		2,900			119
SUMCO Corp.		2,600			37
TIS, Inc.		3,000			75
Tokyo Electron Ltd.		1,900			274
Tokyo Seimitsu Co. Ltd.		200			11
Topcon Corp.		1,000			15
Toshiba TEC Corp.		200			6
Trend Micro, Inc.		400			19
Ulvac, Inc.		500			21
					3,740
MATERIALS 1.8%
Asahi Holdings, Inc.		2,400			32
Daicel Corp.		7,200			64
Dowa Holdings Co. Ltd.		200			6
FP Corp.		200			4
JFE Holdings, Inc.		22,800			326
Kaneka Corp.		1,800			50
Kansai Paint Co. Ltd.		900			13
Kobe Steel Ltd.		21,500			198
Mitsubishi Chemical Group Corp.		34,800			209
Mitsubishi Materials Corp.		2,600			47
Mitsui Chemicals, Inc.		3,500			103

	SHARES			MARKET VALUE (000S)
Nippon Light Metal Holdings Co. Ltd.		1,000	$		10
Nippon Paint Holdings Co. Ltd.		2,200			18
Nippon Paper Industries Co. Ltd. ‘L’		15,500			128
Nippon Steel Corp.		27,700			580
Nissan Chemical Corp.		600			26
Nitto Denko Corp.		2,300			171
Oji Holdings Corp.		15,100			57
Shin-Etsu Chemical Co. Ltd.		1,500			50
Sumitomo Chemical Co. Ltd.		44,900			137
Sumitomo Osaka Cement Co. Ltd.		2,300			61
Taiheiyo Cement Corp.		2,600			51
Tokuyama Corp.		3,000			50
Tokyo Ohka Kogyo Co. Ltd.		900			55
Tokyo Steel Manufacturing Co. Ltd.		5,100			48
Tosoh Corp.		3,000			36
Toyo Seikan Group Holdings Ltd.		5,200			77
UACJ Corp.		1,000			19
UBE Corp.		2,600			45
					2,671
REAL ESTATE 0.1%
Daito Trust Construction Co. Ltd.		1,300			132
Relo Group, Inc.		800			11
					143
UTILITIES 1.1%
Chubu Electric Power Co., Inc.		18,800			229
Chugoku Electric Power Co., Inc.		12,500			85
Electric Power Development Co. Ltd. ‘C’		5,800			85
Hokkaido Electric Power Co., Inc.		12,100			50
Hokuriku Electric Power Co.		10,200			55
Kansai Electric Power Co., Inc.		14,700			184
Kyushu Electric Power Co., Inc.		12,700			81
Nippon Gas Co. Ltd.		800			11
Okinawa Electric Power Co., Inc.		5,200			42
Osaka Gas Co. Ltd.		7,700			118
Shikoku Electric Power Co., Inc.		7,700			53
Toho Gas Co. Ltd.		2,200			38
Tohoku Electric Power Co., Inc.		10,700			66
Tokyo Electric Power Co. Holdings, Inc. (a)		101,000			371
Tokyo Gas Co. Ltd.		10,100			220
					1,688
Total Japan					36,859
JORDAN 0.0%
HEALTH CARE 0.0%
Hikma Pharmaceuticals PLC		724			17
Total Jordan					17
LUXEMBOURG 0.4%
COMMUNICATION SERVICES 0.1%
Millicom International Cellular SA (a)		1,146			18
RTL Group SA		1,032			41
SES SA		11,244			66
					125

	SHARES			MARKET VALUE (000S)
MATERIALS 0.3%
APERAM SA		1,222	$		38
ArcelorMittal SA		14,829			405
					443
Total Luxembourg					568
MACAU 0.0%
CONSUMER DISCRETIONARY 0.0%
Sands China Ltd. (a)		6,400			22
Wynn Macau Ltd. (a)		14,400			13
					35
Total Macau					35
NETHERLANDS 4.2%
COMMUNICATION SERVICES 0.2%
Koninklijke KPN NV		66,462			237
Universal Music Group NV		2,780			62
VEON Ltd. ADR «(a)		2,288			0
					299
CONSUMER DISCRETIONARY 0.6%
Just Eat Takeaway.com NV (a)		1,223			19
Prosus NV		3,092			226
Stellantis NV		34,714			610
					855
CONSUMER STAPLES 0.9%
Heineken Holding NV		1,255			109
Heineken NV		1,639			169
Koninklijke Ahold Delhaize NV		30,090			1,026
					1,304
ENERGY 0.0%
Koninklijke Vopak NV		1,325			47
FINANCIALS 0.9%
ABN AMRO Bank NV		25,823			401
Aegon NV		64,901			329
ASR Nederland NV		1,031			47
Euronext NV		1,273			87
ING Groep NV		21,878			295
NN Group NV		3,253			120
					1,279
HEALTH CARE 0.1%
Qiagen NV (a)		1,510			68
INDUSTRIALS 0.5%
Arcadis NV		1,299			54
Ferrovial SE		21			1
IMCD NV		577			83
Randstad NV		2,070			109
Signify NV		5,519			155
TKH Group NV		537			27
Wolters Kluwer NV		2,386			303
					732
INFORMATION TECHNOLOGY 0.8%
ASM International NV		544			231
ASML Holding NV		790			573

40 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

	SHARES			MARKET VALUE (000S)
BE Semiconductor Industries NV		1,091	$		118
NXP Semiconductors NV		1,162			238
					1,160
MATERIALS 0.2%
Akzo Nobel NV		4,196			343
Total Netherlands					6,087
NEW ZEALAND 0.2%
COMMUNICATION SERVICES 0.0%
Spark New Zealand Ltd.		21,319			67
HEALTH CARE 0.0%
Fisher & Paykel Healthcare Corp. Ltd. ‘C’		3,247			49
INDUSTRIALS 0.1%
Auckland International Airport Ltd. (a)		8,998			47
Fletcher Building Ltd.		13,805			46
					93
UTILITIES 0.1%
Contact Energy Ltd.		8,318			41
Meridian Energy Ltd.		11,749			41
					82
Total New Zealand					291
NORWAY 0.9%
COMMUNICATION SERVICES 0.1%
Telenor ASA		14,817			150
CONSUMER STAPLES 0.1%
Mowi ASA		6,218			99
Orkla ASA		9,060			65
Salmar ASA		811			33
					197
ENERGY 0.3%
Aker Solutions ASA		23,575			85
Equinor ASA		14,388			419
Frontline PLC		1,139			17
					521
FINANCIALS 0.0%
Gjensidige Forsikring ASA		2,621			42
SpareBank 1 Nord Norge		2,890			26
					68
INDUSTRIALS 0.1%
Tomra Systems ASA		4,206			67
Wallenius Wilhelmsen ASA		1,403			10
					77
INFORMATION TECHNOLOGY 0.1%
Atea ASA		9,119			133

	SHARES			MARKET VALUE (000S)
MATERIALS 0.2%
Norsk Hydro ASA		11,451	$		68
Yara International ASA		4,646			164
					232
Total Norway					1,378
PORTUGAL 0.4%
CONSUMER STAPLES 0.1%
Jeronimo Martins SGPS SA		3,558			98
ENERGY 0.0%
Galp Energia SGPS SA		2,189			26
UTILITIES 0.3%
EDP - Energias de Portugal SA		83,420			408
REN - Redes Energeticas Nacionais SGPS SA		15,134			41
					449
Total Portugal					573
SINGAPORE 1.5%
COMMUNICATION SERVICES 0.3%
NetLink NBN Trust		55,400			35
Sea Ltd. ADR (a)		1,962			114
Singapore Telecommunications Ltd.		143,800			266
					415
CONSUMER STAPLES 0.2%
Golden Agri-Resources Ltd.		397,900			72
Wilmar International Ltd.		57,900			163
					235
ENERGY 0.0%
BW LPG Ltd.		6,977			70
FINANCIALS 0.6%
DBS Group Holdings Ltd.		15,200			355
Oversea-Chinese Banking Corp. Ltd.		24,000			218
Singapore Exchange Ltd.		2,900			21
United Overseas Bank Ltd.		13,100			272
					866
INDUSTRIALS 0.3%
ComfortDelGro Corp. Ltd.		39,800			34
Jardine Cycle & Carriage Ltd.		3,000			78
Keppel Corp. Ltd.		14,700			73
Seatrium Ltd. (a)		279,898			26
Singapore Airlines Ltd.		24,500			130
Singapore Technologies Engineering Ltd.		25,400			69
					410
INFORMATION TECHNOLOGY 0.0%
Venture Corp. Ltd.		5,100			56
UTILITIES 0.1%
Sembcorp Industries Ltd.		46,500			198
Total Singapore					2,250

	SHARES			MARKET VALUE (000S)
SOUTH AFRICA 0.0%
FINANCIALS 0.0%
Investec PLC		3,093	$		17
Total South Africa					17
SPAIN 4.2%
COMMUNICATION SERVICES 0.6%
Cellnex Telecom SA		706			28
Telefonica SA		197,314			801
					829
CONSUMER DISCRETIONARY 0.4%
Amadeus IT Group SA		1,443			110
Gestamp Automocion SA		11,527			54
Industria de Diseno Textil SA		9,640			374
					538
CONSUMER STAPLES 0.0%
Viscofan SA		1,049			72
ENERGY 0.5%
Repsol SA		53,133			773
FINANCIALS 1.6%
Banco Bilbao Vizcaya Argentaria SA		49,150			378
Banco de Sabadell SA		312,129			360
Banco Santander SA		347,149			1,285
Mapfre SA		74,650			148
Unicaja Banco SA		95,629			101
					2,272
HEALTH CARE 0.0%
Almirall SA		3,744			31
INDUSTRIALS 0.2%
ACS Actividades de Construccion y Servicios SA		3,588			126
Aena SME SA		437			71
Cia de Distribucion Integral Logista Holdings SA		2,471			67
Sacyr SA		12,407			42
					306
MATERIALS 0.0%
Acerinox SA		5,151			55
UTILITIES 0.9%
EDP Renovaveis SA		2,411			48
Enagas SA		1,762			35
Endesa SA		10,485			225
Iberdrola SA		49,868			651
Naturgy Energy Group SA		7,164			214
Redeia Corp. SA		7,812			131
					1,304
Total Spain					6,180
SWEDEN 2.3%
COMMUNICATION SERVICES 0.2%
Spotify Technology SA (a)		466			75
Tele2 AB ‘B’		8,034			66

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 41

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Telia Co. AB		101,138	$		222
					363
CONSUMER DISCRETIONARY 0.3%
Autoliv, Inc.		881			75
Betsson AB ‘B’		1,712			18
Bilia AB ‘A’		2,811			29
Electrolux AB ‘B’		8,671			118
Evolution AB		809			103
Scandic Hotels Group AB		12,557			51
					394
CONSUMER STAPLES 0.3%
AAK AB		2,411			45
Axfood AB		1,688			36
Cloetta AB ‘B’		19,493			35
Essity AB ‘B’		9,893			264
					380
FINANCIALS 0.2%
Avanza Bank Holding AB		661			13
Nordnet AB publ		906			12
Svenska Handelsbanken AB ‘A’		13,396			112
Swedbank AB ‘A’		9,808			166
					303
HEALTH CARE 0.0%
Elekta AB ‘B’		1,846			14
Getinge AB ‘B’		621			11
					25
INDUSTRIALS 1.0%
AddTech AB		1,674			37
Alfa Laval AB		1,348			49
Assa Abloy AB		2,439			59
Atlas Copco AB		22,467			324
Beijer Ref AB		2,056			26
Epiroc AB ‘A’		5,047			96
Indutrade AB		2,781			63
Lifco AB ‘B’		668			15
Nibe Industrier AB ‘B’		6,024			57
Saab AB		343			19
Sandvik AB		6,317			123
Securitas AB		1,844			15
SKF AB ‘B’		6,995			122
Volvo AB ‘B’		24,088			498
					1,503
INFORMATION TECHNOLOGY 0.0%
Telefonaktiebolaget LM Ericsson ‘B’		9,940			54
MATERIALS 0.2%
Hexpol AB		2,519			27
SSAB AB ‘A’		34,804			247
					274
REAL ESTATE 0.1%
Atrium Ljungberg AB ‘B’		2,733			48
Hufvudstaden AB		3,121			37
					85

	SHARES			MARKET VALUE (000S)
UTILITIES 0.0%
Orron Energy ab		40,533	$		43
Total Sweden					3,424
SWITZERLAND 6.0%
COMMUNICATION SERVICES 0.2%
Swisscom AG		434			271
CONSUMER DISCRETIONARY 0.6%
Cie Financiere Richemont SA		4,114			699
Dufry AG (a)		1,030			47
Garmin Ltd.		1,188			124
					870
CONSUMER STAPLES 0.8%
Barry Callebaut AG		28			54
Chocoladefabriken Lindt & Spruengli AG		8			101
Coca-Cola HBC AG		1,474			44
Emmi AG		33			32
Nestle SA		7,998			962
					1,193
FINANCIALS 1.2%
Banque Cantonale Vaudoise		632			67
Cembra Money Bank AG		668			55
Julius Baer Group Ltd.		469			30
Partners Group Holding AG		114			107
St Galler Kantonalbank AG		78			42
Swiss Life Holding AG		280			164
Swiss Re AG		3,169			319
Valiant Holding AG		563			59
Zurich Insurance Group AG		1,830			871
					1,714
HEALTH CARE 0.8%
CRISPR Therapeutics AG (a)		414			23
Galenica AG		889			72
Novartis AG		1,936			195
Roche Holding AG		2,406			735
Sonova Holding AG		192			51
Straumann Holding AG		508			83
					1,159
INDUSTRIALS 1.2%
ABB Ltd.		10,123			398
Adecco Group AG		5,149			169
Bucher Industries AG		103			46
Daetwyler Holding AG		290			62
DKSH Holding AG		669			50
dormakaba Holding AG		121			54
Flughafen Zurich AG		230			48
Forbo Holding AG		25			36
Geberit AG		304			159
Georg Fischer AG		719			54
Kuehne & Nagel International AG		669			198
Schindler Holding AG		436			102
Schweiter Technologies AG		92			66
SGS SA		1,077			102
Siemens Energy AG (a)		879			16
Sulzer AG		932			80

	SHARES			MARKET VALUE (000S)
VAT Group AG		292	$		121
					1,761
INFORMATION TECHNOLOGY 0.2%
ALSO Holding AG		118			25
Landis & Gyr Group AG		745			64
Logitech International SA		1,650			99
STMicroelectronics NV		1,751			87
Temenos AG		378			30
					305
MATERIALS 0.8%
EMS-Chemie Holding AG		53			40
Givaudan SA		45			149
Glencore PLC		115,815			657
Holcim AG		1,067			72
SIG Group AG		2,435			67
Sika AG		588			169
					1,154
REAL ESTATE 0.1%
Allreal Holding AG		241			41
PSP Swiss Property AG		695			78
Swiss Prime Site AG		1,295			112
					231
UTILITIES 0.1%
BKW AG		449			79
Total Switzerland					8,737
UNITED KINGDOM 12.8%
COMMUNICATION SERVICES 0.8%
Auto Trader Group PLC		4,493			35
BT Group PLC		191,273			298
Informa PLC		6,294			58
ITV PLC		16,430			14
Vodafone Group PLC		764,533			721
WPP PLC		2,544			27
					1,153
CONSUMER DISCRETIONARY 1.5%
B&M European Value Retail SA		21,292			151
Barratt Developments PLC		11,569			61
Berkeley Group Holdings PLC		597			30
Burberry Group PLC		5,118			138
Compass Group PLC		12,460			349
Frasers Group PLC (a)		5,103			45
Games Workshop Group PLC		782			108
Greggs PLC		1,971			64
Halfords Group PLC		8,993			25
Inchcape PLC		4,704			47
InterContinental Hotels Group PLC		1,147			79
JD Sports Fashion PLC		7,929			15
Kingfisher PLC		89,735			264
Mitchells & Butlers PLC (a)		14,173			37
Next PLC		1,745			153
Pearson PLC		18,496			194
Persimmon PLC		12,191			159
Pets at Home Group PLC		7,563			36
Taylor Wimpey PLC		96,768			126

42 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

	SHARES			MARKET VALUE (000S)
Whitbread PLC		697	$		30
					2,111
CONSUMER STAPLES 2.8%
Associated British Foods PLC		4,709			119
Cranswick PLC		880			36
Diageo PLC		10,981			472
Imperial Brands PLC		21,551			477
J Sainsbury PLC		86,578			296
Marks & Spencer Group PLC (a)		52,723			129
Premier Foods PLC		29,918			49
Reckitt Benckiser Group PLC		5,700			429
Tate & Lyle PLC		7,145			66
Tesco PLC		119,848			378
Unilever PLC		32,536			1,694
					4,145
ENERGY 1.1%
BP PLC		201,937			1,176
Shell PLC		10,367			309
Subsea 7 SA		10,579			132
					1,617
FINANCIALS 1.3%
3i Group PLC		11,139			276
abrdn PLC		81,942			228
Admiral Group PLC		4,922			130
Aviva PLC		8,499			43
Direct Line Insurance Group PLC		46,601			81
Hargreaves Lansdown PLC		3,266			34
HSBC Holdings PLC		34,245			271
IG Group Holdings PLC		5,157			44
London Stock Exchange Group PLC		1,572			167
M&G PLC		83,854			204
Man Group PLC		20,922			58
NatWest Group PLC		52,954			162
Schroders PLC		10,723			60
Standard Chartered PLC		18,858			164
Vanquis Banking Group PLC		10,164			24
					1,946
HEALTH CARE 1.3%
AstraZeneca PLC		8,959			1,284
ConvaTec Group PLC		15,695			41
Dechra Pharmaceuticals PLC		734			34
GSK PLC		26,757			474
Smith & Nephew PLC		4,428			72
					1,905
INDUSTRIALS 2.1%
Ashtead Group PLC		2,784			193
BAE Systems PLC		43,934			518
Balfour Beatty PLC		12,375			54
Bunzl PLC		2,530			96
CNH Industrial NV		9,774			141
Diploma PLC		1,407			53
easyJet PLC		8,485			52
Ferguson PLC		1,609			254
Firstgroup PLC		37,724			70
Howden Joinery Group PLC		8,856			72
IMI PLC		4,088			85

	SHARES			MARKET VALUE (000S)
International Consolidated Airlines Group SA (a)		122,096	$		252
International Distributions Services PLC		33,545			94
Intertek Group PLC		1,909			103
Morgan Sindall Group PLC		1,594			37
Pagegroup PLC		5,852			30
RELX PLC		13,955			466
Rentokil Initial PLC		23,235			182
Rolls-Royce Holdings PLC (a)		7,619			15
Rotork PLC		4,354			17
RS GROUP PLC		4,974			48
Smiths Group PLC		1,936			41
Spirax-Sarco Engineering PLC		574			76
Travis Perkins PLC		3,063			32
Weir Group PLC		3,692			82
					3,063
INFORMATION TECHNOLOGY 0.2%
Computacenter PLC		1,297			37
Halma PLC		3,005			87
Sage Group PLC		9,276			109
Spectris PLC		540			25
					258
MATERIALS 0.8%
Anglo American PLC		3,711			106
Croda International PLC		876			63
Endeavour Mining PLC		1,287			31
Johnson Matthey PLC		5,111			113
Mondi PLC		4,925			75
Rio Tinto PLC		11,968			760
					1,148
REAL ESTATE 0.0%
Grainger PLC		7,833			23
Savills PLC		2,686			29
					52
UTILITIES 0.9%
Centrica PLC		278,004			438
Drax Group PLC		10,526			78
National Grid PLC		31,055			412
Severn Trent PLC		1,500			49
SSE PLC		8,875			208
United Utilities Group PLC		9,316			114
					1,299
Total United Kingdom					18,697
UNITED STATES 0.1%
CONSUMER DISCRETIONARY 0.0%
Carnival PLC (a)		3,672			61
HEALTH CARE 0.1%
BeiGene Ltd. (a)		2,400			33
Jazz Pharmaceuticals PLC (a)		476			59
					92
Total United States					153
Total Common Stocks (Cost $128,371)					141,282

	SHARES			MARKET VALUE (000S)
PREFERRED STOCKS 0.8%
GERMANY 0.8%
CONSUMER DISCRETIONARY 0.5%
Schaeffler AG		5,778	$		36
Volkswagen AG		4,748			638
					674
CONSUMER STAPLES 0.2%
Henkel AG & Co. KGaA		2,862			229
HEALTH CARE 0.0%
Sartorius AG		124			43
MATERIALS 0.1%
Fuchs Petrolub SE		3,119			123
STO SE & Co. KGaA		341			57
					180
Total Preferred Stocks (Cost $1,212)					1,126
REAL ESTATE INVESTMENT TRUSTS 1.4%
AUSTRALIA 0.1%
REAL ESTATE 0.1%
Charter Hall Group		3,327			24
GPT Group		13,524			37
Stockland		15,682			42
Vicinity Ltd.		22,469			28
					131
Total Australia					131
BELGIUM 0.0%
REAL ESTATE 0.0%
Cofinimmo SA		234			18
Warehouses De Pauw CVA		1,293			35
					53
Total Belgium					53
CANADA 0.1%
REAL ESTATE 0.1%
Allied Properties Real Estate Investment Trust		1,300			21
Canadian Apartment Properties REIT		1,100			42
Dream Office Real Estate Investment Trust		1,994			20
Granite Real Estate Investment Trust		800			48
					131
Total Canada					131
FRANCE 0.0%
REAL ESTATE 0.0%
Klepierre SA		2,103			52
Total France					52
HONG KONG 0.1%
REAL ESTATE 0.1%
Fortune Real Estate Investment Trust		43,000			31
Link REIT		14,700			82
					113
Total Hong Kong					113

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 43

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
JAPAN 0.7%
REAL ESTATE 0.7%
Activia Properties, Inc.		7	$		20
Advance Residence Investment Corp.		21			50
AEON REIT Investment Corp.		35			38
Daiwa House REIT Investment Corp.		20			38
Daiwa Office Investment Corp.		2			9
Daiwa Securities Living Investments Corp.		57			45
Frontier Real Estate Investment Corp.		2			7
GLP J-Reit		33			33
Hulic Reit, Inc.		27			30
Industrial & Infrastructure Fund Investment Corp.		27			28
Invincible Investment Corp.		134			53
Japan Excellent, Inc.		34			30
Japan Hotel REIT Investment Corp.		173			88
Japan Logistics Fund, Inc.		21			46
Japan Metropolitan Fund Invest		79			53
Japan Prime Realty Investment Corp.		8			19
Japan Real Estate Investment Corp.		7			27
Kenedix Office Investment Corp.		16			39
LaSalle Logiport REIT		27			28
Mori Hills REIT Investment Corp.		28			29
Mori Trust Reit, Inc.		69			35
Nippon Accommodations Fund, Inc.		3			14
Nippon Building Fund, Inc.		9			35
Nippon Prologis REIT, Inc.		20			40
Nomura Real Estate Master Fund, Inc.		35			40

	SHARES			MARKET VALUE (000S)
NTT UD REIT Investment Corp.		44	$		41
Orix JREIT, Inc.		32			39
Sekisui House Reit, Inc.		71			41
United Urban Investment Corp.		43			43
					1,038
Total Japan					1,038
LUXEMBOURG 0.1%
REAL ESTATE 0.1%
Shurgard Self Storage Ltd.		1,270			58
Total Luxembourg					58
SINGAPORE 0.1%
REAL ESTATE 0.1%
CapitaLand Ascendas REIT		31,900			64
CapitaLand Integrated Commercial Trust		26,300			37
Keppel DC REIT		25,900			42
Mapletree Industrial Trust		23,335			38
					181
Total Singapore					181
SPAIN 0.0%
REAL ESTATE 0.0%
Inmobiliaria Colonial Socimi SA		2,679			16
Total Spain					16

	SHARES			MARKET VALUE (000S)
UNITED KINGDOM 0.2%
REAL ESTATE 0.2%
Assura PLC		29,579	$		17
Big Yellow Group PLC		2,297			31
Great Portland Estates PLC		3,921			21
LondonMetric Property PLC		14,387			30
Segro PLC		6,220			57
Tritax Big Box REIT PLC		29,505			47
					203
Total United Kingdom					203
Total Real Estate Investment Trusts (Cost $2,387)					1,976
SHORT-TERM INSTRUMENTS 0.6%
REPURCHASE AGREEMENTS (b) 0.6%
					870
Total Short-Term Instruments (Cost $870)					870
Total Investments in Securities (Cost $132,840)					145,254
Total Investments 99.5% (Cost $132,840)			$		145,254
Other Assets and Liabilities, net 0.5%					774
Net Assets 100.0%			$		146,028

NOTES TO SCHEDULE OF INVESTMENTS:    

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

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

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

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(b)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to  be Received(1)
FICC		2.400	%		06/30/2023		07/03/2023	$	870	U.S. Treasury Notes 1.625% due 10/31/2026	$	(887	)	$	870	$	870
Total Repurchase Agreements											$	(887	)	$	870	$	870

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, 2023:

Counterparty	Repurchase Agreement Proceeds to  be Received(1)		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(2)
Global/Master Repurchase Agreement
FICC	$	870	$	0	$	0	$	0	$	870	$	(887	)	$	(17	)
Total Borrowings and Other Financing Transactions	$	870	$	0	$	0	$	0

⁽¹⁾ Includes accrued interest.

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

44 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

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, 2023:

	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
Over the counter
Forward Foreign Currency Contracts	$	0	$	0	$	0	$	3	$	0	$	3

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Investments in Securities, at Value
Common Stocks
Australia
Communication Services	$	0	$	189	$	0	$	189
Consumer Discretionary		0		810		0		810
Consumer Staples		0		722		0		722
Energy		0		381		0		381
Financials		0		1,174		0		1,174
Health Care		0		733		0		733
Industrials		0		921		0		921
Information Technology		0		117		0		117
Materials		0		2,036		0		2,036
Real Estate		0		43		0		43
Utilities		0		476		0		476
Austria
Energy		0		61		0		61
Financials		0		44		0		44
Industrials		0		51		0		51
Materials		0		130		0		130
Real Estate		0		50		0		50
Utilities		0		35		0		35
Belgium
Communication Services		0		69		0		69
Consumer Staples		0		208		0		208
Energy		0		20		0		20
Financials		0		140		0		140
Health Care		0		82		0		82
Industrials		0		40		0		40
Information Technology		0		52		0		52
Materials		0		46		0		46
Canada
Communication Services		691		0		0		691
Consumer Discretionary		1,596		0		0		1,596
Consumer Staples		1,075		0		0		1,075
Energy		1,182		0		0		1,182
Financials		1,131		0		0		1,131
Industrials		2,127		0		0		2,127
Information Technology		1,069		0		0		1,069
Materials		1,293		0		0		1,293
Real Estate		110		0		0		110
Utilities		543		0		0		543
Chile
Materials		0		71		0		71
Denmark
Consumer Discretionary		0		107		0		107
Consumer Staples		0		235		0		235
Financials		0		215		0		215
Health Care		0		2,152		0		2,152
Industrials		0		740		0		740

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Information Technology	$	0	$	20	$	0	$	20
Materials		0		133		0		133
Utilities		0		79		0		79
Finland
Communication Services		0		88		0		88
Consumer Staples		0		74		0		74
Energy		0		89		0		89
Financials		0		340		0		340
Health Care		0		75		0		75
Industrials		0		326		0		326
Information Technology		0		105		0		105
Materials		0		266		0		266
Real Estate		0		63		0		63
Utilities		0		46		0		46
France
Communication Services		0		1,324		0		1,324
Consumer Discretionary		0		2,750		0		2,750
Consumer Staples		0		1,269		0		1,269
Energy		0		419		0		419
Financials		0		1,303		0		1,303
Health Care		0		722		0		722
Industrials		0		2,877		0		2,877
Information Technology		0		147		0		147
Materials		0		56		0		56
Utilities		0		924		0		924
Germany
Communication Services		0		492		0		492
Consumer Discretionary		0		3,015		0		3,015
Consumer Staples		0		210		0		210
Financials		0		1,738		0		1,738
Health Care		0		362		0		362
Industrials		41		1,779		0		1,820
Information Technology		0		1,090		0		1,090
Materials		0		655		0		655
Real Estate		0		122		0		122
Utilities		0		315		0		315
Hong Kong
Communication Services		0		170		0		170
Consumer Discretionary		19		220		0		239
Consumer Staples		0		54		0		54
Financials		32		657		0		689
Industrials		0		609		0		609
Information Technology		0		106		0		106
Real Estate		0		668		0		668
Utilities		0		230		0		230
Ireland
Consumer Discretionary		0		140		0		140
Consumer Staples		74		107		0		181
Financials		0		79		0		79

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 45

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Health Care	$	580	$	0	$	0	$	580
Industrials		322		240		0		562
Materials		0		200		0		200
Israel
Communication Services		0		74		0		74
Consumer Staples		0		32		0		32
Energy		0		86		0		86
Financials		29		368		0		397
Health Care		64		0		0		64
Industrials		23		80		0		103
Information Technology		170		43		0		213
Materials		0		102		0		102
Real Estate		20		62		0		82
Italy
Communication Services		0		353		0		353
Consumer Discretionary		0		423		0		423
Energy		0		845		0		845
Financials		0		1,176		0		1,176
Health Care		0		171		0		171
Industrials		0		318		0		318
Utilities		0		789		0		789
Japan
Communication Services		0		2,821		0		2,821
Consumer Discretionary		113		6,607		0		6,720
Consumer Staples		0		4,184		0		4,184
Energy		0		731		0		731
Financials		0		2,301		0		2,301
Health Care		0		2,492		0		2,492
Industrials		0		9,368		0		9,368
Information Technology		0		3,740		0		3,740
Materials		0		2,671		0		2,671
Real Estate		0		143		0		143
Utilities		0		1,688		0		1,688
Jordan
Health Care		0		17		0		17
Luxembourg
Communication Services		0		125		0		125
Materials		0		443		0		443
Macau
Consumer Discretionary		0		35		0		35
Netherlands
Communication Services		0		299		0		299
Consumer Discretionary		0		855		0		855
Consumer Staples		0		1,304		0		1,304
Energy		0		47		0		47
Financials		0		1,279		0		1,279
Health Care		68		0		0		68
Industrials		1		731		0		732
Information Technology		238		922		0		1,160
Materials		0		343		0		343
New Zealand
Communication Services		0		67		0		67
Health Care		0		49		0		49
Industrials		0		93		0		93
Utilities		0		82		0		82
Norway
Communication Services		0		150		0		150
Consumer Staples		0		197		0		197
Energy		17		504		0		521
Financials		0		68		0		68
Industrials		0		77		0		77
Information Technology		133		0		0		133
Materials		0		232		0		232
Portugal
Consumer Staples		0		98		0		98
Energy		0		26		0		26
Utilities		0		449		0		449
Singapore
Communication Services		114		301		0		415
Consumer Staples		0		235		0		235

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Energy	$	0	$	70	$	0	$	70
Financials		0		866		0		866
Industrials		0		410		0		410
Information Technology		0		56		0		56
Utilities		0		198		0		198
South Africa
Financials		17		0		0		17
Spain
Communication Services		0		829		0		829
Consumer Discretionary		0		538		0		538
Consumer Staples		0		72		0		72
Energy		0		773		0		773
Financials		0		2,272		0		2,272
Health Care		0		31		0		31
Industrials		0		306		0		306
Materials		0		55		0		55
Utilities		0		1,304		0		1,304
Sweden
Communication Services		75		288		0		363
Consumer Discretionary		75		319		0		394
Consumer Staples		0		380		0		380
Financials		0		303		0		303
Health Care		0		25		0		25
Industrials		0		1,503		0		1,503
Information Technology		0		54		0		54
Materials		0		274		0		274
Real Estate		0		85		0		85
Utilities		0		43		0		43
Switzerland
Communication Services		0		271		0		271
Consumer Discretionary		124		746		0		870
Consumer Staples		0		1,193		0		1,193
Financials		0		1,714		0		1,714
Health Care		23		1,136		0		1,159
Industrials		0		1,761		0		1,761
Information Technology		0		305		0		305
Materials		0		1,154		0		1,154
Real Estate		0		231		0		231
Utilities		0		79		0		79
United Kingdom
Communication Services		0		1,153		0		1,153
Consumer Discretionary		61		2,050		0		2,111
Consumer Staples		115		4,030		0		4,145
Energy		0		1,617		0		1,617
Financials		24		1,922		0		1,946
Health Care		0		1,905		0		1,905
Industrials		54		3,009		0		3,063
Information Technology		0		258		0		258
Materials		0		1,148		0		1,148
Real Estate		23		29		0		52
Utilities		78		1,221		0		1,299
United States
Consumer Discretionary		0		61		0		61
Health Care		59		33		0		92
Preferred Stocks
Germany
Consumer Discretionary		0		674		0		674
Consumer Staples		0		229		0		229
Health Care		0		43		0		43
Materials		0		180		0		180
Real Estate Investment Trusts
Australia
Real Estate		0		131		0		131
Belgium
Real Estate		0		53		0		53
Canada
Real Estate		131		0		0		131
France
Real Estate		0		52		0		52
Hong Kong
Real Estate		0		113		0		113

46 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Japan
Real Estate	$	0	$	1,038	$	0	$	1,038
Luxembourg
Real Estate		58		0		0		58
Singapore
Real Estate		0		181		0		181
Spain
Real Estate		0		16		0		16

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
United Kingdom
Real Estate	$	38	$	165	$	0	$	203
Short-Term Instruments
Repurchase Agreements		0		870		0		870
Total Investments	$	13,830	$	131,424	$	0	$	145,254

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 47

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor U.S. Equity  ETF

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.9%
COMMON STOCKS 96.8%
IRELAND 0.3%
INFORMATION TECHNOLOGY 0.3%
Accenture PLC		1,266	$		390
Total Ireland					390
UNITED KINGDOM 0.4%
COMMUNICATION SERVICES 0.1%
Liberty Global PLC ‘C’ (a)		5,198			92
CONSUMER STAPLES 0.0%
Nomad Foods Ltd. (a)		26			0
ENERGY 0.1%
TechnipFMC PLC (a)		6,186			103
FINANCIALS 0.1%
Janus Henderson Group PLC		692			19
Willis Towers Watson PLC		407			96
					115
INDUSTRIALS 0.1%
Nvent Electric PLC		759			39
Pentair PLC		2,127			138
					177
MATERIALS 0.0%
Amcor PLC		5,682			57
Total United Kingdom					544
UNITED STATES 96.1%
COMMUNICATION SERVICES 4.5%
Activision Blizzard, Inc.		1,847			156
AT&T, Inc.		93,327			1,489
Cable One, Inc.		12			8
Charter Communications, Inc. (a)		213			78
Cinemark Holdings, Inc. (a)		2,342			39
Comcast Corp. ‘A’		6,883			286
Electronic Arts, Inc.		493			64
Fox Corp. ‘A’		1,074			36
Interpublic Group of Cos., Inc.		4,340			167
John Wiley & Sons, Inc.		378			13
Liberty Broadband Corp. (a)		382			31
Liberty Latin America Ltd. ‘C’ (a)		2,962			26
Liberty Media Corp.-Liberty Formula One (a)		581			44
Liberty Media Corp.-Liberty SiriusXM (a)		3,102			101
Lumen Technologies, Inc.		25,478			58
Meta Platforms, Inc. ‘A’ (a)		5,219			1,498
Netflix, Inc. (a)		752			331
New York Times Co. ‘A’		678			27
News Corp. ‘A’		3,602			70
Nexstar Media Group, Inc.		376			63
Omnicom Group, Inc.		1,750			166
Paramount Global		4,975			79
Pinterest, Inc. ‘A’ (a)		1,934			53
Scholastic Corp.		278			11
T-Mobile US, Inc. (a)		1,613			224

	SHARES			MARKET VALUE (000S)
Take-Two Interactive Software, Inc. (a)		350	$		51
TEGNA, Inc.		3,227			52
Telephone & Data Systems, Inc.		3,105			26
Verizon Communications, Inc.		9,371			348
Yelp, Inc. (a)		1,411			51
					5,646
CONSUMER DISCRETIONARY 12.1%
Abercrombie & Fitch Co. (a)		2,748			104
Academy Sports & Outdoors, Inc.		953			51
Acushnet Holdings Corp.		259			14
Adient PLC (a)		2,375			91
ADT, Inc.		2,036			12
Adtalem Global Education, Inc. (a)		813			28
American Axle & Manufacturing Holdings, Inc. (a)		2,261			19
American Eagle Outfitters, Inc.		7,010			83
Aramark		618			27
Asbury Automotive Group, Inc. (a)		478			115
AutoNation, Inc. (a)		1,004			165
AutoZone, Inc. (a)		174			434
Bath & Body Works, Inc.		1,561			59
Best Buy Co., Inc.		4,919			403
Bloomin’ Brands,		1,193			32
Booking Holdings, Inc. (a)		210			567
BorgWarner, Inc.		1,706			83
Boyd Gaming Corp.		248			17
Bright Horizons Family Solutions, Inc. (a)		267			25
Brunswick Corp.		978			85
Buckle, Inc.		707			24
Burlington Stores, Inc. (a)		202			32
Carnival Corp. (a)		7,261			137
Carter’s, Inc.		1,665			121
Cheesecake Factory, Inc.		901			31
Chipotle Mexican Grill, Inc. (a)		100			214
Churchill Downs, Inc.		497			69
Coupang, Inc. (a)		2,163			38
Cracker Barrel Old Country Store, Inc.		582			54
Crocs, Inc. (a)		395			44
Dana, Inc.		3,822			65
Darden Restaurants, Inc.		628			105
Dave & Buster’s Entertainment, (a)		394			18
Deckers Outdoor Corp. (a)		235			124
Dick’s Sporting Goods,		1,065			141
Dillard’s, Inc. ‘A’		144			47
Domino’s Pizza, Inc.		466			157
DoorDash, Inc. ‘A’ (a)		1,012			77
Dorman Products, Inc. (a)		192			15
DR Horton, Inc.		545			66
eBay, Inc.		5,964			267
Etsy, Inc. (a)		565			48
Five Below, Inc. (a)		171			34
Floor & Decor Holdings, Inc. ‘A’ (a)		379			39
Foot Locker, Inc.		3,587			97
Ford Motor Co.		55,113			834
Gap, Inc.		8,287			74
General Motors Co.		22,248			858
Gentex Corp.		3,223			94
Genuine Parts Co.		416			70
Goodyear Tire & Rubber Co. (a)		7,606			104
Graham Holdings Co. ‘B’		34			19
Grand Canyon Education, Inc. (a)		429			44

	SHARES			MARKET VALUE (000S)
Group 1 Automotive, Inc.		403	$		104
Guess?, Inc.		1,132			22
H&R Block, Inc.		4,041			129
Hanesbrands, Inc.		2,823			13
Harley-Davidson, Inc.		1,207			42
Hibbett, Inc.		327			12
Hilton Worldwide Holdings, Inc.		409			60
Home Depot, Inc.		2,796			869
Hyatt Hotels Corp.		111			13
International Game Technology PLC		1,635			52
Jack in the Box, Inc.		880			86
KB Home		641			33
Kohl’s Corp.		3,934			91
Kontoor Brands, Inc.		960			40
La-Z-Boy, Inc.		743			21
Las Vegas Sands Corp. (a)		3,094			179
Laureate Education, Inc.		1,069			13
Lear Corp.		989			142
Leggett & Platt, Inc.		1,616			48
Lennar Corp. ‘A’		469			59
Light & Wonder, Inc. (a)		252			17
Lithia Motors, Inc.		190			58
LKQ Corp.		423			25
Lowe’s Cos., Inc.		2,097			473
M/I Homes, Inc. (a)		442			39
Macy’s, Inc.		4,848			78
Marriott International, Inc. ‘A’		761			140
McDonald’s Corp.		3,880			1,158
MDC Holdings, Inc.		1,266			59
Meritage Homes Corp.		592			84
MGM Resorts International		569			25
Murphy USA, Inc.		838			261
Newell Brands, Inc.		734			6
NIKE, Inc. ‘B’		3,121			344
Nordstrom, Inc.		1,958			40
Norwegian Cruise Line Holdings Ltd. (a)		1,802			39
NVR, Inc. (a)		12			76
O’Reilly Automotive, Inc. (a)		455			435
ODP Corp. (a)		1,041			49
Penske Automotive Group, Inc.		718			120
Polaris, Inc.		203			25
Pool Corp.		236			88
PulteGroup, Inc.		2,187			170
PVH Corp.		628			53
Qurate Retail, Inc. (a)		15,316			15
Ralph Lauren Corp.		544			67
Red Rock Resorts, Inc. ‘A’		255			12
Ross Stores, Inc.		589			66
Royal Caribbean Cruises Ltd. (a)		424			44
Sally Beauty Holdings, Inc. (a)		3,230			40
Service Corp. International		1,324			86
Signet Jewelers Ltd.		707			46
Skechers USA, Inc. ‘A’ (a)		576			30
Sonic Automotive, Inc. ‘A’		293			14
Starbucks Corp.		2,607			258
Steven Madden Ltd.		847			28
Strategic Education, Inc.		156			11
Tapestry, Inc.		488			21
Taylor Morrison Home Corp. (a)		3,070			150
Tempur Sealy International, Inc.		1,801			72
Texas Roadhouse, Inc.		467			52
Thor Industries, Inc.		1,337			138
TJX Cos., Inc.		3,077			261
Toll Brothers, Inc.		1,243			98

48 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

	SHARES			MARKET VALUE (000S)
Tractor Supply Co.		440	$		97
Tri Pointe Homes, Inc. (a)		3,129			103
Ulta Beauty, Inc. (a)		370			174
Urban Outfitters, Inc. (a)		2,247			74
Vail Resorts, Inc.		332			84
Valvoline, Inc.		1,250			47
VF Corp.		1,079			21
Vista Outdoor, Inc. (a)		292			8
Visteon Corp. (a)		790			113
Wendy’s Co.		5,173			112
Whirlpool Corp.		902			134
Williams-Sonoma, Inc.		990			124
Wyndham Hotels & Resorts, Inc.		479			33
Wynn Resorts Ltd.		300			32
Yum! Brands, Inc.		2,040			283
					15,413
CONSUMER STAPLES 12.0%
Albertsons Cos., Inc. ‘A’		595			13
Altria Group, Inc.		16,822			762
Andersons, Inc.		453			21
Archer-Daniels-Midland Co.		8,146			615
B&G Foods, Inc.		1,640			23
Boston Beer Co., Inc. (a)		82			25
Brown-Forman Corp.		2,327			155
Bunge Ltd.		2,693			254
Cal-Maine Foods, Inc.		1,192			54
Campbell Soup Co.		780			36
Casey’s General Stores, Inc.		618			151
Central Garden & Pet Co. (a)		321			12
Church & Dwight Co., Inc.		1,044			105
Clorox Co.		1,205			192
Coca-Cola Co.		20,377			1,227
Colgate-Palmolive Co.		4,299			331
Conagra Brands, Inc.		1,774			60
Constellation Brands, Inc. ‘A’		214			53
Costco Wholesale Corp.		553			298
Dollar General Corp.		735			125
Dollar Tree, Inc. (a)		370			53
Edgewell Personal Care Co.		1,152			48
Flowers Foods, Inc.		3,008			75
Fresh Del Monte Produce, Inc.		390			10
General Mills, Inc.		2,932			225
Herbalife Ltd. (a)		1,242			16
Hershey Co.		571			143
Hormel Foods Corp.		383			15
Ingles Markets, Inc. ‘A’		214			18
Ingredion, Inc.		771			82
J & J Snack Foods Corp.		81			13
J M Smucker Co.		497			73
Kellogg Co.		2,007			135
Keurig Dr Pepper, Inc.		1,012			32
Kimberly-Clark Corp.		2,253			311
Kraft Heinz Co.		4,957			176
Kroger Co.		10,632			500
Lamb Weston Holdings, Inc.		1,457			167
Lancaster Colony Corp.		300			60
McCormick & Co., Inc.		1,152			100
Molson Coors Beverage Co.		2,308			152
Mondelez International, Inc.		5,119			373
Monster Beverage Corp. (a)		3,240			186
National Beverage Corp. (a)		195			9
Nu Skin Enterprises, Inc. ‘A’		1,213			40
PepsiCo, Inc.		8,105			1,501
Performance Food Group Co. (a)		1,956			118

	SHARES			MARKET VALUE (000S)
Philip Morris International, Inc.		8,528	$		832
Post Holdings, Inc. (a)		991			86
PriceSmart, Inc.		194			14
Procter & Gamble Co.		5,042			765
SpartanNash Co.		576			13
Sprouts Farmers Market, Inc. (a)		3,942			145
Sysco Corp.		1,876			139
Target Corp.		5,445			718
TreeHouse Foods, Inc. (a)		749			38
Tyson Foods, Inc. ‘A’		2,515			128
United Natural Foods, Inc. (a)		1,152			22
Universal Corp.		217			11
US Foods Holding Corp. (a)		2,671			118
USANA Health Sciences, Inc. (a)		204			13
Vector Group Ltd.		1,959			25
Walgreens Boots Alliance, Inc.		18,519			528
Walmart, Inc.		15,933			2,504
Weis Markets, Inc.		149			10
					15,252
ENERGY 7.5%
Antero Resources Corp. (a)		2,756			64
Archrock, Inc.		1,665			17
Baker Hughes Co.		8,900			281
ChampionX Corp.		584			18
Cheniere Energy, Inc.		719			110
Chevron Corp.		9,045			1,423
CNX Resources Corp. (a)		2,966			53
ConocoPhillips		2,677			277
CVR Energy, Inc.		1,086			33
Delek U.S. Holdings, Inc.		3,414			82
Exxon Mobil Corp.		21,373			2,292
Helmerich & Payne, Inc.		1,885			67
Hess Corp.		1,148			156
HF Sinclair Corp.		502			22
Kinder Morgan, Inc.		4,023			69
Kosmos Energy Ltd. (a)		2,258			14
Marathon Oil Corp.		10,544			243
Marathon Petroleum Corp.		10,782			1,257
Murphy Oil Corp.		2,910			111
Nabors Industries Ltd. (a)		90			8
NOV, Inc.		6,562			105
Occidental Petroleum Corp.		6,075			357
Oceaneering International, Inc. (a)		2,255			42
ONEOK, Inc.		694			43
Patterson-UTI Energy, Inc.		6,047			72
PBF Energy, Inc. ‘A’		3,189			131
Peabody Energy Corp.		1,959			42
Permian Resources Corp.		3,649			40
Phillips 66		7,650			730
Range Resources Corp.		2,305			68
Schlumberger Ltd.		3,585			176
SM Energy Co.		2,714			86
Targa Resources Corp.		1,029			78
Transocean Ltd. (a)		10,406			73
Valero Energy Corp.		7,695			903
World Kinect Corp.		1,330			28
					9,571
FINANCIALS 12.4%
Affiliated Managers Group, Inc.		629			94
Aflac, Inc.		1,610			112
Allstate Corp.		2,749			300
Ally Financial, Inc.		4,816			130

	SHARES			MARKET VALUE (000S)
American Equity Investment Life Holding Co.		1,494	$		78
American Express Co.		953			166
American International Group, Inc.		9,193			529
Ameriprise Financial, Inc.		179			59
Aon PLC		756			261
Apollo Global Management, Inc.		1,471			113
Ares Management Corp.		906			87
Arthur J Gallagher & Co.		674			148
Artisan Partners Asset Management, Inc.		697			27
Assurant, Inc.		196			25
Bank of New York Mellon Corp.		5,952			265
BlackRock, Inc.		223			154
Blackstone, Inc.		1,066			99
Bread Financial Holdings, Inc.		1,449			46
Brighthouse Financial, Inc. (a)		1,603			76
Brown & Brown, Inc.		1,218			84
Capital One Financial Corp.		4,320			473
Citigroup, Inc.		32,062			1,476
CME Group, Inc.		385			71
CNO Financial Group, Inc.		2,165			51
Coinbase Global, Inc. ‘A’ (a)		562			40
Corebridge Financial, Inc.		730			13
Discover Financial Services		1,533			179
Erie Indemnity Co. ‘A’		129			27
Essent Group Ltd.		276			13
Evercore, Inc. ‘A’		616			76
FactSet Research Systems, Inc.		259			104
Federated Hermes, Inc.		1,329			48
First American Financial Corp.		435			25
First Citizens BancShares, Inc. ‘A’		36			46
Fiserv, Inc. (a)		991			125
FleetCor Technologies, Inc. (a)		209			53
Franklin Resources, Inc.		4,936			132
Genworth Financial, Inc. ‘A’ (a)		11,315			57
Global Payments, Inc.		451			44
Globe Life, Inc.		120			13
Goldman Sachs Group, Inc.		1,279			413
Hanover Insurance Group, Inc.		349			39
Hartford Financial Services Group, Inc.		281			20
Houlihan Lokey, Inc.		627			62
Interactive Brokers Group, Inc.		515			43
Intercontinental Exchange, Inc.		711			80
Invesco Ltd.		5,937			100
Jack Henry & Associates, Inc.		726			122
Jackson Financial, Inc. ‘A’		1,510			46
Jefferies Financial Group, Inc.		1,030			34
JPMorgan Chase & Co.		4,705			684
Kemper Corp.		449			22
KKR & Co., Inc.		1,329			74
Lincoln National Corp.		2,980			77
Loews Corp.		1,786			106
LPL Financial Holdings, Inc.		840			183
Markel Group, Inc. (a)		22			30
MarketAxess Holdings, Inc.		102			27
Marsh & McLennan Cos., Inc.		2,053			386
Mastercard, Inc. ‘A’		2,344			922
Mercury General Corp.		377			11
MetLife, Inc.		4,528			256
MGIC Investment Corp.		2,002			32
Moelis & Co.		535			24
Moody’s Corp.		306			106
Morgan Stanley		2,174			186

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 49

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Morningstar, Inc.		123	$		24
Mr Cooper Group, Inc. (a)		356			18
MSCI, Inc.		401			188
Nasdaq, Inc.		1,167			58
Navient Corp.		3,687			69
New York Community Bancorp, Inc.		6,248			70
OneMain Holdings, Inc.		663			29
PacWest Bancorp		779			6
PayPal Holdings, Inc. (a)		1,950			130
PennyMac Financial Services, Inc.		244			17
Primerica, Inc.		168			33
Principal Financial Group, Inc.		439			33
PROG Holdings, Inc. (a)		760			24
Progressive Corp.		1,924			255
Prudential Financial, Inc.		4,460			393
Reinsurance Group of America, Inc.		126			18
RLI Corp.		222			30
S&P Global, Inc.		321			129
SEI Investments Co.		1,273			76
Selective Insurance Group, Inc.		141			14
SLM Corp.		5,008			82
State Street Corp.		597			44
Stewart Information Services Corp.		422			17
Stifel Financial Corp.		188			11
Synchrony Financial		10,131			344
T Rowe Price Group, Inc.		1,248			140
Tradeweb Markets, Inc. ‘A’		182			12
Travelers Cos., Inc.		2,558			444
Unum Group		3,864			184
Virtu Financial, Inc.		1,376			24
Visa, Inc.		4,884			1,160
Voya Financial, Inc.		394			28
Washington Federal, Inc.		398			11
Wells Fargo & Co.		35,054			1,496
Western Union Co.		2,900			34
WEX, Inc. (a)		110			20
White Mountains Insurance Group Ltd.		25			35
					15,704
HEALTH CARE 14.0%
AbbVie, Inc.		6,989			942
Acadia Healthcare Co., Inc. (a)		192			15
Agilent Technologies, Inc.		549			66
Align Technology, Inc. (a)		355			126
Alnylam Pharmaceuticals, Inc. (a)		386			73
AmerisourceBergen Corp.		672			129
Amgen, Inc.		3,813			847
AMN Healthcare Services, Inc. (a)		307			34
Baxter International, Inc.		1,596			73
Becton Dickinson & Co.		894			236
Biogen, Inc. (a)		896			255
BioMarin Pharmaceutical, Inc. (a)		640			55
Boston Scientific Corp. (a)		2,566			139
Bristol-Myers Squibb Co.		4,279			274
Bruker Corp.		678			50
Cardinal Health, Inc.		6,549			619
Chemed Corp.		126			68
Cigna Corp.		453			127
Cooper Cos., Inc.		202			77
CVS Health Corp.		16,695			1,154
Danaher Corp.		127			31
DaVita, Inc. (a)		1,672			168
Dentsply Sirona, Inc.		903			36

	SHARES			MARKET VALUE (000S)
Dexcom, Inc. (a)		1,294	$		166
Elevance Health, Inc.		353			157
Eli Lilly & Co.		3,405			1,597
Encompass Health Corp.		1,826			124
Exact Sciences Corp. (a)		698			66
Gilead Sciences, Inc.		16,190			1,248
Globus Medical, Inc. ‘A’ (a)		381			23
Haemonetics Corp. (a)		500			43
HCA Healthcare, Inc.		1,115			338
Henry Schein, Inc. (a)		572			46
Hologic, Inc. (a)		704			57
Horizon Therapeutics PLC (a)		837			86
Humana, Inc.		346			155
ICU Medical, Inc. (a)		156			28
IDEXX Laboratories, Inc. (a)		365			183
Illumina, Inc. (a)		258			48
Incyte Corp. (a)		204			13
Integra LifeSciences Holdings Corp. (a)		396			16
Intuitive Surgical, Inc. (a)		599			205
Ionis Pharmaceuticals, Inc. (a)		278			11
Johnson & Johnson		5,993			992
Masimo Corp. (a)		473			78
McKesson Corp.		2,524			1,079
Merck & Co., Inc.		18,884			2,179
Mettler-Toledo International, Inc. (a)		75			98
Moderna, Inc. (a)		571			69
Neurocrine Biosciences, Inc. (a)		310			29
Organon & Co.		5,693			118
Owens & Minor, Inc. (a)		2,344			45
Patterson Cos., Inc.		2,378			79
Pediatrix Medical Group, Inc. (a)		1,219			17
Pfizer, Inc.		13,218			485
Premier, Inc. ‘A’		882			24
Quest Diagnostics, Inc.		643			90
Regeneron Pharmaceuticals, Inc. (a)		549			395
ResMed, Inc.		624			136
Royalty Pharma PLC ‘A’		1,369			42
Sarepta Therapeutics, Inc. (a)		256			29
Seagen, Inc. (a)		534			103
Select Medical Holdings Corp.		1,544			49
STERIS PLC		430			97
Stryker Corp.		558			170
Teladoc Health, Inc. (a)		1,098			28
Teleflex, Inc.		156			38
Tenet Healthcare Corp. (a)		2,821			230
United Therapeutics Corp. (a)		979			216
Universal Health Services, Inc. ‘B’		581			92
Vertex Pharmaceuticals, Inc. (a)		411			145
Viatris, Inc.		14,903			149
Waters Corp. (a)		174			46
West Pharmaceutical Services, Inc.		148			57
Zimmer Biomet Holdings, Inc.		336			49
Zoetis, Inc.		490			84
					17,741
INDUSTRIALS 13.2%
3M Co.		3,426			343
A O Smith Corp.		1,404			102
AAR Corp. (a)		420			24
ABM Industries, Inc.		971			41
Acuity Brands, Inc.		368			60
AECOM		1,193			101

	SHARES			MARKET VALUE (000S)
Aerojet Rocketdyne Holdings, Inc. (a)		1,541	$		85
AGCO Corp.		653			86
Allison Transmission Holdings, Inc.		2,151			121
American Airlines Group, Inc. (a)		6,536			117
American Woodmark Corp. (a)		181			14
AMETEK, Inc.		352			57
API Group Corp. (a)		1,284			35
Apogee Enterprises, Inc.		314			15
Applied Industrial Technologies, Inc.		118			17
ArcBest Corp.		130			13
Arcosa, Inc.		485			37
Armstrong World Industries, Inc.		160			12
Automatic Data Processing, Inc.		1,733			381
Avis Budget Group, Inc. (a)		1,402			321
Boeing Co. (a)		1,036			219
Boise Cascade Co.		850			77
Booz Allen Hamilton Holding Corp.		2,305			257
Broadridge Financial Solutions, Inc.		1,167			193
Builders FirstSource, Inc. (a)		223			30
BWX Technologies, Inc.		1,277			91
CACI International, Inc. ‘A’ (a)		378			129
Carrier Global Corp.		3,194			159
Caterpillar, Inc.		2,028			499
CH Robinson Worldwide, Inc.		1,259			119
Cintas Corp.		323			161
Clean Harbors, Inc. (a)		231			38
Comfort Systems USA, Inc.		203			33
Copart, Inc. (a)		3,201			292
CoreCivic, Inc. (a)		2,980			28
CoStar Group, Inc. (a)		1,525			136
CSG Systems International, Inc.		310			16
CSX Corp.		6,382			218
Cummins, Inc.		977			240
Curtiss-Wright Corp.		353			65
Deere & Co.		457			185
Donaldson Co., Inc.		1,018			64
Dover Corp.		284			42
Eaton Corp. PLC		670			135
EMCOR Group, Inc.		106			20
Emerson Electric Co.		1,981			179
Encore Wire Corp.		365			68
Equifax, Inc.		390			92
Expeditors International of Washington, Inc.		819			99
Fastenal Co.		1,411			83
FedEx Corp.		363			90
Flowserve Corp.		566			21
Fluor Corp. (a)		2,945			87
Fortive Corp.		729			55
Fortune Brands Innovations, Inc.		215			15
Franklin Electric Co., Inc.		140			14
FTI Consulting, Inc. (a)		666			127
GATX Corp.		347			45
Generac Holdings, Inc. (a)		229			34
General Electric Co.		8,168			897
Genpact Ltd.		1,284			48
GEO Group, Inc. (a)		1,719			12
GMS, Inc. (a)		519			36
Graco, Inc.		1,368			118
Granite Construction, Inc.		657			26
Greenbrier Cos., Inc.		1,062			46
Healthcare Services Group, Inc.		2,072			31
HEICO Corp.		288			51
Hexcel Corp.		1,307			99
Hillenbrand, Inc.		301			15

50 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

	SHARES			MARKET VALUE (000S)
HNI Corp.		407	$		11
Honeywell International, Inc.		1,115			231
Howmet Aerospace, Inc.		2,722			135
Hub Group, Inc. ‘A’ (a)		513			41
Hubbell, Inc.		275			91
Huntington Ingalls Industries, Inc.		102			23
IDEX Corp.		522			112
Illinois Tool Works, Inc.		1,368			342
Ingersoll Rand, Inc.		1,689			110
Insperity, Inc.		287			34
ITT, Inc.		893			83
JB Hunt Transport Services, Inc.		225			41
JetBlue Airways Corp. (a)		5,248			47
Johnson Controls International PLC		1,249			85
KAR Auction Services, Inc. (a)		2,330			35
KBR, Inc.		1,091			71
Kennametal, Inc.		483			14
Knight-Swift Transportation Holdings, Inc.		669			37
L3Harris Technologies, Inc.		405			79
Landstar System, Inc.		647			125
Leidos Holdings, Inc.		570			50
Lennox International, Inc.		529			173
Lincoln Electric Holdings, Inc.		727			144
Lockheed Martin Corp.		1,670			769
ManpowerGroup, Inc.		1,023			81
Masco Corp.		1,104			63
MasTec, Inc. (a)		161			19
Masterbrand, Inc. (a)		2,581			30
Matthews International Corp.		328			14
MAXIMUS, Inc.		806			68
MDU Resources Group, Inc.		2,516			53
Moog, Inc. ‘A’		268			29
MSA Safety, Inc.		236			41
MSC Industrial Direct Co., Inc. ‘A’		1,052			100
Mueller Industries, Inc.		1,181			103
Nordson Corp.		212			53
Northrop Grumman Corp.		572			261
NOW, Inc. (a)		1,521			16
Old Dominion Freight Line, Inc.		129			48
Oshkosh Corp.		842			73
Otis Worldwide Corp.		1,637			146
Owens Corning		617			81
PACCAR, Inc.		792			66
Parker-Hannifin Corp.		239			93
Parsons Corp. (a)		266			13
Paychex, Inc.		804			90
Primoris Services Corp.		482			15
Quanta Services, Inc.		919			181
Raytheon Technologies Corp.		2,326			228
RBC Bearings, Inc. (a)		141			31
Republic Services, Inc.		345			53
Resideo Technologies, Inc. (a)		1,376			24
Robert Half International, Inc.		712			54
Rockwell Automation, Inc.		206			68
Rollins, Inc.		2,171			93
Rush Enterprises, Inc.		518			31
Ryder System, Inc.		915			78
Saia, Inc. (a)		109			37
Schneider National, Inc. ‘B’		762			22
Science Applications International Corp.		293			33
Simpson Manufacturing Co., Inc.		97			13
SkyWest, Inc. (a)		1,206			49
Snap-on, Inc.		152			44

	SHARES			MARKET VALUE (000S)
Spirit AeroSystems Holdings, Inc. ‘A’		1,500	$		44
Steelcase, Inc. ‘A’		1,358			10
Stericycle, Inc. (a)		955			44
Terex Corp.		2,158			129
Textron, Inc.		368			25
Timken Co.		1,060			97
Toro Co.		1,508			153
TransDigm Group, Inc.		110			98
TriNet Group, Inc. (a)		177			17
Trinity Industries, Inc.		1,275			33
U-Haul Holding Co.		962			50
Uber Technologies, Inc. (a)		3,378			146
UFP Industries, Inc.		822			80
UniFirst Corp.		167			26
Union Pacific Corp.		2,674			547
United Airlines Holdings, Inc. (a)		721			40
United Parcel Service, Inc. ‘B’		2,196			394
United Rentals, Inc.		126			56
Univar Solutions, Inc. (a)		622			22
Valmont Industries, Inc.		41			12
Verisk Analytics, Inc.		1,004			227
Veritiv Corp.		105			13
Waste Management, Inc.		1,226			213
Watsco, Inc.		611			233
Watts Water Technologies, Inc. ‘A’		198			36
Werner Enterprises, Inc.		1,283			57
WESCO International, Inc.		1,353			242
Westinghouse Air Brake Technologies Corp.		330			36
WillScot Mobile Mini Holdings Corp. (a)		840			40
WW Grainger, Inc.		268			211
XPO, Inc. (a)		402			24
Xylem, Inc.		1,268			143
					16,792
INFORMATION TECHNOLOGY 15.4%
Akamai Technologies, Inc. (a)		294			26
Amdocs Ltd.		709			70
Amkor Technology, Inc.		1,709			51
Amphenol Corp.		907			77
Analog Devices, Inc.		838			163
Ansys, Inc. (a)		508			168
Apple, Inc.		15,323			2,972
Applied Materials, Inc.		4,140			598
Arista Networks, Inc. (a)		841			136
Arrow Electronics, Inc. (a)		1,063			152
Autodesk, Inc. (a)		1,236			253
Avnet, Inc.		1,771			89
Belden, Inc.		530			51
Bentley Systems, Inc. ‘B’		938			51
Black Knight, Inc. (a)		825			49
Broadcom, Inc.		1,160			1,006
Cadence Design Systems, Inc. (a)		455			107
CDW Corp.		586			108
Cirrus Logic, Inc. (a)		436			35
Cisco Systems, Inc.		23,899			1,237
Corning, Inc.		10,871			381
Dell Technologies, Inc. ‘C’		72			4
Dolby Laboratories, Inc. ‘A’		551			46
Dropbox, Inc. ‘A’ (a)		622			17
DXC Technology Co. (a)		2,067			55
Fair Isaac Corp. (a)		172			139
First Solar, Inc. (a)		339			64

	SHARES			MARKET VALUE (000S)
Flex Ltd. (a)		3,520	$		97
Fortinet, Inc. (a)		1,226			93
Gartner, Inc. (a)		331			116
GCI Liberty, Inc. (a)		221			0
Gen Digital, Inc.		4,677			87
GoDaddy, Inc. ‘A’ (a)		830			62
Hewlett Packard Enterprise Co.		25,722			432
HP, Inc.		11,270			346
Insight Enterprises, Inc. (a)		579			85
International Business Machines Corp.		12,345			1,652
IPG Photonics Corp. (a)		109			15
Jabil, Inc.		1,718			185
Juniper Networks, Inc.		5,143			161
Keysight Technologies, Inc. (a)		603			101
KLA Corp.		488			237
Kyndryl Holdings, Inc. (a)		4,552			60
Lam Research Corp.		581			373
Manhattan Associates, Inc. (a)		348			70
Microchip Technology, Inc.		966			87
Motorola Solutions, Inc.		655			192
National Instruments Corp.		973			56
NCR Corp. (a)		1,333			34
NetApp, Inc.		421			32
NetScout Systems, Inc. (a)		1,223			38
NVIDIA Corp.		4,097			1,733
ON Semiconductor Corp. (a)		802			76
Oracle Corp.		14,763			1,758
OSI Systems, Inc. (a)		152			18
Palantir Technologies, Inc. ‘A’ (a)		5,981			92
Plexus Corp. (a)		231			23
Power Integrations, Inc.		134			13
PTC, Inc. (a)		366			52
QUALCOMM, Inc.		4,746			565
Roper Technologies, Inc.		133			64
salesforce.com, Inc. (a)		1,665			352
Sanmina Corp. (a)		1,178			71
Seagate Technology Holdings PLC		792			49
Skyworks Solutions, Inc.		468			52
Snowflake, Inc. (a)		973			171
Super Micro Computer, Inc. (a)		605			151
Synopsys, Inc. (a)		245			107
TE Connectivity Ltd.		495			69
Teledyne Technologies, Inc. (a)		212			87
Teradata Corp. (a)		1,019			54
Teradyne, Inc.		435			48
Texas Instruments, Inc.		3,825			689
TTM Technologies, Inc. (a)		798			11
Tyler Technologies, Inc. (a)		36			15
VeriSign, Inc. (a)		457			103
Vishay Intertechnology, Inc.		2,958			87
Vontier Corp.		501			16
Western Digital Corp. (a)		3,102			118
Wolfspeed, Inc. (a)		443			25
Workday, Inc. ‘A’ (a)		656			148
Xerox Holdings Corp.		3,486			52
					19,585
MATERIALS 3.5%
Air Products & Chemicals, Inc.		338			101
Alcoa Corp.		1,464			50
AptarGroup, Inc.		572			66
Arconic Corp. (a)		2,848			84
ATI, Inc. (a)		1,209			54

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 51

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Cont.)

	SHARES			MARKET VALUE (000S)
Avery Dennison Corp.		474	$		81
Axalta Coating Systems Ltd. (a)		2,310			76
Berry Global Group, Inc.		1,071			69
Cabot Corp.		717			48
Carpenter Technology Corp.		1,111			62
Celanese Corp.		694			80
Chemours Co.		1,306			48
Commercial Metals Co.		2,436			128
Corteva, Inc.		1,192			68
Crown Holdings, Inc.		923			80
DuPont de Nemours, Inc.		4,214			301
Eagle Materials, Inc.		272			51
Eastman Chemical Co.		328			28
FMC Corp.		332			35
Graphic Packaging Holding Co.		7,884			190
Greif, Inc. ‘A’		442			31
Huntsman Corp.		949			26
Innospec, Inc.		151			15
International Flavors & Fragrances, Inc.		196			16
International Paper Co.		2,026			64
Kaiser Aluminum Corp.		154			11
Knife River Corp. (a)		629			27
Louisiana-Pacific Corp.		848			64
LyondellBasell Industries NV ‘A’		4,435			407
Martin Marietta Materials, Inc.		144			67
Mosaic Co.		4,711			165
NewMarket Corp.		55			22
Newmont Corp.		523			22
Nucor Corp.		1,609			264
O-I Glass, Inc. (a)		3,478			74
Olin Corp.		1,361			70
PPG Industries, Inc.		1,167			173
Reliance Steel & Aluminum Co.		817			222
Royal Gold, Inc.		348			40
RPM International, Inc.		1,519			136
Schnitzer Steel Industries, Inc. ‘A’		379			11
Scotts Miracle-Gro Co.		604			38
Sealed Air Corp.		2,691			108
Sensient Technologies Corp.		328			23
Sherwin-Williams Co.		303			81
Silgan Holdings, Inc.		1,109			52
Sonoco Products Co.		1,374			81
Southern Copper Corp.		169			12
Steel Dynamics, Inc.		735			80
Stepan Co.		125			12
Sylvamo Corp.		989			40
United States Steel Corp.		2,522			63
Vulcan Materials Co.		166			37
Warrior Met Coal, Inc.		1,830			71
WestRock Co.		3,687			107
Worthington Industries, Inc.		266			19
					4,451
REAL ESTATE 0.2%
Anywhere Real Estate, Inc. (a)		4,683			31
CBRE Group, Inc. ‘A’ (a)		585			47
DigitalBridge Group, Inc.		3,410			50
Jones Lang LaSalle, Inc. (a)		118			19
Zillow Group, Inc. ‘C’ (a)		845			43
					190
UTILITIES 1.3%
AES Corp.		4,287			89
Ameren Corp.		445			36

	SHARES			MARKET VALUE (000S)
American Water Works Co., Inc.		315	$		45
Atmos Energy Corp.		900			105
Avista Corp.		1,011			40
CenterPoint Energy, Inc.		1,091			32
Clearway Energy, Inc. ‘C’		874			25
Consolidated Edison, Inc.		456			41
Constellation Energy Corp.		601			55
Dominion Energy, Inc.		2,026			105
Edison International		663			46
Essential Utilities, Inc.		424			17
Evergy, Inc.		614			36
Exelon Corp.		5,994			244
Hawaiian Electric Industries, Inc.		1,094			39
National Fuel Gas Co.		910			47
New Jersey Resources Corp.		228			11
NRG Energy, Inc.		1,225			46
OGE Energy Corp.		856			31
Ormat Technologies, Inc.		374			30
PG&E Corp. (a)		3,096			53
Pinnacle West Capital Corp.		160			13
PNM Resources, Inc.		681			31
PPL Corp.		1,231			32
Public Service Enterprise Group, Inc.		626			39
Sempra Energy		438			64
Southern Co.		1,750			123
Vistra Corp.		4,792			126
Xcel Energy, Inc.		874			54
					1,655
Total United States					122,000
Total Common Stocks (Cost $106,216)					122,934
REAL ESTATE INVESTMENT TRUSTS 2.5%
UNITED STATES 2.5%
FINANCIALS 0.4%
AGNC Investment Corp.		3,503			35
Annaly Capital Mangaement, Inc.		1,802			36
Blackstone Mortgage Trust, Inc. ‘A’		1,843			38
Chimera Investment Corp.		6,719			39
Ladder Capital Corp.		1,357			15
MFA Financial, Inc.		2,666			30
New York Mortgage Trust, Inc.		947			9
PennyMac Mortgage Investment Trust		3,677			50
Redwood Trust, Inc.		1,996			13
Rithm Capital Corp.		10,017			94
Starwood Property Trust, Inc.		3,927			76
Two Harbors Investment Corp.		1,990			28
					463
REAL ESTATE 2.1%
Agree Realty Corp.		137			9
American Homes 4 Rent		1,258			45
Americold Realty Trust, Inc.		2,566			83
Apple Hospitality REIT, Inc.		4,191			63
Camden Property Trust		588			64
Corporate Office Properties Trust		1,301			31
Crown Castle, Inc.		208			24
CubeSmart		1,030			46
DiamondRock Hospitality Co.		3,444			28
Digital Realty Trust, Inc.		150			17
Elme Communities		778			13

	SHARES			MARKET VALUE (000S)
Equinix, Inc.		178	$		139
Equity Commonwealth		1,500			30
Equity LifeStyle Properties, Inc.		640			43
Extra Space Storage, Inc.		464			69
First Industrial Realty Trust, Inc.		593			31
Gaming & Leisure Properties, Inc.		2,811			136
Healthcare Realty Trust, Inc.		2,358			44
Host Hotels & Resorts, Inc.		2,770			47
Invitation Homes, Inc.		3,109			107
Iron Mountain, Inc.		1,845			105
Kilroy Realty Corp.		783			24
Kite Realty Group Trust		754			17
Lamar Advertising Co. ‘A’		483			48
Life Storage, Inc.		721			96
LXP Industrial Trust		2,029			20
Macerich Co.		5,186			58
NNN REIT, Inc.		326			14
Omega Healthcare Investors, Inc.		879			27
Paramount Group, Inc.		3,727			16
Park Hotels & Resorts, Inc.		3,922			50
Physicians Realty Trust		1,489			21
Piedmont Office Realty Trust, Inc. ‘A’		1,511			11
Public Storage		343			100
Rayonier, Inc.		985			31
Realty Income Corp.		953			57
Regency Centers Corp.		511			32
RLJ Lodging Trust		4,381			45
Ryman Hospitality Properties, Inc.		419			39
SBA Communications Corp.		142			33
Service Properties Trust		3,835			33
Simon Property Group, Inc.		1,541			178
SITE Centers Corp.		2,923			39
Spirit Realty Capital, Inc.		254			10
Sun Communities, Inc.		469			61
Sunstone Hotel Investors, Inc.		4,152			42
Tanger Factory Outlet Centers, Inc.		1,260			28
UDR, Inc.		1,526			65
Veris Residential, Inc. (a)		1,741			28
VICI Properties, Inc.		5,264			165
WP Carey, Inc.		1,400			95
Xenia Hotels & Resorts, Inc.		1,885			23
					2,680
Total Real Estate Investment Trusts (Cost $3,141)					3,143
SHORT-TERM INSTRUMENTS 0.6%
REPURCHASE AGREEMENTS (b) 0.6%
					765
Total Short-Term Instruments (Cost $765)					765
Total Investments in Securities (Cost $110,122)					126,842
Total Investments 99.9% (Cost $110,122)			$		126,842
Other Assets and Liabilities, net 0.1%					106
Net Assets 100.0%			$		126,948

52 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

NOTES TO SCHEDULE OF INVESTMENTS:    

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

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

BORROWINGS AND OTHER FINANCING TRANSACTIONS

(b)  REPURCHASE AGREEMENTS:

Counterparty	Lending Rate			Settlement Date		Maturity Date		Principal Amount		Collateralized By	Collateral (Received)			Repurchase Agreements, at Value		Repurchase Agreement Proceeds to  be Received(1)
FICC		2.400	%		06/30/2023		07/03/2023	$	765	U.S. Treasury Notes 1.625% due 10/31/2026	$	(781	)	$	765	$	765
Total Repurchase Agreements											$	(781	)	$	765	$	765

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, 2023:

Counterparty	Repurchase Agreement Proceeds to  be Received(1)		Payable for Reverse Repurchase Agreements		Payable for Sale-Buyback Transactions		Total Borrowings and Other Financing Transactions		Collateral Pledged/(Received)			Net Exposure(2)
Global/Master Repurchase Agreement
FICC	$	765	$	0	$	0	$	765	$	(781	)	$	(16	)
Total Borrowings and Other Financing Transactions	$	765	$	0	$	0

⁽¹⁾  Includes accrued interest.

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

FAIR VALUE MEASUREMENTS

The following is a summary of the fair valuations according to the inputs used as of June 30, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Investments in Securities, at Value
Common Stocks
Ireland
Information Technology	$	390	$	0	$	0	$	390
United Kingdom
Communication Services		92		0		0		92
Energy		103		0		0		103
Financials		115		0		0		115
Industrials		177		0		0		177
Materials		57		0		0		57
United States
Communication Services		5,646		0		0		5,646
Consumer Discretionary		15,413		0		0		15,413
Consumer Staples		15,252		0		0		15,252
Energy		9,571		0		0		9,571
Financials		15,704		0		0		15,704

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Health Care	$	17,741	$	0	$	0	$	17,741
Industrials		16,792		0		0		16,792
Information Technology		19,585		0		0		19,585
Materials		4,451		0		0		4,451
Real Estate		190		0		0		190
Utilities		1,655		0		0		1,655
Real Estate Investment Trusts
United States
Financials		463		0		0		463
Real Estate		2,680		0		0		2,680
Short-Term Instruments
Repurchase Agreements		0		765		0		765
Total Investments	$	126,077	$	765	$	0	$	126,842

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 53

Schedule of Investments PIMCO RAFI ESG U.S. ETF

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

	SHARES			MARKET VALUE (000S)
INVESTMENTS IN SECURITIES 99.4%
COMMON STOCKS 97.7%
IRELAND 0.7%
INFORMATION TECHNOLOGY 0.7%
Accenture PLC		718	$		222
Total Ireland					222
UNITED KINGDOM 0.2%
COMMUNICATION SERVICES 0.1%
Liberty Global PLC ‘C’ (a)		2,028			36
MATERIALS 0.1%
Amcor PLC		3,740			37
Total United Kingdom					73
UNITED STATES 96.8%
COMMUNICATION SERVICES 9.3%
AT&T, Inc.		41,484			662
Comcast Corp. ‘A’		10,574			439
Electronic Arts, Inc.		548			71
Lumen Technologies, Inc.		10,087			23
Meta Platforms, Inc. ‘A’ (a)		4,135			1,187
Netflix, Inc. (a)		37			16
Omnicom Group, Inc.		35			3
Paramount Global		1,736			28
T-Mobile US, Inc. (a)		180			25
Verizon Communications, Inc.		10,090			375
Walt Disney Co. (a)		2,991			267
					3,096
CONSUMER DISCRETIONARY 7.2%
Adient PLC (a)		394			15
Best Buy Co., Inc.		1,557			128
eBay, Inc.		1,501			67
Foot Locker, Inc.		541			15
Ford Motor Co.		23,983			363
Gap, Inc.		3,134			28
General Motors Co.		11,369			438
Genuine Parts Co.		223			38
Goodyear Tire & Rubber Co. (a)		2,096			29
Hasbro, Inc.		200			13
Hilton Worldwide Holdings, Inc.		180			26
Home Depot, Inc.		1,212			376
Kohl’s Corp.		1,179			27
Lear Corp.		273			39
LKQ Corp.		65			4
Lowe’s Cos., Inc.		1,045			236
Marriott International, Inc. ‘A’		328			60
Mohawk Industries, Inc. (a)		151			16
Newell Brands, Inc.		964			8
NIKE, Inc. ‘B’		1,362			150
PVH Corp.		467			40
Tapestry, Inc.		108			5
Tesla, Inc. (a)		193			50
TJX Cos., Inc.		1,682			143
Tractor Supply Co.		13			3
VF Corp.		2,062			39
Whirlpool Corp.		405			60
					2,416

	SHARES			MARKET VALUE (000S)
CONSUMER STAPLES 6.9%
Archer-Daniels-Midland Co.		850	$		64
Campbell Soup Co.		358			16
Church & Dwight Co., Inc.		64			6
Clorox Co.		135			22
Coca-Cola Co.		4,803			289
Colgate-Palmolive Co.		1,427			110
Conagra Brands, Inc.		636			21
Dollar General Corp.		316			54
Estee Lauder Cos., Inc. ‘A’		125			25
General Mills, Inc.		1,105			85
Hershey Co.		84			21
Ingredion, Inc.		99			11
J M Smucker Co.		215			32
Kellogg Co.		585			39
Keurig Dr Pepper, Inc.		249			8
Kimberly-Clark Corp.		736			102
Kraft Heinz Co.		1,966			70
Mondelez International, Inc.		2,238			163
Procter & Gamble Co.		4,825			732
Sysco Corp.		1,085			81
Target Corp.		1,633			215
Tyson Foods, Inc. ‘A’		923			47
US Foods Holding Corp. (a)		85			4
Walgreens Boots Alliance, Inc.		2,824			80
					2,297
FINANCIALS 15.5%
Aflac, Inc.		1,421			99
Allstate Corp.		867			94
American Express Co.		991			173
Ameriprise Financial, Inc.		241			80
Bank of America Corp.		20,850			598
Bank of New York Mellon Corp.		3,112			139
BlackRock, Inc.		183			126
Bread Financial Holdings, Inc.		355			11
Citigroup, Inc.		16,342			752
Equitable Holdings, Inc.		1,283			35
Fidelity National Information Services, Inc.		1,216			66
Fifth Third Bancorp		383			10
Fiserv, Inc. (a)		326			41
Goldman Sachs Group, Inc.		379			122
Hartford Financial Services Group, Inc.		853			61
JPMorgan Chase & Co.		6,403			931
Lincoln National Corp.		1,614			42
Marsh & McLennan Cos., Inc.		117			22
Mastercard, Inc. ‘A’		464			182
MetLife, Inc.		2,098			119
Moody’s Corp.		74			26
PayPal Holdings, Inc. (a)		911			61
Principal Financial Group, Inc.		548			42
Progressive Corp.		270			36
Prudential Financial, Inc.		1,687			149
S&P Global, Inc.		229			92
State Street Corp.		911			67
Visa, Inc.		1,172			278
Wells Fargo & Co.		16,160			690
Western Union Co.		1,676			20
					5,164

	SHARES			MARKET VALUE (000S)
HEALTH CARE 18.3%
Abbott Laboratories		2,295	$		250
AbbVie, Inc.		1,217			164
Agilent Technologies, Inc.		294			35
AmerisourceBergen Corp.		238			46
Baxter International, Inc.		817			37
Becton Dickinson & Co.		367			97
Biogen, Inc. (a)		494			141
Boston Scientific Corp. (a)		1,475			80
Bristol-Myers Squibb Co.		5,377			344
Cardinal Health, Inc.		1,225			116
Cigna Corp.		1,040			292
CVS Health Corp.		6,274			434
DaVita, Inc. (a)		374			37
Edwards Lifesciences Corp. (a)		315			30
Elevance Health, Inc.		676			300
Eli Lilly & Co.		447			210
Gilead Sciences, Inc.		3,005			232
Henry Schein, Inc. (a)		162			13
Hologic, Inc. (a)		39			3
Humana, Inc.		200			89
Illumina, Inc. (a)		125			23
Intuitive Surgical, Inc. (a)		89			30
Johnson & Johnson		5,980			990
Laboratory Corp. of America Holdings		175			42
McKesson Corp.		294			126
Merck & Co., Inc.		5,323			614
Pfizer, Inc.		15,009			550
Quest Diagnostics, Inc.		375			53
Regeneron Pharmaceuticals, Inc. (a)		60			43
Stryker Corp.		143			44
UnitedHealth Group, Inc.		1,227			590
Universal Health Services, Inc. ‘B’		89			14
Viatris, Inc.		1,718			17
Waters Corp. (a)		93			25
					6,111
INDUSTRIALS 5.0%
3M Co.		2,248			225
AGCO Corp.		25			3
Automatic Data Processing, Inc.		437			96
Carrier Global Corp.		1,478			73
Cummins, Inc.		617			151
Deere & Co.		278			113
Dover Corp.		225			33
FedEx Corp.		607			151
Fortune Brands Innovations, Inc.		110			8
Illinois Tool Works, Inc.		420			105
Johnson Controls International PLC		1,819			124
ManpowerGroup, Inc.		462			37
Masterbrand, Inc. (a)		100			1
Otis Worldwide Corp.		135			12
Owens Corning		438			57
Paychex, Inc.		132			15
Republic Services, Inc.		261			40
Rockwell Automation, Inc.		102			34
Stanley Black & Decker, Inc.		386			36
United Parcel Service, Inc. ‘B’		841			151
United Rentals, Inc.		105			47
Waste Management, Inc.		572			99
WW Grainger, Inc.		72			57
					1,668

54 PIMCO EQUITY SERIES See Accompanying Notes

June 30, 2023

	SHARES			MARKET VALUE (000S)
INFORMATION TECHNOLOGY 30.8%
Adobe, Inc. (a)		425	$		208
Advanced Micro Devices, Inc. (a)		403			46
Akamai Technologies, Inc. (a)		248			22
Amdocs Ltd.		304			30
Analog Devices, Inc.		210			41
Apple, Inc.		9,980			1,936
Applied Materials, Inc.		1,660			240
Arrow Electronics, Inc. (a)		354			51
Avnet, Inc.		811			41
Broadcom, Inc.		353			306
Cadence Design Systems, Inc. (a)		161			38
CDW Corp.		181			33
Cisco Systems, Inc.		16,859			872
Cognizant Technology Solutions Corp. ‘A’		1,523			100
Corning, Inc.		1,510			53
Dell Technologies, Inc. ‘C’		291			16
DXC Technology Co. (a)		1,335			36
Flex Ltd. (a)		1,373			38
Gen Digital, Inc.		1,854			34
Hewlett Packard Enterprise Co.		11,802			198
HP, Inc.		5,077			156
Intel Corp.		35,173			1,176
International Business Machines Corp.		3,584			480
Juniper Networks, Inc.		1,578			50
KLA Corp.		46			22
Lam Research Corp.		210			135
Marvell Technology, Inc.		337			20
Micron Technology, Inc.		3,911			247
Microsoft Corp.		5,827			1,984
Motorola Solutions, Inc.		158			46
NetApp, Inc.		856			65
ON Semiconductor Corp. (a)		439			42
Oracle Corp.		4,191			499
QUALCOMM, Inc.		3,077			366

	SHARES			MARKET VALUE (000S)
salesforce.com, Inc. (a)		347	$		73
Seagate Technology Holdings PLC		1,176			73
Synopsys, Inc. (a)		25			11
TE Connectivity Ltd.		595			83
Teradyne, Inc.		45			5
Texas Instruments, Inc.		1,394			251
VMware, Inc. (a)		424			61
Western Digital Corp. (a)		2,372			90
Xerox Holdings Corp.		2,163			32
					10,306
MATERIALS 3.3%
Air Products & Chemicals, Inc.		120			36
Ball Corp.		318			18
CF Industries Holdings, Inc.		217			15
Dow, Inc.		2,541			135
DuPont de Nemours, Inc.		2,628			188
Eastman Chemical Co.		510			43
Ecolab, Inc.		454			85
International Flavors & Fragrances, Inc.		190			15
International Paper Co.		1,871			59
Linde PLC		575			219
Mosaic Co.		754			26
Newmont Corp.		2,228			95
Packaging Corp. of America		201			27
PPG Industries, Inc.		625			93
Sherwin-Williams Co.		153			41
WestRock Co.		793			23
					1,118
REAL ESTATE 0.2%
CBRE Group, Inc. ‘A’ (a)		573			46
Jones Lang LaSalle, Inc. (a)		211			33
					79

	SHARES			MARKET VALUE (000S)
UTILITIES 0.3%
American Water Works Co., Inc.		264	$		38
Edison International		885			61
					99
Total United States					32,354
Total Common Stocks (Cost $31,613)					32,649
REAL ESTATE INVESTMENT TRUSTS 1.7%
UNITED STATES 1.7%
REAL ESTATE 1.7%
American Tower Corp.		200			39
AvalonBay Communities, Inc.		160			30
Crown Castle, Inc.		408			46
Equinix, Inc.		54			42
Equity Residential		499			33
Essex Property Trust, Inc.		76			18
Healthpeak Properties, Inc.		1,014			20
Host Hotels & Resorts, Inc.		2,391			40
Iron Mountain, Inc.		793			45
Mid-America Apartment Communities, Inc.		25			4
Prologis, Inc.		304			37
Ventas, Inc.		1,154			55
Welltower, Inc.		958			78
Weyerhaeuser Co.		2,382			80
					567
Total Real Estate Investment Trusts (Cost $611)					567
Total Investments in Securities (Cost $32,224)					33,216
Total Investments 99.4% (Cost $32,224)			$		33,216
Other Assets and Liabilities, net 0.6%					203
Net Assets 100.0%			$		33,419

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, 2023 in valuing the Fund’s assets and liabilities:

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Investments in Securities, at Value
Common Stocks
Ireland
Information Technology	$	222	$	0	$	0	$	222
United Kingdom
Communication Services		36		0		0		36
Materials		37		0		0		37
United States
Communication Services		3,096		0		0		3,096
Consumer Discretionary		2,416		0		0		2,416
Consumer Staples		2,297		0		0		2,297
Financials		5,164		0		0		5,164

Category and Subcategory	Level 1		Level 2		Level 3		Fair Value at 06/30/2023
Health Care	$	6,111	$	0	$	0	$	6,111
Industrials		1,668		0		0		1,668
Information Technology		10,306		0		0		10,306
Materials		1,118		0		0		1,118
Real Estate		79		0		0		79
Utilities		99		0		0		99
Real Estate Investment Trusts
United States
Real Estate		567		0		0		567
Total Investments	$	33,216	$	0	$	0	$	33,216

There were no significant transfers into or out of Level 3 during the period ended June 30, 2023.

See Accompanying Notes ANNUAL REPORT | JUNE 30, 2023 55

Notes to Financial Statements

1. ORGANIZATION

PIMCO Equity Series (the “Trust”) was established as a Delaware statutory trust on March 30, 2010. The Trust is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Information presented in these financial statements pertains to the 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. Prior to August 12, 2022, Parametric Portfolio Associates LLC (“Parametric” or “Sub-Adviser”) served 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”).

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the “Board.”

2. SIGNIFICANT ACCOUNTING POLICIES

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

(a) Securities Transactions and Investment Income  Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is

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

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

(b) Foreign Taxes  A Fund may be subject to foreign taxes on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by a Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of June 30, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

(c) 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

56 PIMCO EQUITY SERIES

June 30, 2023

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.

(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 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. A Fund may revise its distribution policy or postpone the payment of distributions at any time.

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 (“FASB”) issued an Accounting Standards Update (“ASU”), ASU 2020-04, which provides optional guidance to ease the potential accounting burden

ANNUAL REPORT | JUNE 30, 2023 57

Notes to Financial Statements (Cont.)

associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. ASU 2020-04 is effective for certain reference rate-related contract modifications that occurred during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. In December 2022, FASB issued ASU 2022-06, which includes amendments to extend the duration of the LIBOR transition relief to December 31, 2024, after which entities will no longer be permitted to apply the reference rate reform relief. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds’ investments and has determined that it is unlikely the ASU’s adoption will have a material impact on the Funds’ 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 that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. The compliance date for the new rule and the related reporting requirements was August 19, 2022. Management has implemented changes in connection with the rule and has determined that there is no material impact to the Funds’ 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 compliance date for the new rule and the related reporting requirements was September 8, 2022. Management has implemented changes in connection with the rule and has determined that there is no material impact to the Funds’ financial statements.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional

disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2022, the SEC adopted changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will change the disclosures provided to shareholders. The rule is effective as of January 24, 2023, but the SEC is providing an 18-month compliance period after the effective date other than for rule amendments addressing fee and expense information in advertisements that might be materially misleading. At this time, management is evaluating the implications of these changes on the financial statements.

The SEC made a final ruling on February 15, 2023 to adopt proposed amendments to the Settlement Cycle Rule (Rule 15c6-1) and other related rules under the Securities Exchange Act of 1934, as amended, to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date (T+2) to one business days after the trade date (T+1). The effective date was May 5, 2023, and the compliance date for the amendments is May 28, 2024. 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 a Fund’s shares, or each of their respective share classes as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Funds or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange (“NYSE”) is open, the Funds’ 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 may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that each Fund may determine.

58 PIMCO EQUITY SERIES

June 30, 2023

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, 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.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee (“Valuation Designee”) for each Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee’s policies and procedures govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, “Pricing Sources”).

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 Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes

obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Fund’s assets that are invested in one or more open-end management investment companies (other than ETFs), a Fund’s NAV will be calculated based on 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. 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 Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) 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, unless otherwise determined by the Valuation Designee, 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.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. 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.

Fair valuation may require subjective determinations about the value of a security. While the Trust’s and Valuation Designee’s policies and procedures are 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

ANNUAL REPORT | JUNE 30, 2023 59

Notes to Financial Statements (Cont.)

ensure that fair values 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.

(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 (unadjusted) 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 Valuation Designee 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, Level 2 and Level 3 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, Level 2 and Level 3 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.

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 Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources’ 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 Sources 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.

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 Sources that consider the correlation of the trading patterns of the foreign security to the

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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 Sources. 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.

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 Sources (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 Sources 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 Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources 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, LIBOR forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost 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.

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

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, 2023 (amounts in thousands^†):

Investments in PIMCO Government Money Market Fund

Fund Name	Market Value 06/30/2022		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Market Value 06/30/2023		Dividend Income(1)		Realized Net Capital Gain Distributions(1)
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	72	$	90	$	(154	)	$	0	$	0	$	8	$	1	$	0
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		1,189		3,369		(4,558	)		0		0		0		3		0
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		25		283		(308	)		0		0		0		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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Notes to Financial Statements (Cont.)

(b) Investments in Securities

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

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 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 (in the case of tri-party repurchase agreements) and in certain instances will remain in custody with the counterparty. Traditionally, a Fund has used bilateral repurchase agreements wherein the underlying securities will be held by a Fund’s custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for the receipt of collateral, which may result in interest expense to the Fund.

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

Fund Name

PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF

PIMCO RAFI Dynamic Multi-Factor International Equity ETF

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

PIMCO RAFI ESG U.S. ETF

Securities on loan are required to be secured by cash collateral at least equal to 102% of the domestic, or 105% of the foreign security’s market value. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market 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).

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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.

During the period ended June 30, 2023, the Funds did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

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

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

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

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Notes to Financial Statements (Cont.)

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
Small Fund	X	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.

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 particularly during times of market stress.

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, or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

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

Liquidity Risk  is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. The liquidity of a Fund’s shares may be constrained by the liquidity of a Fund’s portfolio holdings.

Issuer Risk  is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, major litigation, investigations or other controversies, changes in financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives, financial leverage, reputation or reduced demand for the issuer’s goods or services.

Derivatives Risk  is the risk of investing in derivative instruments (such as forwards, futures, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment 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.

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Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for a Fund. 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 or other similar investments 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 or other similar investments. The primary credit risk on derivatives or other similar investments 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 registered 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 or other similar investments and/ or adversely affect the value of derivatives or other similar investments 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, diplomatic developments or the imposition of sanctions and other similar measures. 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 inputs, any of which may result in a decline in the value of an investment in a Fund.

Leveraging Risk  is the risk that certain transactions of a Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage,

magnifying gains and losses and causing a Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

Management and Tracking Error Risk  is the risk that the portfolio manager’s investment decisions may not produce the desired results or that a Fund’s portfolio may not closely track the Underlying Index for a number of reasons. A Fund incurs operating expenses, which are not applicable to the Underlying Index, and the costs of buying and selling securities, especially when rebalancing a Fund’s portfolio to reflect changes in the composition of the Underlying Index. Performance of a Fund and the Underlying Index may vary due to asset valuation differences and differences between a Fund’s portfolio and the Underlying Index due to legal restrictions, cost or liquidity restraints. The risk that performance of a Fund and the Underlying Index may vary may be heightened during periods of increased market volatility or other unusual market conditions. In addition, a Fund’s use of a representative sampling approach may cause a Fund to be less correlated to the return of the Underlying Index than if a Fund held all of the securities in the Underlying Index.

Indexing Risk  is the risk that a Fund is negatively affected by general declines in the asset classes represented by the Underlying Index.

Environmental, Social and Governance Investing Risk  is the risk that, because the Underlying Index may select or exclude securities of certain issuers for reasons other than performance, a Fund’s performance will differ from funds that do not utilize an ESG investing strategy. ESG investing is qualitative and subjective by nature, and there is no guarantee that the factors utilized by the Index Provider or any judgment exercised by the Index Provider in constructing the Underlying Index will reflect the opinions of any particular investor.

(b) Other Risks

In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security 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 that may impact a 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,

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Notes to Financial Statements (Cont.)

pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets 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. Additionally, to the extent a Fund invests in securities and instruments economically tied to Russia, the recent Russian invasion of Ukraine may adversely affect the Fund’s investments. Please see the Important Information section for additional discussion of the Russian invasion of Ukraine.

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; third party claims in litigation; 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. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.

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

66 PIMCO EQUITY SERIES

June 30, 2023

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.

9. FEES AND EXPENSES

(a) Management Fee  PIMCO, a majority-owned subsidiary of Allianz Asset Management of America LLC (“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%

ANNUAL REPORT | JUNE 30, 2023 67

Notes to Financial Statements (Cont.)

(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, 2023 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 expenses, including costs of litigation and indemnification expenses; and (viii) organizational and offering expenses of the Trust and the Funds, and any other expenses which are capitalized in accordance with generally accepted accounting principles. 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, 2023, 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, if any, 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”) within thirty-six months of the time 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 as of June 30, 2023, 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	$	46	$	20	$	6	$	72
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		0		4		7		11
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		3		5		8		16
PIMCO RAFI ESG U.S. ETF		0		1		2		3

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

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, 2023, the amounts were (in thousands^†):

Fund Name	Waived Fees
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	6
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		7
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		8
PIMCO RAFI ESG U.S. ETF		2

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

68 PIMCO EQUITY SERIES

June 30, 2023

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(s), 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, 2023, 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	$	74,933	$	60,348
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		0		0		39,481		30,699
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		0		0		51,304		50,822
PIMCO RAFI ESG U.S. ETF		0		0		5,040		7,328

^†  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 a 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).

ANNUAL REPORT | JUNE 30, 2023 69

Notes to Financial Statements (Cont.)

14. INVESTMENT TRANSACTIONS

For the period ended June 30, 2023, 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	$	6,747	$	6,514
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		39,716		0
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		25,934		3,678
PIMCO RAFI ESG U.S. ETF		8,471		4,130

^†  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 which were executed in kind 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, 2023, 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, 2023, 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 Components of Distributable Earnings
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	$	2,530	$	0	$	(3,254	)	$	0	$	(3,341	)	$	0	$	0	$	(4,065	)
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		2,369		0		11,814			0		(14,397	)		0		0		(214	)
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		637		0		16,689			0		(21,466	)		0		0		(4,140	)
PIMCO RAFI ESG U.S. ETF		163		0		720			0		(2,246	)		0		0		(1,363	)

^†  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 passive foreign investment companies (PFICs), and return of capital distributions from underlying funds.

⁽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 as shown below.

⁽⁵⁾  Capital losses realized during the period November 1, 2022 through June 30, 2023 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, 2022 through June 30, 2023 and Ordinary losses realized during the period January 1, 2023 through June 30, 2023 which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

70 PIMCO EQUITY SERIES

June 30, 2023

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

As of June 30, 2023, 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	$	3,115	$	226
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		10,111		4,286
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		16,556		4,910
PIMCO RAFI ESG U.S. ETF		1,558		688

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

As of June 30, 2023, 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	$	92,398	$	7,583	$	(10,712	)	$	(3,129	)
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		133,437		17,118		(5,301	)		11,817
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		110,153		20,115		(3,426	)		16,689
PIMCO RAFI ESG U.S. ETF		32,496		3,106		(2,385	)		721

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

⁽⁷⁾  Adjusted for open wash sale loss deferrals. Also adjusted for differences between book and tax realized and unrealized gain (loss) on and passive foreign investment companies (PFICs), and return of capital distributions from underlying funds.

For the fiscal years ended June 30, 2023 and June 30, 2022, respectively, the Funds made the following tax basis distributions (amounts in thousands^†):

	June 30, 2023						June 30, 2022
	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	$	2,819	$	2,423	$	0	$	16,013	$	19,600	$	0
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		3,254		0		0		2,872		0		0
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		2,406		0		0		1,311		0		0
PIMCO RAFI ESG U.S. ETF		651		0		0		411		0		0

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

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

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

ANNUAL REPORT | JUNE 30, 2023 71

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 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 (four of the funds constituting PIMCO Equity Series^®, hereafter collectively referred to as the “Funds”) as of June 30, 2023, the related statements of operations for the year ended June 30, 2023, the statements of changes in net assets for each of the two years in the period ended June 30, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (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, 2023, 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, 2023 and each of the financial highlights for each of the periods indicated therein 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, 2023 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 25, 2023

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

72 PIMCO EQUITY SERIES

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

Counterparty Abbreviations:
FICC	Fixed Income Clearing Corporation	RBC	Royal Bank of Canada
Currency Abbreviations:
USD (or $)	United States Dollar
Other Abbreviations:
ADR	American Depositary Receipt	REIT	Real Estate Investment Trust	TBA	To-Be-Announced
JSC	Joint Stock Company	SP - ADR	Sponsored American Depositary Receipt

ANNUAL REPORT | JUNE 30, 2023 73

Federal Income Tax Information (Unaudited)

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

Dividend Received Deduction.  Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a Fund’s dividend distribution that qualifies under tax law. The percentage of the following Funds’ fiscal 2023 ordinary income dividend that qualifies for the corporate dividend 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, 2023 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 2023:

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, 2023 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, 2023 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.

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

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 Gains (000s)†		163(j)  Interest Dividends (000s)†		Foreign Source Income (000s)†		Foreign Taxes Pass Through (000s)†
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF		0.00%		72.23%	$	0	$	0	$	0	$	4,379	$	519
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		0.00%		100.00%		0		0		1		5,171		548
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		100.00%		100.00%		0		0		3		0		0
PIMCO RAFI ESG U.S. ETF		100.00%		100.00%		0		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 2024, 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 2023.

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 funds as IRC section 199A dividends. The IRC section 199A percentage of ordinary dividends are as follows:

	199A Dividends
PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF		0.00%
PIMCO RAFI Dynamic Multi-Factor International Equity ETF		0.00%
PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF		0.00%
PIMCO RAFI ESG U.S. ETF		0.00%

74 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, 2023 calculated as 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)
April 2023	$	0.1100	$	0.0000	$	0.0000	$	0.1100
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)
April 2023	$	0.1800	$	0.0000	$	0.0000	$	0.1800
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)
April 2023	$	0.2100	$	0.0000	$	0.0000	$	0.2100
PIMCO RAFI ESG U.S. ETF	Net Investment Income*		Net Realized Capital Gains*		Paid-in Surplus or Other Capital Sources**		Total (per common share)
April 2023	$	0.1500	$	0.0000	$	0.0000	$	0.1500

* 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.

ANNUAL REPORT | JUNE 30, 2023 75

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.	161	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.	161	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.	161	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	Formerly, Managing Director, Dunbar Partners, LLC (business consulting and investments) (05/05-05/21); and Partner, Leonard Green & Partners, L.P.	161	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.	161	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).	161	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.	161	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).	161	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, 2023.

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.

76 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, PIMCO Flexible Real Estate Income Fund and PIMCO-Sponsored Closed-End Funds.
Ryan G. Leshaw (1980) Chief Legal Officer and Secretary	08/2021 to present	Executive Vice President and Senior Counsel, PIMCO. Chief Legal Officer 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, PIMCO Flexible Real Estate Income Fund, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. Formerly, Associate, Willkie Farr & Gallagher LLP.
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, PIMCO Flexible Real Estate Income Fund, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp.
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.
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, PIMCO Flexible Real Estate Income Fund, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. Formerly, Assistant General Counsel, VanEck Associates Corp.
Douglas B. Burrill (1980)** Vice President	08/2022 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, PIMCO Flexible Real Estate Income Fund, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp.
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, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO Flexible Real Estate Income Fund, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp.
Jason R. Duran (1977) Vice President	02/2023 to present	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.
Mark A. Jelic (1981) Vice President	08/2021 to present	Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO-Sponsored Interval Funds, PIMCO Flexible Real Estate Income Fund, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp.
Kenneth W. Lee (1972) Vice President	08/2022 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, PIMCO Flexible Real Estate Income Fund, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp.
Greg J. Mason (1980)*** Vice President	05/2023 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, PIMCO Flexible Real Estate Income Fund and PIMCO-Sponsored Closed-End Funds.
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, PIMCO Flexible Real Estate Income Fund, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp.
Keith A. Werber (1973) Vice President	05/2022 to present	Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO Flexible Real Estate Income Fund, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp.
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, PIMCO Flexible Real Estate Income Fund 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, PIMCO Flexible Real Estate Income Fund, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp.

ANNUAL REPORT | JUNE 30, 2023 77

Management of the Trust (Cont.) (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†
Brandon T. Evans (1982) Assistant Treasurer	05/2019 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, PIMCO Flexible Real Estate Income Fund and PIMCO-Sponsored Closed-End Funds.
Maria M. Golota (1983)** Assistant Treasurer	02/2023 to present	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, PIMCO Flexible Real Estate Income Fund and PIMCO-Sponsored Closed-End Funds.

^*  Unless otherwise noted, the information for the individuals listed is as of June 30, 2023.

^† 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 Access Income Fund, PIMCO Corporate & Income Opportunity Fund, PIMCO Corporate & Income Strategy 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 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, PIMCO Flexible Municipal Income Fund, PIMCO California Flexible Municipal Income Fund and PIMCO Flexible Emerging Markets 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.

78 PIMCO EQUITY SERIES

Privacy Policy¹ (Unaudited)

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

OBTAINING 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”).

ANNUAL REPORT | JUNE 30, 2023 79

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 7-8, 2023, 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 12-month period ended December 31, 2022. The Report reviewed the operation of the Program’s components during such period 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, 2023.

80 PIMCO EQUITY SERIES

General Information

Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

State Street Financial Center

One Congress Street, Suite 1

Boston, MA 02114-2016

Transfer Agent

State Street Bank & Trust Co.

State Street Financial Center

One Congress Street, Suite 1

Boston, MA 02114-2016

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_063023

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, 2023	$ 676,757
	June 30, 2022	$ 638,989
(b)	Fiscal Year Ended	Audit-Related Fees(1)
	June 30, 2023	$ —
	June 30, 2022	$ —
(c)	Fiscal Year Ended	Tax Fees
	June 30, 2023	$ 93,875
	June 30, 2022	$ 89,600
(d)	Fiscal Year Ended	All Other Fees(2)
	June 30, 2023	$ —
	June 30, 2022	$ —

“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, 2023		June 30, 2022
PIMCO Equity Series Trust	$	93,875	$	89,600
Pacific Investment Management Company LLC (“PIMCO”)		29,289,017		9,618,697
Totals	$	29,382,892	$	9,708,297

(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 (known as the Audit Oversight Committee) established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The Audit Oversight Committee is comprised of:

George E. Borst

Jennifer Holden Dunbar

Kym M. Hubbard

Gary F. Kennedy

Peter B. McCarthy (Chair)

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 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:	August 30, 2023

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:	August 30, 2023

By:	/s/    Bijal Y. Parikh
	Bijal Y. Parikh
	Treasurer (Principal Financial & Accounting Officer)
Date:	August 30, 2023

EX-99.CODE ETH

Code of Ethics Pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for Principal

Executive and Senior Financial Officers

PIMCO Funds

PIMCO Variable Insurance Trust (“PVIT”)

PIMCO ETF Trust (“ETF”)

PIMCO Equity Series (“PES”)

PIMCO Equity Series VIT (“PESVIT”)

PIMCO Managed Accounts Trust

PIMCO Sponsored Closed-End Funds

PIMCO Sponsored Interval Funds

PIMCO Capital Solutions BDC Corp.¹

I.         Covered Officers/Purpose of the Code

This Code of Ethics (this “Code”) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 has been adopted by the Funds and, except as provided in Section VI below, applies to each Fund’s Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer (the “Covered Persons”). Each Covered Person is identified in Exhibit A.)

This Code has been adopted for the purpose of promoting:

• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

• full, fair, accurate, timely and understandable disclosure in reports and documents that a Fund files with, or submits to, the Securities and Exchange Commission (“SEC”) and in other public communications made by a Fund;

• compliance with applicable laws and governmental rules and regulations;

• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

• accountability for adherence to the Code.

Each Covered Person should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to conflicts of interest or the appearance thereof.

¹          The listed entities which are open-end investment companies are known as the “Trusts,” the listed entities which are publicly-traded closed-end investment companies are known as the “Closed-End Funds,” the listed entities which are closed-end investment companies operating as “interval” funds pursuant to Rule 23c-3 under the 1940 Act are known as the “Interval Funds”, and the listed entities which are business development companies are known as the “BDCs.” The Trusts’ respective series, the Closed-End Funds, the Interval Funds and the BDC are referred to herein as the “Funds.” References to “Trustees” include Directors, as applicable.

Sarbanes-Oxley Code of Ethics

II.         Covered Persons Should Handle Ethically Any Actual or Apparent Conflicts of Interest

Overview. A “conflict of interest” occurs when a Covered Person’s private interest interferes with the interests of, or his service to, the relevant Fund. For example, a conflict of interest would arise if a Covered Person, or a member of the Covered Person’s family, receives improper personal benefits as a result of the Covered Person’s position with the relevant Fund.

Certain conflicts of interest arise out of the relationships between Covered Persons and the relevant Fund and already are subject to conflict of interest provisions and procedures in the Investment Company Act of 1940, as amended (including the regulations thereunder, the “1940 Act”) and the Investment Advisers Act of 1940, as amended (including the regulations thereunder, the “Investment Advisers Act”) and other applicable laws. Indeed, conflicts of interest are endemic for registered management investment companies and those conflicts are both substantially and procedurally dealt with under the 1940 Act. For example, Covered Persons may not engage in certain transactions with a Fund because of their status as “affiliated persons” of such Fund. The compliance program of each Fund and the compliance programs of its investment adviser, principal underwriter (with respect to the Trusts) and administrator (each a “PIMCO-Affiliated Service Provider” and, collectively, the “PIMCO-Affiliated Service Providers”²) are reasonably designed to prevent, or identify and correct, violations of many of those provisions, although they are not designed to provide absolute assurance as to those matters. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code. See also Section V of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Fund and its applicable PIMCO-Affiliated Service Providers of which the Covered Persons are also officers or employees. As a result, this Code recognizes that the Covered Persons will, in the normal course of their duties (whether for the Funds or for a PIMCO-Affiliated Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on the PIMCO- Affiliated Service Providers and the Funds. The participation of the Covered Persons in such activities is inherent in the contractual relationships between the Funds and their applicable PIMCO-Affiliated Service Providers and is consistent with the performance by the Covered Persons of their duties as officers of the relevant Fund. Thus, if performed in conformity with the provisions of the 1940 Act, the Investment Advisers Act, other applicable law and the relevant Fund’s constitutional documents, such activities will be deemed to have been handled ethically. Frequently, the 1940 Act establishes, as a mechanism for dealing with conflicts, requirements that such potential conflicts be disclosed to and approved by the Trustees of a Fund who are not “interested persons” of such Fund under the 1940 Act. In addition, it is recognized by each Fund’s Board of Trustees that the Covered Persons may also be officers or employees of one or more other investment companies covered by this or other codes and that such service, by itself, does not give rise to a conflict of interest.

²          Each PIMCO-Affiliated Service Provider is identified in Exhibit B.

2

Sarbanes-Oxley Code of Ethics

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not the subject of provisions of the 1940 Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Persons should bear in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Person should not be placed improperly before the interest of the relevant Fund, unless the personal interest is disclosed to and reviewed by other officers of such Fund or such Fund’s Chief Compliance Officer (“CCO”).

*        *        *         *

Each Covered Person must not:

• use his personal influence or personal relationships to improperly influence investment decisions or financial reporting by the relevant Fund whereby the Covered Person would benefit personally to the detriment of such Fund;

• cause the relevant Fund to take action, or fail to take action, for the individual personal benefit of the Covered Person rather than the benefit of such Fund; or

• retaliate against any other Covered Person or any employee of the Funds or their PIMCO-Affiliated Service Providers for reports of potential violations that are made in good faith.

There are some conflict of interest situations that should always be submitted for review by the President of the relevant Fund (or, with respect to activities of the President, by the Chairman of the relevant Fund or, if the same person holds the titles of President and Chairman, by the Fund’s CCO). These conflict of interest situations are listed below:

• service on the board of directors or governing board of a publicly traded entity;

• knowing acceptance of any investment opportunity or of any material gift or gratuity from any person or entity that does business, or desires to do business, with the relevant Fund. For these purposes, material gifts do not include (i) gifts from a single giver so long as their aggregate annual value does not exceed the equivalent of $100.00; (ii) attending business meals, business related conferences, sporting events and other entertainment events at the expense of a giver, so long as the expense is reasonable³ and both the Covered Person and the giver are present⁴; or (iii) gifts or meals/conferences/events received from the Covered Person’s employer;

³          Whether an entertainment expense is “reasonable” will vary depending on the circumstances. For example, under proposed FINRA (NASD) guidance (Proposed IM 3060, SEC Release No. 34-55765, May 15, 2007), generally, a business entertainment event that is so lavish or extensive in nature that an attendee would likely feel compelled to direct business to the sponsor of the event, or a business entertainment event that is intended or designed to cause, or would be reasonably judged to have the likely effect of causing the attendee to act in a manner that is inconsistent with the best interests of a Fund would be unreasonable per se.

⁴          In the event a Covered Person is a registered representative of the Funds’ principal underwriter, the aggregate annual gift value from a single giver shall not exceed $100.00 as required by the rules of FINRA.

3

Sarbanes-Oxley Code of Ethics

• any ownership interest in, or any consulting or employment relationship with, any entities doing business with the relevant Fund, other than a PIMCO-Affiliated Service Provider or an affiliate of a PIMCO-Affiliated Service Provider.⁵ This restriction shall not apply to or otherwise limit the ownership of publicly traded securities of such entities doing business with the relevant Fund so long as the Covered Person’s ownership does not exceed more than 2% of the outstanding securities of the relevant class; or

• knowingly have a direct or indirect financial interest in commissions, transaction charges or spreads paid by the relevant Fund for effecting portfolio transactions or for selling or redeeming shares of a Fund other than an interest arising from the Covered Person’s employment. This restriction shall not apply to or otherwise limit the direct or indirect ownership of publicly traded securities of any such company so long as the Covered Person’s ownership does not exceed more than 2% of the particular class of security outstanding.

III.       Disclosure and Compliance

• No Covered Person should knowingly misrepresent, or cause others to misrepresent, facts about the relevant Fund to others, whether within or outside such Fund, including to such Fund’s Board of Trustees and auditors, and to governmental regulators and self-regulatory organizations;

• each Covered Person should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Funds, applicable PIMCO Affiliated Service Providers, other service providers, or with counsel to the Funds with the goal of promoting full, fair, accurate, timely and understandable disclosure in the registration statements or periodic reports that the Funds file with, or submit to, the SEC (which, for sake of clarity, does not include any sales literature, omitting prospectuses, or “tombstone” advertising prepared by the relevant Fund’s principal underwriter(s)); and

• it is the responsibility of each Covered Person to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

However, PIMCO employees and PIMCO Investments LLC registered representatives are subject to the respective firm’s internal policies on accepting gifts and entertainment and must abide by the limitations imposed by such policies.

⁵         For purposes of the Code, an “affiliate” of a Service Provider is (a) any natural person or entity directly or indirectly owning, controlling, or holding with power to vote, 5% or more of the outstanding voting securities of the Service Provider; (b) any natural person or entity 5% or more of whose outstanding voting securities are directly or indirectly owned by, controlled, or held with power to vote, by the Service Provider; (c) any person directly or indirectly controlling, controlled by, or under common control with, the Service Provider; or (d) any officer, director, partner, copartner, or employee of the Service Provider.

4

Sarbanes-Oxley Code of Ethics

IV.       Reporting and Accountability

Each Covered Person must:

• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Person), affirm in writing to the relevant Fund that he has received, read, and understood the Code;

• annually thereafter affirm to the relevant Fund that he has complied with the requirements of the Code by completing the Annual Certification of Compliance attached hereto as Exhibit C;

• provide full and fair responses to all questions asked in any Trustee and Officer Questionnaire provided by the relevant Fund as well as with respect to any supplemental request for information; and

• notify the President of the relevant Fund promptly if he or she is convinced to a moral certainty that there has been a material violation of this Code (with respect to violations by a President, the Covered Person shall report to the Chairman of the relevant Fund or, if the same person holds the titles of President and Chairman, to the Fund’s CCO).

The President of each Fund is responsible for applying this Code to specific situations in which questions are presented under it and, in consultation with the Fund’s CCO, has the authority to interpret this Code in any particular situation. However, any reviews sought by the President will be considered by the Chairman of the relevant Fund or, if the same person holds the titles of President and Chairman, by the Fund’s CCO.

The Funds will follow these procedures in investigating and enforcing this Code:

• the President will take all appropriate action to investigate any potential material violations reported to him, which actions may include the use of internal or external counsel, accountants or other personnel;

• if, after such investigation, the President believes that no material violation has occurred, the President is not required to take any further action;

• any matter that the President believes is a material violation will be reported to the applicable Fund’s CCO;

• if the CCO concurs that a material violation has occurred, it will inform and make a recommendation to the Fund’s Board of Trustees, which will consider appropriate action, which may include review of, and appropriate modifications to applicable policies and procedures; notification to appropriate personnel of a PIMCO-Affiliated Service Provider or its board; or a recommendation to dismiss the Covered Person; and

5

Sarbanes-Oxley Code of Ethics

A Fund’s CCO or Board of Trustees may grant waivers under this Code, as each deems appropriate.

V.          Public Disclosure of Changes and Waivers

Any changes to this Code will, to the extent required by the SEC’s rules, be disclosed on the Fund’s website or in the Fund’s N-CSR. Any waivers under this Code relating to a Covered Person will, to the extent required by the SEC’s rules, be disclosed on the Fund’s website or in the Fund’s N-CSR.

VI.        Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds or the Funds’ PIMCO-Affiliated Service Providers govern or purport to govern the behavior or activities of the Covered Persons who are subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. The Funds’ and their PIMCO-Affiliated Service Providers’ codes of ethics under Rule 17j-1 under the 1940 Act and the PIMCO-Affiliated Service Providers’ more detailed compliance policies and procedures are separate requirements applying to the Covered Persons and others, and are not part of this Code.

This Code will not be interpreted or applied in any manner that would violate the legal rights of any Covered Person as an employee under applicable law. For example, nothing in this Code or the Exhibits attached hereto prohibits or in any way restricts any Covered Person from reporting possible violations of law or regulation to, otherwise communicating directly with, cooperating with or providing information to any governmental or regulatory body or any self-regulatory organization or making other disclosures that are protected under applicable law or regulations of the SEC or any other governmental or regulatory body or self-regulatory organization. A Covered Person does not need prior authorization of PIMCO, a Fund or a PIMCO-Affiliated Service Provider before taking any such action and is not required to inform PIMCO, a Fund or a PIMCO-Affiliated Service Provider if he or she chooses to take such action.

VII.       Amendments

Any material amendments to this Code must be approved or ratified by a majority vote of the Board of Trustees.

VIII.     Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone except as permitted by the Board of Trustees.

6

Sarbanes-Oxley Code of Ethics

IX.      Internal Use

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

7

Sarbanes-Oxley Code of Ethics

History of Amendments

History of adoptions and amendments:
Adopted:	September 29, 2004
Effective:	October 5, 2004
Amended:	April 1, 2005
Amended:	May 24, 2005
Amended:	February 24, 2009 (added ETF)
Amended:	March 31, 2009
Amended:	August 11, 2009
Amended:	March 30, 2010 (added PES and PESVIT)
Amended:	March 1, 2011
Amended:	February 27, 2013
Amended:	November 7, 2013 (non-material changes)
Amended:	February 26, 2014 (non-material changes)
Amended:	August 14, 2014 (added PIMCO Managed Accounts Trust and PIMCO Sponsored Closed-End Funds)
Amended:	January 17, 2015
Amended:	December 14, 2016 (added PIMCO Sponsored Interval Funds)
Amended:	February 15, 2017 (Open-End Funds Boards); March 23, 2017 (Approved by PIMCO Managed Accounts Trust, PIMO Sponsored Closed-End Funds and PIMCO Sponsored Interval Funds)
Amended:	May 28, 2019 (updated Exhibit A for PIMCO Managed Accounts Trust, PIMO Sponsored Closed-End Funds and PIMCO Sponsored Interval Funds)
Amended:	June 15, 2019 (updated Exhibit A for OEF/ETF)
Amended:	January 1, 2021 (updated PFO/PAO in Exhibit A)
Amended:	June 22, 2022 (added PIMCO Sponsored BDCs)

8

Exhibit A

Persons Covered by this Code of Ethics

Trust	Principal Executive Officer	Principal Financial Officer	Principal Accounting Officer
PIMCO Funds	Eric D. Johnson	Bijal Parikh	Bijal Parikh
PVIT	Eric D. Johnson	Bijal Parikh	Bijal Parikh
ETF	Eric D. Johnson	Bijal Parikh	Bijal Parikh
PES	Eric D. Johnson	Bijal Parikh	Bijal Parikh
PESVIT	Eric D. Johnson	Bijal Parikh	Bijal Parikh
PIMCO Managed Accounts Trust	Eric D. Johnson	Bijal Parikh	Bijal Parikh
PIMCO Sponsored Closed-End Funds	Eric D. Johnson	Bijal Parikh	Bijal Parikh
PIMCO Sponsored Interval Funds	Eric D. Johnson	Bijal Parikh	Bijal Parikh
PIMCO Sponsored BDCs	John W. Lane	Crystal Porter	Crystal Porter

Note that a listed officer is only a “Covered Person” of the Fund(s) for which he or she serves as a Principal Executive Officer, Principal Financial Officer or Principal Accounting Officer.

A-1

Exhibit B

PIMCO-Affiliated Service Providers*

Investment Adviser	Pacific Investment Management Company LLC (“PIMCO”)
Principal Underwriter**	PIMCO Investments LLC
Administrator***	PIMCO

* None of the PIMCO-Affiliated Service Providers are publicly traded companies.

** PIMCO Investments LLC does not serve as the principal underwriter for the Closed- End Funds or the BDC.

*** Each Fund retains PIMCO to provide administrative services, either under separate administration agreements or under their advisory or management agreements.

B-1

Exhibit C

ANNUAL CERTIFICATION OF COMPLIANCE

I hereby certify that I have complied with the requirements of the Code of Ethics Pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for Principal Executive and Senior Financial Officers (the “Code”) for the year ended December 31,      . I also agree to cooperate fully with any investigation or inquiry as to whether a possible violation of the foregoing Code has occurred.

Date:
	Signature

C-1

EX-99.CERT

Exhibit 99.CERT

Certification Under Rule 30a-2(a)

CERTIFICATION

I, Eric D. Johnson, certify that:

1. I have reviewed this report on Form N-CSR of PIMCO Equity Series;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	August 30, 2023
Signature:	/s/ Eric D. Johnson
Title:	President (Principal Executive Officer)

Exhibit 99.CERT

Certification Under Rule 30a-2(a)

CERTIFICATION

I, Bijal Y. Parikh, certify that:

1. I have reviewed this report on Form N-CSR of PIMCO Equity Series;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	August 30, 2023
Signature:	/s/ Bijal Y. Parikh
Title:	Treasurer (Principal Financial & Accounting Officer)

EX-99.906 CERT

Exhibit 99.906CERT

Certification Under Rule 30a-2(b)

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

(as adopted pursuant to Section 906 of the Sarbanes-Oxley Act)

In connection with the Report on Form N-CSR to which this certification is furnished as an exhibit (the “Report”), the undersigned officers of PIMCO Equity Series (the “Registrant”) each certify that to his knowledge:

1. The Report on Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report on Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

By:	/s/ Eric D. Johnson	By:	/s/ Bijal Y. Parikh
Name:	Eric D. Johnson	Name:	Bijal Y. Parikh
Title:	President (Principal Executive Officer)	Title:	Treasurer (Principal Financial & Accounting Officer)
Date:	August 30, 2023	Date:	August 30, 2023

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the “Commission”) or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report.